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]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202549 中兴通讯股份有限公司 拟根据一般性授权发行人民币 3,584 百万元零息美元结算 于 2030 年到期的 H 股可转换债券 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。 2025 年 7 月 28 日，中兴通讯股份有限公司（简称"中兴通讯"、"公司"或 "本公司"）拟根据一般性授权发行可转换为本公司 H 股股份的债券，不涉及本 公司 A 股发行。 中信里昂证券有限公司、中信建投（国际）融资有限公司为本次发行的联席 全球协调人、联席牵头经办人和联席账簿管理人。 一、本次发行概述 2025 年7月28 日（交易时段后），本公司与经办人订立认购协议，据此，本公 司同意向经办人或其可能指定的人士发行本金额为人民币3,584百万元的债券，而 经办人个别且并非共同地同意认购并支付该等债券的款项，或促使认购人认购并 支付该等债券的款项，具体须遵守认购协议所载的若干条件。 经办人已进行了簿记建档程序，据此确定了债券的条款，包括但不限于本金额 及初始转股价格。 债券可于条款及条 ...

中兴通讯港交所公告，拟发行35.84亿元人民币美元结算2030年到期的H股可转换债。 ...

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Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The demand for Backup Battery Units (BBUs) is experiencing a significant increase due to the rising power consumption of AI servers, with key Taiwanese companies expected to benefit from this trend [8][9][10]. - Huawei's Ascend CloudMatrix 384 SuperPod made its debut at the WAIC 2025, showcasing advancements in intelligent computing alongside other domestic competitors [11][12]. - The competition in the AI computing power sector is intensifying, with OpenAI planning to deploy 1 million GPUs by the end of the year, while Elon Musk's xAI aims for 50 million chips in five years [13][16]. Summary by Sections AI and BBU Demand - AI servers are rapidly increasing in power consumption, leading to a "straight-line upward" explosion in BBU demand. Companies like Simplo Technology, Delta Electronics, AES, and Lite-On Technology are positioned to benefit [8][9]. - The proportion of BBU modules used in ASIC racks is also increasing, and the trend towards High-Voltage DC (HVDC) technology is expected to further boost BBU demand [9][10]. Huawei and Domestic Competitors - At WAIC 2025, Huawei's Ascend CloudMatrix 384 was highlighted, achieving the largest scale of 384-card high-speed bus interconnection. Major clients include Baidu, Meituan, and JD.com [11][12]. AI Computing Power Arms Race - OpenAI is pursuing a strategy for computing independence through self-developed chips and partnerships, with a goal to shift 75% of its computing resources to its Stargate project by 2030. AI capital expenditures are projected to reach $360 billion in 2025 [13][16]. - Meta has been actively recruiting talent from DeepMind, indicating a competitive landscape for AI expertise [14].

Group 1 - The Terahertz concept sector increased by 2.62%, ranking fifth among concept sectors, with 18 stocks rising, including ShuoBeide which hit a 20% limit up [1] - Leading stocks in the Terahertz sector included Shaanxi Huada, Leike Defense, and Taihao Technology, which rose by 4.92%, 3.85%, and 3.61% respectively [1] - The sector experienced a net inflow of 1.023 billion yuan from main funds, with 11 stocks receiving net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2] Group 2 - ShuoBeide led the net inflow with 833 million yuan, followed by ZTE Communications, Haige Communications, and Tianhai Defense with net inflows of 135 million yuan, 114 million yuan, and 76.79 million yuan respectively [2] - The net inflow ratios for ShuoBeide, Leike Defense, and Haige Communications were 26.89%, 10.30%, and 9.03% respectively [3] - The trading volume and turnover rates for leading stocks in the Terahertz sector were significant, with ShuoBeide showing a turnover rate of 39.04% [3]

Market Overview - The Shanghai Composite Index rose by 0.12% on July 28, with 15 out of the 28 sectors experiencing gains, led by defense and non-bank financial sectors, which increased by 1.86% and 1.51% respectively [1] - The communication sector also saw an increase of 1.24% [1] - The coal and steel sectors faced the largest declines, with decreases of 2.60% and 1.41% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 18.575 billion yuan, with 8 sectors experiencing net inflows [1] - The electronic sector had the highest net inflow, totaling 3.655 billion yuan, followed by the communication sector with a net inflow of 2.848 billion yuan [1] - The computer sector had the largest net outflow, amounting to 6.892 billion yuan, followed by the non-ferrous metals sector with a net outflow of 3.254 billion yuan [1] Communication Sector Performance - The communication sector increased by 1.24%, with a total net inflow of 2.848 billion yuan, and 86 out of 125 stocks in this sector rose [2] - Notably, 3 stocks hit the daily limit up, while 36 stocks declined, with 1 stock hitting the daily limit down [2] - The top three stocks with the highest net inflow were Guangxun Technology (1.257 billion yuan), Xinyi Sheng (588 million yuan), and Zhongji Xuchuang (442 million yuan) [2] Communication Sector Capital Inflow - The top stocks in the communication sector by capital inflow included: - Guangxun Technology: +10.00%, turnover rate 14.12%, inflow 1.257 billion yuan - Xinyi Sheng: +2.79%, turnover rate 7.31%, inflow 588 million yuan - Zhongji Xuchuang: +3.59%, turnover rate 3.97%, inflow 442 million yuan [2] Communication Sector Capital Outflow - The top stocks in the communication sector by capital outflow included: - Aofei Data: -2.52%, turnover rate 5.17%, outflow -104.65 million yuan - Data Port: -0.52%, turnover rate 3.84%, outflow -96.10 million yuan - Guanghuan New Network: -2.17%, turnover rate 4.26%, outflow -89.18 million yuan [3]

Core Viewpoint - ZTE Corporation reported a net profit of 5.148 billion yuan for 2019, but the quality of this profit is questionable due to significant reliance on non-recurring gains and tax refunds [1][2][6]. Financial Performance Summary - ZTE's total revenue for 2019 was 90.737 billion yuan, representing a year-on-year growth of 6.11% [1]. - The net profit of 5.148 billion yuan includes 2.663 billion yuan from land sales, highlighting a dependency on asset disposals for profit [1][7]. - After excluding non-recurring gains, the adjusted net profit was only 484.7 million yuan, raising concerns about the sustainability of its core business profitability [1][4][6]. Non-Recurring Gains Breakdown - The non-recurring gains before tax amounted to 5.504 billion yuan, with a post-tax figure of 4.663 billion yuan [2]. - Major components of non-recurring gains included: - Disposal of non-current assets: 2.688 billion yuan (48.84%) - Other non-recurring items: 2.713 billion yuan (49.30%) [3]. - Tax refunds and investment income contributed significantly to the reported profits, with software product VAT refunds at 1.24478 billion yuan and investment gains at 819.63 million yuan [5][6]. Land Sale Contribution - The land sale from the Shenzhen Bay project contributed 2.662 billion yuan to ZTE's profits, accounting for 37% of the total profit [7][8]. - The company utilized land leasing as a strategy to bolster profits during challenging financial periods, raising questions about the sustainability of this approach moving forward [8][9].

Core Viewpoint - Ericsson's performance in the Chinese market continues to decline, with a warning from CEO Börje Ekholm about a potential significant drop in market share and plans to adjust sales and distribution strategies starting in Q4 [1][5]. Financial Performance - In Q3, Ericsson's total sales amounted to 56.3 billion Swedish Krona, a 2% decrease from 57.5 billion Swedish Krona in the same period last year [3]. - The gross margin increased to 44% from 43.2% year-on-year, while the EBIT margin decreased slightly from 15.7% to 15% [3]. - Excluding the Chinese market, the network business sales grew by 8% year-on-year [3]. Market Challenges - In the Chinese market, Ericsson's sales accounted for only 5% of total revenue, halving compared to the previous year, primarily due to declines in network and digital services [4]. - The sales in China decreased by 3.6 billion Swedish Krona in Q3, marking a significant drop for two consecutive quarters [4][6]. - Competitors like Huawei and ZTE dominate the market, with Huawei holding approximately 60% of the market share in recent tenders [6]. Strategic Adjustments - Starting in Q4, Ericsson plans to reduce the size of its sales and delivery teams in China, which may lead to restructuring costs [6][7]. - Analysts suggest that without addressing underlying issues, mere restructuring may not yield significant improvements in market share [7].