Core Viewpoint - ZTE Corporation's stock has experienced significant declines due to negative overseas news, particularly regarding potential payments to the U.S. to resolve overseas bribery allegations [1][3] Stock Performance - ZTE's A-shares closed at 37.82 yuan, hitting the daily limit down, with a market capitalization of 180.91 billion yuan [1] - H-shares fell over 13% to 27.46 HKD, with a total market value of 131.36 billion HKD [1] - The company's stock has seen a turbulent period, with A-shares down nearly 10.14% month-to-date and down approximately 4.93% year-to-date [9] Financial Performance - In Q3, ZTE reported revenue of 28.967 billion yuan, a year-on-year increase of 5.11%, but net profit dropped 87.84% to 264 million yuan [10] - For the first three quarters, total revenue reached 100.52 billion yuan, up 11.63% year-on-year, while net profit fell 32.69% to 5.322 billion yuan [11] Business Segments - ZTE's computing power business has seen explosive growth, with revenue increasing by 180% year-on-year, accounting for 25% of total revenue [12] - Revenue from servers and storage grew by 250%, and data center product revenue increased by 120%, becoming key drivers of revenue growth [13] R&D Investment - The company invested 17.81 billion yuan in R&D in the first three quarters, representing about 18% of total revenue, with a significant portion allocated to computing power-related technologies and products [14] Market Outlook - Tianfeng Securities views ZTE as a leading player in the domestic ICT sector, adapting to the digital economy and expanding into IT and AI computing power [15] - The firm has adjusted its profit forecasts for 2025-2027, projecting net profits of 7.725 billion yuan, 9.029 billion yuan, and 10.459 billion yuan, with corresponding EPS of 1.61 yuan, 1.89 yuan, and 2.19 yuan, maintaining a "buy" rating [15]

作者 | 一财阿驴 12 月 11 日 ， A 股 三 大 指 数 震 荡 走 低 ， 截 至 收 盘 ， 沪 指 跌 0.7% ， 深 成 指 跌 1.27% ， 创 业 板 指 跌 1.41%。北证50指数大涨近4%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Wh 8 | 3873.32 c | -27.18 | -0.70% | | 399001 | 深证成指 | WA | 13147.39 с | -169.04 | -1.27% | | 399006 | 创业板指 | Status and States of Canadian | 3163.67 c | -45.33 | -1.41% | | 899050 | 北证50 | Var | 1443.17 c | 53.37 | 3.84% | 2025.12. 11 本文字数：751，阅读时长大约2分钟 盘面上，房地产、零售、文化传媒、通信设备跌幅靠前，CPO、两岸融合、免税店、电商、算力硬 件、AI应用题材纷纷 ...

新华财经北京12月11日电（罗浩）沪深两市三大股指11日早间普遍小幅高开，沪指全日呈震荡下行态 势，深成指在窄幅整理后震荡下行，创业板指则在显著上涨后震荡下行。至收盘时，沪深两市三大股指 均显著下跌。当日，北证50指数早盘期间高开后回落整理，午后出现异动拉升，盘中一度涨约6.68%， 收盘时上涨3.84%。 11日，摩尔线程上涨28.04%，叠加北证次新股多有大幅上涨，带动次新股板块整体涨幅靠前。可控核 聚变、银行、科创成长层等板块亦有显著上涨，水产品、海南板块、网红经济等板块跌幅靠前。 截至收盘，沪指报3873.32点，跌幅0.70%，成交额约7644亿元；深成指报13147.39点，跌幅1.27%，成 交额约10928亿元；创业板指报3163.67点，跌幅1.41%，成交额约5187亿元；科创综指报1583.91点，跌 幅1.29%，成交额约1862亿元；北证50指数报1443.17点，涨幅3.84%，成交额约283亿元。 机构观点 中汽协：11月汽车产销同比分别增长2.8%和3.4% 月度产量首次超过350万辆 据中汽协12月11日消息，11月，中国汽车产销分别完成353.2万辆和342.9万辆，环比分 ...

【主力资金监控：中兴通讯净卖出超38亿】智通财经12月11日电，智通财经星矿数据显示，今日主力资 金净流入电网设备、电力设备、电新行业等板块，净流出电子、通信、计算机等板块，其中电子板块净 流出超97亿元。个股方面，金风科技资金净买入10.24亿元位居首位，永鼎股份、蓝思科技、新易盛主 力资金净流入居前；中兴通讯遭净卖出超38亿元位居首位，工业富联、永辉超市、天孚通信主力资金净 流出额居前。 转自：智通财经 ...

Core Viewpoint - ZTE Corporation is currently under investigation by the U.S. Department of Justice regarding compliance with the Foreign Corrupt Practices Act, and the company is committed to defending its rights through legal means while maintaining its operational normalcy [3][4]. Group 1: Compliance and Legal Matters - The company is aware of media reports concerning its compliance investigation and is in communication with the U.S. Department of Justice [3]. - ZTE emphasizes its commitment to strengthening its compliance system and opposes all forms of corruption, maintaining a zero-tolerance policy towards any related individuals [3]. Group 2: Stock Performance and Market Reactions - On December 11, ZTE's A-shares fell over 7% and H-shares dropped more than 9% during the morning session, with its subscription warrant "ZTE BNP Paribas 65 Call A" declining over 28% [4][9]. - Following the announcement of the "Doubao" mobile assistant by ByteDance, ZTE's stock initially surged, with A-shares hitting a daily limit and H-shares rising nearly 14%, but subsequently, both A and H shares fell over 20% from their highs [4]. Group 3: Financial Instruments and Market Dynamics - The "ZTE BNP Paribas 65 Call A" warrant was issued at a price of 0.29 HKD with an exercise price of 40 HKD, and its value has significantly decreased due to the drop in ZTE's H-share price [6]. - Analysts note that the warrant will only have value if ZTE's H-share price exceeds the exercise price at expiration, otherwise it will become worthless [6]. Group 4: Future Outlook and Analyst Sentiment - Analysts remain optimistic about ZTE's future, highlighting its leading capabilities in chip design and development, particularly in the fields of computing and switching chips [7]. - ZTE's self-developed chips and solutions are being utilized by major domestic companies, indicating a strong position to benefit from the domestic computing power development trend [8].

消息面上，12月11日午间，中兴通讯发布公告称，公司董事会已知悉近期新闻媒体针对公司涉及美国 《反海外腐败法》合规性调查的报道。公司正与美国司法部就有关事项进行沟通，并将通过法律等手段 坚决维护自身权益。 中兴通讯强调，公司始终坚持全面强化合规体系建设，致力于建设行业领先的合规体系。公司反对一切 形式的腐败行为，对任何可能相关的个人持零容忍态度。同时，中兴通讯表示，公司目前生产经营一切 正常。 智通财经APP获悉，中兴通讯(00763)今日AH股双双大跌，A股午后逼近跌停，H股一度跌超13%。截至 发稿，跌12.2%，报27.78港元，成交额21.73亿港元。 ...

Core Viewpoint - ZTE Corporation's A-shares and H-shares experienced significant declines, with A-shares nearing a trading halt and H-shares dropping over 13% following news of a compliance investigation related to the U.S. Foreign Corrupt Practices Act [1] Group 1: Stock Performance - ZTE's A-shares fell by 12.2%, trading at 27.78 HKD, with a transaction volume of 2.173 billion HKD [1] Group 2: Company Response - ZTE announced that its board is aware of media reports regarding the compliance investigation and is in communication with the U.S. Department of Justice [1] - The company emphasized its commitment to strengthening its compliance system and maintaining a zero-tolerance policy towards corruption [1] - ZTE stated that its production and operations are currently normal [1]

| 00763 中兴通讯 | | | | --- | --- | --- | | 27.640 ↓ 4.000 -12.64% | | 交易中 12/11 13:24 | | 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 【 】 】 【 】 】 【 】 】 】 】 【 】 】 【 】 】 | | ● 快捷交易 | | 最高价 30.720 | 开盘价 30.720 | 成交量 7093.24万 | | 最低价 27.420 | 昨收价 31.640 | 成交额 20.51亿 | | 平均价 28.919 | 市盈率TTM 20.67 | 总市值 1322.17亿(1) | | 振 幅 10.43% | 市盈率(静) 14.53 | 总股本 47.84亿 | | 换手率 9.39% | 市净率 1.610 | 流通值 208.82亿(1) | | 52周景高 46.460 | 委 比 25.89% | 流通股 7.56亿 | | 52周最低 18.332 | 量 比 6.96 | 每 手 2 ...

多个股吧内，股民纷纷追问大跌原因及"小作文"具体内容，以及要求公司证券部出面澄清等。 12月11日中午，中兴通讯在港交所发布内幕消息公告。 12月11日上午，受外媒利空消息扰动等因素影响，中兴通讯A/H股同步走低。截至午间收盘，A股跌7.73%，H股跌超9%。 中兴通讯A股半日成交额达103.69亿元，排全市场第三位。 | 序号 代码 | 现价 涨跌 涨跌幅 成交额 * | 1 300502 新易盛 441.49 9.23 2.14% 150.05亿 | | --- | --- | --- | | 2 300308 中际旭创 609.14 -6.86 -1.11% 110.33亿 | | | | B 000063 中兴通讯 38.77 -3.25 -7.73% 103.69亿 | | | | 4 300476 胜宏科技 303.91 0.71 0.23% 88.98亿 | | | | 5 300394 天孚通信 227.19 -8.17 -3.47% 85.35亿 | | | | 6 688795 C摩尔-U 857.70 122.70 16.69% 81.96亿 | | | 中兴通讯称，董事会已知悉近期新闻 ...

Core Viewpoint - ZTE Corporation is currently under investigation by the U.S. Department of Justice regarding compliance with the Foreign Corrupt Practices Act, and the company is actively communicating with the authorities to protect its rights [1]. Group 1: Company Announcement - On December 11, ZTE Corporation announced on the Hong Kong Stock Exchange that its board is aware of recent media reports concerning the compliance investigation [1]. - The company emphasizes its commitment to strengthening its compliance system and maintaining a zero-tolerance policy towards corruption [1]. - ZTE Corporation stated that its production and operations are currently normal [1]. Group 2: Market Reaction - Following the announcement, ZTE's A-shares fell by 7.73%, while its Hong Kong shares dropped by 9.36% as of the midday close [1]. - Additionally, ZTE's listed warrants in Hong Kong experienced a decline of over 28% [2].