格隆汇8月29日｜中兴通讯(00763.HK)跌9.12%，报35.08港元，成交额19.02亿港元，总市值1678亿港元。中兴通讯公布2025年半年度业绩，2025年上半年， 集团实现营业收入715.53亿元(人民币，下同)，同比增长14.51%；归属于上市公司普通股股东的净利润50.58亿元，同比减少11.77%；归属于上市公司普通股 股东的扣除非经常性损益的净利润41.04亿元，同比减少17.32%。(格隆汇) ...

Core Viewpoint - Recent breakthroughs in 6G technology have been achieved by Chinese scientists, specifically the development of an ultra-wideband optoelectronic integrated system that enables high-speed wireless communication across all frequency bands [2][3]. Group 1: 6G Technology Breakthrough - Chinese scientists have successfully developed an ultra-wideband optoelectronic integrated system, achieving high-speed wireless communication from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [3]. - The new system features flexible tunability, allowing dynamic switching to safe frequency bands during signal interference, enhancing communication reliability and spectrum utilization efficiency [3]. Group 2: Market Response - On August 28, 6G-related stocks surged over 4% in the A-share market, with several stocks hitting the daily limit, including Sanwei Communication and Dongcai Technology [5]. - The following day, stock performance showed divergence, with Sanwei Communication hitting the limit again, while others like ZTE Corporation and Shobeyde experienced declines of over 4% [5]. Group 3: Industry Developments - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [6]. - Recent government initiatives support the integration of artificial intelligence with 6G technology, emphasizing the importance of technological collaboration and innovation [5][6]. Group 4: Future Outlook - MIIT plans to implement various actions to promote the large-scale application of 5G and advance 6G technology, including the "5G+ Industrial Internet" initiative [6][7]. - Analysts suggest that the demand for domestic computing infrastructure will remain high, driven by advancements in AI and 6G, with a focus on investment opportunities in the computing industry chain [7][8].

Core Viewpoint - The communication industry is experiencing a period of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [4] Market Performance - As of August 29, 2025, the Guozheng Communication Index fell by 1.18%, with mixed performance among constituent stocks [1] - The Communication ETF (159695) has seen a cumulative increase of 18.08% over the past week, ranking first among comparable funds [1] - The Communication ETF recorded a turnover rate of 21.33% and a transaction volume of 43.78 million yuan, indicating active market trading [3] - The latest scale of the Communication ETF reached 205 million yuan, a one-year high, and its share count reached 106 million, also a one-year high [3] Fund Flows - The Communication ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 22.62 million yuan, totaling 42.35 million yuan [3] - The one-year net value of the Communication ETF has increased by 97.52%, ranking 202 out of 2985 in the index stock fund category [3] Sector Insights - The top ten weighted stocks in the Guozheng Communication Index account for 61.8% of the index, with major players including Zhongji Xuchuang, Xinyi Sheng, and China Telecom [4][6] - The industry is expected to see ongoing demand for communication facilities such as base stations, optical cables, and data centers, driven by new device and service operation needs [4] Policy Developments - The government has included computing power in the core category of new infrastructure, promoting the development of standards for data security and computing power scheduling [3] - Regional clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta are forming cross-regional computing power networks to support low-latency scenarios such as high-frequency trading and remote decision-making for autonomous driving [3]

8月28日，全国工商联发布"2025中国民营企业500强"。25家深圳企业上榜，其中华为投资控股有限公 司、比亚迪股份有限公司、腾讯控股有限公司进入前十，分别位居第四、第五、第六名。京东集团、阿 里巴巴（中国）有限公司、恒力集团有限公司位居前三。 此次民营企业500强入围门槛增至270.23亿元，营业收入总额达到43.05万亿元，净利润合计1.80万亿 元；研发费用总额1.13万亿元，研发人员总数115.17万人，平均研发经费投入强度2.77%。 同时发布的还有中国服务业民营企业100强和中国制造业民营企业500强。腾讯控股有限公司等10家深企 上榜中国服务业民营企业100强，华为投资控股有限公司等20家深企上榜中国制造业民营企业500强。 （深圳特区报记者 杨丽萍 周雨萌） 今年全国工商联组织开展第27次上规模民营企业调研，共有6379家2024年营业收入10亿元以上的企业参 加，其中营业收入前500位的企业为"2025中国民营企业500强"。 ...

Market Overview - The A-share market experienced a slight increase on August 29, with the overall market showing resilience despite adjustments in the previously strong chip industry chain [1][3] - The Sci-Tech 50 Index saw a decline of over 3.5% at one point, primarily due to the adjustment in chip-related stocks, with Cambricon Technologies dropping over 8% [1] Industry Performance - The lithium battery industry chain witnessed a significant surge, with various concept indices such as lithium anode, power batteries, lithium batteries, lithium cathodes, solid-state batteries, and lithium iron phosphate batteries leading in gains [1] - Notably, Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price increase by over 14%, pushing its market capitalization above 1.4 trillion yuan [4] Individual Stock Highlights - Industrial Fulian's market capitalization surpassed 1 trillion yuan, with its stock price reaching a new historical high [2][6] - Tianfu Communication's stock price surged, with an increase of over 10% during the trading session, marking a tenfold increase from its lowest point since 2022 [8] Hong Kong Market Performance - The Hong Kong stock market rebounded, with the Hang Seng Index and Hang Seng Tech Index both showing gains of over 1% [10] - WuXi Biologics and Haier Smart Home led the gains among Hang Seng Index constituents, each rising over 7% [10][11] Company Financials - Haier Smart Home reported a revenue of 156.49 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.2% [11][12] - The company achieved an 8.8% revenue growth in the domestic market and an 11.7% growth in the overseas market during the same period [11] - Guangshen Railway reported a revenue of 13.969 billion yuan for the first half of 2025, an increase of 8.08% compared to the previous year, with a net profit growth of 21.55% [15]

Core Viewpoint - Recent breakthroughs in 6G wireless communication technology have been achieved by Chinese scientists, marking significant progress in the field with the development of an ultra-broadband optoelectronic integrated system that enables high-speed wireless communication across all frequency bands [1][2]. Group 1: Technological Breakthroughs - The newly developed system allows for high-speed transmission of wireless signals across a frequency range from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [2]. - The system features flexible tunability, enabling dynamic switching to secure frequency bands in response to interference, thereby enhancing communication reliability and spectrum utilization efficiency [2][3]. - The integration of AI algorithms into this new system is expected to create a more intelligent AI wireless network capable of real-time data transmission and environmental perception [3]. Group 2: Market Reactions - On August 28, 6G concept stocks surged over 4% in the A-share market, with several stocks hitting the daily limit, including Sanwei Communication and Dongcai Technology [1][4]. - The following day, stock performance showed divergence, with Sanwei Communication maintaining its limit up, while others like ZTE Corporation and ShuoBeid fell over 4% [1][4]. Group 3: Industry Developments - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [1][5]. - Recent government initiatives emphasize the integration of artificial intelligence with 6G and other emerging technologies, supporting innovation and application in various fields [4][5]. - The MIIT has also issued guidelines to promote the development of satellite communication industries, highlighting the importance of integrating satellite technology with 5G/6G and AI [5].

Core Insights - Recent breakthroughs in 6G wireless communication have been achieved by Chinese scientists, who developed an ultra-broadband optoelectronic integrated system capable of high-speed wireless communication across all frequency bands [1][3] - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [1][7] Industry Developments - The 6G sector saw a significant surge in stock prices, with companies like Sanwei Communication, Dongcai Technology, and Woge Optoelectronics hitting the daily limit, while ZTE and Shuo Beid fell by over 4% on August 29 [1][6] - The MIIT has outlined plans to enhance the integration of artificial intelligence with various technologies, including 6G, to foster innovation and application in the communication sector [5][7] Technological Advancements - The newly developed system allows for high-speed transmission of wireless signals from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [3] - The system's flexibility enables dynamic switching to secure frequency bands in response to interference, enhancing communication reliability and spectrum efficiency [3][4] Market Outlook - Analysts suggest that the ongoing push for "Artificial Intelligence+" will elevate demands for infrastructure, computing power, and data, indicating a positive outlook for the computing power industry chain [8] - The demand for domestic computing infrastructure is expected to remain robust due to increased capital expenditure from internet companies and supply chain constraints abroad [8]

Core Viewpoint - Recent breakthroughs in 6G technology have been achieved by Chinese scientists, specifically the development of an ultra-wideband optoelectronic integrated system that enables high-speed wireless communication across all frequency bands [1][3]. Group 1: 6G Technology Breakthrough - The ultra-wideband optoelectronic integrated system can transmit wireless signals from 0.5GHz to 115GHz, showcasing international leadership in full-band compatibility [3]. - The system features flexible tunability, allowing dynamic switching to safe frequency bands during signal interference, enhancing communication reliability and spectrum utilization efficiency [3][4]. - The analogy of the technology is likened to a wide highway with multiple lanes for electronic signals, allowing for faster and more efficient communication [3]. Group 2: Market Response - On August 28, 6G-related stocks surged over 4% in the A-share market, with several stocks hitting the daily limit, including Sanwei Communication and Dongcai Technology [1][6]. - The following day, stock performance showed divergence, with some stocks like Sanwei Communication continuing to rise while others like ZTE Corporation and ShuoBeid fell over 4% [1][6]. Group 3: Government and Industry Support - The Ministry of Industry and Information Technology (MIIT) is accelerating the deployment of 5G-A products and advancing 6G technology research, aiming to cultivate an application ecosystem for 6G [1][7]. - Recent government initiatives include the promotion of AI integration with various technologies, including 6G, to support innovation and application development [6][7]. - The MIIT has outlined plans for the development of satellite communication systems and the integration of new information communication technologies, including 5G and 6G [7][8].

Market Overview - The three major indices in the A-share market rose collectively in the morning session, with the Shanghai Composite Index at 3849.76 points, an increase of 0.16% [1] - The Shenzhen Component Index reached 12688.85 points, up by 0.93%, while the ChiNext Index was at 2893.44 points, rising by 2.34% [1] Sector Performance Top Performing Sectors - The battery sector led the gains with an increase of 4.42%, total trading volume of 2887.97 million hands, and a net inflow of 106.29 billion [2] - The small metals sector followed with a rise of 2.76%, trading volume of 1473.51 million hands, and a net inflow of 450.23 billion [2] - The insurance sector increased by 2.66%, with a trading volume of 311.14 million hands and a net inflow of 13.24 billion [2] - Other notable sectors included energy (up 2.53%) and liquor (up 2.52%) [2] Underperforming Sectors - The semiconductor sector experienced the largest decline at -2.49%, with a trading volume of 2466.57 million hands and a net outflow of 95.84 billion [2] - The communication equipment sector fell by 1.89%, with a trading volume of 2104.10 million hands and a net outflow of 59.52 billion [2] - The communication services sector decreased by 1.82%, with a trading volume of 1553.20 million hands and a net outflow of 30.95 billion [2]

Core Insights - In the first half of 2025, the company reported a revenue of 71.553 billion yuan, representing a year-on-year growth of 14.51% [1] - The net profit attributable to ordinary shareholders decreased to 5.058 billion yuan, down 11.77% year-on-year [1] - The net profit excluding non-recurring gains and losses was 4.104 billion yuan, reflecting a decline of 17.32% year-on-year [1] Business Segment Performance - The operator network business generated revenue of 35.064 billion yuan, a decrease of 5.99% year-on-year, with a gross margin of 52.94% [1] - The government and enterprise business saw revenue of 19.254 billion yuan, a significant increase of 109.93% year-on-year, with a gross margin of 8.27% [1] - The consumer business achieved revenue of 17.235 billion yuan, growing by 7.59% year-on-year, with a gross margin of 17.78% [1]