Summary of Key Points Core Viewpoint - ZTE Corporation experienced a block trade on September 12, with a transaction volume of 46,000 shares and a transaction value of 2.047 million yuan, indicating a premium of 0.95% over the closing price of the day [2]. Trading Details - The block trade details include a transaction volume of 46,000 shares, a transaction amount of 2.047 million yuan, and a transaction price of 44.50 yuan, which is a 0.95% premium relative to the closing price of 44.08 yuan [2]. - The buyer was Southwest Securities Co., Ltd. Shaanxi Branch, while the seller was China Post Securities Co., Ltd. Xi'an Kaiyuan Road Securities Business Department [2]. Market Performance - On the same day, ZTE's closing price was 44.08 yuan, reflecting an increase of 0.78%, with a daily turnover rate of 5.50% and a total transaction amount of 9.823 billion yuan [2]. - The net outflow of main funds for the day was 88.3319 million yuan, while the stock has seen a cumulative increase of 5.40% over the past five days, with a total net inflow of 237 million yuan [2]. Margin Trading Data - The latest margin financing balance for ZTE is 10.215 billion yuan, which has increased by 738 million yuan over the past five days, representing a growth rate of 7.78% [2].

海外产能建设过渡期，影响短期业绩释放 公司发布2025 年中报。2025H1，公司实现收入26.50 亿元，同比-0.64%；归母净利润12.40 亿元，同 比-8.84%；扣非后归母净利润11.56 亿元，同比-7.75%。25Q2，公司实现营收14.45 亿元，同比-3.90%； 归母净利润6.78 亿元，同比-14.36%；扣非后归母净利润6.25 亿元，同比-14.78%。25Q2 公司业绩承 压，主要系，公司海外产能建设的转移过渡期对订单出货造成阶段性影响，部分海外订单的落地进度有 所放缓，影响收入确认。同时，由于关税波动和产能转移适度增加了公司成本费用，从而对净利润增长 造成短期压制。 二、三曲线收入占比过半，业务结构持续优化 桌面通信终端25H1 收入13.04 亿元，同比-13.63%。话机产品25H1 销售下滑主要受到出货节奏的影响， 下游实际销售仍保持小幅正向增长。我们认为，随着短期海外产能转移影响逐渐消除，产品下游销售稳 健，收入有望维稳。 会议产品25H1 收入10.76 亿元，同比+13.17%。会议产品收入增长低于预期，但横向对比其他厂商仍表 现突出，市场份额持续提升。2025 年 ...

2025.09. 12 段局点,十后晨汤凹洛,涂耻成指、刨业恢指受成饮胶地系,坟不形态转骑,显示巾 场对成长股的风险偏好下降。 1926家上涨 两市成交额持续放量,市场整体交投意愿依然活 跃,投资者参与度较高。资金在不同板块间进行 快速切换和再平衡。受国际大宗商品价格上涨和 半导体产业链需求强劲的驱动,资金从短期涨幅 较大的科技板块(如部分光模块、固态电池)流 向电机、有色金属、交运设备、半导体等板块。 从市场看,沪市成交额增幅大于深市。 资金情绪 主力资金净流出 散户资金净流入 涨跌停比 = : : 个股跌多涨少,呈现结构化行情。受美联储降息 预期及其他事件催化,做多力量集中在科技成长 (半导体/存储芯片)、全球定价的周期品(有色 金属）、政策预期板块(房地产、影视院线), 调整压力集中于大金融(银行、保险、证券)、 部分消费(白酒)及部分前期热门题材(CPO/光 模块)。 两市成交额 2.52万亿元 A 3.41% 机构获利了结与调仓换股,集中抛售前期涨幅较大、交易拥挤的板块,如通信设备、证券和消费电子。同时布 局新的方向,有电机、小金属和有色金属等板块。此外存储芯片因事件催化,获得资金关注。散户积极入场 ...

证券研究报告 | 公司点评 | 通信设备 主业向好发展，端侧 AI 和机器人开启新增长 ——广和通 2025 年中期业绩点评报告 投资要点 ❑ 剔除锐凌无线影响，25H1 收入及利润均稳步增长 2025 年上半年，公司实现营业收入 37.07 亿元，同比下降 9.02%，归母净利润 2.18 亿元，同比下降 34.66%，扣非归母净利润 2.02 亿元，同比下降 36.06%。若 剔除锐凌无线车载前装业务的影响，公司营业收入同比增长 23.49%，归母净利 润同比增长 6.54%。单二季度，公司实现营业收入 18.51 亿元，同比下降 5.14%，环比下降 0.23%，归母净利润 1.00 亿元，同比下降 31.25%，环比下降 15.01%。 盈利能力方面，2025 年上半年公司销售毛利率 16.42%，同比下降 5.16pp，销售 净利率 5.89%，同比下降 2.39pp。上半年毛利率下降主要原因在于：出售锐凌车 载前装业务后国内市场占比提高，产品出货结构有变化。展望未来，受益于公司 过去两年来持续深耕高毛利率的解决方案业务，随着后续解决方案业务占比提 升，毛利率有望呈增长趋势。 ❑ 端侧 AI 及机器 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a transitional period in overseas capacity construction, which impacted short-term performance. In H1 2025, the company reported revenue of 2.65 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 1.24 billion yuan, down 8.84% year-on-year [1][4] - The revenue from conference products in H1 2025 was 1.08 billion yuan, an increase of 13.17% year-on-year, indicating a strong market share despite lower-than-expected growth [2] - The company is actively addressing tariff fluctuations and capacity transfer issues, which are expected to have a controllable impact on profit margins in the next 1-2 years, enhancing the company's ability to navigate international trade complexities [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.65 billion yuan, with a net profit of 1.24 billion yuan, reflecting a decline in both metrics due to transitional impacts from overseas capacity adjustments [1] - The second quarter of 2025 saw revenue of 1.44 billion yuan, down 3.90% year-on-year, and a net profit of 678 million yuan, down 14.36% year-on-year [1] Business Structure - The revenue from desktop communication terminals in H1 2025 was 1.30 billion yuan, a decrease of 13.63% year-on-year, while conference products and cloud office terminals showed growth, with revenues of 1.08 billion yuan and 262 million yuan, respectively [2] - The cloud office terminal segment has seen a compound annual growth rate of nearly 45% from 2020 to 2024, significantly outpacing industry averages [2] Profit Forecast - The company is projected to achieve net profits of 2.73 billion yuan, 3.04 billion yuan, and 3.40 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 2.9%, 11.7%, and 11.9% [4]

每经AI快讯，金信诺（SZ 300252，收盘价：16.13元）9月12日晚间发布公告称，公司第五届2025年第 七次董事会会议于2025年9月12日在公司27楼会议室以现场会议方式召开。会议审议了《关于开立募集 资金专户并授权签订募集资金专户监管协议的议案》等文件。 截至发稿，金信诺市值为107亿元。 每经头条（nbdtoutiao）——一次自救，"奥特曼"竟埋下百亿元损失的"时间炸弹"，现在被引爆！有人 却在疯狂赚钱⋯⋯ （记者 王晓波） 2024年1至12月份，金信诺的营业收入构成为：通信设备占比98.63%，其他业务占比1.37%。 ...

未平仓空仓比减少最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | | 减少值↓ | | --- | --- | --- | --- | --- | | 赣锋锂业(01772) | 12.46% | 10.63% | -1.84% | | | 中兴通讯(00763) | 16.47% | 14.96% | -1.51% | | | 晶泰控股(02228) | 4.00% | 2.64% | -1.36% | | | 康希诺生物(06185) | 3.36% | 2.36% | -1.01% | | | 中国软件国际(00354) | 8.05% | 7.11% | -0.94% | | 前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 中兴通讯(00763) | 1.24 亿股 | 1.13 亿股 | 14.96% | | 中远海控(01919) | 4.01 亿股 | 4.08 亿股 | 14.17% | | 宁德时代(03750) | 2164.51 万股 | 2115.51 万股 | 13. ...

Core Viewpoint - The article discusses the resurgence of eSIM technology, its advantages, development history, and the reasons for its recent revival in the telecommunications industry, particularly in light of Apple's new product launches and the evolving needs of the market [4][41]. Group 1: What is eSIM? - eSIM stands for Embedded-SIM, a smaller chip embedded directly into devices, eliminating the need for a physical SIM card slot [6][9]. - eSIM allows for remote configuration via Over-The-Air (OTA) technology, enabling users to manage their mobile services without visiting a physical store [12][13]. Group 2: Advantages of eSIM - eSIM reduces space requirements in devices, allowing for thinner and lighter designs, which is particularly beneficial for wearables and IoT devices [18][21]. - It enhances reliability by being soldered directly onto the circuit board, reducing issues related to physical contact [25][26]. - eSIM improves water and dust resistance by eliminating SIM card slots, making devices more robust [27][28]. - It simplifies user experience by allowing online management of mobile services, which is especially advantageous for frequent travelers and IoT applications [30][31]. Group 3: Development History of eSIM - The concept of eSIM was first proposed by Apple in 2011, with the first implementation in 2014 through Apple SIM in iPads [32][33]. - The GSMA officially released eSIM specifications in 2016, gaining support from over 30 global operators and manufacturers [36]. - By 2022, Apple eliminated physical SIM slots in the iPhone 14 series, marking a significant milestone in the transition to eSIM [36][37]. Group 4: Reasons for eSIM Suspension and Resurgence - eSIM was initially suspended due to concerns over security vulnerabilities and the potential loss of operator control over customer relationships [45][49]. - The resurgence is driven by the increasing demand for eSIM in new devices, particularly with Apple's latest product launches, which require eSIM for their design [55][56]. - Operators are now addressing previous security issues and are gradually reintroducing eSIM services across various regions [57]. Group 5: Future Prospects of eSIM - eSIM is currently experiencing positive momentum, with a penetration rate of 21.3% in smartphones and significant growth potential in wearables and IoT devices [62][63]. - The success of eSIM will depend on collaboration across the industry, user acceptance, and effective marketing strategies to educate consumers about its benefits [61][70]. - Global trends indicate a strong shift towards eSIM, with predictions of substantial growth in eSIM-enabled devices by 2025 and beyond [76].

今日上证指数下跌0.12%，个股跌多涨少，涨跌幅中位数为-0.48%。本周，上证指数和深证成指均创出 新高，但在周K线的成交量上却连续两周缩量。 沪深两市（不含ST个股）涨停66家，较昨日减少21家；跌停1家，较昨日减少2家。 从行业特征来看，今日涨停板个股中，房地产开发、有色金属、通信设备行业的个股最多。 | 行业 | 涨停个数 | 行业逻辑 | 具体个股名称 | | --- | --- | --- | --- | | 房地产开发 | 5 | 政策支持叠加楼市回暖预 期。 | 华夏幸福、苏宁环球、荣盛发 展、首开股份、香江控股 | | | | 供需改善叠加经济复苏预 | 北方铜业、株冶集团、电工合 | | 有色金属 | 5 | 期。 | 金、盛达资源、豫光金铅 | | 通信设备 | 3 | 通信设备受益于5G建设加 | 剑桥科技、特发信息、通鼎互 | | | | 速和数字经济政策支持。 | 联 | （注：行业涨停板个股越多，说明该行业被资金重点关注，是当前热门行业。） 从概念特征来看，今日涨停板个股中，机器人、东数西算/算力、房地产概念的个股最多。 | 概念 | 涨停个数 | 概念逻辑 | 具体个股名称 | ...

首次冲击后，上证指数出现回落，但未发生下跌；第二次上冲则在下午，指数最高触及 3889.32 点，随后再度回落且未再反弹，收盘时下跌 0.12% ，报 3870.60 点。 深 证 两大指数今 天 跌幅相对更大，深成指下跌 0.41% ，创业板指下跌 1.09% 。出现这 一差异，核心原因在于两大市场的品种结构不同：上海市场以 " 纪联 海 " 相关品种为主导， 深 证 市场则主要受 " 易中天 " 相关品种影响。 今 天 " 纪联 海 " 在上海市场表现亮眼，其中 寒武纪 全天大涨 7.28% ，涨幅主要集中在 下午，盘中一度涨停（涨 10% ），随后略有回落，最终收于该涨幅水平。 A股三大指数今日集体回调，截止收盘，沪指跌0.12%，收报3870.60点；深证成指跌 0.43%，收报12924.13点；创业板指跌1.09%，收报3020.42点。 沪深两市成交额达到 25209亿，较昨日放量832亿。 老水看盘 上证指数如期创下新高，点位达 3892.14 点。该点位较 3888.60 点高出 3.54 点，较昨 天 上涨 16.83 点。这一高点出现在今 天 上午 10:30 ，但未能守住。 水皮杂谈 ...