来源：第一财经 恒指报收25530.51点，跌0.04%，恒生科技指数报收5534.59点，跌0.83%。半导体股走弱，华虹半导体 跌近5%，中芯国际跌超2%。中兴通讯跌超13%。（AI生成） ...

【导读】中兴通讯（000063）正与美国司法部进行沟通，股价大跌超13% 12月11日，港股高开低走，恒生指数微跌0.04%，报25530.51点；恒生科技指数下挫0.83%，报5534.59 点；恒生中国企业指数下跌0.23%，报8934.28点。市场成交额为1824.77亿港元，较前一交易日的 1933.92亿港元有所减少。 恒生指数成份股中，37只上涨，50只下跌。汇丰控股上涨2.06%，翰森制药上涨1.98%，恒基地产上涨 1.74%，领涨蓝筹股。 跌幅方面，阿里健康下跌3.95%，联想集团下跌2.67%，金沙中国有限公司下跌2.31%。 华源证券表示，中兴通讯算力业务受益于AI浪潮，成为核心增长极；终端业务加速AI应用落地，产品 差异化优势显现；连接业务毛利率稳定，奠定公司现金流基础；自研芯片构建技术壁垒，强化核心竞争 力。 华源证券同时列举了一系列风险，包括地缘政治风险、AI技术商业化不及预期、汇率波动风险、毛利 率下滑趋势及现金流压力等。 华源证券认为，作为全球第四大通信设备供应商，中兴通讯的业务涉及多个国家和地区，地缘政治紧张 局势可能对其海外业务拓展和供应链稳定性造成冲击，影响整体营收表现。 ...

| 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 25530.51 | 8934.28 | 5534.59 | | -10.27 -0.04% -20.41 -0.23% -46.51 -0.83% | | | 恒生指数成 份 股中，37只上涨，50只下跌。汇丰控股上涨2.06%，翰森制药上涨1.98%，恒基地产上涨1.74%，领涨蓝筹 股 。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 기 | 汇丰控股 | 0005 | 114.000 c | 2.300 | 2.06% | 24.73亿 | 58.86% | | 2 | 翰森制药 | 3692 | 43.360 c | 0.840 | 1.98% | 3.87亿 | 153.73% | | 3 | 恒基地产 | 0012 | 29.180 c | 0.500 | 1.74% | 1.88亿 | 33.01% | | 4 | 万洲国际 | 0288 | 8.730 ...

Market Overview - On December 11, all three major indices declined, with total market turnover reaching 1.89 trillion yuan, an increase of 93.6 billion yuan compared to the previous trading day, and over 4,300 stocks fell [1] - Market hotspots focused on controllable nuclear fusion and wind power equipment sectors, while real estate and duty-free concepts weakened [1] High-Performing Stocks - Fujian local stockholder Baigroup achieved a five-day consecutive rise, while Annie Co. recorded five rises in six days, and commercial aerospace concept stock Zai Sheng Technology saw four consecutive rises [3] - Notable stocks with significant gains included: - Annie Co. (+10.03%, 13.60 yuan, six days five boards) [4] - Dongbai Group (+10.03%, 14.92 yuan, five consecutive boards) [4] - Zai Sheng Technology (+10.06%, 7.66 yuan, four consecutive boards) [4] - Goldwind Technology (+9.97%, 16.98 yuan, first board) [4] Trading Dynamics - The top three net buying stocks on the Dragon and Tiger list were Snowman Group, Goldwind Technology, and Tongguang Cable, with net purchases of 325 million yuan, 234 million yuan, and 173 million yuan respectively [5] - The top three net selling stocks were ZTE Corporation, Teifa Information, and Shunhao Shares, with net sales of 264 million yuan, 191 million yuan, and 174 million yuan respectively [7] Sector Highlights - Snowman Group, involved in commercial aerospace and controllable nuclear fusion, saw a trading increase of 9.99% with a turnover of 2.457 billion yuan and a trading range of 9.70% [9] - Zhengbang Technology, focusing on pig farming, experienced a trading increase of 9.87% with a turnover of 2.16 billion yuan and a trading range of 10.58% [14] Institutional Activity - Institutional net buying was significant for ZTE Corporation, with a net purchase of 632 million yuan, while net selling was observed for Teifa Information at 175 million yuan [8][9] - The net buying activity for Goldwind Technology reached 686 million yuan, indicating strong institutional interest [21]

12月11日，受市场传闻影响，中兴通讯午后股价出现剧烈波动，截至午后收盘，A股跌停，港股也跌超 12%。针对市场流传的关于"公司涉及美国《反海外腐败法》合规性调查"的报道，中兴通讯于当日午间 发布重大事项公告进行回应。 中兴通讯公告称，公司董事会已知悉近期新闻媒体针对公司涉及美国《反海外腐败法》合规性调查的报 道。对此，中兴通讯声明，公司正与美国司法部就有关事项进行沟通，并将通过法律等手段坚决维护自 身权益。 关于目前的经营状况，中兴通讯在公告中表示，公司目前生产经营一切正常。针对合规问题，中兴通讯 称始终坚持全面强化合规体系建设，致力于建设行业领先的合规体系；公司反对一切形式的腐败行为， 对任何可能相关的个人持零容忍态度。 采写：南都·湾财社记者 严兆鑫 据市场消息，12月11日早间，一则有关"中兴通讯可能因涉嫌海外行贿向美国支付超过10亿美元和解 金"的消息在市场发酵。随后，中兴通讯A、H股双双大跌，其在港上市的认购证一度暴跌超25%。 值得注意的是，在本次暴跌前，已有部分外资机构减持中兴通讯。港交所数据显示，贝莱德 （BlackRock）及摩根大通（JPMorgan）近期均对中兴通讯H股进行了减持操作。 ...

Core Insights - The article emphasizes the transformation of user experience in the smartphone industry, particularly with the introduction of AI-driven functionalities that enhance interaction and efficiency [1][10][18] Industry Trends - The report from the First New Voice Think Tank highlights a shift towards vertical and general AI agents, indicating a potential concentration of traffic entry points towards a few general agents [1] - The global penetration rate of AI smartphones is projected to reach 32% by 2025, indicating a significant growth trajectory for AI integration in mobile devices [15] Company Developments - The launch of the Doubao AI phone by ByteDance and ZTE has generated significant consumer interest, leading to a scarcity of the product and even price premiums in the second-hand market [1] - Despite initial success, the Doubao AI phone faced challenges with various applications from Alibaba and Tencent blocking access due to security concerns, highlighting a conflict between AI functionality and platform control [10][11] Technological Innovations - The Doubao AI phone introduces a new era of "one-click management," allowing users to execute complex tasks across multiple applications seamlessly, which marks a departure from traditional AI assistants [2][6] - The phone's ability to handle cross-application operations and its simplified interaction model represent significant advancements in user experience [3][5] User Experience Enhancements - The Doubao AI phone features a memory function that allows for highly personalized interactions, enabling users to store and retrieve information effortlessly [7][8] - The integration of memory with execution capabilities allows the AI to plan and execute tasks based on user history and preferences, enhancing the overall user experience [9][12] Competitive Landscape - The primary competition for the Doubao AI phone is not other smartphone manufacturers like Apple, but rather the established internet companies that control app ecosystems [10][11] - The article suggests that the future of smartphones will depend on the ability to integrate AI capabilities that enhance user experience while navigating the challenges posed by existing platform monopolies [13][18]

| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 84785.04 | 8086.56 | | 买二 | 深股通专用 | 37131.94 | 47683.31 | | 买三 | 机构专用 | 18625.69 | 12659.11 | | 买四 | 长城证券股份有限公司杭州民心路证券营业部 | 10245.36 | 1.96 | | 买五 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 10117.96 | 7038.33 | | 卖一 | 国泰海通证券股份有限公司上海松江区中山东路证券营 | 329.12 | 52196.42 | | | 业部 | | | | 卖二 | 深股通专用 | 37131.94 | 47683.31 | | 卖三 | 国泰海通证券股份有限公司邯郸人民东路证券营业部 | 115.32 | 20476.91 | | 卖四 | 光大证券股份有限公司丹阳丹金路证券营业部 | 274.92 | 20470.12 | | --- | --- | - ...

证券之星消息，12月11日数字经济板块较上一交易日下跌2.29%，中兴通讯领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。数字经济板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301117 | 佳家科技 | 55.21 | 7.00% | 26.79万 | 14.62亿 | | 300520 | 科大国创 | 37.54 | 5.57% | 61.44万 | 22.90亿 | | 002713 | *ST东易 | 10.65 | 4.00% | 55.67万 | 5.92亿 | | 603135 | 中車科技 | 9.78 | 3.16% | 16.36万 | 1.63亿 | | 000803 | 山高环能 | 6.90 | 3.14% | 24.70万 | 1.68 Z | | 300659 | 中乎信息 | 18.77 | 3.13% | 28.33万 | 5.27亿 | | 301066 | 万事利 | 17. ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

资金面上看，两市主力资金全天净流出744.67亿元，主力资金净流入的行业仅有1个，银行行业净流入 资金6748.93万元。 沪指12月11日下跌0.70%，申万所属行业中，今日上涨的有1个，涨幅居前的行业为银行，涨幅分别为 0.17%。跌幅居前的行业为综合、通信，跌幅分别为4.31%、3.14%。通信行业位居今日跌幅榜第二。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600105 | 永鼎股份 | 9.98 | 11.27 | 104026.86 | | 002544 | 普天科技 | 10.00 | 11.60 | 49259.44 | | 002123 | 梦网科技 | 10.02 | 8.46 | 27026.00 | | 688027 | 国盾量子 | 6.08 | 7.23 | 24568.42 | | 688387 | 信科移动-U | 14.58 | 12.20 | 17663.94 | | 600498 | 烽火通 ...