Group 1 - ZTE Corporation (SZ 000063) announced that on March 30, 2026, it will accept investor research from CITIC Securities and others, with company executives including President Xu Ziyang addressing investor questions [1] Group 2 - The latest stock price of ZTE Corporation is 32.77 yuan [1]

Group 1: Financial Performance - In 2025, the company's revenue reached 629 billion CNY, a year-on-year increase of 10.4%, marking the best performance in four years [2] - The company's revenue structure shifted from "7-2-1" to "2-1-1," indicating a diversified growth model [3] - The computing power business achieved a 150% year-on-year revenue growth, accounting for nearly 25% of total revenue [4] Group 2: Strategic Direction - The company is committed to the "Connection + Computing Power" dual-drive strategy, focusing on becoming a leader in network connectivity and intelligent computing [4] - The company aims to maintain strategic stability and enhance quality and profitability through resource optimization and ecological collaboration [5] - The focus on AI is evident, with the company developing a full-stack AI solution covering chips, computing infrastructure, large models, and applications [6] Group 3: Market Position and Challenges - The company remains a leading supplier in the domestic network equipment market despite a 10.6% decline in network business revenue due to reduced domestic 5G investment [22] - The company faces challenges in profit margins due to rising raw material costs, particularly in storage [21] - The company is adapting to the AI-driven transformation of operators, focusing on new opportunities in computing power and AI applications [23] Group 4: Technological Advancements - The company has made significant investments in 6G technology, focusing on AI integration and satellite communication as core applications [24] - The company has developed over 30 key technologies in the 6G field, including advancements in AI and wireless technology [25] - The company is leveraging its extensive experience in communication technology to enhance its satellite payload capabilities [27] Group 5: Product Development and Innovation - The company plans to strengthen its terminal product innovation, particularly in AI-native smartphones and gaming devices [5] - The company has launched the AI-native Nubia M153 smartphone, showcasing its commitment to integrating AI into consumer products [4] - The company aims to enhance its product offerings by focusing on scenario-based integration and innovation in terminal products [5]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][43]. Core Insights - The "14th Five-Year Plan" outlines the construction of 500,000 5G-A base stations and the deployment of 10G optical networks, establishing a growth foundation for the industry over the next three years [3][15]. - The communication industry is currently experiencing a period of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][38]. - The penetration rate of 5G users has reached 67.6%, providing a solid user base for technological upgrades [3][38]. - The report highlights the recent surge in optical fiber procurement prices, indicating a recovery in upstream market conditions [3][38]. Industry Performance Review - The communication sector index increased by 0.39% over the two weeks from March 13 to March 26, outperforming the CSI 300 index by 4.87 percentage points, ranking second among 31 primary industries [10][11]. - For March, the communication sector index rose by 0.46%, again outperforming the CSI 300 index by 5.41 percentage points [10][11]. - Year-to-date, the communication sector has seen a cumulative increase of 7.55%, surpassing the CSI 300 index by 10.84 percentage points [10][11]. Subsector Performance - Among the six subsectors of the communication industry, the highest increase was seen in the SW Communication Network Equipment and Devices, which rose by 6.12% [3][16]. - The other subsectors experienced varying declines, with the SW Other Communication Equipment falling by 12.26% [3][16]. Industry Data Updates - As of February 2026, the number of mobile phone users reached approximately 1.826 billion, with a year-on-year increase of 2.03% [25][19]. - The total number of fixed internet broadband access users reached 694 million, reflecting a year-on-year increase of 3.61% [27][19]. - The number of 5G base stations reached 4.909 million, accounting for 38% of the total mobile base stations, with a net increase of 70,000 from the end of the previous year [35][19]. Company Announcements - China Mobile reported a projected net profit of 137.1 billion yuan for 2025, with a slight year-on-year decrease of 0.9% [21][19]. - China Unicom expects a net profit growth of 1.1% for 2025, with total revenue projected at 392.223 billion yuan [22][19]. - Lightwave Technology anticipates a net profit increase of 163.76% for 2025, with revenue growth of 47.56% [23][19]. - GuoDun Quantum announced a turnaround to profitability in 2025, with a net profit of 5.3919 million yuan [24][19].

Group 1 - The company "月之暗面" is considering an IPO in Hong Kong and has engaged with China International Capital Corporation and Goldman Sachs for potential listing discussions, with a valuation of approximately $18 billion after a new funding round of up to $1 billion [3] - Pinduoduo has established a new company called "新拼姆" with an initial cash injection of 15 billion yuan, aiming to invest a total of 100 billion yuan over three years to enhance its self-operated brand model and integrate supply chain resources [5] - Lin Junyang, former head of Alibaba's Qianwen technology, published an article discussing the evolution from reasoning to agentic thinking in AI, emphasizing the need for a unified system that combines thinking and instruction modes [6] Group 2 - Xiaomi's automotive division reached a settlement with 山东燕鲁新能源车业有限公司 regarding a patent dispute, marking the first public patent controversy since its market entry [7] - Skoda will continue sales in China until mid-2026, after which it will focus on high-growth markets like India and ASEAN, while still providing after-sales support to existing customers [7] - Xiaomi has officially ceased updates for MIUI, transitioning to the new HyperOS, with only two overseas devices continuing to receive support until 2026 [7] Group 3 - Meta announced a new initiative to support small businesses and promote AI applications, led by its president and product head, with a focus on enhancing business growth through its platform [16] - Liu Qiangdong's company is investing 15 billion yuan in a yacht manufacturing base in Dalian, aiming to develop high-end yacht production and services [16] - Evergrande New Energy Vehicle Investment Holding Group has been subjected to a bankruptcy review initiated by a bank, indicating ongoing financial distress [18][19] Group 4 - Meituan reported a total revenue of 364.9 billion yuan for 2025, with a net loss of 23.4 billion yuan, primarily due to intense competition in the instant retail sector [22] - Apple is planning to open Siri to external AI assistants, enhancing its position as an AI platform, with updates expected in the upcoming iOS 27 [25] - Google has launched a new AI model, Lyria 3 Pro, designed for music creation, allowing users to compose longer and more structured audio pieces [29]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

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産生或 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） 關於召開 2025 年度業績說明會並徵集問題的公告 本公司及董事會全體成員保證信息披露的內容真實、準確和完整，沒有虛假記載、誤導性陳 述或重大遺漏。 中興通訊股份有限公司（以下簡稱"公司"）擬於 2026 年 3 月 30 日召開 2025 年度業績說 明會，業績說明會將採用網絡直播的方式舉行，歡迎廣大投資者積極參與。 1、召開時間：北京時間 2026 年 3 月 30 日（星期一）16:00-17:30 2、召開方式：網絡直播 3、出席人員：執行董事、總裁徐子陽先生，執行副總裁、財務總監李瑩女士，執行副總 裁、首席運營官謝峻石先生，董事會秘書、公司秘書丁建中先生。 4、會議語言：中文 5、接入方式：投資者可登陸全景網（https://ir.p5w.net/c/000063/）參與 ...

ZTE Corporation (the "Company") – Notice of Publication of 2025 Annual Report ("Current Corporate Communication") and 2025 Sustainability Report The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.zte.com.cn and the HKEXnews website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk. As a non-registered shareholder, if you wish to receive Corporate Communications(2) from the Company pursuant to the ...

ZTE CORPORATION 中興通訊股份有限公司 (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code / 股份代號：00763) Dear registered holder, 27 March 2026 ZTE Corporation (the "Company") Notice of Publication of 2025 Annual Report ("Current Corporate Communication") and 2025 Sustainability Report The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.zte.com.cn and the HKEXnew ...

中興通訊 2025 年度可持續發展報告 中興通訊股份有限公司 2025 年度可持續發展報告 2026 年 3 月 1 / 178 | | | | CEO 致辭 | | 6 | | --- | --- | --- | | COO | 致辭 | 8 | | 關于中興通訊 | | 10 | | 公司概况 10 | | | | 我們的價值鏈 11 | | | | 獎項與認可 11 | | | | 我們的影響 | | 13 | | 彌合數字鴻溝，共創包容未來 16 | | | | 賦能千行百業，融繪數字時代 20 | | | | 可持續發展戰略與管理 | | 25 | | 治理 25 | | | | 戰略 27 | | | | 風險管理 29 | | | | 指標與目標 30 | | | | 雙重重要性分析 34 | | | | 治理 | | 48 | | 强化治理，防範新興風險 48 | | | | 合規經營，保障業務穩健 54 | | | | 環境 | | 70 | | 全力應對氣候變化 70 | | | | 扎實推進循環經濟 84 | | | | 强化環境影響管理 88 | | | | 社會 | | 92 | | ...

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。 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202621 中兴通讯股份有限公司 关于召开 2025 年度业绩说明会并征集问题的公告 公司现就 2025 年度业绩和经营情况提前向投资者征集相关问题，敬请投资者于 2026 年 3 月 28 日中午 12 时前将关注问题发送至公司投资者关系邮箱（IR@zte.com.cn）， 公司将于 2025 年度业绩说明会上对投资者普遍关注的问题进行回答。 三、咨询方式 如有不明事宜，敬请联系公司，联系方式如下： 中兴通讯股份有限公司（以下简称"公司"）拟于 2026 年 3 月 30 日召开 2025 年 度业绩说明会，业绩说明会将采用网络直播的方式举行，欢迎广大投资者积极参与。 一、业绩说明会的安排 1、召开时间：北京时间 2026 年 3 月 30 日（星期一）16:00-17:30 2、召开方式：网络直播 3、出席人员：执行董事、总裁徐子阳先生，执行副总裁、财务总监李莹女士，执 行副总裁、首席运营官谢峻石先生，董事会秘书、公司秘书 ...