中兴通讯（000063.SZ） 全面投入 AI，业务结构调整带动上半年收入稳定增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 124,251 | 121,299 | 137,068 | 150,774 | 165,098 | | 增长率 yoy（%） | 1.1 | -2.4 | 13.0 | 10.0 | 9.5 | | 归母净利润（百万元） | 9,326 | 8,425 | 8,561 | 9,208 | 9,987 | | 增长率 yoy（%） | 15.4 | -9.7 | 1.6 | 7.6 | 8.5 | | ROE（%） | 13.5 | 11.4 | 10.8 | 10.6 | 10.7 | | EPS 最新摊薄（元） | 1.95 | 1.76 | 1.79 | 1.92 | 2.09 | | P/E（倍） | 22.5 | 24.9 | 24.6 | 22.8 | 21.0 | | P/B（倍） | 3.1 | 2.9 | 2.7 ...

Group 1 - ByteDance has accumulated approximately 100,000 GPU modules, valued at around 100 billion yuan, primarily for its own large model and cloud services, although these only account for less than 10% of the resource usage [3][4] - ByteDance's computing power resources have reached a scale that ranks among the world's top tiers, with about 1 million cards currently in use [4][5] - The demand for computing power is expected to surge due to the recent export controls on NVIDIA's H20 chips, which will further increase domestic demand [5] Group 2 - The Ministry of Commerce is supporting local development of automotive modifications and related markets, aiming to enhance consumption's role in economic growth [6][8] - Specific initiatives include promoting automotive circulation reform, stabilizing and expanding automotive consumption, and improving the efficiency of second-hand car transactions [7][8] Group 3 - Apple is developing two significant new models to celebrate the 20th anniversary of the iPhone, including its first foldable phone and a new Pro model, with production likely to remain in China due to complexity [9] Group 4 - Porsche's CEO indicated that the company may stop selling electric vehicles in China within the next two to three years due to declining sales, with a reported 28% drop in sales in 2024 [22] Group 5 - Vivo has adjusted the default color temperature of its X series screens to 6800K, aligning closer to professional standards, which is expected to reduce visual fatigue [24][25] Group 6 - Geoffrey Hinton, a Nobel laureate, expressed concerns about AI potentially surpassing human control, predicting that AI agents could pose significant risks to decision-making power [32][33]