Market Overview - The Hang Seng Index closed down by 0.13%, while the Hang Seng Tech Index increased by 0.89% [1] - The Hong Kong Tech ETF (159751) rose by 0.98%, and the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.35% [1] Sector Performance - Semiconductor products and equipment, as well as hotel and resort REIT sectors, showed strong gains [1] - Conversely, the computer and peripheral equipment, along with personal care products sectors, experienced significant declines [1] Individual Stock Movements - Jingji Group surged over 160%, and Datong Group increased by over 115% [1] - Luoyang Molybdenum rose by 11.73%, CATL increased by 5.14%, Zijin Mining gained 5.13%, ZTE Corporation rose by 4.8%, Huahong Semiconductor increased by 4.74%, and Xiaomi Group-W rose by 4.48% [1] - Hong Kong Broadband fell by 11.71%, and Zhongqing Holdings dropped by 11.94% [1] - China Everbright Holdings surged by 25.89%, and Yimai Sunshine increased by 14.08% [1]

Core Viewpoint - The company has experienced significant growth in its second curve revenue, particularly in computing power and terminal products, which have nearly doubled year-on-year and now account for over 35% of total revenue [3]. Group 1: Revenue Growth - The company's server and storage revenue has increased by over 200% year-on-year [3]. - AI server revenue constitutes 55% of the total server revenue [3]. Group 2: Market Position and Orders - The company has recently secured the top share in a collective procurement for AI general computing devices (inference type) [3]. - The company is actively expanding its order acquisition efforts [3]. Group 3: Technological Advancements - The company has developed self-research capabilities for switching chips, achieving a key chip forwarding capacity of 12.8T [3]. - The company aims to upgrade its key chip forwarding capacity from 12.8T to 51.2T [3]. Group 4: Industry Outlook - The evolution of AI technology and its applications is expected to drive the construction of intelligent computing centers and increase business volume on the consumer side [3]. - This growth is anticipated to boost network construction and become a primary engine for ICT industry investment growth over the next 3-5 years [3]. - Cloud vendors are continuously investing in computing power, and the company's intelligent computing and terminal layout is expected to empower future growth [3].

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching 46.31 CNY per share, with a trading volume of 10.268 billion CNY and a turnover rate of 5.62%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has ZTE Corporation as a significant investment. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.5512 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a latest scale of 0.952 billion CNY. Year-to-date returns are 17.61%, ranking 2958 out of 4220 in its category; one-year returns are 36.19%, ranking 2627 out of 3820; and since inception, the return is 23.97% [2] Group 3 - The fund manager of Guotai Junan CSI 300 Index Enhanced Fund A (018257) is Hu Chonghai, who has been in the position for 3 years and 286 days. The total asset size of the fund is 8.512 billion CNY, with the best fund return during his tenure being 73.42% and the worst being -0.06% [3]

Group 1 - ZTE Corporation's stock increased by over 5%, reaching HKD 35.62 with a trading volume of HKD 1.318 billion [1] - Tianfeng Securities reported that in the first half of this year, ZTE's revenue from computing power and terminal products grew nearly 100% year-on-year, accounting for over 35% of total revenue [1] - The company's server and storage revenue increased by over 200% year-on-year, with AI server revenue making up 55% of this segment [1] Group 2 - ZTE has recently won a bid for AI general computing devices from China Mobile, securing the largest share of the total procurement [1] - The company has self-research capabilities for switching chips and has achieved a key chip forwarding capacity of 12.8T, with ongoing technological advancements aimed at upgrading this capacity to 51.2T [1] - The evolution of AI technology and its applications is expected to drive the construction of intelligent computing centers and increase business volume on the consumer side, which may become a major engine for ICT industry investment growth over the next 3-5 years [1] Group 3 - Cloud vendors are continuously investing in computing power, and ZTE's strategy of integrating intelligent computing with terminal products is anticipated to empower future growth [1]

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching a price of 46.31 CNY per share, with a trading volume of 10.252 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Dongzheng Asset Management has ZTE Corporation as its top holding. The fund, Oriental Red Advanced Manufacturing Mixed A (017848), reduced its holdings by 21,500 shares in the second quarter, now holding 50,100 shares, which accounts for 1.93% of the fund's net value, making it the largest holding [2] - The Oriental Red Advanced Manufacturing Mixed A fund was established on April 26, 2023, with a latest scale of 782.875 million CNY. Year-to-date returns are 27.72%, ranking 3,509 out of 8,173 in its category; one-year returns are 28.78%, ranking 4,951 out of 8,003; and since inception, the return is 21.3% [2]

Core Viewpoint - ZTE Corporation (000063)(00763) saw a stock increase of over 5%, currently at 35.62 HKD with a trading volume of 1.318 billion HKD, driven by strong revenue growth in its second curve business, particularly in AI and computing products [1] Group 1: Company Performance - In the first half of the year, ZTE's revenue from its second curve, represented by computing power and terminal products, grew nearly 100% year-on-year, accounting for over 35% of total revenue [1] - Revenue from servers and storage increased by over 200% year-on-year, with AI server revenue making up 55% of this segment [1] Group 2: Market Position and Orders - ZTE has recently secured the largest share in the centralized procurement of AI general computing devices (inference type) for China Mobile (600941) [1] - The company has self-research capabilities for switching chips and has achieved a key chip forwarding capacity of 12.8T, with ongoing technological advancements aimed at upgrading this capacity to 51.2T [1] Group 3: Industry Outlook - The evolution of AI technology and its deeper application is expected to promote the construction of intelligent computing centers and increase business volume on the consumer side, driving growth in network construction [1] - The investment in computing power by cloud vendors and ZTE's strategic layout in intelligent computing and terminals are anticipated to empower future growth in the ICT industry over the next 3-5 years [1]

Group 1 - ZTE Corporation's A-shares have increased by 5%, with a trading volume exceeding 10 billion yuan [1]

Core Viewpoint - ZTE Corporation collaborates with Alibaba Cloud to build a global cloud ecosystem, focusing on digital transformation and intelligent computing solutions for enterprises [4][5][7]. Group 1: Partnership and Collaboration - ZTE and Alibaba Cloud have been partners since 2013, emphasizing an open and win-win philosophy while deepening business collaboration [5]. - The partnership has led to the development of dedicated cloud solutions that integrate ZTE's servers with Alibaba Cloud's operating system, serving over 200 clients across more than 30 provinces [5]. Group 2: Global Expansion - ZTE has a long-standing international presence, operating in over 160 countries and serving more than 500 operators, which supports the collaborative efforts with Alibaba Cloud in various regions [7]. - Joint cloud capabilities have been established in countries such as Indonesia, Algeria, Dubai, Mexico, Singapore, and Malaysia, creating replicable regional models for digital transformation [7]. Group 3: Intelligent Computing Solutions - ZTE introduced a full-stack open intelligent computing solution that is compatible with mainstream GPU/CPU, providing diverse computing power and model options [9]. - The company showcased a super-node server capable of supporting 64 GPUs, designed for large-scale intelligent computing clusters, demonstrating industry-leading integration and expansion capabilities [11]. Group 4: Sustainable Solutions - ZTE's "intelligent and economical" elastic computing center solution addresses diverse customer needs and green energy pressures, featuring modular and prefabricated architecture that shortens delivery cycles by 40% [14]. - The solution supports liquid cooling and high-density deployment, enhancing energy efficiency and meeting the demands of large-scale data center construction [14]. Group 5: Future Directions - ZTE aims to continue its focus on independent innovation and open collaboration, striving to advance intelligent computing infrastructure, green data centers, and global cloud network cooperation [14].

Core Viewpoint - ZTE Corporation's stock price has shown a mixed performance in recent months, with a year-to-date increase of 12.81% and a recent decline over the past 20 days of 5.36% [1][2] Financial Performance - For the first half of 2025, ZTE achieved a revenue of 71.55 billion yuan, representing a year-on-year growth of 14.51%, while the net profit attributable to shareholders decreased by 11.77% to 5.06 billion yuan [2] - Cumulatively, ZTE has distributed a total of 17.14 billion yuan in dividends since its A-share listing, with 8.11 billion yuan distributed over the past three years [3] Shareholder Information - As of September 19, ZTE had 446,800 shareholders, an increase of 3.59% from the previous period, with an average of 9,019 circulating shares per shareholder, a decrease of 3.47% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 88.22 million shares, an increase of 12.14 million shares from the previous period [3] Stock Market Activity - On September 25, ZTE's stock price rose by 2.07% to 44.88 yuan per share, with a trading volume of 846 million yuan and a turnover rate of 0.47% [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on August 22 [1] Business Segments - ZTE's main business revenue composition includes 49.00% from carrier networks, 26.91% from government and enterprise services, and 24.09% from consumer business [1]

Group 1 - Southbound funds recorded a net purchase of approximately 13.705 billion HKD on September 24 [1] - Alibaba-W and Tencent Holdings received net purchases of approximately 5.339 billion HKD and 2.651 billion HKD, respectively [1] - ZTE Corporation experienced a net sell-off of 354 million HKD [1]