Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

Group 1 - OpenAI launched a new ChatGPT learning mode that assists learning through gradual guidance rather than quick answers, available for various user tiers [1] - Amazon signed an AI licensing agreement with The New York Times, committing to pay between $20 million to $25 million annually, allowing the use of NYT content for AI model training [2] - Google confirmed it will sign the EU's voluntary AI code of conduct, aimed at helping AI developers comply with EU AI regulations, while Meta previously rejected the framework [2] Group 2 - ZTE unveiled its first emotional AI pet named "Mochi" at the World Artificial Intelligence Conference, promoting it as a smart companion capable of emotional connection [3] - Microsoft identified the top 10 professions most impacted by AI, with translators and interpreters being the most affected, while roles like nursing assistants and heavy equipment operators are less impacted [4] - Apple experienced a setback in its AI strategy as four AI researchers left for Meta within a month [5] Group 3 - Huawei's HarmonyOS 5 terminal count surpassed 10 million, as announced by Yu Chengdong, a senior executive at the company [7] - Xiaomi's automotive division announced the rollout of its 10 million Clips version of end-to-end assisted driving features, emphasizing the importance of user attention during driving [8]

中兴通讯2025年第一季度财报显示，营业收入329.68亿元(人民币，下同)，同比增加7.82%；普通股股东 应占净利润24.53亿元，同比减少10.5%；基本每股收益0.51元。 香港联交所最新资料显示，7月30日，中兴通讯(00763)股东将股票由香港上海汇丰银行转入花旗银行， 转仓市值6.66亿港元，占比3.42%。 ...

中兴通讯2025年第一季度财报显示，营业收入329.68亿元(人民币，下同)，同比增加7.82%；普通股股东 应占净利润24.53亿元，同比减少10.5%；基本每股收益0.51元。 香港联交所最新资料显示，7月30日，中兴通讯（000063）(00763)股东将股票由香港上海汇丰银行转入 花旗银行，转仓市值6.66亿港元，占比3.42%。 ...

在开源的6个大模型中，NTele-R1-32B-V1电信大模型是其中的焦点。该模型使用约800个经过筛选的样 本进行训练，"小样本高效训练"的模式，为降低AI开发成本提供了新的可能性。中兴通讯AI研发中心负 责人表示，"NTele-R1-32B-V1 是从 DeepSeek-32B-Distill训练的，实现了'少而精'的训练效果。"目前， 该数据集已同步开源，开发者可直接获取用于模型优化。 国产AI大模型正迎来一波密集的"开源潮"。7月30日，南都湾财社记者从中兴通讯方面获悉，其宣布一 次性开源11项核心技术成果，包括6个自研大模型和5个行业数据集。 这一趋势背后，是国内大模型产业从追求"通用"到深耕"垂直"的集体转向。"通用大模型好比是大学 生，知识面广但解决不了专业问题。行业现在需要的是有深厚领域知识的'专科博士'，"一位AI行业分 析师向南都湾财社记者表示，"开源电信模型和数据集，价值不在于参数大小，而在于其高度的专业性 和稀缺性，这正是产业应用需要的东西。" 此外，高质量的国产开源模型生态，也被视为激活国产AI芯片产业链的关键。过去，国产AI芯片厂商 在追赶英伟达时，不仅面临硬件性能的差距，更受制于 ...

经济观察网 在2025世界人工智能大会的关键节点，由国务院国资委统筹指导、中国移动（600941）牵 头运营的国家级AI开源开放平台"焕新社区"正式启动，标志着中国AI"国家队"建设迈入实质性阶段。作 为首批共建单位，中兴通讯（000063）一次性开源11项核心技术成果，包括6个自研大模型、5个行业数 据集，涵盖大模型、数据集、训练范式及专业领域测评工具，形成了覆盖"模型-数据-工具"的完整技术 矩阵，为"焕新社区"注入了首批高质量技术资产，以硬核技术实力助力国产AI生态体系构建。 其中，电信大模型NTele-R1-32B-V1在AIME2024与MATH500测试中领先；3B、7B多模态模型通过Curr- ReFT方法在AI2D、MathVista等基准上优于更大参数模型。TFCE数据集覆盖4G、5G、6G通信场景，填 补行业空白。同时，中兴已完成与国产GPU适配，算力效率提升40%。 ...

Issuance Overview - The company plans to issue zero-coupon convertible bonds amounting to RMB 35.84 billion, maturing in 2030 [1][3] - The initial conversion price is set at HKD 30.25 per share, representing a 15.90% premium over the closing price of HKD 26.1 on July 28 [3] - The potential conversion shares amount to approximately 129.7 million H-shares, accounting for about 17.17% of existing H-shares and approximately 2.71% of total equity [3] Use of Proceeds - The net proceeds from the fundraising are approximately USD 494.3 million (equivalent to about RMB 35.43 billion) [3] - The funds will be utilized to enhance the company's research and development in computing power products [3] Bond Terms - The bonds will be redeemable at the issuer's option if the unredeemed principal is less than 10% of the initial total issuance [3] - Bondholders have the right to request redemption on August 5, 2028 [3] - The issuance is authorized by the general mandate granted at the 2025 shareholders' meeting, thus no further shareholder approval is required [3] - The bonds will be offered to no fewer than six independent subscribers [3] - The issuance has received approval from the National Development and Reform Commission for corporate foreign debt borrowing [3]

Core Insights - The "Huanxin Community," a national-level AI open-source platform, has officially launched under the guidance of the State-owned Assets Supervision and Administration Commission and led by China Mobile [1] - ZTE Corporation has contributed 11 core technology achievements, including 6 self-developed large models and 5 industry datasets covering key areas such as communication, mathematics, code, and visual recognition [1] - The platform aims to lower the application threshold for AI technology and foster a domestically competitive AI ecosystem in China [1]

Core Viewpoint - The "Huanxin Community," a national-level AI open-source platform, was officially launched during the 2025 World Artificial Intelligence Conference, aiming to foster a competitive domestic AI ecosystem through open-source collaboration and innovation [1][2]. Group 1: Platform and Objectives - The "Huanxin Community" focuses on "open-source, collaborative innovation" by providing shared computing resources, model resources, and a development community to lower the barriers to AI technology application [2]. - ZTE Corporation, leveraging its 40 years of communication technology and AI research capabilities, plays a crucial role in the ecosystem's development, committing to deep involvement in model innovation, computing optimization, and practical applications [2][7]. Group 2: Open-source Achievements - ZTE has open-sourced 11 core technological achievements, including 6 self-developed large models and 5 industry-specific datasets, creating a comprehensive technology matrix covering "models, data, and tools" [2][3]. - The NTele-R1-32B-V1 telecom model, trained with only 800 carefully selected samples, achieved a score of 82.5 in the AIME2024 evaluation, surpassing the Qwen3-32B model [3][4]. Group 3: Model Performance - The 3B-Curr-ReFT and 7B-Curr-ReFT models, based on Qwen2.5-VL-Instruct, demonstrated significant performance improvements, with the 3B model achieving an accuracy of 83% in AI2D mathematical reasoning tests, outperforming larger models [4][6]. - The 7B version scored 92.2 in the MathVista evaluation, showing a 33.6 percentage point improvement over the baseline model [4]. Group 4: Industry Impact - The open-sourced datasets cover critical areas such as telecommunications, mathematics, coding, and visual recognition, with the TFCE dataset integrating over 40 years of ZTE's technological expertise [6]. - The collaboration with domestic GPU manufacturers aims to enhance the compatibility of open-source models with domestic chips, achieving a 40% improvement in computing efficiency compared to general solutions [7].

在2025世界人工智能大会的关键节点，由国务院国资委统筹指导、中国移动牵头运营的国家级AI开源 开放平台"焕新社区"正式启动，标志着中国AI"国家队"建设迈入实质性阶段。 作为首批共建单位，中兴通讯一次性开源11项核心技术成果，涵盖大模型、数据集、训练范式及专业领 域测评工具，助力国产AI生态体系构建。 "焕新社区"作为中国AI"国家队"的核心载体，肩负着整合央企资源、打破技术壁垒、推动AI普惠发展的 战略使命。该平台以"开源开放、协同创新"为核心，通过开放算力集群、共享模型资源、搭建开发社 区，降低AI技术应用门槛，旨在培育具有国际竞争力的国产人工智能生态。 中兴通讯高级副总裁张万春在启动仪式上表示："AI开源生态的构建需要'国家队'的协同攻坚，中兴通 讯将以技术开源为纽带，在模型创新、算力优化、场景落地三大领域深度参与，为中国AI自主可控体 系提供全链条支撑。"据介绍，中兴通讯此次开源的11项成果，包括6个自研大模型、5个行业数据集， 形成了覆盖"模型-数据-工具"的完整技术矩阵，为"焕新社区"注入了首批高质量技术资产。 在开源的6个大模型中，NTele-R1-32B-V1电信大模型成为焦点。该模型基于D ...