证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202568 表决情况：同意 9 票，反对 0 票，弃权 0 票。 具体情况详见与本公告同日发布的《关于回购公司 A 股股份方案的公告暨 回购报告书》。 特此公告。 中兴通讯股份有限公司董事会 2025 年 12 月 12 日 中兴通讯股份有限公司 第十届董事会第十七次会议决议公告 本公司及董事会全体成员保证董事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 经中兴通讯股份有限公司（以下简称"公司"或"中兴通讯"）董事会全体 董事一致同意，豁免第十届董事会第十七次会议（以下简称"本次会议"）的通 知时间要求。公司于 2025 年 12 月 12 日以电子邮件的方式向公司全体董事发出 了《关于召开第十届董事会第十七次会议的通知》。2025 年 12 月 12 日，本次会 议以通讯表决方式召开，应表决董事 9 名，实际表决董事 9 名。本次会议的召开 符合有关法律、行政法规、部门规章和《中兴通讯股份有限公司章程》的有关规 定，会议合法、有效。 本次会议审议通过《关于以集中竞价交易方式回购公司A股股份方案 ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202569 中兴通讯股份有限公司 关于回购公司 A 股股份方案的公告暨回购报告书 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。 重要内容提示： 拟回购股份的种类、用途、价格区间、数量、占公司总股本的比例、实施期限、拟用于回 购的资金总额及资金来源等基本情况 中兴通讯股份有限公司（以下简称"公司"或"本公司"）拟使用自有资金以集中竞价交易方 式回购公司A股股份（以下简称"本次回购"），用于实施公司员工持股计划或者股权激励。本次回购 资金总额为不低于人民币10亿元且不超过人民币12亿元（均包含本数）。按照回购资金上限人民币12 亿元、回购A股股份价格上限人民币63.09元/股测算，公司本次回购股份数量约为1,902.04万股，约 占公司目前总股本的0.40%。具体回购股份的数量以回购期满时实际回购的股份数量为准。本次回购 期限自董事会审议通过本次回购方案之日起12个月内。 公司已在中国证券登记结算有限责任公司深圳分公司开立了回购股份专用证券账户。 相关股东暂无增减持计划 截至 ...

Key Points - Xiaopeng Motors' founder He Xiaopeng made a bet with his team regarding the performance of their VLA2.0 compared to Tesla's FSD by 2026, indicating confidence in the advancement of autonomous driving technology [4][5] - Nvidia responded to allegations that Chinese startup DeepSeek used smuggled Blackwell chips for AI model training, stating they have seen no evidence of such activities [7] - ZTE Corporation announced its commitment to anti-corruption and is currently in communication with the U.S. Department of Justice regarding compliance investigations related to overseas bribery [9][10] - Zhu Xiaohu commented on Tencent's cautious investment strategy over the past 20 years, emphasizing that the company waits for market clarity before making significant moves [11] - The Chinese government is expected to continue its "national subsidy" policy for consumer goods in 2024, with a focus on optimizing implementation by 2026 [19][20] - MiniMax and Zhizhu, two domestic AI unicorns, are reportedly planning to conduct IPOs in Hong Kong soon, aiming to become the first publicly listed company in the large model sector [21] - JD Industrial, a subsidiary of JD Group, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 2.827 billion [22][23] - Meitu's CEO announced an internal venture initiative, allowing employees to apply for funding to develop AI projects, aiming to enhance organizational efficiency [24] - Lantu Motors' chairman emphasized the need for a breakthrough in the luxury car market, which has been dominated by foreign brands [25] - Xiaomi launched its first self-produced central air conditioning unit at its Wuhan smart home appliance factory, showcasing advancements in its manufacturing capabilities [26][27]

Group 1: Technology Developments - OpenAI has released the latest version of its AI model, GPT-5.2, which aims to enhance economic value by excelling in tasks such as spreadsheet creation, presentation making, code writing, image recognition, long text understanding, tool usage, and managing complex multi-step projects, outperforming industry professionals in 44 specific knowledge work tasks [2] - DingTalk has launched version 8.1.10, introducing AI-powered features such as AI Q&A and AI dynamic reply suggestions, enhancing user interaction [5] - QQ has implemented an AI summary feature for group chats, allowing users to quickly grasp key messages without scrolling through extensive chat histories [7] Group 2: Corporate Announcements - Elon Musk hinted at a potential IPO for SpaceX, indicating the company's financial health with consistent positive cash flow and regular stock buybacks [4] - JD Group announced the listing of JD Industrial on the Hong Kong Stock Exchange, with shares starting trading at 14.1 HKD [13] - ZTE Corporation's stock fell approximately 2% following news of an investigation related to compliance with the U.S. Foreign Corrupt Practices Act, although the company maintains that its operations are normal [10] Group 3: Strategic Partnerships and Initiatives - Guangdong Province and JD Group have established the first "Modern Rider Academy" in China, focusing on vocational training for delivery personnel, aiming to cover over 100,000 full-time riders in the region within three years [9] - Huawei has announced the beta launch of its HarmonyOS for computers, with the ecosystem expanding from around 2,000 applications to 12,000, indicating significant growth in its application coverage [8] Group 4: Mergers and Acquisitions - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao for 886 million CNY, focusing on satellite navigation testing technology [17] - Whirlpool intends to purchase assets related to washing machines from its controlling shareholder, Gree Electric Appliances, to eliminate competition concerns [16] - Blue Shield Optoelectronics has decided to terminate a planned acquisition of shares in Shanghai Star Thinking Semiconductor for 80 million CNY, citing the need to control investments and protect shareholder interests [15]

Core Viewpoint - ZTE Corporation is facing significant challenges due to potential payments exceeding $1 billion to the U.S. government related to overseas bribery allegations, leading to a sharp decline in stock prices and market capitalization [1][2]. Group 1: Financial Performance and Compliance Issues - On December 11, ZTE's stock hit the limit down, closing at 37.82 yuan per share, with a market value of 180.9 billion yuan [1]. - ZTE has previously faced compliance issues, including a $2.29 billion fine in 2018 for violating U.S. export control laws, which resulted in losses of 2.357 billion yuan in 2016 and 6.984 billion yuan in 2018 [2]. - The company is currently in communication with the U.S. Department of Justice regarding compliance investigations and emphasizes its commitment to a robust compliance system [1][4]. Group 2: Leadership and Strategic Transition - In March 2023, Fang Rong became ZTE's first female chairperson, succeeding Li Zixue, who led the company through a recovery phase post-U.S. sanctions [3][4]. - Under Li's leadership, ZTE shifted its strategy from "full connectivity" to "connectivity + computing power," aiming to transform its business model [3][4]. Group 3: Business Performance and Market Trends - ZTE's traditional telecom business is under pressure, with a decline in revenue from operator network services by 15.02% and 5.99% year-on-year in 2022 and the first half of 2023, respectively [6]. - The company's computing power business has seen rapid growth, with a 180% year-on-year increase in revenue, accounting for 25% of total revenue [6][7]. - Despite the growth in computing power, the overall gross margin has decreased, with the company's gross margin at 32.45% and the computing power segment's gross margin at only 8.27% [6][7]. Group 4: Future Focus and Challenges - ZTE aims to enhance the profitability of its computing power business through increased revenue scale, higher self-research ratios, and expanding into solution sales [7]. - The computing power industry is characterized by intense competition, with ZTE developing its own chips to improve profitability [7].

Market Overview - On December 12, 2025, A-shares experienced a collective decline, with the STAR 50 index leading the drop at 1.55%. The Shanghai Composite Index fell by 0.7% to 3873.32 points, while the Shenzhen Component Index decreased by 1.27% and the ChiNext Index dropped by 1.41%. A total of 752 stocks rose, while 4374 stocks fell, with a combined trading volume of 1.86 trillion yuan, an increase of approximately 78.6 billion yuan compared to the previous trading day [1]. Popular Stocks - The top ten popular stocks on December 12, 2025, included Aerospace Power, Snowman Group, Yonghui Superstores, Moer Thread-U, Galaxy Electronics, ZTE Corporation, Yongding Co., Annie Co., Zaiseng Technology, and Zhongchao Holdings [2]. Company Insights - Aerospace Power is benefiting from the rising interest in the commercial aerospace sector and its own business development. As a core liquid propulsion technology platform under the Aerospace Science and Technology Group, it is deeply involved in the development of scientific satellite propulsion systems and control engines for space exploration. The company has also successfully attracted six strategic investors, raising 300 million yuan to enhance its capabilities [3]. - Snowman Group is experiencing a boost from multiple trending concepts, including the winter economy and hydrogen energy. As a supplier of ice and snow equipment, it aligns with seasonal themes, while its involvement in cutting-edge concepts like controlled nuclear fusion adds to its appeal [3]. - Yonghui Superstores is actively pursuing transformation and upgrades amid operational pressures. The company is implementing innovative measures such as the "Fat Donglai" model store adjustments and is benefiting from the growth of the prepared food sector due to consumer upgrades and supportive retail policies. The significant operations by well-known speculative funds have also attracted market attention [3]. - Moer Thread-U, recognized as the "first domestic GPU stock," holds unique value due to its status as the first company in China to achieve mass production of full-function GPUs. Its business spans general-purpose GPUs and AI computing cards, and the absence of price limits in the first five trading days post-IPO has provided opportunities for speculative trading [3]. - Galaxy Electronics is positioned well within several hot market themes, including military information technology and satellite internet. The company is involved in bidding for the Geospace Aerospace capital increase project and benefits from being a supplier for multiple military branches, which enhances its business advantages [4]. - ZTE Corporation is driven by AI-related themes and is under scrutiny for compliance issues. The company is collaborating with ByteDance to develop AI smartphones, which has led to significant revenue growth in AI server-related businesses. Ongoing discussions with the U.S. Department of Justice regarding compliance investigations have also sparked market discussions [4]. - Yongding Co. is benefiting from industry tailwinds in superconductivity and controlled nuclear fusion. Recent announcements regarding Sino-French nuclear cooperation and breakthroughs in nickel-based superconductors have boosted sentiment in the sector. The company specializes in second-generation high-temperature superconducting materials and is involved in the mass production of optical modules and applications in controlled nuclear fusion [4]. - Annie Co. is influenced by changes in control and multiple thematic resonances. The company's controlling shareholder has changed to a firm focused on "industry intelligence and embodied intelligence," and it is involved in popular themes such as data elements and intellectual property protection. As a stock linked to the Fujian Free Trade Zone and cross-strait concepts, it forms a synergistic effect with data security and intellectual property sectors [4].

Group 1 - OpenAI has launched the new model GPT-5.2, which is now available for paid users and API access, following the competitive pressure from Google's Gemini 3 [2] - The release of GPT-5.2 comes less than a month after GPT-5.1, indicating a rapid development cycle in response to market competition [2] - The core focus of GPT-5.2 is to enhance workplace efficiency, with capabilities including creating spreadsheets, writing presentations, coding, analyzing images, and reading long texts [2] Group 2 - Bilibili has denied rumors that all video content will require a paid membership starting March 1, 2026, and stated that they will pursue legal action against those spreading false information [3] - ZTE Corporation has issued a statement opposing all forms of corruption and is in communication with the U.S. Department of Justice regarding related matters, asserting that its operations remain normal [3] Group 3 - JD Industrial has officially listed on the Hong Kong Stock Exchange with a public offering price set at HKD 14.1 per share, aiming to raise approximately HKD 28.27 billion [4][5] - Xiaomi has announced the launch of its first self-produced central air conditioning unit, designed for larger homes and high-end users, with a total of five configurations available [5] Group 4 - Apple's first smart glasses, Apple Glasses, are expected to be released in 2026, with a likely announcement at the WWDC, and will rely on the iPhone for certain functionalities [6] - The HarmonyOS version of WeChat Moments now supports sending and viewing live photos, with over 27 million installations reported [6] Group 5 - Leap Motor's CEO and a shareholder have purchased a total of 215,060 shares at an average price of HKD 50.51, amounting to over HKD 100 million, reflecting management's confidence in the company's future [6] Group 6 - QQ has introduced an AI summary feature for group chats, allowing users to quickly grasp key points from dense conversations [7] - Elon Musk has praised Tencent's ability to identify and invest in promising gaming studios, highlighting their success in the Western gaming market [7] Group 7 - The China Association of Automobile Manufacturers reported that in November, automobile production and sales continued to show strong growth, with monthly production exceeding 3.5 million vehicles, a historical high [9] - For the first 11 months of the year, both production and sales of automobiles surpassed 31 million units, with year-on-year growth exceeding 10% [9] Group 8 - The scale of the vehicle trade-in program is expected to exceed 180 billion yuan in 2025, driven by strong subsidies and tax incentives for new energy vehicles [10] - The expected growth in the automotive market is supported by nearly 400 billion yuan in tax exemptions and subsidies, indicating a significant increase in sales [10]

中央经济工作会议最新信号，结构性货币政策工具"加量降价"可期 中央经济工作会议中关于2026年货币政策延续适度宽松的基调，显示出宏观政策保持很强的连续性、稳 定性。除了总量政策提出运用降准降息外，会议还要求畅通货币政策传导机制，引导金融机构加力支持 扩大内需、科技创新、中小微企业等重点领域。 泽连斯基：若获安全保障 愿支持在战时举行大选 【今日推荐】 马斯克：若重来，不会领导"政府效率部" 美国电动车制造商特斯拉公司、太空探索技术公司创始人埃隆·马斯克日前表示，如果重来，他不会领 导"政府效率部"，而是专注运营自己的企业。马斯克说："我想我总体上会在我的公司工作，而不是领 导'政府效率部'。这样他们（反对者）就不会烧车了。" 【观国内】 中央部署明年财政政策：重视解决地方财政困难 中央经济工作会议称，明年要继续实施更加积极的财政政策。保持必要的财政赤字、债务总规模和支出 总量，加强财政科学管理，优化财政支出结构，规范税收优惠、财政补贴政策。重视解决地方财政困 难，兜牢基层"三保"底线。严肃财经纪律，坚持党政机关过紧日子。 当地时间11日，乌克兰总统泽连斯基在会见记者时表示，在获得国际伙伴提供充分安全保障前提下 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 中央经济工作会议最新信号，结构性货币政策工具"加量降价"可期 中央经济工作会议中关于2026年货币政策延续适度宽松的基调，显示出宏观政策保持很强的连续性、稳 定性。除了总量政策提出运用降准降息外，会议还要求畅通货币政策传导机制，引导金融机构加力支持 扩大内需、科技创新、中小微企业等重点领域。 泽连斯基：若获安全保障 愿支持在战时举行大选 当地时间11日，乌克兰总统泽连斯基在会见记者时表示，在获得国际伙伴提供充分安全保障前提下，他 愿意支持在战时状态下举行大选，并已要求议员着手准备相关立法修订。泽连斯基在与记者会面时表 示，"最重要的是确保选举的合法性。如果我们的合作伙伴能够帮助我们在安全条件下、在合理时间内 组织选举，我将予以支持。为避免这仅仅成为我发出的一个媒体信号，我已正式请求乌克兰议员起草允 许在战时状态期间举行选举的法律修正案。"泽连斯基强调，当前关键目标是以乌克兰的强势地位结束 冲突。 马斯克：若重来，不会领导"政府效率部" 美国电动车制造商特斯拉公司、太空探索技术公司创始人埃隆·马斯克日前表示，如果重来，他不会领 导"政府效率 ...

Group 1 - The Central Economic Work Conference in Beijing emphasized the continuation of a more proactive fiscal policy and the importance of addressing local fiscal difficulties [2] - The conference identified eight key tasks for the upcoming year, including optimizing the implementation of "two new" policies and promoting investment stabilization [2] - The meeting highlighted the need for innovation-driven development, particularly in artificial intelligence, and the construction of a new energy system [2] Group 2 - The World Bank raised its forecast for China's economic growth rate in 2025 to 4.9%, an increase of 0.4 percentage points from previous estimates, supported by more proactive fiscal policies and moderate monetary easing [3] - In November, China's automobile production and sales reached 3.532 million and 3.429 million units, respectively, marking year-on-year increases of 2.8% and 3.4%, with new energy vehicles accounting for 53.2% of sales [8] - The China Automobile Industry Association reported that new energy vehicle sales grew by 20% year-on-year, indicating a strong market trend [8] Group 3 - The stock market experienced fluctuations, with the A-share market seeing a decline in major indices, while the North Stock 50 index rose by 3.84% [4] - Hong Kong's stock market also faced a downturn, with the Hang Seng Index closing down 0.04% [4] - ZTE Corporation's shares fell significantly due to compliance investigations related to the U.S. Foreign Corrupt Practices Act [4] Group 4 - The largest snack and beverage retail chain in China, "Mingming Hen Mang," has received approval for its IPO in Hong Kong, planning to issue up to 76.6664 million H-shares [5] - Several companies, including Xinjubang and Xinlitai, are planning to issue H-shares for listing on the Hong Kong Stock Exchange [7] Group 5 - UBS reported that the storage chip industry is facing unprecedented supply-demand tensions, with DRAM supply shortages expected to persist until Q1 2027 [10] - The U.S. trade deficit narrowed significantly in September, falling to $52.8 billion, the lowest level since June 2020, with exports rising by 3% [14]