2019年12月16日，在60余家国际知名清洁能源关联企业的瞩目中，还是一片工地的天府新区眉山片 区加州智慧城项目成功签下6家美资企业。 不仅是加州智慧城，在天府新区眉山片区一边施工一边招商的项目比比皆是。支撑这一独特经济现 象的是天府新区眉山片区的国际声誉与区域实力。 从2014年获批国家级新区，到2018年实质性组建管理机构，天府新区眉山片区从十余名管理团队和 百余户传统企业起步，不仅吸引了加州智慧城、乐高乐园等30余个国际高端项目落户，更摘得四川自贸 区协同改革先行区等荣誉，在环成都经济圈快速崛起。 切片一 打好"服务"牌对接先进生产力 2019年12月25日，天府新区眉山片区内，联想叠云创新科技园项目建设正如火如荼，总部又传来最 新消息：把位于深圳的云电脑工厂整体搬迁过来。 为何要迁来整个工厂？联想叠云创新科技园副总裁陈丹丹说，因为这里营商环境好。 "联想叠云计划总投资80亿元。2018年，项目引进之初，天府新区眉山片区从招商引资到落地服务 等各个方面为公司配备专业服务团队，仅用90天便完成签约，并开工建设，刷新了'眉山速度'。"天府 新区眉山片区投资服务中心副主任赵刚介绍。 深居西部内陆，如何建内陆 ...

来源：环球网 12月30日，中国移动广西公司2025年合作伙伴大会暨泛终端订货会在广西南宁 举行。本次大会以"AI赋 能八桂兴，同心砥砺拓宏图"为主题，汇聚众多行业精英、合作伙伴及品牌厂商，共同探讨数字化转型 新路径，擘画数字生态发展新蓝图。中国移动广西公司副总经理朱锦亮、章敏出席活动。 活动中，优秀代理商和中移(杭州)信息技术有限公司、中移（苏州）软件技术有限公司分享了成功的合 作经验与创新成果，共同展示AI技术在广西教育、康养、娱乐、安防等领域的应用前景，彰显AI赋能 千行百业的无限可能。 下一步，中国移动广西公司将紧扣自治区"人工智能+"战略，坚持"以合作促发展、以共赢拓未来"理 念，持续优化合作机制，强化渠道赋能，提升服务响应速度和质量，携手合作伙伴为打造中国—东盟人 工智能创新合作中心贡献力量。 硕果累累，离不开合作伙伴的辛勤付出与鼎力支持。他们以敏锐的市场洞察、强大的技术实力和高效的 运营效率，与中国移动广西公司同频共振，成为服务客户、开拓市场的重要力量，更成为数字广西建设 中不可或缺的一部分。会上，广西移动对关键领域的优秀合作伙伴进行了隆重的表彰，感恩在数字生态 建设中的杰出贡献。 会场还集中展 ...

Core Viewpoint - Company plans to engage in foreign exchange derivative trading to mitigate currency risk and enhance financial stability, with a maximum contract value of 1.5 billion yuan per trading day [1][2]. Trading Information Summary - On December 30, 2025, the stock closed at 11.71 yuan, down 0.17%, with a turnover rate of 1.04%, trading volume of 115,100 lots, and a transaction amount of 135 million yuan [1]. - Main funds experienced a net outflow of 4.67 million yuan, while retail investors saw a net inflow of 2.63 million yuan [1][3]. - A block trade of 4.07 million yuan occurred on the same day [1][3]. Company Announcement Summary - The 13th meeting of the 12th Board of Directors approved the proposal for foreign exchange derivative trading, allowing the company to use its own funds for transactions, with a maximum contract value of 1.5 billion yuan and a margin of up to 75 million yuan [1][2]. - The trading will include forward foreign exchange contracts, foreign exchange swaps, and foreign exchange options, aimed at hedging against currency fluctuations [1][2]. - The management system for foreign exchange derivative trading has been established to regulate trading activities, emphasizing risk management and prohibiting speculative trading [2]. Product and Market Position - Company has successfully integrated cloud computer products into its smart terminal business, including various models that have been selected by multiple telecom operators across several provinces in China [4].

（编辑 王雪儿） 证券日报网讯 12月30日，创维数字在互动平台回答投资者提问时表示，公司智能终端业务中有云电脑 产品，公司云电脑的多款产品（含组合式一体机、云电脑一体机、云笔记本电脑以及5G云平板电脑） 集成了云系统、云电脑整体解决方案，已成功入围国内四川、吉林、山东、广西、广东、海南、河北等 多个省份通信运营商的选型项目并在批量出货，端云协同时代，再次展现了公司在运营商云电脑领域的 领先地位与深厚的技术沉淀。 ...

以 "企业智脑" 为核心锚点，日照分公司的赋能半径持续拓宽，从单个生产车间延伸至全产业链生态。 在日照绿茶产业，其深度融合10 年气候数据预测产量波动，指导茶农精准种植；联动 "文旅热力图" 分 析客流，发送 315 万条绿茶营销短信，为 "核心产区商城" 引流促成 600 余笔交易；助力政府通过产业 驾驶舱防范仿冒风险，依托区块链溯源秤完成 5.7 万次赋码，品牌溢价效应逐步凸显。 在山东省加速推进 "数实融合" 战略背景下，山东移动日照分公司以 "产业大脑能力中心" 为核心载体， 深度整合 5G、AI、区块链等新一代信息技术，构建起覆盖精制茶加工、海洋食品、绿色建筑等多领域 的智能赋能体系。这不仅是 "连接 + 算力 + 能力" 技术组合的落地实践，更走出了一条从赋能单个企 业、激活完整产业链，到跨产业复制推广的数智转型清晰路径。 由点及链：从车间智能到产业协同 打造赋能新范式 变革的起点，源于企业最迫切的痛点。针对中小企业 "转型门槛高、数据孤岛难破、管理成本攀升" 的 共性难题，日照分公司精准打造企业数字化利器 ——"企业智脑"。它绝非简单的软件堆砌，而是基于 "产业大脑能力中心" 统一技术底座，可插 ...

Core Viewpoint - Qinghai Unicom is actively integrating warm services with digital technology through customer day events, providing tangible benefits and surprises to urban and rural communities [1][3][5]. Group 1: Anti-Fraud Initiatives - Qinghai Unicom is conducting anti-fraud education in various regions, using local dialects and real-life examples to inform residents about common scams such as "health product fraud" and "impersonation scams" [1][7]. - Interactive anti-fraud learning activities, including quizzes, are being organized to engage the community and enhance awareness [3][7]. Group 2: Technology Demonstrations - The company is showcasing high-tech products like cloud computers and smart cameras, allowing customers to experience the convenience of technology firsthand [3][8]. - Specific demonstrations include the use of smart devices for daily tasks, such as video calls and home automation, which have received positive feedback from users [3][8]. Group 3: Community Support Services - Qinghai Unicom is providing one-stop services in rural areas, assisting residents with tasks like checking phone bills, changing plans, and setting up services [5][7]. - Initiatives targeting the elderly include personalized training on smartphone usage, ensuring they can navigate technology effectively [5][7]. Group 4: Legal Education and Youth Engagement - The company is collaborating with law enforcement to conduct legal education activities in schools, using interactive methods to teach students about legal knowledge and anti-fraud skills [7]. - Events are designed to create a festive atmosphere, with immersive experiences and significant discounts on services to attract participation [7][8]. Group 5: Future Directions - Qinghai Unicom plans to continue its customer-centric service philosophy, focusing on innovative service formats and quality improvements to enhance the lives of more individuals through technology [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company is firmly advancing its "Connection + Computing Power" transformation strategy, with a stable foundation in connection business and a significant increase in computing power business, which has driven revenue growth of 180% year-on-year, accounting for approximately 25% of total revenue [5][12] - The company has shown effective cost control, with an increase in the proportion of government and enterprise business, although there are structural fluctuations in gross margin and a phase adjustment in profitability [12] - Strong R&D investment continues to enhance the company's full-stack intelligent computing capabilities [12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 100.52 billion yuan, a year-on-year increase of 11.6%, and a net profit attributable to shareholders of 5.32 billion yuan, a decrease of 32.7% year-on-year [5] - In Q3 alone, the company reported operating revenue of 28.97 billion yuan, a year-on-year increase of 5.1% but a quarter-on-quarter decrease of 24.9%, with a net profit of 260 million yuan, down 87.8% year-on-year and 89.8% quarter-on-quarter [5] Business Segments - The computing power business has seen a year-on-year revenue increase of 180%, becoming a core growth driver, with server and storage revenue growing by 250% and data center products by 120% [12] - The government and enterprise business has continued to expand rapidly, with a year-on-year increase of 130% [12] Cost Management - The gross margin for Q3 was 25.9%, down 14.5 percentage points year-on-year and 5.0 percentage points quarter-on-quarter, primarily due to the rapid growth of lower-margin government and enterprise business [12] - The company has effectively managed expenses, with an expense ratio of 9.7% for the first three quarters, a decrease of 0.8 percentage points year-on-year [12] R&D Investment - The company has maintained high R&D investment, with R&D expenses of 17.81 billion yuan for the first three quarters, accounting for approximately 18% of revenue [12] - The company has made significant advancements in AI infrastructure and core technology breakthroughs, enhancing its competitive edge in the market [12] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 8.578 billion yuan, 9.396 billion yuan, and 10.556 billion yuan, corresponding to year-on-year growth rates of 2.0%, 9.5%, and 12.3% respectively [12]

Core Viewpoint - ZTE Corporation is a leading player in the global 5G technology research and standard-setting, focusing on communication network equipment and components, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, ZTE's revenue reached 100.52 billion yuan, ranking first among 36 companies in the industry, significantly surpassing the second-ranked Zhongji Xuchuang at 25.005 billion yuan [2] - The net profit for the same period was 5.345 billion yuan, ranking third in the industry, with Zhongji Xuchuang leading at 7.57 billion yuan and Xinyi Sheng at 6.327 billion yuan [2] - ZTE's revenue grew by 11.63% year-on-year, while the net profit decreased by 32.69% due to a decline in operator network business revenue and changes in business structure [6] Group 2: Financial Ratios - As of Q3 2025, ZTE's debt-to-asset ratio was 64.88%, higher than the previous year's 63.63% and significantly above the industry average of 38.12% [3] - The gross profit margin for Q3 2025 was 30.55%, down from 40.43% in the previous year but slightly above the industry average of 30.08% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.88% to 442,600, while the average number of circulating A-shares held per shareholder increased by 0.89% to 9,100.06 [5] - Major shareholders, including Hong Kong Central Clearing Limited and various ETFs, saw a reduction in their holdings compared to the previous period [5] Group 4: Executive Compensation - The chairman, Fang Rong, received a salary of 200,000 yuan in 2024, unchanged from 2023, while the president, Xu Ziyang, earned 9.8 million yuan, a decrease of 1.48 million yuan from the previous year [4] Group 5: Future Outlook - ZTE's computing power business saw a significant growth of 180% year-on-year, with strong collaboration with major internet companies and expansion into emerging overseas markets [6] - The company is expected to achieve net profits of 7.76 billion yuan, 9 billion yuan, and 10.3 billion yuan from 2025 to 2027, maintaining a "buy" rating [6]

Core Viewpoint - ZTE Corporation's Q3 2025 financial report reveals a significant decline in net profit despite a modest revenue increase, raising concerns about its future performance and market sentiment [1][4][10]. Revenue Performance - In Q3 2025, ZTE achieved revenue of 28.97 billion yuan, a year-on-year increase of 5.1%, but below market expectations; cumulative revenue for the first three quarters reached 100.52 billion yuan, up 11.6% [1][2]. - The company's revenue breakdown shows network, government enterprise, and consumer businesses contributing 50%, 25%, and 25% respectively [2]. Business Transition - ZTE is undergoing a strategic transformation focusing on AI servers, data centers, and consumer electronics, shifting from a "connectivity" model to a "connectivity + computing" model [3]. - The government enterprise business has seen rapid growth, with a 130% increase in the first three quarters, while computing business revenue grew by 180% [3]. Profitability Concerns - The net profit for Q3 2025 was only 260 million yuan, a drastic decline of 87.8%, with a non-recurring net profit dropping to -230 million yuan [4][5]. - The decline in profitability is attributed to a shift in business structure leading to lower overall gross margins, with computing business margins around 8% compared to over 50% for traditional operator business [5][6]. Market Reaction - Following the disappointing earnings report, ZTE's stock price fell by 6.5% on October 29 and continued to decline by 3% the next day, reflecting negative market sentiment [1][10]. - The stock had previously surged over 40% since August, driven by significant orders and strategic shifts, but the recent earnings drop has led to a reevaluation of its valuation [9][10]. Future Outlook - The company's ability to maintain its AI narrative hinges on technological breakthroughs and commercialization in its chip subsidiary, which are crucial for overcoming current profitability challenges [11][12]. - The market is increasingly focused on short-term performance and profitability, moving away from speculative narratives, which places additional pressure on ZTE's AI transition [11][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The most challenging phase for the company may have passed, with optimism regarding the development of AI computing power [4] - The company's revenue for the first three quarters of 2025 reached 100.52 billion yuan, a year-on-year increase of 11.63%, while net profit attributable to shareholders decreased by 32.69% to 5.322 billion yuan [1][2] - The decline in domestic operators' capital expenditure has significantly impacted the company's performance, particularly in its network business, which accounted for 49% of revenue and had a gross margin of 53% in the first half of 2025 [1][3] Summary by Sections Operator Network - The domestic operator network market has seen a notable decline in capital expenditure, with a year-on-year decrease of 13.1% in Q3 2025 [3] - The pressure from declining capital expenditure is expected to ease, with projections indicating a decrease of approximately 9% for the full year 2025 [4] Computing Power Business - The computing power segment has experienced a significant year-on-year revenue growth of 180%, with server and storage revenue increasing by 250% [5] - The company has established close collaborations with major domestic internet companies, achieving large-scale commercial use of its intelligent computing servers [5] Home and Personal Business - The home and personal business segments have shown steady growth, with personal business revenue achieving double-digit growth [6] - The company has launched AI smartphones in collaboration with Doubao, integrating advanced AI capabilities into its products [6] Profit Forecast - The company is projected to achieve net profits of 7.6 billion yuan, 9 billion yuan, and 10.3 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of -9.8%, +19.0%, and +14.3% [13]