消息面上，中兴通讯发布前三季度业绩，该集团取得营业收入1005.2亿元，同比增加11.63%；净利润 53.22亿元，同比减少32.69%。单季度来看，该公司第三季度实现营业收入289.7亿元，同比增加5%，归 母净利润2.64亿元，同比减少88%。华泰证券认为，利润下滑主因公司高毛利率的运营商业务收入同比 下滑、占比降低，而收入结构偏向于低毛利率算力业务。 富瑞发布研报称，中兴公布2025年第三季收入、核心营业利润及净利润分别同比增长5%、跌115%及跌 88%，大幅低于市场预期。毛利率从40%同比下降至26%，导致毛利下降33%。此因电信设备交付延 迟，使部分运营商收入从第三季递延至第四季，以及电讯需求疲软所致。因此该行预期第四季毛利率将 改善。然而，整体而言，随着中国电讯商进一步削减资本支出，高利润的电信收入在2025年可能出现双 位数下降。该行未见新业务领域(服务器、交换器)能提供足够抵销。 中兴通讯（000063）(00763)再跌近5%，截至发稿，跌4.68%，报33.42港元，成交额7.89亿港元。 ...

Economic Overview - In the first half of 2025, non-bank sector cross-border income and expenditure reached a record high of $7.6 trillion, marking a year-on-year increase of 10.4% [3][11] - The net inflow of cross-border funds was $127.3 billion, continuing the trend of net inflows since the second half of 2024 [3] - The total trading volume in the domestic foreign exchange market was $21 trillion, reflecting a year-on-year growth of 10.2% [3] Employment and Social Security - A total of 6.95 million new urban jobs were created in the first half of 2025, achieving 58% of the annual target [6][8] - The cumulative balance of three social insurance funds reached ¥9.83 trillion, with social security card coverage at 98.9% of the population [10] Retail and Wholesale Sector - The value added of the wholesale and retail industry was ¥6.8 trillion in the first half of 2025, with a year-on-year growth of 5.9%, accounting for 10.3% of GDP [5] Aviation Industry - The civil aviation sector achieved a total transport turnover of 783.5 billion ton-kilometers and a passenger transport volume of 370 million in the first half of 2025, with respective year-on-year growth rates of 11.4% and 6% [12][14] - The average daily aircraft utilization rate improved to 9 hours, and the on-time flight rate reached 91.7% [14] Financial Sector - New RMB loans totaled ¥12.92 trillion in the first half of 2025, indicating strong credit support for the real economy [21][23] - The balance of inclusive small and micro loans reached ¥35.57 trillion, with a year-on-year growth of 12.3% [27] Foreign Investment - Direct investment net inflow into China from January to May 2025 was $31.1 billion, a year-on-year increase of 16% [35] - Securities investment net inflow was approximately $33 billion, reversing the net outflow trend from the second half of 2024 [35] Telecommunications Sector - The total revenue from telecommunications services reached ¥905.5 billion in the first half of 2025, with a year-on-year growth of 1% [37] - The number of 5G base stations reached 4.549 million, accounting for 35.7% of all mobile base stations [39] Transportation Infrastructure - The completion rate of the main framework of the national comprehensive transportation network exceeded 90% [40][42] - An average of 1.8 billion people traveled across regions daily, highlighting the efficiency of the transportation network [42]