Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching a price of 46.31 CNY per share, with a trading volume of 10.252 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Dongzheng Asset Management has ZTE Corporation as its top holding. The fund, Oriental Red Advanced Manufacturing Mixed A (017848), reduced its holdings by 21,500 shares in the second quarter, now holding 50,100 shares, which accounts for 1.93% of the fund's net value, making it the largest holding [2] - The Oriental Red Advanced Manufacturing Mixed A fund was established on April 26, 2023, with a latest scale of 782.875 million CNY. Year-to-date returns are 27.72%, ranking 3,509 out of 8,173 in its category; one-year returns are 28.78%, ranking 4,951 out of 8,003; and since inception, the return is 21.3% [2]

Core Viewpoint - ZTE Corporation (000063)(00763) saw a stock increase of over 5%, currently at 35.62 HKD with a trading volume of 1.318 billion HKD, driven by strong revenue growth in its second curve business, particularly in AI and computing products [1] Group 1: Company Performance - In the first half of the year, ZTE's revenue from its second curve, represented by computing power and terminal products, grew nearly 100% year-on-year, accounting for over 35% of total revenue [1] - Revenue from servers and storage increased by over 200% year-on-year, with AI server revenue making up 55% of this segment [1] Group 2: Market Position and Orders - ZTE has recently secured the largest share in the centralized procurement of AI general computing devices (inference type) for China Mobile (600941) [1] - The company has self-research capabilities for switching chips and has achieved a key chip forwarding capacity of 12.8T, with ongoing technological advancements aimed at upgrading this capacity to 51.2T [1] Group 3: Industry Outlook - The evolution of AI technology and its deeper application is expected to promote the construction of intelligent computing centers and increase business volume on the consumer side, driving growth in network construction [1] - The investment in computing power by cloud vendors and ZTE's strategic layout in intelligent computing and terminals are anticipated to empower future growth in the ICT industry over the next 3-5 years [1]

Group 1 - ZTE Corporation's A-shares have increased by 5%, with a trading volume exceeding 10 billion yuan [1]

Core Viewpoint - ZTE Corporation collaborates with Alibaba Cloud to build a global cloud ecosystem, focusing on digital transformation and intelligent computing solutions for enterprises [4][5][7]. Group 1: Partnership and Collaboration - ZTE and Alibaba Cloud have been partners since 2013, emphasizing an open and win-win philosophy while deepening business collaboration [5]. - The partnership has led to the development of dedicated cloud solutions that integrate ZTE's servers with Alibaba Cloud's operating system, serving over 200 clients across more than 30 provinces [5]. Group 2: Global Expansion - ZTE has a long-standing international presence, operating in over 160 countries and serving more than 500 operators, which supports the collaborative efforts with Alibaba Cloud in various regions [7]. - Joint cloud capabilities have been established in countries such as Indonesia, Algeria, Dubai, Mexico, Singapore, and Malaysia, creating replicable regional models for digital transformation [7]. Group 3: Intelligent Computing Solutions - ZTE introduced a full-stack open intelligent computing solution that is compatible with mainstream GPU/CPU, providing diverse computing power and model options [9]. - The company showcased a super-node server capable of supporting 64 GPUs, designed for large-scale intelligent computing clusters, demonstrating industry-leading integration and expansion capabilities [11]. Group 4: Sustainable Solutions - ZTE's "intelligent and economical" elastic computing center solution addresses diverse customer needs and green energy pressures, featuring modular and prefabricated architecture that shortens delivery cycles by 40% [14]. - The solution supports liquid cooling and high-density deployment, enhancing energy efficiency and meeting the demands of large-scale data center construction [14]. Group 5: Future Directions - ZTE aims to continue its focus on independent innovation and open collaboration, striving to advance intelligent computing infrastructure, green data centers, and global cloud network cooperation [14].

Core Viewpoint - ZTE Corporation's stock price has shown a mixed performance in recent months, with a year-to-date increase of 12.81% and a recent decline over the past 20 days of 5.36% [1][2] Financial Performance - For the first half of 2025, ZTE achieved a revenue of 71.55 billion yuan, representing a year-on-year growth of 14.51%, while the net profit attributable to shareholders decreased by 11.77% to 5.06 billion yuan [2] - Cumulatively, ZTE has distributed a total of 17.14 billion yuan in dividends since its A-share listing, with 8.11 billion yuan distributed over the past three years [3] Shareholder Information - As of September 19, ZTE had 446,800 shareholders, an increase of 3.59% from the previous period, with an average of 9,019 circulating shares per shareholder, a decrease of 3.47% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 88.22 million shares, an increase of 12.14 million shares from the previous period [3] Stock Market Activity - On September 25, ZTE's stock price rose by 2.07% to 44.88 yuan per share, with a trading volume of 846 million yuan and a turnover rate of 0.47% [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on August 22 [1] Business Segments - ZTE's main business revenue composition includes 49.00% from carrier networks, 26.91% from government and enterprise services, and 24.09% from consumer business [1]

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 160.93 亿元 | +25.68 亿元 | | 中芯国际(00981) | 62.37 亿元 | +2.20 亿元 | | 山高控股(00412) | 47.93 亿元 | +6.32 亿元 | | 腾讯控股(00700) | 36.53 亿元 | +12.57 亿元 | | 小米集团-W(01810) | 24.12 亿元 | -4.33 亿元 | | 大众公用(01635) | 20.39 亿元 | +1009.21 万元 | | 美团-W(03690) | 19.72 亿元 | +1.77 亿元 | | 华虹半导体(01347) | 18.97 亿元 | -2622.09 万元 | | 优必选(09880) | 13.51 亿元 | -2360.66 万元 | | 中兴通讯(00763) | 11.46 亿元 | -3.54 亿元 | 智通财经APP获悉，2025年9月24日当天，阿里巴巴-W(09988)、中芯国际(00981)、山高控股(004 ...

Core Insights - The "Data Element ×" competition in Hunan concluded successfully, with 137 awarded projects, including 28 first prizes representing Hunan in the national finals, showcasing the city's strong performance in the data element market reform [1][2] Group 1: Competition Overview - The competition featured 14 tracks, with Changsha winning 64 awards, including 21 first prizes, demonstrating its leadership in the province [1] - The event served as a platform for showcasing innovative applications of data elements across various industries, enhancing the visibility of data-driven projects [4] Group 2: Data Element Applications - In the biomedicine track, a project by Douzheng Biomedicine reduced clinical research time by 31.14%, addressing the challenges of long timelines and high costs in drug development [2] - In the smart manufacturing track, a project by ZTE Corporation achieved a 13.1% reduction in standard costs and saved over 10 million yuan annually through data-driven capabilities [2] - In the cultural tourism track, Hunan Happy Sunshine Interactive Entertainment's project is expected to generate annual revenues between 10 million to 17 million yuan from data circulation and 10 million to 55 million yuan from intelligent services [3] - In the modern agriculture track, a collaborative project has served over 52 million users and facilitated transactions worth 54 billion yuan, significantly enhancing agricultural productivity through data intelligence [3] Group 3: Future Directions - The competition is seen as a catalyst for further market-oriented reforms in data elements, with plans to open high-value datasets and foster innovative applications across various sectors [4][5] - Changsha aims to leverage its strengths in audio-visual, cultural tourism, and healthcare industries to create high-quality datasets and promote the application of large model technologies [5]

2025年9月20日，沉浸式通信技术论坛暨第三届网媒融合论坛在深圳大学成功举办。本次论坛由中兴通讯股份有限公司、深圳大学、清华大学联合主办，移 动网络和移动多媒体技术国家重点实验室（简称 "实验室"）、深圳大学电子与信息工程学院承办。论坛邀请到深圳大学校长毛军发，深圳大学教授丁文 华，北京邮电大学教授张平，以及来自深圳大学、清华大学、北京理工大学、浙江大学、上海交通大学、东南大学、中国移动、腾讯科技、中兴通讯等单位 的领导和专家两百余人出席。中兴通讯总裁徐子阳，执行副总裁、首席技术官王喜瑜，实验室主任谢大雄，高级副总裁、首席战略官王翔出席论坛。 开幕式上，深圳大学校长毛军发、中兴通讯总裁徐子阳分别致开幕词。 毛军发在致辞中称，深圳大学与中兴通讯一道，深度参与实验室网媒融合研究，取得突出成果。期待以本次论坛为契机，深化产学研用协同创新，共同突破 沉浸式通信与网媒融合核心关键技术。 论坛上午还就沉浸式通信生态建设等问题展开专题开放研讨，与会专家一致认为，可围绕沉浸式通信、网媒融合相关领域成立行业及生态联盟，集聚产学研 各方力量，共同推进网媒融合相关产业发展。 论坛间隙，与会专家参观了由中兴通讯及实验室完成的基于人 ...

Core Insights - The Ministry of Industry and Information Technology announced the selection of ZTE's Nanjing factory as a "2025 Excellent Smart Factory," highlighting its achievements in digital transformation and smart manufacturing [1][4]. Group 1: Smart Factory Development - ZTE's Nanjing factory is recognized for its "intelligent and highly flexible 5G base station product smart factory," marking a significant milestone in the "AI+" smart manufacturing sector [1][4]. - The smart factory initiative is part of a broader strategy to integrate new-generation information technology with advanced manufacturing, aiming to enhance quality, reduce costs, and create value [3]. Group 2: Technological Innovations - The factory has implemented a "flexible digitalization" design, utilizing advanced technologies such as 5G cloud-based AGVs, robots, and machine vision, achieving an automation rate of 82% [6]. - ZTE's Nanjing factory has undergone a three-phase development plan over five years, transitioning from "Digital Nanjing" to "5G Nanjing" and finally to "Smart Nanjing," resulting in a 42% increase in production efficiency and a 66% reduction in energy consumption per unit of output [6]. Group 3: Industry Impact - The factory's innovations have empowered over a thousand enterprises in various sectors, including electronics, mining, steel, and power, facilitating their digital transformation [6]. - The integration of AI technology with industrial manufacturing at ZTE's Nanjing factory contributes to China's transition from traditional manufacturing to intelligent manufacturing, supporting the country's goal of becoming a manufacturing powerhouse [7].

Investment Rating - The report indicates a positive outlook for the communication industry, suggesting a potential shift towards a "stronger gets stronger" dynamic due to technological and capital barriers [1]. Core Insights - The communication industry is experiencing a transformation driven by technology and policy support, with a shift in demand from traditional to emerging services [1][39]. - The industry is expected to enter a recovery phase in Q3 2025, with capital expenditure expansion driven by technological breakthroughs and new infrastructure initiatives [39]. - The demand for AI computing power, accelerated commercialization of 5G-A, breakthroughs in 6G technology, and the rise of the "low-altitude economy" are key factors driving the industry's upgrade [1][39]. Supply Capacity Analysis - The report highlights the growth in the optical communication sector, particularly in high-speed optical modules, driven by AI computing demand and increased capital expenditure from global cloud service providers [3][10]. - The domestic penetration rate of traditional optical fiber and cable is nearing saturation, prompting companies to accelerate international expansion [5][4]. - The communication equipment integration market is recovering, with the Asia-Pacific region leading in 5G system integration and services [6]. Demand Matching Capability Analysis - The demand for optical modules, especially high-speed products for data centers, is robust, with a projected shipment increase from 6.4 million units in 2023 to over 31.9 million units by 2025 [3]. - The communication equipment market is experiencing strong growth, with a year-on-year revenue increase of 18.9% in Q2 2025, despite a contraction in 5G investment [11]. - The telecommunications service sector is seeing a shift towards emerging businesses, with significant growth in AI computing and quantum communication services [15][30]. Industry Chain Position Analysis - The communication industry is characterized by a high degree of market concentration, particularly among leading companies in optical communication and equipment integration [24][27]. - The report notes that traditional communication services are facing saturation, with new business areas becoming the core of competitive differentiation [28]. Innovation Capability Analysis - The report emphasizes the importance of policy support for technological advancements, particularly in AI, 6G, and satellite communication [31][32]. - Significant R&D investments are being directed towards AI and 6G technologies, with major companies like China Mobile leading initiatives in these areas [34]. Credit Rating Situation Analysis - The communication industry is witnessing a favorable credit environment, with a total bond issuance of 17.35 billion yuan in Q2 2025, primarily from leading companies [36][37]. - The report indicates that the dual barriers of technology and capital for leading firms will become more pronounced, reinforcing the trend towards market consolidation [36]. Cycle Development Outlook - The communication industry is expected to see revenue and profit growth, with cash flow recovery anticipated in Q3 2025 [38]. - The report forecasts a transition to an expansion phase driven by new infrastructure investments and a focus on domestic demand [39]. Key Segment Development Trends - The optical communication sector is evolving towards ultra-high-speed, intelligent, and integrated solutions, supporting the AI computing network [40]. - The commercialization of 5G-A and advancements in 6G technology are expected to enhance the capabilities of communication equipment integrators [41]. - Telecommunications services are anticipated to diversify, with new opportunities arising from the low-altitude economy and satellite internet developments [42].