目 录 | 1. | 2025 | | 年第四次临时股东会会议议程 1 | | --- | --- | --- | --- | | 2. | 2025 | | 年第四次临时股东会会议须知 2 | | 3. | 议案一 | 关于 2025 | 年中期现金分红的议案 3 | 曙光信息产业股份有限公司 2025 年第四次临时股东会会议议程 现场会议时间：2025 年 12 月 29 日 14 点 00 分 网络投票时间：2025 年 12 月 29 日 9:15-9:25，9:30-11:30，13:00-15:00 现场会议地点：北京市海淀区中关村软件园 36 号楼会议室 会议议程： 一、主持人宣布会议开始并报告会议出席情况。 二、审议以下议案： 4、统计现场投票结果。 三、现场会议结束，等待网络投票结果。 四、统计现场及网络投票汇总结果。 五、宣布本次会议审议事项表决结果及股东会决议。 六、律师发表对本次股东会的见证意见。 七、相关人员签署会议文件。 八、本次股东会会议结束。 序号 议案名称 非累积投票议案 1 关于公司 2025 年中期现金分红的议案 1、公司董事、高级管理人员接受股东就以上议案相关问题的提问 ...

中科曙光公告称，2025年第四次临时股东会将于12月29日召开，将审议2025年中期现金分红议案。2025 年前三季度公司实现归母净利润9.66亿元，母公司净利润9.13亿元。截至9月30日，母公司报表期末未分 配利润56.20亿元。公司拟向全体股东每10股派发现金红利0.7元（含税），扣除回购专用账户股份后， 实际可参与分配股数14.62亿股，拟派发现金红利1.02亿元（含税），不送红股、不转增股本，现金分红 占净利润比例10.60%。 ...

Market Performance - On December 23, A-shares saw collective gains with the Shanghai Composite Index rising by 0.07% to 3919.98 points, the Shenzhen Component Index increasing by 0.27% to 13368.99 points, and the ChiNext Index up by 0.41% to 3205.01 points [1] Fund Manager Changes - On December 23, a total of 49 fund managers experienced changes in their positions, with 55 fund products announcing manager departures, involving 19 fund managers [3] - Over the past 30 days (November 23 to December 23), 634 fund products had manager changes, with 12 managers leaving due to job changes and 7 due to product expirations [3] Fund Manager Performance - Fund manager Yan Fei, currently managing assets totaling 392 million yuan, achieved a return of 144.93% on the Rongtong Blue Chip Growth Mixed A/B fund during her tenure of 8 years and 111 days [4] - New fund manager Zheng Yingli, managing assets of 646 million yuan, achieved a return of 140.22% on the Huabao Core Advantage Mixed C fund over 3 years and 122 days [5] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund with 36, Huatai-PineBridge with 33, and China Universal with 32 [6][7] - The most researched industry was specialized equipment, with 166 instances, followed by chemical products with 126 [6][7] Recent Company Focus - In the last month, the most scrutinized company by public funds was Zhongke Shuguang, with 117 fund management companies participating in its research, followed by Haiguang Information and Changan Automobile [7][8] - In the past week (December 16 to December 23), Changan Automobile was the most researched company, with 68 fund institutions involved [8][9]

Core Viewpoint - The Chinese quantum technology industry is transitioning from academic research to commercial application, with significant advancements in quantum error correction achieved by the team led by Academician Pan Jianwei, laying a crucial foundation for practical quantum computing [1] Group 1: Industry Development - The "14th Five-Year Plan" has established quantum technology as a new economic growth point, indicating a shift in focus from laboratory verification to industrialization [1] - Recent drafts of the "14th Five-Year Plan" from various regions emphasize the layout of the quantum technology industry [1] Group 2: Future Growth Potential - More than five institutions predict that ten quantum technology concept stocks, including Zhongke Shuguang (603019), Huagong Technology (000988), Aerospace Electronics (600879), Guangxun Technology (002281), and Guodun Quantum, will see net profit growth rates exceeding 20% in 2026 and 2027 [1] - According to data from Data Treasure, as of December 22, five of these ten high-growth concept stocks have seen net financing purchases exceeding 100 million yuan since December, specifically Aerospace Electronics, Huagong Technology, Kehua Data (002335), Guangxun Technology, and Guodun Quantum [1]

Core Viewpoint - The launch of the scaleX supercluster by Zhongke Shuguang marks the first real machine appearance of a domestic AI supercluster with compatibility for open standards, showcasing significant advancements in computing power and efficiency [1] Group 1: Product Features - The scaleX supercluster consists of multiple scaleX640 ultra nodes, each housing 640 cards, totaling 10,240 acceleration cards with a computing power exceeding 5 EFlops (500 billion billion operations per second) [1] - The self-developed scaleFabric network chip provides a bandwidth of 400 Gb/s and latency below 1 microsecond, with the capability to expand to 100,000 cards, resulting in a 30% reduction in network costs [1] Group 2: Cooling and Efficiency - The system employs full immersion phase change liquid cooling, enhancing the computing density in a single cabinet by 20 times, achieving a Power Usage Effectiveness (PUE) of 1.04 [1] - A three-level collaborative optimization improves the training and inference efficiency of large models by 30-40%, with GPU utilization rates increasing by up to 55% [1] Group 3: Reliability and Availability - The cluster boasts a high availability rate of 99.99%, with less than 4 minutes of downtime over a 30-day period [1]

临近年末，A股波动加大，但机构调研热度未减。 据Wind统计，截至12月21日，本月内至少已有472家A股上市公司接受了机构调研。其中，机构关注度 排名前十（以调研机构家数为准）的上市公司分布在计算机设备和附件、集成电路、汽车制造、石油天 然气设备与服务、工业机械、电气部件与设备、医药等行业，这些公司大多为Wind新质生产力概念 股。 受访人士向21世纪经济报道记者指出，机构调研逻辑正在转向"业绩兑现确定性与技术迭代潜力"双轮驱 动，更加注重企业长期价值与产业趋势的契合度。 扎堆调研新质生产力 近期，各类资产管理机构的调研持续围绕科技主线展开。部分"含科量"较高的上市公司，往往会吸引券 商、公募基金、私募基金、保险公司及保险资管等机构扎堆调研。 Wind数据显示，12月1日—12月21日，中科曙光、海光信息、长安汽车、杰瑞股份、博盈特焊至少获得 了365家、365家、227家、221家、139家机构调研，为机构调研热度排名前五的上市公司。 此外，调研超捷股份、奥比中光-UW、天华新能、伟测科技的机构数量则位于73家—77家区间。 从行业分布来看，上述被调研的14家上市公司主要分布在集成电路、计算机设备和附件、 ...

Core Insights - The computing power industry is undergoing a significant shift from a focus on single-point performance to system efficiency and multi-party collaboration in response to the demands of large models [1][2][3] Group 1: Industry Trends - The consensus among industry leaders is that the competition in computing power has evolved, necessitating a shift from a full-stack approach to a collaborative system engineering model [1][2] - As the scale of models increases to trillions of parameters, the challenges faced by computing systems extend beyond peak computing power to include interconnect bandwidth, storage hierarchy, power cooling, and system stability [2][3] - Traditional computing nodes are becoming inadequate for supporting large-scale models, leading to a consensus shift towards super-node and super-cluster models that utilize high-speed buses to connect multiple GPUs [3] Group 2: Challenges in the Ecosystem - The full-stack self-research model adopted by many domestic manufacturers has led to increased internal competition and fragmentation, creating multiple closed ecosystems that complicate user experiences [4][5] - Users face significant challenges in adapting to various chip architectures, leading to high costs and reduced development efficiency due to the need for extensive optimization and adaptation [5][6] - The lack of a cohesive ecosystem in domestic AI development is seen as a bottleneck, with manufacturers struggling to achieve seamless integration between hardware and software [6] Group 3: Shift to Open Computing - Open computing is being emphasized as a necessary approach, requiring manufacturers to move away from a "one company does it all" mentality towards a collaborative model where multiple firms contribute to different layers of the system [7][8] - The transition to open computing involves significant challenges, including the need to relinquish some control and profit margins, as well as establishing effective coordination mechanisms among various stakeholders [7][8] - A layered decoupling of the industry chain is essential for open computing, where different companies work on components like chips, interconnects, and storage while maintaining unified standards to ensure system efficiency [8] Group 4: Future Outlook - The coexistence of tightly coupled closed systems and open collaborative systems is expected to persist in the rich application landscape of the domestic market [9] - The ability to create an efficient, collaborative, and sustainably evolving system will be a critical factor determining the survival of manufacturers in the evolving landscape of large models and super clusters [9]

Group 1 - In December, nearly 500 companies have been surveyed by institutional investors, with a strong focus on the technology sector [1][12] - A total of 471 companies in the A-share market have been publicly surveyed by institutional investors since December, with 23 companies receiving over 50 institutional visits and 9 companies over 100 [2][13] - Among the most frequently surveyed companies, Zhongke Shuguang and Haiguang Information attracted the highest attention, with 365 institutions participating in their surveys [3][14] Group 2 - Zhongke Shuguang launched the scaleX Wanka Super Group at the 2025 Photonic Organization AI Innovation Technology Conference, focusing on trillion-parameter large models and scientific intelligence scenarios [4][15] - Jie Rui shares have made significant breakthroughs in the North American market, signing a sales contract for generator sets worth over 100 million USD, marking a key business breakthrough in the high-end power market [4][15] - Companies like Boying Welding and Ice Wheel Environment have organized over 10 survey activities each this month, indicating high interest in gas turbine concepts [5][16] Group 3 - Several companies that received institutional attention have seen significant stock price increases, with Hualing Cable experiencing an 83.61% increase in December [6][17] - Shaanxi Huada's stock surge is linked to its plan to acquire 100% of Huajing Microelectronics, entering the lucrative optical module market [8][18] - High-profile institutions, such as Gao Yi Asset, have conducted surveys on 11 companies this month, including Boying Welding and Jie Rui shares [9][19] Group 4 - The survey of Jie Rui shares revealed the company's commitment to continue deepening its presence in data centers, industrial energy, and new power systems [10][20] - The company has expanded its production capacity in the U.S. to meet the demand for gas turbine generator equipment in North America [10][20] - A focus on humanoid robots and AI vision technology was highlighted during the survey of Aobi Zhongguang, showcasing its competitive edge in the robotics sector [11][21]

Market Performance - On December 22, A-shares saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 0.69% to 3917.36 points, the Shenzhen Component Index increasing by 1.47% to 13332.73 points, and the ChiNext Index climbing by 2.23% to 3191.98 points [1] Fund Manager Changes - From December 20 to December 22, a total of 58 fund managers experienced changes in their positions, with 652 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 23 fund managers leaving due to job changes, 5 due to product expiration, and 1 for personal reasons [3] - During the same period, 88 fund products announced new fund manager appointments involving 30 fund managers [5] Fund Manager Performance - Zhang Xiaonan, a fund manager at Invesco Great Wall, currently manages assets totaling 30.607 billion yuan, with the highest return product being the Invesco Great Wall Nasdaq Technology ETF, which achieved a return of 134.72% over 2 years and 316 days [4] - Zhang Dazheng, a fund manager at Yingda Fund, manages assets of 12.372 billion yuan, with the highest return product being Yingda Strategy Preferred A, which gained 77.05% over 5 years and 352 days [6] Fund Research Activity - In the past month (November 22 to December 22), Bosera Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Huaxia Fund, and Huitianfu Fund, which researched 36, 32, and 31 companies respectively [8] - The most researched industry was specialized equipment, with 167 instances, followed by the semiconductor industry with 121 instances [8] Individual Stock Research - The most focused stock by public funds in the last month was Zhongke Shuguang, with 117 fund management companies participating in its research, followed by Haiguang Information and Changan Automobile, each with 117 and 82 participating fund managers respectively [9] - In the last week (December 15 to December 22), Changan Automobile was the most researched company, with 68 fund institutions involved [9]

Summary of Zhongke Shuguang Conference Call Company Overview - **Company**: Zhongke Shuguang (中科曙光) - **Product**: SCALE X640 Super Cluster Key Points Industry and Product Features - The SCALE X640 Super Cluster utilizes a 1:4 ratio of CPU to AI chips, with a single cabinet power consumption of approximately 860 kW, employing self-developed HSL interconnection technology and silent phase change liquid cooling technology [2][5] - The system's computing power is twice that of domestic competitors at BF16 precision, compatible with the CUDA ecosystem, featuring 10,240 AI chips and achieving a single cluster computing power of 500 million FLOPS [2][7] - The total HBM bandwidth is 18 PB/s, with a total capacity of 650 TB, inter-chip bandwidth of 4.5 PB/s, and inter-cabinet bandwidth of 500 TB/s, significantly enhancing large model inference and training capabilities [2][7] Technological Advancements - The self-developed Scale Fabric network supports over 100,000 cards, with a performance improvement of 2.33 times and a total cost reduction of 30% compared to traditional IP networks [2][8] - The network features a port speed of 400 Gbps, native RDMA support, and a switching capacity of 2,614 TB, surpassing competitors [8][9] - The system's architecture is compared favorably to NVIDIA and Huawei, with higher power density and advanced cooling technology [6][13] Storage Innovations - The company has optimized storage technology through tight coupling of computing and storage, achieving a 5.5 times increase in data access bandwidth for NVMe nodes [11] - Future plans include launching the next-generation Flash series FN9,000, targeting over 200 million IOPS and providing 10 TB access bandwidth for 100,000 cabinets [12] Market Position and Opportunities - The company’s super cluster capabilities exceed market expectations in scale, core network capability, and storage capacity, positioning it favorably in the context of AI localization and advanced computing trends [13][14] - The current AI development trend presents significant opportunities for Zhongke Shuguang and related ecosystem companies, suggesting continued investor interest [15] Valuation Insights - Potential valuation for Haiguang Information could exceed 2 trillion, with each business segment having a market value potential of 500 billion to 1 trillion [16] - Zhongke Shuguang's valuation model remains unchanged despite the termination of its merger with Haiguang Information, with significant growth potential in its core server business and related technologies [16] Risks - Caution is advised regarding transitional risks following the merger termination, including funding transitions, new product development delays, and intensified market competition [16]