Group 1 - The "Huanxin Community" has officially launched, marking a significant step in the construction of China's AI "national team" [1][2] - The platform aims to integrate resources from state-owned enterprises, break down technical barriers, and promote inclusive AI development [2] - ZTE Corporation has open-sourced 11 core technological achievements, including 6 self-developed large models and 5 industry datasets, contributing to the establishment of a complete technology matrix [2][3] Group 2 - The NTele-R1-32B-V1 telecom model has achieved remarkable results, surpassing industry benchmark models with a score of 82.5 in the AIME2024 evaluation and a 95.2% accuracy in the MATH500 test [3][4] - The open-sourced datasets cover key areas such as telecommunications, mathematics, code, and visual recognition, with the TFCE dataset serving as a comprehensive resource for AI development in the telecommunications sector [7][8] - The collaboration between ZTE and domestic GPU manufacturers has improved computing efficiency by 40% compared to general solutions, enhancing the adaptability of open-source models to domestic chips [8]

Core Insights - ZTE's GoldenDB has been recognized as the leader in China's distributed transaction database market according to the 2024-2025 China Platform Software Market Research Annual Report by CCID Consulting [1] - The database's strong technical foundation and extensive industry application practices have contributed to its leadership position in the database management system market [1] Technical Strengths - GoldenDB has over 20 years of R&D experience and more than 10 years of industry-specific application, holding over 800 core database patents [3] - It became one of the first distributed databases to pass national security assessments in September 2024, highlighting its technological depth [3] - Key product features include strong consistency, high performance (over 10 times the maximum performance of centralized databases), high reliability (99.9999% uptime over 5 years), high compatibility with existing databases, cloud-native architecture, and easy maintenance through AI-based management [3] Industry Applications - In the financial sector, GoldenDB serves over 100 financial institutions, supporting a maximum cluster deployment of over 4,000 nodes and handling over 10 billion transactions worth more than 10 trillion yuan daily [4] - In the telecommunications sector, it supports core systems for major operators like China Mobile and China Unicom, managing over 9 billion mobile user billing transactions daily [4] - In government, GoldenDB enables rapid system replacement and management of vast amounts of data, enhancing public service levels [4] - In the electricity sector, it improves operational efficiency by 80% and supports stable grid operations [4] - In transportation, it meets high concurrency demands across various transport modes, ensuring smooth travel services [4] - In healthcare, it provides a reliable technical foundation for ICU systems in major hospitals, ensuring continuous operation and data integrity [5] Future Outlook - As a leader in domestic databases, ZTE's GoldenDB aims to continue driving innovation and supporting the construction of secure, efficient, and agile data infrastructures across industries, facilitating digital transformation and high-quality development [5]

Overview - ZTE Corporation plans to issue RMB 3,584 million zero-coupon convertible bonds due in 2030, which will be settled in US dollars [1][2] - The bonds will be convertible into H shares at an initial conversion price of HKD 30.25 per share [4][7] - The net proceeds from the bond issuance will be used to enhance the company's computing power product research and development [5][11] Bond Issuance Details - The bonds will be issued under a subscription agreement with the underwriters, who will agree to subscribe and pay for the bonds [2][3] - The bonds will convert into approximately 129,726,464 H shares, representing about 17.17% of the total H shares issued as of the announcement date [4][7] - The initial conversion price represents a premium of approximately 15.90% over the closing price of HKD 26.1 on the day of the agreement [7] Use of Proceeds - The estimated net proceeds from the bond issuance, after deducting related expenses, are approximately USD 494.30 million (around RMB 3,543 million) [11] - The funds will be allocated to strengthen the company's R&D in computing power products [11][12] Impact on Share Structure - The issuance of the bonds and the subsequent conversion will not require further shareholder approval, as it falls under the general mandate granted at the annual general meeting [5][14] - The conversion of the bonds will result in an increase in the total issued H shares, affecting the company's equity structure [10][14] Regulatory Compliance - The company has obtained the necessary approvals from the National Development and Reform Commission for the bond issuance [19] - The company will apply for the listing of the bonds and the conversion shares on the Hong Kong Stock Exchange [19][20]

Group 1: ZTE Corporation - ZTE Corporation plans to issue HKD 35.84 billion zero-coupon convertible bonds due in 2030, with an initial conversion price of HKD 30.25 per share [1] - The net proceeds of approximately USD 494.3 million will be used to enhance the company's R&D investment in computing power products [1] - This move is expected to promote long-term development in 5G and artificial intelligence sectors, boosting investor confidence [1] Group 2: Hong Kong Monetary Authority - The Hong Kong Monetary Authority (HKMA) issued guidelines regarding the regulation of stablecoin issuers, effective from August 1, 2025 [2] - The guidelines emphasize that false claims of being a licensed issuer or applicant are illegal, aiming to protect investor interests and mitigate financial risks [2] - This initiative is anticipated to positively impact the healthy development of the stablecoin market and provide regulatory insights for other regions [2] Group 3: Shandong Gold - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - The listing aims to deepen global strategic layout, accelerate overseas business development, and optimize capital structure [3] - This initiative is expected to enhance governance and core competitiveness while expanding diversified financing channels [3] Group 4: Pearl River Steel Pipe - Pearl River Steel Pipe's board proposed to reduce share premium to offset accumulated losses as of December 31, 2024 [4] - The reduction aims to improve financial transparency, allowing shareholders and investors to better understand the company's financial status [4] - This move may help stabilize market confidence, although potential impacts on shareholder equity should be monitored [4] Group 5: Hong Kong Stock Market - The Hang Seng Index closed at 25,524.45, down 0.15% on July 29 [5] - The Hang Seng Tech Index closed at 5,644.38, down 0.35% [5] - The National Enterprises Index closed at 9,145.92, down 0.34% [5]

Core Viewpoint - The launch of the LightSphere X marks a significant advancement in the field of AI computing infrastructure in China, integrating cutting-edge technologies to create a high-performance, scalable computing cluster [1][3][4]. Group 1: Product Launch and Technology - Shanghai Yidian, in collaboration with several leading tech companies, has officially released the LightSphere X, the first optical interconnect GPU supernode in China [1]. - The LightSphere X utilizes distributed optical switching technology and silicon photonics to enhance flexibility and scalability, overcoming physical limitations of traditional interconnect methods [3]. - The supernode architecture integrates GPU resources to form a low-latency, high-bandwidth computing entity, which is essential for the evolution towards a "ten-thousand card collaboration" era in computing [3]. Group 2: Ecosystem and Future Development - The LightSphere X is part of a closed-loop ecosystem that includes optical chips, GPUs, servers, computing clusters, and cloud platforms, promoting an open and shared optical-electrical integrated computing ecosystem [4]. - The product aims to support the construction of a fully autonomous and controllable domestic computing pool, facilitating the next-generation development of AI computing infrastructure in China [4].

Group 1 - The company, ZTE Corporation, has entered into a subscription agreement to issue bonds amounting to RMB 3,584 million [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 30.25 per share, which is subject to adjustment [1] - If fully converted at the initial price, the bonds will convert into approximately 129,726,464 H-shares, representing about 17.17% of the total H-share capital and 2.71% of the total issued share capital of the company as of the announcement date [1] Group 2 - The net proceeds from the bond issuance are intended to enhance the company's investment in computing power product research and development [1]

Summary of Key Points from Conference Call Records Industry Overview - The global computing power arms race is intensifying, with major tech companies like Google launching large-scale computing projects and planning significant investments over the next five years, indicating a rapid development phase for AI infrastructure [1][3] - CSP cloud vendors are actively investing in 800G/1.6T technology, with expected increases in AI investments from companies like Meta, Microsoft, and Amazon, benefiting optical module manufacturers such as Xuchuang and Xinyi [1][4] Company Performance and Recommendations - **Optical Module and Related Devices**: Companies like Tianfu, Taicheng, Changying Precision, and Shijia Optics are expected to benefit from industry growth, supported by favorable tariff policies and the U.S. AI action plan [1][6] - **Domestic Computing Power**: Active equity funds have increased holdings in Xuchuang and Xinyi, while domestic IDC companies like ZTE have seen reductions in holdings, indicating a potential undervaluation despite lower positions [1][7] - **Switching and Optical Module Companies**: Recommended companies include StarNet Ruijie and Ruijie Networks in the switching sector, and Huagong Technology and Guangxun Technology in optical modules, with expectations of performance improvements as CSP cloud vendors increase investments [1][10] - **Server Sector**: ZTE and FiberHome are highlighted for their significant growth in Q2 2025, with ZTE also focusing on satellite communication and 6G technology, making it a long-term investment opportunity [2][11] Market Trends and Dynamics - The current market demand is strong, particularly in PCB and optical modules, driven by catalysts like Coop, with a robust trend observed [3] - The export data for MPU optical cable jumpers showed significant growth in regions like Guangdong (20%), Henan (60%), and Shanghai/Wuhan (10%), confirming CSP cloud vendors' enthusiasm for AI investments [4][5] - The AI sector is expected to see further developments with the upcoming financial reports and potential releases of AI models like ChatGPT GPT-5, which could stimulate further growth in the industry [14] Future Outlook - The development paths of overseas and domestic computing power may differ due to varying starting points, but both are expected to continue advancing in their respective fields [8][9] - The satellite internet sector is also gaining attention, with private rockets making breakthroughs and significant satellite launches by Starlink, indicating a growing commercial application potential [13] Additional Insights - Companies involved in AI edge applications, such as Guanghe Tong, which has established an AI research institute, are recommended for their proactive approach in the sector [12] - The overall sentiment suggests a continued focus on both domestic and international developments in computing power and AI technologies, with specific companies highlighted for their potential growth [15]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202549 中兴通讯股份有限公司 拟根据一般性授权发行人民币 3,584 百万元零息美元结算 于 2030 年到期的 H 股可转换债券 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。 2025 年 7 月 28 日，中兴通讯股份有限公司（简称"中兴通讯"、"公司"或 "本公司"）拟根据一般性授权发行可转换为本公司 H 股股份的债券，不涉及本 公司 A 股发行。 中信里昂证券有限公司、中信建投（国际）融资有限公司为本次发行的联席 全球协调人、联席牵头经办人和联席账簿管理人。 一、本次发行概述 2025 年7月28 日（交易时段后），本公司与经办人订立认购协议，据此，本公 司同意向经办人或其可能指定的人士发行本金额为人民币3,584百万元的债券，而 经办人个别且并非共同地同意认购并支付该等债券的款项，或促使认购人认购并 支付该等债券的款项，具体须遵守认购协议所载的若干条件。 经办人已进行了簿记建档程序，据此确定了债券的条款，包括但不限于本金额 及初始转股价格。 债券可于条款及条 ...

中兴通讯港交所公告，拟发行35.84亿元人民币美元结算2030年到期的H股可转换债。 ...

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