李莹 ，女，1978年出生。中兴通讯执行副总裁兼财务总监。李女士于1999年毕业于西安交通大学，获管理 学学士及工学学士学位；于2002年毕业于西安交通大学管理科学与工程专业，获管理学硕士学位。李女士 于2002年加入中兴通讯，2002年至2018年1月历任公司成本战略办公室负责人、物流财经部部长、产研财经 部部长、财经管理部副部长、财经管理部副主任；2018年1月至2018年7月任财经管理部主任；2018年7月至 今任公司执行副总裁兼财务总监。李女士拥有多年的财务和电信行业从业及管理经验。中兴通讯2024年营 收为1212.99亿元，同比下降2.38%，扣非归母净利润为61.79亿元，同比下降16.49%。 2024年度A股财务总监薪酬前一百名 美的集团财务总监钟铮以946.00万元年薪登顶；比亚迪财务总监周亚琳以896.00万元的年薪位居第二；中兴 通讯财务总监李莹以852.10万元的年薪位居第三。 钟铮 ，女，硕士，2002年加入美的集团，曾任金融中心、部品事业部财经总监、公司审计总监等职务，现 任美的集团副总裁、首席财务官兼财务总监。美的集团2024年营收为4071.50亿元，同比增长9.44%，扣非 ...

Group 1 - The 2025 Tsinghua Wudaokou Global Financial Forum opened in Shenzhen, focusing on the theme of building an open and inclusive economic and financial system [1] - Experts discussed the challenges and opportunities in international trade and investment amid global changes, emphasizing the need for resilient multilateral cooperation frameworks [1] - Hu Xiaolan highlighted three "rebalancing" aspects in international trade and investment, including cost-effectiveness, global trade adjustments, and currency diversification [1][3] Group 2 - Li Nan pointed out that while global GDP and trade have shown growth, foreign direct investment (FDI) remains stagnant, indicating a low-growth, high-debt global environment [3][5] - Investment protection policies in developed countries have surged by 140% since 2020, reflecting a shift towards national security considerations in trade and investment [5] - The digital economy is projected to grow at an annual rate of 10% to 12%, contrasting with the decline in other investment areas [5] Group 3 - Marshall Mills emphasized the need to eliminate trade barriers and protectionism to unlock potential growth in productivity and the private sector [7] - He suggested that China should increase fiscal spending to boost domestic demand and enhance social security to achieve economic rebalancing [7] - Cui Li stressed the importance of product strength and long-term competitive advantages in navigating the current challenging environment [9] Group 4 - Cui Li also discussed the significance of compliance, resilience, and resource connectivity in adapting to uncertainty [9] - The discussion included insights on how developing countries can achieve sustainable growth amid limited resources and the importance of Chinese investments abroad [9][10]

金融界5月13日消息，有投资者在互动平台向中兴通讯提问：您好，近段时间公司股价距离高点回调接 近25%，有所属板块调整的需要，诚然公司年报不太理想也加速了下跌，尤其四季度亏损出乎投资者意 料，能否说明一下公司业务在四季度出现如此巨大波动的详细情况。近期，三大运营商都公布了25年的 资本开支情况，令人遗憾的是资本开支仍下滑，公司面对这一局面有何办法化解？针对有起色的消费者 业务，如何能打响名气，与华为小米这些相庭抗礼，有何路径思路？AI领域如何破局加深应用？ 三是，国际运营商。在无线现代化改造，4G在南亚、非洲的渗透率分别为62%、38%，5G渗透率更 低，预计今明两年印尼、土耳其、摩洛哥、秘鲁等国家将会发放5G牌照或频谱，国际市场仍然有无线 现代化改造的机会；在光纤建设方面，南亚、非洲的光纤化率分别为11%、2%，拉美、东南亚、中东 等的光纤化率都不到40%。2025至2028年国际运营商投资年复合增长率近5%，公司国际运营商网络收 入将会有比较稳健的表现。 四是，国际大国算力基础设施建设。海外大国对数据中心、能源、服务器等算力基础设施的投资也是快 速增加的，2025年公司在聚焦大国主流运营商的同时，会在有业 ...

Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

Group 1: 5G-A Network Overview - The transition from "5G" to "5G-A" indicates a significant upgrade in network capabilities, with 5G-A offering peak download speeds of up to 10Gbps compared to 1Gbps for standard 5G [1] - To access 5G-A speeds, users must have compatible devices, activate a 5G-A data plan, and be within the coverage area of 5G-A base stations [1] - 5G-A is crucial for industries requiring high-speed connectivity, such as drones and smart driving, enhancing the overall user experience in various applications [1] Group 2: Technological Advancements - 5G-A enhances multiple dimensions including capacity, speed, latency, positioning accuracy, and connection stability, supporting advanced applications like XR and 3D without glasses [2] - In the smart driving sector, 5G-A's low latency and high precision enable real-time traffic signal reception and obstacle warnings, improving safety [3] - The integration of 5G-A with satellite navigation systems allows for centimeter-level vehicle positioning, facilitating advanced driving applications [3] Group 3: Industry Growth and Opportunities - The low-altitude economy is experiencing rapid growth, coinciding with the commercial rollout of 5G-A, which enhances operational efficiency in the drone industry [3] - Major telecommunications companies are actively expanding their 5G-A networks, with China Mobile planning to cover over 300 cities by the end of 2024 [5] - China Telecom and China Unicom are also increasing their 5G-A deployments, with significant investments and plans for extensive coverage [6] Group 4: Policy and Future Projections - Local governments are supporting 5G-A applications, with initiatives launched in provinces like Shandong and Chongqing to enhance network infrastructure [6] - By 2025, the information and communication industry aims to achieve comprehensive commercial deployment of 5G-A, with projections indicating that China will account for over 50% of global 5G-A users [7]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

Core Viewpoint - The article discusses the development of a novel method for generating high-quality Chain of Thought (CoT) data, focusing on the adaptive difficulty grading of questions for large language models (LLMs) to enhance the reasoning capabilities of smaller models [2][6][41]. Group 1: Research Motivation and Challenges - The emergence of large models like DeepSeek-R1 (671 billion parameters) has highlighted the challenges of deploying such models in real-time systems and edge devices [6]. - There is a pressing need for research on smaller models with fewer than 7 billion parameters, particularly in complex reasoning tasks such as mathematical problem-solving and code generation [7]. - Current CoT data generation methods face challenges, including high computational and annotation costs associated with large-scale data-driven approaches and limited performance gains from high-quality sample-driven methods [8][9]. Group 2: Proposed Methodology - The article introduces a new method called "LLM Adaptive Question Difficulty Grading," which aims to improve the quality of CoT data by dynamically matching model capabilities with data difficulty [12][13]. - The method includes four key innovations: establishing a question difficulty grading system based on inherent model reasoning capabilities, creating an adaptive question bank, designing a difficulty distribution sampling strategy, and generating high-quality CoT data using DeepSeek-R1 [15][18]. Group 3: Experimental Results - The proposed method has shown significant improvements in reasoning performance across various model sizes, with accuracy increases ranging from 6.66% to 26.7% on the AIME24 mathematics competition dataset compared to traditional non-adaptive strategies [18][20]. - Detailed experimental results indicate that models trained with the adaptive CoT data outperform baseline models in multiple mathematical reasoning benchmarks, achieving up to 94.6% accuracy on MATH500 [37]. - The ZCode-32B model demonstrated superior performance across different difficulty levels, indicating that smaller models can achieve competitive results through adaptive data training [38]. Group 4: Conclusion and Future Work - The article concludes that the proposed framework for generating high-quality CoT data is efficient and effective, requiring only about 2,000 high-quality samples to significantly enhance model performance while reducing data and computational costs [41]. - Future work will focus on further integrating reinforcement learning to explore deeper reasoning capabilities and extending applications to more complex cross-domain tasks such as communication fault diagnosis [42].

尽管人形机器人、大消费等主题可能在短期内难以改变这一趋势，但其背后的主要逻辑有三点： 各位投资者朋友，请注意以下信息： 今年的投资热点已经清晰显现——算力将成为下半年最为突出的主导趋势！ 据机构预测，未来五年，我国算力服务中心市场预计将以18.9%的复合年增长率持续增长，预计到2027年， 市场规模将达到3075亿元人民币。 3. 中央汇金巨额资金入场，三大行业巨头蓄势待涨 作为依托于央行和财政部的顶尖国家队，中央汇金每次介入市场总能引发重大行情。2015年，它果断介入 泸州老窖，股价随即飙升10倍；2017年，它精准介入长春高新，股价从百元水平攀升至最高680元；今年深 圳华强更是连续16个涨停板！ 1. 政策大力支持，推动国产算力的迅速发展 我国高度重视人工智能在推动现代化产业体系中的关键作用，并从国家层面发布了多项政策，以支持算力 基础设施的建设。 2. 在市场和需求的共同推动下，算力市场正迎来前所未有的扩张 在政策和需求的共同推动下，预计到2025年，算力行业将迎来黄金发展期。 以下三家行业龙头值得特别关注： 第一家企业，中兴通讯： 在通信领域深耕细作，积极推动全国一体化算力网络国家枢纽节点的建设，中 ...

Group 1: AI Companion Robots - ZTE Corporation is entering the AI companion robot market, planning to launch home robots that provide emotional value and safety protection [1] - The global companion robot market is projected to grow from 75 billion yuan in 2023 to 304.3 billion yuan by 2029, with a CAGR of 25.56% from 2024 to 2029 [1] Group 2: Instrumentation and Equipment - Tektronix announced a price adjustment due to rising tariffs and component costs, effective from April 27 [2] - Domestic substitution in the instrumentation sector is accelerating, with only 15.2% of analytical instruments and 37.7% of general electrical measurement instruments being domestically produced [2] Group 3: Data Elements - The National Data Bureau has released 70 demonstration scenarios for public data utilization, aiming to enhance data supply and empower industry development [3] - Key tasks include establishing data property rights, efficient data circulation systems, and fair data revenue distribution [3] Group 4: Commercial Aerospace - The Shenzhou-20 manned spacecraft successfully docked with the Tiangong space station, marking a significant milestone in China's space history [4] - The 2025 China Aerospace Conference showcased various aerospace companies and their core products, including models of rockets and commercial space stations [4] Group 5: Low-Code Development - DeepSeek's new model, DeepSeek R2, is set to launch in early May, expected to reduce costs by 97% compared to GPT-4 [5] - The model will enhance low-code development, with predictions that 70% of enterprise applications will be based on low-code platforms in the next five years [5] Group 6: Controlled Nuclear Fusion - China's "Xuanlong-50U" spherical hydrogen-boron fusion device achieved a breakthrough by generating high-temperature, high-density plasma currents [6] - Hydrogen-boron fusion is gaining attention for its clean fuel source and potential for commercialization [6] Group 7: Brain-Computer Interfaces - The Chinese Academy of Sciences has developed a flexible microelectrode implantation robot, CyberSense, which has passed pre-acceptance tests [7] - This technology supports brain-computer interface research and brain science studies [7]

Group 1 - China has become the world's largest holder of artificial intelligence patents, accounting for 60% of the total [2] - The National Intellectual Property Administration is advancing the innovation of intellectual property systems in the AI field and plans to establish new protection rules for AI and big data [2] - The report from the World Intellectual Property Organization highlights the positive momentum in China's AI development [2] Group 2 - Manus AI, a Chinese startup, has raised $75 million in a new funding round led by Benchmark, increasing its valuation to nearly $500 million [3] - The company plans to expand its services into markets including the US, Japan, and the Middle East with the new funds [3] Group 3 - iFlytek reported a revenue of 4.658 billion yuan for Q1 2025, a year-on-year increase of 27.74%, with net profit growth of 35.68% [6] - The company's non-net profit increased by 48.29%, and operating cash flow rose by 48.54% [6] Group 4 - ByteDance's Agent product "Kouzi Space" has entered internal testing, focusing on solving complex work tasks with multiple expert agents [4] - The product is driven by domestic models and integrates various tools to enhance task-solving capabilities [4] Group 5 - Shenzhen University has officially established an Artificial Intelligence College, collaborating with Tencent Cloud to build an industry academy [9] - The college includes a research team of approximately 80 members, including two academicians from the Chinese Academy of Sciences [9] Group 6 - Lenovo and Xinhua Union Culture, along with Hanshe Culture Group, have launched China's first intelligent agent for the cultural tourism industry [10] - The intelligent agent is based on large models and aims to enhance operational management and industry empowerment [10] Group 7 - Ant Group has established two operational centers in Guangzhou, focusing on digital finance and cross-border payment [11] - The centers are part of a strategic cooperation agreement with the Guangzhou municipal government [11] Group 8 - Alibaba has announced the cancellation of the "refund only" policy across multiple e-commerce platforms, marking a significant shift in consumer rights [13] - This change aims to balance merchant rights protection with consumer experience improvement [13] Group 9 - Huawei has officially launched its high-speed L3 commercial solution, preparing for the commercial capabilities of L3 by 2025 [14] - The company emphasizes the challenges of transitioning from L2 to L3 automation [14] Group 10 - Tencent Cloud has introduced a cabin-side large model that provides precise Q&A services for driving behavior and vehicle operation [15] - This model is designed to enhance user experience in the automotive sector [15] Group 11 - Yandex has launched a new generation AI in-car platform tailored for the Russian-speaking market, featuring smart voice interaction [16] - The platform has already gained over 70 million monthly active users in Russia [16] Group 12 - ZTE Corporation reported a net profit decline of 10.5% year-on-year for Q1 2025, despite a revenue increase of 7.82% [20] - The company's revenue reached 32.968 billion yuan [20] Group 13 - The first humanoid robot half marathon concluded in Beijing, with the top three companies being clients of Feishu [7] - These companies utilized AI products for management and efficiency improvements [7] Group 14 - The establishment of the Greater Bay Area (Dongguan) AI Alliance aims to enhance AI development and application scenarios by 2027 [26] - The alliance includes major tech companies and aims to utilize over 10,000 P of intelligent computing power [26] Group 15 - The launch of the "Deep Small Note" application in Shenzhen allows users to apply for business licenses using AI [27] - This marks a significant step towards fully intelligent government service applications [27] Group 16 - OceanBase has announced a comprehensive entry into the AI era, appointing its CTO as the head of AI strategy [57] - The company aims to build a data foundation for the AI era [57]