Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **ZTE Corporation**, a telecommunications equipment and systems company, and its strategic positioning in the context of the **AI and telecommunications industry**. The emergence of AI large models is highlighted as a transformative factor in the industry. Key Points and Arguments 1. **Impact of AI on Hardware Design**: The introduction of AI large models has revolutionized the design and functionality of consumer hardware. Previously, hardware served human needs directly, but now it is designed to support AI models, which in turn serve users. This shift has simplified hardware, making devices lighter and more efficient, with weights around 40 grams for new models compared to traditional glasses weighing over 30 grams [1][2][3]. 2. **Strategic Shift in ZTE's Business Model**: ZTE is transitioning its strategy from a focus on connectivity to a dual-driven model that includes both connectivity and computing power. This shift is expected to create structural growth opportunities in both segments [1][2][3]. 3. **Advancements in AI Capabilities**: The capabilities of domestic AI models are continuously improving, which is expected to significantly impact consumer hardware and software applications. This includes advancements in visual understanding and other AI technologies [1][2][3]. 4. **Market Position in Connectivity**: ZTE holds a strong position in the connectivity market, particularly in 5G base stations and core networks, ranking among the top players globally. The company is well-positioned to benefit from the capital expenditures of telecom operators, despite some overall demand decline in the market [1][2][3]. 5. **Battery Life Improvements**: Current devices have achieved a battery life of at least four hours, with expectations for further improvements as new AR applications are launched in the upcoming quarters [1][2][3]. 6. **Growth in IT Spending**: The overall IT spending in the market is estimated to be around $250 billion to $260 billion annually, with a significant portion allocated to servers. ZTE is focusing on expanding its market share in this area, particularly in the context of AI and computing power [6][7]. 7. **Challenges in Domestic Operator Spending**: There is a noted decline in capital expenditures from domestic telecom operators, particularly in wireless sectors. However, ZTE is exploring growth opportunities in other areas, including international markets and enterprise solutions [5][6][7]. 8. **AI Strategy and Integration**: ZTE is aligning its strategy towards AI 4.0, integrating AI capabilities across various devices, including smartphones and tablets. This integration is seen as crucial for enhancing user experience and operational efficiency [8][9][10]. 9. **Competitive Advantages**: ZTE's competitive edge lies in its integrated hardware and software capabilities, understanding both network and computing needs. This positions the company favorably against competitors, especially in the evolving AI landscape [11][12]. 10. **Future Opportunities**: The collaboration between AI model developers and smartphone manufacturers is anticipated to create significant market shifts. ZTE aims to leverage these changes to enhance its product offerings and market presence [10][11][12]. Additional Important Insights - The conference highlighted the importance of adapting to technological changes and the need for continuous innovation in both hardware and software to maintain competitive advantages in the telecommunications sector. - ZTE's focus on AI integration and its strategic pivot towards computing power are seen as essential for capturing future growth opportunities in a rapidly evolving market landscape. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of ZTE's current positioning and future strategies in the telecommunications and AI sectors.

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202464 中兴通讯股份有限公司 第九届董事会第三十九次会议决议公告 本公司及董事会全体成员保证董事会决议公告的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 中兴通讯股份有限公司（简称"公司"）已于 2024 年 12 月 20 日以电子邮件 的方式向公司全体董事发出了《关于召开中兴通讯股份有限公司第九届董事会第 三十九次会议的通知》。2024 年 12 月 26 日，公司第九届董事会第三十九次会议 （简称"本次会议"）以通讯表决方式召开。本次会议应表决董事 9 名，实际表 决董事 9 名。本次会议的召开符合有关法律、行政法规、部门规章和《中兴通讯 股份有限公司章程》的有关规定，会议合法、有效。 本次会议审议通过了以下议案： 一、审议通过《关于2025年向关联方中兴新采购原材料的日常关联交易议 案》，决议内容如下： 1、 同意公司及附属公司 2025 年向中兴新通讯有限公司及其附属公司、参股 30%或以上的公司采购原材料，预计 2025 年最高累计交易金额（不含增值税）为 人民币 4 亿元； 2、 2025 年 ...

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202466 中兴通讯股份有限公司 关于《深圳证券交易所股票上市规则》下 日常关联交易预计公告 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。 一、日常关联交易基本情况 （一）关联交易概述 1、中兴通讯股份有限公司（简称"公司"或"本公司"）及附属公司（合 称"本集团"）向关联方中兴新通讯有限公司（简称"中兴新"）及其附属公 司、参股 30%或以上的公司（合称"中兴新集团"）采购原材料相关的日常关 联交易 2025 年度本集团预计向关联方中兴新集团采购原材料的最高累计交易金额 （不含增值税）为人民币 4 亿元。 2、本集团向关联方华通科技有限公司（简称"华通科技"）采购研发人力外 包服务的日常关联交易 2025-2026年度本集团预计向华通科技采购研发人力外包服务年度最高累计 交易金额（不含增值税）为人民币8,500万元/年。 3、本集团向关联方南昌中展数智科技有限公司（简称"中展数智"）采购研 发人力外包服务的日常关联交易 2025-2026年度本集团预计向中展数智采购研发人力 ...

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202465 中兴通讯股份有限公司 第九届监事会第二十一次会议决议公告 本公司及监事会全体成员保证监事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（简称"公司"）已于 2024 年 12 月 20 日以电子邮件 的方式向公司全体监事发出了《关于召开中兴通讯股份有限公司第九届监事会第 二十一次会议的通知》。2024 年 12 月 26 日，公司第九届监事会第二十一次会议 （简称"本次会议"）以通讯表决方式召开。本次会议应表决监事 5 名，实际表 决监事 5 名；本次会议的召开符合有关法律、行政法规、部门规章和《中兴通讯 股份有限公司章程》的有关规定，会议合法、有效。 本次会议审议通过了以下议案： 二、审议通过《关于2025-2026年向关联方华通科技、中展数智采购研发人 力外包服务的日常关联交易议案》。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 三、审议通过《关于2025年向关联方航天欧华销售政企产品的日常关联交 易议案》。 表决情况：同意 4 票，反对 0 票，弃权 ...

Investment Rating - The report assigns a "Buy" rating to the company for the first time [9] Core Viewpoints - The company is a leading provider of communication information solutions in China, actively expanding its mobile and computing businesses, and is expected to benefit from the rapid development of AI [9] Summary by Sections Company Overview and Strategy - The company is known as the "Digital Economy Enabler" and has launched AI servers supporting the "one machine, multiple chips" architecture, a full-stack intelligent computing solution, and the self-developed Xingyun large model, which is widely used in industries such as industrial and communication [2] - The company holds a leading position in the telecom server market and has successfully won multiple centralized procurement projects from operators [2] - In the mobile business, ZTE is promoting AI-driven full-scenario smart ecosystem 3.0, with ZTE phones focusing on government and operator markets, Nubia phones targeting imaging and global layout, and Red Magic phones leading in the global gaming phone market [2] - The company will continue to deepen the "Connectivity + Computing Power" strategy, promoting the development of 5G-A, optical networks, and intelligent computing infrastructure to enhance core competitiveness and drive sustainable development [2] Financial Performance and Projections - The report forecasts the company's revenue for 2024-2026 to be 128.70, 137.39, and 147.79 billion yuan, respectively, with EPS of 2.07, 2.24, and 2.49 yuan [9][10] - The revenue growth rates for 2024-2026 are projected to be 3.6%, 6.7%, and 7.6%, respectively [10] - Net profit attributable to母公司股东 is expected to grow by 6.4%, 7.9%, and 11.2% in 2024-2026, reaching 9.93, 10.71, and 11.92 billion yuan [10] - The company's PE ratios for 2024-2026 are estimated at 17.7, 16.4, and 14.8 times, respectively [9] Product and Market Development - The company's AI servers and computing solutions are expected to drive growth, with the AI server market projected to grow significantly [2] - The company's mobile business is diversified, with ZTE, Nubia, and Red Magic phones targeting different markets and achieving significant success in the gaming phone sector [2] - The company's telecom server business continues to lead, with successful bids in multiple operator procurement projects [2] Technological Advancements - The company is actively developing technologies such as 5G-A, optical networks, and intelligent computing infrastructure to strengthen its position in the market [2] - The company's self-developed large models and AI solutions are expected to drive efficiency and innovation across various industries [2] Competitive Position - The company is a global leader in comprehensive communication information solutions, serving over 1/4 of the world's population and covering 160 countries and regions [2] - The company's business is divided into three main segments: operator networks, government business, and consumer business, with a focus on innovation and end-to-end solutions [2]

Industry Overview - The Open Intelligent Computing Industry Alliance (COIA) aims to accelerate the practical application of artificial intelligence and large model technologies, helping enterprises across various sectors achieve "AI+" transformation [1] - The alliance will incubate diverse AI application projects, support unicorn companies in the AI field, and collaborate with stakeholders across the industry chain to build an AI industry ecosystem [1] Company Involvement - ZTE Corporation, along with over 40 partners, jointly initiated the Open Intelligent Computing Industry Alliance (COIA) to promote the implementation of AI and large model technologies in the industry [2]

证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202463 中兴通讯股份有限公司 4、公司、控股股东不存在关于公司的应披露而未披露的重大事项，或处于 筹划阶段的重大事项；上述股票异常波动期间，公司控股股东不存在买卖公司股 票的行为。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大影响的信息； 公司前期披露的信息不存在需要更正、补充之处。 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 中兴通讯股份有限公司（以下简称"公司"）A股股票（证券简称：中兴通讯， 证券代码：000063）于2024年12月17日、12月18日、12月19日连续三个交易日收 盘价格涨幅偏离值累计达到20%以上，根据深圳证券交易所的相关规定， ...

沪指12月18日上涨0.62%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为电子、计算机，涨 幅分别为2.27%、1.70%。通信行业位居今日涨幅榜第三。跌幅居前的行业为综合、农林牧渔，跌幅分 别为1.09%、0.61%。 资金面上看，两市主力资金全天净流入3.22亿元，今日有10个行业主力资金净流入，电子行业主力资金 净流入规模居首，该行业今日上涨2.27%，全天净流入资金53.41亿元，其次是通信行业，日涨幅为 1.29%，净流入资金为18.63亿元。 主力资金净流出的行业有21个，非银金融行业主力资金净流出规模居首，全天净流出资金25.54亿元， 其次是机械设备行业，净流出资金为13.08亿元，净流出资金较多的还有电力设备、有色金属、房地产 等行业。 通信行业今日上涨1.29%，全天主力资金净流入18.63亿元，该行业所属的个股共127只，今日上涨的有 95只，涨停的有8只；下跌的有31只。以资金流向数据进行统计，该行业资金净流入的个股有45只，其 中，净流入资金超亿元的有8只，净流入资金居首的是海能达，今日净流入资金17.48亿元，紧随其后的 是中兴通讯、移远通信，净流入资金分别为3.19亿元 ...

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202462 中兴通讯股份有限公司 关于按照《香港上市规则》公布 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2024 年 12 月 5 日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年11月30日 狀態: 新提交 2024 年 11 月份证券变动月报表的公告 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。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了截至 2024 年 11 月 30 日的证券变动月报表。 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2024年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所 ...

2024年11月25日，经中国证券登记结算有限责任公司深圳分公司审核确认， 公司已办理完成上述49,170,941份股票期权的注销事宜。本次注销不影响公司股 本，公司股本结构未发生变化。 中兴通讯股份有限公司 关于部分股票期权注销完成公告 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。 中兴通讯股份有限公司（以下简称"公司"）于2024年11月20日发布《关于 注销部分股票期权的公告》。 截至2024年11月5日，公司2020年股票期权激励计划首次授予的股票期权第 三个行权期已结束，尚有49,170,941份股票期权未行权。根据《上市公司股权激 励管理办法》及公司《2020年股票期权激励计划（草案）》，第三个行权期结束 后当期未行权的49,170,941份股票期权将作废，由公司无偿收回并注销。 证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202461 公司注销部分股票期权符合相关法律法规及《2020年股票期权激励计划（草 案）》、《中兴通讯股份有限公司章程》的相关规定。 特此公告。 中兴通讯股份有限公司董事会 2024 年 ...