国泰君安沪深300指数增强发起A（018257）基金经理为胡崇海。 截至发稿，胡崇海累计任职时间3年286天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 73.42%， 任职期间最差基金回报-0.06%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月25日，中兴通讯涨5.32%，截至发稿，报46.31元/股，成交102.68亿元，换手率5.62%，总市值 2215.26亿元。 资料显示，中兴通讯股份有限公司位于广东省深圳市南山区高新技术产业园科技南路中兴通讯大厦,香 港铜锣湾勿地臣街1号时代广场2座31楼，成立日期1997年11月11日，上市日期1997年11月18日，公司主 营业务涉及投资兴办实业,电子及通信设备零部件的销售。主营业务收入构成为：运营商网络49.00%， 政企业务26.91%，消费者业务24.09%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓中兴通讯。国泰君安沪深300指数增强发起A（01825 ...

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching a price of 46.31 CNY per share, with a trading volume of 10.252 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 221.526 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Dongzheng Asset Management has ZTE Corporation as its top holding. The fund, Oriental Red Advanced Manufacturing Mixed A (017848), reduced its holdings by 21,500 shares in the second quarter, now holding 50,100 shares, which accounts for 1.93% of the fund's net value, making it the largest holding [2] - The Oriental Red Advanced Manufacturing Mixed A fund was established on April 26, 2023, with a latest scale of 782.875 million CNY. Year-to-date returns are 27.72%, ranking 3,509 out of 8,173 in its category; one-year returns are 28.78%, ranking 4,951 out of 8,003; and since inception, the return is 21.3% [2]

Group 1 - ZTE Corporation's stock increased by 5.06% on September 11, reaching a price of 43.17 CNY per share, with a trading volume of 6.297 billion CNY and a turnover rate of 3.71%, resulting in a total market capitalization of 206.505 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has ZTE Corporation as a significant holding. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares in the second quarter, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.3788 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a current scale of 0.952 billion CNY. Year-to-date returns are 15.02%, ranking 2952 out of 4222 in its category; the one-year return is 39.39%, ranking 2602 out of 3798; and since inception, the return is 21.24% [2]

Core Insights - In the first half of 2025, the company reported a revenue of 71.553 billion yuan, representing a year-on-year growth of 14.51% [1] - The net profit attributable to ordinary shareholders decreased to 5.058 billion yuan, down 11.77% year-on-year [1] - The net profit excluding non-recurring gains and losses was 4.104 billion yuan, reflecting a decline of 17.32% year-on-year [1] Business Segment Performance - The operator network business generated revenue of 35.064 billion yuan, a decrease of 5.99% year-on-year, with a gross margin of 52.94% [1] - The government and enterprise business saw revenue of 19.254 billion yuan, a significant increase of 109.93% year-on-year, with a gross margin of 8.27% [1] - The consumer business achieved revenue of 17.235 billion yuan, growing by 7.59% year-on-year, with a gross margin of 17.78% [1]

Investment Rating - The report assigns a "Buy" investment rating to the company, Gohua Cable [1]. Core Views - Gohua Cable is positioned as a core operator of broadcasting networks in Beijing, with a focus on digital and intelligent upgrades, and is actively expanding into broadband and 5G communication services [2][5]. - The traditional television industry is experiencing moderate growth, while broadband and 5G present structural growth opportunities [2][5]. - The company is transitioning from a "cable transmission provider" to a "smart broadcasting service platform," leveraging both traditional cable and new broadband and 5G businesses [2][5]. Summary by Sections 1. Core Operator in Beijing's Broadcasting Network - Gohua Cable has been deeply involved in the broadcasting field for over 20 years, showcasing confidence in its development through the "Valuation Enhancement Plan" [8][20]. - The company has established a large-scale integrated information network covering all 16 administrative districts of Beijing, supporting various new-generation information services [8][11]. 2. Industry Overview - The broadcasting industry is in a structural transition phase, with total revenue reaching 1.49 trillion yuan in 2024, reflecting a year-on-year growth of 5.34% [2][35]. - The industry is moving towards a unified operational structure, with the integration of local cable companies nearing completion [36]. 3. Gohua Cable's Business Strategy - The company is focusing on both consumer (C-end) and business (B-end) markets, with significant growth in broadband and 5G services [2][5]. - Gohua Cable has signed contracts with over 1,300 hotels and 214 elderly care institutions, enhancing its digital transformation efforts [2][5]. 4. Financial Forecast and Investment Suggestions - The company is expected to generate revenues of 2.23 billion yuan in 2025, with a projected growth rate of -3.65% [5][4]. - The net profit attributable to the parent company is forecasted to improve significantly, with a projected increase of 78.49% in 2025 [5][4]. 5. Valuation Enhancement Plan - The plan includes measures to improve operational quality, explore mergers and acquisitions, and enhance shareholder returns [5][21]. - The company aims to stabilize dividends and optimize investor relations as part of its long-term value management strategy [5][21].

Investment Rating - The report maintains a "Buy" rating for China Mobile, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][15]. Core Views - China Mobile has demonstrated strong control over expenses, leading to impressive growth in non-recurring net profit. The company is expected to maintain its traditional business base while leveraging breakthroughs in government and enterprise sectors to drive growth [3][4]. - The company reported stable revenue in Q1 2025, with operating income at 263.8 billion yuan, flat year-on-year, and a net profit of 30.6 billion yuan, up 3.5% year-on-year. The non-recurring net profit grew by 10.8% year-on-year to 28.9 billion yuan [1][2]. Financial Performance Summary - **Revenue Growth**: Projected revenues for 2025-2027 are 1,084.47 billion yuan, 1,134.36 billion yuan, and 1,189.94 billion yuan, respectively, with growth rates of 4.2%, 4.6%, and 4.9% [1][3]. - **Net Profit**: Expected net profits for the same period are 146.06 billion yuan, 154.68 billion yuan, and 164.41 billion yuan, with year-on-year growth rates of 5.6%, 5.9%, and 6.3% [1][3]. - **Earnings Per Share (EPS)**: EPS is projected to be 6.77 yuan, 7.17 yuan, and 7.62 yuan for 2025, 2026, and 2027, respectively [1][3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 17.5 in 2023 to 14.0 by 2027, while the price-to-book (P/B) ratio is projected to decline from 1.8 to 1.5 over the same period [1][3]. Business Segments Summary - **Mobile Services**: As of March 31, 2025, the total number of mobile customers reached 1.003 billion, with 5G customers at 578 million. The mobile average revenue per user (ARPU) was 46.9 yuan, and the data usage per user reached 16.1GB, up 8.0% year-on-year [2]. - **Fixed-line Services**: The company reported 320 million broadband customers, with a quarterly net increase of 5.48 million. The comprehensive ARPU for family customers was 40.8 yuan, reflecting a 2.3% year-on-year increase [2]. - **Government and Enterprise Business**: The revenue share from government and enterprise services has increased, driven by initiatives in AI and digital information technology [2].