AI浪潮驱动下，中兴通讯（000063）"连接+算力"战略持续兑现，其以算力、终端产品为代表的第二曲 线业务开始驶入快车道。 服务器及存储营收大增 8月28日晚，中兴通讯披露半年度显示，2025年1-6月，中兴通讯共实现营收715.5亿元，同比增长 14.5%，归母净利润50.6亿元；扣非归母净利润41.0亿元。其中，二季度单季营收、归母净利润环比一 季度均实现增长。 具体而言，上半年，中兴通讯运营商网络、政企、消费者业务分别实现营收350.6亿元、192.5亿元、 172.4亿元，国内、国际市场分别实现营收506.2亿元、209.3亿元，占比70.7%、29.3%，同比增长 17.5%、7.8%。 值得一提的是，财报显示，上半年，中兴通讯全面拥抱AI浪潮带来的市场机遇，以算力、终端产品为 代表的第二曲线业务营收同比增长近100%，占比超35%。其中，服务器及存储营收同比增长超200%， AI服务器营收占比55%。政企和消费者业务营收合计占比超50%。 "连接+算力"战略持续兑现 抢抓AI机遇推动公司收入结构发生变化的同时，中兴通讯毛利率也阶段性承压。对此，中兴通讯向证 券时报记者回应称，算力产品的毛利率与运 ...

Group 1 - Cambricon expects to achieve an annual revenue of 5 billion to 7 billion yuan in 2025 [3] - Guolian Minsheng plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productivity and smart technology investments [4] - Chipone is planning to acquire equity in Chipwise Semiconductor Technology and will suspend trading for up to 10 trading days [5] - Dongxin shares will suspend trading for up to 3 trading days due to abnormal stock trading fluctuations [6] - Zhonghuan Hailu is planning a change in company control, leading to a suspension of trading for up to 2 trading days [7] - Jinghe Integrated plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder and regulatory approvals [9] Group 2 - SMIC reported a 35.6% year-on-year increase in net profit for the first half of the year, with revenue of 4.456 billion USD, up 22% [10] - Northern Huachuang achieved a net profit of 3.208 billion yuan in the first half of the year, a 14.97% increase, with revenue of 16.142 billion yuan, up 29.51% [11] - Gree Electric reported a net profit of 14.412 billion yuan, a 1.95% increase, with revenue of 97.325 billion yuan, down 2.46% [12] - Wancheng Group's net profit surged by 50,358% to 472 million yuan, with revenue of 22.583 billion yuan, up 106.89% [13] - ZTE Corporation's net profit decreased by 11.77% to 5.058 billion yuan, with revenue of 71.553 billion yuan, up 14.51% [14] - Longxin Bochuang's net profit increased by 1,121.21% to 168 million yuan, with revenue of 1.2 billion yuan, up 59.54% [15] - SF Holding reported a net profit of 5.738 billion yuan, a 19.37% increase, with revenue of 146.858 billion yuan, up 9.26% [16] - CITIC Securities achieved a net profit of 13.719 billion yuan, a 29.80% increase, with revenue of 33.039 billion yuan, up 20.44% [18] - Liou Co. turned a profit with a net profit of 478 million yuan, compared to a loss in the previous year, with revenue of 9.635 billion yuan, down 9.62% [19] - Guolian Minsheng's net profit skyrocketed by 1,185.19% to 1.127 billion yuan, with revenue of 4.011 billion yuan, up 269.40% [20] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan, with revenue of 5.85 billion yuan, up 2.41% [21] - Lingzhi Software's net profit surged by 1,002% to 112 million yuan, with revenue of 516 million yuan, down 3.04% [22] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan, compared to a loss in the previous year, with revenue of 2.262 billion yuan, up 5.11% [23] - China Galaxy reported a net profit of 6.488 billion yuan, a 47.86% increase, with revenue of 13.747 billion yuan, up 37.71% [24] - Huahong's net profit decreased by 71.95% to 74.315 million yuan, with revenue of 8.018 billion yuan, up 19.09% [25] - XGIMI's net profit increased by 2,062% to 88.662 million yuan, with revenue of 1.626 billion yuan, up 1.63% [26] - Zhongjin Gold reported a net profit of 2.695 billion yuan, a 54.64% increase, with revenue of 35.067 billion yuan, up 22.90% [27] - Zhongwei Company achieved a net profit increase of 37% to 706 million yuan, with revenue of 4.961 billion yuan, up 43.88% [28] Group 3 - Aojie Technology's shareholder Alibaba Network plans to reduce its stake by up to 3% [32] - Hengsheng Energy's actual controller plans to reduce its stake by up to 2% [33] - Jinghua New Materials' controlling shareholder plans to reduce its stake by up to 3.01% [34] - Chunzong Technology's multiple shareholders plan to reduce their stake by up to 2% [35]

Core Viewpoint - The article summarizes key announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights into their financial performance and strategic plans for investors [2]. Company Announcements - Cambrian expects to achieve an annual revenue of 5 billion to 7 billion yuan in 2025, highlighting the management's preliminary forecast without constituting a commitment to investors [3]. - Guolian Minsheng plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life Insurance, focusing on investments in new productivity and smart technology sectors [4]. - Chipone Technology is planning to acquire equity in Chipwise Semiconductor Technology, leading to a temporary suspension of its stock trading [5][6]. - Dongxin Technology's stock will be suspended for up to three trading days due to abnormal trading fluctuations [7]. - Zhonghuan Hailu is undergoing a potential change in control, resulting in a stock suspension for up to two trading days [8]. - Jinghe Integrated plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder and regulatory approvals [9]. Financial Performance - SMIC reported a 22% increase in revenue to 4.456 billion USD and a 35.6% rise in net profit to 320 million USD for the first half of the year [10]. - Northern Huachuang achieved a 29.51% increase in revenue to 16.142 billion yuan and a 14.97% rise in net profit to 3.208 billion yuan [11]. - Gree Electric's revenue decreased by 2.46% to 97.325 billion yuan, while net profit grew by 1.95% to 14.412 billion yuan [12]. - Wancheng Group reported a staggering 50358.8% increase in net profit to 472 million yuan, with revenue up 106.89% to 22.583 billion yuan [13]. - ZTE Corporation's net profit fell by 11.77% to 5.058 billion yuan, despite a 14.51% increase in revenue to 71.553 billion yuan [14]. - Longxin Bochuang's net profit surged by 1121.21% to 168 million yuan, with revenue increasing by 59.54% to 1.2 billion yuan [15]. - SF Holding's revenue grew by 9.26% to 146.858 billion yuan, with net profit increasing by 19.37% to 5.738 billion yuan [16]. - CITIC Securities reported a 29.80% increase in net profit to 13.719 billion yuan, with revenue up 20.44% to 33.039 billion yuan [18]. - Liou Co. turned a profit with a net profit of 478 million yuan, compared to a loss in the previous year [19][20]. - Guolian Minsheng's net profit skyrocketed by 1185.19% to 1.127 billion yuan, with revenue increasing by 269.40% to 4.011 billion yuan [21]. - Zhongke Shuguang's net profit rose by 29.39% to 729 million yuan, with revenue up 2.41% to 5.85 billion yuan [22]. - Lingzhi Software's net profit increased by 1002.2% to 112 million yuan, despite a slight revenue decline [23]. - Huasheng Tiancheng returned to profitability with a net profit of 140 million yuan, compared to a loss in the previous year [24]. - China Galaxy's net profit grew by 47.86% to 6.488 billion yuan, with revenue increasing by 37.71% to 13.747 billion yuan [25]. - Huahong's net profit fell by 71.95% to 74.315 million yuan, despite a revenue increase of 19.09% [26]. - XGIMI Technology's net profit surged by 2062.34% to 88.662 million yuan, with revenue up 1.63% [27]. - Zhongjin Gold's net profit increased by 54.64% to 2.695 billion yuan, with revenue rising by 22.90% to 35.067 billion yuan [28]. - Zhongwei Company reported a 36.62% increase in net profit to 706 million yuan, with revenue up 43.88% [29]. - Tianpu Company reported a net profit decline of 16.08% to 11.298 million yuan, with revenue down 3.44% [30]. - Haier Smart Home's net profit increased by 15.59% to 12.033 billion yuan, with revenue up 10.22% to 156.494 billion yuan [31]. Shareholding Changes - Aojie Technology's shareholder Alibaba Network plans to reduce its stake by up to 3% [32]. - Hengsheng Energy's actual controller plans to reduce its stake by up to 2% [33][34]. - Jinghua New Materials' controlling shareholder plans to reduce its stake by up to 3.01% [35]. - Chunzong Technology's multiple shareholders plan to reduce their stake by up to 2% [36].

格隆汇8月28日丨中兴通讯(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%。 ...

Key Insights - The report highlights a selection of recommended stocks across various industries for September 2025, emphasizing their potential for performance improvement based on specific investment logic [1][2]. Banking Sector - Ningbo Bank (002142.SZ) is expected to see a performance turnaround with signs of improvement in net interest margin and a potential clearing of retail non-performing loans. The company's valuation is currently low, lacking management premium, which may lead to a recovery as fundamentals improve [1]. Light Industry - Yutong Technology (002831.SZ) shows stable business performance with growth in consumer electronics packaging and new clients in the trendy toy and AI sectors. The company reported a 7% revenue increase and an 11% profit increase in H1 2025, with an expected revenue growth rate of 10% after excluding the impact of divestitures [1]. Electronics Sector - Semiconductor manufacturer SMIC (0981.HK) exceeded revenue and gross margin guidance in Q2, with capacity utilization reaching 92.5%, the highest since Q3 2022. A further revenue growth of 5%-7% is anticipated in Q3, benefiting from the growth of domestic chip design companies and the trend towards localized chip manufacturing [1]. Telecommunications - ZTE Corporation (000063.SZ), a leading domestic telecommunications equipment provider, is expected to benefit from AI development and potential breakthroughs in chip technology, which may enhance future profitability [1]. Automotive Sector - Aikodi (600933.SH) is projected to perform well in Q2, with significant acquisitions nearing completion and strong order flow in traditional business areas. The company's robotics strategy is becoming clearer, indicating a positive outlook [1]. Utilities and Environmental Protection - Changjiang Electric Power (600900.SH) has implemented a high dividend policy with a 70% payout ratio, supported by major shareholder confidence through substantial share buybacks. The current dividend yield of 3.37% exceeds the 10-year government bond yield by 160 basis points [1]. Textile and Apparel - Huali Group (300979.SZ) faced a decline in performance due to significant price corrections and tariff uncertainties. However, with the new factory ramp-up and tariff resolutions, the company is expected to see improved performance in the latter half of the year [1]. Non-Banking Financials - Dongfang Securities (600958.SH) reported significant revenue growth in Q1 across various segments, with investment and brokerage services being the main contributors. The strategic focus on "big wealth, big investment banking, and big institutions" is expected to continue driving growth [1]. Internet Sector - Tencent Holdings (0700.HK) demonstrates stable performance with substantial growth potential, particularly in WeChat e-commerce and AI applications, which are not fully reflected in current profit forecasts. The company's ecosystem advantages position it well for the AI era [1]. - Kuaishou (1024.HK) also shows steady performance, with AI enhancing its core business and advertising efficiency. The company has successfully commercialized AI video products, achieving an annualized revenue of $125 million [1].

8月28日，中兴通讯发布2025年半年度报告。 报告显示，2025年1-6月，实现营收715.5亿元，同比增长14.5%；归母净利润50.6亿元；扣非归母净利润 41.0亿元。其中，二季度单季营收、归母净利润环比一季度均实现增长。 以算力、终端产品为代表的第二曲线营收同比增长近100%，占比超35%。其中，公司服务器及存储营 收同比增长超200%，AI服务器营收占比55%。政企和消费者业务营收合计占比超50%。 2025年上半年，中兴通讯以"All in AI，AI for All"的战略主张，加速AI与ICT融合创新在巩固国内运营 商基本盘、提升海外运营商市占率的同时，深化算力需求的拓展，加快AI端侧产品升级，有效推动公 司营收增长提速。 报告期内，研发费用126.6亿元，占营收比例约18%，拥有约9.4万件全球专利申请，累计超5万件全球授 权专利。其中在AI领域，拥有近5500件专利申请，有近一半已获授权；在芯片领域，拥有约5,700件专 利申请，累计超3700件授权专利。 （文章来源：深圳商报） 上半年，中兴通讯国内、国际市场分别实现营收506.2亿元、209.3亿元，占比70.7%、29.3%，同比增 ...

Group 1 - The Terahertz concept sector increased by 4.20%, ranking 8th among concept sectors, with 19 stocks rising, including Changfei Optical Fiber which hit the daily limit, and others like Chuangyuan Xinke, Hengtong Optic-Electric, and ZTE Corporation showing significant gains of 8.68%, 8.52%, and 7.53% respectively [1] - The top concept sectors for the day included Copper Cable High-Speed Connection at 5.61%, Co-Packaged Optics (CPO) at 5.13%, and F5G Concept at 5.12%, while sectors like Genetically Modified and Alzheimer’s Concept saw declines of -1.81% and -1.07% respectively [1] - The Terahertz concept sector attracted a net inflow of 2.345 billion yuan, with 11 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow, led by ZTE Corporation with 1.352 billion yuan [1] Group 2 - In terms of capital inflow ratios, Changfei Optical Fiber, Hengtong Optic-Electric, and Shuo Beid ranked highest with net inflow rates of 28.85%, 12.33%, and 8.37% respectively [2] - The top stocks in the Terahertz concept based on capital inflow included ZTE Corporation with a daily increase of 7.53% and a turnover rate of 8.77%, followed by Hengtong Optic-Electric at 8.52% and Shuo Beid at 7.32% [2] - Other notable stocks included Changfei Optical Fiber with a 10.00% increase and a turnover rate of 1.48%, indicating strong investor interest [2]

Core Viewpoint - The 6G concept sector has shown a significant increase of 4.26%, ranking 7th among concept sectors, with notable stocks experiencing substantial gains [1][2]. Market Performance - As of August 28, the 6G concept sector saw 66 stocks rise, with top performers including Sanwei Communication, Woge Optoelectronics, and Chongda Technology hitting the daily limit up [1]. - The leading gainers in the sector were Dongtian Microelectronics, Mingyang Circuit, and Chuangyuan Xinke, with increases of 15.38%, 8.77%, and 8.68% respectively [1]. - Conversely, stocks such as Qiyuan Er, Zhizhen Technology, and Cixing Co. experienced declines of 3.06%, 1.56%, and 1.14% respectively [1]. Capital Flow - The 6G concept sector attracted a net inflow of 4.422 billion yuan, with 35 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2]. - ZTE Corporation led the net inflow with 1.352 billion yuan, followed by Hengtong Optoelectronics, Huagong Technology, and Sanwei Communication with net inflows of 615 million yuan, 515 million yuan, and 482 million yuan respectively [2]. Stock Performance Metrics - Notable stocks in the 6G concept sector included: - ZTE Corporation: 7.53% increase, 8.77% turnover rate, and a net inflow of 1.351 billion yuan [3]. - Hengtong Optoelectronics: 8.52% increase, 10.09% turnover rate, and a net inflow of 615 million yuan [3]. - Huagong Technology: 5.78% increase, 10.30% turnover rate, and a net inflow of 515 million yuan [3]. - Sanwei Communication: 10.06% increase, 12.91% turnover rate, and a net inflow of 481 million yuan [3]. Additional Insights - The highest net inflow ratios were observed in Sanwei Communication (52.53%), Teifa Information (25.21%), and Woge Optoelectronics (22.87%) [3].

沪指8月28日上涨1.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、电子，涨幅 分别为7.14%、5.53%。通信行业位居今日涨幅榜首位。跌幅居前的行业为煤炭、农林牧渔，跌幅分别 为0.81%、0.73%。 资金面上看，两市主力资金全天净流出443.43亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨5.53%，全天净流入资金105.53亿元，其次是通信行业，日涨幅为 7.14%，净流入资金为49.98亿元。 主力资金净流出的行业有26个，计算机行业主力资金净流出规模居首，全天净流出资金110.07亿元，其 次是医药生物行业，净流出资金为78.92亿元，净流出资金较多的还有电力设备、机械设备、汽车等行 业。 通信行业今日上涨7.14%，全天主力资金净流入49.98亿元，该行业所属的个股共125只，今日上涨的有 104只，涨停的有5只；下跌的有20只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有51只，其中，净流入资金超亿元的有15只，净流入资金居首的是中兴通讯，今日净流入资金 13.52亿元，紧随其后的是新易盛、天孚通信，净流入资金分 ...

025年上半年，公司国内市场营业收入约506.17亿元，同比增长17.55%，占营业收入比例70.74%;毛利率 为33.69%，同比下降8.74个百分点。 面向运营商客户，5G网络建设处于成熟期，国内运营商投资延续下降态势，公司运营商网络收入降幅 有所收窄;公司一方面持续深耕无线、有线产品，优化市场格局，巩固国内运营商网络的基本盘，拓展 智算数据中心项目，另一方面，积极布局万兆接入等未来技术方向，为下一阶段规模建设打好基础;面 向政企客户，公司充分把握国内头部互联网公司、行业公司等加大智算投资的机遇，深化市场拓展，扩 大合作规模，智算服务器收入大幅增长，推动政企业务收入翻番;面向消费者，公司FTTR保持市场份 额，移动互联产品实现突破，创新终端二合一云PAD上半年销量突破100万台，共同推动消费者业务收 入稳健增长。 2025年上半年，公司国际市场营业收入约209.36亿元，同比增长7.77%，占营业收入比例29.26%;毛利率 为29.45%，同比下降6.57个百分点。 面向运营商客户，公司坚持大国大T(大T指主流运营商)战略，把握亚太网络合并、非洲和拉美网络现代 化改造和光纤建设带来的市场机会，依托优势 ...