中兴通讯（000063）(00763)发布公告，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。截至2025年12月31日，公司尚未实施本次股份回购。 ...

Core Insights - The article provides an overview of the latest fund net value updates, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. Huayin Health Life Theme Flexible Allocation with a net value of 1.3730, up by 6.77% 2. Jin Ying Cycle Preferred Mixed A with a net value of 0.8175, up by 6.56% 3. Jin Ying Cycle Preferred Mixed C with a net value of 0.8063, up by 6.55% 4. Dongcai Economic Driven C with a net value of 1.6351, up by 6.35% 5. Dongcai Economic Driven A with a net value of 1.6549, up by 6.35% 6. Tongtai Financial Selected Stocks C with a net value of 1.2356, up by 6.20% 7. Tongtai Financial Selected Stocks A with a net value of 1.2562, up by 6.20% 8. GF Vision Intelligent Selection C with a net value of 1.1105, up by 5.18% 9. GF Vision Intelligent Selection A with a net value of 1.1277, up by 5.18% 10. Chuangjin Hexin Global Chip Industry Stock Initiation (QDII) C with a net value of 1.8633, up by 5.07% [2] Bottom 10 Funds by Net Value Decline - The underperforming funds include: 1. Tianhong Qingxiang Bond C with a net value of 0.9404, down by 5.77% 2. Qianhai Kaiyuan Cycle Selected Mixed C with a net value of 1.1450, down by 3.06% 3. Qianhai Kaiyuan Cycle Selected Mixed A with a net value of 1.1494, down by 3.05% 4. Chuangjin Hexin Global Pharmaceutical Biotechnology Stock Initiation (QDII) C with a net value of 1.6525, down by 2.81% 5. Chuangjin Hexin Global Pharmaceutical Biotechnology Stock Initiation (QDII) A with a net value of 1.6693, down by 2.73% 6. Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Enjoy Life with a net value of 3.3535, down by 2.61% 7. Puyin Ansheng Digital Economy Mixed A with a net value of 1.1941, down by 2.30% 8. Puyin Ansheng Digital Economy Mixed C with a net value of 1.1931, down by 2.29% 9. Rongtong Industry Trend Stock with a net value of 1.3374, down by 2.26% 10. GF Emerging Growth Mixed C with a net value of 1.6659, down by 2.08% [3] Market Overview - The Shanghai Composite Index showed a strong upward trend, closing with a significant gain, while the ChiNext Index experienced fluctuations but ended with a slight rebound. The total trading volume reached 2.83 trillion, with a market breadth of 4,108 gainers to 1,222 losers [5]

Group 1 - The communication industry is transitioning from a traditional pipeline support role to becoming a core engine that empowers new productive forces [3][13] - Global ICT investment has shown a compound annual growth rate (CAGR) of 4.3% from 2010 to 2020, and despite the pandemic, it maintained a CAGR of 6.7% in 2020 [5] - By 2023, the global ICT market investment is expected to reach approximately $4.9 trillion, with projections to grow to $6.6 trillion by 2028, reflecting a CAGR of 6.3% [5] Group 2 - The transition from 5G to 5G-A/6G is characterized by a shift from bandwidth growth to capability integration, emphasizing the importance of integrated sensing and computing [11][13] - The "14th Five-Year Plan" focuses on the large-scale deployment of 5G and the integration of computing networks, while the "15th Five-Year Plan" anticipates the emergence of AI-driven intelligent computing capabilities [14] - The deployment of low-orbit satellite internet constellations is breaking geographical limitations, enhancing communication capacity and reducing latency [18] Group 3 - The demand for computing power is becoming the main driver of growth in the ICT market, with the Chinese enterprise-level ICT market expected to reach approximately $751.76 billion by 2028, with a CAGR of 6.5% [26] - The investment in enterprise-level servers and storage in China is projected to grow at a CAGR of 24.3% from 2023 to 2028 [26] - AI model training is driving a significant increase in computing power demand, with the computational equivalent for training AI models increasing dramatically [30] Group 4 - The capital expenditure of major Chinese telecom operators is expected to continue increasing, with China Mobile, China Telecom, and China Unicom projected to spend approximately ¥1,640 billion, ¥935.1 billion, and ¥613.7 billion respectively in 2024 [35] - The capital expenditure of these operators is shifting towards intelligent computing, with significant increases in their self-owned computing power [36] - The overseas cloud service providers are also increasing their capital expenditure, with a total of approximately $111.9 billion in Q3 2025, reflecting a year-on-year increase of 78.8% [36] Group 5 - The AI applications are expected to penetrate various sectors, with the emergence of AI-native applications and embodied intelligence reshaping interaction paradigms [65][67] - The market for humanoid robots is anticipated to grow significantly, with commercial applications expected to accelerate in both industrial and service sectors [73][76] - The integration of AI in industrial applications is addressing labor shortages and enhancing operational efficiency, with robots capable of replacing multiple skilled workers [81]

（文章来源：证券日报） 证券日报网讯 1月6日，中兴通讯在互动平台回答投资者提问时表示，公司根据客户、市场、成本、交 货等诸多因素综合考量投标报价。 ...

Core Viewpoint - The company focuses on intelligent command and dispatch, strengthening its position in the power energy and defense industries while actively expanding into railways, emergency response, oil, and petrochemical sectors [2] Group 1: Industry Focus - The company aims to consolidate its industry advantages in power energy and defense while exploring new business opportunities in railways, emergency response, oil, and petrochemical sectors [2] - In the railway sector, the company has participated in the 5G-R line technical experiments for the National Railway Group and won bids for local railway dispatch projects, achieving large-scale application of its technological achievements [2] - The emergency response sector benefits from strong national policy support, with the company deepening market expansion and participating in major emergency drills and disaster communication support in Guangzhou [2] Group 2: Technological Advancements - The company has developed a digital safety control platform that has been included in the national list of recommended 5G application solution providers, enhancing its collaboration in the oil and petrochemical sectors [2] - The safety control system has made breakthroughs in oil business, while the high-precision positioning system has advanced in the coal and chemical industries [2]

Core Viewpoint - The company, Guangha Communication, plans to enhance its research and development efforts in various intelligent systems and technologies to maintain its competitive edge in the market [2] Group 1: Product Development - The company aims to deepen its R&D and optimize products such as intelligent operation and maintenance systems, intelligent scheduling business assistants, and smart airport systems [2] - Significant technological advancements are expected in areas including voice interaction-based scheduling intelligent platforms, low-code technology for intelligent business flow engines, and enhanced terminal communication capabilities [2] Group 2: Technological Advancements - The company is focusing on achieving important technological breakthroughs in autonomous controllable technology, as well as enhancing audio and visual experiences for intelligent terminals and scene integration technologies [2] - These efforts are intended to strengthen the company's core technological advantages and ensure its technological leadership in the industry [2]

Group 1 - The core viewpoint of the article is that Guangha Communication has received approval from the Shenzhen Stock Exchange for its stock issuance to specific targets, which is aimed at enhancing its business development funds [2] - The company plans to accelerate technology research and development, as well as industrialization, through the funds raised from this stock issuance [2] - Guangha Communication aims to break through key core technologies in the field of intelligent command and scheduling services, seeking to expand its application boundaries and acquire more quality industry resources [2]

Core Viewpoint - Guangha Communication maintains a high market share in various fields such as power dispatch systems, pumped storage digitalization, X-ray detection of power equipment, and certain defense command communication systems, emphasizing its core competitive advantages through R&D, branding, and service [2] R&D Investment - The company has consistently maintained a high R&D investment ratio, with over 15% in the past five years, providing "trinity" solutions for industry users in critical areas like new power grids and digital defense, thus ensuring technological and product leadership [2] Brand Strength - As one of the first entrants into the command and dispatch communication market, the company boasts over thirty years of deep expertise in technology, products, market, manufacturing, and management [2] Service System - The company's meticulously developed service system has gained customer trust, achieving round-the-clock response capabilities, with a commitment to reach provincial-level customers within two hours and all customers within twenty-four hours [2]

Core Viewpoint - Guangha Communication's accounts receivable growth is primarily influenced by the progress of defense business client projects and the consolidation of subsidiaries, with no significant recovery risks identified for related clients [2] Group 1: Accounts Receivable Management - The company emphasizes the importance of accounts receivable management and has implemented measures such as setting business assessment indicators and enhancing communication with industry users to strengthen this management [2]

Group 1 - The A-share market continues to perform strongly, with the Shanghai Composite Index reaching a 10-year high, closing up 1.5% at 4083.67 points [1] - The Shenzhen Component Index rose by 1.4%, the ChiNext Index increased by 0.75%, the CSI 300 gained 1.55%, and the STAR 50 climbed 1.84% [1] - A total of 3844 stocks rose, while 1201 stocks fell, with a total trading volume of 2.81 trillion yuan, an increase of approximately 260.23 billion yuan compared to the previous trading day [1] Group 2 - Major funds saw a net outflow of 8.836 billion yuan, with the securities sector experiencing the largest net inflow [1] - Sectors such as optical electronics, small metals, energy metals, and automotive parts attracted significant main fund interest, while communication equipment faced the largest net outflow [1] - The top gainers included titanium dioxide, brain engineering, AEBS, low-orbit satellites, and nano-silver, while the biggest losers were magnetic levitation compressors, Google concepts, MIM concepts, F5G concepts, and Ascend 384 super nodes [1] Group 3 - Market expert Xu Xiaoming noted that the market's rapid rise indicates a strong start to the year, with both individual stocks and the overall market increasing [7] - Xu emphasized that the rapid increase distances the index from its trend, reducing the risk of a trend reversal in the near term [7] - He suggested that the disappearance of structural stagnation implies that there will likely be no selling reasons in the upcoming week, making it easier for investors to hold their positions [7]