| 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 机构专用 | 84785.04 | 8086.56 | | 买二 | 深股通专用 | 37131.94 | 47683.31 | | 买三 | 机构专用 | 18625.69 | 12659.11 | | 买四 | 长城证券股份有限公司杭州民心路证券营业部 | 10245.36 | 1.96 | | 买五 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 10117.96 | 7038.33 | | 卖一 | 国泰海通证券股份有限公司上海松江区中山东路证券营 | 329.12 | 52196.42 | | | 业部 | | | | 卖二 | 深股通专用 | 37131.94 | 47683.31 | | 卖三 | 国泰海通证券股份有限公司邯郸人民东路证券营业部 | 115.32 | 20476.91 | | 卖四 | 光大证券股份有限公司丹阳丹金路证券营业部 | 274.92 | 20470.12 | | --- | --- | - ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The rapid development of artificial intelligence is profoundly changing production and lifestyle, driving the upgrade of 5G core networks to AI core networks. Leading operators are actively practicing the commercial monetization of 5G-A intelligent core networks and considering the evolution towards an intelligent native Agentic Core [7][21] - The report identifies six major trends in the evolution of core networks, which have generated significant impact in the industry [7] Summary by Sections Trend One: Experience Management - The exploration of experience management for commercial monetization is beginning to show results, with operators enhancing operational capabilities through intelligence. Over 60% of users are willing to pay for better experiences, making experience rights a core competitive trend for operators [9][30] - Leading operators are exploring how to convert network experience into profitable rights products, combining high-end packages with scenario-based acceleration services to enhance user loyalty and open new revenue channels [30][31] Trend Two: AI Calling - AI Calling helps operators build an exceptional basic calling experience, evolving from voice assistants to multi-modal general assistants, thus seizing the AI business entry point. Operators are leveraging their unique advantages, such as a large user base and trusted numbering systems, to create differentiated competitive barriers [10][60] - The integration of AI capabilities into the entire calling process is key to enhancing user stickiness and stabilizing average call duration [57][61] Trend Three: Autonomous Network Level 4 (AN L4) - AN L4 has become an industry consensus, with network stability and operational efficiency being core strategic goals for operators. The TM Forum has designated 2025 as the commercial year for AN L4, with leading operators beginning to formulate their strategies [11][69] - The introduction of "digital employees" based on intelligent agent technology is playing a crucial role in complaint handling and alarm processing workflows [11] Trend Four: Intelligent Private Networks - The evolution of 5G-A connectivity capabilities is accelerating the development of intelligent private networks, which serve as accelerators for digital transformation across various industries. The integration of AI capabilities into connectivity is essential for building a robust foundation for enterprise AI applications [12] Trend Five: Collaborative Network Operations - The integration of communication, sensing, and computing capabilities is expected to release suppressed traffic and activate intelligent computing services. The report highlights the growing demand for high-definition video and the need for operators to enhance their network capabilities to meet this demand [13] Trend Six: Telecom Cloud Evolution - The telecom cloud is evolving from traditional cloud infrastructure to AI-native infrastructure, enabling operators to transition from "connectivity pipelines" to "connectivity + intelligent computing." This evolution is crucial for supporting the comprehensive intelligence of operator networks [14] Trend Seven: Agentic Core - The trend of agentification in AI terminals and services is driving the agentification of network architecture, enhancing differentiated connectivity capabilities and creating new business paradigms for on-demand network usage. The global digital services market based on agentified networks is projected to exceed $2.5 trillion by 2030 [15]

龙虎榜数据显示，中兴通讯买入金额最大的前五名中，有2家机构专用席位；卖出金额最大的前五名中，有1家机构专用席位。经统计，中兴通讯的机 构席位今日净买入金额为63226.93万元。 (责任编辑：徐自立) 中国经济网北京12月11日讯 中兴通讯(000063.SZ)今日跌停，收报37.82元，跌幅10.00%。 | 序号 代码 名称 | 相关 收盘价 | 张肤幅 买方� 卖方� 机构买入 机构变出 | | 机构图入 | 市场总 | 机构净买额占 | 换手率 | 應 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 机构数 | 教 机构教 总额(日) | | 成交额(万) | 鳥成交额比 | | 市值(亿) | | | 000063 中兴通讯 明细 股吧 37.82 -10.00% | | | 103410.72 40183.79 | 63226.93 | 1691857.90 | 3.74% | 10.83% | 1523.15 | 日跌幅偏离値 | | 买入金额最大的前5名 | | | | | | | | | --- ...

证券之星消息，12月11日通信设备板块较上一交易日下跌3.63%，中兴通讯领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。通信设备板块个股涨跌见下表： 从资金流向上来看，当日通信设备板块主力资金净流出125.14亿元，游资资金净流入47.32亿元，散户资 金净流入77.82亿元。通信设备板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

| 买卖 | 会员营业部名称 | 买入金额 (元) | 卖出金额 (元) | | --- | --- | --- | --- | | 买1 | 机构专用 | 847,850,353 | 80,865,597 | | 买2 | 深股通专用 | 371,319,418 | 476,833,089 | | 33 | 机构专用 | 186,256,876 | 126,591,060 | | 3,4 | 长城正群股份有限公司杭州民心路证券 营业部 | 102,453,588 | 19,560 | | દરે | 东方财富证券股份有限公司拉萨东环路 第二证券营业部 | 101,179,560 | 70,383,330 | | 英1 | 国泰海通证券股份有限公司上海松江区 中山东路证券营业部 | 3,291,185 | 521,964,225 | | 卖2 | 深股通专用 | 371,319,418 | 476,833,089 | | 愛3 | 国泰海通证券股份有限公司邯郸人民东 路正券营业部 | 1,153,161 | 204,769,067 | | 24 | 光大证券股份有限公司丹阳丹金路证券 國际新 | 2,749, ...

| 买入金额最大的前5名 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | 1 | 机构专用 | 1548次 42.05% | 2 | 84785.04 | 5.01% | | 2 | 深股通专用 | 705次 45.67% | ▶ | 37131.94 | 2.19% | | 3 | 机构专用 | 1548次 42.05% | A | 18625.69 | 1.10% | | 4 | 长城证券股份有限公司杭州民心路证券营业部 | 1次 0.00% | | 10245.36 | 0.61% | | 5 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 553次 30.20% | ▶ | 10117.96 | 0.60% | | | 卖出金额最大的前5名 | | | | | | 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | 1 | 国泰海通证券股份有限公司上海松江区中山东路证券营业部 | 76次 60.53% | 2 | 329.12 | ...

Group 1: Federal Reserve and Market Reaction - The Federal Reserve lowered interest rates by 25 basis points but maintained its forecast of only one rate cut in 2026 according to the dot plot [1] - Hong Kong stocks opened high but closed lower, with the Hang Seng Index down 0.04% to 25,530.51 points and a total turnover of HKD 182.48 billion [1] - The market is sensitive to external risks, with potential rebounds expected around mid-December and early January [1] Group 2: Blue-Chip Stocks Performance - HSBC Holdings reached a new high, closing up 2.06% at HKD 114, contributing 43.23 points to the Hang Seng Index [2] - Other blue-chip stocks like Hansoh Pharmaceutical and Henderson Land also saw gains, while Alibaba Health and Sands China faced declines [2] Group 3: Sector Performance - Large tech stocks generally declined, with Alibaba down 1.7% and Tencent down 0.25% [3] - The wind power sector remained strong, with Goldwind Technology and Dongfang Electric seeing significant gains [3] - Lithium battery stocks were active, with companies like CATL and Ganfeng Lithium showing positive performance amid rising production costs [4] Group 4: Chip Sector Developments - The U.S. government allowed NVIDIA to export its H200 AI chips to China, which may boost domestic AI development and increase demand for local chips [5] Group 5: Real Estate Sector Trends - Domestic property stocks generally fell, with notable declines in companies like Agile Group and Sunac China [6] - Discussions around mortgage interest subsidy policies have increased, which could stimulate potential homebuyer demand if implemented [6] Group 6: Notable Stock Movements - ZTE Corporation faced a significant drop of 13.08% following compliance investigation news [7] - Red Star Macalline's stock fell 14.39% due to unusual trading activity, despite the company stating that its operations remain normal [8] - Lens Technology experienced fluctuations, closing up 2.05% after announcing a potential acquisition [9] - Asia Financial Holdings surged 80.87% after announcing a voluntary cash offer for shares at a premium [10]

01 中兴通讯跳水跌停 公司紧急回应：正与美国司法部沟通 受利空消息扰动等因素影响，中兴通讯 A/H 股同步走低。截至发稿，中兴通讯A股跌停，港股跌超12%。 ↑点击上面图片 加雪球核心交流群 ↑ 市场震荡调整 ， 沪指高开低走 ， 创业板指冲高回落 ， 此前一度涨超1% 。 截至收盘 ， 沪指跌0.7% ， 深成指跌1.27% ， 创业板指跌1.41% 。 北证50午后突然拉升，盘中一度大涨超6%，截至收盘北证50涨3.84%。 沪深两市成交额1.86万亿 ， 较上一个交易日放量786亿 。 全市场近4400只个股下跌 。 商业航天 、可控核聚变、 次新股等板块涨幅居前 ， 福 建 、 房地产等板块跌幅居前 。 个股方面，值得一提的是，中兴通讯受利空消息影响，午后跳水跌停；摩尔线程继续大涨28%，股价突破900元，市值超4400亿。 中兴通讯 A 股成交169亿元，排全市场第三位。 12 月 11 日中午，中兴通讯在港交所发布内幕消息公告。 中兴通讯称，董事会已知悉近期新闻媒体针对公司涉及美国《反海外腐败法》合规性调查的报道。公司正与美国司法部就有关事项进行沟通，并将 通过法律等手段坚决维护自身权益。 中兴 ...

Core Viewpoint - ZTE Corporation's stock has experienced significant declines due to negative overseas news, particularly regarding potential payments to the U.S. to resolve overseas bribery allegations [1][3] Stock Performance - ZTE's A-shares closed at 37.82 yuan, hitting the daily limit down, with a market capitalization of 180.91 billion yuan [1] - H-shares fell over 13% to 27.46 HKD, with a total market value of 131.36 billion HKD [1] - The company's stock has seen a turbulent period, with A-shares down nearly 10.14% month-to-date and down approximately 4.93% year-to-date [9] Financial Performance - In Q3, ZTE reported revenue of 28.967 billion yuan, a year-on-year increase of 5.11%, but net profit dropped 87.84% to 264 million yuan [10] - For the first three quarters, total revenue reached 100.52 billion yuan, up 11.63% year-on-year, while net profit fell 32.69% to 5.322 billion yuan [11] Business Segments - ZTE's computing power business has seen explosive growth, with revenue increasing by 180% year-on-year, accounting for 25% of total revenue [12] - Revenue from servers and storage grew by 250%, and data center product revenue increased by 120%, becoming key drivers of revenue growth [13] R&D Investment - The company invested 17.81 billion yuan in R&D in the first three quarters, representing about 18% of total revenue, with a significant portion allocated to computing power-related technologies and products [14] Market Outlook - Tianfeng Securities views ZTE as a leading player in the domestic ICT sector, adapting to the digital economy and expanding into IT and AI computing power [15] - The firm has adjusted its profit forecasts for 2025-2027, projecting net profits of 7.725 billion yuan, 9.029 billion yuan, and 10.459 billion yuan, with corresponding EPS of 1.61 yuan, 1.89 yuan, and 2.19 yuan, maintaining a "buy" rating [15]

12月11日，A股三大指数高开后震荡下行，截至收盘，沪指跌0.7%报3873点，深证成指跌1.27%，创业 板指跌1.41%，北证50指数逆市上涨3.84%。全市场成交额1.89万亿元，较前一交易日增量936亿元，超 4300股下跌。 盘面上，房地产板块走低，中国武夷跌停；福建板块回调，华映科技、厦门信达等多股跌停；免税概念 下挫，广百股份跌近9%；水产养殖板块走弱，天马科技跌停；小红书概念、商业百货及预制菜概念等 跌幅居前。另外，可控核聚变板块爆发，华菱线缆、雪人股份等多股涨停；风电设备板块走高，金风科 技涨停；超导概念拉升，永鼎股份涨停；商业航天、仪器仪表等少数板块涨幅居前。 | 行业热力圈 v | 簡雅板块 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国有大型银行II +0.68% | | 证券Ⅱ -1.17% | 通信服务 -0.41% | 股份制银行II +0.27% | 汽车零部件 -1.05% | 工业会属 -0.97% | 软件开发 -2.19% | 煤炭开采 -0.34% ...