Group 1 - The "Quality Strong City" strategy is essential for helping companies create competitive advantages, with Shenzhen leading in standards, quality, brand, and service since 2010 [2] - The theme of the conference is "Quality Strong City Roots and Value Innovation Promotes Development," aimed at assisting companies in facing complex challenges and enhancing competitiveness through high-quality value innovation [1] - The conference included the awarding of the "Quality Strong City Gold Medal" to eight entrepreneurs and the designation of 13 companies, including ZTE, as "Leading Enterprises in Quality Strong City Construction" [1] Group 2 - Shenzhen's Quality Strong City Promotion Association will focus on building standards, quality, and brand, as well as training chief quality officers and developing information management systems, ESG governance, and integrated domestic and foreign trade [2] - The president of the Shenzhen Quality Strong City Promotion Association emphasized the importance of aligning with trends in artificial intelligence, green production, and ecological collaborative development to create new advantages [1]

Core Viewpoint - The low-altitude economy in Shenzhen is projected to exceed 90 billion yuan in annual output by 2024, with significant advancements in drone logistics and urban air mobility, positioning Shenzhen as a global benchmark city in this sector [1][4][21]. Group 1: Industry Advantages and Conditions - The low-altitude economy encompasses various aerial activities below 1,000 meters, leveraging newly opened airspace resources to create economic value across multiple sectors [2][4]. - Shenzhen's unique advantages stem from its status as a technological innovation hub, providing a solid foundation for the development of the low-altitude economy [2][4]. Group 2: Current Development Status - By 2024, Shenzhen is expected to achieve an annual output value of over 90 billion yuan, with 776,000 drone cargo flights, 250 drone routes, and 28,000 helicopter flights, leading the nation in low-altitude economic activities [4][6]. - The low-altitude economy in Shenzhen is characterized by a differentiated and collaborative development pattern across various districts, with significant contributions from regions like Nanshan, Baoan, and Longgang [6]. Group 3: Industry Chain - The low-altitude economy industry chain includes drone and aircraft manufacturing, flight infrastructure construction, flight support services, and low-altitude application scenarios [10]. - Key components of the industry chain involve the design and manufacturing of flight control systems, remote systems, and various payloads, with applications spanning emergency rescue, logistics, urban services, and more [10]. Group 4: Competitive Landscape - Shenzhen aims to become the "Drone Capital of the World," with over 5,000 registered companies in the low-altitude economy, including major players like DJI, Daotong Intelligent, and others [17][19]. - The city is focusing on developing consumer-grade drones and enhancing low-altitude infrastructure, establishing research and development centers, and providing comprehensive solutions [17]. Group 5: Development Trends - The low-altitude economy is expected to become a new growth engine for cities, driven by advancements in drone technology and the gradual opening of low-altitude airspace [20][21]. - By 2030, Shenzhen's urban air mobility network is anticipated to be established, integrating low-altitude economy with smart city initiatives, potentially leading to new business models like "air taxis" [21].

中兴通讯股份有限公司 董事会议事规则 （2025 年 4 月） （经 2025 年 4 月 24 日召开的二〇二五年第一次临时股东大会审议通过） 第一章 总则 第一条 按照建立现代企业制度的要求，为明确中兴通讯股份有限公司董事 会的职责权限，规范董事会内部机构及运作程序，充分发挥董事会的作用，根据 《中华人民共和国公司法》等法律、法规以及《中兴通讯股份有限公司章程》（下 称"公司章程"），特制定本规则。 第二章 董事会职权 第二条 董事会行使下列职权： （一） 负责召集股东会，并向股东会报告工作； （二） 执行股东会决议； （三） 决定公司的经营计划和投资方案； （四） 制订公司的利润分配方案和弥补亏损方案； （五） 制订公司增加或减少注册资本、发行债券或其他证券及上市的方 案； （六） 拟定公司重大收购、回购本公司股票或合并、分立、变更公司形 式、解散的方案： （七） 决定公司内部管理机构的设置； （八） 决定聘任或者解聘公司总裁、董事会秘书, 并决定其报酬事项和 奖惩事项；根据总裁的提名，决定聘任或者解聘公司执行副总裁、财务总监等高 级管理人员，并决定其报酬事项和奖惩事项； （九） 制定公司的基本管理制度 ...

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 32,968,196 thousand, representing a 7.82% increase compared to RMB 30,578,301 thousand in Q1 2024[10] - Net profit attributable to ordinary shareholders decreased by 10.50% to RMB 2,453,172 thousand from RMB 2,740,979 thousand year-on-year[10] - The company's basic and diluted earnings per share both decreased by 10.53% to RMB 0.51 from RMB 0.57 year-on-year[10] - Net profit for Q1 2025 was RMB 2,464,117 thousand, down 10.8% from RMB 2,761,185 thousand in Q1 2024[25] - Total operating profit for Q1 2025 was RMB 2,912,938 thousand, a decrease of 9.5% from RMB 3,216,306 thousand in Q1 2024[25] - The company’s total profit for Q1 2025 was RMB 2,928,391 thousand, compared to RMB 3,206,793 thousand in Q1 2024, reflecting a decline of 8.7%[25] - The company’s total comprehensive income for Q1 2025 was RMB 2,428,225 thousand, down from RMB 2,709,941 thousand in Q1 2024[25] Cash Flow and Financial Position - The net cash flow from operating activities fell by 37.93% to RMB 1,851,253 thousand, down from RMB 2,982,601 thousand in the same period last year[10] - Operating cash flow decreased by 37.93% to 1,851,253 from 2,982,601 year-on-year, mainly due to increased cash payments for purchases and services[15] - Cash flow from operating activities generated RMB 1,851,253 thousand in Q1 2025, a significant decline from RMB 2,982,601 thousand in Q1 2024[27] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 33,392,385 thousand, compared to RMB 44,943,538 thousand at the end of Q1 2024[27] Assets and Liabilities - Total assets as of March 31, 2025, increased by 5.11% to RMB 217,918,283 thousand from RMB 207,323,230 thousand at the end of 2024[10] - Current assets totaled RMB 151,359,279 thousand, up from RMB 141,787,346 thousand, indicating a growth of about 6.5%[21] - Total liabilities amounted to RMB 145,350,129 thousand, compared to RMB 134,212,948 thousand, reflecting an increase of approximately 8.4%[23] - The company's total equity reached RMB 72,568,154 thousand, up from RMB 73,110,282 thousand, indicating a decrease of approximately 0.7%[23] - Non-current assets totaled RMB 66,559,004 thousand, an increase from RMB 65,535,884 thousand, indicating a growth of about 1.6%[21] Shareholder Information - The total number of shareholders as of March 31, 2025, was 542,757, with 542,461 being A-share shareholders[17] - The largest shareholder, ZTE Corporation, holds 20.09% of the shares, amounting to 958,940,400 shares[17] Other Financial Metrics - The weighted average return on equity declined by 0.56 percentage points to 3.38% from 3.94% in the previous year[10] - Research and development expenses amounted to RMB 5,946,993 thousand in Q1 2025, a decrease of 6.5% compared to RMB 6,375,823 thousand in Q1 2024[25] - Other income increased by 90.72% to 16,642 from 8,726 year-on-year, primarily due to increased external compensation income[15] - Financial expenses surged by 432.98% to RMB (340,005) thousand, attributed to increased net interest income and foreign exchange gains compared to losses in the previous year[14] - Credit impairment losses increased by 263.81% to (117,240) compared to (32,226) in the same period last year, primarily due to increased provisions for accounts receivable[15] - The company reported a 78.86% decrease in asset impairment losses to (80,064) from (378,745) year-on-year, mainly due to reduced provisions for inventory write-downs[15] - Foreign currency translation losses decreased by 33.77% to (35,708) from (53,913) year-on-year, attributed to fluctuations in exchange rates[15] - Minority shareholders' profit decreased by 45.83% to 10,945 from 20,206 year-on-year, mainly due to reduced profits from subsidiaries with higher minority ownership[15] Investment Activities - Investment cash flow net outflow decreased by 90.81% to (1,383,661) from (15,060,862) year-on-year, indicating reduced investment outflows[15]

Group 1 - The 5G sector is experiencing a significant rise, with stocks such as Shenglu Communication, Shuo Beid, and Wuhan Fanggu hitting the daily limit, and Chuangyuan Xinke increasing by 30% [1] - The largest 5G communication ETF (515050) has seen a rapid increase, with over 600 million yuan of net inflow in the last 10 trading days [1] - The Ministry of Industry announced plans to accelerate the research and development of 6G technology, including standard formulation and industrial implementation [1] Group 2 - The high growth momentum in the 5G communication sector is expected to continue, with several companies reporting positive Q1 earnings forecasts [2] - Companies like Ruijie Networks and Xingwang Ruijie are experiencing rapid growth in performance due to the deployment of AI foundational hardware [2] - The communication industry is showing confidence in its future prospects, as evidenced by multiple companies announcing share buyback or increase plans [2]

Group 1 - The research team, led by the Director of the Changsha Data Bureau, conducted a visit to ZTE's Changsha base and the Changsha Comprehensive Data Annotation Base, highlighting the importance of industry data space construction and collaboration among upstream and downstream enterprises [1][4] - Changsha has been selected as one of the seven cities to undertake the national data annotation base construction task, aiming to create a comprehensive base supported by the city's digital industry and relevant park resources [4][5] - The Changsha Information Industry Park, designated as a comprehensive data annotation base, has attracted multiple annotation companies and achieved a data annotation scale of 9,700 TB, contributing significantly to the establishment of the national data annotation base [5] Group 2 - The Changsha Comprehensive Data Annotation Base aims to build a smart annotation service platform, providing full-chain services including supply-demand matching, intelligent annotation, and talent training to support the development of the data annotation industry [5] - The park is encouraged to enhance its promotional efforts and attract investments, leveraging its advantages to create diverse application scenarios for data annotation and artificial intelligence enterprises [5] - The Data Annotation Association is expected to play a crucial role in connecting resources and fostering a collaborative environment to promote the growth of the digital economy [5]

中兴通讯：每10股派发6.17元人民币现金 金十数据4月9日讯，中兴通讯公告，本公司2024年度利润分配方案为：以分红派息股权登记日股本总数 为基数，向全体股东每10股派发6.17元人民币现金（含税）。分红派息股权登记日股本总1数（包括A股 及H股）为4,783,534,887股，其中A股股数为4,028,032,353股，H股股数为755,502,534股。 ...

主题投资聚焦产业从"概念萌芽"到"叙事共识"的形成期，依赖市场对远期前景的想象推动估值跃升，核心在于未被证伪的成长预期；景气投资 则对应产业从"逻辑验证"到"业绩兑现"的落地期，核心驱动力转向基本面改善对估值的消化能力，强调真实投入与ROE扩张的正向循环。主题 投资是"实务期权定价"，博弈市场认知迭代带来的预期差；景气投资则是"业绩驱动定价"，捕捉经营数据持续超预期的空间价值。 文 ｜ 王冠然 秦培景 刘易 王子昂 田鹏 王涛 侯苏洋 任恒毅 白弘伟 卿施典 本篇报告复盘了新能源汽车、光伏、半导体、智能手机、移动互联网及光模块六大周期成长行业的跃迁规律，提出"现金流改善→产能建设→盈 利释放"投资框架，识别产业从主题共识向业绩兑现的转换节点。借助Ge s k e期权模型解析技术代际跃迁的潜在价值空间，结合经营周期、产能 建设周期、ROE弹性多维验证，为景气投资构建更立体的决策坐标。展望未来，在新旧动能转换期，中国资产价值有望迎来重塑，可以通过"真 实投入"把握中长期产业投资机遇，聚焦AI+、智能驾驶、人形机器人、低空经济、商业航天、生物制造、未来能源、半导体先进制程等科技制 造领域。 ▍ 主题投资与景气投资代 ...

Core Viewpoint - ZTE Corporation has appointed Fang Rong as the new chairman, marking a significant leadership change as the company aims to adapt to the AI-driven industrial revolution and enhance its global strategy [1][6]. Group 1: Leadership Changes - On March 31, ZTE announced the election of Fang Rong as chairman and the appointment of new senior management, with Xu Ziyang continuing as president and other executives taking on key roles [1]. - Fang Rong has extensive experience in the telecommunications industry, having held various positions within ZTE since 1997, including senior vice president and board member [2][5]. Group 2: Strategic Vision - In her letter to ZTE employees, Fang emphasized the urgency of transitioning from "connectivity" to "connectivity + computing power," highlighting the need for innovation and strategic focus [6]. - The company aims to leverage AI infrastructure to enhance digital technology integration across various industries, while also committing to sustainable practices and reducing the digital divide [6]. Group 3: Market Expansion - Fang has been instrumental in ZTE's global strategy, successfully leading teams to penetrate emerging markets like India and achieve breakthroughs in high-end markets in Europe [5].

璀璨计划, 8 @ and of the production 作者丨卜松 编辑丨 刘恒涛 图源 丨Midjourney 一个工作两年的工科博士，如何从无到有参与创办一家产业基金管理公司，并且不负使命，带队走过 8个年头？ 中兴众投总经理闫足的经历，可以给出答案。用闫足自己的话说，就是践行"以企业家心态做投资"的 理念。 "投资不能高高在上"，"放下身段，才能触摸产业的体温"。 拒绝困于报表的精密迷宫，执着追寻那些报表之外的东西——企业生长的本源。就像老农能透过种子 外壳看见参天巨树，闫足越来越能在技术鸿沟与市场乱流的背后参透本质，精准捕捉到创新火种的跃 动频率。 WOMEN · IN LEADERSHIP 2017年，在中兴通讯工作两年的闫足，受命成立中兴众投，一个人在西安拉起一支队伍。如今，作为 中兴通讯旗下唯一具有"募投管退"全流程业务的私募基金管理公司，中兴众投已经走过了8个年头。 8年陪跑生涯里，闫足一路参与并见证过很多惊心动魄的成长叙事，硬科技企业穿越技术落地的幽暗 峡谷，创新团队摆渡产业升级的激流险滩。当某家被投企业终于跨越"死亡之谷"拿到量产订单后，闫 足和团队其他小伙伴比自己中了大奖都兴奋。 ...