Core Viewpoint - ZTE Corporation reported an increase in inventory by 4.04 billion yuan as of September 30, 2025, compared to June 30, 2025, primarily to support the expansion of its second curve business represented by computing power and terminals [2] Group 1 - The increase in inventory is a strategic move to bolster the company's growth in new business areas [2] - The focus on computing power and terminals indicates a shift towards technology-driven solutions [2]

Core Viewpoint - The company is accelerating its strategic upgrade from "connectivity" to "connectivity + computing power," aiming to become a leader in network connectivity and intelligent computing power [2] Group 1 - The company is actively exploring new growth engines as part of its strategic transition [2]

Core Viewpoint - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of 2025, with cash received from sales and services amounting to 106.25 billion yuan, highlighting a discrepancy between cash received (including tax) and revenue (excluding tax) due to differences in accounting methods [2]. Financial Performance - The company's operating revenue for the first three quarters of 2025 is 100.52 billion yuan [2]. - Cash received from sales and services is reported at 106.25 billion yuan [2]. - The difference in figures is attributed to the cash amount being inclusive of tax, while the revenue figure is exclusive of tax [2]. - The cash received is based on the cash basis of accounting, whereas the revenue is based on the accrual basis of accounting, leading to timing differences [2].

Core Viewpoint - ZTE Corporation holds a 0.2334% stake in Shenzhen Innovation Investment Group Co., Ltd. (referred to as "Shenzhen Innovation"), which has invested in Moore Threads. According to Moore Threads' prospectus for its initial public offering on the Sci-Tech Innovation Board, Shenzhen Innovation holds a 1.2246% stake in Moore Threads [1] Group 1 - ZTE Corporation's investment in Shenzhen Innovation is a strategic move to gain exposure to the gaming and graphics processing industry through Moore Threads [1] - Shenzhen Innovation's stake in Moore Threads indicates confidence in the company's growth potential in the semiconductor and AI sectors [1]

中兴通讯：已推出单机支持64张GPU的超节点服务器。 ...

中兴通讯在互动平台表示，公司参股0.2334%的深圳市创新投资集团有限公司（简称"深创投"）有投资 摩尔线程，根据摩尔线程披露的《首次公开发行股票并在科创板上市招股说明书》，深创投对摩尔线程 的持股比例为1.2246%。 ...

格隆汇11月13日丨中兴通讯(000063.SZ)在互动平台表示， 公司已推出单机支持64张GPU的超节点服务 器，支持Scale-Up与Scale-Out双重扩展模式，具备业界领先的集成度与扩展能力，可打造软硬协同、以 网强算、开放解耦、高效高稳的万卡、十万卡超大规模智算集群。 ...

崇达技术（002815.SZ）11月13日在投资者互动平台表示，尊敬的投资者，您好。中兴通讯是公司重要 战略客户，公司于2025年再度荣获其"最佳交付支持奖"。目前，公司主要为中兴通讯供应5G基站收发 信PCB主板、服务器产品。关于未来合作，公司将通过持续优化服务体系、加强技术协同，与客户共同 应对行业变革。公司将持续强化在高端通信、服务器PCB领域的技术积累与创新能力，把握市场机遇。 感谢您的关注。 （记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否是中兴通讯的核心供应商？中兴通讯作 为全球第四的通信供应商在未来6G建设中占据了重要位置，公司是否有计划跟措施进一步加强与中兴 通讯的合作？此外公司供应中兴的板材除了5G基站用是否还有交换机及ai服务器等其他类型板材？ ...

Core Viewpoint - Hong Kong chip stocks experienced a significant afternoon rally, indicating positive market sentiment in the semiconductor sector [2] Company Performance - Hua Hong Semiconductor (01347.HK) rose by 5.78%, reaching HKD 78.75 [2] - Semiconductor Manufacturing International Corporation (00981.HK) increased by 2.32%, trading at HKD 74.95 [2] - ZTE Corporation (00763.HK) saw a gain of 1.91%, with shares priced at HKD 30.98 [2] - Shanghai Fudan Microelectronics Group (01385.HK) climbed by 1.27%, valued at HKD 41.44 [2]

Group 1 - Semiconductor stocks experienced a rally in the afternoon, with notable increases in shares of Huahong Semiconductor (+5.78%), SMIC (+2.32%), ZTE (+1.91%), and Shanghai Fudan (+1.27%) [1] - Alibaba has reportedly launched a secret project called "Qianwen," aimed at developing a personal AI assistant app to compete directly with ChatGPT, leveraging its Qwen model [1] - Morgan Stanley's latest report indicates that concerns over an AI bubble persist, but the AI-driven semiconductor upcycle is far from peaking, with projections for global semiconductor revenue growth of 18% in 2026 and 11% in 2027 [1]