Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [3][9]. Core Insights - The server CPU supply from Intel and AMD is constrained, leading to a projected price increase of 10%-15% due to surging demand from customers like CSPs. The production capacity for server CPUs is essentially sold out for the year 2026 [4]. - The price increase is driven by limited advanced process capacity and unexpectedly high downstream demand, particularly as the general server market enters a significant upgrade cycle and AI demand continues to exceed expectations [4]. - The report suggests that the current price increase for server CPUs reflects a structural shift in demand rather than a short-term fluctuation, with expectations for continued growth in both quantity and performance requirements for CPUs [4]. - Domestic CPU manufacturers are expected to benefit from this supply-demand imbalance, with companies like Haiguang Information and Loongson expected to fill the demand gap as domestic cloud service providers accelerate evaluations of domestic alternatives [4]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include Haiguang Information (688041, Buy), Zhongke Shuguang (603019, Buy), and others, as they are positioned to benefit from the supply constraints faced by Intel and AMD [2]. Industry Dynamics - The report highlights a significant shift in the AI landscape, where the demand for high single-core performance and memory bandwidth is becoming critical due to the rise of AI agents and reinforcement learning applications [4]. - The infrastructure focus is expected to shift from "GPU compute power" to "CPU scheduling," indicating a long-term trend in the industry [4].

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

证券代码：603019 证券简称：中科曙光 公告编号：2026-001 曙光信息产业股份有限公司 2025年中期权益分派实施公告 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、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利0.07元 1.发放年度：2025年中期 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东（公司回购专用账户中的784,041股除外）。 3.差异化分红送转方案： （1）本次差异化分红方案 根据公司2025年第四次临时股东会审议通过的《关于公司2025年中期现金分红的议案》，公司拟向全体 股东每10股派现金红利0.7元（含税）。截至2025年9月30日，公司总股本1,463,115,784股，扣除不参与 利润分配的回购专用账户中已回购的股份784,041股，实际可参与利润分配的股数为1,462,331,743股，以 此计算合计拟派发现金红利102,363,222.01元（含税）。 （2）本次差异化 ...

Summary of Key Points Core Viewpoint - Zhongke Shuguang (603019.SH) announced a cash dividend distribution plan for the first half of 2025, proposing a cash dividend of 0.7 yuan (including tax) for every 10 shares held by shareholders [1] Group 1: Dividend Distribution Details - The total share capital of the company as of September 30, 2025, is 1,463,115,784 shares [1] - After excluding 784,041 shares held in the repurchase special account that do not participate in profit distribution, the actual number of shares eligible for profit distribution is 1,462,331,743 shares [1] - The total cash dividend to be distributed amounts to 102,363,222.01 yuan (including tax) [1] Group 2: Important Dates - The record date for the dividend distribution is set for February 4, 2026 [1] - The ex-dividend date is scheduled for February 5, 2026 [1]

证券代码：603019 证券简称：中科曙光 公告编号：2026-001 曙光信息产业股份有限公司 2025年中期权益分派实施公告 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、准确性和完整性承担法律责任。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/4 | － | 2026/2/5 | 2026/2/5 | 差异化分红送转： 是 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 12 月 29 日的2025年第四次临时股东会审议通过。 二、 分配方案 （2）本次差异化分红除权除息计算依据 根据《上海证券交易所交易规则》等相关规定，公司按照以下公式计算除权 除息开盘参考价：除权（息）参考价格＝（前收盘价格-现金红利）÷（1+流通股 份变动比例） 由于公司本次进行差异化分红，上述公式中现金红利指根据总股本摊薄调整 后计算的每股现金红利，计算公式如下： 每股现金红利=（参与分配的股本总数 ...

北京市中伦律师事务所 关于曙光信息产业股份有限公司 差异化分红的 法律意见书 二〇二六年一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 法律意见书 北京市中伦律师事务所 关于曙光信息产业股份有限公司 差异化分红的法律意见书 致：曙光信息产业股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受曙光信息产业股份有限公 司（以下简称"公司"或"中科曙光"）的委托，就公司 2025 年度中期利润分配 所涉及的差异化分红（以下简称"本次差异化分红"）相关事宜出具本法律意见 书。 为出具本法律意见书， ...

Core Viewpoint - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares to all shareholders, as approved in the fourth extraordinary general meeting of 2025 [1] Group 1: Dividend Announcement - The total number of shares as of September 30, 2025, is 1,463,115,784 shares [1] - After excluding 784,041 shares from the repurchase account that do not participate in profit distribution, the actual number of shares eligible for profit distribution is 1,462,331,743 shares [1] - The total cash dividend to be distributed amounts to 102,363,222.01 yuan (including tax) [1]

南财智讯1月29日电，中科曙光发布2025年中期权益分派实施公告，每股派0.07元，股权登记日为2月4 日。 ...

Group 1 - The company announced a plan to repurchase shares for equity incentives, with a budget of 20 to 30 million yuan [1] - As of September 30, 2025, the total share capital of the company is 1.463 billion shares, with 784,000 shares repurchased, leaving 1.462 billion shares eligible for profit distribution [1] - The company intends to distribute a cash dividend of 0.70 yuan (including tax) for every 10 shares, totaling 102 million yuan (including tax) [1] Group 2 - The company stated that any changes in total share capital during the equity distribution registration period will not affect the per-share distribution ratio, but will adjust the total distribution amount accordingly [1] - Legal experts believe that the differentiated dividend distribution is compliant and will have a minimal impact on the ex-dividend reference price [1]