Summary of Conference Call Notes Industry Overview - The AI industry outlook remains optimistic, with leading companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication benefiting from the demand growth driven by NVIDIA's B series chips, specifically a 1.6T demand increase [1][3] - The pricing for 1.6T optical modules is approximately $1,100, while silicon optical modules range from $900 to $1,000, which have been incorporated into profit models [1][2][5] - Despite minor annual declines in pricing, these changes are considered normal and will not significantly impact overall profit forecasts for companies like Zhongji Xuchuang and Xinyi Sheng, which are expected to achieve net profit margins around 30% [1][5] Key Companies and Their Performance - ODM server manufacturers, including Hon Hai Precision, Wistron, and Inventec, have shown strong shipment performance, with Hon Hai's September revenue reaching NT$837.6 billion, a 38% quarter-on-quarter increase and a 15% year-on-year increase [4] - Zhongji Xuchuang and Xinyi Sheng have announced minor share reductions of 0.49% and 1.14%, respectively, which are seen as normal after stock price increases and do not alter the industry's fundamentals [2] Technological Developments - The development of CPU technology is a significant trend, with Broadcom validating a 400G port CPU operation for 1 million hours, indicating the importance of CPU technology [6] - Companies like Zhongji Xuchuang and Huagong Technology are actively researching CPU technology, positioning themselves for competitive advantages in the future [6] Market Sentiment and Future Trends - Recent market fluctuations have been influenced by short-term news, but the long-term fundamentals of the communication sector remain unchanged. Companies with strong performance support are expected to continue benefiting [7] - The acceleration of CPU industrialization is not expected to negatively impact optical module manufacturers; instead, it may provide benefits, as indicated by Zhongji Xuchuang's involvement in the CPO track [8] AI Computing Demand and Infrastructure - AI computing demand remains high, as evidenced by OpenAI's collaborations with NVIDIA and AMD, which are driving infrastructure development [9] - Domestic companies like Huawei and Alibaba are actively deploying data center super nodes to support the development of domestic chips, with Huawei's Ascend 910 chip showing improved yield rates [9] Recommendations for Companies - The domestic AI inference edge application market shows significant potential, with C-end users driving the deployment of AIC chips [10] - Zhongji Xuchuang is recommended due to its strong technical capabilities and support for various super node layouts [10] - The optical module industry is expected to grow, with strong demand driven by NVIDIA's 1.6T B series chip, leading to positive performance forecasts for companies like Xinyi Sheng and Tianfu Communication [11] ZTE Corporation's Market Position - ZTE Corporation's performance is noteworthy, with revenue expected to double this year following a recovery in Q2. The company is anticipated to enhance its profitability as it scales up production of self-controlled chips [12] - ZTE has showcased several core technologies, including CPU and switching chips, indicating its strong technical control capabilities [12] Conclusion - The overall sentiment towards the AI and communication sectors remains positive, with key players positioned to benefit from ongoing technological advancements and market demand [13]

Core Viewpoint - The 30th São Paulo Communication Exhibition was held in Brazil, attracting over 300 global companies, highlighting the significance of the event in the Latin American communication industry [2] Group 1: Event Overview - The exhibition is recognized as one of the largest communication industry events in Latin America [2] - Numerous Chinese companies, including China Telecom, ZTE, FiberHome, and Zhongtian Technology, participated in the exhibition [2] Group 2: Participation and Engagement - Many visitors stopped by the Chinese exhibition area to learn about the products [2] - Staff from Chinese companies actively engaged with attendees to introduce communication products [2]

Group 1 - The communication sector underperformed the market in September, with the communication index down 0.15% compared to a 3.20% increase in the CSI 300 index, ranking 14th among 31 primary industries [2][14] - The PE valuation for the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - Key performers in the communication sector included optical devices, IDC, and optical fiber cables, with notable stock increases from companies like Tengjing Technology (+66%), Chunzong Technology (+92%), and Yuanjie Technology (+44%) [2][22] Group 2 - The global AI sector remains robust, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating strong future revenue potential [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by data center demand [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei showcasing significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing advancements in CPO and OCS technologies, as major chip manufacturers increase their orders to meet AI server requirements [4][70] Group 4 - Investment recommendations emphasize the importance of AI computing infrastructure, suggesting continued focus on optical devices, communication equipment, and liquid cooling technologies [5][21] - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for September 2025 [5][21]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202561 中兴通讯股份有限公司 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 9 月 30 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 10 月 9 日 关于按照《香港上市规则》公布 2025 年 9 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。 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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 ...

Core Viewpoint - Goldman Sachs has raised the target price for ZTE Corporation (00763) by 14.6%, with the H-share target price now at HKD 38.4, reflecting a forecasted price-to-earnings ratio of 17 times, and the A-share target price at RMB 59.5, while maintaining a "Neutral" rating [1] Group 1: Company Developments - ZTE has recently launched the SuperPod solution, which provides AI training and inference capabilities for enterprise clients [1] - The SuperPod system supports interconnection of 64 to 10,000 GPUs, offering greater flexibility for enterprise clients as AI workloads increase and reducing initial investment costs [1] Group 2: Market Outlook - With the growing demand for AI computing in mainland China, ZTE's comprehensive layout in AI servers, storage, cooling, and other products is viewed positively by Goldman Sachs regarding the company's growth potential in the enterprise AI market [1] - Goldman Sachs projects that ZTE's enterprise ICT business will contribute 29%, 31%, and 33% to total revenue from 2025 to 2027, with an expected annual compound growth rate of 17% for this business segment [1]

Core Viewpoint - Goldman Sachs reports that ZTE Corporation has recently launched the SuperPod solution, providing AI training and inference capabilities for enterprise clients, indicating a positive outlook on the company's growth potential in the enterprise AI market due to increasing demand for AI computing in mainland China [1] Group 1: Company Growth Potential - The report highlights ZTE's comprehensive layout in AI servers, storage, cooling, and other products, which positions the company well to capitalize on the growing AI market [1] - Goldman Sachs projects that from 2025 to 2027, the contribution of ZTE's enterprise ICT business to total revenue will be 29%, 31%, and 33% respectively, with an expected annual compound growth rate of 17% for this business segment [1] Group 2: Target Price Adjustment - Goldman Sachs has raised the target price for ZTE Corporation, setting the H-share target price at HKD 38.4 and the A-share target price at CNY 59.5, while maintaining a "Neutral" rating [1]

运营商财经网 陈聪敏/文 近日，人保集团124台海光服务器设备采购项目公示中标候选人，紫光软件、中兴通讯等竞争项目，最 终谁赢了？ 从报价来看，三家候选人中，中兴通讯投标总价较低，其报价为2211.994万元（含税）；紫光软件系统 有限公司报价居中，其投标总价为2294.76万元（含税）；报价最高的是北京久胜云数科技有限公司， 其投标总价为2344.5832万元（含税）。 根据公示，第一名是紫光软件，中兴通讯排第三名。 若公示期无变动，紫光软件预中标该项目，中兴通讯有点悬。按理，中兴通讯名气非常大，中标无数， 怎么这次评标居最后一名? （转自：科技首条） 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 具体来看，该项目为人保集团2025年核心设备采购项目（寿险、健康险第一批次）标包2，为人保寿险 采购海光服务器124台，其中包含虚拟化计算服务器68台，数据库服务器一56台，拟采购一家供应商。 采购人在9月1日发布招标公告，同日启动的还有其余三个标包采购：海光服务器（人保健康互联网业务 本地高可用建设）、鲲鹏服务器（人保 ...

Core Viewpoint - BlackRock has reduced its long position in ZTE Corporation (0763.HK) H-shares to 6.80% from a previous 7.96% as of September 30 [1] Company Summary - BlackRock's long position in ZTE Corporation H-shares decreased by 1.16 percentage points [1]

Group 1 - As of September 30, BlackRock's long position in ZTE Corporation's H-shares decreased from 7.96% to 6.80% [1]