Core Insights - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][10]. Performance Overview - The top-performing ETFs with over 100% returns include: - Guotai CSI All-Share Communication Equipment ETF: 122.27% return, 12.45 billion in size, 6.32 years since inception, maximum drawdown of -28.87% [2][11]. - Fuguo CSI Communication Equipment Theme ETF: 111.21% return, 1.04 billion in size, 1.45 years since inception, maximum drawdown of -23.98% [2][11]. - Southern Growth Enterprise Board AI ETF: 110.15% return, 2.57 billion in size, 0.63 years since inception, maximum drawdown of -14.55% [2][11]. - Huabao Growth Enterprise Board AI ETF: 104.57% return, 3.36 billion in size, 1.01 years since inception, maximum drawdown of -31.52% [2][11]. - Guotai Growth Enterprise Board AI ETF: 100.38% return, 0.55 billion in size, 0.71 years since inception, maximum drawdown of -18.13% [2][11]. Fund Management Insights - The Fuguo CSI Communication Equipment Theme ETF, managed by Su Huaqing, has shown strong growth with a total return of 149.10% since inception and an annualized return of 87.49% [5][14]. - The fund's current size is 1.04 billion, and its investment strategy focuses on AI computing infrastructure [6][14]. Portfolio Composition - As of Q3 2025, the fund's top holdings include: - Xinyi Technology: 159.66 million, 436,500 shares, increased by 476.31% [7][15]. - Zhongji Xuchuang: 158.12 million, 391,700 shares, increased by 473.81% [7][15]. - ZTE Corporation: 64.58 million, 1,415,088 shares, increased by 472.91% [7][15]. - Other significant holdings include Tianfu Communication, Unisplendour, and AVIC Optoelectronics, with substantial increases in shareholding [8][16]. Market Trends - The market has responded positively to policies such as the commencement of major projects and the "anti-involution" strategy, leading to a recovery in undervalued cyclical sectors [8][16]. - The technology growth sector, particularly TMT (Technology, Media, and Telecommunications), has significantly outperformed the market, with a focus on AI and new energy sectors [8][16].

Core Viewpoint - The collaboration between Doubao and Nubia to develop the AI phone Nubia M153 has generated significant market interest, leading to a surge in secondary market prices due to limited availability of the device [3][6]. Group 1: Product Launch and Market Response - The Nubia M153, equipped with Doubao's mobile assistant technology, was released in a limited quantity aimed at developers and tech enthusiasts, with an initial price of 3499 yuan and a stock of 30,000 units, which quickly sold out [6]. - Following the expiration of the official purchase eligibility (F code) on December 7, 2023, demand shifted entirely to the second-hand market, causing prices on platforms like Xianyu to rise significantly, with listings ranging from 3999 to 4999 yuan, and some reaching as high as 36,000 yuan [3][6]. Group 2: Secondary Market Dynamics - The scarcity of the Nubia M153 has led to a thriving secondary market, where the device's F code has become a sought-after item, previously selling for 500 to 1000 yuan but now largely unavailable [3]. - The emergence of short-term rental services for the Nubia M153, with rental prices between 50 to 79 yuan, indicates a growing interest in the device despite its limited availability [3].

凤凰网科技讯 12月10日，近日，豆包和中兴合作研发的努比亚m153手机（豆包AI手机）AI手机引发网 友关注。据了解，该手机官方购机F码（优先购买资格）最迟购买期限已于12月7日截止，如今已无法 通过购买F码在官方渠道购机，这也意味着所有购机需求全面转向二手机交易。 受此影响，该机型在二手平台上价格持续攀升。查询发现，这款手机大部分全新未拆封版本报价3700元 到4999元不等，最高报价36000元。平台上还衍生出短期租赁业务，出租该款手机使用。 ...

MMU校长拿督Mazliham、马来西亚公共事务部代表Yusri Bin Razalli出席结业典礼并发言，对中兴通讯长期以来在智慧政府和组织人才建设中的贡献表示感 谢，对中兴通讯AiCube平台助力MMU大学数智化教学升级、强化人才培养的重要意义表示肯定，并期待未来与中兴通讯开展更深层次的合作。 中兴通讯努力践行《中华人民共和国和马来西亚关于构建高水平战略性中马命运共同体的联合声明》最新文件精神，积极探讨与马来在科技创新、人才培养 等领域的交流合作。 近日，马来西亚政府"Shaping the future-fit public services with Cybersecurity in AI Landscape"暨"马来西亚政府官员来华培训项目二期"结业典礼在马来西亚多 媒体大学（MMU）隆重举行。中兴通讯高级副总裁顾军营专程出席典礼并致辞。 顾军营称，2025年是中马关系新"黄金50年"的启程之年，中兴通讯将继续支持马来西亚数智人才培养与智慧政府建设，并强调将以AI战略合作协议为新起 点，携手政产学研伙伴构建创新生态，为马来西亚及相关地区发展注入持久动能。期间，中兴通讯与MMU签署《AI合作伙伴协议》 ...

然而，产品发布后随即遭遇多个软件平台的使用限制，首批用户反馈在作微信时触发登录环境异常导致 封号;多家银行App及阿里系应用识别出非人工作风险，拒绝执行支付、验证码等敏感指令或直接提 示"设备异常"。面对广泛的业内抵制和使用限制，豆包团队被迫于12月3日及5日紧急下线微信及金融类 应用的作能力，并对游戏代玩、点击激励广告等使用场景对使用AI助手进行了限制。 中银国际发布研报称，明年将是AI手机助手开始广泛发展的一年，未来几个季度市场也将陆续发布带 有AI手机助手功能的产品。该行认为豆包手机助手的发布将显著强化手机厂商的FOMO心态，从而带来 对端侧AI相关的功能性硬件的提前投入和升级，如SoC、存储、续航、散热和传感器等。 中银国际指，邀请手机智能助手的业内资深专家参与了讨论，并一致认为手机AI助手正在逐步走向应 用的拐点，基本的底层技术栈的设计已经比较成熟，而目前所面对的主要困境更多来自互联网服务商、 手机硬件厂商以及监管之间不同利益所带来的摩擦。 报道称，12月1日，字节跳动联合中兴手机发布搭载豆包手机助手预览版的工程样机，其核心卖点在于 通过语音指令实现跨应用的自动化AI Agent作能力。豆包手机广告 ...

Core Insights - ByteDance's AI model Doubao has launched the "Doubao Phone Assistant" technical preview, integrated into the Nubia M153 smartphone, which sold out within a day at a price of 3499 yuan, with resale prices on second-hand platforms reaching up to 9999 yuan, indicating a premium of over 6500 yuan [2] - The Doubao Phone Assistant represents a significant technological breakthrough by embedding AI capabilities directly into the operating system, allowing for cross-app automation tasks through natural language commands, thus transforming the role of AI from a supportive tool to an active agent [2] Group 1: Product Launch and Market Response - The Nubia M153, featuring the Doubao Phone Assistant, sold out rapidly, showcasing strong market demand and consumer interest in innovative AI applications in smartphones [2] - Resale prices on platforms like Xianyu indicate a high perceived value and demand for the device, with some listings reaching up to 9999 yuan, reflecting a significant markup [2] Group 2: Industry Trends and Innovations - The smartphone industry has not seen disruptive innovation for a long time, and the development of AI smartphones is seen as an irreversible trend, with a focus on open collaboration to enhance user experience [3][5] - The high-end smartphone market in China, defined as devices priced over 4000 yuan, has seen its market share increase to over 27% in 2023, up by 3.7 percentage points from 2022, indicating a growing consumer demand for premium devices [7] Group 3: Future Market Projections - The Chinese smartphone market is expected to experience a new wave of upgrades driven by economic recovery and the rise of AI and foldable smartphones, with projections estimating the market size to reach 15,367 billion yuan by 2029, reflecting a compound annual growth rate of approximately 9.2% [8]

Summary of Conference Call Notes Industry Overview - The conference call discusses the **domestic AI computing power industry** and the anticipated growth driven by the large-scale release of domestic chips, recovery in bidding, and the potential approval of the **H200 chip** [1][3][5]. Key Points and Arguments H200 Chip Approval - The approval of the H200 chip is expected to significantly benefit the **computing end** and **AIDC (AI Data Center)** sectors directly, while indirectly benefiting the **network end** and **domestic chip** sectors [1][5]. - If the H200 chip is approved for sale in China, it will greatly enhance the development of the domestic AI and computing power industry chain [3][7]. Market Demand and Growth - The demand for AIDC is projected to reach at least **6-7 GW** in the coming year, with a potential shortage of quality data center resources [5]. - The AIDC sector has seen a decline in stock prices since Q2 but is expected to recover due to increased demand for AIGC (AI Generated Content) in Q3 and Q4 [1][5]. Key Players and Beneficiaries - Major beneficiaries of the H200 chip approval include: - **Computing End**: Companies like **Inspur**, **Unisoc**, and **ZTE** are expected to benefit from increased demand for AI servers and power supplies [5][8]. - **AIDC Sector**: Companies such as **Huaneng New Network**, **Aofei Data**, and **David Technology** are highlighted as potential beneficiaries due to the anticipated recovery in demand [5]. - **Network Side**: Companies like **Ruijie Networks** and **ZTE** are noted for their significant market share and advancements in high-speed switching chips [6][10]. Technological Trends - The conference emphasizes the importance of **Scale-up technology** in driving demand for ultra-high-speed switching chips, particularly the **51.6T switching chip** [6][11]. - The shift towards **liquid cooling** technology is also highlighted, with companies like **Inveke** positioned to benefit from this trend [5][9]. Policy and Market Dynamics - The development of domestic chips is supported by strong government policies, which are expected to accelerate the growth of the domestic AI ecosystem [7]. - The approval of the H200 series is seen as a catalyst for upgrading domestic large models and narrowing the gap with international competitors [7]. Additional Important Insights - The conference notes that the **ITC sector** will benefit from the resolution of supply shortages in computing cards, leading to an acceleration in IDC bidding [9]. - The **light module and related components market** is expected to flourish as supply issues are resolved, with key players like **Hua Gong Technology** and **Xin Yi Sheng** poised to gain from increased domestic demand [12]. This summary encapsulates the critical insights from the conference call, focusing on the anticipated growth in the domestic AI computing power industry, the implications of the H200 chip approval, and the key players and technologies involved.

Core Insights - The collaboration between Doubao and Nubia, a brand under ZTE, has led to the launch of the Doubao phone, Nubia M153, which has sparked significant discussion due to some mainstream apps rejecting its login [1][2] - The Doubao phone assistant technology was officially previewed on December 1, 2025, and the Nubia M153, priced at 3499 yuan, has seen a strong market response, with prices even reaching 10,000 yuan in some cases [1] - The Doubao phone assistant, integrated deeply into the phone's operating system, can perform complex cross-application operations via voice commands, but has faced issues with certain apps like WeChat and various banking applications [1][2] Group 1 - Nubia's president, Ni Fei, emphasized the irreversible trend of AI in mobile phone development and stated that the company is addressing the issues raised by users in collaboration with partners [1] - Doubao announced adjustments to the AI phone assistant's capabilities, particularly limiting its use in financial applications to ensure user security, reflecting a cautious approach to technology deployment [2] - Ni Fei highlighted the need for disruptive innovation in the mobile industry, comparing the collaboration to successful integrations like iPhone with ChatGPT, aiming to enhance user experience [2] Group 2 - Doubao's official WeChat account has responded multiple times regarding the AI assistant's capabilities and the adjustments made to ensure a stable and secure user experience [2] - The Doubao and Nubia partnership is seen as a starting point for exploring AI's potential in the mobile industry, with acknowledgment from Douyin Group's vice president about the real demand for AI-driven changes [2]

Group 1 - BlackRock's long position in China People's Insurance Company - H shares decreased from 6.0% to 5.89% on December 4, 2025 [1] - BlackRock's long position in Kingsoft Corporation increased from 4.89% to 5.05% on December 4, 2025 [1] - BlackRock's holding in ZTE Corporation H shares rose from 6.79% to 7.18% on December 4, 2025 [1]

Core Viewpoint - The article discusses the recent developments and strategic direction of Nubia Technology in the AI smartphone sector, emphasizing the importance of innovation and user experience in the industry [1] Group 1: Company Strategy - Nubia's president, Ni Fei, highlighted the lack of disruptive innovation in the smartphone industry and stated that the trend towards AI smartphones is irreversible [1] - The collaboration with Doubao Mobile Assistant is likened to partnerships seen with iPhone+ChatGPT and Samsung+Gemini, aiming to enhance user experience [1] - Nubia has been focusing on AI since 2017, adhering to the "AI for All" philosophy, which aims to make AI accessible to everyone rather than a select few [1] Group 2: Product Development - The journey of Nubia's AI development includes the launch of the first AI smartphone, Z17, and the multi-model collaboration concept set for 2025 [1] - The recent M153 model, developed in partnership with Doubao, represents Nubia's ongoing commitment to proactive innovation [1] Group 3: User Engagement - Nubia is actively engaging with partners to address user feedback and is committed to ongoing discussions with the public regarding future developments [1] - The company expresses gratitude towards users for their support and emphasizes its focus on technological innovations that enhance user experience [1]