【文/观察者网专栏作者 心智观察所】 今年岁末，一则来自东京的消息在全球电信行业激起波澜：曾经雄心勃勃宣称要在2030年夺取全球20% 市场份额的日本电气（NEC），正式宣布退出4G和5G公共基站开发市场。这家百年老店的黯然离场， 标志着日本通信设备产业的全面溃败。 在华为、中兴等中国企业持续引领技术创新的背景下，曾经在3G时代与欧美企业分庭抗礼的日本厂 商，何以沦落至今日的边缘化境地？ 帝国的黄昏：NEC的战略撤退 NEC社长森田隆之在接受《日经新闻》采访时的表态颇为耐人寻味："原则上，今后我们将不再对该领 域进行开发投资。"回溯至2020年6月，NEC与日本电报电话公司（NTT）高调宣布资本业务合作，NTT 出资约644亿日元收购NEC股份，彼时的新野隆社长信心满满地表示要"到2030年力争使全球份额达到 20%"。然而，仅仅四年之后，这一雄心壮志便化为泡影。 表面上看，NEC的撤退源于市场份额的持续萎缩。根据国际市场调研机构Omdia的数据，中国华为、瑞 典爱立信以及芬兰诺基亚三家巨头合计掌控了全球近80%的基站市场份额，而日本企业NEC和富士通所 占份额合计不足2%。这意味着，在一个赢家通吃的市场中， ...

Core Viewpoint - The company, TianShu ZhiXin, is planning a global offering of 25.4318 million H-shares at a price of HKD 144.60 per share, aiming to raise approximately HKD 3.4786 billion for product development and market expansion in the AI and GPU sectors [1][4]. Group 1: Company Overview - TianShu ZhiXin provides general GPU products and AI computing solutions, including GPU chips, accelerator cards, and customized AI computing solutions [1]. - The company integrates hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2]. Group 2: Market Context - The rise of AI, particularly large language models, has significantly increased the demand for computing power, making general GPU products essential for supporting complex AI applications [2]. - The company's hardware architecture seamlessly integrates various chips and cluster systems, enhancing scalability from single-node to large-scale deployments [2]. Group 3: Investment Details - The company has entered into cornerstone investment agreements, with cornerstone investors committing to purchase a total of 10.9403 million shares at the offering price [3]. - The estimated net proceeds from the global offering will be approximately HKD 3.4786 billion, with 80% allocated for research and development of products and solutions [4]. Group 4: Fund Allocation - Approximately 50% of the net proceeds will be used for the R&D and commercialization of general GPU chips and accelerator cards over the next five years [4]. - About 25% will be allocated to developing proprietary software stacks by expanding the R&D team, while 5% will focus on AI computing solutions [4]. - The remaining funds will support sales and marketing efforts, operational costs, and general corporate purposes [4].

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

港交所文件显示，花旗在 中兴通讯 H股中的空头头寸于12月19日从5.83%降至4.89%。 ...

据香港交易所披露，花旗集团对中兴通讯股份有限公司 - H股的多头持仓比例于2025年12月19日从 8.79%降至7.6%。 ...

中兴通讯深圳科技园总部 中兴通讯滨江工厂，机械臂正在进行自动化测试 中兴通讯坚持技术创新，用四十年的时间，实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从 国内市场到全球布局的跨越，为全球通信网络的升级换代贡献了关键力量 2G跟随、3G突破、4G并跑、5G领跑，围绕"连接"主航道，中兴通讯坚持技术创新，用四十年的时间， 实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从国内市场到全球布局的跨越，不仅成长为我 国通信行业的领头羊，也成为全球通信设备市场的重要参与者，为全球通信网络的升级换代贡献了关键 力量。 "1995年，中兴通讯首次参加国际电信展，是最早走出国门的中国通信制造企业。当前，全球主流通信 网络设备供应商主要包括中兴通讯、华为、爱立信和诺基亚。在产品竞争力上，中兴通讯核心产品位居 行业前列。"陈志萍说。 中兴通讯2019年开始全面发力5G领域，并在2023年后积极布局5G-A(5G-Advanced)技术。根据第三方咨 询机构最新数据，中兴通讯5G基站、5G核心网累计发货量保持全球第二。目前，中兴通讯与全球主流 运营商紧密合作，积极部署5G商用网络，推动5G技术在工业互联网、智慧医疗、 ...

（原标题：中兴通讯大宗交易成交266.77万元，买方为机构专用席位） 中兴通讯12月25日大宗交易平台出现一笔成交，成交量7.00万股，成交金额266.77万元，大宗交易成交 价为38.11元。该笔交易的买方营业部为机构专用，卖方营业部为中信建投证券股份有限公司福清福和 路证券营业部。 据天眼查APP显示，中兴通讯股份有限公司成立于1997年11月11日，注册资本478353.4887万人民币。 （数据宝） 12月25日中兴通讯大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额 | 格 | 收盘折溢 | 买方营业 | 卖方营业部 | | 股） | （万 | （元） | 价 | 部 | | | | 元） | | （%） | | | | 7.00 | 266.77 | 38.11 | 0.00 | 机构专用 | 中信建投证券股份有限公司福清福和路证券营业 | | | | | | | 部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-12-25 | 000063 | 中兴通讯 | 38.11 | 7.00 | 266.77 机构专用 | | 中信建投证券股份 | | | | | | | | | 有限公司福清福和 | | | | | | | | | 路正差量不部 | 12月25日，中兴通讯大宗交易成交7万股，成交额266.77万元，占当日总成交额的0.07%，成交价38.11 元，较市场收盘价38.11元持平。 ...

被问及合作模式是浅层预装还是深度系统融合时，中兴通讯相关人士并未直接透露具体技术对接细节， 但强调此次与字节跳动的合作是基于双方技术优势的互补性探索。当被问到是否接触其他大模型厂商 时，该人士表示，中兴秉持"开放即创新"的理念，这也是其"AI for All"战略的核心，目前已收到多家大 模型厂商的合作邀约，相关商务与技术沟通正在推进中。 这一回应意味着，中兴与字节跳动围绕"豆包手机"的合作并非排他性合作，只是其构建开放AI生态体系 的开端。业内人士指出，中兴此举打破了手机厂商与AI大模型企业的单一合作模式，通过开放生态的 搭建，既能整合不同大模型的技术优势，也能让手机AI功能的场景落地更具多样性，或将为智能手机 行业的AI转型提供新的发展范式。 【#中兴回应与字节合作豆包手机细节#，中兴正构建开放AI生态体系】 据蓝鲸新闻报道，近期搭载深度AI功能的"豆包手机"引发市场关注，中兴通讯与字节跳动的合作模式、 合作深度以及字节跳动在AI战略中的角色，均成为业界热议的核心问题。记者就此专访中兴通讯相关 人士，首次披露双方合作细节与企业背后的战略考量。 ...

Group 1 - Mercedes-Benz (China) has delayed payments to suppliers for over two years, with outstanding amounts related to the AMG project exceeding 1.482 million yuan [3][4] - The total payable amount confirmed by Ernst & Young for the AMG project is 6.994 million yuan, but the payment process has been stalled due to various excuses from Mercedes-Benz [3][4] - The new regulations effective from June 2025 require large enterprises to pay within 60 days after delivery, but many suppliers report difficulties in enforcing this policy [4][5] Group 2 - Doubao's daily active users have surpassed 100 million, making it one of the lowest-cost products among ByteDance's billion-level apps [7][9] - Doubao's marketing expenses are reported to be the lowest for any product achieving over 100 million DAU, indicating effective cost management [7][9] - The Seed team at ByteDance is seen as a core strategic business, focusing on large model foundational research and application [9] Group 3 - Shopee is set to launch a zero-commission policy for new stores starting January 1, 2026, aimed at reducing barriers for sellers entering overseas markets [12] - This initiative will allow sellers in specific Southeast Asian markets to operate their first store without commission for the first three months, with a cap of 500 orders per month [12] Group 4 - Yuan Minghong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, confirming leadership changes within the company [13][14] - Sun Jin has extensive experience within New Oriental, having joined in 2006 and held various leadership roles [13][14] Group 5 - Cloud Deep Technology, part of the "Hangzhou Six Little Dragons," has initiated IPO counseling, focusing on intelligent robotics [16][17] - The company recently completed over 500 million yuan in Series C financing, indicating strong investor interest and growth potential [17] Group 6 - UBTECH plans to acquire a controlling stake in A-share company Fenglong Co., with a total transaction value of approximately 1.161 billion yuan [22] - The acquisition will give UBTECH a 29.99% stake in Fenglong, changing the controlling shareholder to UBTECH [22] Group 7 - The new brand "Qijing" from Huawei and GAC has unveiled its first model, a hunting-style coupe, which is set to compete in the high-end electric vehicle market [30][31] - The vehicle will feature advanced technologies, including L3-level autonomous driving capabilities, and is expected to launch in June 2026 [30][31] Group 8 - The chairman of Lantu Motors discussed the "involution" in the new energy vehicle sector, emphasizing the need for genuine innovation rather than imitation [33][34] - He highlighted that true innovation should address user needs and improve product value, rather than merely competing on superficial features [34] Group 9 - NVIDIA plans to deliver H200 chips to Chinese customers before the Lunar New Year, with a unit price of 1.4 million yuan [36][37] - The expected shipment volume is between 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 H200 chips [36][37]