Zhi Tong Cai Jing·2025-12-02 06:30Core Viewpoint - ZTE Corporation (000063)(00763) experienced a decline of over 7% after a significant increase of nearly 14% the previous day, currently trading at HKD 33.28 with a transaction volume of HKD 2.18 billion [1] Group 1: Company Developments - ByteDance's AI assistant Doubao and ZTE announced the limited release of the Nubia M153 smartphone, which features Doubao's technology, priced at CNY 3,499 for the 16GB+512GB configuration [1] - Doubao has no plans for self-developed smartphones and is negotiating with multiple manufacturers to integrate its assistant into various brands through "ecosystem cooperation" [1] Group 2: Market Analysis - Nomura's report indicates that ZTE, as an early partner, stands to benefit significantly from ByteDance's edge AI initiative, which may enhance ZTE's smartphone sales [1] - However, Nomura cautions that ZTE's core telecom equipment business is facing a downward capital expenditure cycle in the Chinese market, while the rapidly growing AI server business may dilute the company's overall gross margin in the short term [1] - Nomura maintains a neutral rating with a target price of HKD 39 for ZTE [1]