Group 1 - The main stocks with significant capital outflow include Shanzi Gaoke (-8.24 billion), Xinyi Sheng (-5.19 billion), and Pacific (-4.83 billion) [1][2] - The sectors affected by the capital outflow include automotive, telecommunications, securities, and internet services [2][3] - Notable stock performances show that Shanzi Gaoke had a slight increase of 0.75%, while Longcheng Military Industry and Zhonghang Chengfei experienced declines of -4.87% and -8.12% respectively [2][3] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in specialized equipment and internet services [1][2] - Companies like Wan Tong Development and Liou Shares saw positive stock performance despite significant capital outflow, indicating potential resilience in the real estate and internet service sectors [2][3] - The data reflects a broader market sentiment where certain stocks are under pressure, leading to strategic shifts in investment focus [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4]. Core Insights - The company achieved a revenue of 71.553 billion yuan in the first half of 2025, representing a year-on-year growth of 14.51%. However, the net profit attributable to shareholders decreased by 11.77% to 5.058 billion yuan [1][2]. - The second curve business, particularly in AI servers and self-developed chips, has become a core growth engine, with government and enterprise business revenue growing by 109.93% to 19.254 billion yuan, accounting for 26.91% of total revenue [2][4]. - The company is transitioning from a "connectivity" model to a "connectivity + computing power" strategy, which has shown significant results [2]. Revenue and Profitability - The company's gross profit margin decreased to 32.45%, down 7.99 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin government and enterprise business [3]. - The net profit margin also declined to 7.07%, a decrease of 2.1 percentage points [3]. Financial Forecast - The company is projected to achieve net profits attributable to shareholders of 8.6 billion yuan in 2025, 9.4 billion yuan in 2026, and 11.5 billion yuan in 2027, with corresponding PE ratios of 25, 23, and 19 [4][5]. - Revenue is expected to grow from 121.299 billion yuan in 2024 to 199.587 billion yuan in 2027, with growth rates of -2.4%, 16.0%, 18.8%, and 19.4% respectively [5][7]. Business Development - The company is building a super-node solution and expanding its full-stack domestic intelligent computing products, leveraging self-developed AI large-capacity switching chips [4]. - The company aims to create an open ecosystem for domestic intelligent computing, supporting large model training and high-concurrency inference [4].

Group 1 - UBS Group AG reduced its stake in ZTE Corporation (00763) by selling 2.813912 million shares at a price of HKD 37.1869 per share, totaling approximately HKD 105 million [1] - After the reduction, UBS's remaining shareholding is approximately 57.9641 million shares, representing a holding percentage of 7.67% [1]

Group 1 - UBS Group AG reduced its stake in ZTE Corporation (000063)(00763) by selling 2,813,912 shares at a price of HKD 37.1869 per share, totaling approximately HKD 105 million [1] - After the reduction, UBS's remaining shareholding in ZTE is approximately 57,964,100 shares, representing a holding percentage of 7.67% [1]

Core Points - ZTE Corporation has reported no changes in its issued shares and registered capital as of August 31, 2025, maintaining a total registered capital of RMB 4,783,534,887 [1][2] - The number of issued shares remains constant at 755,502,534 for the Hong Kong listed shares and 4,028,032,353 for the Shenzhen listed shares, with no increase or decrease during the reporting period [1][2] - The company confirms that there are no changes in stock options or convertible bonds during the month, indicating stability in its equity structure [1][2] Section I: Legal/Registered Capital Changes - The registered capital for both Hong Kong and Shenzhen listings remains unchanged at RMB 755,502,534 and RMB 4,028,032,353 respectively, totaling RMB 4,783,534,887 [1] Section II: Issued Shares and Treasury Shares Changes - The total number of issued shares (excluding treasury shares) remains at 755,502,534 for Hong Kong and 4,028,032,353 for Shenzhen, with no changes reported [1][2] Section III: Details of Issued Shares and Treasury Shares Changes - No new shares were issued or transferred from treasury shares during the month, indicating no activity in this area [1][2]

Core Insights - On September 2, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 86.47 billion, 60.46 billion, and 59.59 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 48.12 billion, 45.52 billion, and 34.29 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 86.47 billion, net buying of +20.88 billion [2] - Xiaomi Group-W (01810): Trading amount of 60.46 billion, net selling of -5.92 billion [2] - SMIC (00981): Trading amount of 59.59 billion, net buying of +4.18 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - SMIC (00981): Trading amount of 48.12 billion, net selling of -14.55 billion [2] - Alibaba-W (09988): Trading amount of 45.52 billion, net buying of +13.55 billion [2] - Xiaomi Group-W (01810): Trading amount of 34.29 billion, net buying of +1.81 billion [2]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202560 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 8 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 8 月 31 日的证券变动月报表。 呈交日期: 2025年9月2日 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 9 月 3 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8月31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 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 ...

Core Viewpoint - ZTE Corporation has reported a continuous decline in the number of shareholders for the 13th consecutive period, indicating potential concerns regarding investor confidence and stock performance [2] Group 1: Shareholder and Stock Performance - As of August 31, the number of shareholders for ZTE Corporation was 428,391, a decrease of 26,709 from the previous period, representing a decline of 5.87% [2] - The closing price of ZTE Corporation's stock on the reporting date was 44.83 yuan, down 6.60%, although the stock has seen a cumulative increase of 12.24% since the concentration of shares began [2] - The stock experienced 4 days of increases and 5 days of decreases during the reporting period [2] Group 2: Financing and Revenue - As of September 1, the margin trading balance for ZTE Corporation was 10.354 billion yuan, with a financing balance of 10.337 billion yuan, reflecting an increase of 2.118 billion yuan, or 25.78%, since the concentration of shares began [2] - For the first half of the year, ZTE Corporation reported total revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - The basic earnings per share were 1.0600 yuan, and the weighted average return on equity was 6.85% [2] Group 3: Institutional Ratings - In the past month, ZTE Corporation received buy ratings from 10 institutions [2] - The highest target price forecasted by Huatai Securities is 62.76 yuan, as reported on August 30 [2]

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8月31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9月2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 ...

Core Viewpoint - The report from BOC International highlights that breakthroughs in AI servers are driving new growth opportunities for ZTE Corporation (00763), with a year-on-year revenue increase of 109% in the second quarter [1] Group 1: Financial Performance - ZTE Corporation's revenue for the second quarter increased by 109% year-on-year [1] - The company's gross margin is expected to gradually recover as domestic GPUs replace imported chips, leading to lower semiconductor costs [1] Group 2: Market Outlook - The anticipated improvements in hardware gross margins are expected to stimulate higher demand due to widespread AI applications [1] - BOC International has raised the target price for ZTE Corporation from HKD 29.28 to HKD 37.58, reiterating a "Buy" rating [1]