国泰海通证券股份有限公司 关于 华虹半导体有限公司 独立财务顾问 发行股份购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （修订稿） 二〇二六年三月 声明与承诺 国泰海通证券股份有限公司（简称"国泰海通"、"独立财务顾问"）受华 虹公司的委托担任本次交易的独立财务顾问。根据《公司法》《证券法》《重组 管理办法》《发行注册管理办法》《上市公司并购重组财务顾问业务管理办法》 等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范，本着诚实 信用、勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解 本次交易行为的基础上，本独立财务顾问就本次交易的相关事项出具本独立财务 顾问报告。 本独立财务顾问声明如下： 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次 交易发表意见是完全独立的； 2、本独立财务顾问报告所依据的文件、材料由本次交易的相关各方向本独 立财务顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此 引起的任何风险责任； 3、本独立财务顾问报告是基于相关各方均按相关协议的条款和 ...

独立董事关于发行股份购买资产并募集配套资金 华虹半导体有限公司 经审议，我们认为： 我们一致同意将大华会计师事务所（特殊普通合伙）出具的《上海华力微电子有限 公司审计报告》、安永华明会计师事务所（特殊普通合伙）出具的《华虹半导体有限公 司备考合并财务报表及审阅报告》用于本次交易的信息披露并作为向监管部门提交的申 报材料。 二、关于《华虹半导体有限公司发行股份购买资产并募集配套资金暨关联交易报告 书（草案）（修订稿）》及其摘要 经审议，我们认为： 一、关于批准本次交易相关的加期审计报告、备考审阅报告 暨关联（连）交易相关事项的独立意见 华虹半导体有限公司（以下简称"公司"）于 2026 年 3 月 30 日作出董事会决议。 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》等法律、 法规及规范性文件的规定，作为公司独立董事，本着勤勉尽责的态度，客观公正的原则， 我们认真审阅了公司本次董事会的有关资料，现就本次董事会审议的与公司发行股份购 买资产并募集配套资金暨关联（连）交易相关事项，基于独立判断发表如下独立意见： 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发行证券 的公 ...

暨关联（连）交易相关事项的事前认可意见 华虹半导体有限公司 独立董事关于发行股份购买资产并募集配套资金 华虹半导体有限公司（以下简称"公司"）董事会将于 2026 年 3 月 30 日作出董事 会决议，作为公司的独立董事，本着勤勉尽责的态度，客观公正的原则，我们认真审阅 了公司提供的有关资料，现就本次董事会会议涉及的相关事项，基于独立判断发表事前 认可意见如下： 公司拟通过发行股份的方式向上海华虹（集团）有限公司、上海集成电路产业投资 基金股份有限公司、国家集成电路产业投资基金二期股份有限公司、上海国投先导集成 电路私募投资基金合伙企业（有限合伙）等 4 名上海华力微电子有限公司（以下简称"华 力微"）股东购买其持有的华力微 97.4988%股权并募集配套资金（以下简称"本次交易"）。 因本次交易相关的审计报告、备考审阅报告有效期已经届满，根据《上市公司重大资产 重组管理办法》及相关法律法规的规定，本次交易审计基准日更新至 2025 年 12 月 31 日。我们已认真审阅董事会拟审议的《关于批准本次交易相关的加期审计报告、备考审 阅报告的议案》《关于<华虹半导体有限公司发行股份购买资产并募集配套资金暨关联交 ...

股票代码：688347 股票简称：华虹公司 上市地点：上海证券交易所 股票代码：1347 股票简称：华虹半导体 上市地点：香港联合交易所 独立财务顾问 二〇二六年三月 华虹半导体有限公司 发行股份购买资产并募集配套资金暨关联交易报告书（草案）摘要 上市公司声明 本公司及全体董事、高级管理人员保证重组报告书及其摘要内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性承担相应的法律责任。 华虹半导体有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书草案摘要 （修订稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份购买资产 | 上海华虹（集团）有限公司、上海集成电路产业投资基金 | | | 股份有限公司、国家集成电路产业投资基金二期股份有限 | | | 公司、上海国投先导集成电路私募投资基金合伙企业（有 | | | 限合伙） | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 本公司控股股东、全体董事、高级管理人员承诺：如本次交易因涉嫌所提供 或者披露的信息存在虚假记载、误导性陈述或者重大遗漏，给上市公司或者投资 者造 ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2026-022 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 相较公司于 2026 年 1 月 1 日披露的《华虹半导体有限公司发行股份购买资 产并募集配套资金暨关联交易报告（草案）》，草案（修订稿）对部分内容进 行了修订，主要修订情况如下： | 章节 | 修订情况说明 | | --- | --- | | 释义 | 补充和更新备考审阅报告、审计报告等释义 | | 重大事项提示 | 1、更新本次交易是否构成重大资产重组相关财务指标计算； | | | 2、更新本次交易对上市公司的影响； | | | 3、更新本次交易已经履行的决策和审批程序； | | | 4、更新上市公司主要财务指标及摊薄即期回报情况。 | | 章节 | | 修订情况说明 | | --- | --- | --- | | | | 1、更新本次交易相关的审批风中本次交易尚待履行的决策和审批程 | | 重大风险提示 | | 序； | | | | 2、更新与标的公司相关 ...

申请材料获得上海证券交易所受理的公告 | A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2026-023 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于发行股份购买资产并募资配套资金暨关联交易 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华虹半导体有限公司（以下简称"公司"）拟通过发行股份的方式购买上海 华虹（集团）有限公司、上海集成电路产业投资基金股份有限公司、国家集成电 路产业投资基金二期股份有限公司、上海国投先导集成电路私募投资基金合伙企 业（有限合伙）持有的上海华力微电子有限公司 97.4988%股权，并募集配套资金 （以下简称"本次交易"）。 公司本次交易尚需经上交所审核，并获得中国证券监督管理委员会（以下简 称"中国证监会"）注册同意后方可实施，最终能否通过上交所审核并获得中国 证监会注册同意尚存在不确定性。公司将根据上述事项的进展情况，及时履行信 息披露义务，敬请广 ...

股票代码：688347 股票简称：华虹公司 上市地点：上海证券交易所 股票代码：1347 股票简称：华虹半导体 上市地点：香港联合交易所 华虹半导体有限公司 发行股份购买资产并募集配套资金 暨关联交易报告书（草案） （修订稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份购买资产 | 上海华虹（集团）有限公司、上海集成电路产业投资基金 | | | 股份有限公司、国家集成电路产业投资基金二期股份有限 | | | 公司、上海国投先导集成电路私募投资基金合伙企业（有 | | | 限合伙） | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 独立财务顾问 二〇二六年三月 华虹半导体有限公司 发行股份购买资产并募集配套资金暨关联交易报告书（草案） 上市公司声明 本公司及全体董事、高级管理人员保证本报告书及其摘要内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完 整性承担相应的法律责任。 本公司控股股东、全体董事、高级管理人员承诺：如本次交易因涉嫌所提供 或者披露的信息存在虚假记载、误导性陈述或者重大遗漏，给上市公司或者投资 者造成损失 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1][44] Core Insights - The supernode has become the new norm for AI infrastructure, characterized by its technical complexity and rapid iteration, which builds a wide moat for OEM manufacturers and drives their profitability [6][44] - Domestic CSP capital expenditure outlook is optimistic, with significant growth in capacity and orders for wafer fabs and computing rental companies [7][35] - The report highlights the increasing demand for AI capabilities in China, with domestic models surpassing U.S. models in usage [7][35] Summary by Sections Recent Performance - The computer industry has shown a relative performance of -13.7% over 1 month, -5.5% over 3 months, and +2.7% over 12 months, compared to the CSI 300 index which is at -4.6%, -3.4%, and +14.7% respectively [4] Investment Highlights - Supernodes are designed for building large-scale AI computing clusters, integrating multiple GPUs or AI chips into a unified system for high bandwidth and low latency [6][10] - The supernode architecture is not merely hardware assembly but a cohesive system that allows for collaborative computing, enhancing efficiency significantly [10][15] - Major companies like NVIDIA, AMD, Huawei, and Sugon are continuously launching related products, indicating a robust market for supernodes [19][30] Domestic CSP AI Capital Expenditure Outlook - The overall capital expenditure for computing power in China is in a catch-up phase, with optimistic projections for 2026 [7][35] - Demand-side advantages include a large user base and diverse application scenarios, with domestic models leading in usage [35][40] Complexity and Profitability of Supernode Solutions - Supernodes offer advantages over traditional GPU clusters in terms of communication latency, computing density, and total cost of ownership [8][41] - The high technical complexity and rapid iteration of supernode systems create a significant barrier to entry, enhancing the profitability of capable OEM manufacturers [41][42] Investment Strategy - The report suggests that supernode OEM manufacturers will be the primary beneficiaries in the context of optimistic capital expenditure outlooks and the international expansion of domestic tokens [44] - Key companies mentioned include Sugon, Inspur, and Huawei in the server/supernode OEM space, as well as various AI chip and cloud computing firms [44]

Investment Rating - The report maintains a standard rating for the electronic sector, indicating a cautious but optimistic outlook on investment opportunities within the industry [4]. Core Insights - The semiconductor market is expected to reach a trillion-dollar scale by the end of 2026, driven by AI computing power, with China projected to hold over 30% of global wafer production capacity [4][9]. - Xiaomi Group is anticipated to achieve synergistic growth across its four major business segments by 2025, showcasing strong resilience and growth potential [4][9]. Summary by Sections Industry Overview - AI computing power is becoming the core driving force of the semiconductor industry, with global AI infrastructure spending projected to reach $450 billion in 2026, leading to increased demand for GPUs, HBM, and high-speed network chips [4][9]. - The storage market is undergoing a revolution, with global storage output expected to surpass wafer foundry for the first time, and HBM market size projected to grow by 58% to $54.6 billion [4]. Company Performance - Xiaomi Group reported total revenue of 457.3 billion yuan in 2025, a year-on-year increase of 25%, with adjusted net profit rising by 43.8% to 39.2 billion yuan [4][9]. - The smartphone segment generated revenue of 186.4 billion yuan, with global shipments reaching 165.2 million units, while the AIoT and consumer products segment achieved a revenue of 123.2 billion yuan, marking an 18.3% increase [4][9]. Market Trends - The electronic sector underperformed the broader market, with the Shanghai and Shenzhen 300 index down by 1.41% and the Shenwan electronic index down by 2.09% [5][18]. - Despite strong demand driven by AI, high storage prices may significantly suppress demand, and there is a potential for a cooling trend in AI investment [5][18]. Investment Recommendations - Focus on structural opportunities in the semiconductor sector, particularly in AIOT, advanced packaging equipment, and domestic production capacity expansion [5]. - Recommended companies include Lexin Technology, Cambrian, and various players in the AI innovation-driven segment [5].

Market Overview - Major indices showed positive performance with Shenzhen Component Index up by 1.13%, Sci-Tech Innovation 50 Index up by 0.93%, and Shanghai Composite Index up by 0.63% [1] - TMT sector led the gains with SW Electronic Chemicals III increasing by 4.78% and SW Semiconductor Materials rising by 2.80% [1] - Conversely, TMT sector also saw declines with SW Communication Network Equipment down by 1.23% [1] Domestic News - Huahong Semiconductor is steadily expanding its capacity, achieving its first-phase target for 12-inch production lines and planning to reach its capacity goals by Q3 2026 [2] - The cumulative shipment of the Tianyue 510 SSD controller chip from Pingtouge has exceeded 500,000 units, making it one of the highest recent shipments in China [2] - Demand for data communication optical modules in the domestic market is expected to grow significantly, with an estimated total of 20 to 30 million units needed this year [2] - Dinglong has established China's first full-process production line for high-end wafer photoresist, with three products already in stable supply [2] Overseas News - Two U.S. senators plan to propose a U.S. Security Robot Act that would prohibit the federal government from purchasing or using unmanned ground vehicles made in China [3] - Some DDIC suppliers are assessing price adjustments to counteract rising upstream costs, with potential price increases depending on product type and market [3] - Counterpoint Research indicates that shipments of mobile SoCs with advanced process nodes (5nm and below) will exceed 50% by 2025, with TSMC supporting the production of 2nm nodes [3] AI Insights - OpenAI has indefinitely suspended the development of an "adult mode" for ChatGPT and has also halted its Instant Checkout shopping feature [4] - Webtoon announced significant updates to its user-uploaded comic platform, including an optional AI translation tool [4] - Mistral AI released an open-source voice synthesis model that supports multi-language and emotional voice generation [4] Industry Tracking - A satellite developed by the Chinese Academy of Sciences and the European Space Agency for solar wind-magnetosphere interaction has completed pre-launch preparations [5] - A foreign research team demonstrated a method for generating high-dimensional topological photon entanglement, providing a feasible path for scalable and fault-tolerant quantum photonic states [5] - The first national standard system covering the entire chain of embodied intelligence has been released, emphasizing unified interfaces and ecological collaboration [5] Annual Reports - Jingwang Electronics reported total revenue of 15.308 billion yuan for 2025, a year-on-year increase of 20.92%, with a net profit of 1.231 billion yuan, up 5.3% [8] - Sitaiwei achieved total revenue of 9.031 billion yuan, a 51.32% increase year-on-year, with a net profit of 1.001 billion yuan, up 154.94% [8] - Changfei Fiber reported total revenue of 14.252 billion yuan, a 16.85% increase year-on-year, with a net profit of 814 million yuan, up 20.4% [8] - Changxin Bochuang reported total revenue of 2.533 billion yuan, a 44.93% increase year-on-year, with a net profit of 335 million yuan, up 364.62% [8]