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 2025 年 12 月 12 日召开的第十届董事 会第十七次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司 A 股股份，用于实施公司员工持股计 划或者股权激励。回购资金总额不低于人民币 10 亿元且不超过人民币 12 亿元（均包含本 数），回购价格不超过人民币 63.09 元/股。回购期限为自董事会审议通过回购方案之日起 12 个月内。具体情况详见公司于 2025 年 12 月 12 日披露的《关于回购公司 A 股股份方案 的公告暨回购报告书》。 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202602 中兴通讯股份有限公司 关于回购 A 股股份的进展公告 公司后续将根据市场情况在回购实施期限内实施回购计划，并按照相关法律、法规和 规范性文件的规定及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 中兴通讯股份有限公司董事会 2026 年 1 ...

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202601 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 年 12 月份证券变动月报表的公告 特此公告。 中兴通讯股份有限公司董事会 2026 年 1 月 7 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: 2025年12月31日 狀態: 新提交 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 2025 年 12 月 31 日的证券变动月报表。 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。 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: 2026年1月6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 ...

Core Viewpoint - The company emphasizes its commitment to developing satellite communication technology, particularly focusing on the integration of satellite and terrestrial networks for 6G applications [1] Group 1: Company Initiatives - The company is recognized as a global leader in communication technology and is dedicated to building a satellite-ground integrated communication network [1] - The company has collaborated with domestic operators and satellite companies to conduct multiple NTN (Non-Terrestrial Network) technology trials, achieving significant breakthroughs [1] Group 2: Future Outlook - The company plans to leverage its leading position in the communication sector to offer comprehensive satellite payload products, aiding partners in building core competitiveness [1]

据香港交易所披露，瑞银集团（UBS）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30 日从8.17%降至7.98%。 ...

Market Overview - The communication equipment sector experienced a decline of 1.16% on January 6, with Hengtong Optic-Electric leading the drop [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Top Gainers in Communication Equipment - Huace Navigation (300627) saw a closing price of 42.33, with a significant increase of 16.13% and a trading volume of 719,300 shares, totaling a transaction value of 2.832 billion [1] - Nanjing Energy (600775) closed at 14.78, up 9.97%, with a trading volume of 62,100 shares and a transaction value of 91.7372 million [1] - Wanma Technology (300698) closed at 47.18, up 9.09%, with a trading volume of 172,800 shares and a transaction value of 794 million [1] Top Losers in Communication Equipment - Pudong Light (920045) closed at 326.20, down 6.53%, with a trading volume of 42,500 shares and a transaction value of 1.387 billion [2] - StarNet (002396) closed at 29.89, down 5.14%, with a trading volume of 533,400 shares and a transaction value of 1.613 billion [2] - Cambridge Technology (603083) closed at 124.36, down 4.36%, with a trading volume of 298,900 shares and a transaction value of 3.724 billion [2] Capital Flow Analysis - The communication equipment sector saw a net outflow of 10.965 billion from institutional investors, while retail investors experienced a net inflow of 4.786 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - ZTE Corporation (000063) had a net inflow of 54.7 million from institutional investors, but a net outflow of 27.9 million from retail investors [3] - Datang Telecom (600198) experienced a net inflow of 90.0873 million from institutional investors, indicating strong interest [3] - High New Technology (300098) had a net inflow of 61.53 million from institutional investors, but faced outflows from retail investors [3]

除华为外，腾讯以93.2亿欧元排名第20名；阿里巴巴以75.4亿欧元排名第31位，比亚迪（BYD）排名第37位，中国 台湾地区的台积电排名第41位，中国建筑集团排名第42位。除此之外，多家中国科技企业也强势入围前一百，包括 中国移动（58名）、小米（77名）、中兴通讯（80名）、百度（82名）、美团（92名）等。 近日，欧盟执委会发布的《2025年欧盟工业研发投资记分板》（2025 EU Industrial R&D Investment Scoreboard）显 示，2024会计年度全球前2000家企业的研发投资总额达到1.446万亿欧元（约合人民币11万亿元），同比增长 6.3%。增速略高于2023年，但是低于2014年以来的平均增长率。 | EU countries | Companies | R&D | Non-EU countries | Companies | R&D | | --- | --- | --- | --- | --- | --- | | Germany | 109 (110) | 114.6 | પાટ | 674 (705) | 680.8 | | France | 53 (52) ...

Group 1 - The core focus of the news is the signing of 22 key projects in Beijing Economic-Technological Development Area, with over 80% of these projects being future industry initiatives [1][2] - The development strategy during the "14th Five-Year Plan" period aims to establish a robust ecosystem that enhances economic quality, urban appearance, and public welfare [1] - Notable projects include Baichang Intelligent Automotive's plan to establish a vehicle manufacturing company targeting L4 autonomous driving vehicles, with projected revenues reaching billions by 2030 [1] Group 2 - The AI sector is emphasized, with over 30% of the signed projects focusing on artificial intelligence, including ZTE's development of a 6G satellite payload production line [2] - The ten benchmark projects initiated include a biopharmaceutical raw material base by Sanofi, which will create a complete insulin production chain locally [2] - The development plan includes significant investments in urban infrastructure and ecological governance, reflecting a shift towards comprehensive regional development [2] Group 3 - The development strategy prioritizes talent and human creativity, with plans for enhanced living conditions, entrepreneurial support, and educational facilities [3] - The "2026 Ten Plans for Optimizing the Business Environment" aims to create a conducive environment for new productive forces, focusing on foundational improvements and innovation [3] - The future vision for the economic zone includes accelerated technological innovation, improved living standards, and enhanced integration of industry and urban development [3]

Core Insights - Beijing Economic-Technological Development Area (BDA) aims to establish a high-quality business environment and enhance new productive forces during the 14th Five-Year Plan period, focusing on economic quality, urban appearance, and public welfare improvements [1] Group 1: Project Developments - 22 key projects were signed and initiated on the first working day of 2026, with over 80% of these projects focusing on future industries [2] - Notable projects include Baichang Intelligent Automotive's plan to establish a vehicle manufacturing company for L4 autonomous vehicles, targeting revenues of billions by 2030 [2] - ZTE Corporation is focusing on AI and 6G technologies, having established six companies in the BDA, with significant advancements in core technologies and production lines [2] Group 2: Infrastructure and Urban Development - The ten benchmark projects initiated include a biopharmaceutical raw material base by Sanofi, which will create a complete insulin production chain locally [3] - Investments in urban infrastructure and ecological governance have increased significantly, with projects like the expansion of Tongren Hospital and ecological improvements at Tongming Lake [3] Group 3: Business Environment Optimization - BDA has launched the "Top Ten Plans for Optimizing the Business Environment" to enhance the institutional framework for new productive forces [4] - The focus will be on reforming and innovating to eliminate barriers to productivity, thereby stimulating innovation and creativity across society [4] - The development blueprint indicates that BDA will strengthen its role as a driving force for economic development in the capital, with improvements in living standards and urban integration [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Group 1: Core Insights - The article highlights significant advancements in China's manufacturing sector, showcasing achievements such as the CR450 train setting a speed record and the successful launch of the reusable Zhuque-3 rocket, emphasizing the global impact of Chinese manufacturing by 2025 [1] - The "14th Five-Year Plan" emphasizes the integration of technological and industrial innovation, aiming to foster emerging pillar industries and promote the "AI + manufacturing" initiative, marking a critical phase for China's industrial transformation [2] Group 2: Manufacturing Industry Development - The manufacturing sector is identified as the foundation of the national economy, with a focus on high-quality development and breakthroughs in key technologies and products by 2025, while maintaining a balance between stability and progress in the face of complex economic conditions [2][3] - The "14th Five-Year Plan" suggests accelerating the construction of a manufacturing powerhouse, maintaining a reasonable proportion of manufacturing, and building a modern industrial system centered on advanced manufacturing [2] Group 3: Advanced Manufacturing - Advanced manufacturing is characterized by the deep integration of technological advancement, innovative models, and high-value outputs, shifting from scale expansion to quality enhancement and from factor-driven to innovation-driven growth [3] - A three-in-one ecosystem of "technological innovation, industrial ecology, and institutional support" is essential for the development of advanced manufacturing, focusing on foundational and original innovations, cluster cultivation, and supportive policies [3] Group 4: Traditional Industry Optimization - The article discusses the significant improvements in traditional industries through the application of new information technologies, leading to enhanced intelligence in various sectors such as steel and chemicals, and promoting green transformation [4] - The focus for 2026 includes optimizing traditional industries through equipment upgrades, process enhancements, and management innovations, with an emphasis on high-end, intelligent, green, integrated, and clustered development [4] Group 5: Digital Transformation - The digital transformation of manufacturing is progressing, with significant achievements in building intelligent factories and enhancing service capabilities through industrial internet platforms, with over 7,000 advanced and 500 excellent smart factories established [6] - Despite progress, the digital transformation remains at a superficial stage, with a need for deeper industry model innovation and organizational changes to meet diverse consumer demands and improve operational efficiency [7]