Investment Rating - The report maintains a "Buy" rating for ZTE Corporation (000063) with a target price not specified [6]. Core Views - ZTE Corporation's revenue for the first half of 2025 reached 71.55 billion yuan, representing a year-on-year growth of 14.5%, while the net profit attributable to shareholders decreased by 11.77% to 5.06 billion yuan [1]. - In Q2 2025, the company achieved a revenue of 38.59 billion yuan, a significant year-on-year increase of 20.92%, with notable growth in the government and enterprise business segment, which saw a 109.93% increase [2]. - The company's strategy of "Connection + Computing Power" is yielding results, with revenue from computing power and terminal products nearly doubling year-on-year, accounting for over 35% of total revenue [3][5]. Summary by Sections Financial Performance - For the first half of 2025, ZTE's revenue was 71.55 billion yuan, with a net profit of 5.06 billion yuan, reflecting a decline in profitability [1]. - The second quarter of 2025 showed a revenue of 38.59 billion yuan, with a net profit of 2.60 billion yuan, indicating a decline of 12.94% year-on-year [2]. - The company anticipates a net profit of 8.5 billion yuan for 2025, with projected earnings per share (EPS) of 1.77 yuan [6]. Business Segments - The revenue breakdown for Q2 2025 includes 35.06 billion yuan from carrier networks (down 5.99% year-on-year), 19.25 billion yuan from government and enterprise (up 109.93%), and 17.23 billion yuan from consumer business (up 7.59%) [2]. - The computing power segment, including servers and storage, saw over 200% growth, with AI servers making up 55% of this revenue [3]. Strategic Initiatives - ZTE is enhancing its core switching chip capabilities, aiming to upgrade from 12.8T to 51.2T forwarding capacity [4]. - The company is actively expanding its AI-driven solutions, including self-developed chips and integrated computing products, to support the growth of intelligent computing centers and consumer applications [5]. - ZTE's "AI Together" initiative aims to enhance collaboration among AI models, with new product launches such as the Nubia Z70S Ultra and Nubia Flip 2 [5].

Core Insights - ZTE Corporation ranks second in the "Top 100 Innovative Large Enterprises in China 2025" with a score of 86.74, reflecting its strategic transformation and technological reinvention in the AI era [1][3]. Group 1: Strategic Transformation - ZTE is shifting from being a traditional communication equipment supplier to a "connection + computing" player, aiming to leverage AI and computing power for growth [4][5]. - The company has reported a 14.5% year-on-year revenue growth in the first half of 2025, with its computing and terminal businesses growing nearly 100%, now accounting for over one-third of total revenue [4][9]. Group 2: Technological Advancements - ZTE has developed a comprehensive self-research system covering computing processors, network processors, and AI switching chips, enhancing its technological foundation for intelligent computing clusters [5][8]. - The introduction of ultra-node solutions based on self-developed AI switching chips has achieved GPU intercommunication bandwidths of 400GB/s to 1.6TB/s, showcasing ZTE's technological capabilities [5][6]. Group 3: Market Performance - In the first half of 2025, ZTE's overall revenue reached 71.55 billion yuan, with the enterprise business segment showing explosive growth, increasing by 109.9% year-on-year [9][10]. - The AI server segment has become a significant contributor, with ZTE winning the largest share in a major procurement project for AI computing devices by China Mobile [9][10]. Group 4: R&D and Innovation - ZTE's R&D expenses reached 12.66 billion yuan in the first half of 2025, accounting for approximately 18% of its revenue, supporting AI technology development and product innovation [13][14]. - The company holds around 94,000 patent applications, with over 50% related to AI, establishing a strong technological barrier in key areas such as intelligent computing chips and AI algorithms [13][14]. Group 5: International Expansion - ZTE's overseas revenue reached 20.94 billion yuan in the first half of 2025, marking a 7.8% year-on-year increase, indicating its growing international market presence [11][12]. - The company is focusing on data centers and intelligent computing infrastructure in international markets, covering regions such as Europe, Latin America, and the Middle East [11][12].

Core Insights - ZTE Corporation ranked second in the "Top 100 Innovative Enterprises in China" with a score of 86.74, following Huawei, highlighting its significant R&D investments and patent achievements [1][10] - The company is transitioning from a traditional telecommunications provider to a leader in both network connectivity and intelligent computing, reflecting a strategic shift towards AI and computing power [4][5] Group 1: Strategic Shift - ZTE's management foresaw the structural adjustments in operator investments as 5G network construction matures, prompting a proactive shift from "full connectivity" to "connectivity + computing power" [3][4] - The new vision aims to position ZTE as an "engine manufacturer" in the digital economy, moving beyond merely being a builder of infrastructure [4] Group 2: Technological Foundation - ZTE's strategy is supported by substantial R&D investments, with 2024 R&D expenses projected at 24.03 billion yuan, accounting for approximately 20% of revenue [6] - Cumulatively, ZTE invested 117.07 billion yuan in R&D from 2019 to 2024, resulting in significant technological advancements and numerous patents, including nearly 5,500 AI-related patent applications [6][7] Group 3: Market Performance - In the first half of 2025, ZTE's revenue from its second growth curve, including servers and storage, nearly doubled year-on-year, now representing over 35% of total revenue [8] - The AI server segment alone accounted for 55% of the revenue in this category, indicating strong demand from leading domestic internet companies [8] Group 4: Industry Recognition - ZTE's innovations in AI have garnered industry accolades, including the highest award at the 2025 World Artificial Intelligence Conference and significant contracts from major operators like China Mobile [9][10] - The company's comprehensive self-developed capabilities in AI technology are seen as a unique long-term competitive advantage, as reflected in positive evaluations from multiple brokerage firms [9]

Core Insights - ZTE Corporation has embraced an AI-driven core strategy, leading to its recognition as one of China's top 100 innovative enterprises, ranking second with a score of 86.74 [2][3] Group 1: Innovation Ranking - On September 15, the China Enterprise Confederation and the China Entrepreneur Association released the "Top 100 Innovative Enterprises in China," with Huawei at the top and ZTE in second place [2] - The ranking criteria included a minimum of 100 invention patents, a research intensity of over 0.6%, and revenue exceeding 20 billion yuan [2] Group 2: Business Transformation and Performance - ZTE's revenue for the first half of 2025 reached 71.55 billion yuan, a year-on-year increase of 14.5%, with a net profit of 5.06 billion yuan [3] - The second curve business, represented by computing and terminal products, saw nearly 100% revenue growth, accounting for over 35% of total revenue [3] - The company’s AI strategy is entering a phase of performance realization, with significant growth in its AI-related business segments [3] Group 3: Strategic Focus - ZTE is focusing on three main areas related to AI: building AI-native ICT infrastructure, empowering AI application proliferation, and enhancing AI applications for personal and home use [4] - The company has established a comprehensive AI product ecosystem, covering various technologies and solutions from microelectronics to telecommunications [4] Group 4: R&D Investment - ZTE plans to leverage opportunities in AI across four dimensions: communication infrastructure, computing infrastructure, industry applications, and edge AI [5] - The company has committed to high levels of R&D investment, with 24.03 billion yuan allocated in 2024, representing about 20% of its revenue [5] - As of now, ZTE holds approximately 94,000 global patent applications, with nearly 5,500 related to AI [5] Group 5: Industry Recognition and Future Outlook - ZTE has received industry accolades, including the SAIL Award at the 2025 World Artificial Intelligence Conference [6] - The company anticipates that AI will reshape industry paradigms and create significant economic opportunities, aiming to enhance its AI capabilities and contribute to high-quality economic development [6] - The global AI market is projected to exceed $860 billion in the next five years, with a compound annual growth rate of 32.19% [6]

Group 1 - Huawei Technologies Co., Ltd. ranks first in the "Top 100 Innovative Large Enterprises in China" with a score of 94.7, followed by ZTE Corporation at second place with a score of 86.74 [1] - The selection criteria for the "Top 100 Innovative Large Enterprises" include a minimum of 100 invention patents, a research and development intensity of over 0.6%, and annual revenue exceeding 20 billion [1] - ZTE's innovation is significantly driven by its strategic focus on artificial intelligence (AI), transitioning from connectivity to "connectivity + computing power" [1] Group 2 - In the first half of the year, ZTE's AI-driven second curve business revenue increased by nearly 100% year-on-year, with government and enterprise, as well as consumer segments, accounting for over 50% of total revenue [2] - ZTE has launched a comprehensive range of AI computing solutions, including ultra-node servers and high-performance storage, tailored to meet diverse computing needs [2] - ZTE has received industry recognition for its AI technology investments, winning the SAIL Award at the 2025 World Artificial Intelligence Conference and securing the largest share in a major procurement project for AI computing devices [2]

中兴通讯9月16日大宗交易平台出现一笔成交，成交量4.55万股，成交金额201.57万元，大宗交易成交价 为44.30元。该笔交易的买方营业部为中信证券股份有限公司上海分公司，卖方营业部为中信证券华南 股份有限公司佛山分公司。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为406.27万元。 证券时报·数据宝统计显示，中兴通讯今日收盘价为44.30元，上涨2.88%，日换手率为4.54%，成交额为 80.82亿元，全天主力资金净流入6.16亿元，近5日该股累计上涨8.95%，近5日资金合计净流入10.79亿 元。 两融数据显示，该股最新融资余额为97.68亿元，近5日减少1.22亿元，降幅为1.24%。 据天眼查APP显示，中兴通讯股份有限公司成立于1997年11月11日。注册资本478353.4887万人民币。 （数据宝） 9月16日中兴通讯大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | ...

Core Insights - The humanoid robot concept sector has seen a significant increase of 3.58%, ranking as the second highest among concept sectors, with 287 stocks rising [1] - Major stocks within this sector, such as Hengshuai Co., Hongchang Technology, and Anpeilong, reached a 20% limit up, while Jiangsu Leili and Xiechuang Data also showed strong performance with increases of 14.16% and 13.10% respectively [1][2] Market Performance - The humanoid robot sector attracted a net inflow of 9.321 billion yuan, with 182 stocks receiving net inflows, and 50 stocks exceeding 100 million yuan in net inflow [2] - The top stock for net inflow was Sanhua Intelligent Control, with a net inflow of 1.171 billion yuan, followed by ZTE Corporation and Top Group with net inflows of 616.46 million yuan and 498 million yuan respectively [2] Stock Performance - Notable performers in the humanoid robot sector included: - Sanhua Intelligent Control with a daily increase of 10.01% and a turnover rate of 6.46% [3] - ZTE Corporation with a 2.88% increase and a turnover rate of 4.54% [3] - Top Group with a 7.67% increase and a turnover rate of 6.92% [3] - Other significant stocks included Changying Precision with an 8.94% increase and a turnover rate of 14.78% [3] Sector Comparison - The humanoid robot sector was among the top gainers, alongside the reducer sector which increased by 3.72%, while other sectors like pork and chicken farming saw declines of -1.93% and -1.50% respectively [2]

进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为406.27万元。该股近5个交易日累 计上涨8.95%，主力资金合计净流入12.07亿元。 9月16日，中兴通讯收涨2.88%，收盘价为44.30元，发生1笔大宗交易，合计成交量4.55万股，成交金额 201.57万元。 第1笔成交价格为44.30元，成交4.55万股，成交金额201.57万元，溢价率为0.00%，买方营业部为中信证 券股份有限公司上海分公司，卖方营业部为中信证券华南股份有限公司佛山分公司。 责任编辑：小浪快报 ...

9月16日，中兴通讯大宗交易成交4.55万股，成交额201.57万元，占当日总成交额的0.02%，成交价44.3 元，较市场收盘价44.3元持平。 | 权益类证券大宗交易(协议交易) | | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-16 | 000063 | 中兴通讯 | 44.30 | 4.55 | 201.57 | 中信证券股份有限 | 中信证券华南股份 | | | | | | | | 公司上海分公司 | 有限公司佛山分公 | | | | | | | | | 司 | ...

Market Performance - On September 16, the communication equipment sector rose by 0.98% compared to the previous trading day, with Meilixin leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Communication Equipment Sector - Meilixin (301307) closed at 40.38, up 20.00% with a trading volume of 269,600 shares and a transaction value of 1.032 billion [1] - Dekeli (688205) closed at 105.60, up 10.69% with a trading volume of 137,100 shares and a transaction value of 1.361 billion [1] - Changfei Fiber (688109) closed at 95.65, up 10.01% with a trading volume of 200,000 shares and a transaction value of 1.832 billion [1] - Cambridge Technology (603083) closed at 119.90, up 10.00% with a trading volume of 500,300 shares and a transaction value of 5.905 billion [1] Top Losers in Communication Equipment Sector - ST Gaohong (000851) closed at 0.57, down 5.00% with a trading volume of 35,400 shares and a transaction value of 2.0192 million [2] - Shijia Photon (688313) closed at 68.59, down 3.19% with a trading volume of 380,000 shares and a transaction value of 2.604 billion [2] - Dongxin Peace (002017) closed at 26.16, down 2.39% with a trading volume of 364,200 shares and a transaction value of 0.952 billion [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 2.657 billion from institutional investors, while retail investors saw a net inflow of 2.304 billion [2][3] - Major stocks like ZTE (000063) had a net inflow of 680 million from institutional investors, while it faced a net outflow of 281 million from speculative funds [3] - Light Speed Technology (002281) had a net inflow of 370 million from institutional investors but a net outflow of 172 million from speculative funds [3]