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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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 ...

Core Viewpoint - Goldman Sachs has raised the target price for ZTE Corporation (00763) by 14.6%, with the H-share target price now at HKD 38.4, reflecting a forecasted price-to-earnings ratio of 17 times, and the A-share target price at RMB 59.5, while maintaining a "Neutral" rating [1] Group 1: Company Developments - ZTE has recently launched the SuperPod solution, which provides AI training and inference capabilities for enterprise clients [1] - The SuperPod system supports interconnection of 64 to 10,000 GPUs, offering greater flexibility for enterprise clients as AI workloads increase and reducing initial investment costs [1] Group 2: Market Outlook - With the growing demand for AI computing in mainland China, ZTE's comprehensive layout in AI servers, storage, cooling, and other products is viewed positively by Goldman Sachs regarding the company's growth potential in the enterprise AI market [1] - Goldman Sachs projects that ZTE's enterprise ICT business will contribute 29%, 31%, and 33% to total revenue from 2025 to 2027, with an expected annual compound growth rate of 17% for this business segment [1]

Core Viewpoint - Goldman Sachs reports that ZTE Corporation has recently launched the SuperPod solution, providing AI training and inference capabilities for enterprise clients, indicating a positive outlook on the company's growth potential in the enterprise AI market due to increasing demand for AI computing in mainland China [1] Group 1: Company Growth Potential - The report highlights ZTE's comprehensive layout in AI servers, storage, cooling, and other products, which positions the company well to capitalize on the growing AI market [1] - Goldman Sachs projects that from 2025 to 2027, the contribution of ZTE's enterprise ICT business to total revenue will be 29%, 31%, and 33% respectively, with an expected annual compound growth rate of 17% for this business segment [1] Group 2: Target Price Adjustment - Goldman Sachs has raised the target price for ZTE Corporation, setting the H-share target price at HKD 38.4 and the A-share target price at CNY 59.5, while maintaining a "Neutral" rating [1]

运营商财经网 陈聪敏/文 近日，人保集团124台海光服务器设备采购项目公示中标候选人，紫光软件、中兴通讯等竞争项目，最 终谁赢了？ 从报价来看，三家候选人中，中兴通讯投标总价较低，其报价为2211.994万元（含税）；紫光软件系统 有限公司报价居中，其投标总价为2294.76万元（含税）；报价最高的是北京久胜云数科技有限公司， 其投标总价为2344.5832万元（含税）。 根据公示，第一名是紫光软件，中兴通讯排第三名。 若公示期无变动，紫光软件预中标该项目，中兴通讯有点悬。按理，中兴通讯名气非常大，中标无数， 怎么这次评标居最后一名? （转自：科技首条） 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 具体来看，该项目为人保集团2025年核心设备采购项目（寿险、健康险第一批次）标包2，为人保寿险 采购海光服务器124台，其中包含虚拟化计算服务器68台，数据库服务器一56台，拟采购一家供应商。 采购人在9月1日发布招标公告，同日启动的还有其余三个标包采购：海光服务器（人保健康互联网业务 本地高可用建设）、鲲鹏服务器（人保 ...

Core Viewpoint - BlackRock has reduced its long position in ZTE Corporation (0763.HK) H-shares to 6.80% from a previous 7.96% as of September 30 [1] Company Summary - BlackRock's long position in ZTE Corporation H-shares decreased by 1.16 percentage points [1]

Group 1 - As of September 30, BlackRock's long position in ZTE Corporation's H-shares decreased from 7.96% to 6.80% [1]

Core Insights - The rapid advancement of domestic computing chips is complemented by positive developments in general-purpose processors in China [1] - Major procurement announcements from Industrial and Commercial Bank of China (ICBC) and China Unicom indicate a significant shift towards domestic CPU usage in server procurement [1][6] - The overall market for intelligent computing is expected to grow substantially, with projections indicating that by 2027, intelligent computing power in China will reach 1117 EFLOPS [1][9] Group 1: Procurement Announcements - ICBC announced a procurement of Haiguang chips with a total value of approximately 3 billion yuan, with candidates including Inspur, ZTE, and Lenovo [1] - China Unicom's procurement project has a budget exceeding 7.9 billion yuan, with a significant portion allocated for domestic general-purpose processors [1] - The procurement data shows that over 90% of the servers will use domestic CPUs, with Haiguang and Kunpeng CPUs being the most utilized [3][4] Group 2: Market Trends and Projections - The share of domestic chip servers has increased to 90.1%, a significant rise from around 40% in previous years [4] - The demand for server CPUs is expected to grow, with projections indicating that by 2028, the demand for data center servers will reach 13.99 million units, with a compound annual growth rate of 6% from 2024 to 2028 [7] - The domestic server CPU market is rapidly evolving, with X86 architecture still dominating but Arm architecture gaining market share [8][9] Group 3: Domestic CPU Development - Domestic CPUs such as Haiguang, Kunpeng, and Alibaba's Xuantie are rapidly developing, with a notable increase in market presence [8] - The domestic CPU localization rate has risen from 0% in 2018 to 36% in 2023, with expectations to reach 85% by 2028 due to policy support and technological advancements [9] - The current landscape shows a strong push towards domestic solutions in the server CPU market, driven by both demand and government initiatives [9]

Group 1 - BlackRock's long position in ZTE Corporation's H shares decreased from 8.37% to 7.10% as of September 24 [1]

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains stable, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is proactively advancing 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has generated substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver for the company [2] - **Terminal Business**: The company adheres to the "AI for All" philosophy, continuously expanding the application of AI technology in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase the shipment volume of AI terminal products [2]

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains solid, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is also advancing in 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has created substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver [2] - **Terminal Business**: The company is implementing the "AI for All" concept, continuously expanding AI technology applications in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase AI terminal product shipments [2]