Core Points - ZTE Corporation's stock price decreased by 2.01% on November 17, closing at 38.96 CNY per share, with a trading volume of 30.54 billion CNY and a market capitalization of 186.37 billion CNY [1] - The company experienced a net outflow of 5.42 billion CNY in principal funds, with significant selling pressure observed [1] - Year-to-date, ZTE's stock has declined by 2.07%, with a notable drop of 19.84% over the past 20 trading days [1][2] Financial Performance - For the period from January to September 2025, ZTE reported a revenue of 100.52 billion CNY, reflecting a year-on-year growth of 11.63%, while the net profit attributable to shareholders decreased by 32.69% to 5.32 billion CNY [2] - The company has distributed a total of 171.37 billion CNY in dividends since its A-share listing, with 81.14 billion CNY distributed over the past three years [3] Shareholder Information - As of November 10, 2025, ZTE had 548,300 shareholders, an increase of 5.17% from the previous period, with an average of 7,349 circulating shares per shareholder, down by 4.92% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 76.88 million shares, and various ETFs, all of which have seen a reduction in their holdings [3]

特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 欧盟考虑封杀华为和中兴，不到三天，中国回了两句话，信息量很大 欧盟考虑封杀华为和中兴，不 到三天，中国回了两句话，信息量很大 欧盟考虑封杀华为和中兴，不到三天，中国回了两句话，信息量很大。 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][44]. Core Insights - The communication industry is experiencing strong growth driven by advancements in AI infrastructure and silicon photonics, with companies like Tower and AMD showing significant revenue growth projections [1][15][21]. - Tower Semiconductor's Q3 2025 revenue reached $396 million, a 7% year-over-year increase, with expectations for Q4 revenue to be $440 million, driven by a 70% increase in silicon photonics revenue [11][1]. - AMD projects a compound annual growth rate (CAGR) of over 35% for overall revenue and over 60% for its data center business over the next 3-5 years, highlighting the growing demand for AI-related infrastructure [15][21]. - Cisco reported an 8% year-over-year revenue increase in Q1 FY2026, primarily due to strong AI infrastructure orders, with expectations for AI-related revenue to exceed $3 billion in FY2026 [21][22]. Summary by Sections Industry News Tracking - North American optical module and chip companies are expected to see significant growth, with Tower planning to triple its silicon photonics capacity [1][11]. - Baidu's World Conference 2025 unveiled a roadmap for computing infrastructure upgrades and the launch of the Wenxin large model 5.0, showcasing advancements in AI capabilities [26][27]. - The successful launch of 13 low-orbit satellites marks a significant step in accelerating satellite internet development [28]. Market Performance Review - The communication index fell by 4.77% this week, underperforming the Shanghai and Shenzhen 300 index, which decreased by 1.08% [3][36]. - Within the sector, IoT controllers, operators, and satellite internet showed relatively better performance [3][39]. Investment Recommendations - Continued focus on AI computing infrastructure development is advised, with recommendations to consider companies involved in optical devices, communication equipment, and liquid cooling solutions [44]. - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [44]. Key Company Earnings Forecasts and Investment Ratings - Key companies such as China Mobile, Zhongji Xuchuang, and ZTE are rated as "Outperform" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [5][43].

中国国家统计局最新数据显示，10月份全国居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.2%。 扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅已连续六个月扩大，表现优于市场普遍预期。 同期，工业生产者出厂价格指数（PPI）环比上涨0.1%，为今年以来首次转正；同比下降2.1%，但降幅 较上月收窄0.2个百分点，同比增速连续三个月呈现改善趋势。有观点认为，中国近期推动的"反内 卷"政策，对煤炭、光伏等行业价格形成支撑，叠加输入性因素推动有色金属价格上涨，共同带动了PPI 环比与同比数据的回暖，反映出供需结构正在逐步调整。 数据的温和回升以外，有观点认为，当前中国整体物价水平仍处于偏低区间，内需动能的稳固性仍有待 增强。 10月份，社会消费品零售总额46291亿元，同比增长2.9%。不过前十个月，全国网上零售额达到127916 亿元，同比增长9.6%。其中，实物商品网上零售额增长6.3%，占社会消费品零售总额的比重为25.2%。 有学者认为，以网络消费为代表的新型消费在未来将保持较高增速。 中国财政部日前发布《2025年上半年中国财政政策执行情况报告》，明确下一步财政政策将围绕六方面 重点展开，强调 ...

崇达技术（002815.SZ）11月14日在投资者互动平台表示，公司为中兴通讯等客户稳定供应5G基站相关 PCB主板产品，将紧跟技术趋势，持续投入研发，努力把握6G领域的发展机遇。 每经AI快讯，有投资者在投资者互动平台提问：我国完成第一阶段6G技术试验，利好崇达6G相关概念 吗？ （文章来源：每日经济新闻） ...

格隆汇11月14日丨崇达技术(002815.SZ)在投资者互动平台表示，公司为中兴通讯等客户稳定供应5G基 站相关PCB主板产品，将紧跟技术趋势，持续投入研发，努力把握6G领域的发展机遇。 ...

Core Viewpoint - Germany is pushing for "digital sovereignty" by excluding Chinese suppliers like Huawei from its 6G network development while seeking to reduce dependence on both the US and China in technology [1][4]. Group 1: Germany's Policy on 6G and Chinese Suppliers - German Chancellor Merz announced the complete exclusion of Chinese suppliers from the country's 6G network, emphasizing a shift towards domestically produced components [1]. - The German government plans to phase out Chinese technology from its 5G network by 2026 and remove all Chinese equipment by the end of 2029 [1]. - Despite these plans, approximately 60% of Germany's telecom equipment still comes from China, with Huawei being a preferred partner due to its cost-effectiveness [1]. Group 2: EU Pressure and Legal Proposals - The European Commission is considering making its 2020 recommendations to stop using "high-risk suppliers" in mobile networks legally binding, which could lead to lawsuits and financial penalties for non-compliance [2]. - The proposal aims to enforce compliance among member states regarding security guidelines set by the Commission [2]. Group 3: Financial Implications and Domestic Concerns - Germany is contemplating using public funds to compensate telecom operators for replacing Huawei equipment, with costs exceeding €2 billion (approximately ¥165 billion) for the transition [4]. - The establishment of a €500 billion infrastructure fund, referred to as a "fiscal rocket launcher," raises concerns about the efficiency of public fund usage amid additional spending [5]. Group 4: International Relations and Trade - While Germany aims to reduce reliance on China, Chancellor Merz acknowledged that complete decoupling is not feasible, as China remains Germany's second-largest trading partner [5]. - German Vice Chancellor and Finance Minister Lars Klingbeil is scheduled to visit China for high-level financial dialogues, indicating ongoing engagement despite the push for digital sovereignty [5]. Group 5: China's Response - China has firmly opposed the security allegations made by the EU against Chinese telecom companies, arguing that there is no evidence to support claims of security risks and highlighting the positive contributions of these companies to the European telecom sector [6].

Core Insights - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves, and is progressing through three stages of development: key technology trials, technical solution trials, and system networking trials [1][2][3] Industry Developments - The global technology innovation landscape is highly active, with 6G positioned as a core driver of new productive forces, aiming for a peak transmission rate of 100 Gbps and a latency of less than 1 millisecond [2][3] - The number of connections per square meter in 6G is expected to support 10 to 100 devices, facilitating the concept of "Internet of Everything" [2] Company Initiatives - Major Chinese telecom operators are collaborating closely with the Ministry of Industry and Information Technology (MIIT) to transition technology from labs to market, leveraging their experience from the 5G era [3] - China Mobile has applied for over 1,200 6G patents, focusing on key technology areas such as integrated sensing and AI [4] - China Telecom has led a research project on 6G billing systems, achieving a breakthrough in international standardization [4] - China Unicom is advancing 6G development through the establishment of a dedicated working group and various innovation labs [5]

智通财经APP获悉，11月13日，工信部副部长张云明在2025年6G发展大会上宣布，我国已连续四年组 织开展6G技术试验，目前已完成第一阶段6G技术试验，形成超过300项关键技术储备。据了解，我国 6G技术试验分为三个阶段：第一阶段是关键技术试验阶段，明确6G主要技术方向；第二阶段是技术方 案试验阶段，将面向典型场景及性能指标，研发6G原型样机；第三阶段是系统组网试验阶段，将研发 6G预商用设备，开展6G关键产品测试。 开源证券表示，目前，6G正处于标准研究制定阶段，根据IMT-2030(6G)推进组预测，预计到2040年， 6G各类终端连接数相比2022年增长超过30倍。应当高度重视通信升级前期的基础设施建设，随着6G技 术的不断发展及标准确立，相关产业板块有望迎来对应的产业机遇期，包括天线、射频、通信芯片等领 域。 相关概念股： 中兴通讯(00763)：全球6G专利占比超20%，参与国际标准制定。全球通信设备龙头，5G专利全球前 三，6G技术预研处于领先地位，公司主导研发的太赫兹通信原型系统单用户峰值速率已突破1Tbps。 中国移动(00941)：中国移动累计申请6G专利1200余项，覆盖通感一体、星地融 ...

Core Insights - ZTE Corporation announced significant advancements in its Red Magic 11 Pro series, including the industry's first dual cooling system with both liquid and air cooling, and a visual design for liquid cooling [1] - The new flagship model features a large 8000mAh battery, a first in the industry, enhancing performance and user experience [1] - The Red Magic gaming phone achieved record sales upon launch, meeting the company's expectations and reflecting strong consumer interest [1] Product Innovations - Introduction of the first liquid cooling and air cooling dual heat dissipation model [1] - Launch of the first water-cooled visual design in the industry [1] - First use of BOE's X10 under-screen camera display material [1] - The flagship model is equipped with an 8000mAh battery, marking a significant milestone in battery capacity for flagship devices [1] Market Performance - The Red Magic series set a new sales record for gaming phones in recent years, indicating a successful market reception [1] - The product enhancements in cooling, performance, visual experience, gaming experience, and battery life contributed to the strong sales performance [1]