Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [11][16]. Core Insights - The company is a global leader in communication equipment, focusing on both traditional wireless and wired products while accelerating the expansion of its second curve business, which includes computing power and mobile devices [16]. - The company has achieved significant growth in its operator network, government and enterprise business, and consumer business, with notable revenue increases in these segments [15][16]. - The report forecasts the company's net profit for 2024-2026 to be 95.92 billion, 102.01 billion, and 110.06 billion respectively, with corresponding P/E ratios of 20.35X, 19.13X, and 17.73X [16]. Financial Performance Summary - Revenue for 2022 was 122,954 million, with a growth rate of 7.36%. For 2023, revenue is projected at 124,251 million, showing a modest growth of 1.05%. The forecast for 2024 is 124,770 million, indicating a slight increase of 0.42% [6]. - Net profit for 2022 was 8,080 million, with a growth rate of 18.60%. The projected net profit for 2023 is 9,326 million, reflecting a growth of 15.41%, and for 2024, it is expected to be 9,592 million, a growth of 2.86% [6]. - The company's earnings per share (EPS) for 2022 was 1.69, with projections of 1.95 for 2023 and 2.01 for 2024 [6]. Market Position and Strategy - The company maintains a leading position in the domestic market for optical transmission products, having completed the world's first large-scale commercial use of a 400G all-optical interprovincial backbone network [2]. - In the consumer business, the company focuses on AI-driven smart ecosystems, with a 14.3% year-on-year revenue growth in the first half of 2024, driven by increased sales of home terminals and mobile products [3]. - The government and enterprise sector has seen a remarkable 56.1% year-on-year revenue growth in 2024H1, primarily due to increased sales of servers and storage solutions [15].

Investment Rating - The report maintains a "Buy" rating for the company, highlighting its strong R&D innovation attitude, optimized cost structure, and the empowering effect of self-developed chips on its core business [1]. Core Insights - The company has shown significant potential for profit release due to improvements in gross margin and expense ratio, as well as optimized operating profit content. The report adjusts the profit forecast for 2024-2026 to 9.857 billion, 10.666 billion, and 11.743 billion respectively, with corresponding PE ratios of 20, 18, and 17 times [1][8]. - The company’s consumer and government enterprise businesses exhibit significant elasticity, with a notable increase in demand driven by AI and 5G technologies [1][13][14]. Financial Summary - Total revenue for 2022 was 122.954 billion, with projections for 2023 at 124.251 billion, and expected growth to 148.564 billion by 2026, reflecting a CAGR of approximately 6.9% [3][15]. - The net profit for 2022 was 7.792 billion, with forecasts of 9.241 billion for 2023 and 11.743 billion for 2026, indicating a steady growth trajectory [3][15]. - The company’s gross margin is projected to stabilize around 41.3% in 2024, with a slight decline to 40.6% by 2026 [15]. Business Segments - The company’s R&D expenses reached 186.4 billion in the first three quarters of 2024, accounting for 20.7% of revenue, indicating a strong commitment to innovation [13]. - The consumer business is expected to benefit from the growing demand for AI-enabled devices, with a strategic focus on "AI for All" [14]. - The company has maintained a leading position in the 5G market, with significant shipments of 5G base stations and core networks, ranking second globally [8][14].

Group 1 - A total of 1717 stocks received net financing purchases on December 26, with 109 stocks having net purchases exceeding 30 million [2] - ZTE Corporation topped the list with a net financing purchase amount of 305 million [2] - Other companies with significant net financing purchases include Wan Feng Ao Wei, Sai Li Si, Dongshan Precision, Ningde Times, Lanke Technology, Zhaoyi Innovation, and Zhongke Shuguang, with net purchases of 284 million, 257 million, 221 million, 215 million, 209 million, 174 million, and 173 million respectively [2]

Summary of Conference Call Records Company and Industry Overview - The discussion primarily revolves around **ZTE Corporation** and its positioning within the **telecommunications and AI hardware industry**. The emergence of **AI large models** is highlighted as a transformative factor in the development of consumer hardware, particularly smart glasses. Key Points and Arguments AI and Consumer Hardware Transformation - The introduction of AI large models has revolutionized consumer hardware, allowing devices like smart glasses to become simpler and lighter, weighing around **40 grams**, comparable to regular glasses which weigh over **30 grams** [1][2] - The design philosophy has shifted from hardware serving users directly to hardware serving AI models, which then serve users, indicating a significant change in interaction and design principles for consumer electronics [1][2] Battery Life Improvements - Current smart glasses can achieve a battery life of at least **four hours**, with expectations for further improvements by the first quarter of the following year as more AR applications are launched [1][2] Strategic Shift in ZTE's Business Model - ZTE is transitioning its strategy from a focus on connectivity to a dual-driven model that includes both connectivity and computing power, indicating a structural growth opportunity in both areas [3] - The company holds a strong position in the **5G base station** and **core network** sectors, ranking among the top players globally, which supports its growth in the connectivity segment [3][4] Growth in Computing Power - The computing power segment is identified as a key growth driver, with ZTE positioning itself to capitalize on this through its long-term strategy focused on computing power [3][4] - Despite a general decline in demand, ZTE is exploring new markets such as **5G-A commercial deployment** and **low-altitude economy** applications, which could provide significant growth opportunities [3][4] Client Segmentation and Market Opportunities - The company is seeing growth in various segments, including government and enterprise clients, with a notable increase in market share among internet companies, indicating a shift from minimal to significant contributions from this sector [5][6] - The domestic operator segment accounts for **60%** of ZTE's business, with **70%** of that being domestic and **30%** international, showing a balanced approach to market engagement [6] Competitive Advantages - ZTE's core competitive advantage lies in its ability to integrate software and hardware, leveraging its expertise in both areas to enhance its offerings in the telecommunications space [9][10] - The company is also focusing on developing proprietary chips and high-capacity switching technologies, which are crucial for maintaining its competitive edge in the evolving market landscape [10][11] Future Outlook - The company is expected to continue improving its profitability and cash flow, despite slower revenue growth, by enhancing its product offerings and focusing on high-margin segments [10][11] - ZTE's strategic focus on AI and computing power is anticipated to drive future growth, particularly as the demand for AI-integrated devices increases [10][11] Additional Important Insights - The discussion emphasizes the need for ZTE to adapt to the changing landscape brought about by AI advancements, suggesting that the company must remain agile in its approach to technology integration and market positioning [9][10] - The potential for ZTE to reshape the AI hardware market, particularly in mobile devices, is highlighted as a significant opportunity for future growth [9][10] This summary encapsulates the key insights from the conference call, focusing on ZTE's strategic direction, market positioning, and the transformative impact of AI on its product offerings.

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **ZTE Corporation**, a telecommunications equipment and systems company, and its strategic positioning in the context of the **AI and telecommunications industry**. The emergence of AI large models is highlighted as a transformative factor in the industry. Key Points and Arguments 1. **Impact of AI on Hardware Design**: The introduction of AI large models has revolutionized the design and functionality of consumer hardware. Previously, hardware served human needs directly, but now it is designed to support AI models, which in turn serve users. This shift has simplified hardware, making devices lighter and more efficient, with weights around 40 grams for new models compared to traditional glasses weighing over 30 grams [1][2][3]. 2. **Strategic Shift in ZTE's Business Model**: ZTE is transitioning its strategy from a focus on connectivity to a dual-driven model that includes both connectivity and computing power. This shift is expected to create structural growth opportunities in both segments [1][2][3]. 3. **Advancements in AI Capabilities**: The capabilities of domestic AI models are continuously improving, which is expected to significantly impact consumer hardware and software applications. This includes advancements in visual understanding and other AI technologies [1][2][3]. 4. **Market Position in Connectivity**: ZTE holds a strong position in the connectivity market, particularly in 5G base stations and core networks, ranking among the top players globally. The company is well-positioned to benefit from the capital expenditures of telecom operators, despite some overall demand decline in the market [1][2][3]. 5. **Battery Life Improvements**: Current devices have achieved a battery life of at least four hours, with expectations for further improvements as new AR applications are launched in the upcoming quarters [1][2][3]. 6. **Growth in IT Spending**: The overall IT spending in the market is estimated to be around $250 billion to $260 billion annually, with a significant portion allocated to servers. ZTE is focusing on expanding its market share in this area, particularly in the context of AI and computing power [6][7]. 7. **Challenges in Domestic Operator Spending**: There is a noted decline in capital expenditures from domestic telecom operators, particularly in wireless sectors. However, ZTE is exploring growth opportunities in other areas, including international markets and enterprise solutions [5][6][7]. 8. **AI Strategy and Integration**: ZTE is aligning its strategy towards AI 4.0, integrating AI capabilities across various devices, including smartphones and tablets. This integration is seen as crucial for enhancing user experience and operational efficiency [8][9][10]. 9. **Competitive Advantages**: ZTE's competitive edge lies in its integrated hardware and software capabilities, understanding both network and computing needs. This positions the company favorably against competitors, especially in the evolving AI landscape [11][12]. 10. **Future Opportunities**: The collaboration between AI model developers and smartphone manufacturers is anticipated to create significant market shifts. ZTE aims to leverage these changes to enhance its product offerings and market presence [10][11][12]. Additional Important Insights - The conference highlighted the importance of adapting to technological changes and the need for continuous innovation in both hardware and software to maintain competitive advantages in the telecommunications sector. - ZTE's focus on AI integration and its strategic pivot towards computing power are seen as essential for capturing future growth opportunities in a rapidly evolving market landscape. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of ZTE's current positioning and future strategies in the telecommunications and AI sectors.

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：763） 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。 1 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 李自學 董事長 深圳，中國 二零二四年十二月二十六日 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 ...

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 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 ZTE CORPORATION 向中興新采購原材料的持續關連交易 於二零二四年十二月二十六日舉行的第九屆董事會第三十九次會議上，董事會批准中興 新采購框架協議之條款、據此擬進行的交易以及截至二零二五年十二月三十一日止年度 的建議年度交易金額上限。 於本公告日期，中興新持有本公司約20.09%權益，爲本公司控股股東，根據香港上市規 則爲本公司關連人士。因此，訂立中興新采購框架協議及據此擬進行的交易，構成本公 司持續關連交易。 中興新采購框架協議截至二零二五年十二月三十一日止的建議年度上限的一項或以上 適用百分比率超過0.1%但全部少於5%，故此中興新采購框架協議的簽訂及截至二零二 五年十二月三十一日止年度交易的建議年度上限，須遵守香港上市規則第14A章的申 報、年度審議及公告規定，但獲豁免遵守獨立股東批准規定。 根據深圳上市規則第6.3.6條及第6.3.7條等規定，中興新采購框架協議的簽訂及截至二零 二五 ...

中興通訊股份有限公司 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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：763） 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。 第九届监事会第二十一次会议决议公告 本公司及监事会全体成员保证监事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（简称"公司"）已于 2024 年 12 月 20 日以电子邮件 的方式向公司全体监事发出了《关于召开中兴通讯股份有限公司第九届监事会第 二十一次会议的通知》。2024 年 12 月 26 日，公司第九届监事会第二十一次会议 （简称"本次会议"）以通讯表决方式召开。本次会议应表决监事 5 名，实际表 决监事 5 名；本次会议的召开符合有关法律、行政法规 ...

（股份代號：763） 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。 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） 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 李自學 董事長 深圳，中國 二零二四年十二月二十六日 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 1 本次会议审议通过了以下议案： 一、审议通过《关于2025年向关联方中兴新采购原材料的日常关联交易议 案》，决议内容如下： 1、 同意公司及附属公司 2025 年向中兴新通讯有限公司及其附属公司、参股 30%或以上的公司采购原材料，预计 2025 年最高累计交易金额（不含增值税）为 人 ...

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202466 中兴通讯股份有限公司 关于《深圳证券交易所股票上市规则》下 日常关联交易预计公告 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、日常关联交易基本情况 （一）关联交易概述 1、中兴通讯股份有限公司（简称"公司"或"本公司"）及附属公司（合 称"本集团"）向关联方中兴新通讯有限公司（简称"中兴新"）及其附属公 司、参股 30%或以上的公司（合称"中兴新集团"）采购原材料相关的日常关 联交易 2025 年度本集团预计向关联方中兴新集团采购原材料的最高累计交易金额 （不含增值税）为人民币 4 亿元。 2、本集团向关联方华通科技有限公司（简称"华通科技"）采购研发人力外 包服务的日常关联交易 2025-2026年度本集团预计向华通科技采购研发人力外包服务年度最高累计 交易金额（不含增值税）为人民币8,500万元/年。 3、本集团向关联方南昌中展数智科技有限公司（简称"中展数智"）采购研 发人力外包服务的日常关联交易 2025-2026年度本集团预计向中展数智采购研发人力 ...