Core Viewpoint - ZTE Corporation is recognized as a rare global provider of end-to-end DICT communication equipment solutions, with products covering wireless, wired, cloud computing, terminal products, and professional communication services, operating in over 160 countries and regions [1] Group 1: Company Overview - ZTE aims to become a leader in network connectivity and intelligent computing power, positioning itself to benefit from the growth of AI [1] - The company is involved in the continuous iteration of large models and the growing demand for AI, with major cloud service providers (CSPs) increasing their investments in AI computing infrastructure [1] Group 2: Market Trends and Projections - By 2025, it is projected that overseas companies such as Amazon, Google, Microsoft, Meta, and Oracle will collectively exceed $370 billion in capital expenditures, representing a year-on-year increase of over 60% [1] - Domestic companies like Tencent, Alibaba, and Baidu are expected to surpass 360 billion yuan in capital expenditures, while China Mobile plans to invest 37.3 billion yuan in computing power by 2025, with China Telecom and China Unicom increasing their investments by 22% and 28% year-on-year, respectively [1] Group 3: Stock Performance - ZTE's stock price surged over 8% in early trading, reaching a historical high of 43.88 HKD, and as of the latest update, the stock price increased by 6.78% to 43.18 HKD, with a trading volume of 2.941 billion HKD [2]

Core Viewpoint - ZTE Corporation (00763) has seen a significant stock price increase, reaching a historical high of 43.88 HKD, driven by positive market sentiment regarding its position in the DICT (Data, Information, Communication Technology) sector and anticipated benefits from AI development [1][2]. Group 1: Market Performance - ZTE's stock rose over 8% in early trading, peaking at 43.88 HKD, and is currently up 6.08% at 42.9 HKD with a trading volume of 28.55 billion HKD [1]. Group 2: Industry Position and Growth Potential - ZTE is recognized as a rare global provider of end-to-end DICT communication equipment solutions, with products spanning wireless, wired, cloud computing, terminal products, and professional communication services, serving over 160 countries and regions [1]. - The company aims to become a leader in network connectivity and intelligent computing power, positioning itself to benefit from the growth of AI [1]. - Major cloud service providers (CSPs) are expected to increase their capital expenditures (Capex) significantly, with a projected total exceeding 370 billion USD by 2025, reflecting a year-on-year growth of over 60% [1]. - In China, leading companies like ByteDance, Tencent, Alibaba, and Baidu are anticipated to exceed 360 billion CNY in Capex, while China Mobile plans to invest 37.3 billion CNY in computing power by 2025, with China Telecom and China Unicom also increasing their investments by 22% and 28% year-on-year, respectively [1]. Group 3: Technological Advancements - ZTE holds a 21% market share in the telecom operator market for servers, ranking first [2]. - The company has nearly 30 years of experience in self-developed chips and is one of the few domestic companies to mass-produce 7nm and introduce 5nm chips, offering a one-stop design service from chip design to mass production [2]. - ZTE has developed its own 5nm process CPU chips and is planning the next generation of switching chips, leveraging its accumulated networking technology to create competitive data center supernode solutions compatible with various GPU/ASIC chips [2].

Group 1: Stock Performance - ZTE Corporation's stock price reached a historical high, increasing by 4.94% to 52.45 yuan, with a trading volume of 272 million shares and a transaction amount of 13.983 billion yuan [2] - The latest total market capitalization of ZTE Corporation in A-shares is 211.27 billion yuan, with a circulating market value of 211.23 billion yuan [2] - The overall decline in the telecommunications industry is 0.13%, with 32 stocks rising, including ZTE Corporation, which ranks among the top gainers [2] Group 2: Financial Data - For the first half of the year, ZTE Corporation achieved operating revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [3] - The basic earnings per share are 1.0600 yuan, and the weighted average return on equity is 6.85% [3] Group 3: Market Activity - As of October 9, the margin trading balance for ZTE Corporation is 11.671 billion yuan, with a financing balance of 11.651 billion yuan, reflecting a recent increase of 1.647 billion yuan, or 16.46% [2] - On October 9, Guosen Securities set a target price of 57.10 yuan for ZTE Corporation [2] - The number of shareholders as of September 30 is 442,852, a decrease of 3,945 from the previous period, representing a decline of 0.88% [2]

10月10日早盘，中兴通讯涨4.76%，报52.36元/股，股价再创新高。总市值突破2504.65亿元，成交额达 108.59亿元。 ...

10月10日早盘，中兴通讯涨4.76%，报52.36元/股，股价再创新高。总市值突破2504.65亿元，成 交额达108.59亿元。 ...

Summary of Key Points Core Viewpoint - As of October 9, the total market financing balance reached 2.43 trillion yuan, reflecting an increase of 508.05 billion yuan from the previous trading day, indicating a positive trend in market financing activity [1]. Financing Activity - The financing balance for the Shanghai Stock Exchange was 1.23 trillion yuan, up by 246.32 billion yuan, while the Shenzhen Stock Exchange saw a balance of 1.19 trillion yuan, increasing by 260.78 billion yuan. The Beijing Stock Exchange's financing balance was 75.13 billion yuan, with a rise of 9.57 million yuan [1]. - On October 9, a total of 2,571 stocks received net financing purchases, with 1,008 stocks having net purchases exceeding 10 million yuan, and 104 stocks exceeding 100 million yuan [1]. Top Stocks by Net Financing - ZTE Corporation led the net financing purchases with 1.45 billion yuan, followed by Xinyi Technology and Northern Rare Earth with 1.33 billion yuan and 1.17 billion yuan, respectively. Other notable stocks included Seres, Cambricon Technologies, and CITIC Securities [1][2]. Industry Distribution - The industries with the highest concentration of stocks receiving net financing over 100 million yuan included electronics, electrical equipment, and non-ferrous metals, with 32, 16, and 13 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 67 stocks, the ChiNext board had 22 stocks, and the Sci-Tech Innovation board had 15 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 3.98%. The stock with the highest ratio was Jiejia Weichuang at 8.08%, followed by Dingjie Zhizhi, Dongfang Caifu, and Beijing Junzheng with ratios of 7.79%, 7.74%, and 7.67% respectively [2].

Market Overview - US stock indices collectively declined overnight, with the Chinese concept index dropping by 2.03% [1] - Hong Kong's three major indices opened lower, with the Hang Seng Index down by 0.85%, the National Index down by 0.94%, and the Hang Seng Tech Index down by 1.4% [1] Sector Performance - Major technology stocks experienced a collective decline, with Alibaba, Baidu, and JD.com falling over 2%, and NetEase, Kuaishou, Meituan, and Xiaomi dropping over 1% [1] - Tencent saw a decrease of 0.96% [1] - Gold stocks led the decline in the non-ferrous metal sector, with China Gold International, Zijin Mining International, and Shandong Gold each falling nearly 4% [1] - Lithium battery stocks, automotive stocks, home appliance stocks, semiconductor stocks, Chinese brokerage stocks, and biopharmaceutical stocks also saw declines [1] Rising Stocks - Conversely, telecom equipment stocks, new consumption concept stocks, and rare earth concept stocks generally rose, with ZTE Corporation increasing by 3.4% and Jinli Permanent Magnet and Hu Shang Ayi rising over 2.4% [1] New Listings - Two new stocks debuted on the Hong Kong market, with Jinye International Group opening 500% higher, achieving an oversubscription rate of over 9030 times, marking the highest oversubscription rate for a new stock in Hong Kong history [1] - Zhida Technology opened 183% higher, with a global offering of 597.89 million shares, where the Hong Kong public offering accounted for 10% and international offering for 90% [1]

A股10月9日共有3715只个股获融资资金买入，有684股买入金额超亿元。其中，中兴通讯、中芯国际、 新易盛融资买入金额排名前三，分别获买入43.47亿元、40.36亿元、38.33亿元。 从融资买入额占当日总成交金额比重来看，有11只个股融资买入额占比超30%。其中太平鸟、九牧王、 龙利得融资买入额占成交额比重排名前三，分别为38.97%、34.57%、33.83%。 从融资净买入金额来看，有104只个股获融资净买入超亿元。其中，中兴通讯、新易盛、北方稀土融资 净买入金额排名前三，分别获净买入14.49亿元、13.3亿元、11.74亿元。 ...

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Insights - The Shenzhen Private Enterprise Value Index (970072) closed at 3567.74 points, up 2.57%, with a trading volume of 86.68 billion yuan and a turnover rate of 3.08% [1] - Among the index constituents, 37 stocks rose while 13 fell, with ZTE Corporation leading the gainers at 9.51% and Shentong Express leading the decliners at 2.12% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Private Enterprise Value Index include: - Midea Group (8.22% weight) at 72.63 yuan, down 0.04%, with a market cap of 558.01 billion yuan [1] - BYD (8.05% weight) at 110.60 yuan, up 1.27%, with a market cap of 1008.36 billion yuan [1] - ZTE Corporation (7.92% weight) at 49.98 yuan, up 9.51%, with a market cap of 239.08 billion yuan [1] - Muyuan Foods (7.24% weight) at 52.85 yuan, down 0.28%, with a market cap of 288.71 billion yuan [1] - SF Holding (4.81% weight) at 40.45 yuan, up 0.30%, with a market cap of 203.84 billion yuan [1] - GF Securities (4.80% weight) at 23.19 yuan, up 4.08%, with a market cap of 176.38 billion yuan [1] - Kelun Pharmaceutical (3.25% weight) at 36.06 yuan, down 1.82%, with a market cap of 57.63 billion yuan [1] - Zangge Mining (3.19% weight) at 61.22 yuan, up 4.95%, with a market cap of 96.13 billion yuan [1] - Dahua Technology (2.93% weight) at 21.20 yuan, up 5.21%, with a market cap of 69.68 billion yuan [1] - Xinhengcheng (2.83% weight) at 25.06 yuan, up 5.16%, with a market cap of 77.02 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 3.165 billion yuan, while retail funds saw a net outflow of 755 million yuan [3] - ZTE Corporation had a significant net inflow of 302.8 million yuan from main funds, while it experienced a net outflow of 218.1 million yuan from retail funds [3] - BYD saw a net inflow of 89.4 million yuan from main funds, with retail funds experiencing a net outflow of 26.3 million yuan [3]