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12月19日从 8.79%降至7.6%。 ...

Core Viewpoint - The Gigabit Layer 3 switch is a high-performance network device that integrates Layer 2 MAC address switching and Layer 3 IP routing functions, with port speeds reaching gigabit and above, widely used in the core and aggregation layers of local area networks (LANs) [1] Industry Overview - The Gigabit Layer 3 switch market is expected to reach a scale of 22.66 billion yuan in 2024, significantly higher than the overall switch industry growth rate, driven by digital transformation and supportive policies in China [1][12] - The industry has a clear division of labor in its supply chain, with domestic manufacturers gradually achieving self-replacement in core components, focusing on technological upgrades such as 400G ports and silicon photonics integration [1][9] Industry Policies - Recent policies in China, including the "Action Plan for High-Quality Development of Computing Power Infrastructure" and the "Implementation Opinions on Promoting the Construction of a National Integrated Computing Network," have created favorable conditions for the Gigabit Layer 3 switch industry, driving demand in data centers, enterprise networks, and industrial internet [8][9] Industry Chain - The industry chain consists of upstream core components and materials, midstream equipment R&D and manufacturing, and downstream applications in various sectors such as data centers, enterprise networks, and government services [9][10] - The demand for Gigabit Layer 3 switches is driven by the digital transformation of various industries, with data centers being the largest and most technology-driven segment [10][11] Current Development Status - The overall switch market in China is projected to reach 42.36 billion yuan in 2024, with the Gigabit Layer 3 switch segment benefiting from the "East Data West Computing" initiative and the increasing demand for high-reliability, low-latency networking equipment [12][13] Future Development Trends - The Gigabit Layer 3 switch industry is expected to evolve towards intelligent and high-speed technology, localized market scenarios, and green safety development [13] - Key trends include the integration of AI and SDN/NFV technologies for intelligent traffic management, a focus on domestic manufacturers gaining market share, and an emphasis on green and secure product features [14][15]

中兴通讯深圳科技园总部 中兴通讯滨江工厂，机械臂正在进行自动化测试 中兴通讯坚持技术创新，用四十年的时间，实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从 国内市场到全球布局的跨越，为全球通信网络的升级换代贡献了关键力量 2G跟随、3G突破、4G并跑、5G领跑，围绕"连接"主航道，中兴通讯坚持技术创新，用四十年的时间， 实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从国内市场到全球布局的跨越，不仅成长为我 国通信行业的领头羊，也成为全球通信设备市场的重要参与者，为全球通信网络的升级换代贡献了关键 力量。 "1995年，中兴通讯首次参加国际电信展，是最早走出国门的中国通信制造企业。当前，全球主流通信 网络设备供应商主要包括中兴通讯、华为、爱立信和诺基亚。在产品竞争力上，中兴通讯核心产品位居 行业前列。"陈志萍说。 中兴通讯2019年开始全面发力5G领域，并在2023年后积极布局5G-A(5G-Advanced)技术。根据第三方咨 询机构最新数据，中兴通讯5G基站、5G核心网累计发货量保持全球第二。目前，中兴通讯与全球主流 运营商紧密合作，积极部署5G商用网络，推动5G技术在工业互联网、智慧医疗、 ...

Core Insights - The NB-IoT (Narrow Band Internet of Things) technology is evolving based on LTE standards, designed specifically for low-bandwidth, low-speed IoT applications, supporting single antenna and half-duplex communication [1][2] - Global NB-IoT chip shipments are projected to grow from 44.6 million units in 2020 to 68.6 million units in 2024, with a compound annual growth rate (CAGR) of 11.4%, driven by demand from smart meters, underground sensors, and rural deployments [6][12] - The market for NB-IoT chips is experiencing robust growth, with China expected to account for 79.6% of global shipments by 2025, reaching approximately 59.3 million units [6][12] Industry Overview - NB-IoT chips are tailored for IoT devices, characterized by low power consumption, low cost, and high capacity, making them suitable for applications in smart homes, smart cities, and industrial automation [3][5] - The technology operates on a bandwidth of approximately 180KHz, allowing for cost-effective deployment on existing GSM, UMTS, or LTE networks, facilitating a smooth upgrade path [5][6] Market Dynamics - The NB-IoT chip industry has established a stable competitive landscape, with the top three companies holding 86.4% of the global market share by 2024, and the top five companies accounting for 95.4% [8][10] - Major players in the NB-IoT chip market include Huawei HiSilicon, Qualcomm, MediaTek, and Unisoc, with significant contributions from domestic companies like Shanghai Yixin Communication Technology, ZTE Microelectronics, and others [10][11] Future Projections - The NB-IoT chip market is expected to continue its growth trajectory, with shipments in China projected to reach 65.6 million units by 2028, followed by a slight decline to 65.3 million units by 2030 [12][13]

（原标题：中兴通讯大宗交易成交266.77万元，买方为机构专用席位） 中兴通讯12月25日大宗交易平台出现一笔成交，成交量7.00万股，成交金额266.77万元，大宗交易成交 价为38.11元。该笔交易的买方营业部为机构专用，卖方营业部为中信建投证券股份有限公司福清福和 路证券营业部。 据天眼查APP显示，中兴通讯股份有限公司成立于1997年11月11日，注册资本478353.4887万人民币。 （数据宝） 12月25日中兴通讯大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额 | 格 | 收盘折溢 | 买方营业 | 卖方营业部 | | 股） | （万 | （元） | 价 | 部 | | | | 元） | | （%） | | | | 7.00 | 266.77 | 38.11 | 0.00 | 机构专用 | 中信建投证券股份有限公司福清福和路证券营业 | | | | | | | 部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | 2025-12-25 | 000063 | 中兴通讯 | 38.11 | 7.00 | 266.77 机构专用 | | 中信建投证券股份 | | | | | | | | | 有限公司福清福和 | | | | | | | | | 路正差量不部 | 12月25日，中兴通讯大宗交易成交7万股，成交额266.77万元，占当日总成交额的0.07%，成交价38.11 元，较市场收盘价38.11元持平。 ...

被问及合作模式是浅层预装还是深度系统融合时，中兴通讯相关人士并未直接透露具体技术对接细节， 但强调此次与字节跳动的合作是基于双方技术优势的互补性探索。当被问到是否接触其他大模型厂商 时，该人士表示，中兴秉持"开放即创新"的理念，这也是其"AI for All"战略的核心，目前已收到多家大 模型厂商的合作邀约，相关商务与技术沟通正在推进中。 这一回应意味着，中兴与字节跳动围绕"豆包手机"的合作并非排他性合作，只是其构建开放AI生态体系 的开端。业内人士指出，中兴此举打破了手机厂商与AI大模型企业的单一合作模式，通过开放生态的 搭建，既能整合不同大模型的技术优势，也能让手机AI功能的场景落地更具多样性，或将为智能手机 行业的AI转型提供新的发展范式。 【#中兴回应与字节合作豆包手机细节#，中兴正构建开放AI生态体系】 据蓝鲸新闻报道，近期搭载深度AI功能的"豆包手机"引发市场关注，中兴通讯与字节跳动的合作模式、 合作深度以及字节跳动在AI战略中的角色，均成为业界热议的核心问题。记者就此专访中兴通讯相关 人士，首次披露双方合作细节与企业背后的战略考量。 ...

Group 1 - Mercedes-Benz (China) has delayed payments to suppliers for over two years, with outstanding amounts related to the AMG project exceeding 1.482 million yuan [3][4] - The total payable amount confirmed by Ernst & Young for the AMG project is 6.994 million yuan, but the payment process has been stalled due to various excuses from Mercedes-Benz [3][4] - The new regulations effective from June 2025 require large enterprises to pay within 60 days after delivery, but many suppliers report difficulties in enforcing this policy [4][5] Group 2 - Doubao's daily active users have surpassed 100 million, making it one of the lowest-cost products among ByteDance's billion-level apps [7][9] - Doubao's marketing expenses are reported to be the lowest for any product achieving over 100 million DAU, indicating effective cost management [7][9] - The Seed team at ByteDance is seen as a core strategic business, focusing on large model foundational research and application [9] Group 3 - Shopee is set to launch a zero-commission policy for new stores starting January 1, 2026, aimed at reducing barriers for sellers entering overseas markets [12] - This initiative will allow sellers in specific Southeast Asian markets to operate their first store without commission for the first three months, with a cap of 500 orders per month [12] Group 4 - Yuan Minghong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, confirming leadership changes within the company [13][14] - Sun Jin has extensive experience within New Oriental, having joined in 2006 and held various leadership roles [13][14] Group 5 - Cloud Deep Technology, part of the "Hangzhou Six Little Dragons," has initiated IPO counseling, focusing on intelligent robotics [16][17] - The company recently completed over 500 million yuan in Series C financing, indicating strong investor interest and growth potential [17] Group 6 - UBTECH plans to acquire a controlling stake in A-share company Fenglong Co., with a total transaction value of approximately 1.161 billion yuan [22] - The acquisition will give UBTECH a 29.99% stake in Fenglong, changing the controlling shareholder to UBTECH [22] Group 7 - The new brand "Qijing" from Huawei and GAC has unveiled its first model, a hunting-style coupe, which is set to compete in the high-end electric vehicle market [30][31] - The vehicle will feature advanced technologies, including L3-level autonomous driving capabilities, and is expected to launch in June 2026 [30][31] Group 8 - The chairman of Lantu Motors discussed the "involution" in the new energy vehicle sector, emphasizing the need for genuine innovation rather than imitation [33][34] - He highlighted that true innovation should address user needs and improve product value, rather than merely competing on superficial features [34] Group 9 - NVIDIA plans to deliver H200 chips to Chinese customers before the Lunar New Year, with a unit price of 1.4 million yuan [36][37] - The expected shipment volume is between 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 H200 chips [36][37]

Core Insights - The emergence of AI smartphones, particularly the Doubao AI phone, signifies a pivotal moment in the tech industry, merging AI capabilities with mobile technology [1][4] - The introduction of AI models into smartphones aims to enhance user interaction and streamline tasks, but raises significant concerns regarding privacy and security [5][7] Group 1: AI Smartphone Development - The Doubao AI phone represents a significant leap in integrating AI into mobile devices, allowing users to perform complex tasks through simple voice commands [1][4] - The AI smartphone addresses long-standing issues in the AI industry, such as the challenge of practical application in everyday technology [4] - The release of the Doubao AI phone has sparked a competitive response from major applications, indicating its disruptive potential in the market [1] Group 2: Privacy and Security Concerns - The Doubao AI phone's operation requires extensive permissions, raising alarms about user privacy and potential misuse of sensitive information [5][7] - The blurring of responsibility between AI and users poses legal challenges, particularly in cases of errors or misuse, as current laws do not recognize AI as a legal entity [7] - The concentration of user data within a single tech giant could undermine existing data governance frameworks, challenging principles of data minimization and regulatory boundaries [7] Group 3: Industry Reactions and Strategies - Major tech companies like Apple and Google are adopting a cautious approach, prioritizing privacy and ethical considerations over aggressive AI integration [8][10] - Apple's strategy focuses on private computing, ensuring that AI does not access third-party app data without explicit consent, reflecting a commitment to user privacy [8][10] - The contrasting approaches between aggressive newcomers and established giants highlight the ongoing tension between innovation and ethical responsibility in the tech industry [11][12]

6G概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600118 | 中国卫 星 | 10.00 | 13.11 | 115394.92 | 11.78 | | 000063 | 中兴通 讯 | 2.90 | 4.07 | 65426.11 | 10.55 | | 300136 | 信维通 信 | 17.96 | 20.14 | 42744.27 | 6.05 | | 002080 | 中材科 技 | 6.46 | 6.35 | 28260.13 | 6.73 | | 688270 | 臻镭科 技 | 5.64 | 13.91 | 25167.17 | 7.51 | | 603228 | 景旺电 | 6.32 | 3.94 | 22312.44 | 7.75 | | | 子 | | | | | | 300342 | 天银机 | 17.21 | 36.00 | 15067.57 | 3.50 | 电 | 6 ...