转自：智通财经 【主力资金监控：中兴通讯净买入近20亿】智通财经10月9日电，智通财经星矿数据显示，今日早盘主 力资金净流入电子、半导体、通信等板块，其中电子板块净流入超70亿元；净流出交通运输、非银金 融、医药等板块。个股方面，中兴通讯涨停，主力资金净买入近20亿元位居首位，工业富联、上海电 气、比亚迪获主力资金净流入居前；赛力斯遭净卖出超18亿元，阳光电源、贵州茅台、华友钴业资金净 流出额居前。 ...

每经AI快讯，10月9日，中兴通讯H股涨超12%，创历史新高。 （文章来源：每日经济新闻） ...

中兴通讯H股涨超11%，创出历史新高。 ...

A股中兴通讯盘中触及涨停，成交额超100亿元。 ...

格隆汇10月9日｜A股中兴通讯涨停，成交额超100亿元；港股中兴通讯涨超10%。 ...

每经AI快讯，10月9日，中兴通讯(00763.HK)AH股齐涨，截至发稿，中兴通讯H股涨6.06%，报38.16港 元，成交额9.22亿港元；中兴通讯A股现涨超7%。 ...

Core Viewpoint - ZTE Corporation's stock has seen significant gains following the launch of its Co-Sight super intelligent agent at a global summit in Milan, indicating strong market interest and potential growth in AI solutions [1] Group 1: Stock Performance - ZTE's H-shares rose by 6.06% to HKD 38.16, with a trading volume of HKD 922 million [1] - A-shares of ZTE increased by over 7% [1] Group 2: Product Launch and AI Strategy - The Co-Sight super intelligent agent was unveiled, emphasizing "full-stack openness, efficient development, and ecological prosperity" to enhance AI agent customization for global developers and industry partners [1] - Co-Sight aims to address industry challenges such as high customization barriers, compatibility issues, and long implementation cycles [1] Group 3: Market Outlook and Growth Potential - Goldman Sachs highlighted ZTE's recent introduction of the SuperPod solution, which offers AI training and inference capabilities, supporting 64 to 10,000 interconnected GPUs [1] - The solution provides greater flexibility for enterprise clients as AI workloads increase, while also reducing initial investment costs [1] - With rising demand for AI computing in mainland China and ZTE's comprehensive layout in AI servers, storage, and cooling products, Goldman Sachs maintains a positive outlook on ZTE's growth potential in the enterprise AI market [1] - The firm projects that ZTE's enterprise ICT business will contribute 29%, 31%, and 33% to total revenue from 2025 to 2027, with an expected annual compound growth rate of 17% for this segment [1]

Core Viewpoint - ZTE Corporation's stock has seen significant gains following the launch of its Co-Sight super intelligent agent at a global summit in Milan, indicating strong market interest and potential in AI solutions [1][2] Group 1: Stock Performance - ZTE's H-shares rose by 6.06% to HKD 38.16, with a trading volume of HKD 922 million, while A-shares increased by over 7% [1] Group 2: Product Launch and AI Strategy - The Co-Sight super intelligent agent was unveiled, emphasizing "full-stack openness, efficient development, and ecological prosperity" to enhance AI agent customization for global developers and industry partners [1] - Co-Sight aims to address industry challenges such as high customization barriers, compatibility issues, and long implementation cycles in AI [1] Group 3: Market Outlook and Growth Potential - Goldman Sachs highlighted ZTE's recent launch of the SuperPod solution, which offers AI training and inference capabilities, supporting 64 to 10,000 interconnected GPUs [2] - The SuperPod system provides greater flexibility for enterprise clients as AI workloads increase, while also reducing initial investment costs [2] - With rising demand for AI computing in mainland China and ZTE's comprehensive layout in AI servers, storage, and cooling products, Goldman Sachs maintains a positive outlook on ZTE's growth potential in the enterprise AI market [2] - The firm projects that ZTE's enterprise ICT business will contribute 29%, 31%, and 33% to total revenue from 2025 to 2027, with an expected annual compound growth rate of 17% for this segment [2]

Summary of ZTE (0763.HK) Conference Call Company Overview - **Company**: ZTE Corporation (0763.HK) - **Market Cap**: HK$174.9 billion / $22.5 billion - **Enterprise Value**: HK$192.7 billion / $24.8 billion - **Current Price**: HK$36.56 - **12-Month Price Target**: HK$38.40 (Upside: 5.0%) for H-shares; Rmb59.50 (Upside: 30.4%) for A-shares [1][2][20] Key Industry Insights - **Enterprise AI Market**: ZTE has introduced the SuperPod system, a cost-effective solution for AI training and inferencing, which supports interconnection of 64 to 10,000 GPUs. This positions ZTE favorably in the growing enterprise AI market in China [2][21]. - **Revenue Contribution**: The enterprise ICT business is expected to contribute 29% in 2025, 31% in 2026, and 33% in 2027 to total revenue, with a projected CAGR of 17% from 2025 to 2027 [2][19]. Financial Performance - **Revenue Estimates**: - 2025E: Rmb147.84 billion (up 1% from previous estimate) - 2026E: Rmb164.13 billion (up 1%) - 2027E: Rmb177.93 billion (up 1%) [3][19]. - **Net Income Estimates**: - 2025E: Rmb8.76 billion - 2026E: Rmb9.90 billion - 2027E: Rmb11.01 billion [3][19]. - **Earnings Per Share (EPS)**: - 2025E: Rmb1.83 - 2026E: Rmb2.07 - 2027E: Rmb2.30 [3][19]. Margins and Ratios - **Gross Margin**: Expected to decrease slightly due to a change in product mix, with 2027E gross margin at 30.5% [3][19]. - **P/E Ratios**: - 2025E: 18.3x - 2026E: 16.2x - 2027E: 14.5x [13][19]. - **Dividend Yield**: Projected to be 1.9% in 2025, increasing to 2.4% by 2027 [7][19]. Market Outlook - **Valuation**: The current valuation is considered fair, leading to a Neutral rating despite positive growth prospects in the enterprise AI sector [2][19]. - **Risks**: Key risks include demand fluctuations in telecom infrastructure, market share changes, and margin improvements. Non-operating gains or losses could also impact estimates significantly [31][19]. Additional Insights - **Revenue Mix**: There is an increasing contribution from non-telecom business segments, indicating diversification in revenue sources [21][19]. - **Market Position**: ZTE is ranked 3rd in M&A potential within its sector, reflecting a low probability of being an acquisition target [7][19]. This summary encapsulates the critical insights from the conference call regarding ZTE's strategic positioning, financial outlook, and market dynamics.

Summary of Conference Call Notes Industry Overview - The AI industry outlook remains optimistic, with leading companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication benefiting from the demand growth driven by NVIDIA's B series chips, specifically a 1.6T demand increase [1][3] - The pricing for 1.6T optical modules is approximately $1,100, while silicon optical modules range from $900 to $1,000, which have been incorporated into profit models [1][2][5] - Despite minor annual declines in pricing, these changes are considered normal and will not significantly impact overall profit forecasts for companies like Zhongji Xuchuang and Xinyi Sheng, which are expected to achieve net profit margins around 30% [1][5] Key Companies and Their Performance - ODM server manufacturers, including Hon Hai Precision, Wistron, and Inventec, have shown strong shipment performance, with Hon Hai's September revenue reaching NT$837.6 billion, a 38% quarter-on-quarter increase and a 15% year-on-year increase [4] - Zhongji Xuchuang and Xinyi Sheng have announced minor share reductions of 0.49% and 1.14%, respectively, which are seen as normal after stock price increases and do not alter the industry's fundamentals [2] Technological Developments - The development of CPU technology is a significant trend, with Broadcom validating a 400G port CPU operation for 1 million hours, indicating the importance of CPU technology [6] - Companies like Zhongji Xuchuang and Huagong Technology are actively researching CPU technology, positioning themselves for competitive advantages in the future [6] Market Sentiment and Future Trends - Recent market fluctuations have been influenced by short-term news, but the long-term fundamentals of the communication sector remain unchanged. Companies with strong performance support are expected to continue benefiting [7] - The acceleration of CPU industrialization is not expected to negatively impact optical module manufacturers; instead, it may provide benefits, as indicated by Zhongji Xuchuang's involvement in the CPO track [8] AI Computing Demand and Infrastructure - AI computing demand remains high, as evidenced by OpenAI's collaborations with NVIDIA and AMD, which are driving infrastructure development [9] - Domestic companies like Huawei and Alibaba are actively deploying data center super nodes to support the development of domestic chips, with Huawei's Ascend 910 chip showing improved yield rates [9] Recommendations for Companies - The domestic AI inference edge application market shows significant potential, with C-end users driving the deployment of AIC chips [10] - Zhongji Xuchuang is recommended due to its strong technical capabilities and support for various super node layouts [10] - The optical module industry is expected to grow, with strong demand driven by NVIDIA's 1.6T B series chip, leading to positive performance forecasts for companies like Xinyi Sheng and Tianfu Communication [11] ZTE Corporation's Market Position - ZTE Corporation's performance is noteworthy, with revenue expected to double this year following a recovery in Q2. The company is anticipated to enhance its profitability as it scales up production of self-controlled chips [12] - ZTE has showcased several core technologies, including CPU and switching chips, indicating its strong technical control capabilities [12] Conclusion - The overall sentiment towards the AI and communication sectors remains positive, with key players positioned to benefit from ongoing technological advancements and market demand [13]