Core Viewpoint - The surge of A-share companies listing in Hong Kong is driven by the desire to access international financing and expand into global markets, supported by favorable policies from both the Hong Kong Stock Exchange and mainland China [1][2]. Group 1: A-share Companies Listing in Hong Kong - In the first five months of 2025, Hong Kong IPO fundraising reached 77.68 billion yuan, nearing the total for the entire year of 2024 [1]. - At least 37 A-share companies have listed in Hong Kong this year, indicating a strong trend [1]. - The dual policy benefits from the Hong Kong Stock Exchange's reforms and mainland China's expanded overseas listing channels are facilitating this trend [1]. Group 2: ZTE Corporation Overview - ZTE Corporation, the first A-share company to list on the Hong Kong Stock Exchange, has been a leader in the telecommunications sector since its establishment in 1985 [2][4]. - The company has a significant global presence, operating in over 160 countries and regions, serving more than a quarter of the world's population [6]. Group 3: Financial Performance and R&D Investment - ZTE's overseas revenue accounted for over 30% in both 2023 and 2024, highlighting its successful international market penetration [3][7]. - From 2015 to 2024, ZTE invested a total of 168.87 billion yuan in R&D, with annual investments exceeding 10 billion yuan [9]. - The company has applied for 93,000 patents globally, with approximately 48,000 patents granted, placing it among the top in global patent filings [9]. Group 4: Profitability and Market Position - Since its A-share listing, ZTE has accumulated profits of approximately 60.63 billion yuan and distributed cash dividends totaling 17.14 billion yuan [11]. - The company's net profit for the years 2021 to 2024 showed a consistent upward trend, with figures of 6.81 billion yuan, 8.08 billion yuan, 9.33 billion yuan, and 8.43 billion yuan respectively [10].

Group 1 - The core viewpoint of the articles emphasizes the importance of university-industry collaboration in enhancing employment quality and aligning educational outcomes with market demands [1][7] - Xi'an Jiaotong University has implemented various employment education projects such as "visiting enterprises to expand job opportunities" and "supply-demand matching" to improve the alignment between talent cultivation and social needs [1][2] - The university has established elite classes in collaboration with companies like ZTE Corporation, focusing on 5G/B5G wireless communication to meet industry demands and enhance students' practical skills and innovative thinking [2][3] Group 2 - The "Xi'an Jiaotong University·ZTE 5G Wireless Communication Elite Class" has successfully trained 121 students over three phases, with 70 students participating in subsequent internships [3] - The university collaborates with enterprises to conduct career development activities, helping students understand employment trends and requirements, thereby aligning their values with societal needs [6][7] - The university aims to integrate employment education into the entire industry-university-research chain, enhancing students' understanding of real workplace expectations and improving the efficiency of talent matching with market demands [7]

Market Overview - The Shanghai Composite Index rose by 0.01% on June 12, with 15 out of the 28 sectors experiencing gains, led by the non-ferrous metals and media sectors, which increased by 1.40% and 1.33% respectively [1] - The telecommunications sector saw an increase of 0.98% [1] - Conversely, the household appliances and coal sectors faced declines of 1.77% and 1.14% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 10.588 billion yuan, with 9 sectors experiencing net inflows [1] - The pharmaceutical and biological sector led the net inflow with 1.27% increase and a total inflow of 1.101 billion yuan, followed by the banking sector with a 0.30% increase and an inflow of 988 million yuan [1] - The electronics sector had the highest net outflow, totaling 2.225 billion yuan, followed by the automotive sector with a net outflow of 1.625 billion yuan [1] Telecommunications Sector Performance - The telecommunications sector had a net inflow of 671 million yuan, with 70 out of 127 stocks rising, including 2 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow were Zhongji Xuchuang (2.94 billion yuan), Dongxin Pinghe (2.04 billion yuan), and Tianfu Communication (1.79 billion yuan) [2] - The stocks with the highest net outflow included Chutianlong (2.17 billion yuan), Dongtu Technology (1.19 billion yuan), and China Unicom (1.17 billion yuan) [2][3] Telecommunications Sector Capital Inflow and Outflow - **Top Inflow Stocks**: - Zhongji Xuchuang: +7.43%, 7.82% turnover, 294.44 million yuan inflow - Dongxin Pinghe: +10.01%, 14.45% turnover, 203.92 million yuan inflow - Tianfu Communication: +10.05%, 8.16% turnover, 179.23 million yuan inflow [2] - **Top Outflow Stocks**: - Chutianlong: -1.46%, 28.00% turnover, -216.80 million yuan outflow - Dongtu Technology: -2.76%, 7.51% turnover, -118.76 million yuan outflow - China Unicom: -0.75%, 0.71% turnover, -116.93 million yuan outflow [3]

上海市政府与中兴通讯签署战略合作协议 陈吉宁龚正会见方榕徐子阳一行 智通财经6月12日电，据上海发布，上海市人民政府与中兴通讯股份有限公司今天（6月12日）在沪签署 战略合作协议。市委书记陈吉宁，市委副书记、市长龚正会见中兴通讯董事长方榕、总裁徐子阳一行。 龚正、方榕出席签约活动并见证签约。根据协议，双方将以AI终端、芯片、新型通讯、智算等新一代 信息技术为核心，聚焦集成电路、人工智能、电子信息等关键行业，在新型数字基础设施建设、数字经 济核心产业发展、产业数字化转型、智慧城市和数字政府建设、信息技术人才培养等领域深化合作，打 造世界级数字产业集群，全面提升数字消费能级，助力上海加快打造具有世界影响力的国际数字之都， 推动中兴通讯在上海的业务发展。 ...

Core Viewpoint - The article discusses how ZTE's AIM team has developed two new evaluation metrics and a repository-level code corpus processing framework to enhance AI code completion tools, making them more aligned with developer needs [1][2]. Group 1: New Evaluation Metrics - The team introduced two new metrics: Longest Common Prefix (LCP) and ROUGE-LCP, which are designed to better reflect user perceptions of code completion quality [6][8]. - LCP focuses on the longest continuous matching characters from the start of the output sequence, emphasizing the importance of the initial part of the AI's suggestion for user acceptance [10]. - ROUGE-LCP normalizes LCP by the length of the reference sequence, allowing for fair comparisons across different lengths of completion samples [12]. Group 2: Code Corpus Processing Framework - The SPSR-Graph framework was developed to help AI models understand complex code repository structures and semantic dependencies, moving beyond limited contextual understanding [14][15]. - This framework constructs a specialized code knowledge graph that models structural information and cross-file dependencies, enhancing the depth of understanding for the AI model [15][19]. - The process includes strict data filtering, AST-based semantic unit extraction, and the construction of a directed graph to represent dependencies among code units [20][30]. Group 3: Experimental Results - The team conducted experiments to validate the effectiveness of the new metrics and methods, analyzing over 10,000 real user data records from ZTE-Code-Copilot [27]. - A significant positive correlation was found between LCP values and user acceptance rates, with Pearson correlation coefficients exceeding 0.69, indicating that higher LCP values lead to increased user adoption [31][38]. - The new metrics outperformed traditional evaluation metrics in correlating with user acceptance rates, demonstrating their ability to capture user behavior and intent more accurately [43]. Group 4: Future Prospects - The team aims to further explore the adaptability of LCP and ROUGE-LCP metrics across various code generation tasks and model types [51]. - There are plans to integrate the SPSR-Graph method with reinforcement learning techniques to enhance the model's reasoning capabilities and expand its application to more complex software engineering domains [52].

Core Viewpoint - The article emphasizes the growing importance of liquid cooling technology in managing heat generated by applications such as artificial intelligence, electric vehicles, and energy storage, as traditional cooling methods face increasing costs and challenges [1]. Forum Information - The forum will take place from July 3-5, 2025, in Dongguan, Guangdong, organized by Shenzhen Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) and iTherM [2]. - The expected scale of the event is around 300 participants, aiming to integrate industry resources and address various needs in the liquid cooling sector [1]. Agenda Overview - The agenda includes various topics related to liquid cooling technology, featuring experts from leading universities and companies [3]. - Key topics include immersion cooling technology for data centers, low-carbon wind liquid cooling technology, and innovative cooling solutions for high-density computing [3]. Special Topics - The forum will cover critical materials, core technologies, components, and testing related to liquid cooling systems [4]. - Specific areas of focus include the design of heat exchangers, cooling distribution units (CDUs), and the reliability of quick connectors [4][8]. Engineering Applications - The forum will also address engineering applications of liquid cooling, including the standardization of liquid cooling systems and their deployment in AI data centers and electric vehicle battery systems [9][5]. Registration Information - Registration fees are set at ¥2800 for regular attendees and ¥1200 for students, with additional details provided for payment methods [6][7].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in May 2025, with a rise of 5.53% compared to +2.09% for the Shanghai Composite Index [6][12]. - In the first four months of 2025, the total telecom business revenue reached 598.5 billion yuan, showing a year-on-year growth of 1.0% [6][43]. - The report highlights a significant increase in 5G mobile phone shipments, which grew by 5.6% year-on-year in the first four months of 2025, accounting for 85.5% of total mobile phone shipments [6][69]. - The export volume of optical modules in April 2025 increased by 13.5% year-on-year, indicating a recovery in overseas demand [6][6]. - The report emphasizes the optimistic outlook for capital expenditure from major cloud vendors, which is expected to drive demand for optical devices [6][7]. Summary by Sections Market Review - The communication industry index rose by 5.53% in May 2025, outperforming major indices [12][15]. - Various sub-sectors within the communication industry saw positive performance, with network equipment and other communication devices increasing by 14.4% and 6.3% respectively [15][16]. Industry Tracking - Global cloud infrastructure spending reached $94 billion in Q1 2025, a 23% year-on-year increase [20][21]. - Major cloud providers are significantly increasing their capital expenditures, with North America's top four cloud companies spending a total of $76.5 billion in Q1 2025, up 64% year-on-year [21][24]. - The domestic ICT market is projected to grow at a compound annual growth rate (CAGR) of 6.5%, reaching approximately $751.76 billion by 2028 [32][35]. Domestic Telecom Industry Tracking - The number of mobile phone users reached 1.803 billion by April 2025, with 5G users accounting for 59.9% of this total [43][46]. - The average monthly data usage (DOU) per user reached 20.43 GB in April 2025, reflecting a year-on-year increase of 14.6% [53][54]. - The construction of gigabit optical fiber networks is progressing, with 10G PON ports increasing by 18.45% year-on-year [56][57]. Domestic Mobile Phone Industry Tracking - In April 2025, domestic mobile phone shipments totaled 25.04 million units, a 4.0% year-on-year increase [69][72]. - The report notes that domestic brands accounted for 86.9% of total mobile phone shipments in the first four months of 2025, with a year-on-year growth of 7.8% [72][73].

"职场直通车"，开进大学校园 李乐提到的"兴人类"职业发展协会，2011年由中兴通讯在西安交大设立。从那时起，双方围绕职业发展 主题，将一系列涵盖职业生涯发展教育的"职场直通车"开进交大校园—— 从中兴专家带来前沿技术讲座、与学生讨论交流，到引领学子走进中兴研发基地，感受行业发展现状， 再到制作"职业指导微课程"，由中兴HR（人力资源管理者）为毕业生讲解用人需求新变化、提供"一对 一"求职咨询……不一而足。 在西安交大，像李乐这样"顺理成章"签约中兴的毕业生还有不少。近5年来，该校先后有数百名毕业生 入职中兴通讯。截至目前，中兴拥有西安交大在职校友近千名，其中80%以上为硕博毕业生。 记者采访获悉，西安交大与中兴通讯深度合作，探索形成的校企联合育人促就业模式，倍增 出"1+1>2"的协同效应，入选教育部供需对接就业育人项目优秀案例，成为推动高校毕业生供需精准对 接的可复制模板。 在"兴人类"职业发展协会，李乐得以参与"中兴捧月"系列活动中的两项品牌活动：全球精英挑战赛和模 拟面试大赛。 中青报·中青网记者 孙海华 前不久，西安交通大学应届毕业生李乐与中兴通讯成功签约。在他看来，能够顺利签约并非取决于关键 时刻 ...

Market Overview - The Shanghai Composite Index fell by 0.44% on June 10, with six industries rising, led by beauty care and banking, which increased by 1.10% and 0.48% respectively. The defense and computer industries saw the largest declines, down by 1.97% and 1.87% respectively. The communication industry dropped by 1.43% [1]. Capital Flow Analysis - The main capital outflow from the two markets totaled 45.141 billion yuan, with five industries experiencing net inflows. The banking sector led with a net inflow of 871 million yuan, while the public utilities sector had a negligible decline of 0.04% and a net inflow of 822 million yuan [1]. - A total of 26 industries experienced net capital outflows, with the electronics sector seeing the largest outflow of 7.532 billion yuan, followed by the computer sector with an outflow of 7.427 billion yuan. Other sectors with significant outflows included communication, defense, and machinery [1]. Communication Industry Performance - The communication industry experienced a decline of 1.43%, with a total net outflow of 4.172 billion yuan. Out of 127 stocks in this sector, 20 rose while 106 fell. Notably, seven stocks had net inflows exceeding 10 million yuan, with Changjiang Communication leading at 102 million yuan [2]. - The top three stocks with the highest net outflows included Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng, with outflows of 433 million yuan, 249 million yuan, and 248 million yuan respectively [2][4]. Top Gainers in Communication Sector - The top gainers in the communication sector included: - Changjiang Communication: +4.75% with a net inflow of 101.98 million yuan - Erli San: +4.15% with a net inflow of 32.67 million yuan - Hengshi Technology: +6.46% with a net inflow of 22.82 million yuan [2]. Top Losers in Communication Sector - The top losers in the communication sector included: - Zhongji Xuchuang: -0.72% with a net outflow of 432.76 million yuan - Tianfu Communication: -2.09% with a net outflow of 248.73 million yuan - Xinyi Sheng: -1.26% with a net outflow of 247.61 million yuan [4].

Core Viewpoint - The news highlights the performance of the Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF, indicating a positive trend in the market driven by recent events and policy support [1][2]. Market Performance - As of June 10, 2025, the Greater Bay Area Development Theme Index rose by 0.26%, with notable increases in constituent stocks such as Shenghong Technology (up 3.72%) and Guangzhou Development (up 3.24%) [1]. - The Greater Bay Area ETF (512970) increased by 0.42%, with a latest price of 1.2 yuan, and has seen a cumulative rise of 0.67% over the past two weeks [1]. Event Highlights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show concluded on June 8, attracting approximately 890,000 visitors and resulting in 42,823 vehicle orders, amounting to around 10.07 billion yuan in sales [1]. - The auto show covered an area of about 260,000 square meters, with 80,000 square meters dedicated to interactive experience zones showcasing innovative technologies and offering test drives [1]. Policy and Economic Outlook - According to Everbright Securities, domestic policies remain proactive, with expectations for continued policy implementation. The suspension of "reciprocal tariffs" for 90 days is anticipated to maintain high export growth in the short term, with consumption being a key driver of economic recovery [1]. - The index is expected to remain volatile throughout June due to the interplay of internal and external factors [1]. Index Composition - The Greater Bay Area Development Theme Index includes various sub-indices and reflects the performance of companies benefiting from the Greater Bay Area's development [2]. - As of May 30, 2025, the top ten weighted stocks in the index accounted for 53.21% of the total, with companies like BYD (9.53%) and Ping An Insurance (7.81%) leading the list [2][4].