Market Performance - The three major indices experienced an increase during the week of August 18 to August 22, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, and the ChiNext Index by 5.85% [1][2]. Stock Movements - A total of 11 stocks saw a weekly increase of over 40%, with two stocks increasing by more than 60%. Kosen Technology led with a weekly increase of 61.14%, followed by Garden Shares at 61.09%, and Zhen'an Technology at 53.11% [3][4]. - On the downside, 14 stocks experienced a decline of over 15%, with *ST Gaohong leading the drop at 22.67% [3][4]. Trading Activity - 94 stocks had a turnover rate exceeding 100% during the week, with Guangdong Jianke at the top with a turnover rate of 251.47% [5][6]. - The majority of stocks with high turnover rates belonged to the machinery, electronics, and computer sectors [5]. Capital Flow - The machinery sector faced a net outflow of over 18 billion yuan, while the communication, comprehensive, and media sectors saw net inflows [8]. - ZTE Corporation received the highest net inflow of 7.019 billion yuan, with a weekly increase of 32.21% [9]. Institutional Research - A total of 170 listed companies were researched by institutions, with Desai Xiwai receiving the most attention from 228 institutions [12][14]. - The focus of institutional research was primarily on industrial machinery, electronic components, and electrical equipment sectors [12]. New Institutional Interests - 91 stocks were newly favored by institutions, with eight stocks receiving target prices. For instance, Xinqianglian was rated "Overweight" by Huatai Securities with a target price of 42.00 yuan [15][16][17].

Investment Rating - The report suggests a positive outlook for the AI chip sector, particularly in the context of domestic developments and overseas demand for servers and optical modules [4]. Core Insights - Domestic AI development is driving growth in sectors such as servers and IDC, while overseas AI advancements are boosting demand for servers and optical modules [4]. - The launch of DeepSeek-V3.1 is expected to facilitate the large-scale deployment of domestic AI chips, enhancing the competitive landscape [1][2]. - The liquid cooling market is anticipated to expand significantly, with companies like Invec benefiting from strong demand in AI data centers [1][12]. Summary by Sections Communication Sector - Telecom business revenue reached 905.5 billion yuan in the first half of the year, showing a year-on-year growth of 1% [3][14]. - The number of fixed broadband users reached 684 million, with gigabit users accounting for 33% [20]. Server Sector - The server index increased by 8.30% this week and 17.28% this month, with Industrial Fulian reporting improved efficiency and yield for its GB200 and GB300 models [2][6]. - GB300 is expected to become a significant profit driver for the company's AI server business next year [6]. Optical Module Sector - The optical module index rose by 4.34% this week and 14.59% this month, driven by Google's adoption of OCS technology [2][9]. - Coherent and Lumentum reported their first revenue from OCS orders, indicating market expansion [9]. IDC Sector - The IDC index increased by 6.78% this week and 14.41% this month, with DeepSeek-V3.1's release expected to alleviate the shortage of domestic AI inference cards [2][12]. Liquid Cooling Sector - Invec reported a revenue of 2.573 billion yuan in the first half of 2025, a year-on-year increase of 50.3%, driven by strong demand for liquid cooling solutions [12][52]. - The establishment of the UQD alliance aims to enhance the reliability and interchangeability of liquid cooling connectors, reducing operational complexity [12].

Core Viewpoint - ZTE Corporation (00763) announced that its A-share stock experienced an abnormal trading fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days from August 20 to August 22, 2025 [1] Group 1 - The company confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange listing rules [2] - The board of directors has not been made aware of any undisclosed information that could significantly impact the trading price of the company's stock and its derivatives [2] - The company stated that its previous disclosures do not require any corrections or supplements [2] Group 2 - The company reported that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] - During the period of abnormal stock fluctuation, the controlling shareholder did not engage in buying or selling the company's stock [1]

Core Viewpoint - China Mobile has announced a centralized procurement project for AI general computing devices (inference type) with an estimated scale of approximately 7,058 units, expected to meet demand from 2025 to 2026 [1] Group 1: Procurement Details - The project is divided into six bidding packages, including four "CUDA ecosystem" packages (2,058 units) and two "CANN ecosystem" packages (5,000 units) [1] - The total estimated procurement amount for the project is approximately 5.112 billion yuan, to be shared among nine companies [3] Group 2: Bidding Packages and Winners - Package 1 (CUDA ecosystem PCIe cards) was won by H3C with a bid of 47,563,793 yuan (excluding tax), securing 70% of the package [4] - Package 2 (CUDA ecosystem ordinary performance cards) was also won by H3C with a bid of 213,435,000 yuan (excluding tax), securing 70% of the package [5] - Package 3 (CUDA ecosystem high-performance cards) was won by ZTE with a bid of 1,004,700,000 yuan (excluding tax), securing 70% of the package [5] - Package 4 (CUDA ecosystem high-memory cards) was won by Inspur with a bid of 262,831,932 yuan (excluding tax), securing 100% of the package [6] - Package 5 (CANN ecosystem PCIe cards) was won by Henan Kunlun Technology with a bid of 102,182,076.72 yuan (excluding tax), securing 50% of the package [6] - Package 6 (CANN ecosystem cards) was won by Henan Kunlun Technology with a bid of 2,885,444,717.76 yuan (excluding tax), securing 23.91% of the package [7]

按申万一级行业来看，本周（8月18日至8月22日）五个交易日内，通信、综合、传媒板块获主力资金净 流入，机械设备、医药生物、电力设备、计算机、非银金融、有色金属等板块遭净流出额居前。其中机 械设备板块遭抛售超180亿元。 个股方面，本周中兴通讯获净流入70.19亿元居首，周涨幅32.21%。中油资本、昆仑万维（维权）、御 银股份主力净流入分别为12.86亿元、11.66亿元、10.39亿元。净流出方面，东方财富、胜宏科技、英维 克分别遭抛售39.68亿元、27.66亿元、21.83亿元。 (本文来自第一财经) ...

Group 1 - ZTE Corporation (00763) announced that its A-share stock (stock abbreviation: ZTE Corporation, stock code: 000063) experienced a cumulative price deviation of over 20% during three consecutive trading days on August 20, 21, and 22, 2025, which is classified as abnormal stock trading fluctuation according to Shenzhen Stock Exchange regulations [1] - The company conducted necessary verifications and confirmed that there are no corrections or supplements needed for previously disclosed information [1] - ZTE Corporation did not find any recent media reports that could have significantly impacted its stock trading price due to undisclosed major information [1] Group 2 - The company stated that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] - The company and its controlling shareholders have not engaged in any undisclosed major matters related to the company during the period of abnormal stock fluctuation [1] - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange listing rules, and no significant information that could impact the trading price of the company's stock and its derivatives [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的以下公 告全文，僅供參閱。 承董 事會 命 方榕 董事長 深圳，中國 中兴通讯股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 二零二五年八月二十四日 於本公告日期，本公司董事會包括執行董事：徐子陽；非執行董事：方榕、閆俊武、諸為民、 張洪；獨立非執行董事：莊堅勝、王清剛、徐奇鵬；以及職工董事：李妙娜。 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202555 中兴通讯股份有限 ...

证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202555 中兴通讯股份有限公司 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、目前公司生产经营活动一切正常，内外部经营环境未发生重大变化。 4、公司、控股股东不存在关于公司的应披露而未披露的重大事项，或处于 筹划阶段的重大事项；上述股票异常波动期间，公司控股股东不存在买卖公司股 票的行为。 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 中兴通讯股份有限公司（以下简称"公司"）A股股票（证券简称：中兴通 讯，证券代码：000063）于2025年8月20日、8月21日、8月22日连续三个交易日 收盘价格涨幅偏离值累计达到20%以上，根据深圳证券交易所的相关规定，属于 股票交易异常波动情形。 二、公司关注并核实的情况说明 根据相关规定的要求，公司进行了必要核实，现对有关核实情况说明如下： 2、根据《深圳证券交易所股票上市规 ...

股市慢牛来了，你准备好了吗？备好账户跟进牛市，更有五大福利领取>> 中兴通讯8月24日公告，公司A股股票于2025年8月20日､8月21日､8月22日连续三个交易日收盘价格涨幅 偏离值累计达到20%以上，根据深圳证券交易所的相关规定，属于股票交易异常波动情形。 经核实， 公司前期披露的信息不存在需要更正、补充之处。公司未发现近期公共媒体报道了可能或已经对公司股 票交易价格产生较大影响的未公开重大信息。 目前公司生产经营活动一切正常，内外部经营环境未发 生重大变化。公司、控股股东不存在关于公司的应披露而未披露的重大事项，或处于筹划阶段的重大事 项；上述股票异常波动期间，公司控股股东不存在买卖公司股票的行为。 ...

- The report does not contain any quantitative models or factors for analysis[3][4][5]