Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Insights - The company showcased its "Connection + Computing" strategy at MWC26, highlighting eight core technological innovations, including AIR MAX and GigaMIMO, and released a white paper on "Super Node" technology, aiming to establish standardized "AI factories" [1][2]. - The government enterprise business has seen a significant growth of 110% year-on-year in the first half of 2025, becoming a core growth driver for the company [2]. - The "Super Node" AI factory solution represents a shift from single-chip stacking to system-level collaboration, enhancing bandwidth and reducing latency through innovative hardware and software architectures [2][3]. - The demand for switching chips is expected to surge as AI computing clusters evolve towards super node architectures, with the company positioned to benefit from this market expansion due to its in-house chip development capabilities [3]. Financial Summary - The company reported a revenue of 100.5 billion yuan for the first three quarters of 2025, reflecting an 11.63% year-on-year increase [1]. - Projected net profits for 2025, 2026, and 2027 are estimated at 7.71 billion, 8.82 billion, and 10.85 billion yuan, respectively, with corresponding PE ratios of 14.16, 12.38, and 10.06 [3][4]. - The company is expected to maintain a gross margin of approximately 35.2% to 34.6% over the next few years, indicating stable profitability [4][10].

Core Viewpoint - The government work report emphasizes the development of a "new intelligent economy" and the integration of technology and industry, highlighting the importance of artificial intelligence (AI) and its application across various sectors [4][5][6]. Group 1: Intelligent Economy - The report introduces the concept of "new intelligent economy," calling for the promotion of new intelligent terminals and AI applications in key industries [4][5]. - Industry leaders express strong support for the government's focus on AI, indicating a shift from AI as a mere technology to a driver of value creation across sectors [5][6]. - The report outlines the need for deep integration of technology innovation and industrial innovation, marking a significant trend in the economy [6]. Group 2: Technological Infrastructure - The report mentions the implementation of large-scale intelligent computing clusters and the need for coordinated power supply, suggesting a focus on enhancing the efficiency of energy and computing resources [7]. - Recommendations include establishing a unified national electricity market to support intelligent computing centers and reduce energy costs for AI development [7]. Group 3: Future Industries - The report emphasizes the cultivation of future industries such as quantum technology, embodied intelligence, and 6G, indicating a strategic focus on advancing new productive forces [12][15]. - Industry representatives highlight the importance of developing quantum communication and embodied intelligence, with a call for government support in overcoming common challenges in these fields [12][15]. Group 4: International Logistics and Trade - The report stresses the need to strengthen international logistics systems and expand digital trade, which is seen as beneficial for companies engaged in global supply chain services [16][17]. - Companies are adapting to a shift from "stocking mode" to "branding mode" in cross-border logistics, necessitating higher standards for logistics stability and compliance [16]. Group 5: AI and Data Security - The report raises concerns about data security and user authorization in AI applications, highlighting the need for regulatory frameworks to address potential issues arising from data usage [9][10]. - Experts emphasize the importance of user rights and data protection in the deployment of AI agents, advocating for clear guidelines on data handling and user consent [10].

Core Viewpoint - The 2026 Mobile World Congress (MWC) highlights the significant shift towards AI technology, with Chinese companies increasingly focusing on the European market for AI applications and hardware integration [3][4]. Group 1: Chinese Companies at MWC - Approximately 350 Chinese companies participated in MWC 2026, marking a 21% increase from 288 last year, making them the largest overseas contingent after the US and Spain [3]. - The presence of Chinese firms reflects a transition from traditional manufacturing advantages to a focus on AI capabilities and hardware innovation [3][4]. Group 2: AI as the Core Technology - AI emerged as the central theme of MWC 2026, with Qualcomm's CEO emphasizing that AI is transforming human-computer interaction, shifting the focus from applications to intelligent agents [4]. - Honor's Robot Phone features an active camera structure that responds to voice commands, showcasing the integration of AI into hardware design [5][6]. Group 3: Innovations in Mobile Imaging and AI Integration - Vivo introduced a 400mm telephoto lens and modular accessories aimed at transforming smartphones into professional-grade filming tools, highlighting the use of AI to enhance imaging capabilities [8]. - TCL and Lenovo showcased AI-driven products, emphasizing the integration of AI into hardware rather than just software, which is a distinctive approach of Chinese manufacturers [8]. Group 4: Expansion of Robotics and Wearable AI Products - Chinese robotics companies, such as AGIBOT, showcased a range of robots designed for various applications, indicating a strategic focus on B2B markets and European partnerships [11][13]. - Alibaba's AI glasses debuted at MWC, with plans for additional AI wearable products, reflecting a broader strategy to penetrate global markets beyond traditional communication devices [14].

证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202611 中兴通讯股份有限公司 中兴通讯股份有限公司董事会 2026 年 3 月 4 日 1 中兴通讯股份有限公司(以下简称"公司")于 2025 年 12 月 12 日召开的第十届董事 会第十七次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司 A 股股份，用于实施公司员工持股计 划或者股权激励。回购资金总额不低于人民币 10 亿元且不超过人民币 12 亿元（均包含本 数），回购价格不超过人民币 63.09 元/股。回购期限为自董事会审议通过回购方案之日起 12 个月内。具体情况详见公司于 2025 年 12 月 12 日披露的《关于回购公司 A 股股份方案 的公告暨回购报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号—— 回购股份》等相关规定，公司在回购股份期间，应当在每个月的前三个交易日内公告截至 上月末的回购进展情况。现将有关情况公告如下： 截至 2026 年 2 月 28 日，公司尚未实施本次股份回购。 ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202612 中兴通讯股份有限公司 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了截至 2026 年 2 月 28 日的证券变动月报表。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 关于按照《香港上市规则》公布 2026 年 2 月份证券变动月报表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 中兴通讯股份有限公司董事会 2026 年 3 月 4 日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2026年3月3日 本月底法定/註冊股本總額： RMB 4,783,534,887 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00763 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 755,502,534 0 755,502,534 增加 / 減少 (-) 0 0 本月底結存 755,502,534 0 755,502,534 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的以下公 告全文，僅供參閱。 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202611 中兴通讯股份有限公司 关于回购 A 股股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重 大遗漏。 承董事會命 方榕 董事長 深圳，中國 二零二六年三月三日 於本公告日期，本公司董事會包括執行董事：徐子陽；非執行董事：方榕、閆俊武、 諸為民、張洪；獨立非執行董事：莊堅勝、王清剛、徐奇鵬；以及職工董事：李妙娜。 1 中兴通讯股份有限公司(以下简称"公司")于 ...

粤港澳基金已完成工商变更登记手续，并在中国证券投资基金业协会完成私募投资 基金备案登记手续，备案信息如下： 基金名称：粤港澳大湾区创业投资引导基金合伙企业（有限合伙） 管理人名称：深圳市福田红土股权投资基金管理有限公司 托管人名称：中国工商银行股份有限公司 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202610 中兴通讯股份有限公司 关于参与认购的粤港澳基金完成备案登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 中兴通讯股份有限公司（简称"中兴通讯"或"本公司"）于 2026 年 2 月 6 日召 开的第十届董事会第二十次会议审议通过了《关于认购粤港澳大湾区创业投资引导基金 合伙企业（有限合伙）份额的议案》，本公司拟作为有限合伙人出资 2 亿元人民币认购 粤港澳大湾区创业投资引导基金合伙企业（有限合伙）（简称"粤港澳基金"），粤港 澳基金规模为 504.5 亿元人民币，具体请见本公司于 2026 年 2 月 7 日发布的《第十届董 事会第二十次会议决议公告》及《关于认购粤港澳基金份额的公告》。 2026 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的以下公告全文， 僅供參閱。 承 董 事 會 命 方榕 董事長 深圳，中國 二零二六年三月二日 於本公告日期，本公司董事會包括執行董事：徐子陽；非執行董事：方榕、閆俊武、諸 為民、張洪；獨立非執行董事：莊堅勝、王清剛、徐奇鵬；以及職工董事：李妙娜。 1 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202610 中兴通讯股份有限公司 关于参与认购的粤港澳基金完成备案登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 中兴通讯股份有限公司（ ...

Core Viewpoint - ZTE Corporation and Zong have successfully launched an AI-based automatic beam adaptation for FDD Massive MIMO in Pakistan, enhancing network performance and user experience through innovative technology [1][2]. Group 1: Technology Innovation - ZTE is introducing the AIR RAN (AI Reshaped RAN) solution, utilizing the AIREngine board to enable automatic switching to multi-beams, with a maximum of six beams based on traffic loading [2]. - The implementation of this technology aims to improve cell capacity and optimize user experiences by achieving efficient resource allocation [2]. Group 2: Performance Metrics - In the initial commercial launch, the introduction of five beams resulted in a significant performance boost, with average user downlink throughput increasing by up to 39.4% during busy hours and 34.3% on a daily basis [3]. - Traffic loading also saw an increase of up to 17.1% during busy hours and 21.5% on a daily basis, indicating enhanced network efficiency [3]. Group 3: Future Plans - Zong and ZTE plan to continue driving innovation by integrating the AIR RAN solution into live networks, focusing on enhancing spectral and energy efficiency while delivering a premium user experience [4]. - The companies will expand trials in high loading and high value scenarios, refine multi-beam scheduling using real traffic data, and strengthen end-to-end optimization to achieve measurable gains for consumers and industry customers across Pakistan [4].