每经AI快讯，中兴通讯(00763.HK)盘中跌超5%，截至发稿，跌4.71%，报39.62港元，成交额17.01亿港 元。 ...

Core Viewpoint - ZTE Corporation (000063)(00763) experienced a decline of over 5% in intraday trading, currently down 4.71% at HKD 39.62, with a trading volume of HKD 1.701 billion. The company is set to hold a board meeting to approve its Q3 results for the nine months ending September 30, 2025. [1] Group 1 - ZTE is a leading domestic telecommunications equipment company actively transitioning from "connectivity" to "connectivity + computing power." [1] - Huatai Securities' recent report highlights two key reasons for optimism regarding ZTE: the company's solid fundamentals and its ability to maintain a high market share in collective procurement despite a decline in traditional network capital expenditure from domestic operators. [1] - ZTE's overseas business expansion is effectively alleviating the downturn in domestic demand. [1] Group 2 - The company's forward-looking layout in computing power is expected to yield results, as ZTE has fully entered the AI computing power sector, covering computing, storage, and networking products. [1] - ZTE possesses comprehensive self-research capabilities from chips to complete machines, making its position in the domestic computing power chain unique. [1] - With the mass introduction of self-developed chips into ICT equipment, ZTE's profitability in government and enterprise business is anticipated to improve significantly. [1]

Core Viewpoint - ZTE Corporation (00763) experienced a decline of over 5% in intraday trading, currently down 4.71% at HKD 39.62, with a trading volume of HKD 1.701 billion [1] Group 1: Company Performance - ZTE Corporation is set to hold a board meeting to approve its third-quarter results for the nine months ending September 30, 2025 [1] - Despite a downturn in traditional network capital expenditure from domestic operators, ZTE maintains a high market share in collective procurement and strong profitability [1] Group 2: Strategic Transition - The company is transitioning from a focus on "connectivity" to "connectivity + computing power" [1] - ZTE has made significant advancements in the AI computing power sector, with a comprehensive layout in computing, storage, and networking products [1] Group 3: Future Outlook - The company possesses full-stack self-research capabilities from chips to complete machines, highlighting its uniqueness in the domestic computing power chain [1] - With the mass introduction of self-developed chips into ICT equipment, ZTE's profitability in government and enterprise business is expected to improve significantly [1]

Core Insights - On October 27, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.595 billion, 5.869 billion, and 4.542 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.648 billion, 4.008 billion, and 3.210 billion respectively [1] Southbound Stock Connect (Hong Kong) - The top three active stocks by trading amount were: - SMIC (00981): 6.595 billion, net buy of -1.9798 million - Alibaba-W (09988): 5.869 billion, net buy of -1.204 billion - Xiaomi Group-W (01810): 4.542 billion, net buy of +457 million [2] - Other notable stocks included Tencent Holdings (00700) with 3.630 billion and a net buy of +1.256 billion, and Pop Mart (09992) with 1.828 billion and a net buy of +492 million [2] Southbound Stock Connect (Shenzhen) - The top three active stocks by trading amount were: - Alibaba-W (09988): 4.648 billion, net buy of -780 million - SMIC (00981): 4.008 billion, net buy of +1.145 billion - Xiaomi Group-W (01810): 3.210 billion, net buy of -575 million [2] - Other notable stocks included Huahong Semiconductor (01347) with 2.402 billion and a net buy of +1.162 billion, and Tencent Holdings (00700) with 2.054 billion and a net buy of -226 million [2]

Core Insights - The Hong Kong stock market saw a net inflow of 28.73 billion HKD from northbound trading, with 16.46 billion HKD from the Shanghai Stock Connect and 12.27 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included SMIC (00981), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - The most net sold stocks were Alibaba-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810) [1] - SMIC had a net inflow of 32.97 billion HKD, while Alibaba-W faced a net outflow of 19.84 billion HKD [2][7] Group 2: Sector Trends - Northbound capital is increasingly favoring semiconductor stocks, with SMIC and Hua Hong Semiconductor receiving net inflows of 11.43 billion HKD and 9.86 billion HKD, respectively [4] - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which is expected to boost the semiconductor industry [4] - Analysts predict that AI computing demand will drive expansion in domestic and international logic and memory manufacturers [4] Group 3: Company-Specific Developments - Tencent (00700) received a net inflow of 10.3 billion HKD, attributed to strong performance in its gaming segment, with a nearly 15% year-on-year increase in domestic revenue [5] - Alibaba-W (09988) is expected to have capital expenditures reaching 460 billion HKD, significantly higher than its previous target of 380 billion HKD, driven by surging AI demand [7] - Bubble Mart (09992) saw a net inflow of 4.89 billion HKD, with a reported sales growth of 245% to 250% in Q3, exceeding expectations [5]

Investment Rating - The report maintains a positive outlook on AI growth and highlights key companies to focus on: ZhongJi InnoLight, Eoptolink Technology, Yuanjie Technology, ZTE, Hui Lyu Ecological Technology Groups Co., Ltd., Shenzhen JPT Opto-Electronics, Ruijie Networks, Aojie Technology, and Unisplendour [1][31]. Core Insights - The demand for optical modules is expected to increase significantly, with a forecast of 20 million units for 1.6T optical modules by 2026 [15][39]. - The communication industry is seen as the foundation of the digital economy, encompassing various sectors such as AI ecosystems, satellite internet, data elements, AIoT, internet of vehicles, and industrial internet [31][39]. - OpenAI's release of the AI browser ChatGPT Atlas is viewed as a significant development in redefining internet usage [6][38]. - Anthropic's agreement with Google Cloud for up to one million TPUs, valued at several billion dollars, indicates strong growth potential in AI infrastructure [10][39]. - The acquisition of a 94% stake in Wuhan Ruijing by Dugen Core is expected to enhance technical synergy in the optoelectronics field [12][39]. Summary by Sections Optical Module Demand - The report revises the demand forecast for 1.6T optical modules upwards, predicting a demand of over 20 million units by 2026, with a significant supply gap anticipated for high-speed optical modules [15][39]. AI and Communication - The report emphasizes the acceleration of AI-related investments and innovations, particularly in GPU capabilities and communication networks, which are crucial for enhancing AI efficiency [31][32]. Company Performance - The report includes a simulated investment portfolio for the communication sector, showing a strong performance with an average increase of 14.95% for selected stocks during the specified period [22][23].

Core Viewpoint - ZTE Corporation has won a bid for the construction of a new AI inference resource pool for China Unicom in Henan, marking a significant advancement in telecom operators' layout in the AI computing power sector [1][6]. Group 1: Project Details - The project involves the procurement of 64 GPU servers and 26 RoCE switches, aimed at building an AI inference resource pool covering seven provinces in Central and Western China [2][5]. - The project budget is set at 74.26 million yuan (excluding tax), with ZTE winning the bid at 71.709 million yuan, achieving a cost saving of approximately 3.4% [2]. Group 2: Technical Aspects - The application of RoCE (RDMA over Converged Ethernet) technology is a highlight, enabling remote direct data access over Ethernet, significantly reducing data transmission latency within GPU clusters, which is crucial for efficient AI inference tasks [5]. - The project focuses on "inference resource pools," indicating that China Unicom aims to target the application of AI models in practical business scenarios rather than competing directly with major internet companies in large-scale model training [5]. Group 3: Market Positioning - This project is part of China Unicom's AI action plan and will support the demand for intelligent computing opportunities both within and outside the province [6]. - The launch of the Henan Unicom intelligent computing center project signifies an escalation in the competition among the three major telecom operators in the computing power infrastructure sector [6]. Group 4: Company Strategy and Future Orders - ZTE Corporation's successful bid was made in a consortium with Shenzhen ZTE Technology Service Company, showcasing its overall strength in the intelligent computing infrastructure field [8]. - In addition to the Henan project, ZTE has secured significant orders in the AI server procurement project with China Mobile, indicating a strong foothold in the AI computing market [10][11].

Group 1 - ZTE Corporation's stock increased by 5.22%, reaching 52.45 CNY per share, with a trading volume of 3.926 billion CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 250.896 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. Its main business includes investment in industrial ventures and sales of electronic and communication equipment components [1] - The revenue composition of ZTE Corporation is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Vanguard has a significant position in ZTE Corporation. Vanguard Ju Li A (004833) reduced its holdings by 1,500 shares in the second quarter, holding a total of 7,900 shares, which accounts for 5.64% of the fund's net value, ranking as the sixth-largest holding [2] - Vanguard Ju Li A (004833) was established on May 9, 2018, with a latest scale of 1.4595 million CNY. The fund has achieved a year-to-date return of 22.86%, ranking 4,035 out of 8,226 in its category, and a one-year return of 35.39%, ranking 2,081 out of 8,099 [2] - The fund manager of Vanguard Ju Li A (004833) is Zeng Jie, who has been in the position for 2 years and 305 days, with a total asset scale of 49.2696 million CNY. The best fund return during his tenure is 64.13%, while the worst is 31.92% [3]

Core Insights - The training program "Walking into Huawei" was successfully held in Shenzhen, focusing on "AI Empowering High-Quality Development" with participation from over 30 entrepreneurs and officials [1][3] Group 1: Training Program Overview - The event was guided by the Municipal Bureau of Industry and Information Technology and organized by the Municipal Enterprise Federation and the Municipal Artificial Intelligence Industry Association [1] - The program included theoretical lectures, on-site observations, and group discussions to learn from leading companies like Huawei [1][3] Group 2: Expert Contributions - Experts from Huawei and the Guangdong Provincial Artificial Intelligence Industry Association shared insights on Huawei's strategic decision-making, AI development trends, and industry applications [3] - The training aimed to help participants establish a systematic operational thinking framework to enhance their theoretical understanding of AI in digital transformation [3] Group 3: Company Visits and Learning Experiences - Participants visited headquarters of leading companies such as Huawei, BYD, Tencent, and ZTE to study their innovations in technology, management, and AI applications [5] - The immersive experiences included understanding the "vehicle-road-cloud integration" system in smart connected vehicles and BYD's journey from battery technology to a full industry chain in electric vehicles [5] Group 4: Collaborative Discussions - Evening sessions featured group discussions focused on exploring AI and innovation pathways, fostering collaboration between government, enterprises, and associations [5] - Entrepreneurs expressed that the training provided a platform for learning from top tech companies, offering new ideas for accelerating digital transformation in Qingdao's manufacturing sector [5]

Group 1 - Southbound funds net bought HK stocks worth HKD 34.14 billion on October 24, with notable net purchases in Meituan (HKD 6.54 billion), SMIC (HKD 6.01 billion), CNOOC (HKD 5.7 billion), Tencent (HKD 3.75 billion), Xiaomi (HKD 2.98 billion), and Alibaba (HKD 1.7 billion) [1] - Southbound funds have continuously net bought SMIC for four days, totaling HKD 17.9796 billion, and Tencent for three days, totaling HKD 9.4926 billion, as well as CNOOC for three days, totaling HKD 29.7542 billion [3] Group 2 - CNOOC's largest offshore oil and gas platform in the Beibu Gulf, the Weizhou 11-4CEPD platform, completed land engineering on October 24 and has entered the offshore installation phase, with a total weight exceeding 14,000 tons and an annual processing capacity exceeding one million tons, which will enhance the region's oil and gas self-sufficiency [4] - Alibaba launched its first self-developed Quark AI glasses on October 24, featuring dual flagship chips from Qualcomm and Hengxuan, while Apple plans to release a competing AI glasses product by the end of 2026 [4] - The Chinese government emphasized the importance of technological modernization in its 14th Five-Year Plan, aiming to enhance independent innovation capabilities and seize opportunities in the new round of technological revolution and industrial transformation [4] Group 3 - A fire incident involving a Li Auto Mega vehicle occurred on October 23 in Shanghai, with the vehicle catching fire during normal operation without prior collision or impact [5][6]