<p>摩根士丹利发布报告，将中兴通讯（00763.HK）评级从持平上调至增持，目标价从 31.5 港元上调至 39 港元，主要基于潜在的积极 AI 催化剂和盈利增长的拐点。中兴通讯（000063.SZ）A 股的评级从减持上调至持平，目标价从 29.44 元上调至 34.3 元。</p>
<p>报告指出，在边缘设备方面，公司与字节跳动围绕 Doubao AI 助手的合作将基于代理的、多模态和系统级的 AI 能力整合到智能手机中。早期需求指标，如第一批产品售罄，表明市场兴趣强烈。该券商预计中兴将深化这一合作，为 AI 智能手机的更广泛商业化铺平道路，这可能成为情绪和估值的重要催化剂。</p>
<p>该券商认为，中兴的短期盈利风险在市场上已基本被定价，并预计在 2026 年下半年将恢复正增长。由于毛利率压力、运营费用上升、外汇损失和增加的减值准备，短期盈利预计在 2026 年第一季度疲软后仍将承压，影响主要体现在 2026 年第二季度的表现疲软。</p>
<p>该券商认为，在 2026 年下半年将出现一个关键的拐点，低基数效应将支持盈利增长的恢复。随着投资者关注恢复阶段，以及 AI 催化剂的重新出现，可能会发生重新评级。（ha/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 6 月 3 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>

中兴通讯

中兴通讯(ADR)

<p>摩根士丹利将中兴通讯的 H 股评级上调至 “增持”，A 股评级上调至 “持平”，目标价分别提高至 39 港元和 34.3 人民币。此次评级上调提到，字节跳动的 Doubao 助手等合作可能成为 AI 催化剂，并预计在 2026 年下半年将迎来盈利拐点。尽管短期内利润面临压力，但该券商预计随着 AI 商业化的加速，将恢复正增长并可能重新评估估值</p>

<p>M Stanley published a report upgrading ZTE (00763.HK) +2.040 (+7.567%)  Short selling $37.71M; Ratio 3.168%  H shares to Overweight from Equalweight, raising the H-share TP to HKD39 from HKD31.5, mainly based on potential positive AI catalysts and an inflection point in earnings growth. The rating on ZTE (000063.SZ) +1.440 (+3.952%)  A shares was upgraded to Equalweight from Underweight, with the A-share TP lifted to RMB34.3 from RMB29.44.</p>
<div class="lb-trans"><p>摩根士丹利发布报告，将中兴通讯（00763.HK）评级从持平上调至增持，目标价从 31.5 港元上调至 39 港元，主要基于潜在的积极 AI 催化剂和盈利增长的拐点。中兴通讯（000063.SZ）A 股的评级从减持上调至持平，目标价从 29.44 元上调至 34.3 元。</p>
</div><p>The report noted that on the edge device front, the companys collaboration with ByteDance around the Doubao AI assistant integrates agent-based, multimodal and system-level AI capabilities into smartphones. Early demand indicators, such as the first batch of products selling out, suggest strong market interest. The broker expects ZTE to deepen this partnership, paving the way for broader commercialization of AI smartphones, which could become an important catalyst for sentiment and valuation.</p>
<div class="lb-trans"><p>报告指出，在边缘设备方面，公司与字节跳动围绕 Doubao AI 助手的合作将基于代理的、多模态和系统级的 AI 能力整合到智能手机中。早期需求指标，如第一批产品售罄，表明市场兴趣强烈。该券商预计中兴将深化这一合作，为 AI 智能手机的更广泛商业化铺平道路，这可能成为情绪和估值的重要催化剂。</p>
</div><p>The broker believes ZTEs near-term earnings risks have largely been priced in by the market and expects a return to positive growth in 2H26. Due to pressure on gross margins, rising operating expenses, foreign exchange losses and increased impairment provisions, short-term earnings are expected to remain under pressure after a weak 1Q26, with the impact largely reflected in subdued performance in 2Q26.</p>
<div class="lb-trans"><p>该券商认为，中兴的短期盈利风险在市场上已基本被定价，并预计在 2026 年下半年将恢复正增长。由于毛利率压力、运营费用上升、外汇损失和增加的减值准备，短期盈利预计在 2026 年第一季度疲软后仍将承压，影响主要体现在 2026 年第二季度的表现疲软。</p>
</div><p>The broker sees a key inflection point emerging in 2H26, when a low base effect will support a return to positive earnings growth. As investor focus shifts toward the recovery phase, alongside the re-emergence of AI catalysts, a potential re-rating may occur. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>该券商认为，在 2026 年下半年将出现一个关键的拐点，低基数效应将支持盈利增长的恢复。随着投资者关注恢复阶段，以及 AI 催化剂的重新出现，可能会发生重新评级。（ha/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 6 月 3 日 16:25。）（A 股报价延迟至少 15 分钟。）</p>
</div>

M Stanley Upgrades ZTE  to Overweight, Raises TP to HKD39; AI Catalyst Expected to Ignite in 2H26

AASTOCKS News

摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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摩根士丹利将中兴通讯的评级上调至增持，并将目标价提高至 39 港元；预计人工智能催化剂将在 2026 年下半年引发市场热潮