11月27日，中兴通讯涨5.22%，截至发稿，报43.11元/股，成交86.20亿元，换手率5.05%，总市值 2062.18亿元。中兴通讯股价已经连续3天上涨，区间累计涨幅7.62%。 华泰紫金先进制造混合发起A（017424）基金经理为郑栋。 截至发稿，郑栋累计任职时间5年315天，现任基金资产总规模1.79亿元，任职期间最佳基金回报 22.05%， 任职期间最差基金回报3.07%。 从基金十大重仓股角度 数据显示，华泰资管旗下1只基金重仓中兴通讯。华泰紫金先进制造混合发起A（017424）三季度持有 股数11.36万股，占基金净值比例为3.53%，位居第七大重仓股。根据测算，今日浮盈赚取约24.31万 元。连续3天上涨期间浮盈赚取32.94万元。 华泰紫金先进制造混合发起A（017424）成立日期2023年3月1日，最新规模3945.43万。今年以来收益 12.5%，同类排名5098/8130；近一年收益19.54%，同类排名4216/8054；成立以来收益4.58%。 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 ...

Core Points - ZTE Corporation's stock price decreased by 2.01% on November 17, closing at 38.96 CNY per share, with a trading volume of 30.54 billion CNY and a market capitalization of 186.37 billion CNY [1] - The company experienced a net outflow of 5.42 billion CNY in principal funds, with significant selling pressure observed [1] - Year-to-date, ZTE's stock has declined by 2.07%, with a notable drop of 19.84% over the past 20 trading days [1][2] Financial Performance - For the period from January to September 2025, ZTE reported a revenue of 100.52 billion CNY, reflecting a year-on-year growth of 11.63%, while the net profit attributable to shareholders decreased by 32.69% to 5.32 billion CNY [2] - The company has distributed a total of 171.37 billion CNY in dividends since its A-share listing, with 81.14 billion CNY distributed over the past three years [3] Shareholder Information - As of November 10, 2025, ZTE had 548,300 shareholders, an increase of 5.17% from the previous period, with an average of 7,349 circulating shares per shareholder, down by 4.92% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 76.88 million shares, and various ETFs, all of which have seen a reduction in their holdings [3]

Core Viewpoint - The cable television industry is experiencing an overall decline, prompting the company to implement a "Service Leadership" strategy aimed at enhancing valuation and stabilizing its core cable television business while expanding into government enterprise and broadcasting 5G services [1] Industry Summary - The cable television industry is currently facing a downward trend, which has affected overall performance [1] - The company is focusing on consolidating its core cable television operations as part of its strategic response to industry challenges [1] Company Summary - The company has fully implemented its "Service Leadership" strategy to improve valuation and ensure stable development [1] - There is a strong emphasis on diversifying into government enterprise business and broadcasting 5G services to achieve healthy growth [1]

Core Viewpoint - Jianyin International has downgraded ZTE Corporation's (00763) earnings forecasts for 2025-2027 by 23%, 7%, and 7% respectively due to conservative sales in the operator business and profit margin pressure from product structure changes, while maintaining an "outperform" rating with a revised H-share target price of HKD 38 from HKD 40 [1] Group 1: Financial Projections - The updated earnings forecasts reflect a significant reduction in expected performance, particularly in the operator network sales, which are projected to decline by 12% in 2025, followed by a 5% growth in 2026 [1] - The capital expenditure budget for the three major domestic telecom operators is expected to decrease by 9% year-on-year in 2025, with actual spending likely to contract further [1] Group 2: Market Position and Strategy - ZTE is in a critical transition phase towards becoming a provider of network, cloud, and computing infrastructure, with expected benefits starting to materialize from 2026 [1] - The company has established a significant presence in emerging markets such as Southeast Asia, Latin America, and Africa, which are anticipated to benefit from 4G upgrades and initial 5G deployments [1] Group 3: Government and Corporate Business (G&C) - The demand for computing from domestic internet companies is expected to remain strong through the remainder of this year and into 2026, with G&C business revenue projected to grow by 134% year-on-year in 2025 and by 14% in 2026 [1] - Improvement in gross margins is anticipated as the scale of operations increases and the usage rate of self-developed chips rises [1]

Group 1 - ZTE Corporation's stock increased by 5.22%, reaching 52.45 CNY per share, with a trading volume of 3.926 billion CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 250.896 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. Its main business includes investment in industrial ventures and sales of electronic and communication equipment components [1] - The revenue composition of ZTE Corporation 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 Vanguard has a significant position in ZTE Corporation. Vanguard Ju Li A (004833) reduced its holdings by 1,500 shares in the second quarter, holding a total of 7,900 shares, which accounts for 5.64% of the fund's net value, ranking as the sixth-largest holding [2] - Vanguard Ju Li A (004833) was established on May 9, 2018, with a latest scale of 1.4595 million CNY. The fund has achieved a year-to-date return of 22.86%, ranking 4,035 out of 8,226 in its category, and a one-year return of 35.39%, ranking 2,081 out of 8,099 [2] - The fund manager of Vanguard Ju Li A (004833) is Zeng Jie, who has been in the position for 2 years and 305 days, with a total asset scale of 49.2696 million CNY. The best fund return during his tenure is 64.13%, while the worst is 31.92% [3]

Group 1 - The core point of the article is that Jishi Media (601929) has won a bid for a public security industry project with a contract amount of 32.44 million yuan [1] Group 2 - The project won by Jishi Media is specifically in the public security sector, indicating the company's involvement in government-related projects [1] - The bid amount of 32.44 million yuan reflects the company's capability to secure significant contracts in the industry [1]

Group 1 - ZTE Corporation's stock price dropped by 5.07% to 50.95 CNY per share, with a trading volume of 16.238 billion CNY and a turnover rate of 7.54%, resulting in a total market capitalization of 243.721 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province, and primarily engages in the sale of electronic and communication equipment components [1] - The company's main business revenue composition includes: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - According to data, a fund under Great Wall Fund holds a significant position in ZTE Corporation, with the Great Wall Jiutai CSI 300 Index A Fund (200002) holding 300,700 shares, accounting for 1.36% of the fund's net value, ranking as the eighth largest holding [2] - The Great Wall Jiutai CSI 300 Index A Fund was established on May 21, 2004, with a latest scale of 594 million CNY, and has achieved a year-to-date return of 24.04%, ranking 2291 out of 4220 in its category [2] - The fund manager, Yang Jianhua, has a tenure of 21 years and 152 days, with a total fund asset scale of 4.115 billion CNY, achieving a best return of 260.03% and a worst return of -55.51% during his tenure [2]

Group 1 - ZTE Corporation's stock price increased by 5.52% on October 13, reaching 54.87 CNY per share, with a trading volume of 11.138 billion CNY and a turnover rate of 5.29%, resulting in a total market capitalization of 262.473 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 16.93% during this period [1] - ZTE's main business revenue composition includes 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - Dongcai Communication A (008326) holds ZTE as its third-largest position, with a net value proportion of 7.8%, after reducing its holdings by 72,400 shares in the second quarter [2] - The fund has generated a floating profit of approximately 2.328 million CNY today and 6.1079 million CNY during the four-day increase [2] - Dongcai Communication A has achieved a year-to-date return of 79.15%, ranking 63 out of 4220 in its category, and an annual return of 88.18%, ranking 17 out of 3855 [2]

Group 1 - ZTE Corporation's stock increased by 5.32% on September 25, reaching 46.31 CNY per share, with a trading volume of 10.268 billion CNY and a turnover rate of 5.62%, 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 Guotai Haitong Asset Management has ZTE Corporation as a significant investment. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.5512 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a latest scale of 0.952 billion CNY. Year-to-date returns are 17.61%, ranking 2958 out of 4220 in its category; one-year returns are 36.19%, ranking 2627 out of 3820; and since inception, the return is 23.97% [2] Group 3 - The fund manager of Guotai Junan CSI 300 Index Enhanced Fund A (018257) is Hu Chonghai, who has been in the position for 3 years and 286 days. The total asset size of the fund is 8.512 billion CNY, with the best fund return during his tenure being 73.42% and the worst being -0.06% [3]

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]