Core Viewpoint - The semiconductor industry in China is experiencing a significant slowdown in merger and acquisition (M&A) activities, with several high-profile deals being terminated due to various factors including valuation discrepancies and regulatory scrutiny [3][10]. Group 1: Termination of Mergers - Major asset restructuring plans involving domestic computing leader Zhongke Shuguang and Haiguang Information, as well as the acquisition of Chipmunk Technology by Chip Origin, have been announced as terminated [1][6]. - The termination of these deals reflects a broader trend in the semiconductor sector, where companies cite reasons such as "changes in market environment" and "failure to reach consensus on core terms" [3][6]. Group 2: Market Dynamics and Valuation Issues - The stock prices of Zhongke Shuguang and Haiguang Information saw significant fluctuations, with increases of 61.76% and 61.1% respectively since the announcement of the merger plan, complicating the share exchange proposal [5]. - The complexity of shareholder structures and differing interests among investors have made it challenging to reach agreements on valuations, contributing to the failure of M&A deals [7][10]. Group 3: Regulatory Environment - The regulatory landscape for semiconductor M&A is becoming increasingly stringent, with authorities scrutinizing cross-industry mergers more closely [8]. - Recent policies aimed at supporting acquisitions of high-quality, unprofitable tech companies have led to a surge in M&A activity, but also an increase in the number of terminated deals as expectations and valuations clash [6][10]. Group 4: Future M&A Strategies - Despite recent setbacks, companies like Chip Origin are actively seeking new acquisition opportunities, as evidenced by their plan to invest in and acquire control of ZD Semiconductor [10][11]. - The semiconductor industry is expected to continue pursuing M&A as a strategy for growth, with a focus on integrating core technologies and expanding into emerging markets [11][12].

记者丨彭新 编辑丨骆一帆 进 入 12 月 ， 筹 划 重 大 资 产 重 组 的 国 产 算 力 龙 头 中 科 曙 光 （ 603019.SH ） 与 海 光 信 息 （688041.SH）合并案、半导体IP第一股芯原股份（688521.SH）并购芯来智融案相继宣布终 止交易。 前者终结了旨在实现两家公司深度整合的"换股吸收合并"计划，后者则称因关键事项未达预 期，放弃了对RISC-V独角兽芯来智融的发行股份购买资产安排。 此外，思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在12月相继宣告终止并 购重组。 同时，过去几年一级市场对半导体赛道的热捧推高了企业估值，而当这些标的进入并购市场 时，其股东结构往往已经相当复杂，多轮融资带来的多方投资者，各自有着不同的退出时间 表和收益预期，无疑增加了并购双方达成一致的难度。 图片来源：IC photo 估值倒挂与监管趋严是主因 12月半导体行业领域并购密集"踩刹车"，从终止并购的原因来看，各家公告的理由不尽相 同，有的称"市场环境变化"，有的则表示"核心条款未达成一致"。 就海光信息终止吸收合并中科曙光一案来看，在投资者说明会上，海光信 ...

Group 1 - Several recent mergers and acquisitions in the A-share semiconductor sector have been halted, raising market concerns [1] - DiAo Micro announced the termination of its acquisition of Rongpai Semiconductor due to failure to reach consensus on key terms [1] - SiRuPu decided to terminate its acquisition of Ningbo Aola Semiconductor as the conditions for major asset restructuring were not fully mature [1] Group 2 - The majority of terminated transactions involve small and medium-sized private listed companies, primarily focusing on significant cash or share transactions [2] - The core issues leading to transaction terminations are the inability to agree on key terms and changes in market conditions that render transaction conditions immature [2] - The success rate of mergers and acquisitions in the Sci-Tech Innovation Board is over 70%, indicating that a certain percentage of terminated transactions may be a normal aspect of market-driven mergers [2] Group 3 - The high activity level in the semiconductor industry and the complexity of shareholder structures contribute to increased negotiation difficulties in mergers and acquisitions [3] - Market demand fluctuations and changes in the market environment have made companies more cautious in pursuing acquisitions to avoid operational risks [3] Group 4 - To protect investor interests, regulations have been established to enhance information disclosure and communication regarding terminated restructurings [4] - Companies that terminate restructurings have been proactive in disclosing reasons and potential impacts, often holding investor meetings to address market concerns [4] - Following the termination of restructurings, related companies' stock prices have seen an approximate decline of 4%, reflecting a stable market response without significant irrational fluctuations [4] Group 5 - The China Securities Regulatory Commission has proposed regulations to standardize merger and acquisition behaviors and clarify the responsibilities of financial advisors [5] - In 2024, regulatory authorities addressed 35 cases of insider trading related to mergers and acquisitions, demonstrating a strict regulatory approach [5] - The regulatory environment emphasizes a "zero tolerance" policy towards fraudulent activities in mergers and acquisitions, aiming to protect the rights of small investors [5]

Core Viewpoint - The planned merger between Haiguang Information and Zhongke Shuguang, aimed at creating a comprehensive "chip-server-computing service" giant, has been halted due to significant changes in market conditions and the complexity of the transaction [4][21]. Group 1: Company Background - Haiguang Information, established in 2014, has Zhongke Shuguang as its largest shareholder, holding 27.96% of its shares as of September 30 [2][18]. - Haiguang focuses on CPU and DCU chip design, while Zhongke Shuguang specializes in server manufacturing and cloud computing services, with over 2 million cloud platform users [3][19]. Group 2: Business Synergy - The merger was expected to allow Haiguang's chips to be deeply integrated with Zhongke Shuguang's server systems, reducing adaptation costs and accelerating product iteration [20]. - The combination was seen as a strong partnership in the context of increasing demand for AI computing and domestic alternatives [20]. Group 3: Reasons for Termination - The termination was attributed to the large scale of the transaction, the number of parties involved, and significant market changes since the merger was proposed, making the conditions for restructuring no longer viable [4][21]. - Both companies have committed to a "cooling-off period" of at least one month before planning any major asset restructuring [6][22]. Group 4: Financial Health and Strategic Focus - Zhongke Shuguang reported a healthy cash flow, with a cumulative net inflow of 6.834 billion from 2021 to 2024, indicating strong profitability and self-sufficiency [10][25]. - The termination of the merger allows both companies to focus on their core competencies without the distraction of integration challenges, with Haiguang needing to concentrate on chip development and Zhongke Shuguang on system integration [12][27]. Group 5: Market Opportunities - The current "new infrastructure" wave in China, with a total investment of 5.75 trillion planned for key projects by mid-2025, presents significant opportunities for Zhongke Shuguang as a major supplier of computing equipment [28][29]. - The reduction in sales expense ratio from 5.88% in 2024 to 5.51% in the first three quarters of 2025 indicates improved market expansion conditions for Zhongke Shuguang [13][31]. Group 6: Future Collaboration - Despite the merger's termination, both companies will continue to deepen their collaboration in system product applications, focusing on high-end computing and AI platforms [15][32]. - This approach allows them to maintain flexibility in technology paths and market responses while avoiding potential management redundancies from a merger [32].

Investment Rating - The report maintains a rating of "Outperform" for the industry, indicating an expected performance that exceeds the market average [2]. Core Insights - The report emphasizes that AI inference will lead innovation, focusing on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It predicts that 2025 will be a significant year for the expansion of storage capacity, driven by the increasing demand for SSDs and HBM products [2][28]. - The report highlights the importance of domestic supply chains in the storage industry, particularly in NAND and DRAM sectors, and suggests monitoring key players in these areas [2][28]. - The introduction of the GPT-5.2 model by OpenAI is noted as a significant development in the AI sector, showcasing advancements in professional knowledge work [25][26]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.34%, while the Shenzhen Component Index increased by 0.84%, and the ChiNext Index rose by 2.74% [11]. - The Shenwan Electronics Index increased by 2.63%, ranking third among 31 Shenwan industries, with a year-to-date increase of 45.9% [11]. Weekly Insights - The report identifies key areas of investment: storage, power, ASIC, and supernodes, with specific companies highlighted for each category [2][28]. - It notes the expected growth in the power industry, particularly in new technologies for both generation and consumption [28]. Related Research - The report references several previous studies focusing on AI inference and domestic semiconductor trends, indicating a consistent theme of growth and innovation in these sectors [4][5][28]. Company Performance - The report details the performance of specific companies within the electronics sector, noting significant gains for firms like Fuxin Technology and Dongtian Micro, while others like ST Huilun faced declines [19][22].

Core Insights - The liquid cooling server industry is experiencing significant growth, driven by increased demand for high-density servers and efficient cooling solutions [1][2] - Major companies are actively investing in liquid cooling technologies, with substantial market opportunities projected in the coming years [2][3] Industry Developments - Xiechuang Data plans to invest up to 9 billion yuan to purchase servers from multiple suppliers, indicating accelerated infrastructure development in cloud computing [1] - The 5th International AIDC Liquid Cooling Supply Chain Summit will be held on December 18-19, focusing on technology exchange and market trends [1] Market Projections - UBS forecasts that the global direct liquid cooling market for data centers will grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate of 51% [2] - The AI server liquid cooling market is expected to reach $23.746 billion, while the non-AI server liquid cooling market will grow to $7.446 billion [2] Company Highlights - Yingweike (002837) holds over 35% market share in liquid cooling technology and is a designated temperature control supplier for major clients like Tencent and Alibaba [2] - Shenling Environment (301018) is a core supplier for Huawei's data centers, with 63 liquid cooling patents and a PUE as low as 1.15 [2] - Highlan (300499) uniquely supplies both server and energy storage solutions, with a client base including ByteDance and Alibaba [3] Key Component Suppliers - Juhua (600160) is a leading domestic supplier of electronic-grade fluorinated liquids, aiming for a 15% global market share by 2025 [4] - Feirongda (300602) specializes in integrated cooling solutions and is a core supplier for Huawei servers [5] - Zhongshi Technology (300684) provides unique nano-carbon material cooling plates, with over 90% of its business in liquid cooling modules [5] System Integration Leaders - Inspur (000977) is a leading global liquid cooling server provider, with a projected market share of over 45% in 2024 [6] - Zhongke Shuguang (603019) collaborates on liquid cooling server development, introducing a high-density cooling solution for complex computing scenarios [6] - Unisplendour (000938) has a significant market presence with over 35% share in the operator market and expects liquid cooling orders to exceed 5 billion yuan in 2024 [6] Other Relevant Companies - Guangxun Technology (002281) is the only domestic company to achieve mass production of liquid cooling optical modules, holding a 15% global market share [7] - Changfei Optical Fiber (601869) applies optical fiber technology to liquid cooling, enhancing data transmission efficiency [8] - Ruijie Network (301165) offers a full range of liquid cooling products and has launched a new immersion liquid cooling switch [8]

Group 1 - In the past five trading days, a total of 204 companies were investigated by institutions, with significant interest in Haiguang Information, Zhongke Shuguang, and Xiamen Tungsten [1][2] - Among the companies surveyed, 37 received attention from more than 20 institutions, with Haiguang Information being the most popular, attracting 366 institutions [1][2] - The types of institutions involved in the surveys included 183 securities companies, 127 fund companies, and 80 private equity firms, indicating a strong participation from securities firms [1] Group 2 - In terms of survey frequency, two companies, Boying Special Welding and Yunnan Baiyao, were investigated five times, indicating high interest [2] - Out of the stocks surveyed by more than 20 institutions, 15 experienced net capital inflows in the past five days, with Feilong Co., Ltd. seeing the highest net inflow of 349 million [2] - Among the stocks that were heavily surveyed, 16 saw price increases, with the highest gains recorded by Chaojie Co., Ltd. at 29.17% [2] Group 3 - The performance of heavily surveyed stocks showed mixed results, with 21 stocks experiencing declines, the largest drop being 29.88% for Yipin Hong [2][3] - The table of surveyed stocks includes Haiguang Information with a closing price of 197.75 yuan and a decline of 9.83%, and Zhongke Shuguang with a closing price of 82.72 yuan and a decline of 17.39% [2][3] - Other notable stocks include Xiamen Tungsten, which was surveyed by 172 institutions and had a price increase of 6.89% [2][3]

- The report discusses the market performance on December 16, 2025, highlighting that most indices were in a declining state, with the Shanghai Stock Exchange 50 Index performing relatively better, despite a 1.08% drop[6] - The report also notes that the North Exchange 50 Index performed well, increasing by 0.54%, while other indices such as the CSI 500 and CSI 1000 saw declines of 1.58% and 1.74%, respectively[6] - In terms of sector performance, the comprehensive financial, retail, consumer services, food and beverage, and transportation sectors performed relatively well, while the non-ferrous metals, communications, electrical equipment, media, and machinery sectors performed poorly[7] - The report provides detailed data on market sentiment, noting that 44 stocks hit their daily limit up and 38 stocks hit their daily limit down at the close of trading on December 16, 2025[13] - The report includes information on the financing and securities lending balance, which stood at 25,057 billion yuan as of December 15, 2025, with a financing balance of 24,886 billion yuan and a securities lending balance of 171 billion yuan[19] - The report also discusses the premium and discount rates of ETFs, noting that the Science and Technology Innovation 100 ETF from China Universal had the highest premium at 0.99%, while the Private Enterprise 300 ETF had the highest discount at 0.52% on December 15, 2025[23] - The report provides data on block trading, noting that the average daily transaction amount of block trades over the past six months was 2.1 billion yuan, with a discount rate of 6.64%, and the transaction amount on December 15, 2025, was 4.1 billion yuan with a discount rate of 4.82%[26] - The report includes information on the annualized discount rates of stock index futures, noting that the main contract of the Shanghai Stock Exchange 50 Index had an annualized discount rate of 9.55% on December 16, 2025, while the CSI 500 and CSI 1000 index futures had annualized premium rates of 10.57% and 8.56%, respectively[28] - The report provides data on institutional attention and the Dragon and Tiger List, noting that Haiguang Information was the most researched stock by institutions in the past week, with 342 institutions conducting research[30] - The report includes data on the net inflow and outflow of institutional seats, noting that the top ten stocks with the highest net inflow were Zhongchao Holdings, Aerospace Technology, Snowman Group, Chuangshi Technology, Wavelength Optoelectronics, Zhilaike Technology, Hengbao Co., Ltd., Hongqi Chain, Tianjian Technology, and Dapeng Industry[35] - The report also provides data on the net inflow and outflow of Northbound funds, noting that the top ten stocks with the highest net inflow were Yonghui Superstores, Snowman Group, Wavelength Optoelectronics, Hengbao Co., Ltd., Duolun Technology, Hualing Cable, Jiuziyang, Cuiwei Co., Ltd., Jingda Co., Ltd., and Tongyu Communications[36]

人民财讯12月16日电，据中科曙光（603019）消息，12月16日，海南省政府与中科曙光在海口签署战略 合作协议。根据协议，双方建立全方位战略合作关系，立足海南省资源和发展需求，深化在人工智能产 业、数字生态培育、高素质人才培养等领域合作，实现互利共赢发展。会见中，双方围绕充分发挥各自 优势，抢抓海南自由贸易港建设机遇，推动数字经济产业创新发展，打造人工智能国际应用场景，深化 前沿技术研发应用等内容深入交流。 ...

Group 1: Company Announcements - Haiyou New Materials plans to establish a wholly-owned subsidiary and invest 300 million yuan in a polymer special adhesive film production project in Chengdu, which aims to optimize resource allocation and production capacity layout [4] - Dekeli's board member plans to reduce holdings by no more than 100,000 shares, representing a reduction of 0.0632% of the company's total shares [5] - Saiwei Microelectronics announced that its actual controller and associated parties plan to reduce their holdings by no more than 1% of the company's total shares [3] Group 2: Technology Developments - Zhongke Shuguang has launched the world's first single-cabinet 640-card super node scaleX640, which can be combined to form a thousand-card computing unit, achieving a 20-fold increase in computing density compared to traditional solutions [5] - Haiguang Information's Haiguang DCU has over 99% operator coverage, compatible with CUDA, and supports a wide range of model training and inference scenarios [5] Group 3: Market Reactions - The Hang Seng Technology Index experienced a significant drop, with major companies like Alibaba, Tencent, JD.com, and Meituan seeing increased declines due to rumors regarding stricter tax recognition for high-tech companies [2] - Xpeng Motors has obtained an L3 autonomous driving road test license in Guangzhou, marking a step towards regular L3 road testing [2] Group 4: Financing Activities - Jiangfan Guizhi completed nearly 100 million yuan in Pre-A round financing to advance the production line construction and technology iteration of silicon-carbon anode materials [6] - Benait completed several million yuan in A++ round financing, focusing on the development and production of silicon-based liquid crystal optical devices [7] - Aosaire Biopharmaceutical completed several million yuan in Pre-A round financing to support the development of new imaging contrast agents and integrated therapeutic drugs [9]