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，以硬核技术 实力助力国产AI生态体系构建，彰显科技企业支撑国家AI战略的坚定决心。 实测数据显示，3B-Curr-ReFT在AI2D数学推理测试中准确率达83%，超越26B参数的InternVL-26B；7B 版本在MathVista测评中得分92.2%，较基础模型提升33.6个百分点。"Curr-ReFT的核心是让模型像人类 学习一样循序渐进。"技术专家表示，该范式将任务分为二元决策、多项选择、开放式回答三阶段，配 合GPT-4-O评分的拒绝采样机制，既突破了小模型的"能力瓶颈墙"，又避免了基础能力退化。这种轻量 化方案特别适用于智能终端、边缘计算等资源受限场景。 同步开源的5个行业数据集则覆盖通信、数学、Code、视觉识别等关键领域，其中TFCE数据集堪称"电 信AI百科全书"。该数据集整合中兴40年技术积淀，包含1800余个函数、9 ...

Core Insights - The report provides a summary of recommended stocks across various industries for August 2025, highlighting their investment logic and potential growth opportunities [2][3]. Financial and Valuation Summary - **Oriental Fortune (300059.SZ)**: Expected EPS of 0.69 in 2025 with a PE ratio of 35.04, benefiting from high elasticity and a mature community operation model [3]. - **Atour (ATAT.O)**: Projected EPS of 15.1 in 2025 and a low PE of 2.31, with strong retail performance and ongoing product iteration expected to drive growth [3]. - **Times New Material (600458.SH)**: Anticipated EPS of 0.79 in 2025, with a PE of 16.39, supported by new material business expansion and overseas market opportunities [3]. - **Dongpeng Beverage (605499.SH)**: Forecasted EPS of 11.56 in 2025 and a PE of 24.80, with strong revenue growth in specialty drinks and ongoing national expansion [3]. - **Youran Dairy (9858.HK)**: Expected EPS of 0.17 in 2025 with a PE of 21.29, positioned to benefit from rising beef and milk prices in the domestic market [3]. - **Bear Electric (002959.SZ)**: Projected EPS of 2.34 in 2025 and a PE of 21.06, with recovery in demand anticipated due to national subsidy policies [3]. - **Huahong Semiconductor (1347.HK)**: Expected EPS of 0.1 in 2025 with a high PE of 423.50, benefiting from high capacity utilization and local supply chain advantages [3]. - **ZTE Corporation (000063.SZ)**: Anticipated EPS of 1.84 in 2025 and a PE of 19.07, with growth driven by AI server sales and nuclear power projects [3]. - **China General Nuclear Power (003816.SZ)**: Projected EPS of 0.21 in 2025 with a PE of 17.76, with stable earnings from nuclear projects expected to enhance cash flow [3]. - **Xugong Machinery (000425.SZ)**: Expected EPS of 0.86 in 2025 and a low PE of 9.98, with growth potential in both domestic and overseas markets [3].

近日，赛迪顾问发布《2024-2025中国平台软件市场研究年度报告》，中兴通讯金篆数据库GoldenDB荣登中国分布式事务型数据库市场第一，并凭借深厚的 技术创新积累和全行业深入应用实践，被评为中国数据库管理系统市场领导者。 深厚技术积淀，成就分布式领先地位 中兴通讯金篆数据库GoldenDB具备20+年研发积累和10+年重点行业锤炼经验，拥有超过800项数据库核心专利，于2024年9月成为首批通过国家安全可靠测 评的分布式数据库，这样深厚的技术沉淀是中兴通讯金篆数据库GoldenDB在竞争激烈的分布式数据库领域脱颖而出的关键。 其中，在金融行业，中兴通讯金篆数据库GoldenDB业界首家全面覆盖国有大行、政策性银行、股份制银行、农信联社、城商行、农商行、证券、保险全系 列金融机构核心系统，服务超过100家金融机构，最大集群部署超过4000个节点，每日承载100亿+笔、10万亿+元金融交易。 在运营商行业，中兴通讯金篆数据库GoldenDB支撑中国移动、中国联通集团和各省公司核心系统，承载全球用户量最大、超过12亿用户的单系统，每日承 载9亿+移动用户计费、12亿+物联网计费。 在政务行业，中兴通讯金篆数据库 ...

Overview - ZTE Corporation plans to issue RMB 3,584 million zero-coupon convertible bonds due in 2030, which will be settled in US dollars [1][2] - The bonds will be convertible into H shares at an initial conversion price of HKD 30.25 per share [4][7] - The net proceeds from the bond issuance will be used to enhance the company's computing power product research and development [5][11] Bond Issuance Details - The bonds will be issued under a subscription agreement with the underwriters, who will agree to subscribe and pay for the bonds [2][3] - The bonds will convert into approximately 129,726,464 H shares, representing about 17.17% of the total H shares issued as of the announcement date [4][7] - The initial conversion price represents a premium of approximately 15.90% over the closing price of HKD 26.1 on the day of the agreement [7] Use of Proceeds - The estimated net proceeds from the bond issuance, after deducting related expenses, are approximately USD 494.30 million (around RMB 3,543 million) [11] - The funds will be allocated to strengthen the company's R&D in computing power products [11][12] Impact on Share Structure - The issuance of the bonds and the subsequent conversion will not require further shareholder approval, as it falls under the general mandate granted at the annual general meeting [5][14] - The conversion of the bonds will result in an increase in the total issued H shares, affecting the company's equity structure [10][14] Regulatory Compliance - The company has obtained the necessary approvals from the National Development and Reform Commission for the bond issuance [19] - The company will apply for the listing of the bonds and the conversion shares on the Hong Kong Stock Exchange [19][20]

Group 1: ZTE Corporation - ZTE Corporation plans to issue HKD 35.84 billion zero-coupon convertible bonds due in 2030, with an initial conversion price of HKD 30.25 per share [1] - The net proceeds of approximately USD 494.3 million will be used to enhance the company's R&D investment in computing power products [1] - This move is expected to promote long-term development in 5G and artificial intelligence sectors, boosting investor confidence [1] Group 2: Hong Kong Monetary Authority - The Hong Kong Monetary Authority (HKMA) issued guidelines regarding the regulation of stablecoin issuers, effective from August 1, 2025 [2] - The guidelines emphasize that false claims of being a licensed issuer or applicant are illegal, aiming to protect investor interests and mitigate financial risks [2] - This initiative is anticipated to positively impact the healthy development of the stablecoin market and provide regulatory insights for other regions [2] Group 3: Shandong Gold - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - The listing aims to deepen global strategic layout, accelerate overseas business development, and optimize capital structure [3] - This initiative is expected to enhance governance and core competitiveness while expanding diversified financing channels [3] Group 4: Pearl River Steel Pipe - Pearl River Steel Pipe's board proposed to reduce share premium to offset accumulated losses as of December 31, 2024 [4] - The reduction aims to improve financial transparency, allowing shareholders and investors to better understand the company's financial status [4] - This move may help stabilize market confidence, although potential impacts on shareholder equity should be monitored [4] Group 5: Hong Kong Stock Market - The Hang Seng Index closed at 25,524.45, down 0.15% on July 29 [5] - The Hang Seng Tech Index closed at 5,644.38, down 0.35% [5] - The National Enterprises Index closed at 9,145.92, down 0.34% [5]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in the forum [2][3]. Core Insights - The forum emphasized the need to reduce AI computing costs and promote technology adoption to accelerate the implementation of AI in the real economy, marking a shift from foundational model capabilities to practical applications that create tangible value [2][3][18]. - The concept of "Open Symbiosis" was highlighted, indicating that no single company can dominate the AI landscape, and collaboration among over 20,000 partners is essential for building a cohesive ecosystem [3][19]. - The focus is shifting towards inference solutions, with a significant demand for cost-effective computing, as the ratio of inference to training computing is expected to reach 1000:1 in the future [4][20]. Summary by Sections Event Overview - On July 28, 2025, ZTE hosted the "Computing Power for All, AI for Reality" forum as part of the World Artificial Intelligence Conference (WAIC), gathering leaders from government, academia, and industry [16][17]. Industry Trends - The forum's discussions reflected a consensus on the transition from "Model is King" to "Application is Core," emphasizing the practical value of AI in real-world scenarios [18]. - The launch of a medical all-in-one machine that enhances doctor efficiency tenfold exemplifies the industry's focus on creating real value through AI [18]. Technological Developments - The report noted advancements in AI inference architecture, particularly through technologies like "Mooncake" that optimize memory usage and reduce hardware costs, making powerful AI models more accessible [21][20]. - Companies like JD Group and China Southern Power Grid showcased their large-scale applications of AI in various sectors, highlighting the importance of green electricity in supporting AI computing [21]. Ecosystem Collaboration - The importance of an open ecosystem and hardware-software synergy was reiterated by representatives from major cloud providers, indicating a collective effort to build large models and ultra-large-scale computing clusters [21].

上海仪电方面表示，光跃LightSphere X依托上海仪电算力底座，集合国内智算领域头部企业，共建了"光芯片—GPU—服务器—算力集群—智算云平台"闭 环，打造了开放共享的光电融合算力生态体系。未来，光跃LightSphere X将作为新一代智算集群核心架构，支撑全栈自主可控的国产算力池建设，助力中国 AI算力基础设施实现跨代发展。 万亿参数大模型与多模态训练的崛起，正推动算力集群迈入"万卡协同"时代。超节点架构通过深度整合GPU资源，在超节点内构建起低延迟、高带宽的统一 算力实体，已成为支撑这一演进的关键技术路径。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 刘怡鹤）7月28日，在2025世界人工智能大会（WAIC）"智算云启，共绘生态"论坛上，上海仪电（集团）有限公司（以下简 称"上海仪电"）联合上海曦智科技有限公司（以下简称"曦智科技"）、上海壁仞科技股份有限公司（以下简称"壁仞科技"）、中兴通讯股份有限公司（以下 简称"中兴通讯"），正式发布国内首个光互连光交换GPU超节点光跃LightSphere X。 据介绍，光跃LightSphere X采用光互连技术，通过增加机柜数量构建超节点， ...

Group 1 - The company, ZTE Corporation, has entered into a subscription agreement to issue bonds amounting to RMB 3,584 million [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 30.25 per share, which is subject to adjustment [1] - If fully converted at the initial price, the bonds will convert into approximately 129,726,464 H-shares, representing about 17.17% of the total H-share capital and 2.71% of the total issued share capital of the company as of the announcement date [1] Group 2 - The net proceeds from the bond issuance are intended to enhance the company's investment in computing power product research and development [1]

Group 1: Market Performance - The communication ETF had an intraday turnover of 16.27%, with a transaction volume of 18.2966 million yuan, indicating active market trading [3] - Over the past week, the communication ETF's average daily transaction volume was 15.4895 million yuan [3] - The communication ETF's net value increased by 45.57% over the past year [3] Group 2: Fund Growth and Returns - The communication ETF saw a growth of 1.0009 million yuan in scale over the past week, ranking first among comparable funds [3] - Since its inception, the communication ETF recorded a highest monthly return of 24.48%, with the longest consecutive monthly gains being three months and the longest gain percentage being 23.48% [3] - The average return during the rising months was 6.09% [3] Group 3: Industry Outlook - The communication industry in China is experiencing stable operations, with growth in telecom business volume and orderly progress in new infrastructure construction [4] - By 2025, the communication sector is expected to benefit from technological iterations and policy dividends, with new growth drivers from AI, quantum communication, and low-altitude economy [4] - The top ten weighted stocks in the national communication index accounted for 59.17% of the total index as of June 30, 2025 [4] Group 4: Key Stocks Performance - The top weighted stocks include Zhongji Xuchuang (9.34%), China Telecom (8.56%), and Xinyi Sheng (8.25%), among others [6] - Notable stock performances include Zhongji Xuchuang with a rise of 9.09% and Tianfu Communication with a rise of 12.64% [6] - Investors can access AI-driven optical communication investment opportunities through the communication ETF linked fund (019072) [6]

Summary of Key Points from Conference Call Records Industry Overview - The global computing power arms race is intensifying, with major tech companies like Google launching large-scale computing projects and planning significant investments over the next five years, indicating a rapid development phase for AI infrastructure [1][3] - CSP cloud vendors are actively investing in 800G/1.6T technology, with expected increases in AI investments from companies like Meta, Microsoft, and Amazon, benefiting optical module manufacturers such as Xuchuang and Xinyi [1][4] Company Performance and Recommendations - **Optical Module and Related Devices**: Companies like Tianfu, Taicheng, Changying Precision, and Shijia Optics are expected to benefit from industry growth, supported by favorable tariff policies and the U.S. AI action plan [1][6] - **Domestic Computing Power**: Active equity funds have increased holdings in Xuchuang and Xinyi, while domestic IDC companies like ZTE have seen reductions in holdings, indicating a potential undervaluation despite lower positions [1][7] - **Switching and Optical Module Companies**: Recommended companies include StarNet Ruijie and Ruijie Networks in the switching sector, and Huagong Technology and Guangxun Technology in optical modules, with expectations of performance improvements as CSP cloud vendors increase investments [1][10] - **Server Sector**: ZTE and FiberHome are highlighted for their significant growth in Q2 2025, with ZTE also focusing on satellite communication and 6G technology, making it a long-term investment opportunity [2][11] Market Trends and Dynamics - The current market demand is strong, particularly in PCB and optical modules, driven by catalysts like Coop, with a robust trend observed [3] - The export data for MPU optical cable jumpers showed significant growth in regions like Guangdong (20%), Henan (60%), and Shanghai/Wuhan (10%), confirming CSP cloud vendors' enthusiasm for AI investments [4][5] - The AI sector is expected to see further developments with the upcoming financial reports and potential releases of AI models like ChatGPT GPT-5, which could stimulate further growth in the industry [14] Future Outlook - The development paths of overseas and domestic computing power may differ due to varying starting points, but both are expected to continue advancing in their respective fields [8][9] - The satellite internet sector is also gaining attention, with private rockets making breakthroughs and significant satellite launches by Starlink, indicating a growing commercial application potential [13] Additional Insights - Companies involved in AI edge applications, such as Guanghe Tong, which has established an AI research institute, are recommended for their proactive approach in the sector [12] - The overall sentiment suggests a continued focus on both domestic and international developments in computing power and AI technologies, with specific companies highlighted for their potential growth [15]