允中 发自 凹非寺 量子位 | 公众号 QbitAI 随着移动智能技术的飞速迭代，手机端聚合服务的AI"超级入口" 正成为行业竞争的新焦点—— GUI Agent（图形用户界面智能体） 凭借重塑流量分发格局的潜力，不仅催生千亿级市场机遇，更吸引苹果、华为、字节跳动、美团、智 谱AI等企业纷纷布局。 2025年9月14日，美团率先推出首个AI Agent，支持平台内"一句话点餐"，标志着该技术从研发走向实用化；而 中兴通讯 凭借自研技术框 架，在这一赛道上交出了亮眼答卷，让手机真正实现 "秒变私人小秘书" 的体验升级。 据2025年10月17日SuperCLUE发布的AgentCLUE-mobile手机GUI Agent（离线）基准测评数据显示，中兴通讯Nebula-GUI模型以7B参 数量斩获总榜银牌，总分 84.38 ，其中UI元素定位得分 93.17 ，尤其在 自动点餐、订票 等复杂任务中，其准确率与操作速度远超业界其 他模型，充分具备手机端侧部署落地能力。 | | | AgentCLUE-Mobile | | | | | | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains stable, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is proactively advancing 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has generated substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver for the company [2] - **Terminal Business**: The company adheres to the "AI for All" philosophy, continuously expanding the application of AI technology in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase the shipment volume of AI terminal products [2]

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains solid, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is also advancing in 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has created substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver [2] - **Terminal Business**: The company is implementing the "AI for All" concept, continuously expanding AI technology applications in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase AI terminal product shipments [2]

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company is expected to benefit from the AI trend, with its computing and terminal businesses likely to initiate a new growth phase [6] - The company has a solid market position, ranking fourth globally and second domestically in the telecommunications equipment market, with an 11% market share [8] - The company is transitioning towards a "connectivity + computing" model, with significant growth in its enterprise business, particularly in server and storage products [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 124,251 million RMB - 2024: 121,299 million RMB - 2025E: 138,475 million RMB - 2026E: 156,636 million RMB - 2027E: 174,408 million RMB - The expected growth rates for revenue are: - 2024: -2.38% - 2025E: 14.16% - 2026E: 13.11% - 2027E: 11.35% [7] - The projected net profit attributable to the parent company is: - 2023: 9,326 million RMB - 2024: 8,425 million RMB - 2025E: 8,380 million RMB - 2026E: 8,937 million RMB - 2027E: 10,379 million RMB - The expected growth rates for net profit are: - 2024: -9.66% - 2025E: -0.54% - 2026E: 6.65% - 2027E: 16.14% [7] - The company’s earnings per share (EPS) projections are: - 2024: 1.76 RMB - 2025E: 1.75 RMB - 2026E: 1.87 RMB - 2027E: 2.17 RMB [7] Business Segments - The company is focusing on three main business areas: operator networks, government and enterprise business, and consumer products [8] - The operator network business has a stable foundation, with a gross margin of 52.94% in the first half of 2025, serving as a significant cash flow source [8] - The enterprise business has seen a doubling in revenue, driven by increased investment in computing infrastructure by domestic and international clients [8] - The terminal business is expanding with the introduction of AI technology in devices, including the launch of the Nubia Z70 Ultra, the world's first AI phone with embedded DeepSeek-R1 [8] Valuation and Comparables - The projected net profits for 2025-2027 are 83.80 billion RMB, 89.37 billion RMB, and 103.79 billion RMB, respectively [8] - The current price-to-earnings (P/E) ratios are projected to be 17.57, 16.45, and 14.17 for 2025, 2026, and 2027, respectively [8] - Comparable companies' average P/E for 2025 is 45.40 [8]

新机到手仅一周，扬声器便发出刺耳破音；宣称"180天只换不修"，故障换新后问题依旧；屏幕烧屏、 异常发热、续航崩坏投诉接踵而至...努比亚Z70 Ultra因硬件质量问题和被用户质疑"形同虚设"的售后服 务，陷入一场"品控黑洞"与信任危机。凤凰网科技发现，这款定位高端的机型正面临用户投诉激增的严 峻考验。 一、新机"一周破音"，品控可靠性遭直接拷问 据消费者在社交平台上的发布的图文显示，其购买的努比亚Z70 Ultra仅使用一周后扬声器在播放音乐时 发出刺耳破音。从该用户发布的描述可知，手机并未进行高强度或非常规使用，故障是在日常正常操作 中突然出现的。其提供的手机外观照片显示，机身完好无损，扬声器开孔处无堵塞物。这直接引发了用 户对努比亚Z70 Ultra产品制造质量和可靠性保障的忧虑。 二、 "180天只换不修"遇冷，售后渠道被指"推诿卸责" 更令用户不满的是问题出现后的售后困境。据投诉用户称，在寻求淘宝官方客服及努比亚官方旗舰店支 持时，遭遇"一直推卸责任"的对待，未获维修、换货或退款等有效解决方案。这并非个例，努比亚引以 为傲的"180天只换不修"服务承诺，在实际执行中遭遇信任危机。 投诉信息显示，用 ...

Core Insights - The JD 818 Mobile Festival has successfully concluded, showcasing the "Golden Machine Awards" which recognized 14 flagship smartphones based on user evaluations and votes [1] - The awards highlight the increasing consumer demand for differentiated mobile imaging technology and gaming performance, reflecting a shift in consumer preferences [2][4] Group 1: Award Winners and Categories - Huawei Pura 80 won the "Harmony Aesthetic Imaging Master" award for its advanced imaging capabilities [2] - Vivo X200 Ultra received the "Annual Zeiss Imaging King" award due to its unique advantages in color and resolution [2] - OPPO Find X8 Ultra was awarded "Hasselblad Annual Imaging King" for its exceptional low-light photography [2] - OnePlus Ace5 was recognized as the "Peak Gaming Performance Flagship" for its superior gaming capabilities [2] - Samsung Z Fold7 and Lenovo Moto Razr 60 won awards for their innovative foldable designs, highlighting the maturity of the foldable smartphone market [3] Group 2: Consumer Trends and Product Features - There is a notable shift in consumer needs from merely recording to creative mobile imaging, prompting brands to innovate [2] - The demand for overall smartphone performance, design, and battery life is increasing, with models like Xiaomi REDMI K80 and iPhone 16 Pro being recognized for their robust performance [4] - The awards also included a special category for telecom operators, recognizing their contributions to the industry, with China Unicom, China Mobile, and China Telecom receiving accolades [5] Group 3: Marketing and Sales Strategies - JD has leveraged its supply chain advantages to collaborate with manufacturers, enhancing marketing and service differentiation [5] - The ongoing JD 818 Mobile Festival offers exclusive discounts and promotions, encouraging consumer participation and engagement [5]

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) showcased various robotic applications, highlighting the growing integration of AI in different sectors and the potential for large-scale commercialization in the future [3][9]. Group 1: Robotics and AI Applications - Multiple exhibitors demonstrated robots performing various tasks, such as serving drinks and engaging in combat, indicating advancements in robotics technology [3][6]. - Zhiyuan Robotics showcased its AlphaBot series, which performed multiple tasks, emphasizing the importance of its self-developed Alpha Brain model for diverse applications [6][9]. - Qiaoyin Co. is collaborating with local governments to develop humanoid robots for sanitation, property management, and home services, with products expected to launch by the end of the year [11]. Group 2: AI in Consumer Electronics - Alibaba introduced its self-developed AI glasses, "Quark AI Glasses," which integrate various functionalities from its ecosystem, set to be officially released within the year [12][14]. - The glasses are positioned as a next-generation human-computer interaction device, although challenges remain in terms of user experience and comfort [14]. Group 3: Education and B2B AI Solutions - NetEase Youdao presented several AI applications for educational purposes, including the AI-powered learning device SpaceOne, which combines AI capabilities with educational resources [16][17]. - B2B AI applications are accelerating, with companies like Dipu Technology reporting successful implementations across various industries, including retail and healthcare [17][18]. - China Electronic Cloud launched a comprehensive AI solution, indicating a strategic focus on enhancing AI capabilities in critical industries [18].