Core Viewpoint - ZTE Corporation (00763) has seen a significant stock price increase, reaching a historical high of 43.88 HKD, driven by positive market sentiment regarding its position in the DICT (Data, Information, Communication Technology) sector and anticipated benefits from AI development [1][2]. Group 1: Market Performance - ZTE's stock rose over 8% in early trading, peaking at 43.88 HKD, and is currently up 6.08% at 42.9 HKD with a trading volume of 28.55 billion HKD [1]. Group 2: Industry Position and Growth Potential - ZTE is recognized as a rare global provider of end-to-end DICT communication equipment solutions, with products spanning wireless, wired, cloud computing, terminal products, and professional communication services, serving over 160 countries and regions [1]. - The company aims to become a leader in network connectivity and intelligent computing power, positioning itself to benefit from the growth of AI [1]. - Major cloud service providers (CSPs) are expected to increase their capital expenditures (Capex) significantly, with a projected total exceeding 370 billion USD by 2025, reflecting a year-on-year growth of over 60% [1]. - In China, leading companies like ByteDance, Tencent, Alibaba, and Baidu are anticipated to exceed 360 billion CNY in Capex, while China Mobile plans to invest 37.3 billion CNY in computing power by 2025, with China Telecom and China Unicom also increasing their investments by 22% and 28% year-on-year, respectively [1]. Group 3: Technological Advancements - ZTE holds a 21% market share in the telecom operator market for servers, ranking first [2]. - The company has nearly 30 years of experience in self-developed chips and is one of the few domestic companies to mass-produce 7nm and introduce 5nm chips, offering a one-stop design service from chip design to mass production [2]. - ZTE has developed its own 5nm process CPU chips and is planning the next generation of switching chips, leveraging its accumulated networking technology to create competitive data center supernode solutions compatible with various GPU/ASIC chips [2].

核心观点 国信证券近日发布通信行业2025年10月投资策略：北美CSP云厂（包括亚马逊、谷歌、Meta、微软、甲 骨文等）计划2025财年资本开支超过3700亿美金，同比增长40%。 国信证券近日发布通信行业2025年10月投资策略：北美CSP云厂（包括亚马逊、谷歌、Meta、微软、甲 骨文等）计划2025财年资本开支超过3700亿美金，同比增长40%。其中，甲骨文最新一季财报显示，其 FY26Q1末剩余履约义务（RPO）达4550亿美元，较上季度末增加3170亿美元，公司将继续加大AI投 入，预计2026财年资本开支达350亿美元。IDC数据显示，全球以太网交换机市场在2025年Q2营收145亿 美元（约1033亿人民币），同比增长42.1%。 以下为研究报告摘要： （2）三大运营商仍属红利配置重要资产，三大运营商经营稳健，并且分红比例持续提升，高股息价值 仍在，建议长期持续配置三大运营商。 2025年第9月重点推荐组合：中国移动、中际旭创、中兴通讯、广和通。 风险提示：宏观经济波动风险、数字经济投资建设不及预期、AI发展不及预期、中美贸易摩擦等外部 环境变化。（国信证券 袁文翀,张宇凡） 9月行情回顾：板 ...

Core Viewpoint - The collaboration between NVIDIA and Intel marks a significant alliance in the semiconductor industry, with NVIDIA investing $5 billion to acquire Intel shares and both companies aiming to develop customized data center and personal computing products to enhance computing capabilities [1][2]. Group 1: Investment and Market Impact - NVIDIA will acquire Intel shares at $23.28 per share, totaling an investment of $5 billion, making NVIDIA the second-largest shareholder of Intel with an expected ownership of over 4% [1]. - Following the announcement, Intel's stock price surged over 30%, increasing its market capitalization by approximately $26.5 billion, indicating positive market sentiment towards the collaboration [1]. - The global data center accelerator card market is projected to grow from $15.2 billion in 2023 to $80 billion by 2030, with a compound annual growth rate of 29.8% [3]. Group 2: Strategic Collaboration - The partnership aims to leverage Intel's CPU capabilities and NVIDIA's GPU strengths, with Intel customizing CPU chips for NVIDIA's AI infrastructure and NVIDIA integrating its GPUs into Intel's personal computing systems [1][5]. - This collaboration is seen as a strategic move to counter the increasing competition from cloud service providers like Amazon, Google, and Microsoft, who are developing their own chips [5][6]. - The integration of CPU and GPU technologies is expected to create a more efficient and powerful computing ecosystem, enhancing performance for cloud service providers [5][6]. Group 3: Industry Trends and Future Outlook - The collaboration is anticipated to reshape the competitive landscape, with a focus on heterogeneous computing becoming mainstream, where CPU and GPU collaboration is crucial [3][4]. - The AI PC market is expected to see significant changes, with predictions indicating that over 70% of PCs will have AI capabilities by 2028, creating substantial market opportunities for both companies [6]. - The partnership may lead to more cross-company collaborations in the semiconductor industry, accelerating innovation and integration of chip design and software ecosystems [7].

2005年，时任英特尔（INTC.US）CEO的保罗▪欧德宁（Paul Otellini）向董事会提出以200亿美元收购当时还很弱小的英伟 达（NVDA.US），然而，董事会认为这笔交易成本过高，且对是否要巨额投资于GPU芯片领域存在分歧，最终否决了这一 提议。 二十年风水轮流转。 谁也未曾想到，两家公司的命运会发生如此显著的变化。 如今的英伟达已成为AI芯片领域的巨擘，市值达到4.28万亿美元，是全球市值最高的上市公司，而英特尔却在为生存挣 扎，市值仅千亿美元，还不到英伟达一个零头。 2025年9月18日，英伟达宣布，将以每股23.28美元的价格——较英特尔前一个交易日收市价24.90美元折让6.5%，向英特尔 投资50亿美元，或大约相当于英特尔交易公布前市值的4.6%左右。 双方合作些什么？ 根据公告，双方将联合开发多代定制化数据中心及个人电脑（PC）产品，为超大规模、企业级和消费级市场的应用与工作 负载提供加速支持。重点通过英伟达的NVLink技术实现两大架构的无缝衔接——整合英伟达于AI和加速计算领域的优势， 与英特尔领先的CPU技术和x86生态系统，为客户打造尖端解决方案。 在数据中心领域，英特尔将 ...

Core Viewpoint - The company is actively engaging in strategic investments aligned with national priorities, particularly in the semiconductor and hard technology sectors through the participation in the Chuangdong Houze Fund [1] Investment Focus - The fund has already made decisions to invest in several high-quality projects within the integrated circuit sector, focusing on upstream core areas of the semiconductor industry chain [1] - Current investments include a CPU chip design company specializing in RISC-V architecture, which is crucial for domestic CPU replacement and future expansion into specialized processors [1] - Another investment is in an advanced RF front-end module company, which is leading in 5G communication, low-orbit satellites, and IoT modules, already achieving mass production for branded smartphones [1] Future Outlook - The company recognizes the strategic importance of GPUs as key hardware for AI, intelligent computing, and graphics processing, and plans to continue leveraging the fund platform to explore investment opportunities in GPU, AI acceleration chips, and high-performance computing [1] - The company aims to identify quality projects that can synergize with its main business in critical IP, advanced processes, Chiplet advanced packaging, and key equipment and materials in the semiconductor industry [1] - Several semiconductor industry chain enterprises are currently under evaluation for potential investment, with plans to proceed in compliance with legal and regulatory standards and to inform the market upon meeting disclosure requirements [1]

Core Viewpoint - In the first half of 2025, three major domestic chip design companies in China are reaching significant milestones, with Haiguang Information aiming to build a platform-based "computing aircraft carrier," Cambrian achieving breakthroughs in commercialization, and Longxin Zhongke entering a new growth cycle despite ongoing losses [2]. Cambrian Technology - Cambrian achieved a revenue of 2.881 billion yuan in the first half of 2025, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround to profitability [4]. - The company reported a quarterly revenue growth from Q4 2024 to Q2 2025, with revenues of 989 million yuan, 1.111 billion yuan, and 1.769 billion yuan, and net profits of 272 million yuan, 356 million yuan, and 683 million yuan respectively [4]. - Cambrian's cash flow from operating activities in Q2 2025 was 2.311 billion yuan, a significant increase from -1.399 billion yuan in Q1 2025, indicating a positive trend in key financial metrics [4]. - The company's products have been widely recognized and deployed in various industries, achieving large-scale commercialization [5]. - East China Securities raised Cambrian's 2025 net profit forecast from 1.595 billion yuan to 3.056 billion yuan, an increase of approximately 92% [5]. Haiguang Information - Haiguang Information reported a revenue of 5.464 billion yuan in the first half of 2025, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [7]. - The company is undergoing a merger with Zhongke Shuguang, aiming to create a comprehensive domestic computing giant covering chip design, server, storage systems, data center infrastructure, and cloud computing services [8]. - The successful completion of this merger is expected to enhance Haiguang's position in the computing industry and strengthen its ecosystem [8]. Longxin Zhongke - Longxin Zhongke achieved a revenue of 244 million yuan in the first half of 2025, a year-on-year increase of 10.9%, with chip product revenue of 202 million yuan, up 23.6% [10]. - Despite revenue growth, the company reported a net loss of 295 million yuan, a decline of 23.66% year-on-year, due to high R&D expenditures [10]. - Longxin is transitioning from a focus on product development to market sales, with new CPU products nearing market readiness [11]. - The company faces intense competition from domestic and international CPU manufacturers, which poses challenges for achieving scalable revenue and profitability [11].

Group 1 - The core viewpoint highlights the importance of continuous innovation and the market logic of "the strong prevail" as demonstrated by the reverse acquisition of a parent company by its subsidiary [1] - Recently, two A-share listed companies, Haiguang Information and Zhongke Shuguang, announced plans for a major asset restructuring, with Haiguang Information set to absorb Zhongke Shuguang [1] - Haiguang Information, established in 2014, has outperformed its parent company Zhongke Shuguang in both business development and capital market performance, with a market capitalization of 316.41 billion yuan compared to Zhongke Shuguang's 90.57 billion yuan as of May 23 [1] Group 2 - The relationship between Haiguang Information and Zhongke Shuguang is complementary, with Haiguang providing essential CPU and DCU chips that support Zhongke's servers and computing platforms [1] - The article emphasizes that companies must focus on their core business while also seeking new opportunities, suggesting that new business lines can serve as a second growth curve [1] - Similar cases of subsidiaries merging with parent companies are noted, such as Wanhua Chemical's acquisition of its controlling shareholder and other A-share market examples, indicating a trend towards achieving overall business listings [2]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Shanghai Yizhi Electronics** and the **domestic computing power industry** in China, particularly focusing on AI CPU chip development and applications in various sectors such as agriculture, education, and healthcare [2][4][10]. Key Points and Arguments 1. **Market Interest and Trends**: There is a noticeable increase in demand for domestic computing power in 2025, particularly after the launch of Deepseek, which has significantly boosted the understanding and application of large models in China. The initial excitement around integrated machines and inference clusters has stabilized, leading to a focus on vertical applications [3][10]. 2. **Product Development**: Shanghai Yizhi Electronics has developed and mass-produced three AI CPU chips, with two already in the market and a third soon to be launched. These chips are designed to run AI models directly and are compatible with both domestic and international GPU manufacturers [4][6]. 3. **Collaborations and Orders**: The company has secured significant orders from major telecom operators, including China Telecom, which purchased 2,600 servers and 5,200 processors, totaling nearly 300 million yuan. Additionally, Yizhi Electronics is testing products with China Mobile and supplying directly to Unicom [5][6]. 4. **Policy Support**: National policies are expected to favor the use of domestic computing power, which benefits Yizhi Electronics. The company’s chips can adapt to various market needs, enhancing their competitive edge [6][12]. 5. **Agricultural Automation**: A collaboration with Tsinghua University aims to apply AI computing power in agricultural automation, focusing on tasks like automated plowing, sowing, and harvesting, primarily using domestic chips to reduce reliance on NVIDIA products [8][10]. 6. **Progress in Internet Computing Clusters**: Domestic companies are making significant strides in internet computing clusters, with examples like Huawei's 384-node cluster and the Shanghai Cube project demonstrating effective system integration to catch up with NVIDIA [9][10]. 7. **Vertical Application Success**: Domestic computing power has seen substantial usage in vertical fields such as industry, agriculture, education, and healthcare, where Chinese companies are leading the way [10][12]. 8. **General Computing Power Trends**: General-purpose computing power in the internet sector is still catching up, with companies leveraging system-level strategies to enhance competitiveness. Major orders from companies like ByteDance are driving product improvements [11][12]. 9. **Growing Demand in Specific Industries**: The fastest-growing sectors for domestic CPU and GPU demand include telecommunications, finance, and oil, with policies in place to support domestic computing solutions [13][14]. 10. **Changing Attitudes Towards Domestic Chips**: Internet companies are increasingly testing domestic chips, indicating a shift in attitude as AI technology advances. This trend is expected to accelerate as more companies adopt these technologies [14][19]. 11. **Performance of Domestic Brands**: Domestic brands in the inference chip market are showing an upward trend, with more brands gaining significant market presence [20][21]. 12. **Future Development Goals**: Yizhi Electronics aims to position itself as a leader in the semiconductor cycle, focusing on niche markets and striving for leadership in the general AI field as model capacities and user numbers grow [22]. Additional Important Insights - The demand for inference technology is expanding, with applications in various fields, including search engines and educational tools, indicating a shift towards a results-based payment model rather than traditional methods [18][19]. - The competitive advantage of Chinese companies in edge computing products is notable, particularly as these markets are primarily located within China, unlike the Gulf and U.S. markets [16][17].

Core Viewpoint - The domestic CPU manufacturer Zhaoxin Integrated Circuit Co., Ltd. is planning to go public on the Sci-Tech Innovation Board, following other companies like Haiguang Information and Loongson Technology [1][3]. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers, with a cumulative loss of 2.354 billion yuan over the past three years. The company aims to raise 4.169 billion yuan through its IPO [3]. - The projected operating revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders for the same period are projected to be -727 million yuan, -676 million yuan, and -951 million yuan, indicating ongoing losses [3]. - The company is primarily focused on R&D investments to maintain technological advancement, which has led to significant financial losses. It is currently in a rapid development phase and faces risks related to sales expansion and market demand [3]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated, making it the controlling shareholder. Via a partnership agreement, VIA Technologies holds 7.89% of the shares [3][4]. Competitive Landscape - Zhaoxin Integrated operates within a competitive environment dominated by global giants Intel and AMD, which maintain a duopoly in the x86 architecture processor market. Domestically, it faces competition from other CPU manufacturers like Huawei HiSilicon, Haiguang Information, and Loongson Technology [5][6]. - The company’s gross margin is projected to be 15.4% in 2024, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [5][6]. Financial Performance Comparison - In 2024, Haiguang Information is expected to generate revenues of 9.162 billion yuan with a net profit of 1.931 billion yuan, while Loongson Technology is projected to have revenues of 504 million yuan and a net loss of 625 million yuan. Zhaoxin Integrated's revenues are expected to be 889 million yuan with a net loss of 951 million yuan, indicating weaker performance compared to its competitors [6].

Core Viewpoint - The article discusses the IPO application of Shanghai Zhaoxin Integrated Circuit Co., Ltd. on the Sci-Tech Innovation Board, highlighting its financial struggles and competitive landscape in the CPU industry. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers in China, with a cumulative loss of 2.354 billion yuan over the past three years and plans to raise 4.169 billion yuan through the IPO [3][4]. Financial Performance - Projected revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders are projected to be -727 million yuan, -676 million yuan, and -951 million yuan for the same years [5]. - The company has not yet achieved profitability and has significant cumulative losses due to high R&D costs associated with CPU chip development [5]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated's shares, making it the controlling shareholder [5]. - VIA Technologies holds 7.89% of Zhaoxin Integrated's shares, with various subsidiaries and related parties being considered as acting in concert [6][7]. Competitive Landscape - The global x86 architecture processor market is dominated by Intel and AMD, creating a duopoly. Domestically, Zhaoxin Integrated faces competition from other CPU manufacturers like Huawei HiSilicon, Hygon Information, and Loongson Technology [10]. - Zhaoxin Integrated's products are compatible with the x86 instruction set, while competitors like Huawei and Feiteng Information use ARM instruction sets, and Loongson Technology employs its own LoongArch instruction set [10]. Market Position and Challenges - Zhaoxin Integrated's projected gross margin for 2024 is 15.4%, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [10]. - In terms of operational performance, Zhaoxin Integrated's projected revenue for 2024 is 889 million yuan, with a net loss of 951 million yuan, indicating a weaker performance compared to Hygon Information, which is expected to generate 9.162 billion yuan in revenue and 1.931 billion yuan in net profit [11].