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]

Core Insights - Eight industries received net inflows of main funds, with the power equipment sector leading at a 3.4% increase, while the computer sector saw a decline of 0.97% [1] - Major stocks such as Sungrow Power and CATL attracted significant net inflows exceeding 10 billion yuan, with Sungrow Power reaching a net inflow of 15.09 billion yuan, the highest since July 2022 [1][3] Industry Summary - **Net Inflows**: Eight industries experienced net inflows, with power equipment at 100.52 billion yuan, followed by retail at 4.5 billion yuan, and coal, basic chemicals, and steel each exceeding 2 billion yuan [1] - **Net Outflows**: The computer industry led the outflows with 59.88 billion yuan, followed by electronics, communications, media, and automotive sectors, each with outflows exceeding 10 billion yuan [1] Company Summary - **Top Gainers**: Sungrow Power and CATL were the top gainers, with net inflows of 15.09 billion yuan and 10.20 billion yuan, respectively [3][5] - **Other Notable Companies**: Companies like EVE Energy and Tianqi Lithium also saw significant inflows, each exceeding 5.5 billion yuan [2] - **Top Losers**: BYD led the outflows with 7.93 billion yuan, followed by ZTE and Pingtan Development, each with outflows exceeding 4 billion yuan [4][5] Tail-End Activity - At the close of trading, main funds saw a net inflow of 26.44 billion yuan, with Sungrow Power and Zhongtung High-tech leading the tail-end inflows, each exceeding 1 billion yuan [6][7] - ZTE experienced the highest tail-end outflow at 1.15 billion yuan, followed by Guanghong Technology with 1.03 billion yuan [8][9]

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 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].

Core Insights - The cooperation between Shenzhen (Nanshan) and South Africa has accelerated significantly, completing a formal agreement in just over six months, marking a new phase in trade and investment collaboration [1][6] - The signing of a memorandum of understanding between the South African Department of Trade, Industry and Competition and the Global Service Center signifies a structured approach to enhance cooperation in various sectors [1][9] Group 1: Historical Context and Development - Since the establishment of diplomatic relations in 1998, China and South Africa have developed a comprehensive partnership, with significant milestones including the signing of a partnership declaration in 2000 and a comprehensive strategic partnership in 2010 [3] - By 2014, bilateral trade reached $60.3 billion, highlighting the economic complementarity and potential for cooperation between the two nations [3] Group 2: Local Cooperation and Economic Impact - Local cooperation has been a vital component of the national relationship, with Shenzhen being recognized as a model for high-quality urban development [5] - Nanshan, as a core area for technological innovation and economic development in Shenzhen, has seen substantial investments from companies like Huawei and Mindray Medical, further solidifying the foundation for cooperation with South Africa [5][8] Group 3: Industry Complementarity and Market Potential - The urgency for collaboration is driven by the complementary industrial structures of both regions, with Nanshan's advanced technology sector aligning well with South Africa's rich natural resources and strategic position in Africa [6] - South Africa's economy, with a GDP of $410 billion and a population of 63 million, presents significant market potential, especially as a gateway to the African Continental Free Trade Area [6] Group 4: Global Service Center and Strategic Initiatives - The Global Service Center, established as the first office outside South Africa, aims to facilitate Chinese enterprises' entry into the African market, showcasing its role as a strategic bridge [8][9] - The center has already engaged in multiple rounds of discussions to match South African market needs with local enterprises, demonstrating its proactive approach to fostering bilateral trade [9] Group 5: Future Prospects and International Engagement - The upcoming APEC meeting in Shenzhen is expected to enhance the city's role in international cooperation, with the partnership between Nanshan and South Africa providing valuable experience for higher-level exchanges [11] - The collaboration is poised to create new opportunities for regional economic cooperation and global innovation, reflecting a robust and dynamic partnership [11]