CITIC Securities: Large company capital expenditure continues, HarmonyOS PC drives demand for technology and innovation.

CITIC Securities released a research report stating that considering the current slowdown in chip procurement due to Sino-US trade frictions, coupled with a significant increase in Alibaba's capital expenditure commitments, major companies' AI capital spending continues to grow. Hongmeng computer will be officially released on May 19th, marking a major breakthrough in domestic operating systems. With the support of domestic software companies, the Hongmeng ecosystem is accelerating its improvement, and Xiaoyi brings a localized AI experience. AI models and technologies continue to iterate, and the outlook remains positive for ERP and government direction in landing orders and products first; there is an increasing demand for private AI models, benefiting all-in-one machines, hyper-convergence, and B-side service outsourcing companies.