20150623-瑞银证券-中兴通讯（0763）：BENEFICIARY_OF_GOVERNMENT_POLICY；UPGRADE_TO_BUY-815719

We raise our rating from Neutral to Buy for two reasons：1）government policy becomes incrementally positive for ZTE；2）share price pulled back by 15% from recent high.We remain price target at HK$25，which implies 27% upside potential from current share price.We derive our price target from a DCF-based methodology and explicitly forecast long-term valuation drivers using UBS/s VCAM tool with WACC assumption of 9%.