Core Viewpoint - The global industry consensus is that large-scale array technology will be the core direction of 6G network architecture, with ZTE leading the evolution path through its comprehensive technological layout [1][10]. Group 1: Technological Innovation - ZTE has successfully built a theoretical system for large-scale array mobile communication, achieving a generational leap from traditional "spectrum rolling" to "space expansion" [2]. - The company introduced the Pre5G concept based on Massive MIMO at the 2014 5G World Summit, which garnered significant attention in the industry [2]. - ZTE's Pre5G Massive MIMO base station won the "Best Mobile Technology Breakthrough Award" and "CTO Choice Award" at the 2016 Global Mobile Awards, marking it as the first Chinese company to receive such honors [2]. Group 2: Market Recognition - ZTE's large-scale array base station shipments have ranked among the top globally for three consecutive years, with a market share of 30% in the Asia-Pacific region [3]. - The introduction of the world's first 64-channel large-scale array base station during the Pre5G phase significantly enhanced peak capacity by over 10 times [5]. - ZTE's self-developed vector acceleration chip improved parallel processing capability by 32 times, leading to significantly better energy efficiency compared to 4G [5]. Group 3: Energy Efficiency - ZTE's 5G network based on 64-channel arrays has reduced energy consumption per bit by nearly 90% compared to 4G [6]. - Approximately 30% of ZTE's nearly 7000 essential 5G standard patents focus on green energy-saving technologies [6]. Group 4: Industry Value - ZTE has fostered collaborative innovation with over a thousand upstream and downstream enterprises, training more than ten thousand professionals [7]. - The technological advancements have provided reliable communication support for major national events, such as the Beijing Winter Olympics, and have driven the overall upgrade of China's communication industry [7]. Group 5: Future Outlook - ZTE is actively promoting research for 6G, proposing the industry's first large-scale array prototype with over 2000 oscillators in the 6425-7125 MHz frequency band [8]. - The company is extending its large-scale array technology advantages to the emerging low-altitude economy, launching a user-centric 5G-A distributed ultra-large array (D3-ELAA) solution [8]. - The D3-ELAA solution effectively addresses issues such as severe interference and frequent switching in low-altitude communication, creating a high-reliability communication foundation for the low-altitude economy [8]. Group 6: Strategic Importance - Mobile communication is not only a technological high ground but also a strategic support for national digital economic development [10]. - ZTE's innovations in large-scale array technology contribute to building a solid foundation for a strong communication nation and inject Chinese wisdom into the future evolution of global communication [10].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1][9]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the development of controllable nuclear fusion, with significant investment from state-owned enterprises totaling 11.492 billion yuan [5][18]. - The investment cycle for controllable nuclear fusion is on the rise, driven by intensified US-China competition and supportive domestic policies [5][18]. - The AI infrastructure expansion and model transition are expected to drive opportunities across the computing and application stack, highlighting the synergy between hardware and software [6][19]. Summary by Sections Market Review - In the past week (July 21-27, 2025), the Shanghai Composite Index and Shenzhen Component Index rose by 1.67% and 2.33%, respectively, while the CITIC Communication Index fell by 0.47%, ranking 28th among 30 primary industries [4][14]. - The top five performing stocks in the communication sector included Dongxin Peace (34.10%), Cheng Tian Wei Ye (17.14%), and Si Nan Navigation (16.54%) [4][15]. Weekly Topic - The focus is on the significant investment in the fusion energy sector by state-owned enterprises, indicating a strategic shift towards large-scale development [5][18]. - The report suggests monitoring related industry chain stocks due to the ongoing investment cycle in controllable nuclear fusion [5][18]. Industry News - China Mobile's centralized procurement for data center switches is expected to involve approximately 33,300 units, with a total budget of about 2.0294 billion yuan [7][21]. - Huawei has the highest share in this procurement, with several other established domestic manufacturers also participating [7][21][23]. Investment Recommendations - The report recommends focusing on key beneficiaries across various sectors, including controllable nuclear fusion and AI-related hardware and software [6][19].

导语：作为上市公司核心管理层关键成员，财务总监CFO不仅需要确保公司 财务稳健 、资金高效运 转，更需要从财务视角为公司的战略制定提供支撑，其能力与决策直接影响公司的财务健康、战略成 败、 资本市场 形象乃至生存风险。新浪财经上市公司研究院推出《2024年度A股CFO数据报告》以飨 读者。 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕 业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专业管理学硕士学 位。自2002年加入中兴通讯后，她从成本战略办公室负责人逐步晋升至执行副总裁兼财务总监，深耕企 业财务领域22年，积累了丰富的财务与电信行业管理经验。 不过，中兴通讯2024年业绩出现短期波动，全年营收1212.99亿元，同比下降2.38%；扣非归母净利润 61.79亿元，同比下降16.49%。尽管公司业绩短期承压，但李莹女士凭借多年行业经验与管理贡献，仍 跻身薪酬前三。 业绩层面，美的集团2024年表现稳健，全年营收达4071.50亿元，同比增长9.44%；扣除非经常性损益后 的归母净利润为357.41亿元，同比增长8.3 ...

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。作为上市公司核心管理层关键成员，财务总 监CFO不仅需要确保公司财务稳健、资金高效运转，更需要从财务视角为公司的战略制定提供支撑，其 能力与决策直接影响公司的财务健康、战略成败、资本市场形象乃至生存风险。据2024年年报显示，去 年A股CFO（财务总监、财务负责人等）薪酬合计达42.43亿元，平均薪酬76.03万元。 分行业来看，通信行业信息完备的上市公司CFO共有141位，2024年CFO平均薪酬为79.77万元，在31个 申万一级行业中排名第11位，CFO薪资水平处于行业中上游。其中，中兴通讯CFO李莹薪资水平最高， 为852.10万元/年，换算为日薪为3.44万元。 CFO薪酬集中在50-100万区间 "北上广湖"企业多且薪酬高 从通信行业的CFO薪酬分布角度来看，508位CFO中有68位的薪酬水平处于50万元到100万元之间，占比 近五成。此外，通信行业CFO薪酬上限极高，最高薪酬达到中兴通讯CFO李莹的852.10万元/年。 从地域分布的角度来看，通信行业密集分 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 比亚迪财务总监周亚琳以896万元的年薪位居第二。这位1977年出生的高管拥有硕士研究生学历，1999年毕业于江西财经大学获经济学学士学位后，于2024年6月再获清华大学工商管理硕士学 比亚迪2024年业绩表现尤为亮眼，全年营收达7771.02亿元，同比大幅增长29.02%；扣非归母净利润369.83亿元，同比增长29.94%，营收与利润增速均领跑行业，其薪酬水平与企业高速发 中兴通讯李莹：852.10万年薪列第三，公司短期业绩承压 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专 不过，中兴通讯2024年业绩出现短期波动，全年营收1212.99亿元，同比下降2.38%；扣非归母净利润61.79亿元，同比下降16.49%。尽管公司业绩短期承压，但李莹女士凭借多年行业经验与 声明：本文由AI大模型生成。市场有风险，投资需谨慎。数据来源于choice，2024年任期不满1年的不参与统计。 责 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 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！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 美的集团财务总监钟铮年薪946万元最高 焦作万方财务总监焦纪芳涨薪309.53万元第一 焦作万方财务总监焦纪芳薪酬从2023年的101.76万元，提升至2024年的411.29万元，涨薪309.53万元， 成为A股CFO涨薪榜第一名。 蓝英装备财务总监余之森薪酬从2023年的15万元，提升至2024年的320.1万元，涨薪305.1万元，成为A 股CFO涨薪榜第二名。 海大集团财务总监杨少林从2023年的198.42万元，提升至2024年的425.81万元，涨薪227万元，成为A股 CFO涨薪榜第三名。 隆基绿能财务总监刘学文薪酬暴跌49.01%，降低433.64万元 隆基绿能财务总监刘学文2024年薪451.11万元，前一年为 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 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！ 导语：作为上市公司核心管理层关键成员，财务总监CFO不仅需要确保公司财务稳健、资金高效运转， 更需要从财务视角为公司的战略制定提供支撑，其能力与决策直接影响公司的财务健康、战略成败、资 本市场形象乃至生存风险。新浪财经上市公司研究院推出《2024年度A股CFO数据报告》以飨读者。 美的集团钟铮：946万年薪居首，公司营收稳步增长 美的集团财务总监钟铮以946万元的年薪登顶2024年A股CFO薪酬榜。资料显示，钟铮女士拥有硕士学 历，自2002年加入美的集团后，历经金融中心、部品事业部财经总监、公司审计总监等多个关键岗位历 练，现任美的集团副总裁、首席财务官兼财务总监，深度参与了企业多年的财务战略布局。 中兴通讯李莹：852.10万年薪列第三，公司短期业绩承压 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕 业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专业管 ...

Group 1 - Changfei Optical Fiber and Cable (06869.HK) increased by over 15% [1] - Great Wall Microelectronics (08286.HK) rose by 11.54% [1] - ZTE Corporation (00763.HK) saw an increase of 2.76% [1]

Group 1 - The telecommunications equipment stocks in Hong Kong have shown strong performance, with notable increases in share prices [1] - Changfei Optical Fiber and Cable (06869.HK) experienced a significant rise of 17.46% [1] - Great Wall Microelectronics (08286.HK) saw an increase of 11.54% in its stock price [1] - ZTE Corporation (00763.HK) also reported a gain of 2.76% [1]

Core Viewpoint - The stock prices of several companies in the optical fiber and telecommunications sector have experienced significant increases, indicating positive market sentiment and potential growth opportunities in the industry [1] Company Performance - Changfei Optical Fiber and Cable (06869.HK) saw a stock price increase of 17.46% [1] - Great Wall Microelectronics (08286.HK) experienced a rise of 11.54% [1] - ZTE Corporation (00763.HK) had a more modest increase of 2.76% [1]