■ Huawei repositioned openEuler as core infrastructure for applications on servers, in the cloud and for edge computing. ■ Huawei will develop both HarmonyOS (for toC terminals) and openFuler (for the toB server side). ■ Concerns about an escalation of the China/US conflict have eased since Huawei’s CFO returned to China. But Huawei’s latest developments indicate that localization remains a key direction for China TMT (both hardware and software). ■ Huawei’s local software partners (Kingdee [0268.HK], Yonyou [600588.CH], China Soft [0354.HK], ThunderSoft [300496.CH], Digital China [000034.CH] and VSTEC [0856.HK]) will continue to be proxies for Huawei’s software development.