第十届董事会第十九次会议决议公告 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202603 中兴通讯股份有限公司 3、同意授权中兴通讯股份有限公司法定代表人或其授权的有权签字人就开 展、调整、终止、退出本次投资依法签署相关法律合同及文件、配合办理工商登 记手续。 表决情况：同意 9 票，反对 0 票，弃权 0 票。 具体情况请见与本公告同日发布的《关于认购建兴湛卢基金份额的公告》。 1 特此公告。 中兴通讯股份有限公司董事会 本公司及董事会全体成员保证董事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（简称"公司"）已于 2026 年 1 月 27 日以电子邮件 的方式向公司全体董事发出了《关于召开中兴通讯股份有限公司第十届董事会第 十九次会议的通知》。2026 年 2 月 2 日，公司第十届董事会第十九次会议（简称 "本次会议"）以通讯表决方式召开。本次会议应表决董事 9 名，实际表决董事 9 名。本次会议的召开符合有关法律、行政法规、部门规章和《中兴通讯股份有 限公司章程》的有关规定，会议合法、有效。 本次会议审议通 ...

Group 1 - The company plans to invest 117 million RMB as a limited partner in Shaanxi Jianxing Zhanlu Equity Investment Partnership [1] - The investment aims to support the development of innovative businesses and enterprises within the industrial chain, reduce costs, and diversify risks [1] - The fund will primarily invest in sectors such as next-generation information technology, new energy, and artificial intelligence, with a duration of 7 years [1] - The profit distribution model will follow a "return of capital first, then dividends" approach [1]

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]

Group 1 - The core viewpoint of the article highlights the performance of the Telecom ETF Huatai (560300), which opened down by 0.47% at 2.100 yuan on February 2 [1] - Major holdings within the ETF showed mixed performance, with China Mobile down 3.40%, China Unicom down 2.35%, and China Telecom down 3.33%, while China Satcom increased by 0.79% [1] - The ETF's performance benchmark is the CSI Telecom Theme Index return, managed by Huatai Fund Management Co., with a return of 110.98% since its inception on December 5, 2023, and a 3.69% return over the past month [1] Group 2 - The article provides specific stock performance details, indicating that Zhongji Xuchuang fell by 2.16%, Yinzhijie decreased by 0.70%, while Xinyi Sheng rose by 9.00%, ZTE Corporation fell by 0.73%, Tianfu Communication increased by 0.54%, and Zhongtian Technology rose by 0.67% [1] - The fund manager is identified as Wei Lizhu, emphasizing the management aspect of the ETF [1]

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

Group 1: Tencent and Doubao Phone Dynamics - Tencent's CEO Ma Huateng expressed concerns about the security of Doubao phone, criticizing the use of "black industry plugins" for screen recording and cloud processing as "extremely unsafe" and "irresponsible" [2] - In response, Doubao phone assistant emphasized its adherence to a "no storage, no training" principle for user data, ensuring encryption during data transmission and strict privacy protection measures [2] - Doubao is set to launch a new phone model in Q2 2026, with significant improvements over the first generation, continuing its partnership with ZTE Nubia for hardware while focusing on AI capabilities [3] Group 2: Tencent's AI Social Initiatives - Tencent announced a cash giveaway of 1 billion yuan for its AI application Yuanbao during the upcoming Spring Festival, with individual red envelopes potentially reaching 10,000 yuan [4] - The new AI social feature "Yuanbao Party" was launched for internal testing, allowing users to engage in creative interactions within groups [4] - Following the announcement, Yuanbao's app saw a significant rise in rankings across major app stores, indicating increased user engagement [4] Group 3: Meta's Business Strategy and AI Development - Meta reported a 24% year-over-year revenue growth in Q4 2025, reaching $59.89 billion, surpassing analyst expectations [5] - CEO Mark Zuckerberg highlighted the integration of AI capabilities into business subscription services, aiming to enhance advertising and business management solutions for millions of enterprises [6] - The acquisition of Manus is part of Meta's strategy to accelerate existing business outcomes and support new business lines through AI advancements [6] Group 4: Clawdbot Security Concerns - Clawdbot, now known as Moltbot, has gained popularity but raised security concerns due to exposed gateways and lack of authentication mechanisms [7][8] - Reports indicate that over 900 gateway instances are vulnerable, with sensitive information such as API keys and chat histories accessible without proper security measures [8] Group 5: Regulatory Developments in AI and Content Management - The UK Competition and Markets Authority proposed regulations to limit Google's use of news content for AI training, allowing publishers to opt-out without penalty to their search rankings [9] - The new regulations aim to ensure proper attribution of content sources in AI-generated search results, addressing concerns over content usage by major platforms [9] Group 6: Guidelines for Online Content Affecting Minors - The National Internet Information Office and eight other departments released guidelines to manage online content that may affect minors' mental health, effective March 1, 2026 [10][11] - The guidelines require clear labeling of potentially harmful content and mandate that service providers implement safety management systems for algorithmic recommendations and generative AI services [11]

Core Insights - The company has made significant progress in its "Connection + Computing Power" business transformation, focusing on three main sectors: operator networks, government and enterprise business, and consumer business [1][4] - The company's revenue for the first three quarters of 2025 reached 100.52 billion yuan, a year-on-year increase of 11.6%, primarily driven by the rapid growth of its computing power business, which saw a revenue increase of 180% [1] - The net profit attributable to shareholders was 5.322 billion yuan, a year-on-year decrease of 33%, mainly due to a slowdown in capital expenditure from operators, impacting the high-margin operator network business [1] Computing Power Business - The company has made major breakthroughs in self-developed chips, including CPU, DPU, and switching chips, benefiting from the development of domestic super node solutions [2] - The computing power business has become the core driver of revenue growth, with server and storage revenue increasing by 250% year-on-year and data center product revenue growing by 120% [1][2] - The company has launched a super node server solution featuring Baidu's Kunlun Heart P800, achieving GPU intercommunication bandwidth of 400GB/S to 1.6TB/S [2] Connection Business - The company maintains a leading position in the global telecommunications market, with an estimated market share of about 11% in 2024 [3] - The construction and user adoption of 5G networks are nearing completion, with 4.598 million 5G base stations built in China by July 2025, resulting in a 79% penetration rate [3] - Capital expenditure from domestic operators is expected to decline by 9.7% year-on-year in 2024, while 5G-A and 6G are emerging as new directions in the telecommunications market [3] Consumer Business - The consumer business encompasses a wide range of AI terminal products, including home terminals, mobile terminals, and cloud computers, with a revenue of 17.235 billion yuan in the first half of 2025, a year-on-year increase of 7.6% [4] - The company is collaborating with ByteDance's Doubao to launch a smartphone assistant, marking a significant step towards creating an "AI-native smartphone" [4] - The strategic transformation of "Connection + Computing Power" is showing initial success, with the server and storage business becoming a key growth engine [4]

Group 1 - The core point of the article is that ZTE Corporation has filed an international patent application for a channel transmission method, communication device, storage medium, and program product, with the application number PCT/CN2025/082289 and an international publication date of January 29, 2026 [1] - ZTE has announced a total of 132 international patent applications this year, which represents a decrease of 31.96% compared to the same period last year [1] - In the first half of 2025, ZTE invested 12.665 billion yuan in research and development, showing a slight decrease of 0.48% year-on-year [1]

证券之星消息，根据企查查数据显示中兴通讯（000063）公布了一项国际专利申请，专利名为"移动性 通信方法、网络节点及存储介质"，专利申请号为PCT/CN2025/083966，国际公布日为2026年1月29日。 专利详情如下： 今年以来中兴通讯已公布的国际专利申请132个，较去年同期减少了31.96%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了126.65亿元，同比减0.48%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 图片来源：世界知识产权组织（WIPO） ...