Group 1 - The China Securities Information Technology Application Innovation Industry Index decreased by 1.65% as of May 30, 2025, with mixed performance among constituent stocks [1] - Leading stocks included Langchao Software up 5.47%, Tianyang Technology up 4.03%, and Jingbeifang up 4.01%, while the biggest decliners were Kaipu Cloud down 4.61% and BGI Genomics down 4.12% [1] - The Xinchuang ETF (562570) fell by 1.69%, with the latest price at 1.22 yuan [1] Group 2 - The Xinchuang ETF has seen continuous net inflows over the past 10 days, with a peak single-day net inflow of 148 million yuan, totaling 190 million yuan, averaging 19.0063 million yuan daily, indicating strong market investment enthusiasm [1] - According to Dongfang Securities, 2023 is the concluding year of the 14th Five-Year Plan, with EDA being a key area for autonomous and controllable integrated circuits, and mergers and acquisitions being an important direction [1] - Two major EDA companies have announced acquisitions this year: BGI Genomics plans to acquire Xinhe, and Gai Lun Electronics plans to acquire Ruicheng Chip Micro [1] Group 3 - This week, Haiguang Information and Zhongke Shuguang announced strategic restructuring, which is highly correlated with the China Securities Xinchuang Index [1] - Haiguang Information and Zhongke Shuguang are the 1st and 7th largest weighted stocks in the index, collectively accounting for over 10.2% of the weight [1] - The Xinchuang ETF (562570) is the largest ETF tracking this index [1][2]

Group 1 - A-shares major indices mostly declined on May 30, with few sectors like agriculture and banking showing gains [1] - Concept sectors such as nuclear power, photolithography, Huawei automotive, and AI computing faced significant declines, while sectors like poultry, CRO, innovative drugs, pig industry, and digital currency were active during the trading session [1] - The 信创 ETF (562570) saw a drop of over 1.5% in the afternoon, with most of its holdings declining, while digital currency concept stocks like Tianyang Technology and Beijing Fang showed notable gains [1] Group 2 - The Guangdong-Hong Kong-Macao Greater Bay Area is accelerating its development into a global fintech hub, supported by national strategies [1] - On May 21, Hong Kong's Legislative Council passed the Stablecoin Bill, recognizing the legal status of stablecoins, which strengthens Hong Kong's position as an international financial center [1] - The establishment of a licensing system for stablecoin issuers lays the foundation for the compliant application of digital currencies, RWA (Real World Asset tokenization), and supply chain finance, supported by blockchain and smart contract technologies [1] Group 3 - The concept of self-controllability remains popular, with the 信创 ETF (562570) attracting over 180 million yuan in net inflows in the past five days, achieving a net inflow rate of 42.83% [2] - Strategic restructuring announcements from Haiguang Information and Zhongke Shuguang are expected to leverage both companies' strengths, accelerating the domestic computing integration and replacement process [2] - The 信创 ETF (562570) tracks the China Securities Information Technology Application Innovation Industry Index, focusing on new productivity and covering leading companies in AI, data computing, industrial software, and information security [2]

Group 1 - The China Securities Information Technology Application Innovation Industry Index decreased by 1.67% as of May 30, 2025, with mixed performance among constituent stocks [1] - Tianyang Technology led the gains with an increase of 6.77%, while Huada Jiutian experienced the largest decline at 4.74% [1] - The Xinchang ETF (562570) fell by 1.77%, with the latest price at 1.22 yuan, but saw a cumulative increase of 1.72% over the past week [1] Group 2 - The Xinchang ETF has reached a new high in scale at 614 million yuan, making it the largest among similar ETFs [1] - Over the past 10 days, the Xinchang ETF has experienced continuous net inflows, totaling 190 million yuan, with a peak single-day net inflow of 148 million yuan [1] - The strategic restructuring announcement by Haiguang Information and Zhongke Shuguang is highly relevant to the index, as both companies are significant constituents, with a combined weight exceeding 10.2% [2]

Core Viewpoint - The digital economy theme index has shown a decline, with notable fluctuations in constituent stocks, indicating mixed performance in the sector [1][2]. Market Performance - As of May 30, 2025, the CSI Digital Economy Theme Index (931582) decreased by 1.45%, with constituent stocks showing varied performance [1]. - The Digital Economy ETF (560800) also fell by 1.74%, with the latest price at 0.73 yuan [1]. - Over the past week, the Digital Economy ETF's scale increased by 14.19 million yuan, ranking it in the top half among comparable funds [1][2]. - The ETF experienced a significant increase in shares, growing by 12 million shares in the past week, also placing it in the top half of comparable funds [2]. Fund Flow and Investment Trends - In the last five trading days, the Digital Economy ETF saw net inflows on three occasions, totaling 10.27 million yuan, with an average daily net inflow of 2.05 million yuan [2]. - Recent reports from Zhongyin International highlight that the National Development and Reform Commission has included industrial software upgrades in the "two new" policy support scope, suggesting a potential growth opportunity for the industrial software sector [2]. Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 51.5% of the index, with notable companies including Dongfang Wealth (300059) and SMIC (688981) [3][4].

Core Viewpoint - The asset restructuring plan between Haiguang Information and Zhongke Shuguang has attracted significant market attention, particularly for the Xinchang ETF (159537), which holds a high weight in these stocks, leading to increased buying demand and a sustained high premium rate in the market [1][4][6]. Group 1: Company Developments - Haiguang Information and Zhongke Shuguang are planning an asset restructuring, with Haiguang Information set to absorb Zhongke Shuguang through a share exchange, aiming to enhance integration within the information technology industry [4][5]. - The combined weight of Haiguang Information and Zhongke Shuguang in the Xinchang ETF (159537) exceeds 13%, making it one of the ETFs with the highest weight in these stocks [4][6]. - Both companies have signed a merger intention agreement and have suspended trading of their A-shares since May 26, with an expected suspension period of no more than 10 trading days [4][6]. Group 2: Market Reactions - On May 29, the Xinchang ETF (159537) saw a significant increase, closing up 6.41% with a premium rate of 4.29%, indicating strong market interest [2][6]. - The ETF has experienced continuous net inflows since May 26, suggesting that investors are positioning themselves ahead of the merger [6][7]. - The premium rate of the Xinchang ETF is expected to normalize after initial irrational market reactions, despite potential continued high premiums due to the suspension of the underlying stocks [7]. Group 3: Financial Performance - Haiguang Information has shown rapid growth, with projected revenues of 9.162 billion yuan in 2024, a year-on-year increase of 52.40%, and a net profit of 1.931 billion yuan, also up 52.87% [6]. - Zhongke Shuguang's net profit for 2024 is projected at 1.911 billion yuan, with a growth rate of 4.10% [6]. - The combined market capitalization of both companies exceeds 400 billion yuan, indicating substantial market value and potential for growth post-merger [6].

Core Insights - The development of the computing power industry in China is accelerating, with a projected market size of 211.6 billion yuan by 2025, driven by a series of policies from central to local governments [1][5] - The launch of the China Computing Power Platform (Shandong) marks a significant step towards the integration of computing resources nationwide [1][2] - The computing power industry is becoming a new growth sector, with numerous listed companies actively pursuing opportunities through investments and collaborations [3][4][5] Policy and Market Development - Various regions, including Beijing, Shenzhen, and Tianjin, have introduced policies to promote the computing power industry, recognizing its role as a core driver of the digital economy [2] - Legislative measures, such as the "Guiyang Computing Power Industry Promotion Regulations," have been enacted to support industry growth [2] - The establishment of a standardized system for collaborative development of computing networks is essential to address existing challenges in the industry [2] Industry Collaboration and Investment - Companies are increasingly forming partnerships and making investments to strengthen their positions in the computing power supply chain [3][4] - Notable collaborations include the merger of Haiguang Information and Zhongke Shuguang, aimed at enhancing competitive advantages in high-end chip development [4] - Several companies, such as Dongxin Co., are investing in promising startups to capture key segments of the computing power market [3] Market Growth and Opportunities - The computing power market is expected to reach 1,037.3 EFLOPS by 2025, with significant growth in demand for computing services [5][6] - Listed companies have reported substantial orders related to computing power services, with total amounts exceeding 8 billion yuan this year [5] - The year 2023 is being referred to as the "Year of Computing Power Leasing," indicating a rapid increase in demand across various industries [5][6]

Summary of Key Points Core Insights - The report highlights the recent market activities, including the listing of new companies and the suspension of several stocks due to various reasons such as dividend announcements and potential delisting risks [1][2][3]. Company and Industry Analysis - The report notes the listing of N Guqi (001390) on May 29, 2025, indicating a new entry into the market [1]. - Several ETFs, including the Guotai Zhongzheng Hong Kong Stock Connect High Dividend Investment ETF (159331), Invesco Great Wall S&P Consumer Select ETF (159529), and Guotai S&P 500 ETF (159612), were suspended for trading due to dividend announcements and investor protection measures [1]. - Stocks such as *ST Gongzhi (000584) and *ST Hengli (000622) are highlighted for their potential delisting risks due to failure to disclose periodic reports within the legal timeframe [1]. - The report mentions that companies like Tianmao Group (000627) and Luoping Zinc Electric (002114) are undergoing significant changes, leading to their stock suspensions [1][2]. - The report also lists various bonds and securities that have been suspended, indicating a broader trend of market adjustments and regulatory compliance [3][4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating its strong position in the industry [1]. - The expected financial performance for Haiguang Information shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3][4]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information from 2025 to 2027 are 50.9%, 39.9%, and 36.0%, respectively [4][9]. Earnings Forecast and Financial Indicators - The earnings per share (EPS) for Haiguang Information is projected to be 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027 [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 in 2027, indicating improving valuation over time [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% from 2024 to 2027, showcasing strong profitability [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating strong competitive positioning [1]. - The expected financial performance shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, but with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information are 50.9% for 2025, 39.9% for 2026, and 36.0% for 2027 [4][9]. Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for Haiguang Information are 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027, respectively [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 by 2027, indicating improving valuation metrics [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% over the forecast period [8][9].

Group 1 - The core point of the news is the strategic restructuring between Zhongke Shuguang and Haiguang Information, aiming to enhance their core business and capitalize on new opportunities in the information technology industry through a share swap merger [1] - The restructuring is expected to create synergies in the computing power industry chain, integrating "domestic chips + server systems" to develop high-performance computing clusters and optimize chip performance through software and algorithms [1] - The x86 authorization held by the companies is considered rare, with core technology and continuous self-iteration leading to market-leading product competitiveness, supported by broad downstream demand and significant growth potential [1] Group 2 - The Xinchang 50 ETF (159539) closely tracks the National Certificate Information Technology Innovation Theme Index, covering 50 listed companies in hardware, software, and information security, reflecting the overall performance of the sector [2] - As of March 31, 2025, Haiguang Information and Zhongke Shuguang are the top two weighted stocks in the Xinchang 50 ETF, together accounting for over 13% of the total [2] - The Xinchang 50 ETF has seen a 34.26% increase over the past year, with active trading reflected in a turnover rate of 10.22% and an average daily transaction volume of 7.15 million yuan [2]