来源：第一财经 恒指报收25530.51点，跌0.04%，恒生科技指数报收5534.59点，跌0.83%。半导体股走弱，华虹半导体 跌近5%，中芯国际跌超2%。中兴通讯跌超13%。（AI生成） ...

Group 1 - ZTE Corporation's stock price dropped by 13.08% to HKD 27.50 per share due to a "black swan" event related to compliance investigations by the U.S. Department of Justice [3] - The company is in communication with the U.S. DOJ regarding compliance with the Foreign Corrupt Practices Act and is committed to maintaining its rights through legal means [3] - ZTE emphasizes its commitment to strengthening its compliance system and has a zero-tolerance policy towards corruption [3] Group 2 - Huayuan Securities has given ZTE a "buy" rating, projecting revenues of RMB 138.48 billion, RMB 156.64 billion, and RMB 174.41 billion for 2025 to 2027, with corresponding net profits of RMB 83.80 billion, RMB 89.37 billion, and RMB 103.79 billion [3] - The projected price-to-earnings ratios for ZTE are 17.57, 16.45, and 14.17 for the years 2025 to 2027 [3] - ZTE's core growth is expected to come from its computing business benefiting from the AI wave, with differentiated product advantages in its terminal business [4] Group 3 - The Hong Kong Stock Exchange appointed Graeme Farrell as the Group Chief Risk Officer, effective January 12, 2026, succeeding Richard Wise [5] - Farrell will oversee the risk management department, including credit and quantitative analysis, technology risk management, and enterprise risk management [6] - The CEO of the Hong Kong Stock Exchange highlighted Farrell's extensive international experience in risk management as a significant asset for enhancing market vitality and liquidity [6]

Group 1 - The Hong Kong stock market saw a net inflow of 791 million HKD from Northbound trading, with a net sell of 320 million HKD from the Shanghai Stock Connect and a net buy of 1.111 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included Meituan-W (03690), Xiaomi Group-W (01810), and Beike-W (02423), while the most sold stocks were CNOOC (00883), Alibaba-W (09988), and SMIC (00981) [1] Group 2 - Alibaba-W (09988) had a net inflow of 6.95 billion HKD, with a total trading volume of 30.85 billion HKD, while it faced a net sell of 11.12 billion HKD [2] - Xiaomi Group-W (01810) experienced a net buy of 13.31 billion HKD, with a total trading volume of 22.60 billion HKD [3] - Meituan-W (03690) received a net buy of 12.79 billion HKD, with a total trading volume of 18.92 billion HKD [4] Group 3 - Beike-W (02423) saw a net buy of 6.47 billion HKD, amid discussions on mortgage interest subsidy policies that could stimulate housing demand [5] - Agricultural Bank (01288) had a net buy of 3.49 billion HKD, while Industrial and Commercial Bank (01398) and China Construction Bank (00939) faced net sells of 797.89 million HKD and 1.96 billion HKD respectively [5] - Semiconductor stocks faced selling pressure, with Huahong Semiconductor (01347) and SMIC (00981) experiencing net sells of 2.57 billion HKD and 4.03 billion HKD respectively [5] Group 4 - ZTE Corporation (00763) faced a net sell of 3.58 billion HKD, related to compliance investigations regarding the U.S. Foreign Corrupt Practices Act [6] - Tencent (00700) and CNOOC (00883) also experienced net sells of 1.15 billion HKD and 5.17 billion HKD respectively [7]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows and outflows from Northbound trading, with Meituan-W and Xiaomi Group being the most bought stocks, while Alibaba-W and CNOOC faced the highest sell-offs [1][4]. Group 1: Northbound Trading Activity - Northbound trading recorded a net inflow of HKD 791 million, with Shanghai Stock Connect seeing a net outflow of HKD 320 million and Shenzhen Stock Connect a net inflow of HKD 1.111 billion [1]. - The stocks with the highest net inflows included Meituan-W (HKD 12.79 billion), Xiaomi Group-W (HKD 10.09 billion), and Beike-W (HKD 6.47 billion) [4][5]. - The stocks with the highest net outflows were Alibaba-W (HKD 4.17 billion), CNOOC (HKD 5.17 billion), and SMIC (HKD 4.03 billion) [4][5][7]. Group 2: Company-Specific Insights - Meituan-W's net inflow was attributed to regulatory changes aimed at ensuring rational competition in the food delivery sector, with expectations of peak competition in Q3 [4]. - Xiaomi Group-W is projected to achieve significant revenue growth in its automotive business by Q3 2025, with a forecasted revenue of HKD 28.3 billion, representing a year-on-year increase of 197.9% [4]. - Beike-W's net inflow is linked to discussions around mortgage interest subsidy policies, which could stimulate housing demand if implemented [5]. - Agricultural Bank of China saw a net inflow of HKD 348 million, while Industrial and Commercial Bank of China and China Construction Bank faced net outflows of HKD 797.8 million and HKD 1.96 billion, respectively, amid concerns over real estate debt quality [5]. - Semiconductor stocks, including Huahong Semiconductor and SMIC, faced significant sell-offs due to regulatory news regarding compliance with U.S. laws [5][6].

12月11日，受市场传闻影响，中兴通讯午后股价出现剧烈波动，截至午后收盘，A股跌停，港股也跌超 12%。针对市场流传的关于"公司涉及美国《反海外腐败法》合规性调查"的报道，中兴通讯于当日午间 发布重大事项公告进行回应。 中兴通讯公告称，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。对此，中兴通讯声明，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。 关于目前的经营状况，中兴通讯在公告中表示，公司目前生产经营一切正常。针对合规问题，中兴通讯 称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。 采写：南都·湾财社记者 严兆鑫 据市场消息，12月11日早间，一则有关"中兴通讯可能因涉嫌海外行贿向美国支付超过10亿美元和解 金"的消息在市场发酵。随后，中兴通讯A、H股双双大跌，其在港上市的认购证一度暴跌超25%。 值得注意的是，在本次暴跌前，已有部分外资机构减持中兴通讯。港交所数据显示，贝莱德 （BlackRock）及摩根大通（JPMorgan）近期均对中兴通讯H股进行了减持操作。 ...

Core Insights - The article emphasizes the transformation of user experience in the smartphone industry, particularly with the introduction of AI-driven functionalities that enhance interaction and efficiency [1][10][18] Industry Trends - The report from the First New Voice Think Tank highlights a shift towards vertical and general AI agents, indicating a potential concentration of traffic entry points towards a few general agents [1] - The global penetration rate of AI smartphones is projected to reach 32% by 2025, indicating a significant growth trajectory for AI integration in mobile devices [15] Company Developments - The launch of the Doubao AI phone by ByteDance and ZTE has generated significant consumer interest, leading to a scarcity of the product and even price premiums in the second-hand market [1] - Despite initial success, the Doubao AI phone faced challenges with various applications from Alibaba and Tencent blocking access due to security concerns, highlighting a conflict between AI functionality and platform control [10][11] Technological Innovations - The Doubao AI phone introduces a new era of "one-click management," allowing users to execute complex tasks across multiple applications seamlessly, which marks a departure from traditional AI assistants [2][6] - The phone's ability to handle cross-application operations and its simplified interaction model represent significant advancements in user experience [3][5] User Experience Enhancements - The Doubao AI phone features a memory function that allows for highly personalized interactions, enabling users to store and retrieve information effortlessly [7][8] - The integration of memory with execution capabilities allows the AI to plan and execute tasks based on user history and preferences, enhancing the overall user experience [9][12] Competitive Landscape - The primary competition for the Doubao AI phone is not other smartphone manufacturers like Apple, but rather the established internet companies that control app ecosystems [10][11] - The article suggests that the future of smartphones will depend on the ability to integrate AI capabilities that enhance user experience while navigating the challenges posed by existing platform monopolies [13][18]

| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 84785.04 | 8086.56 | | 买二 | 深股通专用 | 37131.94 | 47683.31 | | 买三 | 机构专用 | 18625.69 | 12659.11 | | 买四 | 长城证券股份有限公司杭州民心路证券营业部 | 10245.36 | 1.96 | | 买五 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 10117.96 | 7038.33 | | 卖一 | 国泰海通证券股份有限公司上海松江区中山东路证券营 | 329.12 | 52196.42 | | | 业部 | | | | 卖二 | 深股通专用 | 37131.94 | 47683.31 | | 卖三 | 国泰海通证券股份有限公司邯郸人民东路证券营业部 | 115.32 | 20476.91 | | 卖四 | 光大证券股份有限公司丹阳丹金路证券营业部 | 274.92 | 20470.12 | | --- | --- | - ...

证券之星消息，12月11日数字经济板块较上一交易日下跌2.29%，中兴通讯领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。数字经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301117 | 佳家科技 | 55.21 | 7.00% | 26.79万 | 14.62亿 | | 300520 | 科大国创 | 37.54 | 5.57% | 61.44万 | 22.90亿 | | 002713 | *ST东易 | 10.65 | 4.00% | 55.67万 | 5.92亿 | | 603135 | 中車科技 | 9.78 | 3.16% | 16.36万 | 1.63亿 | | 000803 | 山高环能 | 6.90 | 3.14% | 24.70万 | 1.68 Z | | 300659 | 中乎信息 | 18.77 | 3.13% | 28.33万 | 5.27亿 | | 301066 | 万事利 | 17. ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Market Overview - The Shanghai Composite Index fell by 0.70% on December 11, with only one industry, banking, showing an increase of 0.17% [1] - The communication industry experienced a significant decline of 3.14%, ranking second in terms of the largest drop [1] Capital Flow - The net outflow of capital from the two markets reached 744.67 billion yuan, with only the banking sector seeing a net inflow of 67.49 million yuan [1] - The electronic industry led the capital outflow, with a total of 13.586 billion yuan, followed by the communication industry with an outflow of 11.34 billion yuan [1] Communication Industry Performance - The communication sector had 124 stocks, with 19 rising and 102 falling; three stocks hit the daily limit up while two hit the limit down [2] - Among the stocks with net inflows, Yongding Co. topped the list with a net inflow of 1.04 billion yuan, followed by Putian Technology and Mengwang Technology with inflows of 493 million yuan and 270 million yuan, respectively [2] - The stocks with the largest net outflows included ZTE Corporation, with an outflow of 3.987 billion yuan, followed by Zhongji Xuchuang and Tianfu Communication with outflows of 2.534 billion yuan and 1.963 billion yuan, respectively [2][3] Notable Stocks in Communication Sector - Stocks with significant inflows included: - Yongding Co. (+9.98%, 11.27% turnover, 1.040 billion yuan) - Putian Technology (+10.00%, 11.60% turnover, 493 million yuan) - Mengwang Technology (+10.02%, 8.46% turnover, 270 million yuan) [2] - Stocks with significant outflows included: - ZTE Corporation (-10.00%, 10.83% turnover, -3.986 billion yuan) - Zhongji Xuchuang (-4.74%, 3.29% turnover, -2.533 billion yuan) - Tianfu Communication (-6.66%, 7.13% turnover, -1.963 billion yuan) [3]