On September 24, Guolonghui | Guosheng Securities research reports pointed out that in the first half of the year, influenced by the global macroeconomic situation, ZTE (000063.SZ) still maintained a positive development trend and achieved steady growth. In terms of various businesses, in the first half of the year, the operator network realized 37.3 billion yuan, a year-on-year decrease of 8.6%, mainly affected by the overall domestic investment environment; in the government and enterprise business, the first half of the year realized 9.17 billion yuan, a year-on-year increase of 56.1%, mainly due to the growth of server and storage revenue. The company focuses on "connection + computing power", seizes the incremental market of AI and innovation, and achieves high-speed growth in government and enterprise business; the consumer business achieved revenue of 10.62 billion yuan, a year-on-year increase of 14.3%, mainly due to growth in home terminals and mobile products. The company has obvious advantages in computing power and connectivity. With the rapid growth of the company's government and enterprise business and the maintenance of the growth trend of consumer business in the second half of the year, there is also hope for improvement in the operator business in the second half of the year. Combined with the company's outstanding cost control, it is expected that the company will achieve sustained and stable growth. Maintain a "buy" rating.