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]

Market Overview - A-shares experienced a broad rally, with the computer sector leading the gains, particularly the Xinchuang 50 ETF (560850) which surged over 2% and saw a net inflow of over 12 million yuan in the past five days [1][3] Company Developments - DeepSeek, a large model platform, released its latest version R1 on May 28 without detailed announcements, but it is expected to soon provide more information about its features. Testing by Live CodeBench indicates that its performance is comparable to OpenAI's latest models [3][4] - In the hardware sector, the Xinchuang 50 ETF (560850) component stocks, Haiguang Information and Zhongke Shuguang, announced a merger through a stock swap, with Haiguang being the second-largest holding in the ETF [3][4] Industry Insights - The Xinchuang 50 ETF (560850) tracks the Zhongzheng Xinchuang Index, which has a high weight of 48.1% in DeepSeek concept stocks, covering major players like Inspur Information and Kingsoft [7] - The index includes various sectors such as computer software (41%), cloud services (22%), computer equipment (19%), semiconductors (14%), and industrial internet (5%), indicating a strong linkage to the DeepSeek developments [7] AI Application Trends - AI companionship applications are gaining traction, with platforms like Character.AI and Talkie reaching over 10 million monthly active users. Key features include personalization, real-time interaction, and immersive experiences, primarily attracting younger demographics [5][6] - The integration of multi-modal capabilities in AI applications is expected to enhance user engagement and retention, with advancements in text, image, and audio generation technologies [5][6]

公开信息显示，信创ETF（562570）跟踪中证信息技术应用创新产业指数。该指数聚焦新质生产力，布 局自主可控头部公司，覆盖人工智能、数据算力、工业软件、信息安全等前沿科创产业。 （文章来源：每日经济新闻） 海通国际认为，华大九天拥有全球客户近700家，且重点客户在所属领域具有技术代表性和先进性，与 公司的合作在业内产生了较强的示范效应，且公司市场份额稳居本土EDA企业首位。眼下公司已实现 对模拟电路设计全流程工具的覆盖，支持5nm、14nm、28nm等先进制程，技术达到国际领先水平， 2024年公司在技术领域推出版图寄生参数分析工具ADA等多项EDA工具实现新突破；同时公司拟收购 产业链公司，有望补足剩余EDA产业链条，多方位提升公司整体竞争力。 本周海光信息、中科曙光宣布战略重组，中证信创指数与该事件相关度较高。目前。海光信息、中科曙 光分别是该指数第1、第7大权重股，合计权重超10.2%。信创ETF（562570）为跟踪该指数规模最大的 ETF。 5月29日早盘，EDA、消费电子代工、一体化压铸、智能驾驶、光模块CPO等概念指数开盘后活跃。近 期备受资金关注的信创ETF（562570）一度涨超2%，持仓 ...

Group 1 - The electronic sector has become the most favored area for broker research, with 97 companies receiving attention, the highest among all sectors [1] - Despite a market pullback in May, several sub-sectors, including PCB, are seen as having opportunities for investment, with significant events like the merger of Haiguang Information and Zhongke Shuguang expected to boost market interest [1][3] - Companies such as Anji Technology and Shenzhen South Circuit have highlighted their competitive advantages and R&D investments during broker meetings, indicating a focus on enhancing product stability and competitiveness [2] Group 2 - The stock performance of the 97 electronic companies has been mixed, with many experiencing negative returns, while some, like Luyuan Technology, have seen significant gains, rising 34.70% since May [3] - The semiconductor market is expected to maintain optimistic growth through 2025, with specific segments like AI SoC chips and ASIC chips projected to benefit from increasing demand and new product releases [4] - Analysts recommend focusing on low-entry opportunities in sectors such as PCB, ODM, AIOT, and AIDC, especially in light of recent market corrections [4]

Group 1 - The core viewpoint of the news is the merger between Zhongke Shuguang and Haiguang Information, which is seen as a significant step towards achieving self-sufficiency in computing power in China [2][10] - The merger will optimize the industrial layout from chips to software and systems, enhancing the synergy between the two companies and strengthening the entire information industry chain [2][7] - The transaction is expected to deepen the integration of resources among leading companies in the AI field, facilitating the development of comprehensive AI solutions [2][7] Group 2 - Haiguang Information was originally a chip design division of Zhongke Shuguang, highlighting the historical connection between the two companies [3][4] - Zhongke Shuguang currently holds 27.96% of Haiguang Information's shares, making it the largest shareholder, which reinforces their business ties [4][5] - The split and subsequent merger strategy has led to significant collaborative benefits, with Haiguang Information increasing its R&D investment to 35% of revenue, which is projected to reach 9.162 billion yuan in 2024, a 52.4% increase year-on-year [4][5] Group 3 - The merger aligns with the Chinese government's initiative to "fill short boards and strengthen long boards," aimed at enhancing the stability and competitiveness of the industrial supply chain [6][7] - Both companies aim to leverage their strengths in high-end computing and chip design to create a more integrated and competitive technology solution for the market [7][8] - The merger is expected to reduce AI training costs by 40% and inference latency by 50%, while also increasing GPU utilization by over 30% [8][10] Group 4 - This merger is the first absorption merger between listed companies following the recent amendments to the restructuring regulations by the China Securities Regulatory Commission [10][11] - The new regulations are designed to enhance the efficiency of mergers and acquisitions, which is expected to lead to a wave of consolidation in the semiconductor industry [10][11] - The semiconductor sector has already seen 10 merger and acquisition events this year, indicating a potential trend towards increased consolidation among listed companies in the industry [11][12]

Group 1 - The core viewpoint of the news is that the semiconductor sector is experiencing fluctuations, with specific companies like Zhaoyi Innovation and Langqi Technology showing gains, while others like Northern Huachuang and Huahai Qingke are declining. The semiconductor ETF is also in a correction phase but has seen a significant increase over the past year [1][2] - As of May 27, 2025, the semiconductor ETF has increased by 44.30% over the past year, indicating strong market performance despite recent short-term declines [1] - On May 25, 2025, Zhongke Shuguang and Haiguang Information announced a major asset restructuring plan, which has led to increased trading volume in their respective ETFs, suggesting market anticipation of potential investment opportunities following the resumption of trading [1] Group 2 - The semiconductor ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of April 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 67.82% of the index, with companies like Cambricon, SMIC, and Haiguang Information being significant contributors [2]

Core Insights - The China Securities Artificial Intelligence Theme Index (930713) has shown a slight increase of 0.10% as of May 28, 2025, with notable gains in constituent stocks such as Xinyisheng (300502) up by 5.34% and Zhongji Xuchuang (300308) up by 2.44% [3] - The AI Artificial Intelligence ETF (512930) has reported a 22.93% increase over the past year, closing at 1.28 yuan [3] - The proposed acquisition of Zhongke Shuguang by Haiguang Information is seen as a significant move for the computing power industry, potentially leading to a full domestic replacement across the industry chain [3] - Market activity has increased around the stocks involved in the merger, indicating investor speculation on the opportunities post-resumption of trading [3] Index Performance - As of April 30, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Theme Index accounted for 50.64% of the index, with notable companies including Cambricon (688256) and Hikvision (002415) [4] - The top ten stocks by weight include: - Cambricon (688256) at 7.00% - Hikvision (002415) at 6.12% - Weir Shares (603501) at 6.09% - Other significant contributors include Zhongke Shuguang (603019) and Keda Xunfei (002230) [6]

Core Viewpoint - The report highlights the strategic significance of the merger between Haiguang Information and Zhongke Shuguang, emphasizing its potential to reshape the domestic computing power industry amid increasing localization trends in chip production [2][3]. Company Overview - Zhongke Shuguang announced the planned merger with Haiguang Information, which is seen as a pivotal move for the computing power industry, especially in the context of U.S. export controls affecting several companies [2]. - The merger aims to facilitate a complete domestic replacement across the industry chain, enhancing integration and development opportunities [2][3]. Financial Insights - As of May 23, prior to the suspension of trading, Zhongke Shuguang held significant stakes in several listed companies, with a total market value of approximately 948 billion yuan from its holdings in Haiguang Information, Shuguang Shuchuang, and Zhongke Xingtong [3]. - The company has diverse business operations, including server hardware, cloud computing platforms, and big data services, which contribute to its overall market presence [3]. Market Dynamics - The computing power industry is shifting from a globalized model to a polarized one, with domestic companies facing challenges due to international restrictions on chip supplies [2]. - The upcoming launch of new products from Haiguang, including the Haiguang 5 CPU and Shenxuan 3 DCU, is expected to be a critical milestone for the company [4]. Performance Metrics - Despite a projected revenue decline of 8.40% in server-related business for 2024, the gross profit margin is expected to improve by 5.46 percentage points, indicating a focus on enhancing revenue quality [4]. - Comparatively, domestic competitors are experiencing significant margin compression, highlighting Zhongke Shuguang's relative strength in maintaining profitability [4]. Investment Outlook - The investment rating for Zhongke Shuguang remains "buy," with projected earnings per share (EPS) for 2025, 2026, and 2027 estimated at 1.68 yuan, 2.28 yuan, and 3.02 yuan respectively [5]. - The average target price set by institutions over the past 90 days is 78.47 yuan, with 14 out of 16 institutions recommending a buy [5].