AI大模型持续快速发展浪潮，正为算力产业链厂商带来快速转型成长机会。 8月28日晚间，中兴通讯（000063）发布2025年半年度财报显示，期内实现营业收入715.5亿元，同比增 长14.5%；归母净利润50.6亿元，扣非归母净利润41.0亿元。其中，二季度单季营收、归母净利润环比 一季度均实现增长。 拆解公司整体收入来看，虽然运营商业务依然是中兴通讯的重要收入构成，但三大业务之间的营收占比 已经出现明显变化：运营商业务从此前长期占据接近六成总营收占比，到期内为49%；政企业务收入占 比大幅提升至约27%、消费者业务收入占比维持约24%水平。 这显示出公司提出从"连接"向"连接+算力"战略升级、并对第二曲线业务的发力正持续显效。财报显 示，上半年中兴通讯以算力、终端产品为代表的第二曲线营收同比增长近100%，占比超35%。其中， 服务器及存储营收同比增长超200%，AI服务器营收占比55%。 对于下半年的经营，财报中提到，公司将在保持以无线、有线产品为主的第一曲线业务市场份额稳中有 升的同时，加速拓展以算力、终端为代表的第二曲线业务。 1、第二曲线发力 财报显示，中兴通讯今年上半年三大业务中，政企业务实现了快 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is a global leader in integrated information and communication technology solutions, focusing on operator networks, government and enterprise business, and consumer business [15]. - The company's revenue for 2024 is projected at 121.299 billion yuan, a decrease of 2.38% year-on-year, with a net profit of 8.425 billion yuan, down 9.66% year-on-year [3][21]. - The core competitiveness of the connectivity business continues to improve, with an optimized market structure, particularly in the application of 5G-A technologies [3][28]. Summary by Sections Company Overview - The company provides end-to-end ICT solutions and serves over a quarter of the global population across more than 160 countries [15]. - The business is divided into three main segments: operator networks, government and enterprise, and consumer business [15][19]. Connectivity Side - The company is enhancing its access and transmission networks, with a focus on 50G PON and 5G-A technologies [48][52]. - The operator's backbone network is transitioning to 400G, with the first commercial deployment of a 400G all-optical inter-provincial backbone network announced by China Mobile [3][59]. Computing Power Side - The demand for computing power is driving growth in the server and switch markets, with the Chinese server market expected to reach 221.98 billion yuan by 2026 [2]. - The company is developing comprehensive intelligent computing solutions to support digital transformation across various industries [2][3]. Financial Forecast and Investment Recommendations - The company is expected to maintain steady growth, with projected net profits of 8.777 billion yuan, 9.491 billion yuan, and 10.394 billion yuan for 2025, 2026, and 2027, respectively [3][5]. - The earnings per share (EPS) for the same years are forecasted to be 1.83 yuan, 1.98 yuan, and 2.17 yuan, with corresponding price-to-earnings (PE) ratios of 20.20, 18.68, and 17.06 [3][5].