Core Viewpoint - ZTE Corporation has reported a continuous decline in the number of shareholders for the 13th consecutive period, indicating potential concerns regarding investor confidence and stock performance [2] Group 1: Shareholder and Stock Performance - As of August 31, the number of shareholders for ZTE Corporation was 428,391, a decrease of 26,709 from the previous period, representing a decline of 5.87% [2] - The closing price of ZTE Corporation's stock on the reporting date was 44.83 yuan, down 6.60%, although the stock has seen a cumulative increase of 12.24% since the concentration of shares began [2] - The stock experienced 4 days of increases and 5 days of decreases during the reporting period [2] Group 2: Financing and Revenue - As of September 1, the margin trading balance for ZTE Corporation was 10.354 billion yuan, with a financing balance of 10.337 billion yuan, reflecting an increase of 2.118 billion yuan, or 25.78%, since the concentration of shares began [2] - For the first half of the year, ZTE Corporation reported total 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 1.0600 yuan, and the weighted average return on equity was 6.85% [2] Group 3: Institutional Ratings - In the past month, ZTE Corporation received buy ratings from 10 institutions [2] - The highest target price forecasted by Huatai Securities is 62.76 yuan, as reported on August 30 [2]

Market Overview - Major A-share indices collectively adjusted, with the ChiNext Index and Shenzhen Component Index both falling over 2% [1] - As of the close, the Shanghai Composite Index fell 0.45% to 3858 points, the Shenzhen Component Index dropped 2.14%, and the ChiNext Index decreased by 2.85% [2] - The total trading volume for the day was 2.91 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day, with over 4000 stocks declining across the market [1] Sector Performance - The CPO concept saw significant pullbacks, with stocks like Guangxun Technology, Cambridge Technology, and Jingwang Electronics hitting the daily limit down [3] - The communication equipment sector also declined sharply, with multiple stocks such as Shen Sanda A hitting the daily limit down [3] - AI mobile phones, optical communication modules, semiconductors, digital currencies, and power equipment sectors experienced notable declines [3] - Conversely, the robotics sector rose against the trend, with stocks like Qin Chuan Machine Tool and Julun Intelligent hitting the daily limit up due to rumors of mass production guidance for T3 next year [3][8] Notable Stock Movements - Significant declines were observed in the semiconductor sector, with companies like Lexin Technology dropping over 12% and Shengke Communication falling over 11% [6] - Conversely, stocks in the banking sector showed strength, with Yunnan Rural Commercial Bank rising over 4% and several other banks increasing by over 3% [8][10] - Precious metals stocks were active, with West Gold hitting the daily limit up and Hunan Silver rising over 4% [11][12] - Electric power stocks also performed well, with Nanwang Technology rising over 10% and several others hitting the daily limit up [13][14] Analyst Insights - UBS Securities analyst Meng Lei noted that there are currently no signs of large-scale retail investor inflows into A-shares, suggesting that market sentiment is not overheated [15] - As of the end of August, nearly all A-share companies had completed their mid-year reports, showing an overall profit growth of about 3% for the first half of the year [15] - The expected profit growth for A-shares for the entire year is around 6%, indicating an improvement compared to last year's low single-digit growth [15]

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：阿里云业务高增，NV 网络业 务强劲 报告要点 [Table_Summary] 2025 年第 35 周，通信板块上涨 12.16%，在长江一级行业中排名第 1 位；2025 年年初以来， 通信板块上涨 62.16%，在长江一级行业中排名第 1 位。阿里巴巴 FY26Q1 云智能业务收入同 比+26%，AI 相关产品收入连续八个季度三位数增长，季度资本开支同比增长逾两倍；英伟达 FY26Q2 网络业务收入环比大增 46%，GB300 产能爬坡超预期，看好中国市场与全球算力投 资。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 投资建议 阿里巴巴 FY26Q1 云智能业务收入同比+26%，AI 相关产品收入连续八个季度三位数增长， 季度资本开支同比增长逾两倍；英伟达 FY26Q2 网络业务收入环比大增 46%，GB300 ...

Company Overview and Financial Performance - The company introduced its basic situation and business development in the first half of 2025, along with future business plans [2] - The financial data for the first half of 2025 was analyzed, showing a revenue of approximately 119 million CNY for microwave antennas, with a year-on-year growth of about 84% [4] - Satellite communication revenue reached 26 million CNY, with a year-on-year increase of 2.59% [4] Business Growth and Strategic Focus - The company is optimistic about the future growth of its satellite communication business, aiming to establish it as a second growth curve alongside existing products [3] - The overseas sales ratio has approached 50% of total revenue, driven by 4G and 5G network upgrades in countries along the Belt and Road [3] - The company plans to enhance its sales strategies in Southeast Asia, the Middle East, and Africa, focusing on expanding its MACRO WIFI product sales channels [3] Product Development and Market Expansion - The company has developed specialized antennas for unique scenarios, such as high-speed rail and remote areas, addressing communication needs in underserved regions [4] - The company is actively participating in satellite communication applications and has established a solid presence in both domestic and international markets [4] - The company is also expanding its product lines in collaboration with Sichuan Guangwei Communication, focusing on high-demand areas like data centers and cloud computing [5] Future Outlook and Market Positioning - The company plans to maintain its focus on the base station antenna market over the next 3-5 years, despite a decline in domestic direct procurement [6] - It aims to leverage international market growth from 4G and 5G investments, enhancing its competitive edge through new product launches [6] - The company is committed to optimizing its business structure, with microwave antennas as the core and satellite communication as a key growth area for the next five years [4]

（原标题：光迅科技9月2日龙虎榜数据） 光迅科技今日跌停，全天换手率11.99%，成交额65.20亿元，振幅11.05%。龙虎榜数据显示，机构净买入2622.01万元，深股通净买入3924.05万 元，营业部席位合计净卖出9813.32万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-7.95%上榜，机构专用席位净买入2622.01万元，深股通净买入3924.05万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交8.80亿元，其中，买入成交额为4.24亿元，卖出成交额为4.56亿元，合计净卖出 3267.27万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买四，买入金额3734.10万元，卖出金额1112.09万元，合计净买入2622.01万元， 深股通为第一大买入营业部及第一大卖出营业部，买入金额为2.48亿元，卖出金额为2.08亿元，合计净买入3924.05万元。 资金流向方面，今日该股主力资金净流出9.94亿元，其中，特大单净流出6.14亿元，大单资金净流出3.80亿元。近5日主力资金净流出10.01亿元。 融资融券数据显示，该股最新（9月1日）两融余额为29.66亿 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300565 科信技术 | | 2313.63万 | 7.96% | -78.99万 | -0.27% | -2234.64万 | -7.69% | | 688205 | 德科立 | 2273.59万 | 1.35% | -4078.92万 | -2.41% | 1805.33万 | 1.07% | | 300213 | 佳讯飞鸿 | 838.77万 | 1.52% | 1617.30万 | 2.92% | -2456.07万 | -4.44% | | 688618 | 三旺通信 | 388.04万 | 5.53% | 265.75万 | 3.79% | -653.79万 | -9.32% | | 603421 | 鼎信通讯 | 217.28万 | 2.85% | -22.20万 | -0.29% | -195.08万 | -2.56% | | 300205 | *S ...

Group 1 - The computing sector experienced a significant pullback, with the communication ETF (515880) dropping over 5% and current trading volume exceeding 2 billion [1] - Huaxi Securities indicated that AI in the overseas computing chain continues to show high growth and elevated guidance, while there is short-term volatility pressure due to chip turnover; domestic computing chains are seeing a rebound driven by local demand [1] - The communication ETF (515880) has over 75% allocation in "optical modules + servers + optical fibers + copper connections," making it a key player in the computing core engine, presenting potential investment opportunities for interested investors [1] Group 2 - Investors without stock accounts can consider the communication ETF linked funds (Link A: 007817; Link C: 007818) [2]

【9月2日连板股分析：近80股跌超9% 连板股晋级率降至三成以下】今日共44股涨停，连板股总数13 只，其中三连板及以上个股4只，上一交易日共14只连板股，连板股晋级率28.57%（不含ST股、退市 股）。个股方面，全市场超4000家个股下跌，近80股跌超9%。大市值成长股跌幅居前，中兴通讯跌超 6%，新易盛跌超7%，天孚通信跌超10%。连板股晋级率再次降至三成以下，德创环保（昨5连板）、建 业股份（昨4连板）都上演"准天地板"走势，整体反馈较为负面。板块方面，低价股继续走强，兆新股 份T字涨停晋级4连板，山子高科走出4天3板，容量票供销大集涨停，太平洋一度涨停；午后机器人板 块逆势上涨，权重拓普集团涨停，凯迪股份走出10天5板，浙江荣泰、龙溪股份、巨轮智能等涨停。 转自：智通财经 ...

Core Viewpoint - The article highlights a collective decline in major stock indices, with significant drops in various sectors, particularly in computing hardware and consumer electronics, while banking stocks showed resilience and gains [3][4][6]. Market Performance - Major stock indices closed lower: Shanghai Composite Index at 3858.13, down 0.45%; Shenzhen Component Index at 12553.84, down 2.14%; ChiNext Index at 2872.22, down 2.85% [3][4]. - Total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion [3]. Sector Performance - Notable declines were observed in computing hardware, consumer electronics, semiconductor chips, military industry, and digital currency sectors [6]. - Banking stocks performed well, with the banking sector up 1.68%, and specific banks like Chongqing Rural Commercial Bank rising over 4% [7]. - The industrial mother machine sector saw significant gains, with stocks like Hengjin Induction hitting a 30% limit up [7]. Individual Stock Movements - In the communication equipment sector, stocks like Dekeli and Dingtong Technology fell over 14% and 13% respectively [8]. - Major oil companies, referred to as "three barrels of oil," experienced gains, with China Petroleum up over 4% [8]. - Specific stocks with notable net inflows included Giant Wheel Intelligent and Industrial and Commercial Bank, with net inflows of 11.87 billion and 10.05 billion respectively [10][11]. - Conversely, stocks like New Yisheng and Dongfang Wealth faced significant net outflows, with 31.42 billion and 28.91 billion respectively [12].

Market Overview - On September 2, A-shares experienced a decline with the Shanghai Composite Index falling by 0.45% to 3858.13 points, the Shenzhen Component Index dropping by 2.14% to 12553.84 points, and the ChiNext Index decreasing by 2.85% to 2872.22 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.87 trillion, with over 4000 stocks declining, indicating a broad market weakness [1] Sector Performance - The CPO concept saw significant pullback, with companies like Guangxun Technology, Cambridge Technology, and Jingwang Electronics hitting the daily limit down [1] - The communication equipment sector also faced declines, with companies such as Shensanda A experiencing limit down [1] - The F5G concept weakened, highlighted by a limit down for Xingwang Ruijie [1] - The copper cable high-speed connection sector weakened, with Dingtong Technology dropping over 13% [1] - Sectors such as AI mobile phones, optical communication modules, semiconductors, digital currencies, and power equipment reported significant declines [1] Positive Movements - Despite the overall market downturn, the robotics sector showed resilience with rumors of mass production guidance for T3 next year, leading to stocks like Qinchuan Machine Tool and Julun Intelligent hitting the daily limit up [1] - The banking sector strengthened, with Yunnan Rural Commercial Bank leading the gains [1] - Other sectors that performed well included jewelry, industrial mother machines, and precious metals [1]