Core Viewpoint - ZTE Corporation is a leading global provider of integrated information and communication technology solutions, accelerating its transformation towards "connectivity + computing power" as 5G network construction enters a platform phase [1] Financial Performance - In the first half of 2025, the company achieved revenue of 71.553 billion yuan, representing a year-on-year increase of 14.51% [1] - The revenue from government and enterprise business, particularly in servers and storage products, doubled [1] Growth Potential - The company's performance is expected to return to a growth trajectory, supported by its position as the fourth largest telecommunications equipment supplier globally [1] - The operator network business remains stable, while the computing power and terminal business is showing significant results as a second growth curve [1] Technology Development - The company has self-developed and reserved core underlying technologies, which enhances its competitive edge in the market [1] - The report initiates coverage of the company with a "buy" rating [1]

Group 1 - The latest stock price of Inspur Information is 61.07 yuan, an increase of 2.39 yuan from the previous trading day's closing price [1] - The opening price on the same day was 58.96 yuan, with a highest point of 61.60 yuan and a lowest point of 58.89 yuan, resulting in a trading volume of 1,158,265 hands and a transaction amount of 7.003 billion yuan [1] - Inspur Information is a leading supplier of servers and storage products in China, with significant importance in data center construction [1] Group 2 - The liquid cooling technology sector is experiencing rapid growth driven by the surge in AI computing power demand and the green transformation of data centers [1] - The global liquid cooling market is expected to expand from 3 billion USD in 2024 to 21.3 billion USD by 2030, according to ResearchNester [1] - On August 18, the net inflow of main funds into Inspur Information was 313.8777 million yuan, accounting for 0.35% of the circulating market value [1]