Core Insights - On December 12, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.598 billion, 2.071 billion, and 2.057 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Meituan-W (03690) led the trading volume, with amounts of 5.836 billion, 4.252 billion, and 3.826 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect**: - Alibaba-W (09988): Trading amount of 3.598 billion, net buy of -0.626 billion [2] - SMIC (00981): Trading amount of 2.071 billion, net buy of -0.292 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.057 billion, net buy of -0.597 billion [2] - Tencent Holdings (00700): Trading amount of 1.882 billion, net buy of -0.193 billion [2] - Changfei Optical Fiber (06869): Trading amount of 1.409 billion, net buy of +0.64978 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect**: - Alibaba-W (09988): Trading amount of 5.836 billion, net buy of -2.742 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.252 billion, net buy of +2.959 billion [2] - Meituan-W (03690): Trading amount of 3.826 billion, net buy of +2.850 billion [2] - Tencent Holdings (00700): Trading amount of 3.495 billion, net buy of -0.803 billion [2] - SMIC (00981): Trading amount of 1.447 billion, net buy of -0.287 billion [2]

Core Insights - The top three companies with the highest short positions are Vanke Enterprises (02202), ZTE Corporation (00763), and COSCO Shipping Holdings (01919), with short ratios of 20.57%, 17.63%, and 17.59% respectively [1][2] - The company with the largest increase in short positions is ZTE Corporation (00763), which saw an increase of 1.96% in its short ratio [1][2] - The companies with the most significant decrease in short positions include UBTECH Robotics (09880), ASMPT (00522), and Vanke Enterprises (02202), with decreases of -3.30%, -1.86%, and -1.83% respectively [1][3] Top 10 Short Position Ratios - Vanke Enterprises (02202) has a short position of 20.57%, down from 22.40% [2] - ZTE Corporation (00763) has a short position of 17.63%, up from 15.67% [2] - COSCO Shipping Holdings (01919) has a short position of 17.59%, up from 15.00% [2] Largest Increases in Short Positions - ZTE Corporation (00763) increased its short position from 15.67% to 17.63%, an increase of 1.96% [2] - Leap Motor (09863) saw its short position rise from 2.79% to 4.58%, an increase of 1.79% [2] - OSL Group (00863) increased its short position from 4.31% to 5.89%, an increase of 1.59% [2] Largest Decreases in Short Positions - UBTECH Robotics (09880) decreased its short position from 5.07% to 1.78%, a decrease of -3.30% [3] - ASMPT (00522) saw its short position drop from 6.71% to 4.85%, a decrease of -1.86% [3] - Vanke Enterprises (02202) reduced its short position from 22.40% to 20.57%, a decrease of -1.83% [3]

Core Insights - The Hong Kong stock market experienced a net sell-off of 52.87 billion HKD from northbound trading, with a net sell of 65.95 billion HKD from the Shanghai-Hong Kong Stock Connect and a net buy of 13.09 billion HKD from the Shenzhen-Hong Kong Stock Connect [1] Northbound Trading Summary - The most net bought stocks included Meituan-W (03690), Xiaomi Group-W (01810), and Beike-W (02423) [1] - The most net sold stocks included Alibaba-W (09988), Tencent (00700), and Hua Hong Semiconductor (01347) [1] Stock Performance Details - Alibaba-W (09988) had a net buy of 14.86 billion HKD and a sell of 21.12 billion HKD, resulting in a net outflow of 6.26 billion HKD [2] - Xiaomi Group-W (01810) saw a net buy of 7.30 billion HKD against a sell of 13.27 billion HKD, leading to a net outflow of 5.97 billion HKD [2] - Meituan-W (03690) recorded a net buy of 5.00 billion HKD and a sell of 8.69 billion HKD, resulting in a net outflow of 3.69 billion HKD [2] Sector-Specific Insights - Meituan-W (03690) received a net buy of 24.81 billion HKD, while Alibaba (09988) faced a net sell of 33.68 billion HKD, with expectations of increased competition in the food delivery sector [4] - Xiaomi Group-W (01810) attracted a net buy of 23.61 billion HKD, supported by positive growth in its smartphone and IoT businesses, with projected adjusted net profits of 446, 515, and 622 billion CNY for 2025-2027 [4] - Beike-W (02423) had a net buy of 9.96 billion HKD, with analysts optimistic about its AI capabilities and cost control despite challenges in the real estate market [5] Additional Company Updates - Kuaishou-W (01024) received a net buy of 5.98 billion HKD, with expectations of strong revenue contributions from its AI initiatives [5] - ZTE Corporation (00763) faced a net sell of 1.56 billion HKD, with plans to repurchase shares amid compliance investigations [5] - Semiconductor companies like SMIC (00981) and Hua Hong Semiconductor (01347) experienced net sells of 5.78 billion HKD and 7.35 billion HKD, respectively, following news of potential sales of AI chips to China [6]

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 隆盛科技：拟3.5亿元投建具身智能机器人创新中心项目 3连板中源家居：股票价格短期波动较大 存在非理性炒作风险 中源家居公告，公司股票价格短期波动较大，短期涨幅显著高于同期上证指数，存在非理性炒作风险，可能存在短期涨幅较大后的大幅下跌风险。公司目前 生产经营活动正常，主营业务未发生重大变化，外部经营环境存在较大不确定性。公司不存在应披露而未披露的重大信息，不存在影响公司股票交易价格异 常波动的重大事项。 恒瑞医药：HRS9531注射液临床试验获批准 针对MASH适应症全球暂无同类药物获批上市 恒瑞医药公告称，子公司福建盛迪医药有限公司收到国家药监局核准签发的HRS9531注射液的《药物临床试验批准通知书》，将于近期开展临床试验。 HRS9531注射液是具有全球自主知识产权的新型靶向抑胃肽受体（GIPR）和胰高血糖素样肽-1受体（GLP-1R）的双激动剂，可在体内调节糖脂代谢、抑制 食欲和增强胰岛素敏感性，从而起到改善血糖和减轻体重的效果。对于代谢功能障碍相关脂肪性肝炎（MASH）患者，HRS9531注射液有望通过改善肝脏脂 质堆积、减轻炎症反应及 ...

新京报贝壳财经讯 12月12日，中兴通讯发布公告称，公司拟使用自有资金以集中竞价交易方式回购公 司A股股份，用于实施公司员工持股计划或者股权激励。本次回购资金总额为不低于人民币10亿元且不 超过人民币12亿元（均包含本数）。 ...

中兴通讯A股回购方案要点解读回购基本要素 回购用途及资金来源 用途：员工持股计划或股权激励 资金来源：公司自有资金 股价持续超出回购价格上限导致无法实施 未能按期完成员工激励转让需启动注销程序 重大事项影响可能导致方案变更或终止 财务影响分析 审议程序 已完成董事会及股东大会审议，专用回购账户已开立。 回购规模：10-12亿元人民币 回购价格：不超过63.09元/股（为董事会决议前30个交易日均价的150%） 回购数量：预计1,585.04万股-1,902.04万股，占总股本0.33%-0.40% 回购方式：集中竞价交易 实施期限：自董事会审议通过起12个月内 截至2025年9月30日，公司总资产2,146.58亿元，归属于上市公司普通股股东权益750.91亿元，货币资金 355.47亿元。回购资金上限仅占总资产0.56%、股东权益1.60%、货币资金3.38%，对财务影响较小。 关键风险 ...

Core Viewpoint - ZTE Corporation's stock experienced significant volatility, with a sharp decline followed by a strong rebound, influenced by market rumors and a planned share buyback to stabilize investor confidence [1][2][3]. Group 1: Stock Performance - On December 12, ZTE's A-shares rebounded strongly, transitioning from a decline to an increase, while H-shares rose over 5% after a previous day where A-shares hit the daily limit down and H-shares fell more than 13% [1]. Group 2: Share Buyback Announcement - ZTE announced a plan to repurchase A-shares using its own funds, with a total buyback amount set between 1 billion and 1.2 billion yuan, aimed at implementing an employee stock ownership plan or equity incentives [2]. - The buyback is expected to involve approximately 19.02 million shares, accounting for about 0.40% of the company's total share capital, based on a maximum repurchase price of 63.09 yuan per share [2]. Group 3: Market Concerns and Clarifications - The urgent buyback was initiated in response to negative rumors regarding potential violations of the Foreign Corrupt Practices Act, which could lead to over 1 billion USD in payments to the U.S. government, prompting market sell-offs [3]. - ZTE clarified that it is in communication with the U.S. Department of Justice regarding these matters and firmly opposes any form of corruption, maintaining a zero-tolerance policy towards any potentially involved individuals [3]. Group 4: Financial Performance - For the first three quarters of the year, ZTE reported revenues of 100.52 billion yuan, a year-on-year increase of 11.63%, while net profit attributable to shareholders decreased by 32.69% to 5.32 billion yuan [4]. - The third quarter saw revenues of 28.97 billion yuan, a 5.11% increase, but net profit dropped by 87.84% to 264 million yuan, with a significant decline in non-recurring net profit [4]. - The overall gross margin fell to 30.55%, primarily due to decreased investment in communication infrastructure by domestic operators, impacting the operator network business [4]. - Despite challenges, ZTE's computing revenue grew significantly, with a 180% year-on-year increase, particularly in server and storage revenue, which rose by 250% [4]. However, computing business still only accounted for 25% of total revenue, limiting its impact on overall performance [4].

按照回购资金上限12亿元、回购A股股份价格上限63.09元/股测算，本次回购股份数量约为1902.04万股，约占公司目前总股本的0.40%。本次回购期限自公 司董事会审议通过本次回购方案之日起12个月内。 12月12日午间，中兴通讯股份有限公司发布公告，宣布拟使用自有资金以集中竞价交易方式回购公司A股股份。根据公告，本次回购资金总额不低于人民币 10亿元且不超过人民币12亿元，回购的股份将用于实施公司员工持股计划或股权激励。 中兴通讯是全球领先的综合信息与通信技术解决方案提供商，业务覆盖全球160多个国家和地区。财务数据显示，2025年前三季度，公司实现营收1005.20亿 元，同比增长11.63%。截至2025年9月30日，公司总资产为2146.58亿元，归属于上市公司普通股股东的权益为750.91亿元。（市场有风险，投资需谨慎。本 文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。） 来源：市场资讯 中兴通讯在公告中表示，本次回购旨在保障公司经营发展，维护投资者的长远利益，促进股东价值的最大化，同时进一步健全和完善公司的长期激励约束机 制，确保公司经营健康发展。 此前，12月11日，中兴通讯A股和 ...

中兴通讯（000063）(00763)发布公告，公司拟使用自有资金以集中竞价交易方式回购公司A股股份(以 下简称"本次回购")，用于实施公司员工持股计划或者股权激励。本次回购资金总额为不低于人民币10 亿元且不超过人民币12亿元(均包含本数)。按照回购资金上限人民币12亿元、回购A股股份价格上限人 民币63.09元/股测算，公司本次回购股份数量约为1902.04万股，约占公司目前总股本的0.40%。具体回 购股份的数量以回购期满时实际回购的股份数量为准。本次回购期限自董事会审议通过本次回购方案之 日起12个月内。 ...

中兴通讯（000063）(000063.SZ)发布公告，公司拟使用自有资金以集中竞价交易方式回购公司A股股 份，用于实施公司员工持股计划或者股权激励。本次回购资金总额为不低于人民币10亿元且不超过人民 币12亿元(均包含本数)。按照回购资金上限人民币12亿元、回购A股股份价格上限人民币63.09元/股测 算，公司本次回购股份数量约为1902.04万股，约占公司目前总股本的0.40%。 ...