证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202565 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 10 月份证券变动月报表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了截至 2025 年 10 月 31 日的证券变动月报表。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2025 年 11 月 6 日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00763 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 755,502,534 | RMB | | 1 RMB | | 755,502,534 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 755,502,534 | RMB | | 1 RMB | | 755,502,534 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如 ...

Group 1 - The 8th China International Import Expo opened in Shanghai, showcasing ZTE's 6G air-ground integrated business demonstration model, highlighting its deep exploration and achievements in the 6G technology field [1] - ZTE is enhancing core technology innovation in response to the technological wave driven by AI and 5G-A, focusing on the "connection + computing power" strategy, from foundational infrastructure to application ecosystems [3] - In the wireless sector, ZTE is advancing 6G technology and creating new business models such as low-altitude economy and deterministic services through 5G-A [3] Group 2 - In the wired sector, ZTE is providing ultra-large bandwidth, low latency, and high reliability through all-optical networks, supporting the intelligent upgrade of various industries [3] - ZTE is strengthening the research and development of intelligent computing products and industry ecosystem collaboration to seize new opportunities brought by AI large models, offering end-to-end, full-stack intelligent computing solutions [3] - As a key player in the global digital technology industry chain, ZTE aims to drive industrial upgrades and promote high-quality development of the new industrialization and digital economy through technological innovation [3]

Core Viewpoint - Jianyin International has downgraded ZTE Corporation's (00763) earnings forecasts for 2025-2027 by 23%, 7%, and 7% respectively due to conservative sales in the operator business and profit margin pressure from product structure changes, while maintaining an "outperform" rating with a target price reduction from HKD 40 to HKD 38 [1] Group 1: Financial Projections - The valuation benchmark for ZTE has been updated to 2026, reflecting the anticipated gradual effectiveness of its transformation into a provider of network, cloud, and computing infrastructure starting in 2026 [1] - The three major domestic telecom operators are expected to reduce their capital expenditure budget by 9% year-on-year in 2025, with actual spending likely to contract further [1] - ZTE's operator network sales are projected to decline by 12% year-on-year in 2025, followed by a growth of 5% in 2026 [1] Group 2: Market Expansion - ZTE has established a significant presence in emerging markets such as Southeast Asia, Latin America, and Africa, benefiting from 4G upgrades and initial 5G deployments in these regions [1] Group 3: Government and Corporate Business (G&C) - The demand for computing from domestic internet companies is expected to remain strong for the remainder of this year and into 2026 [1] - G&C business revenue is projected to grow by 134% year-on-year in 2025, followed by a 14% increase in 2026 [1] - Improvement in gross margin is anticipated as the scale expands and the usage rate of self-developed chips increases [1]

Core Viewpoint - Jianyin International has downgraded ZTE Corporation's (00763) earnings forecasts for 2025-2027 by 23%, 7%, and 7% respectively due to conservative sales in the operator business and profit margin pressure from product structure changes, while maintaining an "outperform" rating with a revised H-share target price of HKD 38 from HKD 40 [1] Group 1: Financial Projections - The updated earnings forecasts reflect a significant reduction in expected performance, particularly in the operator network sales, which are projected to decline by 12% in 2025, followed by a 5% growth in 2026 [1] - The capital expenditure budget for the three major domestic telecom operators is expected to decrease by 9% year-on-year in 2025, with actual spending likely to contract further [1] Group 2: Market Position and Strategy - ZTE is in a critical transition phase towards becoming a provider of network, cloud, and computing infrastructure, with expected benefits starting to materialize from 2026 [1] - The company has established a significant presence in emerging markets such as Southeast Asia, Latin America, and Africa, which are anticipated to benefit from 4G upgrades and initial 5G deployments [1] Group 3: Government and Corporate Business (G&C) - The demand for computing from domestic internet companies is expected to remain strong through the remainder of this year and into 2026, with G&C business revenue projected to grow by 134% year-on-year in 2025 and by 14% in 2026 [1] - Improvement in gross margins is anticipated as the scale of operations increases and the usage rate of self-developed chips rises [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.17%), COSCO Shipping Energy (70.06%), and GCL-Poly Energy (69.25%) [1][2] - The largest increases in holdings over the last five trading days were seen in the Tracker Fund of Hong Kong (+56.53 billion), Hang Seng China Enterprises (+19.83 billion), and Meituan-W (+17.13 billion) [1][2] - The largest decreases in holdings were recorded for Tencent Holdings (-18.04 billion), ZTE Corporation (-6.76 billion), and Innovent Biologics (-6.70 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.17% with 9.878 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 70.06% with 908 million shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.25% with 280 million shares [2] Group 2: Recent Increases in Holdings - Tracker Fund of Hong Kong (02800) saw an increase of +56.53 billion in holdings, with a change of +21.71 million shares [2] - Hang Seng China Enterprises (02828) increased by +19.83 billion, with a change of +2.12 million shares [2] - Meituan-W (03690) increased by +17.13 billion, with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - Tencent Holdings (00700) experienced a decrease of -18.04 billion, with a change of -2.86 million shares [3] - ZTE Corporation (00763) saw a decrease of -6.76 billion, with a change of -2.09 million shares [3] - Innovent Biologics (01801) decreased by -6.70 billion, with a change of -0.77 million shares [3]

◎记者 时娜 截至2025年10月末，共有2879家深市上市公司如期披露了2025年三季报。深交所统计显示，前三季度， 深市公司实现营业收入合计15.72万亿元，同比增长4.31%，实现归属于母公司股东的净利润（下称"净 利润"）9030.18亿元，同比增长9.69%。 总体来看，深市公司前三季度营收、净利润实现双增长，业绩整体稳中向好，科技创新驱动特征明显。 头部公司牵引力强劲 今年前三季度，深市上市公司以创新求突破，加快发展新质生产力，交出一份稳中向好的成绩单。统计 数据显示，2879家如期披露业绩的深市公司中，2169家实现盈利，占比75.34%。其中，207家业绩增速 超过100%，1545家公司实现业绩增长（含减亏），占比53.66%。 新质生产力相关行业延续高景气 从行业看，今年前三季度，电子、电力设备、通信、非银金融等行业的深市公司业绩表现较为突出。其 中，受益于AI算力、半导体封测及消费电子需求回暖，叠加库存出清与国产替代加速，电子行业整体 步入上行通道。 前三季度，电子行业实现营业收入1.59万亿元，同比增长15.03%；实现净利润791.22亿元，同比增长 32.12%。按季度环比来看，第 ...

Core Insights - The cooperation between Shenzhen (Nanshan) and South Africa has accelerated significantly, completing a formal agreement in just over six months, marking a new phase in trade and investment collaboration [1][6] - The signing of a memorandum of understanding between the South African Department of Trade, Industry and Competition and the Global Service Center signifies a structured approach to enhance cooperation in various sectors [1][9] Group 1: Historical Context and Development - Since the establishment of diplomatic relations in 1998, China and South Africa have developed a comprehensive partnership, with significant milestones including the signing of a partnership declaration in 2000 and a comprehensive strategic partnership in 2010 [3] - By 2014, bilateral trade reached $60.3 billion, highlighting the economic complementarity and potential for cooperation between the two nations [3] Group 2: Local Cooperation and Economic Impact - Local cooperation has been a vital component of the national relationship, with Shenzhen being recognized as a model for high-quality urban development [5] - Nanshan, as a core area for technological innovation and economic development in Shenzhen, has seen substantial investments from companies like Huawei and Mindray Medical, further solidifying the foundation for cooperation with South Africa [5][8] Group 3: Industry Complementarity and Market Potential - The urgency for collaboration is driven by the complementary industrial structures of both regions, with Nanshan's advanced technology sector aligning well with South Africa's rich natural resources and strategic position in Africa [6] - South Africa's economy, with a GDP of $410 billion and a population of 63 million, presents significant market potential, especially as a gateway to the African Continental Free Trade Area [6] Group 4: Global Service Center and Strategic Initiatives - The Global Service Center, established as the first office outside South Africa, aims to facilitate Chinese enterprises' entry into the African market, showcasing its role as a strategic bridge [8][9] - The center has already engaged in multiple rounds of discussions to match South African market needs with local enterprises, demonstrating its proactive approach to fostering bilateral trade [9] Group 5: Future Prospects and International Engagement - The upcoming APEC meeting in Shenzhen is expected to enhance the city's role in international cooperation, with the partnership between Nanshan and South Africa providing valuable experience for higher-level exchanges [11] - The collaboration is poised to create new opportunities for regional economic cooperation and global innovation, reflecting a robust and dynamic partnership [11]

Core Insights - The 6G technology is rapidly advancing even before the public fully understands 5G, with key features like "perception and communication integration" being highlighted [2][3] - The 6G Development Conference is scheduled for November 13-14, 2025, in Beijing, focusing on building a collaborative ecosystem for 6G technology innovation [2][5] Group 1: 6G Development in Beijing - Beijing has established a mature development framework for 6G, characterized by "policy guidance + technological breakthroughs + ecological collaboration" [3] - The city has initiated a top-level design for 6G, forming a collaborative system that includes a central group, a laboratory, and multiple research and industrial bases [3] - Beijing is leading nationally in policy support, having released the "6G Technology Innovation and Industry Cultivation Action Plan (2024-2030)" ahead of other regions [3][4] Group 2: Technological Advancements and Applications - The 6G technology in Beijing has achieved significant breakthroughs, with initiatives like the "6G SPACES" ecosystem community being launched to support testing and innovation [4] - The upcoming conference will feature discussions on the integration of 6G with AI and other advanced technologies, aiming to explore new application scenarios [5][7] - Key technical reports on 6G scenarios such as "intelligent integration" and "immersive communication" will be released during the conference [5] Group 3: Global Context and Future Directions - The standardization of 6G is at a critical stage globally, with new technical challenges arising from the introduction of complex functionalities [6] - Beijing aims to become a core technology source and a hub for high-value enterprises in the global 6G industry, focusing on application ecosystems and core technologies [7] - The city is inviting global stakeholders to collaborate and share opportunities in the development of 6G technology [7]

Core Insights - The 6G technology is rapidly advancing even before the public fully understands 5G, with key features such as "perception and communication integration" being highlighted [2][3] - The 6G Development Conference is scheduled for November 13-14, 2025, in Beijing, focusing on building a collaborative ecosystem for 6G technology innovation [2][5] Group 1: 6G Technology Development - The key characteristic of 6G technology is its ability to not only transmit information but also sense and relay environmental data, enabling new services [2] - Touch communication will allow users to experience real-time tactile information, enhancing virtual interactions [2] - Beijing has established a mature development framework for 6G, combining policy guidance, technological breakthroughs, and ecosystem collaboration [3] Group 2: Policy and Infrastructure - Beijing's government has initiated a top-level design for 6G, creating a collaborative system that includes a central group, a laboratory, and multiple research and industrial bases [3] - The city plans to release a comprehensive action plan for 6G technology innovation and industry cultivation by September 2024, along with specific policies to incentivize participation in standard-setting [3][4] Group 3: Conference Highlights - The upcoming 6G Development Conference will serve as a key platform for global consensus in the 6G field, featuring discussions on the integration of 6G and AI [5] - Multiple significant outcomes, including technical reports on key scenarios like "intelligent integration" and "immersive communication," will be released during the conference [5] Group 4: Global Context and Challenges - The standardization of 6G is at a critical stage, with new complex functionalities presenting unprecedented technical challenges that require global collaboration [6] - Beijing aims to position itself as a core technology hub for the global 6G industry, focusing on application ecosystems, core technologies, and industrial layout [7]