Core Viewpoint - ZTE Corporation reported a revenue of 71.55 billion yuan for the first half of 2025, marking a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 5.06 billion yuan and a non-recurring net profit of 4.1 billion yuan. The company is embracing AI opportunities, with revenue from its "second curve" business, including computing power and terminal products, growing nearly 100% year-on-year, accounting for over 35% of total revenue [1][2]. Revenue Breakdown - In the first half of 2025, ZTE's domestic and international markets achieved revenues of 50.62 billion yuan and 20.93 billion yuan, respectively, with year-on-year growth of 17.5% and 7.8%. The operator network, government-enterprise, and consumer businesses generated revenues of 35.06 billion yuan, 19.25 billion yuan, and 17.24 billion yuan, respectively [2]. - The government-enterprise business saw a remarkable year-on-year growth of 109.9%, becoming a core driver of overall revenue growth [2]. AI and ICT Integration - ZTE is fully committed to AI, accelerating the integration of AI with ICT. The company is leveraging AI opportunities in network infrastructure, computing power infrastructure, industry applications, and end-user products, which has effectively driven revenue growth [4]. - R&D expenses amounted to 12.66 billion yuan, representing approximately 18% of revenue, with around 94,000 global patent applications, including nearly 5,500 in the AI field [4]. Consumer Business Development - ZTE's consumer business revenue grew by 7.6% year-on-year, driven by a comprehensive range of AI terminal products. The company is expanding its smartphone market in Southeast Asia, Latin America, the Middle East, Africa, and Europe, with international smartphone revenue increasing by over 30% [3][5]. Strategic Upgrades - The "Connection + Computing Power" strategy is being upgraded to support AI accessibility. ZTE continues to strengthen its core competitiveness in wireless and wired products, maintaining a strong market position in 5G base stations and core networks [6]. - The company is enhancing its computing power infrastructure to meet the new opportunities presented by AI large models, developing a range of domestic computing products and solutions [6]. Achievements in AI - ZTE's Nebula large model ranked first in the SuperCLUE inference leaderboard and second overall in the IDC's report on China's large model inference computing power. The company has deepened its solutions across 18+ vertical industries, implementing over 100 benchmark cases [7].

招商证券指出，中兴通讯上半年运营商网络收入350.64亿元，同比减少5.99%；毛利率52.94%，同比下 降1.38个百分点，主要由于数字能源产品毛利率下降。政企业务收入192.54亿元，同比增长109.93%； 毛利率为8.27%，同比下降13.50个百分点，主要由于服务器及存储毛利率下降及收入结构变动。消费者 业务收入172.35亿元，同比增长7.59%；毛利率为17.78%，同比下降1.03个百分点，主要由于家庭终端 毛利率下降。 智通财经APP获悉，中兴通讯(00763)绩后跌超6%，截至发稿，跌6.17%，报36.22港元，成交额5.8亿港 元。 消息面上，中兴通讯发布中期业绩，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%。上半年扣非净利润41.04亿元，同比下降17.32%；毛利率32.45%，同比下降7.99%；经 营活动现金流净额13.0亿元，同比下降81.44%。 ...

招商证券指出，中兴通讯上半年运营商网络收入350.64亿元，同比减少5.99%；毛利率52.94%，同比下 降1.38个百分点，主要由于数字能源产品毛利率下降。政企业务收入192.54亿元，同比增长109.93%； 毛利率为8.27%，同比下降13.50个百分点，主要由于服务器及存储毛利率下降及收入结构变动。消费者 业务收入172.35亿元，同比增长7.59%；毛利率为17.78%，同比下降1.03个百分点，主要由于家庭终端 毛利率下降。 中兴通讯(00763)绩后跌超6%，截至发稿，跌6.17%，报36.22港元，成交额5.8亿港元。 消息面上，中兴通讯发布中期业绩，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%。上半年扣非净利润41.04亿元，同比下降17.32%；毛利率32.45%，同比下降7.99%；经 营活动现金流净额13.0亿元，同比下降81.44%。 ...

（文章来源：证券时报网） 个股方面，8月28日有1860只个股获融资净买入，净买入金额在1亿元以上的有67股。其中，29股获融资 净买入额超2亿元。寒武纪获融资净买入额居首，净买入15.65亿元；融资净买入金额居前的还有中芯国 际、新易盛、中兴通讯、中际旭创、中国稀土、澜起科技等股，净买入金额均超4亿元。 Wind统计显示，8月28日，申万31个一级行业中有18个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入81.03亿元；获融资净买入居前的行业还有通信、有色金属、汽车、计算机、医 药生物等，净买入金额均超6亿元。 ...

Industry Trends - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product at HotChip 2025, aimed at connecting geographically dispersed data centers to create a 1 billion watt AI super factory, which implies over 660,000 GPUs assuming a single GPU power of 1.5 kW [2][3] - The Spectrum-XGS product addresses the limitations of traditional scale-up and scale-out approaches due to power and physical space constraints in data centers, utilizing core algorithms, hardware collaboration, and software optimization to solve communication delays, congestion, and synchronization issues in cross-regional GPU clusters [2][3] - Initial users of the Spectrum-XGS will include CoreWeave, with potential support for Oracle and SoftBank's Stargate project, indicating a significant acceleration in DCI construction [2][3] Product Developments - The release of DeepSeek V3.1 on August 21 brings enhancements in hybrid inference architecture, improved reasoning efficiency, and better performance in tool usage and agent tasks compared to the previous version [3] - DeepSeek V3.1 is optimized for the next generation of domestic chips, particularly focusing on the FP8 precision, showcasing a significant performance improvement in programming and search agents [3] - The market anticipates advancements in chip performance under chiplet architecture and enhanced soft-hard collaboration, suggesting that domestic chips may evolve from being merely functional to being highly efficient [3] Market Performance - The overall market showed mixed results during the week of August 18-22, 2025, with the Sci-Tech Innovation Board index rising by 13.31%, the Shenwan Communication index by 10.84%, and the ChiNext index by 5.85% [4] - The top three performing sectors were the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%) [4] - Notable individual stock performances included ZTE Corporation, Gaolan Co., Cambridge Technology, and Heertai, with increases of +32.21%, +24.75%, +23.65%, +20.55%, and +17.41% respectively [4]

格隆汇8月29日｜国际要闻： 大中华区要闻： 1、美股高开高走！道指、标普500指数再创收盘新高，中概股携程绩后涨14.9%； 2、美联储沃勒：支持9月降息25个基点，预计未来3-6个月将进一步降息； 3、英伟达据报正与美国政府洽谈，以求获得向中国出售Blackwell芯片许可； 4、美国二季度GDP增速上修至3.3%； 5、美国上周初请失业金人数为22.9万 低于预期； 6、墨西哥据报计划上调对华关税； 7、欧盟委员会提出立法提案 拟取消部分美国商品关税； 8、美媒：欧洲提议为俄乌设40公里前线缓冲区； 1、中央重磅文件对外公布！事关城市高质量发展； 2、中共中央、国务院：加快构建房地产发展新模式 稳步推进城中村和危旧房改造； 3、中国据报拟今明年削减钢铁产量； 4、商务部：对原产于美国、欧盟、韩国、日本和泰国的进口苯酚继续征收反倾销税； 5、事关九三阅兵 今天将举行两场记者会； 6、国家数据局局长刘烈宏：今年将启动第二批国家数据基础设施建设先行先试； 7、将近十个月以来首次！离岸人民币涨穿7.12元； 8、9月光伏玻璃新单报价拟上调？ 福莱特：正在和客户商议报价； 9、国泰君安国际正式在香港推出加密货币交 ...

Core Viewpoint - ZTE Corporation is undergoing a significant business transformation, shifting towards a "connection + computing power" strategy, which has resulted in a mixed financial performance with revenue growth but declining net profit [2][5]. Financial Performance - For the first half of 2025, ZTE reported revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit attributable to shareholders was 5.058 billion yuan, down 11.77% [2]. - The disparity between revenue growth and profit decline reflects the ongoing business transition, with enterprise business revenue doubling, while traditional operator network business contracted due to changes in investment cycles [2][4]. Business Segments - The enterprise business, driven by computing power, achieved revenue of 19.254 billion yuan, soaring 109.93% year-on-year, primarily due to rapid growth in server and storage sales [2][3]. - The operator network business saw revenue decline to 35.064 billion yuan, a decrease of 5.99% year-on-year, attributed to the maturity of domestic 5G network construction and reduced operator investments [4]. Profitability and Margins - The gross margin for the enterprise business was only 8.27%, down 13.50 percentage points year-on-year, indicating that growth is heavily reliant on lower-margin hardware sales [3]. - The overall gross margin for the group decreased to 32.45%, down 7.99 percentage points year-on-year, due to the declining share of high-margin operator business and the rising share of low-margin enterprise business [4]. Cash Flow and Investment - The net cash flow from operating activities was 1.299 billion yuan, a significant drop of 81.44% compared to 7 billion yuan in the same period last year, highlighting cash flow pressures during the business expansion and structural transition [4]. - ZTE maintained high R&D investment of 12.66 billion yuan, accounting for approximately 18% of revenue, to support innovation in core technologies and computing infrastructure [3]. Future Challenges - ZTE faces the challenge of improving the profitability of its new business while stabilizing its traditional business and managing cash flow pressures during this transition period [5].

【今日焦点】 中兴通讯(00763.HK)：上半年净利润50.58亿元 同比减少11.77% 中兴通讯(00763.HK)公布2025年半年度业绩，2025年上半年，面对人工智能快速发展的挑战与机遇，集 团坚持创新引领，加速从"连接"向"连接+算力"战略升级，积极开拓新的增长引擎，构筑企业长远发展 的新动力，成为网络连接和智能算力的领导者。2025年上半年，集团实现营业收入715.53亿元(人民 币，下同)，同比增长14.51%；归属于上市公司普通股股东的净利润50.58亿元，同比减少11.77%；归属 于上市公司普通股股东的扣除非经常性损益的净利润41.04亿元，同比减少17.32%。 【重大事项】 瑞和数智(03680.HK)与铁林超光(深圳)科技签订框架协议 共同推进现实世界资产代币化领域业务 中旭未来(09890.HK)：将运营及发行一款"奇迹MU"新的手机游戏《新月大陆》 首程控股(00697.HK)与阿尔特及阿尔瑞特签订战略合作协议 推动机器人技术突破、场景落地与产业链 协同发展 【财报业绩】 理想汽车-W(02015.HK)：第二季度净利润达到11亿元 环比增加69.6% 商汤-W(00020. ...

智通财经APP讯，中兴通讯(000063.SZ)发布2025年半年度报告，报告期内，公司实现营业收入715.53亿 元，同比增长14.51%。实现归属于上市公司股东的净利润50.58亿元，同比下降11.77%。实现归属于上 市公司股东的扣除非经常性损益的净利润41.04亿元，同比下降17.32%。基本每股收益1.06元。 ...

本报记者 李雯珊 8月28日晚间，中兴通讯股份有限公司（以下简称"中兴通讯"）发布2025年半年度报告。报告显示，公 司上半年营业收入为715.53亿元，同比增长14.51%；归属于上市公司普通股股东的净利润为50.58亿 元，同比下降11.77%。 "当下，中兴通讯将聚焦'算力普惠AI向实'的核心主张，一方面将'All in AI'，加速AI和ICT的融合，持 续深化包括AI硬件基础设备、AI智算平台、大模型应用和AI智能终端的全场景解决方案助力AI基础设 施加速部署升级，让算力更普惠；另一方面，践行'AI for ALL'，依托大模型的泛化能力，为千行百业 提供数智化AI新智能，为家庭和个人都带来AI创新应用新体验。"中兴通讯副总裁陈志萍向《证券日 报》记者表示。 中兴通讯坚持高强度研发投入，2025年上半年研发投入金额为135.4亿元，同比上涨0.83%，占营收比例 约18.92%。2019年至2024年，六年累计研发费用达1170.7亿元。 在连接领域，公司持续巩固无线、有线产品核心竞争力。最新机构报告显示，公司5G基站、5G核心网 发货量全球第二，RAN、5G核心网、光接入和光传输产品获行业领导者评 ...