Core Viewpoint - ZTE Corporation reported the latest number of shareholders as of October 31, 2025, indicating a total of 521,313 shareholders, with a majority being A-shareholders [2] Summary by Category Shareholder Information - Total number of shareholders: 521,313 [2] - A-shareholders: 521,027 [2] - H-shareholders: 286, which includes 285 registered shareholders and one representative from the Hong Kong Central Clearing and Settlement System [2]

Core Insights - The 6G Development Conference is scheduled to take place in Beijing Economic-Technological Development Area on November 13-14, 2025, showcasing the region's commitment to advancing 6G technology [1][2] - The Beijing Economic-Technological Development Area has established a preliminary 6G industrial ecosystem, focusing on key areas such as chip devices, base station equipment, new terminals, and satellite communication equipment [1][2] Summary by Categories Policy and Support - In July, the Beijing Economic-Technological Development Area released the first municipal-level 6G industrial policy in the country, aimed at accelerating innovation in 6G technology and industry [1] - The policy includes the creation of a "6G patent pool" to cultivate essential standard patents and promotes the opening of application scenarios [1] Infrastructure and Innovation - The area has set up platforms for 6G external testing, network verification, and security testing, establishing comprehensive industrial service capabilities [1] - Financial support of up to 30 million yuan per year for a maximum of three years is available for recognized operational platforms [1] Ecosystem Development - The development area is creating a 6G SPACES new quality ecological community, focusing on breakthroughs in key technology fields such as communication intelligence and integrated sensing [2] - The strategy includes a "challenge and reward" mechanism and aims to create benchmark cases in smart manufacturing, logistics, and emergency rescue through collaboration with industries like commercial aerospace and autonomous driving [2]

Core Points - ZTE Corporation's stock price decreased by 2.01% on November 4, trading at 41.93 CNY per share with a total transaction volume of 3.764 billion CNY and a market capitalization of 200.574 billion CNY [1] - The company experienced a net outflow of 415 million CNY in principal funds, with significant buying and selling activity from large orders [1] - Year-to-date, ZTE's stock has increased by 5.40%, but it has seen a decline of 15.10% over the last five trading days [1] Financial Performance - For the period from January to September 2025, ZTE reported a revenue of 100.52 billion CNY, representing a year-on-year growth of 11.63%, while the net profit attributable to shareholders decreased by 32.69% to 5.322 billion CNY [2] - The company has distributed a total of 17.137 billion CNY in dividends since its A-share listing, with 8.114 billion CNY distributed in the last three years [3] Shareholder Information - As of October 20, 2025, ZTE had 420,800 shareholders, an increase of 3.17% from the previous period, with an average of 9,578 circulating shares per shareholder, a decrease of 3.08% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, all of which have seen a reduction in their holdings [3]

Core Insights - The article highlights the emergence of mobile GUI Agents as a competitive focus in the industry, driven by advancements in AI technology and the potential to reshape traffic distribution, creating a market opportunity worth hundreds of billions [1][61]. - Companies like Meituan, ZTE, ByteDance, and others are actively developing and deploying these technologies, with ZTE's Nebula-GUI model achieving significant recognition in benchmark tests [1][2][61]. Group 1: Market Opportunity and Competition - The introduction of GUI Agents is seen as a new frontier in mobile services, with the potential to create a market worth hundreds of billions [1]. - Major players such as Apple, Huawei, and Meituan are investing in this space, indicating a strong competitive landscape [1]. - ZTE's Nebula-GUI model has been recognized for its performance, achieving a score of 84.38 in benchmark tests, particularly excelling in complex tasks like automated ordering and ticket booking [2][3]. Group 2: Technological Advancements - ZTE has developed an end-to-end data preparation system to address challenges in data acquisition for training GUI Agents, significantly improving data quality and efficiency [8][10]. - The Nebula-GUI model has been integrated into over 30 mainstream apps, achieving an average accuracy of over 90% in common scenarios [3]. - The model's capabilities include features like "one-sentence ordering" and "one-sentence photo-taking," enhancing user experience by transforming smartphones into personal assistants [3][61]. Group 3: Data Preparation and Quality - ZTE's automated data pipeline and integrated data annotation tools have improved data annotation efficiency by three times, addressing the scarcity of high-quality Chinese GUI data [12][14]. - The company has created a large-scale Chinese GUI dataset, integrating millions of English GUI samples to enhance the model's training [26][27]. - The automated data preparation system has allowed for a significant increase in the scale and quality of training data, which is crucial for the performance of GUI Agents [8][20]. Group 4: Model Training and Performance - ZTE's approach includes a dual-layer reinforcement learning paradigm that enhances the model's decision-making capabilities and adaptability in dynamic environments [43][55]. - The model has shown an average accuracy exceeding 95% in single-step operations, with some simple commands achieving 99% accuracy [31]. - The introduction of self-reflection and error-correction capabilities has transformed the model from a passive executor to an active task manager, improving its robustness in real-world applications [36][61].

Core Points - The article discusses the deepening cooperation between China and Latin America in the field of communication infrastructure, highlighting the achievements and potential for future collaboration [1][2]. Group 1: Achievements in Cooperation - ZTE Corporation has established deep partnerships with over 70 operators and more than 20 government and enterprise clients across more than 20 countries in Latin America since entering the market in 1998, covering nearly 60% of the region's total population [1]. - The rapid development of fiber optic networks in Latin America, along with a significant demographic advantage where approximately 65% of the population is young, presents a high acceptance of new technologies [1]. Group 2: Potential and Opportunities - Latin America has a high proportion of clean energy generation, which can meet the high energy demands of AI data centers [1]. - A significant 86% of Latin American enterprises have begun implementing or exploring generative AI, particularly in sectors such as finance, telecommunications, energy, and healthcare [1]. Group 3: Challenges and Recommendations - The region faces challenges such as uneven infrastructure development, a lack of skilled professionals, and environmental and energy crises [2]. - To fully unleash development potential, Latin American countries need to increase investment in digital infrastructure, cultivate and attract AI talent, establish appropriate regulatory frameworks, and enhance regional and international cooperation [2].

Core Insights - The rapid evolution of artificial intelligence (AI) is transforming human civilization, with a focus on "carbon-silicon integration" where human and AI collaborate deeply [2][20] - The telecommunications industry is at the forefront of technological innovation, transitioning from traditional connectivity to intelligent connectivity, driven by AI [3][4] AI in Telecommunications - AI is essential for enhancing network efficiency and resource utilization, marking a strategic shift for companies like ZTE towards AI integration [3][4] - The upcoming 6G era will see AI as a core component, transforming networks into intelligent infrastructures capable of decision-making [3][14] - ZTE's "AI Reshape (Air)" series aims to reconstruct existing 5G networks to facilitate a smooth transition to 6G, significantly improving resource efficiency [3][4] AI Applications and Innovations - Two main directions for AI in telecommunications are identified: "AI for Network" focusing on network intelligence and "Network for AI" which supports AI training and inference through high-performance networks [4][17] - ZTE's NTele-R1-32B-V1 model demonstrates the effectiveness of "small sample efficient training," achieving high performance with only 800 selected samples [8] - The Co-Sight super intelligent agent can save 80%-90% of labor costs by automating repetitive tasks in network maintenance [9][12] Future of AI Models - Future AI models are expected to be multimodal, integrating various forms of data beyond language to enhance understanding and application [5][18] - ZTE is developing models that can operate across different platforms, from mobile devices to large data centers, ensuring adaptability to various use cases [5][18] Strategic Vision and Market Position - ZTE aims to become a leader in digital infrastructure by leveraging its 40 years of experience in network connectivity and AI capabilities [7][20] - The company emphasizes an open AI ecosystem to meet diverse customer needs, allowing for tailored solutions across different industries [15][16]

Core Insights - The rapid evolution of artificial intelligence (AI) is transforming human civilization, leading to a future characterized by "carbon-silicon integration," where human and AI collaboration enhances knowledge acquisition and daily life management [2][3]. Industry Trends - The telecommunications industry is transitioning from simple connectivity to "intelligent connectivity," necessitating the integration of AI to improve resource utilization and operational efficiency [3][4]. - The upcoming 6G era will focus on AI-native networks that provide intelligent infrastructure rather than just connectivity, with significant advancements in resource efficiency and operational cost reduction [4][14]. Company Strategy - ZTE's vision is to become a leader in network connectivity and intelligent computing, leveraging its 40 years of experience in telecommunications to provide comprehensive digital infrastructure solutions [8][20]. - The company has introduced the "AI Reshape (Air)" series, which integrates AI into existing 5G-A networks, facilitating a smooth transition to 6G capabilities [4][14]. Technological Innovations - ZTE's NTele-R1-32B-V1 model demonstrates "small sample efficient training," achieving high performance with only 800 selected samples, addressing the industry's challenge of limited data availability [9]. - The Co-Sight super-intelligent agent framework enhances operational efficiency by automating various business processes and improving collaboration between digital agents and humans [10][11]. Future Outlook - The future of AI in telecommunications will involve a strong emphasis on edge computing networks to support AI inference capabilities, ensuring that AI is ubiquitous and accessible across various sectors [5][18]. - ZTE anticipates that future AI models will be multi-modal, capable of understanding the world through various sensory inputs, thus enhancing their applicability across different devices and scenarios [19].

11月3日，中兴通讯跌1.54%，截至发稿，报42.79元/股，成交61.32亿元，换手率3.57%，总市值2046.87 亿元。中兴通讯股价已经连续5天下跌，区间累计跌幅16.62%。 中加改革红利混合（001537）基金经理为黄晓磊、于成琨。 截至发稿，黄晓磊累计任职时间2年236天，现任基金资产总规模5094.03万元，任职期间最佳基金回报 6.59%， 任职期间最差基金回报-6.43%。 于成琨累计任职时间2年192天，现任基金资产总规模3424.58万元，任职期间最佳基金回报43.21%， 任 职期间最差基金回报-3.92%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，中兴通讯股份有限公司位于广东省深圳市南山区高新技术产业园科技南路中兴通讯大厦,香 港铜锣湾勿地臣街1号时代广场2座31楼，成立日期1997年11月11日，上市日期1997年11月18日，公司主 营业务涉及投资兴办实业,电子及通信设备零部件的销售。主营业务收入构成 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Telecommunications and Consumer Electronics - **Key Companies**: Google, Microsoft, Meta, Amazon, ZTE, Industrial Fulian, and others Core Insights and Arguments 1. **Increased AI Investment**: North American cloud computing companies are significantly increasing their AI investments, with Google raising its 2025 capital expenditure guidance to $91-93 billion and Amazon to $125 billion, indicating strong demand for AI computing power [1][3][4] 2. **Domestic Data Communication Market Growth**: The domestic data communication market continued to grow in Q3, with 400G remaining mainstream, while 800G deployment exceeded expectations, leading to improved gross margins for companies like Guangxun Huagong [1][3][5] 3. **Telecom Equipment Market Challenges**: The telecom equipment market is facing challenges, with a 16.5% year-on-year decline in capital expenditure from the three major operators in the first half of 2025 and a 36% drop in the number of new 5G base stations [1][3][6][7] 4. **Material Shortages in Optical Modules**: There is an increasing signal of material shortages in the optical module supply chain, particularly for lasers and micro-optical chips, due to long expansion cycles and yield issues with 200G EML products [1][4][5] 5. **Consumer Electronics Recovery**: The consumer electronics sector showed a recovery in Q3, with revenue and profit growth rates of 25% and 40%, respectively, driven by strong performance in assembly ODM and battery segments [1][10][11] Additional Important Insights 1. **Differentiated Profit Performance**: Within the server switch sector, companies like Unisplendour faced profit declines due to margin pressures, while others like Ruijie experienced a 11% year-on-year drop in net profit due to expense fluctuations [1][5] 2. **Tax Policy Changes in Thailand**: Adjustments to Thailand's tax system may impact tax incentives for companies operating there, potentially increasing effective tax rates [1][5] 3. **Future Trends in Consumer Electronics**: The industry is expected to see significant developments in AI hardware, with new products like AI glasses and wearable devices gaining attention in 2026 [20][21] 4. **Opportunities in Semiconductor Design**: The semiconductor design sector is anticipated to benefit from the domestic AI chip market's growth, particularly as companies prepare for updates to large models in late 2025 [32][36] Conclusion The telecommunications and consumer electronics industries are navigating a complex landscape characterized by increased AI investments, material shortages, and differentiated performance across sectors. The outlook remains cautiously optimistic, with potential growth driven by advancements in AI and semiconductor technologies.

Group 1 - JPMorgan Chase & Co. increased its stake in ZTE Corporation (00763.HK) by purchasing 1,793,940 shares at an average price of HKD 39.9459 per share, totaling approximately HKD 71.66 million [1] - Following the acquisition, JPMorgan's total holdings in ZTE Corporation rose to 53,810,816 shares, increasing its ownership percentage from 6.88% to 7.12% [1][3]