证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202564 中兴通讯股份有限公司 2025 年第三季度报告 本公告在境内和香港同步刊登。本公告根据《深圳证券交易所股票上市规则》规定在境内刊登。 本公告依据《香港联合交易所有限公司证券上市规则》第 13.09(2)条及第 13.10B 条的披露义务及 香港法例第 571 章《证券及期货条例》第 XIVA 部内幕消息条文而公布。 §1 重要提示 1.1 中兴通讯股份有限公司（简称"中兴通讯"、"本公司"或"公司"）董事会及董事、 高级管理人员保证本季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 1.2 本季度报告已经于 2025 年 10 月 28 日召开的本公司第十届董事会第十三次会议审议 通过，所有董事均亲自出席了本次会议。 1.3 本公司法定代表人徐子阳先生、财务总监李莹女士和会计机构负责人王秀红女士声 明：保证本季度报告中的财务报表真实、准确、完整。 1.4 本季度报告中的财务报表未经审计。本季度报告所载的财务资料乃根据中国企业会 计准则编制。 1.5 本季度报告 ...

Market Overview - The Shanghai Composite Index closed at 3988.22 points, down 0.22%, with a trading volume of 940.8 billion yuan. The Shenzhen Component Index fell 0.44% to 13430.10 points, with a trading volume of 1207.1 billion yuan. The ChiNext Index decreased by 0.15% to 3229.58 points, with a trading volume of 573.27 billion yuan. The STAR Market 50 Index dropped 0.84% to 1471.73 points, with a trading volume of 87.8 billion yuan. The total trading volume for both markets was 2147.9 billion yuan, a decrease of 192.23 billion yuan from the previous trading day [1]. Sector Performance - Among industry sectors, defense and military, transportation, textiles and apparel, communications, and environmental protection showed the highest gains. In contrast, sectors such as non-ferrous metals, beauty care, steel, construction decoration, coal, pharmaceutical biology, securities, and oil and petrochemicals experienced significant declines [3]. - The fluorochemical and PCB concepts were particularly strong, with ST Zhongdi achieving an 8-day consecutive limit-up [2][4]. Individual Stock Performance - A total of 2284 stocks rose while 2714 stocks fell, with 156 stocks remaining flat and 10 stocks suspended. Excluding newly listed stocks, there were 71 stocks that hit the daily limit-up and 11 that hit the limit-down [3]. - The top net inflow stocks included Sanhua Intelligent Control with a net inflow of 1.098 billion yuan, followed by Duofluor and Heyuan Biological with inflows of 955.6 million yuan and 825 million yuan, respectively [10][11]. Fund Flow Analysis - The net outflow of main funds from the Shanghai and Shenzhen markets was 34.079 billion yuan, with the ChiNext experiencing a net outflow of 11.392 billion yuan and the CSI 300 seeing a net outflow of 10.192 billion yuan. The electronic sector had the largest net outflow of 10.889 billion yuan [5]. - Five sectors saw net inflows, with the defense and military sector leading with a net inflow of 999.3 million yuan [5]. Institutional Activity - Institutional investors had a net buy of approximately 370 million yuan, with Hengbao Co. being the most purchased stock at a net buy of about 193 million yuan. The most sold stock was Zhongtung High-tech, with a net sell of approximately 105 million yuan [17][19].

Market Overview - The low-altitude economy sector experienced a decline of 0.22% on October 28, with Huajian Group leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers in Low-Altitude Economy - Aerospace Development (code: 000547) saw a significant increase of 9.95%, closing at 8.84, with a trading volume of 1.61 million shares and a transaction value of 1.399 billion [1] - Nanjing Jinglong (code: 300644) rose by 8.60%, closing at 36.36, with a trading volume of 156,100 shares and a transaction value of 570 million [1] - Other notable gainers include: - China National Materials (code: 002080) up 6.87% to 34.54 [1] - Bidding Co., Ltd. (code: 301136) up 5.97% to 13.14 [1] - Wanxiang Qianchao (code: 000559) up 5.89% to 12.05 [1] Underperformers in Low-Altitude Economy - Huajian Group (code: 600629) led the decline with a drop of 9.98%, closing at 24.18, with a trading volume of 1.4556 million shares and a transaction value of 364.1 million [2] - Other significant losers include: - Shenke Co., Ltd. (code: 002278) down 9.57% to 14.36 [2] - Holoever (code: 688682) down 4.53% to 32.46 [2] Capital Flow Analysis - The low-altitude economy sector saw a net outflow of 3.361 billion from institutional investors, while retail investors contributed a net inflow of 3.044 billion [2][3] - Notable capital flows include: - Aerospace Development had a net inflow of 505 million from institutional investors, while retail investors had a net outflow of 227 million [3] - China National Materials experienced a net inflow of 17.9 million from institutional investors, with a net outflow of 1.76 billion from retail investors [3]

Market Performance - The Shanghai Composite Index briefly surpassed 4000 points before retreating, closing at 4005 points with a gain of 0.21% [1] - The three major A-share indices experienced a decline in the afternoon, with the Shanghai Index down 0.22%, Shenzhen Component down 0.44%, and ChiNext down 0.15% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion, a decrease of 192.3 billion compared to the previous trading day, with over 2900 stocks declining [4] Sector Performance - The Fujian sector continued to perform strongly, with multiple stocks hitting the daily limit, including Haixia Innovation and Fujian Cement [3] - The military industry stocks surged, with companies like Jianglong Shipbuilding and Great Wall Military Industry seeing significant gains [3] - The non-ferrous metals sector faced widespread declines, particularly in gold, rare earths, and cobalt mining [3] Capital Flow - Main capital inflows were observed in the biopharmaceutical, cultural media, and software development sectors, while outflows were noted in semiconductors, non-ferrous metals, and communication equipment [6] - Specific stocks such as N He Yuan-U and N Yi Cai-U saw net inflows of 1.775 billion and 1.291 billion respectively, while Northern Rare Earth and Huayou Cobalt experienced significant outflows [6] Market Outlook - Industry insiders predict a likely continuation of a slow bull market until the end of the year, supported by progress in US-China trade negotiations and favorable regulatory policies [7] - The China Securities Regulatory Commission (CSRC) is optimizing the Qualified Foreign Institutional Investor (QFII) system to attract foreign investment, enhancing transparency and efficiency [8] - Analysts suggest that the breakthrough of 4000 points reflects improved market sentiment and investor confidence, with a potential for further capital inflow if the index stabilizes above this level [9] Investment Strategy - Investors are advised to remain rational and focus on companies with strong fundamentals, avoiding blind chasing of high prices [9] - The technology sector is expected to continue its momentum, while pharmaceuticals and consumer goods are seen as key areas for long-term investment [10]

Market Overview - The Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index decreased by 0.44%, the ChiNext Index dropped by 0.15%, and the CSI 300 Index declined by 0.51% [1] - Among the tradable A-shares, 2,362 stocks rose, accounting for 43.52%, while 2,908 stocks fell [1] Capital Flow - The main capital experienced a net outflow of 48.369 billion yuan throughout the day [1] - The ChiNext saw a net outflow of 8.319 billion yuan, while the STAR Market had a net outflow of 3.603 billion yuan [1] - The CSI 300 constituent stocks faced a net outflow of 20.911 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 10 industries saw an increase, with the top gainers being the comprehensive sector and defense industry, rising by 2.06% and 1.07% respectively [1] - The industries with the largest declines were non-ferrous metals and beauty care, which fell by 2.72% and 1.51% respectively [1] Industry Capital Inflow and Outflow - The defense industry led in net capital inflow, with a total of 2.138 billion yuan, while it also increased by 1.07% [1] - The building materials sector had a slight increase of 0.01% with a net inflow of 0.286 billion yuan [1] - The electronics industry experienced the largest net outflow, totaling 12.127 billion yuan, with a decline of 0.37% [1] - Other significant outflows were seen in the non-ferrous metals sector, which fell by 2.72% with a net outflow of 10.828 billion yuan [1] Individual Stock Performance - A total of 1,809 stocks had a net inflow of funds, with 685 stocks seeing inflows exceeding 10 million yuan [3] - The stock with the highest net inflow was C He Yuan-U, with 1.776 billion yuan, followed by C Yi Cai-U and Sanhua Intelligent Control with net inflows of 1.295 billion yuan and 1.228 billion yuan respectively [3] - Conversely, 201 stocks experienced net outflows exceeding 100 million yuan, with Northern Rare Earth, ZTE Corporation, and Huayou Cobalt seeing the largest outflows of 2.242 billion yuan, 1.359 billion yuan, and 1.235 billion yuan respectively [3]

Market Overview - On October 28, the communication equipment sector rose by 0.01% compared to the previous trading day, with LianTe Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Gainers in Communication Equipment - LianTe Technology (301205) closed at 112.60, up 15.12% with a trading volume of 197,900 shares and a transaction value of 2.167 billion [1] - DeKeLi (688205) closed at 114.10, up 7.34% with a trading volume of 145,300 shares and a transaction value of 1.647 billion [1] - YongDing Co., Ltd. (600105) closed at 16.08, up 7.06% with a trading volume of 3.0655 million shares and a transaction value of 4.942 billion [1] Top Losers in Communication Equipment - ChengTian WeiYe (300689) closed at 53.31, down 5.66% with a trading volume of 49,900 shares and a transaction value of 272 million [2] - ZhongTian Technology (600522) closed at 17.05, down 4.85% with a trading volume of 2.2863 million shares and a transaction value of 3.882 billion [2] - ZTE Corporation (000063) closed at 49.39, down 3.76% with a trading volume of 1.9606 million shares and a transaction value of 974.9 million [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 4.818 billion from institutional investors, while retail investors saw a net inflow of 2.538 billion [2][3] - Major stocks like YongDing Co., Ltd. and LianTe Technology had varying net inflows and outflows from different investor categories [3] Individual Stock Capital Flows - YongDing Co., Ltd. had a net inflow of 464 million from institutional investors, while it faced a net outflow of 334 million from retail investors [3] - LianTe Technology saw a net inflow of 156 million from institutional investors but a net outflow of 85.229 million from retail investors [3]

每经AI快讯，中兴通讯(00763.HK)盘中跌超5%，截至发稿，跌4.71%，报39.62港元，成交额17.01亿港 元。 ...

Core Viewpoint - ZTE Corporation (000063)(00763) experienced a decline of over 5% in intraday trading, currently down 4.71% at HKD 39.62, with a trading volume of HKD 1.701 billion. The company is set to hold a board meeting to approve its Q3 results for the nine months ending September 30, 2025. [1] Group 1 - ZTE is a leading domestic telecommunications equipment company actively transitioning from "connectivity" to "connectivity + computing power." [1] - Huatai Securities' recent report highlights two key reasons for optimism regarding ZTE: the company's solid fundamentals and its ability to maintain a high market share in collective procurement despite a decline in traditional network capital expenditure from domestic operators. [1] - ZTE's overseas business expansion is effectively alleviating the downturn in domestic demand. [1] Group 2 - The company's forward-looking layout in computing power is expected to yield results, as ZTE has fully entered the AI computing power sector, covering computing, storage, and networking products. [1] - ZTE possesses comprehensive self-research capabilities from chips to complete machines, making its position in the domestic computing power chain unique. [1] - With the mass introduction of self-developed chips into ICT equipment, ZTE's profitability in government and enterprise business is anticipated to improve significantly. [1]

Core Viewpoint - ZTE Corporation (00763) experienced a decline of over 5% in intraday trading, currently down 4.71% at HKD 39.62, with a trading volume of HKD 1.701 billion [1] Group 1: Company Performance - ZTE Corporation is set to hold a board meeting to approve its third-quarter results for the nine months ending September 30, 2025 [1] - Despite a downturn in traditional network capital expenditure from domestic operators, ZTE maintains a high market share in collective procurement and strong profitability [1] Group 2: Strategic Transition - The company is transitioning from a focus on "connectivity" to "connectivity + computing power" [1] - ZTE has made significant advancements in the AI computing power sector, with a comprehensive layout in computing, storage, and networking products [1] Group 3: Future Outlook - The company possesses full-stack self-research capabilities from chips to complete machines, highlighting its uniqueness in the domestic computing power chain [1] - With the mass introduction of self-developed chips into ICT equipment, ZTE's profitability in government and enterprise business is expected to improve significantly [1]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw an increase of 11.43% in the 43rd week of 2025, ranking first among major industries in the Yangtze River region. Year-to-date, the sector has risen by 67.97%, also ranking first [2][5]. - Anthropic and Google are collaborating to deploy up to 1 million TPUs, with an expected investment of several hundred billion dollars, aiming for a launch of over 1 GW computing cluster by 2026 [6]. - The introduction of OCS switch cabinets in Google's Ironwood super node architecture indicates a rapid advancement in the OCS industry, supported by significant orders for yttrium vanadate from Tengjing Technology [6][8]. - NVIDIA is considering providing guarantees for loans to OpenAI to support its data center expansion, with a total funding support of up to $100 billion planned for the construction of at least 10 GW AI computing clusters [7][8]. Summary by Sections Market Performance - In the 43rd week of 2025, the communication sector increased by 11.43%, leading the Yangtze River region's major industries. Since the beginning of the year, the sector has risen by 67.97% [2][5]. Key Collaborations and Developments - Anthropic's partnership with Google aims to deploy 1 million TPUs to meet the growing demand for AI model training and inference, with a project investment expected to reach hundreds of billions of dollars [6]. - The OCS industry is accelerating, as evidenced by Tengjing Technology's significant order for yttrium vanadate, which is crucial for the OCS technology [6]. AI and Computing Expansion - NVIDIA's potential loan guarantees for OpenAI are part of a broader strategy to support the expansion of AI computing capabilities, with OpenAI also launching the Atlas browser featuring integrated ChatGPT functionalities [7][8]. Investment Recommendations - The report recommends several companies across various segments, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication - Satellite Applications: Huace Navigation, Haige Communication [8].