中國通信巨頭中興通訊近日發布的第三季度財報引發市場強烈震動，股價應聲大幅下跌，市值一夜蒸發超過200億元。據公司公告，第三季度營收達到1005億元人民幣，同比增長11%，但扣除非經常性損益後的淨利潤僅為38.79億元，同比下降43.77%，反映出公司盈利能力面臨嚴峻挑戰。消息一出，股市隨即出現明顯放量大跌，股價逼近跌停，市場對公司短期表現表現出高度擔憂。

從財務數據和公告分析，中興通訊淨利潤大幅下滑主要有三方面原因。首先，通信運營商業務收縮，導致部分產品的毛利率下降，直接影響整體盈利。其次，算力業務雖然營收大幅增長，但目前整體仍處於高投入期，尚未進入實質盈利回報期，尚需時間來轉化為利潤。最後，公司正處於業務轉型階段，在布局新興領域和調整產業結構的過程中，短期內可能對盈利造成一定壓力。

除了基本面的因素，技術面亦提供另一層解讀。根據統計，截至9月30日，機構投資者持股數量從6月30日的833家下降至211家，顯示部分機構退出。然而值得注意的是，機構總持倉量並未出現明顯下降，這意味著長期看多的機構投資者在其他機構撤離時，反而承接這些籌碼，表明市場仍存在部分穩定資金對中興通訊的信心。

綜合基本面和技術面分析，中興通訊面臨短期盈利壓力，但在通信基礎業務逐步調整、算力及新興業務潛在增長的背景下，長期仍具投資價值。此次財報與股價波動也反映市場對於企業轉型期收益波動的敏感性，以及投資者在面對高投入、高風險業務時的謹慎態度。

Chinese telecom giant ZTE Corporation recently released its third-quarter earnings report, sending shockwaves through the market. Following the announcement, ZTE’s stock price plunged sharply, with the company’s market value evaporating by over 20 billion yuan overnight. According to the report, the company posted revenue of 100.5 billion yuan, up 11% year-on-year, but net profit excluding non-recurring items fell to 3.879 billion yuan, a decline of 43.77% compared to the same period last year. The sharp drop in profitability triggered significant selling pressure, with the stock approaching its daily limit down.

Analysis of the company’s financials points to three main factors behind the profit decline. First, contraction in the telecom operator business led to lower gross margins on certain products, directly affecting overall profitability. Second, ZTE’s computing and data processing (算力) business, despite strong revenue growth, remains in a heavy investment phase and has not yet reached the stage of generating substantial profit returns. Finally, the company is undergoing a broader business transformation, and investments in emerging areas and structural adjustments are putting short-term pressure on earnings.

From a technical perspective, additional insights emerge. As of September 30, the number of institutional investors holding ZTE shares dropped from 833 on June 30 to 211. However, the total institutional holdings remained relatively stable, indicating that long-term bullish investors absorbed the shares from those exiting the market. This suggests that, despite short-term selling, there is still confidence among certain institutional investors in the company’s long-term prospects.

In summary, ZTE faces short-term profitability challenges, but with adjustments in its core telecom business and the potential growth of its computing and emerging segments, the company retains long-term investment value. The recent earnings report and stock price volatility also highlight the market’s sensitivity to profit fluctuations during periods of corporate transformation and investors’ cautious approach toward high-investment, high-risk business ventures.