港交所消息：9月22日， 贝莱德 公司持有的 中兴通讯 股份有限公司H股多头头寸从7.89%降至6.68%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage, with expectations of growth driven by AI and computing power initiatives [5][8]. Core Insights - The company is positioned as a global leader in integrated information and communication technology solutions, with a stable market share in the telecommunications equipment sector [7][11]. - The company is transitioning towards a "connectivity + computing power" model, capitalizing on the demand for AI infrastructure and services [11][60]. - The report highlights the company's strong performance in the first half of 2025, with revenue reaching 71.55 billion yuan, a year-on-year increase of 14.51%, driven by significant growth in its government and enterprise business [7][26]. Summary by Sections Market Performance - The company's closing price is 45.80 yuan, with a total market capitalization of approximately 219.09 billion yuan [3]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 show a slight decline in 2024, followed by a recovery with expected growth rates of 14.16%, 13.11%, and 11.35% in subsequent years [6][63]. - The estimated net profit for 2025 is 8.38 billion yuan, with a corresponding PE ratio of 26.14 [6][63]. Business Segments - The company operates in three main segments: operator networks, government and enterprise, and consumer business, with a focus on enhancing its AI capabilities across these areas [18][60]. - The operator network business remains a cash cow with a gross margin of 52.94%, while the government and enterprise segment is experiencing rapid growth, with a projected revenue increase of 80% in 2025 [28][60]. Strategic Initiatives - The company is investing heavily in R&D, with a cumulative expenditure of 117.07 billion yuan from 2019 to 2024, focusing on servers, switches, terminals, and chips [28][60]. - The introduction of self-developed chips, including the "Zhu Feng" series CPU and "Ding Hai" DPU, is expected to enhance the company's competitive edge in AI and computing power [54][57]. Competitive Position - The company ranks fourth globally in the telecommunications equipment market, with a market share of 11% in 2023, indicating a solid competitive position [7][11]. - The report compares the company's valuation favorably against peers, with a 2025 PE average of 39.58 for comparable companies [8][64].

每经AI快讯，9月26日，香港交易所信息显示，贝莱德在中兴通讯的持股比例于9月22日从7.89%降至 6.68%。 （文章来源：每日经济新闻） ...

Core Insights - The article discusses the growth and production statistics of China's mobile communication base station equipment, highlighting a 7.8% year-on-year increase in the production of RF modules in May 2025 [1] - Cumulative production from January to May 2025 reached 1.799 million RF modules, reflecting a 3.1% increase compared to the same period in the previous year [1] Industry Overview - The report by Zhiyan Consulting provides insights into the market trends and forecasts for the Chinese communication equipment industry from 2025 to 2031 [1] - The data indicates a positive growth trajectory for the mobile communication base station equipment sector, suggesting potential investment opportunities [1] Company Insights - Listed companies in the communication equipment sector include ZTE Corporation, Datang Telecom Technology, Xinke Mobile, Fenghuo Communication, Shenglu Tongxin, *ST Rihai, and Chaoxun Communication [1] - These companies are positioned to benefit from the increasing demand for mobile communication infrastructure as indicated by the production growth statistics [1]

格隆汇9月26日丨根据联交所最新权益披露资料显示，2025年9月19日，中兴通讯(00763.HK)获UBS Group AG在场内以每股均价35.09港元增持好仓121.48万 股，涉资约4262.73万港元。 增持后，UBS Group AG最新持好仓数目为60,893,194股，持好仓比例由7.90%上升至8.06%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 京因 | 股份數目 | | | (請參閱上述*註 | 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | | 份百分比 年) | | | | | | | | | ( % ) | | CS20250924E00344 | UBS Group AG | 1101(L) | | 1,214,800(L) | HKD 35.0900 | 60.893.194(L) | 8.06(L)19/ ...

Core Viewpoint - ZTE Corporation (000063.SZ) clarified on its interactive platform that while its products utilize printed circuit boards (PCBs), the company does not engage in the production, manufacturing, or sales of PCBs [1] Group 1 - ZTE Corporation's products incorporate PCB technology [1] - The company explicitly stated it does not participate in PCB production [1] - There is no involvement in the manufacturing or sales of PCBs by ZTE Corporation [1]

中兴通讯在互动平台表示，公司积极投入车载光通讯方案的研究，携手行业伙伴加速和推动车载光通讯 商用化进程。在标准层面，公司积极参与车载光通讯标准组织，在汽车工程学会系统架构分会车载光通 信工作组和全国汽车标准化委员会车载通信工作组参与车载光通讯的标准制定；在产品层面，公司已经 进入车载光通讯产品研制阶段，包括车规级光通讯芯片、车规级局端模组、车规级终端通讯模组等。 ...

Core Insights - The China AI 50 concept index rose by 2.36%, leading the sector in gains, with 38 stocks increasing in value, including浪潮信息 which hit the daily limit, and英维克, 中恒电气, and华勤技术 showing significant increases of 7.94%, 7.42%, and 6.80% respectively [1][2] Group 1: Market Performance - The China AI 50 concept saw a net inflow of 4.269 billion yuan, with 31 stocks receiving net inflows, and 14 stocks exceeding 100 million yuan in net inflows [2] -浪潮信息 led the net inflow with 1.948 billion yuan, followed by新易盛, 用友网络, and中兴通讯 with net inflows of 1.266 billion yuan, 1.011 billion yuan, and 922 million yuan respectively [2][3] Group 2: Stock Performance - The top performers in the China AI 50 concept included浪潮信息 with a daily increase of 9.99%,新易盛 at 6.02%, and用友网络 at 6.61% [3][4] - The stocks with the highest net inflow ratios were用友网络 at 23.64%,浪潮信息 at 18.82%, and汉得信息 at 10.47% [3][4] Group 3: Declining Stocks - The stocks that experienced the largest declines included盛科通信, 数据港, and北方华创, with decreases of 2.91%, 2.78%, and 1.53% respectively [1][5]

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of the 28 sectors rising, led by the media and communication sectors, which increased by 2.23% and 1.99% respectively [1] - The textile and apparel, and comprehensive sectors experienced the largest declines, down by 1.45% and 1.30% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 28.778 billion yuan, with 5 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, with 3.916 billion yuan, and a daily increase of 1.60% [1] - The computer sector followed with a net inflow of 2.545 billion yuan and a daily increase of 1.55% [1] - A total of 26 sectors experienced net capital outflows, with the electronics sector leading at 16.241 billion yuan, followed by the machinery equipment sector with 2.832 billion yuan [1] Communication Sector Performance - The communication sector rose by 1.99% with a net inflow of 629 million yuan, comprising 125 stocks, of which 54 rose and 71 fell [2] - The top net inflow stocks in the communication sector included NewEase with 1.266 billion yuan, followed by ZTE Corporation and Cambridge Technology with 922 million yuan and 625 million yuan respectively [2] - The sector also had 6 stocks with net outflows exceeding 100 million yuan, led by Data Port with 485 million yuan, followed by Tianfu Communication and Zhongji Xuchuang with 352 million yuan and 315 million yuan respectively [3] Top Gainers in Communication Sector - NewEase: +6.02%, turnover rate 6.37%, net inflow 1.266 billion yuan [2] - ZTE Corporation: +4.16%, turnover rate 6.60%, net inflow 922 million yuan [2] - Cambridge Technology: +10.00%, turnover rate 14.71%, net inflow 625 million yuan [2] Top Losers in Communication Sector - Data Port: -2.78%, turnover rate 18.21%, net outflow 484.588 million yuan [3] - Tianfu Communication: -0.06%, turnover rate 4.09%, net outflow 351.699 million yuan [3] - Zhongji Xuchuang: +2.62%, turnover rate 4.57%, net outflow 314.628 million yuan [3]

Market Overview - On September 25, the communication equipment sector rose by 2.28%, with Shenyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Gainers in Communication Equipment Sector - Shenyu Co., Ltd. (300563) closed at 48.62, up 12.52%, with a trading volume of 502,800 shares and a transaction value of 2.365 billion [1] - Canqin Technology (688182) closed at 29.50, up 10.82%, with a trading volume of 237,800 shares and a transaction value of 690 million [1] - Cambridge Technology (603083) closed at 124.87, up 10.00%, with a trading volume of 394,300 shares and a transaction value of 4.721 billion [1] - New Yisheng (300502) closed at 376.00, up 6.02%, with a trading volume of 564,300 shares and a transaction value of 20.860 billion [1] Market Capital Flow - The communication equipment sector saw a net inflow of 1.493 billion from institutional investors, while retail investors experienced a net outflow of 570 million [2][3] - Major stocks like New Yisheng and ZTE Corporation (000063) had significant net inflows from institutional investors, amounting to 1.234 billion and 872 million respectively [3] Notable Decliners - Meilixin (301307) closed at 36.86, down 7.69%, with a trading volume of 250,900 shares [2] - Jiaxun Feihuan (300213) closed at 9.94, down 5.33%, with a trading volume of 353,600 shares [2] - ST Gaohong (000851) closed at 0.40, down 4.76%, with a trading volume of 199,300 shares [2]