Revenue Growth and Financial Performance - In 2025, the company reported a return to revenue growth, driven by its "Connectivity + Computing Power" strategy[6]. - The company's operating revenue for 2025 is projected to be CNY 133,895.5 million, representing a 10.38% increase from CNY 121,298.8 million in 2024[24]. - Net profit attributable to shareholders is expected to decline to CNY 5,617.7 million, a decrease of 33.32% compared to CNY 8,424.8 million in 2024[24]. - The net profit after deducting non-recurring gains and losses is forecasted to be CNY 3,370.4 million, down 45.45% from CNY 6,179.1 million in 2024[24]. - The net cash flow from operating activities is anticipated to drop to CNY 3,918.7 million, a significant decline of 65.86% from CNY 11,479.8 million in 2024[24]. - The total assets are projected to increase to CNY 217,739.4 million, reflecting a growth of 5.02% from CNY 207,323.2 million in 2024[24]. - The weighted average return on equity is projected to decline to 7.58%, down from 11.97% in 2024, a drop of 4.39 percentage points[24]. - The company’s other income for 2025 was 2,886.8 million, a slight decrease of 1.57% year-on-year, remaining relatively stable compared to the previous year[99]. Market Strategy and Business Focus - The company aims to optimize its business portfolio and resource allocation, focusing on high market capacity and growth potential[7]. - The overseas market presents significant opportunities, particularly in large state-owned enterprises and Chinese companies expanding abroad[8]. - The strategic goal is to become a leader in network connectivity and intelligent computing power, navigating industry cycles effectively[8]. - The company plans to enhance its innovation capabilities through cross-disciplinary integration, aiming to empower customers with integrated solutions[8]. - The company is focusing on AI technology integration in its operations, enhancing network optimization and resource scheduling[72]. - The company is committed to expanding its international market presence by leveraging opportunities in data centers, cloud computing, and digital transformation projects[180]. Technological Innovations - The company launched the industry's first smart gaming phone, achieving breakthroughs in international markets, particularly in esports[6]. - The company introduced AI technology to enhance the User Plane Function (UPF), improving business identification and experience measurement capabilities[13]. - The deployment of the Active Antenna Unit (AAU) is crucial for 5G base stations, responsible for transmitting and receiving RF signals[13]. - The Digital Coherent Optics (DCO) technology supports data transmission rates of 100G and above, widely applied in metropolitan networks and data center interconnections[13]. - The Optical Circuit Switching (OCS) technology enables low-latency, high-bandwidth optical interconnections, suitable for AI computing clusters and data centers[14]. - The company has developed a large model for medical examination scenarios, successfully implemented in multiple hospitals, and partnered with the Health Examination Group to create an AI intelligent examination integration machine[68]. Environmental and Social Responsibility - The company has maintained a leadership A rating in climate change for three consecutive years, reflecting its commitment to green development[6]. - The company emphasizes sustainable development, integrating ESG practices into its strategy to address stakeholder needs[189]. Shareholder and Financial Management - The profit distribution plan for 2025 proposes a cash dividend of RMB 4.11 per 10 shares, subject to shareholder approval[4]. - The company’s capital expenditure for 2025 was 4,272.5 million, a decrease from 5,021.8 million in 2024[122]. - The company has no significant equity acquisitions or non-equity investments during 2025[136]. - The company did not repurchase, sell, or redeem any listed securities during the reporting period, and there are no treasury shares as of December 31, 2025[128]. - The company has established several new subsidiaries in 2025, expanding its consolidated financial reporting scope[85]. Customer and Market Dynamics - The domestic operator market will focus on stabilizing network structures and exploring incremental space through demand[8]. - The company achieved a market share increase in the domestic market for wireless products, while also expanding its international presence in countries like Indonesia, Vietnam, and several others[79]. - The company ranked first in market share for smart computing servers in China, participating in various national projects and achieving significant growth in data center switches[80]. - The group has maintained a leading position in the smart home sector, with over 100 million units shipped for two consecutive years, and holds the number one global market share for PON CPE for five years running[50]. Risk Management and Financial Strategy - The group emphasizes risk management in derivative trading, focusing on hedging against currency and interest rate fluctuations, and prohibits speculative activities[150]. - The company actively manages customer credit risk through credit assessments, ratings, and internal credit management measures, utilizing financial tools like credit insurance[188]. - Interest rate risk is managed by controlling the total amount of interest-bearing debt and optimizing the debt structure, including the use of interest rate swaps[186].

Group 1 - The Dawan District ETF Ping An (512970) opened with a gain of 1.73%, priced at 1.472 yuan [1][2] - Major holdings of the ETF include China Ping An, Luxshare Precision, BYD, and others, with mixed performance among these stocks [1] - The ETF's performance benchmark is the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, managed by Ping An Fund Management Co., Ltd. [2] Group 2 - Since its establishment on September 23, 2019, the ETF has achieved a return of 44.66%, while the return over the past month has been -5.61% [2] - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]

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） 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。 （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 二零二六年三月二十三日 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。 1 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202620 中兴通讯股份有限公司 关于参与认购的建兴湛卢基金完成备案登记的公告 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 ...

基金名称：陕西建兴湛卢股权投资合伙企业（有限合伙） 管理人名称：建信（北京）投资基金管理有限责任公司 托管人名称：中国建设银行股份有限公司 备案日期：2026 年 3 月 20 日 备案编码：SBSE62 本公司将严格按照相关法律法规的要求，对建兴湛卢基金的后续进展情况及时履行 信息披露义务。敬请广大投资者注意投资风险。 特此公告。 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202620 中兴通讯股份有限公司 关于参与认购的建兴湛卢基金完成备案登记的公告 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（简称"中兴通讯"或"本公司"）于 2026 年 2 月 2 日召 开的第十届董事会第十九次会议审议通过了《关于认购陕西建兴湛卢股权投资合伙企业 （有限合伙）份额的议案》，本公司拟作为有限合伙人出资 11,700 万元人民币认购陕西 建兴湛卢股权投资合伙企业（有限合伙）（简称"建兴湛卢基金"），建兴湛卢基金规 模为 3 亿元人民币，具体请见本公司于 2026 年 2 月 3 日发布的《第十届董事会第 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Core Insights - The article discusses the establishment of the National Artificial Intelligence Application Pilot Base in the energy sector, specifically focusing on electricity, which aims to facilitate the integration of AI technologies into the power industry [3][4]. Group 1: Overview of the Pilot Base - The pilot base has successfully connected over 100 different entities to promote efficient resource sharing and collaborative expansion in the AI field [3]. - Eight initial enterprises, including major players like Huawei and Baidu, have officially joined the pilot base, with plans to introduce 30 more companies by 2026 [3][5]. Group 2: Services and Support Offered - The pilot base provides a comprehensive range of services, including testing, certification, and consulting, to support the entire chain of AI technology application in the power sector [4]. - It offers resources such as computing power, high-quality data, and valuable models to its partners, facilitating the transition from research to market-ready products [4]. Group 3: Importance of AI in the Power Sector - The integration of AI technologies is crucial for addressing the systemic challenges faced by the new power system, including planning, operation, and scheduling [5]. - AI technologies are expected to drive significant transformations in the entire electricity supply chain, enhancing reliability, safety, and economic efficiency [5].

Core Viewpoint - The company, Placo New Materials (铂科新材), has a diverse customer base that includes several prominent companies across various industries [1] Group 1: Customer Base - The main customers of the company include ABB, BYD (比亚迪), Gree, GoodWe, Huawei, Jinlang Technology (锦浪科技), Midea, Megmeet (麦格米特), MPS, Flex, TDK, Delta, Weimais, Sungrow (阳光电源), Eaton, and ZTE [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company is firmly advancing its "Connection + Computing Power" transformation strategy in 2025, with the computing power business (government and enterprise services) experiencing rapid growth, doubling its revenue year-on-year. However, the connection business is under pressure due to industry cycles, leading to short-term fluctuations in gross margin and a phase of adjustment in profitability. Strong R&D investment is expected to gradually restore profitability as self-developed chips and full-stack intelligent computing capabilities continue to strengthen and apply [2][12] Summary by Relevant Sections Revenue and Profitability - In 2025, the company achieved total revenue of 133.9 billion yuan, a year-on-year increase of 10.4%. The net profit attributable to shareholders was 5.6 billion yuan, down 33.3% year-on-year, while the net profit excluding non-recurring items was 3.4 billion yuan, down 45.5% year-on-year. In Q4 alone, the company reported revenue of 33.4 billion yuan, a quarter-on-quarter increase of 15.2%, with a net profit of 300 million yuan, up 11.9% quarter-on-quarter [6][12] Business Segmentation - The company's revenue from different business segments in 2025 was as follows: operator networks 62.9 billion yuan (down 10.6% year-on-year), government and enterprise services 37.2 billion yuan (up 100.5% year-on-year), and consumer business 33.8 billion yuan (up 4.4% year-on-year). The operator network business was primarily affected by the decline in domestic operators' 5G investment, while the government and enterprise services capitalized on opportunities in intelligent computing, leading to significant growth [12][12] Gross Margin and Cost Management - The overall gross margin for the company in 2025 was 30.3%, down 7.7 percentage points year-on-year, mainly due to the rapid growth of lower-margin government and enterprise services. The gross margins for operator networks, government and enterprise services, and consumer business were 48.1%, 11.0%, and 18.3%, respectively. Effective cost management was evident, with R&D, sales, and management expense ratios decreasing to 17.0%, 6.9%, and 3.2%, respectively [12][12] R&D Investment and Future Outlook - The company maintained a high level of R&D investment, totaling 24.5 billion yuan, accounting for approximately 18.3% of revenue. This investment focused on high-potential and strategic projects, enhancing capabilities in both network and computing power sectors. The company expects to see a gradual recovery in profitability as it continues to strengthen its full-stack intelligent computing capabilities [12][12] Profit Forecast - The company forecasts net profits attributable to shareholders for 2026, 2027, and 2028 to be 7.4 billion yuan, 8.5 billion yuan, and 9.5 billion yuan, respectively, with corresponding year-on-year growth rates of 31.8%, 14.5%, and 12.0%. The projected price-to-earnings ratios for these years are 24x, 21x, and 19x, respectively [12][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The upcoming GTC conference is expected to showcase advancements in GPU architecture, power supply upgrades, and liquid cooling technologies, which will further solidify the global computing ecosystem and accelerate the commercialization of core components and supporting infrastructure [3][12] - The OFC conference is anticipated to highlight the ongoing upward trend in the optical communication sector, with significant developments in high-speed optical modules and advanced packaging technologies [4][15] - The report emphasizes the resonance of the global AI industry, recommending investment in four main areas: optical communication, liquid cooling, domestic computing power, and satellite technology [5][13] Summary by Sections GTC and OFC Insights - The GTC conference will take place from March 16 to 19, 2026, focusing on new GPU architectures and related technologies [11] - The OFC conference will occur from March 15 to 19, 2026, showcasing advancements in high-speed optical modules and related technologies [15] Investment Recommendations - Recommended stocks in the optical communication sector include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [13][17] - Beneficiary stocks include: Longfly Optical Fiber, Robot Technology, and others [13][16] - In the liquid cooling and power supply sectors, recommended stocks include: Yingweike and others [20][18] Market Review - The communication index experienced a slight decline of 0.12% during the week of March 9 to March 13, 2026 [25] 5G Infrastructure Data - By December 2025, the total number of 5G base stations in China reached 4.84 million, with a net increase of 588,000 stations from the previous year [27] - The number of 5G mobile phone users reached 1.204 billion, reflecting a year-on-year growth of 18.74% [27][29]

Core Viewpoint - The 2026 China Household Appliances and Consumer Electronics Expo (AWE 2026) showcases significant advancements in AI technology and smart devices, particularly highlighting the growing interest in smart glasses and embodied intelligence products [1][2]. Group 1: Event Overview - AWE 2026 is themed "AI Technology, Enjoying the Future" and spans a total exhibition area of 170,000 square meters, featuring 1,200 participating companies including major players like Haier and Huawei [1]. - The event introduces a new "dual-zone" layout, comprising the Eastern Hub International Business Cooperation Zone and the New International Exhibition Center [2]. Group 2: Smart Glasses Highlights - Smart glasses emerged as a focal point at the expo, with multiple models showcased, including the Qianwen AI Glasses G1, which supports calling, photo/video recording, and translation, powered by the Qianwen large model [3]. - XREAL presented the XREAL 1S, equipped with the self-developed X1 spatial computing chip, enabling a stable spatial hovering experience and real-time 2D to 3D conversion [5]. - TCL's Thunderbird X3 Pro AR glasses were highlighted for their integration with Amap, while BOE unveiled the S7 AI+AR cycling glasses, which project navigation and speed information in real-time [6]. Group 3: Embodied Intelligence - The Eastern Hub showcased various embodied intelligence products, including humanoid robots and caregiving robots, indicating a trend towards more interactive and functional robotic solutions [7]. - Shanghai Aoshark Intelligent Technology introduced the FIT-HV PRO waist exoskeleton robot, which reduces physical load by over 60% during heavy lifting and frequent bending tasks [10]. Group 4: Technological Innovations - The expo featured advancements in optical interconnect technology, with the launch of the Guangyue Supernode 128-card commercial version, which significantly enhances training performance for large models, reducing transmission delays by over 90% compared to traditional methods [12][16]. - Lishan Technology released the LX series of professional and consumer graphics cards, designed for various applications including gaming and digital content creation, with features aimed at preventing performance drops due to memory overflow [16].