中兴通讯A股成交额超100亿元，现跌8.11%。 ...

Market Overview - The Shanghai Composite Index rose by 0.1% to close at 3916.23 points, with a daily high of 3931.05 points [1] - The Shenzhen Component Index fell by 0.25% to close at 13086.41 points, with a daily high of 13218.17 points [1] - The ChiNext Index increased by 0.38% to close at 3037.44 points, with a daily high of 3068.84 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 24496.33 billion yuan, with a financing balance of 24325.75 billion yuan and a securities lending balance of 170.58 billion yuan, an increase of 77.85 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 12496.03 billion yuan, up by 15.62 billion yuan, while the Shenzhen market's balance was 12000.31 billion yuan, up by 62.24 billion yuan [2] - A total of 3447 stocks had financing funds buying in, with the top three being Sungrow Power Supply (33.44 billion yuan), ZTE Corporation (32.15 billion yuan), and Zhongji Xuchuang (22.59 billion yuan) [2][3] Fund Issuance - Twelve new funds were issued yesterday, including: - Caitong Quality Selection Mixed C - China Europe Value Navigation Mixed - Huaan Advantage Navigation Mixed C - Huaan Advantage Navigation Mixed A - CICC CSI All-Share Index Enhanced A - Ping An Ansheng Yingfeng Multi-Asset 3-Month Holding Mixed (FOF) C - Ping An Ansheng Yingfeng Multi-Asset 3-Month Holding Mixed (FOF) A - Invesco Great Wall Hengyi Mixed - Caitong Quality Selection Mixed A - CICC CSI All-Share Index Enhanced C - Dongfang Alpha Rui Enjoy Mixed Initiation A - Dongfang Alpha Rui Enjoy Mixed Initiation C [4][5] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included: - Changshan Beiming (520.87 million yuan) - Shannon Chip (482.99 million yuan) - Haixia Shares (122.06 million yuan) - Yunhan Chip City (115.66 million yuan) - Shen Zhenye A (52.88 million yuan) - Ningbo Ocean (42.71 million yuan) - Chuangjiang New Material (38.19 million yuan) - Guoguang Chain (31.56 million yuan) - Xiling Information (28.19 million yuan) - Haitong Development (27.21 million yuan) [6][7]

近年来，"极致休眠"技术因具备"近零能耗"潜力而备受关注，它通过基站内置电源模块关闭设备供电， 让基站在闲时"休眠"，能耗归零，一旦有通话接入又能秒级进入工作状态，兼顾节能效果与网络稳定， 被认为是通信网络节能的关键突破口。 但现有通信网络中的大量4G、5G基站由于受硬件架构限制，无法大规模推广"极致休眠"技术，直到 GSDU试点成功。GSDU创新采用通用端口设计，在尺寸规格上遵循标准尺寸设计，能够原位替换原有 配电单元，电源线也可充分复用，还支持热插拔操作，极大地简化了部署流程，降低了部署成本和难 度。北京移动与中兴通讯合作攻坚，将基站供电模块替换为GSDU模块，让基站后台网管一方面控制供 电功能，一方面实时监控基站业务需求，无业务时通过GSDU模块智能控制基站下电休眠，有业务需求 时则快速响应，及时上电唤醒。在保障用户使用感知的同时实现"极致休眠"。根据试点站点的能耗统 计，基于GSDU的"极致休眠"生效后，基站闲时能耗降至0瓦，单站日均节电1.45度，能耗降低近16%。 （完） 中新网北京新闻10月15日电 中国移动北京公司（北京移动）与中兴通讯合作，近日在北京市房山区成 功完成首个绿色站点数字单元GS ...

Core Viewpoint - The statement by the Israeli Prime Minister highlights Israel's technological achievements but also reflects global anxieties regarding the weaponization of communication devices and digital technology, primarily driven by the systemic practices of the United States and other Western countries [1][2]. Group 1: U.S. Digital Hegemony - The establishment of U.S. digital hegemony is rooted in its dominance over the global information and communication technology (ICT) ecosystem, including monopolies on hardware and standards [1]. - The U.S. government has been revealed to use legal tools to compel domestic tech companies to create backdoors in communication devices, transforming them into potential intelligence-gathering points [1][2]. - The U.S. controls software ecosystems and data collection, leveraging its market dominance to gather vast amounts of data, which feeds into a global surveillance network [2]. Group 2: Impact on Global Relations - The U.S. employs a narrative strategy to deflect attention from its own surveillance practices, labeling other nations as digital threats while suppressing competitors like Huawei and ZTE without solid evidence [2][3]. - The U.S. has utilized its position in global financial and technological standards to impose restrictions on foreign competitors, thereby maintaining its technological edge [3]. - The enactment of laws like the Cloud Act allows the U.S. to demand data from companies worldwide, undermining other nations' sovereignty [3][4]. Group 3: Consequences of Digital Weaponization - The "Snowden Paradox" has led to a global trust crisis, as revelations about U.S. surveillance practices have caused other nations to reassess their data sovereignty and cybersecurity [4]. - The rise of "sovereign internet" and data localization trends reflects a global response to U.S. actions, leading to fragmentation of the digital space and hindering global innovation [4]. - The U.S. faces a dilemma of interdependence, as attempts to decouple from China may backfire, impacting its own technological ecosystem and innovation capabilities [4][5]. Group 4: Role of Chinese Tech Companies - Chinese tech companies are positioned as both victims of U.S. hegemony and as challengers to the existing monopolistic order through their pursuit of self-reliance and innovation [5]. - Initiatives like the Global Data Security Initiative and Global AI Governance Initiative from China propose an alternative to the hegemonic model, advocating for cooperation and mutual benefit [5]. - The call for a multilateral, democratic, and transparent global digital governance system emphasizes the need to return technology to its original purpose of serving human development [5].

Market Overview - On October 16, the A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index closing up 0.1% and the Shenzhen Component Index down 0.25% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.93 trillion yuan, a decrease of 141.7 billion yuan from the previous trading day, marking a return below 2 trillion yuan since September 10 [2] - Nearly 4,200 stocks in the market declined, with coal, insurance, and port shipping sectors showing the highest gains, while precious metals, semiconductors, and wind power sectors faced the largest declines [2] International Market - The New York stock market saw declines on October 16, with the Dow Jones Industrial Average down 301.07 points (0.65%), the S&P 500 down 41.99 points (0.63%), and the Nasdaq Composite down 107.54 points (0.47%) [4][5] - In contrast, European stock indices rose, with the FTSE 100 up 11.34 points (0.12%), the CAC 40 up 111.59 points (1.38%), and the DAX up 90.82 points (0.38%) [4][5] - International oil prices fell, with WTI crude oil down $0.81 to $57.46 per barrel (1.39%) and Brent crude down $0.85 to $61.06 per barrel (1.37%) [4][5] Gold Market - On October 16, gold prices reached new highs, with London gold closing up 2.85% at $4,326.48 per ounce, and COMEX gold futures up 3.4% at $4,344.30 per ounce [8] Semiconductor Industry - TSMC reported stronger-than-expected AI demand, raising its revenue growth forecast for 2025 to the mid-30% range and projecting a fourth-quarter gross margin of 59% to 61% [9] - The semiconductor industry is experiencing a slow recovery, with storage chip prices rebounding, and investment opportunities are suggested in AIOT, AI-driven sectors, and domestic innovation in semiconductor equipment and materials [10] Nuclear Power Sector - The "Linglong No. 1," the world's first land-based commercial modular small reactor, successfully completed cold testing, paving the way for future operations and expected to generate 1 billion kWh annually [10] - The nuclear power industry is gaining attention for investment opportunities, particularly in operators with higher profit margins compared to other segments of the industry [11] Trade Policies - The Ministry of Commerce announced plans to strengthen policy reserves and introduce new measures to stabilize foreign trade, highlighting the need for effective implementation of existing policies and support for foreign trade enterprises [7]

Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Summary of ZTE Conference Call Company Overview - **Company**: ZTE Corporation (0763.HK) - **Industry**: Telecommunications and AI Infrastructure Key Points and Arguments Financial Performance - ZTE's server and storage revenues increased by **200% YoY** in 1H25, with AI servers contributing **55%** of total revenues [1][2] - Projected **3Q25 revenues** are expected to grow **26% YoY**, compared to **21% YoY** in 2Q25, with a gross margin stabilizing at **31%** [1] - Estimated **net income** for 3Q25 is projected to be **Rmb2.4 billion**, reflecting a **12% YoY** growth [1] Market Position and Growth Drivers - ZTE is positioned as a major beneficiary in the telecom and enterprise AI data center market, supplying GPU servers, general servers, storage, and networking cards [2] - Recent procurement wins include: - **Rmb3 billion** general server procurement from ICBC [2] - **Rmb1.9 billion** PC server procurement from China Mobile [2] - **Rmb5 billion** AI inferencing server procurement from China Mobile [2] - The demand for AI and general computing infrastructure in China is increasing, with ZTE benefiting from comprehensive product lines and long-term customer relationships [2] Capital Expenditure Trends - Chinese Cloud Service Providers (CSPs) are expected to increase capital expenditures by **65%** in 2025, **20%** in 2026, and **9%** in 2027 [2][8] Earnings Revisions - 2026-27E net income estimates have been revised up by **1%** and **2%** respectively due to higher revenue expectations [11] - Revenue estimates for 2026E and 2027E have been increased by **1%** and **2%** respectively [11] Valuation and Price Target - The 12-month target price for ZTE's H-shares has been raised by **14%** to **HK$43.6**, reflecting a market re-rating of AI infrastructure players [1][12] - The target P/E multiple for H-shares is now **19.2x**, up from **17.0x** [11] - The 12-month target price for A-shares is raised by **13.6%** to **Rmb67.6** [12] Risks and Considerations - Key risks include faster or slower-than-expected demand in telecom infrastructure and potential non-operating gains or losses that could impact earnings estimates [22] Revenue Mix - ZTE is seeing an increasing contribution from non-telecom business segments, indicating diversification in revenue sources [13] Additional Important Information - The company maintains a **Neutral rating** due to fair valuation despite positive growth outlook [1] - The report emphasizes the importance of considering ZTE's normal earnings power without factoring in non-operating items, which have historically varied significantly [22]

Market Overview - On October 16, A-shares showed mixed performance with major indices fluctuating, while the insurance, coal, shipping, and banking sectors led the gains. In contrast, small metals, precious metals, wind power equipment, and steel sectors experienced significant declines [1] - The net outflow of main funds from the Shanghai and Shenzhen markets reached 38.588 billion yuan, with only the communication and pharmaceutical sectors seeing net inflows of 1.121 billion yuan and 376 million yuan, respectively [1] Fund Flow Analysis - Among the 29 sectors with net outflows, the power equipment and non-ferrous metals sectors had the highest outflows, each exceeding 5 billion yuan. The electronics, machinery, computer, and non-bank financial sectors also saw outflows exceeding 2 billion yuan [1] - A total of 44 stocks experienced net inflows exceeding 100 million yuan, with 9 stocks seeing inflows over 400 million yuan. Notably, Changan Automobile had a net inflow of 1.12 billion yuan [1][3] Individual Stock Performance - Changan Automobile's stock rose by 3.82%, with a net inflow of 1.12 billion yuan. The company announced its five-year strategy at the 2025 World Intelligent Connected Vehicle Conference, including plans to mass-produce humanoid robots by 2028 and launch flying cars by 2030 [1][3] - ZTE Corporation saw a net inflow of 1.043 billion yuan, with its subsidiary ZTE Microelectronics announcing advancements in custom processor chips for various enterprise applications [2][3] Notable Stocks with High Net Inflows - The following stocks had significant net inflows: - Changan Automobile: 1.12 billion yuan [3] - ZTE Corporation: 1.043 billion yuan [3] - Changshan Beiming: 1.027 billion yuan [3] - Zhongji Xuchuang: 695 million yuan [3] - Shannon Chip: 686 million yuan [3] Sectors with High Net Outflows - The sectors with the highest net outflows included: - Sanhua Intelligent Control: 1.045 billion yuan [5] - CATL: 662 million yuan [5] - China Rare Earth: 623 million yuan [5] - LEO Group: 501 million yuan [5] - Lens Technology: 428 million yuan [5] Tail-End Fund Flow - At the end of the trading day, the main funds saw a net outflow of 5.778 billion yuan, with the computer sector experiencing a net inflow of over 300 million yuan [4][6] - Stocks such as Changshan Beiming, Shenghong Technology, and ZTE Corporation had net inflows exceeding 100 million yuan in the tail-end trading [6][7]

证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202562 中兴通讯股份有限公司 董事会会议通告 ZTE CORPORATION 中興通訊股份有限公司 （于中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 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）刊登了董事会会议通告。 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 2025 年 10 月 17 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 关于按照《香港上市规则》公布 董事會會議通告 本公司及董事會全體成員保證信息披露的內容真實 ...

Core Insights - ZTE Corporation reported a decrease in the number of shareholders, with 407,812 shareholders as of October 10, down by 35,040 from the previous period, representing a decline of 7.91% [2] - The stock price of ZTE closed at 54.03 yuan, an increase of 7.20%, with a cumulative increase of 18.38% since the concentration of shares began [2] - The latest margin trading data shows a total margin balance of 12.305 billion yuan, with a financing balance of 12.279 billion yuan, reflecting an increase of 2.077 billion yuan or 20.35% during the current concentration period [2] Financial Performance - For the first half of the year, ZTE achieved operating revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - The basic earnings per share were reported at 1.0600 yuan, with a weighted average return on equity of 6.85% [2] Analyst Ratings - In the past month, ZTE received buy ratings from four institutions, with the highest target price set at 57.10 yuan by Guosen Securities on October 9 [2]