Group 1 - The core viewpoint of the report indicates that ZTE Corporation's revenue increased by 15% year-on-year to 71.6 billion yuan, while net profit decreased by 12% to 5.1 billion yuan [1] - The shift in product mix towards higher shipment volume servers has negatively impacted gross margin and net margin, which fell by 8 and 2.1 percentage points to 32.5% and 7.1% respectively [1] - The report suggests that ZTE is expected to maintain strong growth momentum in the coming years, supported by the AI infrastructure investment cycle and the trend of domestic semiconductor localization [1] Group 2 - The target price for ZTE's H-shares has been raised from 26.5 HKD to 42 HKD, and the target price for A-shares has been increased from 32.86 CNY to 57 CNY [1] - The forecasted net profits for ZTE from 2025 to 2027 are projected to be 7.976 billion, 8.035 billion, and 9.568 billion yuan, reflecting year-on-year changes of -5.3%, +0.7%, and +19.1% respectively [1]

Market Overview - The Shanghai Composite Index fell by 0.45% to close at 3858.13 points, with a high of 3885.31 points [1] - The Shenzhen Component Index decreased by 2.14% to 12553.84 points, reaching a maximum of 12857.16 points [1] - The ChiNext Index dropped by 2.85% to 2872.22 points, peaking at 2979.73 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 22811.21 billion yuan, with a financing balance of 22650.35 billion yuan and a securities lending balance of 160.85 billion yuan [2] - The margin trading and securities lending balance decreased by 85.37 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11692.6 billion yuan, down by 25.08 billion yuan, while the Shenzhen market's balance was 11118.61 billion yuan, down by 60.29 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Xinyi Technology (51.06 billion yuan) [3] - Zhongji Xuchuang (50.48 billion yuan) [3] - Shenghong Technology (50.25 billion yuan) [3] Fund Issuance - Two new funds were issued yesterday: - China Merchants Balanced Optimal Mixed A [4] - China Merchants Balanced Optimal Mixed C [4] Top Net Buying Stocks on the Dragon and Tiger List - The top ten net buying stocks on the Dragon and Tiger list were: - Julun Intelligent (437.29 million yuan) [6] - Changchun High-tech (274.93 million yuan) [6] - Gongxiao Daji (258.11 million yuan) [6] - Jianghai Shares (252.47 million yuan) [6] - Baiyin Youse (129.70 million yuan) [6]

Core Insights - The report highlights a mixed performance in global markets, with notable declines in major indices such as the Hang Seng Index and the S&P 500, while some sectors like energy and healthcare showed resilience [1][3]. - The report indicates a significant increase in private equity research visits in August, particularly in sectors like healthcare and electronics, suggesting growing investor interest [3]. - The report emphasizes the competitive landscape for NIO, projecting a potential net loss of 7.8 billion yuan in 2026 despite a 45% increase in sales, indicating high operational challenges [6]. Company Analysis NIO Inc. (NIO US/9866 HK) - NIO's Q2 2025 revenue grew by 58% to 19 billion yuan, exceeding expectations due to higher average selling prices and R&D service contributions [4]. - The company is expected to narrow its net loss significantly in Q4 2025, with a projected non-GAAP net loss of 1 billion yuan, contingent on achieving a sales volume of 150,000 units and maintaining a gross margin of 16-17% [5]. - Despite optimistic sales forecasts, the report expresses skepticism about NIO's ability to achieve a 20% gross margin due to aggressive pricing strategies [5][6]. ZTE Corporation (763 HK/000063 CH) - ZTE reported a 15% year-on-year revenue increase to 71.6 billion yuan in H1 2025, driven by strong sales in AI infrastructure [6]. - The company’s operating segments showed varied performance, with the enterprise business growing by 110%, primarily due to a surge in server and storage sales [7]. - The report maintains a "Buy" rating for ZTE, raising the target price to 42 HKD, reflecting confidence in its growth trajectory amid the AI investment cycle [6]. Market Observations - The report notes a general decline in major stock indices, with the Hang Seng Index down 0.47% and the S&P 500 down 0.69%, indicating a cautious market sentiment [1]. - The report highlights the impact of geopolitical factors, such as the depreciation of the Japanese yen and political uncertainties in Japan, which may affect investor confidence [3]. - The report also mentions the rising U.S. Treasury yields, driven by concerns over high government debt levels, which could influence market dynamics and investor behavior [3].

Group 1 - The main stocks with significant capital outflow include Shanzi Gaoke (-8.24 billion), Xinyi Sheng (-5.19 billion), and Pacific (-4.83 billion) [1][2] - The sectors affected by the capital outflow include automotive, telecommunications, securities, and internet services [2][3] - Notable stock performances show that Shanzi Gaoke had a slight increase of 0.75%, while Longcheng Military Industry and Zhonghang Chengfei experienced declines of -4.87% and -8.12% respectively [2][3] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in specialized equipment and internet services [1][2] - Companies like Wan Tong Development and Liou Shares saw positive stock performance despite significant capital outflow, indicating potential resilience in the real estate and internet service sectors [2][3] - The data reflects a broader market sentiment where certain stocks are under pressure, leading to strategic shifts in investment focus [1][2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4]. Core Insights - The company achieved a revenue of 71.553 billion yuan in the first half of 2025, representing a year-on-year growth of 14.51%. However, the net profit attributable to shareholders decreased by 11.77% to 5.058 billion yuan [1][2]. - The second curve business, particularly in AI servers and self-developed chips, has become a core growth engine, with government and enterprise business revenue growing by 109.93% to 19.254 billion yuan, accounting for 26.91% of total revenue [2][4]. - The company is transitioning from a "connectivity" model to a "connectivity + computing power" strategy, which has shown significant results [2]. Revenue and Profitability - The company's gross profit margin decreased to 32.45%, down 7.99 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin government and enterprise business [3]. - The net profit margin also declined to 7.07%, a decrease of 2.1 percentage points [3]. Financial Forecast - The company is projected to achieve net profits attributable to shareholders of 8.6 billion yuan in 2025, 9.4 billion yuan in 2026, and 11.5 billion yuan in 2027, with corresponding PE ratios of 25, 23, and 19 [4][5]. - Revenue is expected to grow from 121.299 billion yuan in 2024 to 199.587 billion yuan in 2027, with growth rates of -2.4%, 16.0%, 18.8%, and 19.4% respectively [5][7]. Business Development - The company is building a super-node solution and expanding its full-stack domestic intelligent computing products, leveraging self-developed AI large-capacity switching chips [4]. - The company aims to create an open ecosystem for domestic intelligent computing, supporting large model training and high-concurrency inference [4].

Group 1 - UBS Group AG reduced its stake in ZTE Corporation (00763) by selling 2.813912 million shares at a price of HKD 37.1869 per share, totaling approximately HKD 105 million [1] - After the reduction, UBS's remaining shareholding is approximately 57.9641 million shares, representing a holding percentage of 7.67% [1]

Group 1 - UBS Group AG reduced its stake in ZTE Corporation (000063)(00763) by selling 2,813,912 shares at a price of HKD 37.1869 per share, totaling approximately HKD 105 million [1] - After the reduction, UBS's remaining shareholding in ZTE is approximately 57,964,100 shares, representing a holding percentage of 7.67% [1]

Core Points - ZTE Corporation has reported no changes in its issued shares and registered capital as of August 31, 2025, maintaining a total registered capital of RMB 4,783,534,887 [1][2] - The number of issued shares remains constant at 755,502,534 for the Hong Kong listed shares and 4,028,032,353 for the Shenzhen listed shares, with no increase or decrease during the reporting period [1][2] - The company confirms that there are no changes in stock options or convertible bonds during the month, indicating stability in its equity structure [1][2] Section I: Legal/Registered Capital Changes - The registered capital for both Hong Kong and Shenzhen listings remains unchanged at RMB 755,502,534 and RMB 4,028,032,353 respectively, totaling RMB 4,783,534,887 [1] Section II: Issued Shares and Treasury Shares Changes - The total number of issued shares (excluding treasury shares) remains at 755,502,534 for Hong Kong and 4,028,032,353 for Shenzhen, with no changes reported [1][2] Section III: Details of Issued Shares and Treasury Shares Changes - No new shares were issued or transferred from treasury shares during the month, indicating no activity in this area [1][2]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202560 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 8 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 8 月 31 日的证券变动月报表。 呈交日期: 2025年9月2日 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 9 月 3 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上 ...

Market Overview - The Shanghai Composite Index fell by 0.45% on September 2, with six industries experiencing gains, led by the banking sector with a rise of 1.95% and utilities at 0.99% [2] - The communication and computer sectors faced the largest declines, with drops of 5.73% and 4.06% respectively, with the communication industry being the worst performer of the day [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 151.27 billion yuan, with only four industries seeing net inflows [2] - The banking sector had the highest net inflow of capital at 3.42 billion yuan, while the utilities sector followed with a net inflow of 936 million yuan [2] - A total of 27 industries experienced net capital outflows, with the electronics sector leading at 34.54 billion yuan, followed by the computer sector at 24.56 billion yuan [2] Communication Industry Performance - The communication sector saw a significant decline of 5.73%, with a total net outflow of 20.09 billion yuan [3] - Out of 125 stocks in the communication sector, only six rose, while 119 fell, including eight that hit the daily limit down [3] - The top three stocks with the highest net outflows included NewEase, ZTE, and Hengbao, with outflows of 3.10 billion yuan, 1.69 billion yuan, and 1.54 billion yuan respectively [5] Notable Stocks in Communication Sector - China Telecom had a net inflow of 135 million yuan, while China Mobile and 263 also saw inflows of 85.86 million yuan and 29.88 million yuan respectively [3] - The stocks with the highest net inflows were China Telecom, China Mobile, and 263, while the highest outflows were from NewEase, ZTE, and Hengbao [5]