【导读】中兴通讯（000063）正与美国司法部进行沟通，股价大跌超13% 12月11日，港股高开低走，恒生指数微跌0.04%，报25530.51点；恒生科技指数下挫0.83%，报5534.59 点；恒生中国企业指数下跌0.23%，报8934.28点。市场成交额为1824.77亿港元，较前一交易日的 1933.92亿港元有所减少。 恒生指数成份股中，37只上涨，50只下跌。汇丰控股上涨2.06%，翰森制药上涨1.98%，恒基地产上涨 1.74%，领涨蓝筹股。 跌幅方面，阿里健康下跌3.95%，联想集团下跌2.67%，金沙中国有限公司下跌2.31%。 华源证券表示，中兴通讯算力业务受益于AI浪潮，成为核心增长极；终端业务加速AI应用落地，产品 差异化优势显现；连接业务毛利率稳定，奠定公司现金流基础；自研芯片构建技术壁垒，强化核心竞争 力。 华源证券同时列举了一系列风险，包括地缘政治风险、AI技术商业化不及预期、汇率波动风险、毛利 率下滑趋势及现金流压力等。 华源证券认为，作为全球第四大通信设备供应商，中兴通讯的业务涉及多个国家和地区，地缘政治紧张 局势可能对其海外业务拓展和供应链稳定性造成冲击，影响整体营收表现。 ...

Core Insights - Huawei's 2024 annual report shows that the company achieved global sales revenue of 862.1 billion yuan and a net profit of 62.6 billion yuan, aligning with expectations [1] - The company invested 179.7 billion yuan in R&D, accounting for approximately 20.8% of total revenue, with cumulative R&D expenditures exceeding 1.249 trillion yuan over the past decade [1] Revenue Breakdown - The ICT infrastructure business generated revenue of 369.9 billion yuan, a year-on-year increase of 4.9% [2] - The terminal business reported revenue of 339 billion yuan, growing by 38.3% [2] - Cloud computing business revenue reached 38.5 billion yuan, up 8.5% [2] - Digital energy business revenue was 68.7 billion yuan, increasing by 24.4% [2] - The intelligent automotive solutions business saw significant growth, with revenue of 26.4 billion yuan, a remarkable increase of 474.4% [2] - Other businesses contributed 19.6 billion yuan, reflecting a growth of 79% [2] - Overall revenue for Huawei increased by 22.4% compared to 2023 [1] Workforce and Innovation - As of December 31, 2024, Huawei employed approximately 113,000 R&D staff, making up 54.1% of the total workforce [1] - The company holds over 150,000 valid authorized patents globally [1] Strategic Focus - Huawei's leadership emphasized the importance of quality in operations and products, aiming to enhance quality competitiveness in 2025 [2] - The company is committed to strengthening its ecosystem, focusing on open collaboration and providing developers with user-friendly tools and products [2] - The rapid development of Huawei's cloud, Kunpeng, Ascend, and Harmony ecosystems was highlighted, with significant numbers of developers and partners engaged [5] - Huawei is dedicated to network security and privacy protection, aiming to build robust capabilities through management optimization and technological innovation [5]