（原标题：中兴通讯大宗交易成交266.77万元，买方为机构专用席位） 中兴通讯12月25日大宗交易平台出现一笔成交，成交量7.00万股，成交金额266.77万元，大宗交易成交 价为38.11元。该笔交易的买方营业部为机构专用，卖方营业部为中信建投证券股份有限公司福清福和 路证券营业部。 据天眼查APP显示，中兴通讯股份有限公司成立于1997年11月11日，注册资本478353.4887万人民币。 （数据宝） 12月25日中兴通讯大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额 | 格 | 收盘折溢 | 买方营业 | 卖方营业部 | | 股） | （万 | （元） | 价 | 部 | | | | 元） | | （%） | | | | 7.00 | 266.77 | 38.11 | 0.00 | 机构专用 | 中信建投证券股份有限公司福清福和路证券营业 | | | | | | | 部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-12-25 | 000063 | 中兴通讯 | 38.11 | 7.00 | 266.77 机构专用 | | 中信建投证券股份 | | | | | | | | | 有限公司福清福和 | | | | | | | | | 路正差量不部 | 12月25日，中兴通讯大宗交易成交7万股，成交额266.77万元，占当日总成交额的0.07%，成交价38.11 元，较市场收盘价38.11元持平。 ...

被问及合作模式是浅层预装还是深度系统融合时，中兴通讯相关人士并未直接透露具体技术对接细节， 但强调此次与字节跳动的合作是基于双方技术优势的互补性探索。当被问到是否接触其他大模型厂商 时，该人士表示，中兴秉持"开放即创新"的理念，这也是其"AI for All"战略的核心，目前已收到多家大 模型厂商的合作邀约，相关商务与技术沟通正在推进中。 这一回应意味着，中兴与字节跳动围绕"豆包手机"的合作并非排他性合作，只是其构建开放AI生态体系 的开端。业内人士指出，中兴此举打破了手机厂商与AI大模型企业的单一合作模式，通过开放生态的 搭建，既能整合不同大模型的技术优势，也能让手机AI功能的场景落地更具多样性，或将为智能手机 行业的AI转型提供新的发展范式。 【#中兴回应与字节合作豆包手机细节#，中兴正构建开放AI生态体系】 据蓝鲸新闻报道，近期搭载深度AI功能的"豆包手机"引发市场关注，中兴通讯与字节跳动的合作模式、 合作深度以及字节跳动在AI战略中的角色，均成为业界热议的核心问题。记者就此专访中兴通讯相关 人士，首次披露双方合作细节与企业背后的战略考量。 ...

Group 1 - Mercedes-Benz (China) has delayed payments to suppliers for over two years, with outstanding amounts related to the AMG project exceeding 1.482 million yuan [3][4] - The total payable amount confirmed by Ernst & Young for the AMG project is 6.994 million yuan, but the payment process has been stalled due to various excuses from Mercedes-Benz [3][4] - The new regulations effective from June 2025 require large enterprises to pay within 60 days after delivery, but many suppliers report difficulties in enforcing this policy [4][5] Group 2 - Doubao's daily active users have surpassed 100 million, making it one of the lowest-cost products among ByteDance's billion-level apps [7][9] - Doubao's marketing expenses are reported to be the lowest for any product achieving over 100 million DAU, indicating effective cost management [7][9] - The Seed team at ByteDance is seen as a core strategic business, focusing on large model foundational research and application [9] Group 3 - Shopee is set to launch a zero-commission policy for new stores starting January 1, 2026, aimed at reducing barriers for sellers entering overseas markets [12] - This initiative will allow sellers in specific Southeast Asian markets to operate their first store without commission for the first three months, with a cap of 500 orders per month [12] Group 4 - Yuan Minghong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, confirming leadership changes within the company [13][14] - Sun Jin has extensive experience within New Oriental, having joined in 2006 and held various leadership roles [13][14] Group 5 - Cloud Deep Technology, part of the "Hangzhou Six Little Dragons," has initiated IPO counseling, focusing on intelligent robotics [16][17] - The company recently completed over 500 million yuan in Series C financing, indicating strong investor interest and growth potential [17] Group 6 - UBTECH plans to acquire a controlling stake in A-share company Fenglong Co., with a total transaction value of approximately 1.161 billion yuan [22] - The acquisition will give UBTECH a 29.99% stake in Fenglong, changing the controlling shareholder to UBTECH [22] Group 7 - The new brand "Qijing" from Huawei and GAC has unveiled its first model, a hunting-style coupe, which is set to compete in the high-end electric vehicle market [30][31] - The vehicle will feature advanced technologies, including L3-level autonomous driving capabilities, and is expected to launch in June 2026 [30][31] Group 8 - The chairman of Lantu Motors discussed the "involution" in the new energy vehicle sector, emphasizing the need for genuine innovation rather than imitation [33][34] - He highlighted that true innovation should address user needs and improve product value, rather than merely competing on superficial features [34] Group 9 - NVIDIA plans to deliver H200 chips to Chinese customers before the Lunar New Year, with a unit price of 1.4 million yuan [36][37] - The expected shipment volume is between 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 H200 chips [36][37]

Core Insights - The emergence of AI smartphones, particularly the Doubao AI phone, signifies a pivotal moment in the tech industry, merging AI capabilities with mobile technology [1][4] - The introduction of AI models into smartphones aims to enhance user interaction and streamline tasks, but raises significant concerns regarding privacy and security [5][7] Group 1: AI Smartphone Development - The Doubao AI phone represents a significant leap in integrating AI into mobile devices, allowing users to perform complex tasks through simple voice commands [1][4] - The AI smartphone addresses long-standing issues in the AI industry, such as the challenge of practical application in everyday technology [4] - The release of the Doubao AI phone has sparked a competitive response from major applications, indicating its disruptive potential in the market [1] Group 2: Privacy and Security Concerns - The Doubao AI phone's operation requires extensive permissions, raising alarms about user privacy and potential misuse of sensitive information [5][7] - The blurring of responsibility between AI and users poses legal challenges, particularly in cases of errors or misuse, as current laws do not recognize AI as a legal entity [7] - The concentration of user data within a single tech giant could undermine existing data governance frameworks, challenging principles of data minimization and regulatory boundaries [7] Group 3: Industry Reactions and Strategies - Major tech companies like Apple and Google are adopting a cautious approach, prioritizing privacy and ethical considerations over aggressive AI integration [8][10] - Apple's strategy focuses on private computing, ensuring that AI does not access third-party app data without explicit consent, reflecting a commitment to user privacy [8][10] - The contrasting approaches between aggressive newcomers and established giants highlight the ongoing tension between innovation and ethical responsibility in the tech industry [11][12]

Market Overview - The Shanghai Composite Index closed at 3940.95 points, up 0.53%, with a trading volume of 773.9 billion yuan [1] - The Shenzhen Component Index closed at 13486.42 points, up 0.88%, with a trading volume of 1106.34 billion yuan [1] - The ChiNext Index closed at 3229.58 points, up 0.77%, with a trading volume of 508.985 billion yuan [1] - The total trading volume of both markets was 1880.24 billion yuan, a decrease of 19.647 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included defense, electronics, construction materials, light manufacturing, machinery, environmental protection, chemicals, and computers [2] - Concepts such as commercial aerospace, satellite internet, 6G, and nuclear pollution prevention showed active performance [2] - Weak sectors included agriculture, precious metals, coal, insurance, and banking [2] Stock Performance - A total of 3989 stocks rose, while 1004 stocks fell, with 173 stocks remaining flat and 13 stocks suspended [2] - 86 stocks hit the daily limit up, while 6 stocks hit the daily limit down [2] Fund Flow - The net inflow of main funds in the Shanghai and Shenzhen markets was 3.81 billion yuan, with the ChiNext seeing a net inflow of 5.12 billion yuan [5] - The electronic sector had the highest net inflow of 4.916 billion yuan, followed by power equipment and defense industries [5] - The chemical sector experienced the largest net outflow of 1.577 billion yuan, along with pharmaceuticals and transportation [5] Individual Stock Highlights - 104 stocks received net inflows exceeding 1 billion yuan, with Demingli leading at 955 million yuan [6] - The top net outflow stock was Xinyi Sheng, with a net outflow of 928 million yuan [10] - Institutional investors net bought 21 stocks, with Tianyin Electromechanical receiving the highest net purchase of approximately 496 million yuan [13]

Core Viewpoint - The collaboration between ZTE and ByteDance on the AI-powered "Doubao Phone" highlights a strategic move towards embracing AI as a key future trend in the mobile industry, emphasizing the importance of openness in fostering innovation [1] Group 1: Collaboration and Strategy - ZTE views the partnership with ByteDance as a significant step in the development of AI smartphones, aligning with the belief that AI is a definitive future trend [1] - The company aims to leverage the collaboration to achieve a synergistic effect, believing that the combination of resources will lead to innovative product launches that can transform the market [1] - ZTE's "AI for All" strategy is centered around the principle of openness, which is seen as essential for driving innovation [1] Group 2: Future Prospects - ZTE has received several partnership invitations from other AI model providers, indicating that the collaboration with ByteDance may be just the beginning of a broader strategy to build an open AI ecosystem [1] - Ongoing communications with potential partners suggest that ZTE is actively seeking to expand its AI capabilities and ecosystem [1]

Core Insights - The collaboration between ZTE and ByteDance on the "Doubao Phone" is seen as a significant move towards integrating AI capabilities into mobile technology, raising questions about the depth of their partnership and its potential to set a new industry standard [2][6] Group 1: Strategic Collaboration - ZTE's choice to partner with ByteDance is driven by a shared vision of AI phones as a future trend, emphasizing that "openness is key to innovation" [2][6] - The collaboration aims to leverage complementary strengths, with ZTE's Nubia brand having nearly a decade of experience in AI technology and ByteDance providing advanced AI models and cross-application execution capabilities [2][6] Group 2: Industry Trends and Open Innovation - The partnership aligns with industry trends, as seen in examples like iPhone with ChatGPT and Samsung with Gemini, indicating that closed innovation is becoming less viable in the AI era [3][7] - ZTE is committed to an "open innovation" philosophy, which is central to its "AI for All" strategy, and is currently in discussions with other large model manufacturers [3][7] Group 3: Integration of AI Models - Large models will be integrated as foundational intelligence capabilities across ZTE's product matrix, including 5G base stations and data centers, enhancing both network and personal business applications [8] - ZTE's "AI Together" concept aims to create a seamless AI experience across devices, focusing on practical applications rather than merely increasing model parameters [8] Group 4: Differentiation and User Experience - The integration of AI functionalities, such as the Doubao phone assistant, is expected to be a key differentiator for ZTE, enhancing the synergy between AI capabilities and hardware design [4][8] - Data security and privacy are emphasized as fundamental principles in the collaboration with ByteDance, ensuring that the implementation of AI is safe and beneficial for users [4][8]

Core Viewpoint - ZTE Corporation's board of directors approved two related party transactions for 2026, involving procurement of raw materials from affiliated companies with a total estimated transaction amount of RMB 34 billion [2][4][9]. Group 1: Board Meeting and Resolutions - The 18th meeting of the 10th board of directors was held on December 23, 2025, via telecommunication, with all 9 directors participating [1]. - The board approved the procurement of raw materials from ZTE New Communications Co., Ltd. with a maximum cumulative transaction amount of RMB 400 million for 2026 [2]. - The board also approved the delegation of procurement to Shenzhen Shuzhi Port Technology Industry Co., Ltd. with a maximum cumulative transaction amount of RMB 3 billion for 2026 [4]. Group 2: Voting Results - The resolution for the procurement from ZTE New received 7 votes in favor, with 0 against and 0 abstentions [3]. - The resolution for the procurement from Shuzhi Port received 8 votes in favor, with 0 against and 0 abstentions [5]. Group 3: Related Party Transactions Overview - The total estimated transaction amount for raw materials procurement from ZTE New is RMB 400 million, while the amount for Shuzhi Port is RMB 3 billion for 2026 [9][10]. - The board's independent directors approved the related party transactions, which do not require shareholder approval [12]. Group 4: Related Party Information - ZTE New Communications Co., Ltd. is a major shareholder of ZTE Corporation, holding 20.09% of the total shares [17]. - Shenzhen Shuzhi Port Technology Industry Co., Ltd. is also identified as a related party due to its connection with ZTE Corporation [17]. Group 5: Transaction Terms and Conditions - The procurement prices from related parties are determined through fair negotiation and standard commercial terms [18]. - Payment for raw materials will be made within 210 days after the goods are accepted, using commercial acceptance bills [20].

Core Viewpoint - ZTE Corporation's stock price has shown fluctuations, with a recent increase of 2.10% to 37.97 CNY per share, while the company has experienced a year-to-date decline of 4.56% [1] Financial Performance - For the period from January to September 2025, ZTE achieved 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 17.14 billion CNY in dividends since its A-share listing, with 8.11 billion CNY distributed over the last three years [3] Shareholder Information - As of December 19, 2025, ZTE had 623,100 shareholders, an increase of 9.68% from the previous period, with an average of 6,467 circulating shares per shareholder, down by 8.82% [2] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings from several ETFs [3]