据香港交易所披露，花旗集团对中兴通讯股份有限公司 - H股的多头持仓比例于2025年8月25日从6.71% 增至7.17%。 ...

Market Performance - The Hang Seng Index closed at 25077.62 points, up by 78.8 points, representing a gain of 0.32% [1][2] - The National Enterprises Index closed at 8947.79 points, increasing by 30.86 points, with a rise of 0.35% [1][2] - The Red Chip Index closed at 4273.06 points, down by 15.29 points, reflecting a decline of 0.36% [1][2] Capital Flow - Southbound funds recorded a net inflow of 12.046 billion Hong Kong dollars on the day [1] Stock Performance - Notable gainers included Guotai Junan International, which rose over 15%, BYD Electronics, which increased by over 7%, and WuXi AppTec, which gained over 6% [1] - Other significant gainers included Bilibili and Li Auto, both rising over 4% [1] - Major decliners included ZTE Corporation, which fell over 9%, and Hua Hong Semiconductor, which dropped nearly 6% [1]

证券研究报告 中兴通讯 (763 HK/000063 CH) 港股通 政企业务同比倍增,关注自研芯片导入 华泰研究 中报点评 2025 年 8 月 29 日│中国内地/中国香港 通信设备制造 考虑到公司政企收入高增但毛利率短期承压，且公司上半年通过严格控费予 以应对，我们下调公司近年毛利率及费用率，看好未来毛利率随自研产品导 入而有所改善 ，综上我们调整公司 25-27 年 归 母净利润至 84.91/ 93.82/104.14 亿元（相对前次变动：-5%/-3%/+0.2%）。由于公司自研芯片 或在 26 年放量，我们切换至 26 年估值体系，可比公司 26 年一致预期 PE 均值为 29x，给予 A 股 26 年 PE 32x（由于子公司中兴微具备全栈自研能力 且持续进行品类拓展，相对同行更有优势），目标价 62.76 元（前次目标价 及 PE：39.41 元/25E 21x）；参考 25 年 6 月至今公司 H/A 股动态 PE 比率 均值 69%，汇率 0.91，对应 H 股 26 年 PE 22.04x 及目标价 47.24 港元（前 次目标价及 PE：26.54 港元/25E 13.25x），均维 ...

中兴通讯(00763.HK)跌9.12%，报35.08港元，成交额19.02亿港元，总市值1678亿港元。中兴通讯公布 2025年半年度业绩，2025年上半年，集团实现营业收入715.53亿元(人民币，下同)，同比增长14.51%； 归属于上市公司普通股股东的净利润50.58亿元，同比减少11.77%；归属于上市公司普通股股东的扣除 非经常性损益的净利润41.04亿元，同比减少17.32%。 ...

Group 1 - The main stocks with significant capital outflows include Northern Rare Earth (-2.106 billion), Huasheng Tiancheng (-2.033 billion), and SMIC (-1.852 billion) [1][2] - Other notable stocks with large capital outflows are Lingyi Technology (-1.732 billion), Yanshan Technology (-1.407 billion), and Topway Information (-1.214 billion) [1][2] - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in small metals, internet services, and semiconductor industries [1][2][3] Group 2 - Northern Rare Earth leads the outflow with a significant amount of -2.106 billion, indicating potential concerns in the small metals sector [2] - Huasheng Tiancheng and SMIC also show substantial outflows, suggesting a negative sentiment in the internet services and semiconductor sectors respectively [2][3] - The data reflects a broader trend of capital movement away from certain industries, which may impact future investment strategies [1][2]

格隆汇8月29日｜中兴通讯(00763.HK)跌9.12%，报35.08港元，成交额19.02亿港元，总市值1678亿港元。中兴通讯公布2025年半年度业绩，2025年上半年， 集团实现营业收入715.53亿元(人民币，下同)，同比增长14.51%；归属于上市公司普通股股东的净利润50.58亿元，同比减少11.77%；归属于上市公司普通股 股东的扣除非经常性损益的净利润41.04亿元，同比减少17.32%。(格隆汇) ...

Core Viewpoint - Recent breakthroughs in 6G wireless communication technology have been achieved by Chinese scientists, specifically the development of an ultra-wideband optoelectronic integrated system that enables high-speed wireless communication across all frequency bands [1][2]. Group 1: Technological Advancements - The ultra-wideband optoelectronic integrated system can transmit wireless signals at any frequency point from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [2]. - The system features flexible tunability, allowing it to dynamically switch to safe frequency bands in case of interference, thereby enhancing communication reliability and spectrum utilization efficiency [2][3]. - The integration of AI algorithms into this new system is expected to create a more flexible and intelligent AI wireless network, capable of real-time data transmission and precise environmental sensing [3]. Group 2: Market Reactions - On August 28, 6G concept stocks surged over 4% in the A-share market, with several stocks hitting the daily limit, including Sanwei Communication, Dongcai Technology, and Woge Optoelectronics [1][4]. - The market showed mixed performance on August 29, with Sanwei Communication hitting the limit again, while stocks like ZTE and ShuoBeide fell over 4% [1][4]. Group 3: Government Initiatives - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A product systems and advancing 6G technology research, while also fostering an application industry ecosystem for 6G [1][5]. - Recent government policies emphasize the integration of AI with various fields, including 6G, to support technological innovation and application [4][5]. - The MIIT has outlined plans to enhance the satellite internet system and promote high-quality development in satellite communication, which will synergize with 5G/6G and AI technologies [5][6]. Group 4: Investment Opportunities - Analysts suggest that the ongoing development of AI and related technologies will increase demand for computing power and infrastructure, presenting investment opportunities in the computing power industry chain [6][7]. - The growth of domestic internet companies and the constraints on overseas GPU supply are expected to sustain high demand for domestic computing infrastructure [6][7].

Core Insights - Recent breakthroughs in 6G wireless communication have been achieved by Chinese scientists, who developed an ultra-broadband optoelectronic integrated system capable of high-speed wireless communication across all frequency bands [1][3] - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [1][7] Industry Developments - The 6G sector saw a significant surge in stock prices, with companies like Sanwei Communication, Dongcai Technology, and Woge Optoelectronics hitting the daily limit, while ZTE and Shuo Beid fell by over 4% on August 29 [1][6] - The MIIT has outlined plans to enhance the integration of artificial intelligence with various technologies, including 6G, to foster innovation and application in the communication sector [5][7] Technological Advancements - The newly developed system allows for high-speed transmission of wireless signals from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [3] - The system's flexibility enables dynamic switching to secure frequency bands in response to interference, enhancing communication reliability and spectrum efficiency [3][4] Market Outlook - Analysts suggest that the ongoing push for "Artificial Intelligence+" will elevate demands for infrastructure, computing power, and data, indicating a positive outlook for the computing power industry chain [8] - The demand for domestic computing infrastructure is expected to remain robust due to increased capital expenditure from internet companies and supply chain constraints abroad [8]

分业务来看，运营商网络业务营收350.64亿元，同比减少5.99%，毛利率52.94%；政企业务营收192.54 亿元，同比增长109.93%，毛利率8.27%；消费者业务营收172.35亿元，同比增长7.59%，毛利率 17.78%。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年8月28日晚，中兴通讯股份有限公司发布2025年半年 度业绩公告。公告显示，2025年1-6月，公司实现营业收入715.53亿元，同比增长14.51%；归属于上市 公司普通股股东的净利润50.58亿元，同比减少11.77%；归属于上市公司普通股股东的扣除非经常性损 益的净利润41.04亿元，同比下降17.32%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文 | 新浪科技 罗宁 政企业务成核心引擎，同比增109.9% 从业务板块的具体表现来看，政企业务成为中兴上半年营收增长的"核心引擎"，实现营收192.5亿元， 同比激增109.9%。 消费者业务上半年营收172.4亿元，同比增长7.6%，虽增速不及政企，但在终端生态构建与海外市场突 破上成效显著：个人终端领域全球首发努比亚Z70S Ultra摄影师版、Flip2小折叠屏、首款消费级平板Pro 等多形态AI终端，电竞品牌"红魔"深耕国内并发力海外线上渠道；家庭场景聚焦AI家庭网络、算力、智 能屏、机器人"四大件"。此外，二合一云PAD销量破百万，成为新增长点。运营商网络业务上半年营收 350.6亿元，虽仍有下降，但降幅已明显收窄。 值得一提的是，中兴上半年在海外市场也在紧密布局：其紧跟海外大国数据中心、算力基础设施建设浪 潮，深化中资企业出海与本地客户合作。同时通过自研芯片、智算服务器、超大规模集群等全栈国产化 智算产品，以及资源管理平台、训推平台等软件方案，提供端到端解决方案。 中兴通讯今日交出半年报。报告显示，上半年实现营收715. ...