On October 25th, Guolunhui | Tianfeng Securities research reports pointed out that ZTE (000063.SZ) in the first three quarters, the company is precise and pragmatic, operating steadily, actively grasping the pace of development in the ICT industry, accelerating technological and market innovation drivers, enhancing its own management efficiency and operational effectiveness. The overall operation remains stable. In terms of various businesses, domestic operator network business is under pressure due to investment environment, while the international market continues to break through the challenges of large countries, maintaining double-digit growth. At the same time, the company's consumer and government-enterprise businesses have achieved rapid growth. Overall, the short-term pressure on operator business is expected to stabilize in the future, and the government-enterprise business benefits from the demand for computing power, connectivity, software, etc., ushering in accelerated growth. At the same time, as the company improves efficiency and cost control, scale effects are expected to continue to show. The company is expected to maintain steady income on an annual basis, and profitability is expected to remain stable and rise under cost control. Maintain a "buy" rating.