Core Viewpoint - The A-share market is experiencing a strong performance with the margin trading balance reaching a high level, indicating increased investor confidence and a shift in market dynamics compared to ten years ago [2][10]. Margin Trading Balance - As of August 21, the A-share margin trading balance reached 21,467.95 billion yuan, with the financing balance at 21,319.52 billion yuan, marking a continuous increase for nine weeks [4][10]. - The margin trading balance surpassed 20 trillion yuan for the first time since July 2015, reflecting a significant change in market ecology [2][10]. Industry Performance - From August 18 to August 21, 30 out of 31 industries saw an increase in financing balance, with the electronics, computer, and communication sectors leading in net buying amounts of 23.30 billion yuan, 11.63 billion yuan, and 7.62 billion yuan respectively [4][6]. - The coal industry was the only sector to experience net selling, amounting to 0.02 billion yuan [4]. Stock Performance - During the same period, 251 stocks saw an increase in financing amounts exceeding 1 billion yuan, with top stocks including SMIC, Cambrian, and ZTE, showing significant net buying [8]. - The top five stocks in terms of net buying saw increases of 34.59% for Cambrian and 17.41% for New Yisheng [8]. Market Dynamics - The current market structure is more optimized and mature compared to ten years ago, with a larger market size and lower proportion of leveraged funds relative to market value [10][11]. - The increase in margin trading balance is attributed to improved policy expectations and a recovery in market risk appetite, with funds flowing primarily into information technology, industrial, and materials sectors [10][11].

Market Overview - The A-share market has shown a significant increase, with the Shanghai Composite Index surpassing 3800 points for the first time in 10 years, reflecting a strong profit-making effect [2][4] - The Every Daily Brand 100 Index rose by 1.69% last week, closing at 1141.13 points, with over 70% of its constituent stocks experiencing gains [1][2] Stock Performance - Among the constituent stocks of the Every Daily Brand 100 Index, 72 stocks increased in value, indicating a broad-based rally [4] - Notable performers included ZTE Corporation, which surged by 32.21%, and several other companies like Sichuan Changhong, Gujing Gongjiu, Anta Sports, Luxshare Precision, and Great Wall Motors, all of which saw weekly gains exceeding 10% [4] Market Liquidity - The overall liquidity environment in the market remains robust, with trading volumes consistently exceeding 2 trillion yuan for eight consecutive trading days [4] - The margin trading balance has also remained above 2 trillion yuan, suggesting continued active trading sentiment [4] Upcoming Earnings Reports - The upcoming mid-year earnings reports at the end of August may introduce volatility into the market, as these reports could impact market trends [4] ZTE Corporation's Strategic Developments - ZTE Corporation has gained significant market attention, with institutional investors net buying 727 million yuan worth of shares in the last three trading days [5] - The company has proposed four strategic changes focusing on AI infrastructure expansion, network intelligence, terminal ecosystem reconstruction, and industry empowerment through AI [5][6] AI and Technological Advancements - ZTE has made substantial progress in various technology sectors, including servers, switches, and self-developed chips, leading to rapid revenue growth in these business segments [6] - The company is implementing a "1+ N+X" strategy for large models, aiming to create a foundational model library and various application scenarios [6] Focus on Intelligent Computing Nodes - At the 2025 World Artificial Intelligence Conference, ZTE's intelligent computing nodes attracted attention, featuring high-density integration and compatibility with various GPU manufacturers [7] - ZTE's all-stack open intelligent computing platform has received high marks in key performance indicators, showcasing its competitive edge in the market [7]

Market Performance - The three major indices experienced an increase during the week of August 18 to August 22, with the Shanghai Composite Index rising by 3.49%, the Shenzhen Component Index by 4.57%, and the ChiNext Index by 5.85% [1][2]. Stock Movements - A total of 11 stocks saw a weekly increase of over 40%, with two stocks increasing by more than 60%. Kosen Technology led with a weekly increase of 61.14%, followed by Garden Shares at 61.09%, and Zhen'an Technology at 53.11% [3][4]. - On the downside, 14 stocks experienced a decline of over 15%, with *ST Gaohong leading the drop at 22.67% [3][4]. Trading Activity - 94 stocks had a turnover rate exceeding 100% during the week, with Guangdong Jianke at the top with a turnover rate of 251.47% [5][6]. - The majority of stocks with high turnover rates belonged to the machinery, electronics, and computer sectors [5]. Capital Flow - The machinery sector faced a net outflow of over 18 billion yuan, while the communication, comprehensive, and media sectors saw net inflows [8]. - ZTE Corporation received the highest net inflow of 7.019 billion yuan, with a weekly increase of 32.21% [9]. Institutional Research - A total of 170 listed companies were researched by institutions, with Desai Xiwai receiving the most attention from 228 institutions [12][14]. - The focus of institutional research was primarily on industrial machinery, electronic components, and electrical equipment sectors [12]. New Institutional Interests - 91 stocks were newly favored by institutions, with eight stocks receiving target prices. For instance, Xinqianglian was rated "Overweight" by Huatai Securities with a target price of 42.00 yuan [15][16][17].

Investment Rating - The report suggests a positive outlook for the AI chip sector, particularly in the context of domestic developments and overseas demand for servers and optical modules [4]. Core Insights - Domestic AI development is driving growth in sectors such as servers and IDC, while overseas AI advancements are boosting demand for servers and optical modules [4]. - The launch of DeepSeek-V3.1 is expected to facilitate the large-scale deployment of domestic AI chips, enhancing the competitive landscape [1][2]. - The liquid cooling market is anticipated to expand significantly, with companies like Invec benefiting from strong demand in AI data centers [1][12]. Summary by Sections Communication Sector - Telecom business revenue reached 905.5 billion yuan in the first half of the year, showing a year-on-year growth of 1% [3][14]. - The number of fixed broadband users reached 684 million, with gigabit users accounting for 33% [20]. Server Sector - The server index increased by 8.30% this week and 17.28% this month, with Industrial Fulian reporting improved efficiency and yield for its GB200 and GB300 models [2][6]. - GB300 is expected to become a significant profit driver for the company's AI server business next year [6]. Optical Module Sector - The optical module index rose by 4.34% this week and 14.59% this month, driven by Google's adoption of OCS technology [2][9]. - Coherent and Lumentum reported their first revenue from OCS orders, indicating market expansion [9]. IDC Sector - The IDC index increased by 6.78% this week and 14.41% this month, with DeepSeek-V3.1's release expected to alleviate the shortage of domestic AI inference cards [2][12]. Liquid Cooling Sector - Invec reported a revenue of 2.573 billion yuan in the first half of 2025, a year-on-year increase of 50.3%, driven by strong demand for liquid cooling solutions [12][52]. - The establishment of the UQD alliance aims to enhance the reliability and interchangeability of liquid cooling connectors, reducing operational complexity [12].

Core Viewpoint - ZTE Corporation (00763) announced that its A-share stock experienced an abnormal trading fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days from August 20 to August 22, 2025 [1] Group 1 - The company confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange listing rules [2] - The board of directors has not been made aware of any undisclosed information that could significantly impact the trading price of the company's stock and its derivatives [2] - The company stated that its previous disclosures do not require any corrections or supplements [2] Group 2 - The company reported that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] - During the period of abnormal stock fluctuation, the controlling shareholder did not engage in buying or selling the company's stock [1]

Core Viewpoint - China Mobile has announced a centralized procurement project for AI general computing devices (inference type) with an estimated scale of approximately 7,058 units, expected to meet demand from 2025 to 2026 [1] Group 1: Procurement Details - The project is divided into six bidding packages, including four "CUDA ecosystem" packages (2,058 units) and two "CANN ecosystem" packages (5,000 units) [1] - The total estimated procurement amount for the project is approximately 5.112 billion yuan, to be shared among nine companies [3] Group 2: Bidding Packages and Winners - Package 1 (CUDA ecosystem PCIe cards) was won by H3C with a bid of 47,563,793 yuan (excluding tax), securing 70% of the package [4] - Package 2 (CUDA ecosystem ordinary performance cards) was also won by H3C with a bid of 213,435,000 yuan (excluding tax), securing 70% of the package [5] - Package 3 (CUDA ecosystem high-performance cards) was won by ZTE with a bid of 1,004,700,000 yuan (excluding tax), securing 70% of the package [5] - Package 4 (CUDA ecosystem high-memory cards) was won by Inspur with a bid of 262,831,932 yuan (excluding tax), securing 100% of the package [6] - Package 5 (CANN ecosystem PCIe cards) was won by Henan Kunlun Technology with a bid of 102,182,076.72 yuan (excluding tax), securing 50% of the package [6] - Package 6 (CANN ecosystem cards) was won by Henan Kunlun Technology with a bid of 2,885,444,717.76 yuan (excluding tax), securing 23.91% of the package [7]

按申万一级行业来看，本周（8月18日至8月22日）五个交易日内，通信、综合、传媒板块获主力资金净 流入，机械设备、医药生物、电力设备、计算机、非银金融、有色金属等板块遭净流出额居前。其中机 械设备板块遭抛售超180亿元。 个股方面，本周中兴通讯获净流入70.19亿元居首，周涨幅32.21%。中油资本、昆仑万维（维权）、御 银股份主力净流入分别为12.86亿元、11.66亿元、10.39亿元。净流出方面，东方财富、胜宏科技、英维 克分别遭抛售39.68亿元、27.66亿元、21.83亿元。 (本文来自第一财经) ...

Group 1 - ZTE Corporation (00763) announced that its A-share stock (stock abbreviation: ZTE Corporation, stock code: 000063) experienced a cumulative price deviation of over 20% during three consecutive trading days on August 20, 21, and 22, 2025, which is classified as abnormal stock trading fluctuation according to Shenzhen Stock Exchange regulations [1] - The company conducted necessary verifications and confirmed that there are no corrections or supplements needed for previously disclosed information [1] - ZTE Corporation did not find any recent media reports that could have significantly impacted its stock trading price due to undisclosed major information [1] Group 2 - The company stated that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] - The company and its controlling shareholders have not engaged in any undisclosed major matters related to the company during the period of abnormal stock fluctuation [1] - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange listing rules, and no significant information that could impact the trading price of the company's stock and its derivatives [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的以下公 告全文，僅供參閱。 承董 事會 命 方榕 董事長 深圳，中國 中兴通讯股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 二零二五年八月二十四日 於本公告日期，本公司董事會包括執行董事：徐子陽；非執行董事：方榕、閆俊武、諸為民、 張洪；獨立非執行董事：莊堅勝、王清剛、徐奇鵬；以及職工董事：李妙娜。 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202555 中兴通讯股份有限 ...

Investment Rating - The report rates the communication industry as "Recommended," expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The communication sector has shown strong performance, with a weekly increase of 10.84%, outperforming the CSI 300 index by 6.66 percentage points and the ChiNext index by 4.99 percentage points [9][10]. - Year-to-date, the communication industry has risen by 44.91%, significantly surpassing the CSI 300 index's increase of 11.26% by 33.65 percentage points [9][10]. - The report highlights the launch of DeepSeek V3.1, which is designed for the next generation of domestic chips, showcasing improved reasoning speed and capabilities compared to previous versions [16][17]. - ByteDance is developing an AI phone named "Doubao," with ZTE as the ODM manufacturer, expected to be tested internally by the end of this year or early next year [21][22]. Summary by Sections Industry Basic Data - The communication industry consists of 123 listed companies with a total market value of approximately 49,248.97 billion and a circulating market value of about 23,006.93 billion [2]. Relative Index Performance - The absolute performance of the communication sector over 1 month, 6 months, and 12 months is 8.7%, 18.6%, and 30.5%, respectively [3]. Stock Performance - The top five gainers in the communication sector this week include Shengke Communication-U (+43.95%), ZTE (+32.21%), and Ruijie Networks (+32.17%) [12][13]. - The top five decliners include Gaohong Shares (-22.67%) and Beiwai Technology (-11.16%) [12][13]. Key Recommendations - The report recommends focusing on major operators such as China Mobile, China Telecom, and China Unicom, as well as companies in various segments like optical modules and satellite communications [23].