Market Overview - A-shares experienced a low open but high close on November 5, with all three major indices rising, particularly the ChiNext Index which increased by over 1% [1][2] - The total trading volume in the A-share market was 1.89 trillion yuan, marking a decrease of 441 billion yuan from the previous trading day [2][3] - The market is currently in a slow upward channel, despite a potential short-term profit-taking scenario [6][7] Sector Performance - Key sectors that performed well included ultra-high voltage, photovoltaic inverters, lithium battery anodes, virtual power plants, and energy storage [1][2] - The electric equipment sector saw significant gains, with stocks like Double Star Electric and Arctech Solar hitting the 20% limit up [2] - In contrast, sectors such as stablecoins, semiconductor silicon wafers, and rare earths experienced adjustments [2] Fund Flow Analysis - On November 5, the net outflow of main funds in the Shanghai and Shenzhen markets was significantly reduced to 134.15 billion yuan, compared to over 570 billion yuan on November 4 [3][4] - The electric equipment sector attracted the most net inflows, with Sunshine Power and CATL receiving over 15 billion yuan and 10 billion yuan respectively [4] - A total of 79 stocks saw net inflows exceeding 1 billion yuan, indicating strong interest in electric equipment stocks [4] Market Sentiment and Future Outlook - Market sentiment is becoming more optimistic, with a notable decrease in net outflows from main funds [3][6] - Analysts suggest that the market may enter a phase of structural opportunities, driven by event and policy factors, as the third-quarter report disclosures conclude [5][6] - The focus is shifting towards sectors with high growth potential, such as AI computing, semiconductors, and pharmaceuticals, as well as those benefiting from "anti-involution" policies like electric vehicles and metals [7]

Core Viewpoint - ZTE Corporation's stock closed at 41.1 yuan on November 5, 2025, reflecting a decline of 1.51% from the previous trading day, with a total market capitalization of 196.603 billion yuan [1] Group 1: Stock Performance - The stock opened at 40.93 yuan, reached a high of 41.54 yuan, and a low of 40.73 yuan on the same day [1] - The trading volume amounted to 4.553 billion yuan, with a turnover rate of 2.74% [1] Group 2: Securities Announcement - ZTE Corporation published its monthly securities change report as required by the Hong Kong Listing Rules, covering the period ending October 31, 2025 [2] - The report indicates that the company's registered capital remains unchanged, with H-shares totaling 755,502,534 shares and A-shares totaling 4,028,032,353 shares, each with a par value of 1 yuan [1] - There were no changes in the number of issued shares for both H-shares and A-shares, and the number of treasury shares is zero [1] - The company has outstanding H-share convertible bonds amounting to 3.584 billion yuan, with a conversion price of 30.25 HKD, allowing for a maximum conversion of 129,726,464 shares [1] - No other share changes were reported for the month, and the report was submitted to the Hong Kong Stock Exchange on November 5, 2025 [1]

Market Overview - The Shanghai Composite Index rose by 0.23% on November 5, with 20 industries experiencing gains, led by the power equipment and coal industries, which increased by 3.40% and 1.39% respectively [2] - Conversely, the computer and non-bank financial sectors saw declines of 0.97% and 0.49% [2] Capital Flow Analysis - The main capital flow showed a net outflow of 8.638 billion yuan across the two markets, with 11 industries witnessing net inflows [2] - The power equipment industry had the highest net inflow, totaling 14.608 billion yuan, while the coal industry followed with a net inflow of 1.092 billion yuan [2] - The computer industry experienced the largest net outflow, amounting to 6.363 billion yuan, followed by the electronics sector with a net outflow of 4.616 billion yuan [2] Communication Industry Performance - The communication industry declined by 0.43%, with a total net outflow of 2.591 billion yuan [3] - Out of 125 stocks in the communication sector, 59 stocks rose, including one that hit the daily limit, while 62 stocks fell [3] - The top three stocks with net inflows in the communication sector were Shida Group (1.85 billion yuan), Hengtong Optic-Electric (1.35 billion yuan), and Erli San (682.513 million yuan) [3] Communication Industry Capital Inflow and Outflow - The top inflow stocks in the communication sector included Shida Group (9.95%), Hengtong Optic-Electric (2.65%), and Erli San (2.62%) [4] - The top outflow stocks included ZTE Corporation (-1.51%), GuoDun Quantum (-4.46%), and Zhongji Xuchuang (-0.17%) [5]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202565 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 10 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 2025 年 10 月 31 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。 中兴通讯股份有限公司董事会 2025 年 11 月 6 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: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- ...

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 | 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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 755,502,534 | RMB | | 1 RMB | | 755,502,534 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 755,502,534 | RMB | | 1 RMB | | 755,502,534 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如 ...

Group 1 - The 8th China International Import Expo opened in Shanghai, showcasing ZTE's 6G air-ground integrated business demonstration model, highlighting its deep exploration and achievements in the 6G technology field [1] - ZTE is enhancing core technology innovation in response to the technological wave driven by AI and 5G-A, focusing on the "connection + computing power" strategy, from foundational infrastructure to application ecosystems [3] - In the wireless sector, ZTE is advancing 6G technology and creating new business models such as low-altitude economy and deterministic services through 5G-A [3] Group 2 - In the wired sector, ZTE is providing ultra-large bandwidth, low latency, and high reliability through all-optical networks, supporting the intelligent upgrade of various industries [3] - ZTE is strengthening the research and development of intelligent computing products and industry ecosystem collaboration to seize new opportunities brought by AI large models, offering end-to-end, full-stack intelligent computing solutions [3] - As a key player in the global digital technology industry chain, ZTE aims to drive industrial upgrades and promote high-quality development of the new industrialization and digital economy through technological innovation [3]

Core Viewpoint - Jianyin International has downgraded ZTE Corporation's (00763) earnings forecasts for 2025-2027 by 23%, 7%, and 7% respectively due to conservative sales in the operator business and profit margin pressure from product structure changes, while maintaining an "outperform" rating with a target price reduction from HKD 40 to HKD 38 [1] Group 1: Financial Projections - The valuation benchmark for ZTE has been updated to 2026, reflecting the anticipated gradual effectiveness of its transformation into a provider of network, cloud, and computing infrastructure starting in 2026 [1] - The three major domestic telecom operators are expected to reduce their capital expenditure budget by 9% year-on-year in 2025, with actual spending likely to contract further [1] - ZTE's operator network sales are projected to decline by 12% year-on-year in 2025, followed by a growth of 5% in 2026 [1] Group 2: Market Expansion - ZTE has established a significant presence in emerging markets such as Southeast Asia, Latin America, and Africa, benefiting from 4G upgrades and initial 5G deployments in these regions [1] Group 3: Government and Corporate Business (G&C) - The demand for computing from domestic internet companies is expected to remain strong for the remainder of this year and into 2026 [1] - G&C business revenue is projected to grow by 134% year-on-year in 2025, followed by a 14% increase in 2026 [1] - Improvement in gross margin is anticipated as the scale expands and the usage rate of self-developed chips increases [1]

Core Viewpoint - Jianyin International has downgraded ZTE Corporation's (00763) earnings forecasts for 2025-2027 by 23%, 7%, and 7% respectively due to conservative sales in the operator business and profit margin pressure from product structure changes, while maintaining an "outperform" rating with a revised H-share target price of HKD 38 from HKD 40 [1] Group 1: Financial Projections - The updated earnings forecasts reflect a significant reduction in expected performance, particularly in the operator network sales, which are projected to decline by 12% in 2025, followed by a 5% growth in 2026 [1] - The capital expenditure budget for the three major domestic telecom operators is expected to decrease by 9% year-on-year in 2025, with actual spending likely to contract further [1] Group 2: Market Position and Strategy - ZTE is in a critical transition phase towards becoming a provider of network, cloud, and computing infrastructure, with expected benefits starting to materialize from 2026 [1] - The company has established a significant presence in emerging markets such as Southeast Asia, Latin America, and Africa, which are anticipated to benefit from 4G upgrades and initial 5G deployments [1] Group 3: Government and Corporate Business (G&C) - The demand for computing from domestic internet companies is expected to remain strong through the remainder of this year and into 2026, with G&C business revenue projected to grow by 134% year-on-year in 2025 and by 14% in 2026 [1] - Improvement in gross margins is anticipated as the scale of operations increases and the usage rate of self-developed chips rises [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.17%), COSCO Shipping Energy (70.06%), and GCL-Poly Energy (69.25%) [1][2] - The largest increases in holdings over the last five trading days were seen in the Tracker Fund of Hong Kong (+56.53 billion), Hang Seng China Enterprises (+19.83 billion), and Meituan-W (+17.13 billion) [1][2] - The largest decreases in holdings were recorded for Tencent Holdings (-18.04 billion), ZTE Corporation (-6.76 billion), and Innovent Biologics (-6.70 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.17% with 9.878 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 70.06% with 908 million shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.25% with 280 million shares [2] Group 2: Recent Increases in Holdings - Tracker Fund of Hong Kong (02800) saw an increase of +56.53 billion in holdings, with a change of +21.71 million shares [2] - Hang Seng China Enterprises (02828) increased by +19.83 billion, with a change of +2.12 million shares [2] - Meituan-W (03690) increased by +17.13 billion, with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - Tencent Holdings (00700) experienced a decrease of -18.04 billion, with a change of -2.86 million shares [3] - ZTE Corporation (00763) saw a decrease of -6.76 billion, with a change of -2.09 million shares [3] - Innovent Biologics (01801) decreased by -6.70 billion, with a change of -0.77 million shares [3]

Core Viewpoint - The performance of Shenzhen-listed companies in the first three quarters of 2025 shows steady growth in both revenue and net profit, driven by technological innovation and strong contributions from leading companies [1][2]. Group 1: Overall Performance - A total of 2879 Shenzhen-listed companies reported a combined revenue of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit of 903.02 billion yuan, up 9.69% [1]. - Among the reporting companies, 2169 achieved profitability, representing 75.34% of the total, with 207 companies experiencing growth rates exceeding 100% [2]. Group 2: Sector Performance - The main board and ChiNext board reported revenues of 12.47 trillion yuan and 3.25 trillion yuan, respectively, with net profits of 658.36 billion yuan and 244.66 billion yuan [2]. - The electronics sector saw a revenue of 1.59 trillion yuan, growing by 15.03%, and a net profit of 791.22 billion yuan, increasing by 32.12% [3]. - The power equipment sector achieved revenues of 1.32 trillion yuan, up 10%, and net profits of 946.09 billion yuan, a rise of 29.53% [4]. Group 3: Financial Sector Highlights - The non-bank financial sector reported revenues of 213.58 billion yuan, a year-on-year increase of 10.67%, and net profits of 608.54 billion yuan, up 49.03% [5]. - The brokerage sector performed particularly well, with revenues of 1174.83 billion yuan, a growth of 30.05%, and net profits of 509.14 billion yuan, increasing by 77.15% [6]. Group 4: Innovation and Shareholder Returns - Research and development expenses for Shenzhen-listed companies totaled 518.01 billion yuan, reflecting a year-on-year increase of 6.20%, with a research intensity of 3.29% [7]. - In the first ten months of the year, 507 companies announced cash dividend plans totaling 129.11 billion yuan, doubling from the previous year [7].