野村发表研究报告指，集团维持有效支出管理，尤其在研发方面，部分抵销毛利率下跌的影响。该行认 为，集团下半年继续面对利润率压力，并由明年起逐渐恢复，受惠较佳的成本优化。该行对中兴2025年 至2027年收入预测上调8.5%至10%，反映AI服务器需求增强，但将同期盈利预测下调4%至21%，以反 映利润率摊薄。 智通财经APP获悉，中兴通讯(00763)跌超7%，截至发稿，跌6.96%，报33.7港元，成交额9.89亿港元。 消息面上，中兴通讯上半年营收715.53亿元，同比增长14.51%；净利润50.58亿元，同比下降11.77%。 毛利率32.45%，同比下降7.99%。富瑞发布研报称，中兴通讯过去三个月股价累升约52%，受人工智能 及ASIC芯片增长憧憬，但第二季业绩逊预期显示市场过度乐观。目前其对中兴今明两年净利润预测较 市场预测低出分别26%及31%，22倍市盈率估值对比未来三年净利润负增长并不吸引，投资评级由"持 有"降至"跑输大市"，目标价上调至27.27港元。 ...

Group 1 - Major financial institutions like JPMorgan, Citigroup, and Morgan Stanley have recently increased their holdings in H-shares such as CATL, ZTE, and WuXi AppTec, indicating a growing interest in these stocks [1] - JPMorgan's long position in CATL H-shares rose from 5.98% to 6.06%, while Morgan Stanley's increased from 4.96% to 6.05% [1] - The Hong Kong stock market showed strong performance in August, with the Hang Seng Index rising by 1.23% and the Hang Seng Tech Index increasing by 4.06% [3] Group 2 - There is a concern that retail investors often enter the market after institutions have already made their moves, leading to potential losses for these investors [5] - A notable example of institutional behavior is highlighted, where foreign institutions claimed to avoid thematic stocks but were found heavily invested in restructuring concept stocks after earnings reports were released [6] - The concept of "institutional inventory" is introduced as a key indicator of institutional trading activity, suggesting that active participation by institutions can signal future stock performance [9][11] Group 3 - The article emphasizes the importance of understanding the true flow of funds rather than relying on news, which often lags behind actual market movements [14] - It is suggested that retail investors should focus on analyzing data that reveals institutional actions to avoid being misled by superficial news [14] - The conclusion stresses that those who can access and interpret real data will have a competitive advantage in the market [14]

高盛发布研报称，中兴通讯(00763)第二季收入同比增长21%至390亿元人民币，较该行及市场预期高出 8%及12%，净利润符合预期，但毛利率逊预期。经营溢利同比跌36%至17亿元人民币，较该行及市场预 测低39%及26%。惟非经营溢利表现胜预期，令第二季净利润按季升6%至260万元人民币，基本符合预 期。该行对中兴通讯在非电信业务的持续扩张持乐观态度，对其维持"中性"评级，并对其2025至2027年 净利润预测下调14%、9%和3%，收入预测上调7%、11%和13%，目标价升14%至33.5港元。 ...

富瑞发布研报称，中兴通讯(00763)过去三个月股价累升约52%，受人工智能及ASIC芯片增长憧憬，但 第二季业绩逊预期显示市场过度乐观。该行称，目前其对中兴今明两年净利润预测较市场预测低出分别 26%及31%，22倍市盈率估值对比未来三年净利润负增长并不吸引，投资评级由"持有"降至"跑输大 市"，H股目标价由18.82港元上调至27.27港元。 该行指，人工智能增长可从服务器收入增长达两倍见到，但毛利率或为4%至5%，因此收入胜预期下核 心经营溢利及净利润逊预期。公司可能在美国制裁或面临制裁风险下，从竞争对手取得服务器客户，电 讯业务收入持续下跌，毛利率下降推动该行下调对公司盈利预测。 ...

Core Insights - ZTE Corporation is deepening its "connection + computing power" strategy, showing significant results with a revenue of 71.55 billion yuan in the first half of 2025, a year-on-year increase of 14.5% [1] - The company is embracing AI opportunities, with revenue from computing power and terminal products growing nearly 100% year-on-year, accounting for over 35% of total revenue [1] - The recent release of the "Artificial Intelligence +" action plan aligns with ZTE's focus on comprehensive layout and technological breakthroughs in the "connection + computing power" field [1] Group 1: Computing Power Infrastructure - ZTE has developed a "distributed high-performance domestic intelligent computing resource pool" that supports various computing power acceleration hardware, contributing to multiple large-scale projects [3] - The AI Booster training platform enables efficient deployment of large models, significantly reducing migration costs [3] - ZTE's AiCube intelligent computing machine supports large models with 671 billion parameters, achieving millisecond-level responses and allowing thousands of concurrent users [5] Group 2: Green Computing Initiatives - ZTE's modular data center solution shortens construction time by 40%, supporting 850,000 5G base stations and achieving a carbon reduction of 6 million tons annually [6] - The company integrates a five-dimensional intelligent system in its manufacturing processes, exemplifying the fusion of intelligent manufacturing and green computing [6] Group 3: AI Technology Innovations - ZTE's Nebula Coder-V6 model scored 67.4 points in the SuperCLUE Chinese model evaluation, excelling in scientific reasoning and code generation [7] - The company has filed over 5,500 AI-related patents, with nearly 50% granted, establishing a strong foundation in AI technology research [7] - ZTE's AIR Net high-level intelligent solution enhances network operations, while its low-altitude comprehensive solution has completed over 100 commercial and pilot projects [7] Group 4: Industry Applications and Ecosystem - ZTE's digital star cloud 4.0 platform integrates large model technology to create benchmark projects across 18 industries, improving operational efficiency in various sectors [8][10] - The company is building a comprehensive AI ecosystem that spans industry applications and consumer terminals, promoting AI education and healthcare solutions [10][11] - ZTE's new human-computer interaction paradigm is showcased in its Nubia series terminals, enhancing user experience through AI capabilities [13] Group 5: Future Directions - ZTE's president emphasizes the company's commitment to being a leader in network connectivity and intelligent computing power, focusing on "intelligent symbiosis and digital-physical integration" [15] - The company aims to drive AI technology from laboratory settings to industrial applications, contributing to the high-quality development of China's AI industry [15]

Core Viewpoint - UBS reports that artificial intelligence will become a second growth curve for ZTE Corporation (00763), as telecom operators shift capital expenditures towards AI computing infrastructure, while ZTE's market share continues to rise [1] Group 1: Financial Performance - ZTE's revenue in Q2 this year increased by nearly 21% year-on-year, exceeding market expectations by 12%, primarily driven by strong sales of server products due to AI demand [1] - The company predicts that government and enterprise revenue will double this year, estimating that server products will contribute approximately 20% to net profit by 2026 [1] Group 2: Profitability Metrics - During the same period, ZTE's gross profit and net profit decreased by 4.1% and 12.9% respectively, falling short of market expectations by 2% to 3%, attributed to a shift in revenue mix towards server products leading to lower gross margins [1] Group 3: Target Price and Rating - UBS raised ZTE's target price from HKD 26.45 to HKD 37.7, based on higher profit growth projections for 2026 and beyond, while maintaining a "Neutral" rating [1]

高盛发布研报称，中兴通讯(00763)第二季收入同比增长21%至390亿元人民币，较该行及市场预期高出 8%及12%，净利润符合预期，但毛利率逊预期。经营溢利同比跌36%至17亿元人民币，较该行及市场预 测低39%及26%。惟非经营溢利表现胜预期，令第二季净利润按季升6%至260万元人民币，基本符合预 期。该行对中兴通讯在非电信业务的持续扩张持乐观态度，对其维持"中性"评级，并对其2025至2027年 净利润预测下调14%、9%和3%，收入预测上调7%、11%和13%，目标价升14%至33.5港元。 来源：智通财经网 ...

智通财经APP获悉，富瑞发布研报称，中兴通讯(00763)过去三个月股价累升约52%，受人工智能及 ASIC芯片增长憧憬，但第二季业绩逊预期显示市场过度乐观。该行称，目前其对中兴今明两年净利润 预测较市场预测低出分别26%及31%，22倍市盈率估值对比未来三年净利润负增长并不吸引，投资评级 由"持有"降至"跑输大市"，H股目标价由18.82港元上调至27.27港元。 该行指，人工智能增长可从服务 器收入增长达两倍见到，但毛利率或为4%至5%，因此收入胜预期下核心经营溢利及净利润逊预期。公 司可能在美国制裁或面临制裁风险下，从竞争对手取得服务器客户，电讯业务收入持续下跌，毛利率下 降推动该行下调对公司盈利预测。 该信息由智通财经网提供 ...

【振幅大】 -今日A股共有8只个股振幅超过20%； -荣亿精密、宏裕包材、凯腾精工等个股振幅居前； 【换手率高】 -今日A股共有14只个股换手率超过30%； -三维通信、北方长龙、豪恩汽电等个股换手率居前； 【主力资金】 -主力资金今日净流入通信、医药生物、房地产、石油石化、纺织服饰等板块，净流出计算机、电力设 备、汽车、电子、非银金融等板块； -利欧股份、恒宝股份、中兴通讯、东山精密、山子高科主力资金净流入规模居前，分别净流入18.51亿 元、13.86亿元、11.93亿元、7.88亿元、7.66亿元； -东方财富、比亚迪、中国稀土、金力永磁、通富微电主力资金净流出规模居前，分别净流出21.69亿 元、17.23亿元、14.12亿元、11.15亿元、10.83亿元。 (本文来自第一财经) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% [7][11]. Core Insights - The company reported a revenue of 71.55 billion RMB for the first half of 2025, a year-on-year increase of 14.5%, but a net profit of 5.06 billion RMB, down 11.8% year-on-year [7]. - The decline in net profit is attributed to a continuous decrease in capital expenditure from telecom operators, which aligns with market expectations [7]. - The company's enterprise business, driven by AI server-related growth, saw a significant revenue increase of 110% year-on-year, reaching 19.25 billion RMB [9]. - The gross margin decreased to 32.45%, down 8.02 percentage points year-on-year, primarily due to the lower margins from server and storage businesses compared to traditional telecom operations [9]. Summary by Sections Company Overview - The company operates in the telecommunications industry, with a current A-share price of 45.44 RMB and a market capitalization of 183 billion RMB [2]. Financial Performance - For Q2 2025, the company achieved a revenue of 38.58 billion RMB, a 20.9% increase year-on-year, but a net profit of 2.6 billion RMB, down 12.9% year-on-year [7]. - The company’s earnings per share (EPS) for 2025 is projected to be 1.84 RMB, with a net profit forecast of 8.78 billion RMB [8]. Business Segments - The revenue breakdown shows that the operator network contributes 49% to total revenue, while the enterprise business accounts for 26.91%, and consumer business for 24.09% [3]. - The enterprise business's growth is significantly driven by the demand for AI servers, which now represent 55% of the segment's revenue [9]. Market Position and Future Outlook - The company is positioned to benefit from the growing AI market, with a complete ecosystem of AI products and self-developed chips [9]. - The report anticipates that the company will achieve net profits of 8.78 billion RMB in 2025, 9.26 billion RMB in 2026, and 9.94 billion RMB in 2027, reflecting a steady growth trajectory [9].