Core Viewpoint - ZTE Corporation is focusing on liquid cooling servers, AI solutions, and self-developed chips to enhance its competitiveness in the high-performance computing market and AI industry [1] Group 1: Liquid Cooling Servers - ZTE's liquid cooling servers are primarily used in the high-performance computing market, with the company claiming its high-performance liquid cooling servers are among the best in the industry [1] - The company has successfully delivered liquid cooling servers to domestic operators and the internet sector [1] Group 2: AI Strategy - ZTE is positioning intelligent computing as a long-term strategic focus, enhancing R&D in intelligent computing products and collaborating with industry partners [1] - The company is developing a full-stack computing infrastructure, including self-developed chips, intelligent computing servers, and large-scale clusters to meet diverse AI application needs [1] - ZTE's self-developed high-performance processors aim to reduce total cost of ownership (TCO) for applications like cloud computing and big data processing [1] Group 3: Software and Models - ZTE's AI Booster platform offers comprehensive AI solutions, simplifying AI innovation for clients and reducing costs associated with model migration [1] - The company has received top scores in IDC's report on AI inference computing power, showcasing its capabilities in complex hardware and software integration [1] - ZTE's self-developed Nebula large models have achieved significant rankings in algorithm innovation and data engineering [1] Group 4: Infrastructure and Ecosystem - ZTE is building a domestic intelligent computing ecosystem, having won the 2025 China Computing Conference's major breakthrough award [1] - The company is launching high-density switches and a full range of servers to support large-scale intelligent computing clusters in various markets [1] Group 5: Military Sector - ZTE has not engaged in any business within the military sector [1]

格隆汇9月10日丨中兴通讯(000063.SZ)在互动平台表示，公司的研发投向及成果围绕连接（CT技术）和 算力（IT技术），聚焦底层核心技术突破，5G及未来演进、光网、算力、终端等核心产品，以及价值 专利布局，持续提升核心竞争力。 （1）在底层核心技术领域，公司在芯片、操作系统、数据库等底层 核心技术坚持自主创新。在芯片方面，公司具备业界领先的芯片全流程设计能力；在操作系统方面，公 司工业级操作系统在实时性、可靠性、安全性处于业界领先水平；在数据库方面，公司自主研发的数据 库GoldenDB，日均承载超10万亿元金融交易额、超100亿笔核心交易，支撑超9亿移动用户计费。新支 点服务器操作系统、GoldenDB分布式数据库均已通过国家安全可靠测评。 （2）在连接领域，公司已 实现关键技术和产品竞争力业界数一数二，根据咨询机构最新数据，公司5G基站、5G核心网累计发货 量保持全球第二，固网产品整体市场份额全球第二，RAN、5G核心网、光接入和光传输产品获主流咨 询机构行业领导者评级。无线领域，精细化深耕5G场景，为高铁、室内热点、景区等场景，打造特色 产品方案，以多频、多模和高集成度、高能效的特性，构建高质量网 ...

Core Viewpoint - ZTE Corporation has made significant advancements in the optical communication field, showcasing its comprehensive product coverage and setting world records in transmission capabilities [2] Group 1: Optical Transmission - The company achieved a world record for the transmission of a single wave 1Tb/s optical signal over 10,714 kilometers using hollow-core fiber [2] - ZTE has completed real-world testing of its 1.6T metropolitan coherent products as part of its efforts to enhance telecom optical communication networks [2] Group 2: Data Center Interconnect - ZTE launched the world's first full-frequency OTN and successfully completed pilot and commercial trials for 400G/800G full-frequency OTN interconnection in data centers [2] Group 3: Optical Access - The company has developed a prototype for the 50G PON third-generation time-division coexistence technology, facilitating smooth upgrades for operator networks [2] Group 4: Optical Terminals - ZTE's FTTR annual shipment volume has surpassed 10 million units, and it holds the global leading position in PON CPE shipments [2]

中兴通讯在互动平台回应，CPO是实现网络大带宽和低功耗的关键技术之一，公司持续加大光通信领域 的研发，对CPO的核心器件和封装技术正在进行研究。 ...

一座城市的经济活力，不仅体现在宏观数据上，更蕴含于街巷经济的脉络中。 在深圳经济特区版图上，78个街道办事处如同78颗明珠，串联起这座改革开放前沿城市的璀璨图 景。近日，一份全国街道综合发展实力榜单显示，深圳58个街道入围全国500强，占深圳街道数量的近 八成，展现出深圳基层发展的高度均衡性和强劲活力。 "精治理"推动"高品质" 傍晚时分，福田区香蜜湖街道的社区公园里，居民们或悠闲散步，或支架沏茶。经过改造后的香蜜 湖片区，已成为深圳新的城市会客厅和网红打卡地。 "过去这里环境杂乱，经过精细化改造，现在成了高品质城市空间。"香蜜湖街道办主任温现青说， 街道通过城市更新、环境整治、公共服务提升等系列措施，实现了从"脏乱差"到"洁净美"的蜕变。 "小街道"书写"大经济" 走进南山区粤海街道，高楼林立的背后是惊人的经济密度。这个面积不足21平方公里的街道，聚集 上千家国家级高新技术企业、超过100家上市公司，培育了华为、中兴、腾讯等世界级创新型企业，年 地区生产总值超过4500亿元，相当于一些中等城市的经济规模。 粤海街道的奇迹不是孤例。数据显示，深圳全市街道地区生产总值超过千亿元的达6个，超过500亿 元的有15 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 73.74%, Gree Power (01330) at 69.70%, and Kaisa New Energy (01108) at 67.91% [1] - Alibaba-W (09988), Yingfu Fund (02800), and Shandong Gold (01787) saw the largest increases in holding amounts over the last five trading days, with increases of +10.488 billion, +3.568 billion, and +1.628 billion respectively [1] - The companies with the largest decreases in holding amounts over the last five trading days include Pop Mart (09992) at -1.298 billion, Huahong Semiconductor (01347) at -1.264 billion, and SMIC (00981) at -1.041 billion [1] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.234 billion shares, representing 73.74% [1] - Gree Power (01330) holds 0.282 billion shares, representing 69.70% [1] - Kaisa New Energy (01108) holds 0.170 billion shares, representing 67.91% [1] - Other notable companies include China Shenhua (01088) at 67.74% and Tianjin Chuangye Environmental Protection (01065) at 64.73% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988) saw an increase of +10.488 billion in holding amount, with a change of +79.5786 million shares [1] - Yingfu Fund (02800) increased by +3.568 billion, with a change of +13.7324 million shares [1] - Shandong Gold (01787) increased by +1.628 billion, with a change of +4.95935 million shares [1] Recent Decreases in Holdings (Last 5 Trading Days) - Pop Mart (09992) experienced a decrease of -1.298 billion, with a change of -4.1929 million shares [1] - Huahong Semiconductor (01347) decreased by -1.264 billion, with a change of -2.65757 million shares [1] - SMIC (00981) saw a decrease of -1.041 billion, with a change of -1.7726 million shares [1]

Group 1 - On September 3, Alibaba-W (09988), Xiaomi Group-W (01810), and Meituan-W (03690) ranked the top three in net inflow of southbound funds, with net inflows of 2.485 billion, 707 million, and 571 million respectively [1][2] - Tencent Holdings (00700), Hua Hong Semiconductor (01347), and ZTE Corporation (00763) ranked the top three in net outflow of southbound funds, with net outflows of -475 million, -411 million, and -338 million respectively [1][2] - In terms of net inflow ratio, Yancoal Australia (03668), China Railway Signal & Communication (03969), and Hong Kong and China Gas (01083) led the market with ratios of 55.89%, 49.83%, and 46.98% respectively [1][3] Group 2 - The top ten stocks by net inflow included Alibaba-W (09988) with 2.485 billion and a net inflow ratio of 17.60%, followed by Xiaomi Group-W (01810) with 707 million and 9.43% [2] - The top ten stocks by net outflow included Tencent Holdings (00700) with -475 million and a net outflow ratio of -5.08%, followed by Hua Hong Semiconductor (01347) with -411 million and -15.95% [2] - The top three stocks by net inflow ratio were Yancoal Australia (03668) at 55.89%, China Railway Signal & Communication (03969) at 49.83%, and Hong Kong and China Gas (01083) at 46.98% [3]

Group 1: Industry Overview - The pharmaceutical and biotechnology sectors continue to receive positive attention from institutions, with 94 stocks in the pharmaceutical sector being highlighted [2] - The electronics and power equipment industries also have over 50 stocks receiving attention, with more than 80 stocks in the electronics sector [2] - The pharmaceutical industry has seen significant policy developments and commercialization of innovative drug research, leading to strong performance in the first half of the year [2] Group 2: Company Performance - Midea Group achieved a net profit of 26.014 billion yuan in the first half of the year, a year-on-year increase of 25.04%, marking the highest growth rate for the same period since 2016 [4] - BYD's net profit increased by nearly 14% in the first half of the year, with new factories in Brazil and Thailand contributing to expected delivery growth [4] - Zhejiang Dingli's net profit for the first half of the year was 1.052 billion yuan, with a year-on-year increase of 27.63%, despite a year-to-date stock price decline of nearly 18% [8] Group 3: Institutional Ratings - A total of 51 stocks received attention from five or more institutions, with Midea Group and Great Wall Motors leading with 14 and 12 "buy" ratings, respectively [2] - Other companies such as BYD, Haier Smart Home, and Changjiang Electric Power also received significant institutional interest, each with over 10 "buy" ratings [2] - The food and beverage sector, including Luzhou Laojiao, Wuliangye, Shanxi Fenjiu, and Haitian Flavoring, also saw multiple stocks receiving "buy" ratings from five or more institutions [4] Group 4: Shareholder Concentration - Among the stocks rated as "buy," 89 saw a decrease in shareholder numbers compared to the end of the second quarter, with 41 stocks experiencing a decline of over 10% [5] - Specific stocks like Igor saw a nearly 38% drop in shareholder numbers, while companies like Gongchuang Turf and Ganhua Science & Technology also reported significant decreases [5] - The average increase in stock prices for the 41 stocks with concentrated holdings exceeded 20% year-to-date, with six stocks showing gains over 50% [7]

Group 1 - Wanhua Chemical's subsidiary BorsodChem Zrt. has resumed normal production of MDI (400,000 tons/year) after maintenance, while another TDI (250,000 tons/year) facility also returned to normal operations on August 19 [2] - Wanhua Chemical's new TDI Phase II facility (360,000 tons/year) in Fujian has recently been completed and is producing qualified products [2] - Mitsui Chemicals announced that its TDI facility in Japan will resume production around September 8 after a gas leak incident that halted operations since July 27 [2] Group 2 - Covestro has issued an emergency notice to reduce TDI supply to China by 10% to support the European market, marking the second supply cut this month, totaling a 25% reduction [3] - The TDI market in China experienced a "high-to-low" trend in August, with prices peaking at around 17,500 yuan/ton before dropping to a range of 14,500-15,000 yuan/ton by the end of August [3] - As of September, TDI prices have further declined to a range of 13,500-14,100 yuan/ton, with low-price rumors circulating and the market experiencing significant fluctuations [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company's revenue returned to growth in 25H1, driven by a doubling of government and enterprise business under the influence of the AI wave, becoming the core engine for performance [2][6] - Despite a short-term adjustment in gross margin due to changes in business structure, effective cost control has maintained the company's profitability [2] - The company is firmly executing its "Connection + Computing Power" strategy, with strong momentum exhibited in its second growth curve, represented by computing power businesses such as servers and switches, and terminal businesses like AI smartphones and cloud computers [2][6] Summary by Sections Revenue and Profitability - In 25H1, the company achieved revenue of 71.55 billion yuan, a year-on-year increase of 14.5%, while net profit attributable to shareholders was 5.06 billion yuan, down 11.8% year-on-year [6] - In 25Q2, revenue reached 38.58 billion yuan, up 20.9% year-on-year and 17.0% quarter-on-quarter, with net profit of 2.60 billion yuan, down 12.9% year-on-year but up 6.2% quarter-on-quarter [6] Business Performance - The government and enterprise business saw a remarkable performance, with revenue of 19.25 billion yuan in 25H1, a year-on-year increase of 109.9% and a quarter-on-quarter increase of 105.0%, accounting for 26.9% of total revenue, up 14.1 percentage points year-on-year [2][6] - The company capitalized on opportunities in the domestic market, particularly in the financial and power sectors, leading to significant growth in server and storage revenue [2] - The operator network business revenue increased by 5.99% year-on-year, while consumer business revenue grew by 7.6% year-on-year [2] Cost Management and Margins - The gross margin for 25H1 was 32.5%, down 8.0 percentage points year-on-year, primarily due to the increased proportion of lower-margin government and enterprise business [2] - The company effectively controlled expenses, with R&D, sales, and management expense ratios at 6.1%, 3.0%, and 17.7%, respectively, showing year-on-year reductions [2] Strategic Development - The "Connection + Computing Power" strategy is deepening, with significant achievements in the computing power sector, including large-scale sales of server and storage products to leading internet companies [2] - The company launched AI-integrated smartphones and maintained a leading position in the global market for smart home devices and cloud computers [2] Profit Forecast and Investment Advice - The company is expected to achieve net profits of 8.73 billion yuan, 9.13 billion yuan, and 9.72 billion yuan for 2025-2027, with corresponding year-on-year growth rates of 3.8%, 4.6%, and 6.5% [2][6] - The report maintains a "Buy" rating based on the company's strong performance and strategic direction [2][9]