中兴通讯9月10日在互动平台回答投资者提问时表示，目前，国内液冷服务器主要应用于高性能计算市 场，公司全系列服务器支持液冷，高性能液冷服务器性能居业界前列，可满足多样性算力场景需求。公 司液冷服务器已在国内运营商、互联网行业规模发货。 （文章来源：证券日报） ...

Core Viewpoint - ZTE Corporation has a significant portfolio of patents, with approximately 94,000 global patent applications and over 50,000 granted patents as of June 30, 2025 [1] Patent Holdings - In the chip sector, the company holds around 5,700 patent applications and has over 3,700 granted patents [1] - In the AI sector, ZTE has nearly 5,500 patent applications, with almost half already granted [1] 5G Standards - The company continues to disclose essential patents for 5G standards to ETSI, maintaining a position among the top five globally in terms of effective patent families [1]

Market Overview - The Shanghai Composite Index rose by 0.13% on September 10, with 13 sectors experiencing gains, led by the communication and electronics sectors, which increased by 3.49% and 1.78% respectively [1] - The power equipment and comprehensive sectors saw the largest declines, with decreases of 1.18% and 1.09% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 5.62 billion yuan, with 9 sectors seeing net inflows [1] - The communication sector had the highest net inflow of main funds, totaling 9.07 billion yuan, while the electronics sector followed with a net inflow of 7.51 billion yuan [1] Communication Sector Performance - The communication sector's stocks showed a strong performance, with 100 out of 125 stocks rising, including 6 hitting the daily limit, while 23 stocks declined, with 1 hitting the lower limit [2] - The top three stocks by net inflow in the communication sector were China Unicom, with a net inflow of 1.535 billion yuan, followed by Zhongji Xuchuang and Xinyi Sheng, with net inflows of 1.409 billion yuan and 1.278 billion yuan respectively [2] Communication Sector Fund Inflow and Outflow - The top inflow stocks in the communication sector included China Unicom (5.30% increase), Zhongji Xuchuang (7.16% increase), and Xinyi Sheng (6.23% increase) [2] - The top outflow stocks included Hengbao Co. (-1.57% decrease), Guangxun Technology (1.33% increase), and Yongding Co. (-1.39% decrease) [3]

Core Viewpoint - ZTE Corporation is focusing on the development of liquid-cooled servers, AI solutions, and high-performance computing infrastructure, positioning itself as a leader in the intelligent computing industry [1] Group 1: Liquid-Cooled Servers - The company’s liquid-cooled servers are primarily aimed at the high-performance computing market, with performance ranking among the best in the industry, catering to diverse computing scenarios [1] - ZTE has successfully delivered liquid-cooled servers to domestic operators and the internet sector [1] Group 2: Robotics - ZTE is collaborating with ecosystem partners on humanoid robots, focusing on computing power, networking, and intelligent hardware and software research and development [1] Group 3: Artificial Intelligence - The company is committed to investing in artificial intelligence, positioning intelligent computing as a long-term strategic focus, enhancing product development and industry ecosystem collaboration [1] - ZTE is developing a full-stack computing infrastructure, including self-developed chips, intelligent computing servers, and large-scale clusters, to provide end-to-end AI solutions [1] - The self-developed high-performance custom processor chips aim to reduce total cost of ownership (TCO) for applications like cloud computing and big data processing [1] - The company’s AI Booster software platform offers a one-stop AI solution, simplifying AI innovation and reducing model migration costs for clients [1] - ZTE's self-developed Nebula large models have achieved top rankings in various AI inference benchmarks, indicating strong capabilities in algorithm innovation and data engineering [1] Group 4: Computing Infrastructure - ZTE provides a range of high-performance training servers and cost-effective inference servers, meeting diverse intelligent computing needs from central to edge [1] - The company’s intelligent computing super-node system, based on its self-developed AI large-capacity switching chip "Lingyun," supports large-scale interconnection of domestic GPU cards [1] - ZTE has launched high-density switches with leading performance in the market, catering to various sectors including telecommunications and finance [1] Group 5: Military Sector - The company has not engaged in any business within the military sector [1]

Core Viewpoint - ZTE Corporation focuses on breakthroughs in core technologies related to connectivity (CT technology) and computing power (IT technology), enhancing its core competitiveness through innovation in 5G, optical networks, computing power, terminals, and value patent layout [1] Group 1: Core Technology Development - In the field of core technologies, the company emphasizes independent innovation in chips, operating systems, and databases, showcasing industry-leading capabilities in chip design and industrial-grade operating systems [1] - The self-developed GoldenDB database supports over 10 trillion financial transactions daily and more than 10 billion core transactions, catering to over 900 million mobile users [1] - New server operating systems and GoldenDB distributed databases have passed national security assessments [1] Group 2: Connectivity Solutions - The company ranks second globally in the cumulative shipment of 5G base stations and core networks, with solid network products also holding a global second position [1] - The company has developed specialized product solutions for various 5G scenarios, enhancing network quality and supporting the evolution towards 6G technology [1] - In the fixed network sector, the company has developed a prototype for 50G PON technology, facilitating smooth upgrades for operators [1] Group 3: Computing Power Innovations - The company is enhancing its intelligent computing product development and ecosystem collaboration to meet the demands of AI large models [1] - It has created a low-latency, high-bandwidth GPU computing network, which received recognition at the 2025 World Artificial Intelligence Conference [1] - The intelligent computing super-node system, based on self-developed AI switching chips, won a significant breakthrough award at the 2025 China Computing Power Conference [1] Group 4: Terminal Products - The company is actively promoting AI applications in consumer electronics, expanding the use of AI in mobile devices, PCs, and smart wearables [1] - It has launched innovative AI cloud computer terminals, including the world's first 2-in-1 cloud PAD, to enhance user experience [1] - The company achieved over 10 million units in FTTR annual shipments and holds the top global market share in PON CPE and IP set-top boxes [1] Group 5: Patent Strategy - The company is among the top global players in patent layout, significantly contributing to 5G technology research and standard-setting [1] - As of June 30, 2025, the company holds approximately 94,000 global patent applications and over 50,000 granted patents [1] - In the chip sector, the company has around 5,700 patent applications, with over 3,700 granted, and in AI, nearly 5,500 applications, with a substantial portion already authorized [1]

Core Viewpoint - ZTE Corporation is focusing on liquid cooling servers, AI solutions, and self-developed chips to enhance its competitiveness in the high-performance computing market and AI industry [1] Group 1: Liquid Cooling Servers - ZTE's liquid cooling servers are primarily used in the high-performance computing market, with the company claiming its high-performance liquid cooling servers are among the best in the industry [1] - The company has successfully delivered liquid cooling servers to domestic operators and the internet sector [1] Group 2: AI Strategy - ZTE is positioning intelligent computing as a long-term strategic focus, enhancing R&D in intelligent computing products and collaborating with industry partners [1] - The company is developing a full-stack computing infrastructure, including self-developed chips, intelligent computing servers, and large-scale clusters to meet diverse AI application needs [1] - ZTE's self-developed high-performance processors aim to reduce total cost of ownership (TCO) for applications like cloud computing and big data processing [1] Group 3: Software and Models - ZTE's AI Booster platform offers comprehensive AI solutions, simplifying AI innovation for clients and reducing costs associated with model migration [1] - The company has received top scores in IDC's report on AI inference computing power, showcasing its capabilities in complex hardware and software integration [1] - ZTE's self-developed Nebula large models have achieved significant rankings in algorithm innovation and data engineering [1] Group 4: Infrastructure and Ecosystem - ZTE is building a domestic intelligent computing ecosystem, having won the 2025 China Computing Conference's major breakthrough award [1] - The company is launching high-density switches and a full range of servers to support large-scale intelligent computing clusters in various markets [1] Group 5: Military Sector - ZTE has not engaged in any business within the military sector [1]

Core Viewpoint - ZTE Corporation focuses on breakthroughs in core technologies related to connectivity (CT technology) and computing power (IT technology), enhancing its core competitiveness through innovation in 5G, optical networks, computing power, terminals, and value patent layout [1] Group 1: Core Technology Development - The company emphasizes independent innovation in core technologies such as chips, operating systems, and databases, showcasing industry-leading capabilities in chip design, real-time operating systems, and its self-developed GoldenDB database, which handles over 10 trillion financial transactions daily [1] - ZTE's new server operating system and GoldenDB distributed database have passed national security assessments, reinforcing its commitment to secure technology [1] Group 2: Connectivity Solutions - In the connectivity sector, ZTE ranks second globally in cumulative shipments of 5G base stations and core networks, with its fixed network products also holding a global second-place market share [1] - The company has developed specialized product solutions for various 5G scenarios, enhancing network quality and supporting the evolution towards 6G technology [1] Group 3: Computing Power Initiatives - ZTE is enhancing its intelligent computing product development and ecosystem collaboration, focusing on AI-driven solutions through self-developed chips and large-scale computing infrastructure [1] - The company has received accolades for its innovations in distributed optical interconnect chips and AI supernode systems, demonstrating its leadership in AI computing solutions [1] Group 4: Terminal Products - ZTE is actively promoting AI applications in consumer electronics, expanding its ecosystem across smartphones, PCs, tablets, and smart wearable devices [1] - The company has achieved significant sales milestones, including over 10 million FTTR units and leading global market shares in various terminal categories [1] Group 5: Patent Strategy - ZTE ranks among the top global players in patent layout, with approximately 94,000 global patent applications and over 50,000 granted patents as of June 30, 2025 [1] - The company is a major contributor to 5G technology research and standard-setting, maintaining a strong position in essential patent families [1]

Core Insights - The China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area (931000) has shown a strong increase of 1.10% as of September 10, 2025, with notable gains in constituent stocks such as Shenghong Technology (300476) up by 13.24% and Industrial Fulian (601138) up by 10.00% [1] Performance Summary - The Greater Bay Area ETF (512970) has risen by 0.92%, with a latest price of 1.43 yuan, and has accumulated a 9.48% increase over the past month as of September 9, 2025 [1] - Over the past year, the Greater Bay Area ETF has seen a net value increase of 47.70%, with the highest single-month return recorded at 21.99% and the longest consecutive monthly gain lasting 4 months with a total increase of 26.18% [1] - The average monthly return during the rising months is 5.38%, and the ETF has outperformed its benchmark with an annualized excess return of 8.81% over the last three months [1] Liquidity and Trading Activity - The trading volume for the Greater Bay Area ETF was 3.68 million yuan with a turnover rate of 0.04% as of September 9, 2025, and the average daily trading volume over the past month was 748,200 yuan [1] Risk and Fee Structure - The Greater Bay Area ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [2] Tracking Accuracy - The tracking error for the Greater Bay Area ETF was 0.029% over the past month, indicating a close alignment with the underlying index [3] Top Holdings - As of August 29, 2025, the top ten weighted stocks in the index include China Ping An (601318), BYD (002594), and China Merchants Bank (600036), collectively accounting for 49.06% of the index [4]

Core Viewpoint - ZTE Corporation has made significant advancements in the optical communication field, showcasing its comprehensive product coverage and setting world records in transmission capabilities [2] Group 1: Optical Transmission - The company achieved a world record for the transmission of a single wave 1Tb/s optical signal over 10,714 kilometers using hollow-core fiber [2] - ZTE has completed real-world testing of its 1.6T metropolitan coherent products as part of its efforts to enhance telecom optical communication networks [2] Group 2: Data Center Interconnect - ZTE launched the world's first full-frequency OTN and successfully completed pilot and commercial trials for 400G/800G full-frequency OTN interconnection in data centers [2] Group 3: Optical Access - The company has developed a prototype for the 50G PON third-generation time-division coexistence technology, facilitating smooth upgrades for operator networks [2] Group 4: Optical Terminals - ZTE's FTTR annual shipment volume has surpassed 10 million units, and it holds the global leading position in PON CPE shipments [2]

中兴通讯在互动平台回应，CPO是实现网络大带宽和低功耗的关键技术之一，公司持续加大光通信领域 的研发，对CPO的核心器件和封装技术正在进行研究。 ...