Core Insights - Recent breakthroughs in 6G wireless communication have been achieved by Chinese scientists, who developed an ultra-broadband optoelectronic integrated system capable of high-speed wireless communication across all frequency bands [1][3] - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [1][7] Industry Developments - The 6G sector saw a significant surge in stock prices, with companies like Sanwei Communication, Dongcai Technology, and Woge Optoelectronics hitting the daily limit, while ZTE and Shuo Beid fell by over 4% on August 29 [1][6] - The MIIT has outlined plans to enhance the integration of artificial intelligence with various technologies, including 6G, to foster innovation and application in the communication sector [5][7] Technological Advancements - The newly developed system allows for high-speed transmission of wireless signals from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [3] - The system's flexibility enables dynamic switching to secure frequency bands in response to interference, enhancing communication reliability and spectrum efficiency [3][4] Market Outlook - Analysts suggest that the ongoing push for "Artificial Intelligence+" will elevate demands for infrastructure, computing power, and data, indicating a positive outlook for the computing power industry chain [8] - The demand for domestic computing infrastructure is expected to remain robust due to increased capital expenditure from internet companies and supply chain constraints abroad [8]

Core Insights - In the first half of 2025, the company reported a revenue of 71.553 billion yuan, representing a year-on-year growth of 14.51% [1] - The net profit attributable to ordinary shareholders decreased to 5.058 billion yuan, down 11.77% year-on-year [1] - The net profit excluding non-recurring gains and losses was 4.104 billion yuan, reflecting a decline of 17.32% year-on-year [1] Business Segment Performance - The operator network business generated revenue of 35.064 billion yuan, a decrease of 5.99% year-on-year, with a gross margin of 52.94% [1] - The government and enterprise business saw revenue of 19.254 billion yuan, a significant increase of 109.93% year-on-year, with a gross margin of 8.27% [1] - The consumer business achieved revenue of 17.235 billion yuan, growing by 7.59% year-on-year, with a gross margin of 17.78% [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 新浪科技 罗宁 政企业务成核心引擎，同比增109.9% 从业务板块的具体表现来看，政企业务成为中兴上半年营收增长的"核心引擎"，实现营收192.5亿元， 同比激增109.9%。 消费者业务上半年营收172.4亿元，同比增长7.6%，虽增速不及政企，但在终端生态构建与海外市场突 破上成效显著：个人终端领域全球首发努比亚Z70S Ultra摄影师版、Flip2小折叠屏、首款消费级平板Pro 等多形态AI终端，电竞品牌"红魔"深耕国内并发力海外线上渠道；家庭场景聚焦AI家庭网络、算力、智 能屏、机器人"四大件"。此外，二合一云PAD销量破百万，成为新增长点。运营商网络业务上半年营收 350.6亿元，虽仍有下降，但降幅已明显收窄。 值得一提的是，中兴上半年在海外市场也在紧密布局：其紧跟海外大国数据中心、算力基础设施建设浪 潮，深化中资企业出海与本地客户合作。同时通过自研芯片、智算服务器、超大规模集群等全栈国产化 智算产品，以及资源管理平台、训推平台等软件方案，提供端到端解决方案。 中兴通讯今日交出半年报。报告显示，上半年实现营收715. ...

Core Viewpoint - ZTE Corporation reported a revenue of 71.55 billion yuan for the first half of 2025, marking a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 5.06 billion yuan and a non-recurring net profit of 4.1 billion yuan. The company is embracing AI opportunities, with revenue from its "second curve" business, including computing power and terminal products, growing nearly 100% year-on-year, accounting for over 35% of total revenue [1][2]. Revenue Breakdown - In the first half of 2025, ZTE's domestic and international markets achieved revenues of 50.62 billion yuan and 20.93 billion yuan, respectively, with year-on-year growth of 17.5% and 7.8%. The operator network, government-enterprise, and consumer businesses generated revenues of 35.06 billion yuan, 19.25 billion yuan, and 17.24 billion yuan, respectively [2]. - The government-enterprise business saw a remarkable year-on-year growth of 109.9%, becoming a core driver of overall revenue growth [2]. AI and ICT Integration - ZTE is fully committed to AI, accelerating the integration of AI with ICT. The company is leveraging AI opportunities in network infrastructure, computing power infrastructure, industry applications, and end-user products, which has effectively driven revenue growth [4]. - R&D expenses amounted to 12.66 billion yuan, representing approximately 18% of revenue, with around 94,000 global patent applications, including nearly 5,500 in the AI field [4]. Consumer Business Development - ZTE's consumer business revenue grew by 7.6% year-on-year, driven by a comprehensive range of AI terminal products. The company is expanding its smartphone market in Southeast Asia, Latin America, the Middle East, Africa, and Europe, with international smartphone revenue increasing by over 30% [3][5]. Strategic Upgrades - The "Connection + Computing Power" strategy is being upgraded to support AI accessibility. ZTE continues to strengthen its core competitiveness in wireless and wired products, maintaining a strong market position in 5G base stations and core networks [6]. - The company is enhancing its computing power infrastructure to meet the new opportunities presented by AI large models, developing a range of domestic computing products and solutions [6]. Achievements in AI - ZTE's Nebula large model ranked first in the SuperCLUE inference leaderboard and second overall in the IDC's report on China's large model inference computing power. The company has deepened its solutions across 18+ vertical industries, implementing over 100 benchmark cases [7].

招商证券指出，中兴通讯上半年运营商网络收入350.64亿元，同比减少5.99%；毛利率52.94%，同比下 降1.38个百分点，主要由于数字能源产品毛利率下降。政企业务收入192.54亿元，同比增长109.93%； 毛利率为8.27%，同比下降13.50个百分点，主要由于服务器及存储毛利率下降及收入结构变动。消费者 业务收入172.35亿元，同比增长7.59%；毛利率为17.78%，同比下降1.03个百分点，主要由于家庭终端 毛利率下降。 智通财经APP获悉，中兴通讯(00763)绩后跌超6%，截至发稿，跌6.17%，报36.22港元，成交额5.8亿港 元。 消息面上，中兴通讯发布中期业绩，上半年营收715.53亿元，同比增长14.51%；净利润50.58亿元，同 比下降11.77%。上半年扣非净利润41.04亿元，同比下降17.32%；毛利率32.45%，同比下降7.99%；经 营活动现金流净额13.0亿元，同比下降81.44%。 ...

招商证券指出，中兴通讯上半年运营商网络收入350.64亿元，同比减少5.99%；毛利率52.94%，同比下 降1.38个百分点，主要由于数字能源产品毛利率下降。政企业务收入192.54亿元，同比增长109.93%； 毛利率为8.27%，同比下降13.50个百分点，主要由于服务器及存储毛利率下降及收入结构变动。消费者 业务收入172.35亿元，同比增长7.59%；毛利率为17.78%，同比下降1.03个百分点，主要由于家庭终端 毛利率下降。 中兴通讯(00763)绩后跌超6%，截至发稿，跌6.17%，报36.22港元，成交额5.8亿港元。 消息面上，中兴通讯发布中期业绩，上半年营收715.53亿元，同比增长14.51%；净利润50.58亿元，同 比下降11.77%。上半年扣非净利润41.04亿元，同比下降17.32%；毛利率32.45%，同比下降7.99%；经 营活动现金流净额13.0亿元，同比下降81.44%。 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

（文章来源：证券时报网） 个股方面，8月28日有1860只个股获融资净买入，净买入金额在1亿元以上的有67股。其中，29股获融资 净买入额超2亿元。寒武纪获融资净买入额居首，净买入15.65亿元；融资净买入金额居前的还有中芯国 际、新易盛、中兴通讯、中际旭创、中国稀土、澜起科技等股，净买入金额均超4亿元。 Wind统计显示，8月28日，申万31个一级行业中有18个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入81.03亿元；获融资净买入居前的行业还有通信、有色金属、汽车、计算机、医 药生物等，净买入金额均超6亿元。 ...

Industry Trends - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product at HotChip 2025, aimed at connecting geographically dispersed data centers to create a 1 billion watt AI super factory, which implies over 660,000 GPUs assuming a single GPU power of 1.5 kW [2][3] - The Spectrum-XGS product addresses the limitations of traditional scale-up and scale-out approaches due to power and physical space constraints in data centers, utilizing core algorithms, hardware collaboration, and software optimization to solve communication delays, congestion, and synchronization issues in cross-regional GPU clusters [2][3] - Initial users of the Spectrum-XGS will include CoreWeave, with potential support for Oracle and SoftBank's Stargate project, indicating a significant acceleration in DCI construction [2][3] Product Developments - The release of DeepSeek V3.1 on August 21 brings enhancements in hybrid inference architecture, improved reasoning efficiency, and better performance in tool usage and agent tasks compared to the previous version [3] - DeepSeek V3.1 is optimized for the next generation of domestic chips, particularly focusing on the FP8 precision, showcasing a significant performance improvement in programming and search agents [3] - The market anticipates advancements in chip performance under chiplet architecture and enhanced soft-hard collaboration, suggesting that domestic chips may evolve from being merely functional to being highly efficient [3] Market Performance - The overall market showed mixed results during the week of August 18-22, 2025, with the Sci-Tech Innovation Board index rising by 13.31%, the Shenwan Communication index by 10.84%, and the ChiNext index by 5.85% [4] - The top three performing sectors were the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%) [4] - Notable individual stock performances included ZTE Corporation, Gaolan Co., Cambridge Technology, and Heertai, with increases of +32.21%, +24.75%, +23.65%, +20.55%, and +17.41% respectively [4]

格隆汇8月29日｜国际要闻： 大中华区要闻： 1、美股高开高走！道指、标普500指数再创收盘新高，中概股携程绩后涨14.9%； 2、美联储沃勒：支持9月降息25个基点，预计未来3-6个月将进一步降息； 3、英伟达据报正与美国政府洽谈，以求获得向中国出售Blackwell芯片许可； 4、美国二季度GDP增速上修至3.3%； 5、美国上周初请失业金人数为22.9万 低于预期； 6、墨西哥据报计划上调对华关税； 7、欧盟委员会提出立法提案 拟取消部分美国商品关税； 8、美媒：欧洲提议为俄乌设40公里前线缓冲区； 1、中央重磅文件对外公布！事关城市高质量发展； 2、中共中央、国务院：加快构建房地产发展新模式 稳步推进城中村和危旧房改造； 3、中国据报拟今明年削减钢铁产量； 4、商务部：对原产于美国、欧盟、韩国、日本和泰国的进口苯酚继续征收反倾销税； 5、事关九三阅兵 今天将举行两场记者会； 6、国家数据局局长刘烈宏：今年将启动第二批国家数据基础设施建设先行先试； 7、将近十个月以来首次！离岸人民币涨穿7.12元； 8、9月光伏玻璃新单报价拟上调？ 福莱特：正在和客户商议报价； 9、国泰君安国际正式在香港推出加密货币交 ...