Guosheng Securities Research Report pointed out that ZTE's AI enabled rapid expansion of computing power business. It won the “Computing Power China · Major Breakthrough Achievement of the Year” award at the 2026 China Computing Power Conference. The technical highlights are: pioneering an orthogonal backboard-free architecture to achieve zero cable interconnection, shorten SerDes links, and reduce insertion loss; open ecology, support flexible combinations of CPU, GPU, and DPU; and promote the exploration of “electric exchange+optical interconnection” and “optical exchange+optical interconnection” dual routes. The company deepened the “AllinAI, AiForAll” strategy and consolidated the “connection+computing power” two-wheel drive. The 2026H1 final inventory was 54.65 billion yuan, up 16.2% from the beginning of the year; notes payable were 25.09 billion yuan, a significant increase of 64.3% from the beginning of the year, indicating a significant increase in the company's preparation and procurement efforts, providing forward-looking support for the continued volume of computing power delivery in the second half of the year. The company's computing power business has accelerated, government and enterprise services have become the core driver of revenue growth, and overseas markets have performed well. Due to intense competition in the industry, the company's profit forecast was adjusted to maintain a “buy” rating.

Guosheng Securities Research Report pointed out that ZTE's AI enabled rapid expansion of computing power business. It won the “Computing Power China · Major Breakthrough Achievement of the Year” award at the 2026 China Computing Power Conference. The technical highlights are: pioneering an orthogonal backboard-free architecture to achieve zero cable interconnection, shorten SerDes links, and reduce insertion loss; open ecology, support flexible combinations of CPU, GPU, and DPU; and promote the exploration of “electric exchange+optical interconnection” and “optical exchange+optical interconnection” dual routes. The company deepened the “AllinAI, AiForAll” strategy and consolidated the “connection+computing power” two-wheel drive. The 2026H1 final inventory was 54.65 billion yuan, up 16.2% from the beginning of the year; notes payable were 25.09 billion yuan, a significant increase of 64.3% from the beginning of the year, indicating a significant increase in the company's preparation and procurement efforts, providing forward-looking support for the continued volume of computing power delivery in the second half of the year. The company's computing power business has accelerated, government and enterprise services have become the core driver of revenue growth, and overseas markets have performed well. Due to intense competition in the industry, the company's profit forecast was adjusted to maintain a “buy” rating.