Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [5][6]. Core Insights - The "reciprocal tariffs" have disrupted the global trade landscape, benefiting the domestic "Xinchuang" (self-controlled) industry, particularly in servers and chips [2][12]. - The U.S. has exempted certain technology products from tariffs, including communication devices like optical modules, which is expected to alleviate negative impacts from previous tariffs [3][28]. - The report suggests focusing on the Xinchuang sector and overseas optical communication companies while considering the high dividend value of telecom operators [3][4]. Summary by Sections Industry News Tracking - The U.S. government announced an increase in tariffs on Chinese imports to 125%, prompting a reciprocal response from China [12]. - The Xinchuang industry is expected to thrive as it helps state-owned enterprises reduce reliance on foreign technology, ensuring national strategic security [2][12]. Market Performance Review - The telecommunications index fell by 7.67%, while the Shanghai and Shenzhen 300 index decreased by 2.87%, resulting in a relative return of -4.8% [3][10]. Investment Recommendations - The report recommends focusing on companies benefiting from the Xinchuang initiative and those involved in overseas optical communication, while also highlighting the high dividend potential of major telecom operators like China Mobile and China Telecom [3][4]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform, last close at 109.79 CNY, market cap 237 billion CNY, EPS forecast for 2024E at 6.41 CNY [5]. - Zhongji Xuchuang: Outperform, last close at 78.37 CNY, market cap 865.8 million CNY, EPS forecast for 2024E at 4.68 CNY [5]. - ZTE Corporation: Outperform, last close at 32.08 CNY, market cap 153.5 billion CNY, EPS forecast for 2024E at 1.76 CNY [5].

Group 1 - The research team, led by the Director of the Changsha Data Bureau, conducted a visit to ZTE's Changsha base and the Changsha Comprehensive Data Annotation Base, highlighting the importance of industry data space construction and collaboration among upstream and downstream enterprises [1][4] - Changsha has been selected as one of the seven cities to undertake the national data annotation base construction task, aiming to create a comprehensive base supported by the city's digital industry and relevant park resources [4][5] - The Changsha Information Industry Park, designated as a comprehensive data annotation base, has attracted multiple annotation companies and achieved a data annotation scale of 9,700 TB, contributing significantly to the establishment of the national data annotation base [5] Group 2 - The Changsha Comprehensive Data Annotation Base aims to build a smart annotation service platform, providing full-chain services including supply-demand matching, intelligent annotation, and talent training to support the development of the data annotation industry [5] - The park is encouraged to enhance its promotional efforts and attract investments, leveraging its advantages to create diverse application scenarios for data annotation and artificial intelligence enterprises [5] - The Data Annotation Association is expected to play a crucial role in connecting resources and fostering a collaborative environment to promote the growth of the digital economy [5]

Core Viewpoint - ZTE Corporation has undergone a significant management change with the appointment of Fang Rong as the new chairperson, succeeding Li Zixue, who retired due to age. This transition is noteworthy as both chairpersons were born in 1964, and the company is currently facing challenges in growth and profitability [1] Group 1: Leadership Transition - Li Zixue took over as chairman in June 2018 during a crisis caused by the "April 16 U.S. ban," leading the company back to recovery. Under his leadership, ZTE's revenue rose from 85.51 billion yuan in 2018 to 90.74 billion yuan in 2019, marking a 6.11% increase, while net profit surged by 173.71% to 5.15 billion yuan [2] - Fang Rong has been with ZTE since 1997 and has held various significant positions, including non-executive director since June 2018. Her leadership is expected to address the company's strategic needs as it navigates through a challenging phase in the telecommunications industry [9] Group 2: Current Challenges - ZTE is currently facing a dual bottleneck in growth and profitability, with projected revenue for 2024 at approximately 121.3 billion yuan, a decrease of 2.38% year-on-year. Net profit is expected to drop by 9.66% to 8.42 billion yuan, indicating a more significant decline in profitability compared to revenue [7] - The company’s operator network business revenue is projected to decline by 15.0% to 70.33 billion yuan in 2024, influenced by reduced capital expenditure from major domestic operators [7] - ZTE's overall gross margin is expected to fall to 37.91%, down 3.6 percentage points year-on-year, primarily due to declining margins in enterprise business and increased costs from supply chain disruptions and rising raw material prices [8] - The company’s cash flow is under pressure, with net cash flow from operating activities projected at approximately 11.48 billion yuan, a decrease of 34.05% year-on-year, while interest-bearing debt is expected to rise from 53.2 billion yuan in 2023 to 56.9 billion yuan in 2024 [8]

香港交易所信息显示， 贝莱德在 中兴通讯的持股比例于04月07日从5.97%升至6.02%。 ...

中兴通讯股份有限公司 2024年度A股权益分派实施公告 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。 中兴通讯股份有限公司（以下简称"本公司"）2024年度利润分配方案（以下简称"权益分派方案"）已经 2025年3月28日召开的本公司2024年度股东大会审议通过，本公司现将A股权益分派事宜公告如下，H股 权益分派事宜不适用于本公告，具体请参见本公司于2025年4月2日发布的《关于按照〈香港上市规则〉 公布关于派发末期股息的说明》。 一、股东大会审议通过权益分派方案等情况 1、2025年3月28日，本公司2024年度股东大会审议通过了《2024年度利润分配预案》，以分红派息股权 登记日股本总数为基数，向全体股东每10股派发6.17元人民币现金（含税）。公司2024年度利润分配预 案公布至实施前，如股本总数发生变动，以 2024 年度利润分配预案实施所确定的分红派息股权登记日 股本总数为基数，分配比例不变，按重新调整后的股本总数进行分配。具体情况请见本公司于2025年3 月29日发布的《二〇二四年度股东大会决议公告》。 2、2024年度权益分派方案披露后至权益分 ...

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 深圳，中國 二零二五年四月九日 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；以及獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 。 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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202538 中兴通讯股份有限公司 2024年度A股权益分派实施公告 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。 中兴通讯股份有限公司（以下简称"本公司"）2024年度利润分配方案（以 下简称"权益分派方案"）已经2025年3月28日召开的本公司2024年度股东大会 审议通过，本公司现将A股权益分派事宜公告如下，H股权益分派事宜不适用于 本公告，具体请参见本公司于2025年4月2日发布的《关于按照<香港上市规则>公 布关于派发末期股息的说明》。 4、本次实施权益分派方案距离股东大会审议通过的时间不超过两个月。 二、权益分派方案 本公司2024年度利润分配方案为：以分红派息股权登记日股本总数为基数， 向全体股东每10股派发6.17元人民币现金（含税）。分红派息股权登记日股本总 1 数（包括A股及H股）为4,783,534,887股，其中A股股数为4,028,032,353股，H股股 数为755,502,534股。 股息红利所得税扣缴说明：通过深股通持有本公司A股的香港市场投 ...

中兴通讯：每10股派发6.17元人民币现金 金十数据4月9日讯，中兴通讯公告，本公司2024年度利润分配方案为：以分红派息股权登记日股本总数 为基数，向全体股东每10股派发6.17元人民币现金（含税）。分红派息股权登记日股本总1数（包括A股 及H股）为4,783,534,887股，其中A股股数为4,028,032,353股，H股股数为755,502,534股。 ...

中兴通讯股份有限公司 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202537 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚 賴該等內容而引致之任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 关于按照《香港上市规则》公布 董事会会议通告 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。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了董事会会议通告。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2025 年 4 月 9 日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 董事會會議通告 本公司及董事會全體成員保證信息披露的內容真實、準 ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202536 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年第一次临时股东大会通函及表决代理委托书的公告 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。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了 2025 年第一次临时股东大会通函及表决代理委托 书。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2025 年 4 月 9 日 此 乃 要 件 請 即 處 理 閣下對本通函的任何部分或對應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他 註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售名下所有中興通訊股份有限公司的股份， 閣下應將本通函連同隨附的表決代 理委託書一併立刻交予購買人或受讓人或經手買賣的銀行、持牌證券 ...