证券代码：603019 证券简称：中科曙光 公告编号：2026-007 曙光信息产业股份有限公司 1 关于暂不召开股东会审议 曙光信息产业股份有限公司董事会 2026 年 2 月 10 日 本次向不特定对象发行可转换公司债券相关事项的公告 曙光信息产业股份有限公司（以下简称"公司"）于 2026 年 2 月 9 日召开的 第五届董事会第二十七次会议审议通过了公司向不特定对象发行可转换公司债 券的相关议案。本次向不特定对象发行可转换公司债券预案及相关公告已在中国 证监会指定的信息披露网站上披露，敬请投资者注意查阅。 根据相关法律、法规、规范性文件的要求以及《曙光信息产业股份有限公司 公司章程》的有关规定，本次提交董事会审议的向不特定对象发行可转换公司债 券预案相关事宜尚需提交公司股东会审议批准。鉴于公司本次向不特定对象发行 可转换公司债券的相关工作尚在进行中，故公司董事会决定暂不召开股东会审议 相关事项。待相关工作完成后，再行提请召开股东会审议。 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。 特此公告。 ...

中科曙光公告，公司于2026年2月9日召开第五届董事会第二十七次会议，审议通过了《关于公司向不特 定对象发行可转换公司债券预案的议案》及其他相关议案。公司本次向不特定对象发行可转换公司债券 预案等相关披露事项尚待公司股东会审议通过，并经上海证券交易所审核通过并经中国证券监督管理委 员会同意注册后方可实施。 ...

Core Viewpoint - The company plans to issue convertible bonds to raise a total of up to RMB 800 million for various advanced AI-related projects [1] Group 1: Fundraising Details - The total amount to be raised from the issuance of convertible bonds is capped at RMB 800 million, including the principal amount [1] - The funds will be allocated to projects such as advanced computing cluster systems for artificial intelligence, next-generation high-performance AI training and inference machines, and domestic advanced storage systems [1] Group 2: Funding Implementation - Prior to the arrival of the raised funds, the company will invest in the projects using its own or self-raised funds based on the actual progress of the investment projects [1] - Once the raised funds are in place, the company will replace the initial investments according to relevant laws and regulations [1]

Core Viewpoint - The article highlights the optimistic sentiment in the market, particularly in the U.S. stock market, with indicators suggesting a peak in positions and liquidity, while also identifying key investment opportunities in international stocks, Chinese consumer sectors, and emerging market resource producers [1][3]. Group 1: Market Sentiment and Indicators - The Bull & Bear Indicator from Bank of America has reached 9.6, the highest level since March 2006, indicating a peak in positions, liquidity, and inequality [1]. - The recent market rebound has led to a surge in optimism, with investors positioning themselves ahead of the holiday season [1]. Group 2: Investment Opportunities - The best investment directions towards 2026 include international stocks, the Chinese consumer sector, and emerging market resource and commodity producers [3]. - The AI computing demand is still in its early growth phase, with Nvidia's CEO stating that high investments will continue for the next 5-10 years, alleviating concerns about "overcapacity" in computing power [3]. Group 3: Sector Performance and Trends - The optical communication sector has seen significant gains, driven by Nvidia's rebound and the growing demand for AI computing [3][10]. - The A-share market has shown strong performance, with major indices rising and significant trading volumes, particularly in the optical communication and AI application sectors [10]. Group 4: Industry Developments - Nvidia's CPO (Coherent Photonic Optics) is expected to begin mass production in Q4 2026, with major clients likely to include Microsoft and Oracle [7]. - The AI application sector is gaining traction, with companies like Rongxin Culture and Haikan Co. seeing stock price surges due to advancements in AI models [10][12]. Group 5: Chemical and Real Estate Insights - The chemical sector is experiencing price increases, with companies like Xinhecheng raising export prices for vitamin E [19]. - The real estate market shows a year-on-year increase in second-hand housing transactions, indicating a potential recovery in the sector [21].

Core Insights - The National Innovation Center in Beijing has gathered over 700 enterprises, covering key sectors such as CPU, operating systems, databases, complete machines, network security, and application software [5][21]. Group 1: Key Enterprises - Loongson Technology (龙芯中科, 688047) is a leader in domestic CPU with its LoongArch instruction set and has a strong market share in government and terminal markets [6][22]. - Phytium Technology (飞腾信息, 000066) leads in the integration of servers and terminals with its FT series CPUs and has a well-adapted ecosystem [6][22]. - Haiguang Information (海光信息, 688041) focuses on general-purpose CPUs and DCU chips, being a major player in high-performance computing and data center chips [7][22]. - Tongxin Software is a core manufacturer of domestic desktop and server operating systems with a rich adaptation ecosystem [8][23]. - Kylin Software (麒麟软件, 600536) is a key supplier for critical industries such as government and finance with its Galaxy Kylin OS [9][24]. - DM Database (达梦数据库) is recognized as a benchmark for domestic databases with leading transaction processing performance [10][25]. - Renmin University of China Database (人大金仓) has a high penetration rate in government and central enterprise markets with its KingbaseES database [11][26]. - Sugon (中科曙光, 603019) is a leader in server and supercomputing infrastructure with advanced liquid cooling technology [12][27]. - China Great Wall Technology (中国长城, 000066) is a core enterprise in the domestic closed-loop for innovation with its Feiteng platform and terminals [13][28]. - Aisino (亚信安全, 688225) leads in security solutions for innovation environments with strong adaptation capabilities [14][29]. - Sangfor Technologies (深信服, 300454) is a leader in enterprise security and cloud computing solutions [15][29]. - Kingsoft Office (金山办公, 688111) is a leading domestic office software provider with extensive adaptation in innovation [15][29]. - Yonyou Network (用友网络, 600588) is a core manufacturer for enterprise management software transformation in innovation [16][30]. - SMIC (中芯国际) supports domestic chip manufacturing with its advanced 12-inch wafer fabrication capabilities [16][30]. - Unisoc (紫光汉图) provides adaptation and solutions for innovation [16][30].

Group 1 - Zhongke Shuguang, based in Beijing, is a leading enterprise in high-performance computing, cloud computing, and big data, with a comprehensive self-developed technology system in computing infrastructure [1][29] - The company collaborates with top research institutions to develop quantum computing supporting technologies and has launched dedicated computing infrastructure for quantum computing [1][29] - Future prospects include becoming a core service provider for quantum computing industrialization, leveraging national computing network construction and quantum technology policies [1][29] Group 2 - iFlytek, located in Hefei, is a leader in intelligent voice and AI, focusing on the integration of quantum computing and AI applications [2][30] - The company aims to optimize AI model training efficiency using quantum computing's parallel processing advantages and explores quantum algorithms in various fields [2][30] - Future developments may lead to differentiated advantages in quantum intelligent interaction and optimization algorithms [2][30] Group 3 - Hengtong Optic-Electric, based in Suzhou, is a global leader in optical communication and energy interconnection, with a significant market share in quantum communication [3][31] - The company has developed quantum key distribution (QKD) equipment and has a market share of over 40% in quantum optical cables [3][31] - Future strategies include enhancing core devices and exploring the integration of quantum communication with marine communication [3][31] Group 4 - Aerospace Electronics, located in Beijing, is a core enterprise in aerospace electronic information, focusing on quantum sensing and navigation technologies [4][32] - The company develops high-precision aerospace sensors based on quantum effects and supports the construction of space-based quantum communication networks [4][32] - Future advancements may position the company as a key supplier in aerospace quantum technology applications [4][32] Group 5 - Zhongtian Technology, based in Nantong, specializes in optical cables and renewable energy, focusing on the infrastructure for quantum key distribution networks [5][34] - The company collaborates with other quantum technology firms to provide supporting equipment for quantum communication systems [5][34] - Future efforts may include the development of specialized optical devices and solutions for quantum communication [5][34] Group 6 - Huagong Technology, located in Wuhan, is a leader in laser processing and optoelectronic devices, focusing on core optical devices needed for quantum communication [6][35] - The company aims to become a key supplier of quantum communication components and explore quantum sensing technology applications [6][35] - Future developments may enhance the company's position in the quantum communication market [6][35] Group 7 - China West Electric, based in Xi'an, focuses on quantum sensing technology applications in power systems, developing high-precision monitoring sensors [7][36] - The company aims to enhance the stability and intelligence of power systems through quantum sensing technology [7][36] - Future strategies may solidify the company's core advantages in quantum monitoring and precision measurement [7][36] Group 8 - AVIC Optoelectronics, located in Luoyang, specializes in high-precision connectors and optoelectronic components for quantum communication and computing [8][37] - The company aims to support the miniaturization and integration of quantum devices through its advanced manufacturing capabilities [8][37] - Future developments may expand the company's role in the quantum technology supply chain [8][37] Group 9 - Southern Power Grid Digital, based in Guangzhou, focuses on digital power grid solutions and quantum key distribution technology in power systems [9][38] - The company aims to establish a quantum security protection system for critical power infrastructure [9][38] - Future initiatives may position the company as a benchmark in quantum security applications within the power industry [9][38] Group 10 - China Great Wall, located in Beijing, is a leader in self-controlled computing and information security, focusing on post-quantum cryptography [10][39] - The company develops solutions to ensure information system security in the quantum computing era [10][39] - Future advancements may enhance the company's offerings in quantum security solutions [10][39] Group 11 - Kehua Data, based in Xiamen, specializes in data center infrastructure and energy management, providing power solutions for quantum computing facilities [11][41] - The company aims to become a core supplier for quantum computing infrastructure as the industry grows [11][41] - Future developments may optimize energy solutions for quantum computing centers [11][41] Group 12 - State Grid Information Communication, located in Beijing, focuses on digital power and information communication, exploring quantum key distribution in power networks [12][42] - The company aims to enhance the security of power communication networks through quantum technology [12][42] - Future strategies may solidify the company's role in promoting quantum communication applications in the power sector [12][42] Group 13 - Tiantong Co., based in Haining, specializes in magnetic materials and sapphire crystals, focusing on high-performance sapphire substrates for quantum computing [13][43] - The company aims to become a key supplier of materials essential for quantum chip manufacturing [13][43] - Future developments may expand the application of quantum materials in various quantum devices [13][43] Group 14 - Shenzhou Information, a leader in financial technology, focuses on quantum key distribution in the financial sector [14][44] - The company aims to build a quantum security financial service system to protect financial data [14][44] - Future initiatives may enhance the integration of quantum technology in financial services [14][44] Group 15 - Qiming Star, located in Beijing, is a leader in network security, focusing on the development of post-quantum cryptography technologies [15][45] - The company aims to provide comprehensive network security solutions to protect against quantum computing threats [15][45] - Future advancements may position the company as a core service provider in post-quantum security [15][45] Group 16 - Electric Science Network Security, based in Chengdu, focuses on quantum security technologies, including quantum key distribution and post-quantum cryptography [16][47] - The company aims to become a key player in quantum security for critical information infrastructure [16][47] - Future developments may enhance the company's capabilities in quantum security solutions [16][47] Group 17 - Keda Guokai, located in Hefei, focuses on the intersection of quantum computing and big data, developing algorithms for quantum data processing [17][48] - The company aims to accelerate the industrialization of quantum computing technologies [17][48] - Future initiatives may open new growth opportunities in the intelligent software industry [17][48] Group 18 - Guangdong Measurement, based in Guangzhou, specializes in calibration and testing services for quantum technology products [18][49] - The company aims to ensure the measurement accuracy and stability of quantum devices [18][49] - Future developments may position the company as a core calibration service provider in the quantum technology sector [18][49] Group 19 - Dongxin Peace, located in Zhuhai, focuses on quantum key distribution technology for IoT security applications [19][50] - The company aims to enhance the security of IoT devices and data transmission through quantum technology [19][50] - Future initiatives may solidify the company's position in the quantum security market for IoT [19][50] Group 20 - Hengbao Co., based in Zhenjiang, specializes in smart cards and financial technology, focusing on quantum security in financial transactions [20][51] - The company aims to develop quantum secure payment systems to protect financial data [20][51] - Future developments may enhance the company's offerings in quantum security applications within the financial sector [20][51] Group 21 - Datang Telecom, located in Beijing, focuses on integrated circuit design and quantum communication chip development [21][52] - The company aims to support the miniaturization and integration of quantum devices through specialized chips [21][52] - Future advancements may position the company as a key supplier in the quantum chip market [21][52] Group 22 - Guomin Technology, based in Shenzhen, focuses on post-quantum cryptography for security chips in various industries [22][54] - The company aims to ensure the security of devices and data in the quantum computing era [22][54] - Future developments may enhance the company's capabilities in the quantum security chip market [22][54]

郑州，天地之中、通衢古今。作为国际性综合交通枢纽，郑州已形成铁路、公路、航空等构成的交通运输网络。 如今，历史的接力棒移交到"算力"的手中。2月5日，由中科曙光提供的3套万卡超集群系统在国家超算互联网核心节点同时上线试运行，成为全国首个实 现3万卡部署、且实际投入运营的最大国产AI算力池。 随着核心节点上线试运行，3万张国产AI加速卡如星河般点亮中原大地，标志着郑州成为AI时代中国算力基础设施的战略枢纽。这不仅仅是一次全球领先 的大规模智能计算系统完成规模化部署落地，更是国家级"智算样板间"践行"开放架构"的关键里程碑，对于未来全国的产业协同、AI创新、生态赋能有着 重要意义。 核心节点上线，算力枢纽成形 从蒸汽时代到电气时代，再到如今的AI时代，人类社会生产力的每一次跃迁背后，都离不开一场关于基础设施的深刻变革。 "智算样板间"为何成色十足 在国家超算互联网核心节点中，中科曙光的scaleX万卡超集群堪称"动力心脏"。 scaleX万卡超集群通过 scaleFabric 高速网络互连而成，可实现 10240 块 AI 加速卡部署，采用采用超高密度刀片、浸没相变液冷等技术，将单机柜算力密 度提升 20 倍，P ...

证券研究报告·策略报告·策略周评 策略周评 20260208 Claude Opus 4.6 开启多 Agent 协作模式 2026 年 02 月 08 日 [Table_Tag] [Table_Summary] 本周 AI 要闻 （信息来源：第一财经、财联社、AI daily 等） 周度观点 ◼ Claude Opus 4.6 开启多 Agent 协作模式，AI 向生活场景渗透 （1）本周全球 AI 产业延续算力、模型与应用协同推进的演进趋势，基础 设施加码与应用场景扩展两条主线持续延展。算力端，头部云厂商持续加 大资本开支并通过融资扩容云基础设施，国内中科曙光万卡超集群上线试 运行，显示算力资源正加速向具备资金与技术优势的主体集中，行业门槛 持续抬升。模型端，随着大模型能力向复杂任务拆解与现实执行延伸，海 外厂商通过多 Agent 协作与企业级工作流，推动 AI 向"AI 员工"形态演 进，国内厂商则通过开源完善具身智能技术体系，推动模型能力向物理世 界延伸。应用端，AI 一方面通过人形机器人加速进入现实执行场景，另一 方面借助消费与开发等高频数字场景培育用户使用习惯。整体来看，AI 产 业正在算力集中与 ...

据业内人士介绍，国家超算互联网核心节点是"十四五"期间国家重点部署的全国一体化算力网络重大基础设施，旨在构建全球领先的国家级算力基础设施、 调度枢纽与服务平台，有力支撑人工智能、科学研究、数字经济等多领域发展。核心节点项目于2023年10月在河南郑州启动建设，2026年2月正式上线试运 行。目前核心节点已部署运行3套由中科曙光提供的万卡超集群系统，最大可对外提供超3万张国产AI加速卡算力，能够为各类Al大模型训练、高通量推 理、人工智能驱动科学创新等大规模AI计算应用场景提供高效、安全、普惠的算力服务。 新华财经上海2月8日电（记者高少华）国家超算互联网核心节点近日正式上线试运行，此次上线试运行的算力资源由中科曙光提供的3套万卡超集群系统提 供支撑，也是国家超算互联网平台上线以来接入的全国最大单体国产AI算力资源池。 专家认为，这标志着国产万卡集群已正式迈入规模化部署与实际应用的新阶段。国家超算互联网核心节点不仅缓解了算力供需失衡的行业痛点，更重塑了国 产算力产业的竞争格局，为数字经济发展注入强劲算力动能。 打通计算产业动脉，国家级算力节点试运行 随着近年来人工智能大模型、人工智能驱动科学创新（AI for ...

Investment Rating - The investment rating for the computer industry is "Positive" and maintained [10] Core Insights - The total market value of heavy holdings in the computer sector for Q4 2025 is approximately 23.27 billion, down from 37.36 billion in Q3 2025, reflecting a decrease of about 14.09 billion. The concentration of holdings has further increased, with a higher proportion in storage and vertical applications. Overall, the allocation ratio for the computer industry has reached a historically low level, indicating limited downside potential. With the acceleration of AI application commercialization, the sector is expected to see a recovery [2][5][6][35]. Summary by Sections Heavy Holdings and Allocation - The heavy allocation ratio for the computer sector has continued to decline, reaching a historical low of 1.6% in Q4 2025, down 0.7 percentage points from Q3 2025. The heavy allocation ratios over the past year have been -2.8%, -3.4%, -3.6%, and -3.8%, indicating a deepening decline [19][20]. Sector Performance and Fund Flow - The absolute value of holdings in various sub-sectors has generally decreased, with increased pressure from fund outflows. The top five sub-sectors by market value in Q4 2025 are IT infrastructure (2.8%), government IT (2.3%), industrial software (2.1%), cybersecurity (1.7%), and automotive IT (1.7%). The government IT sector saw a significant increase of 0.6%, while energy IT experienced a notable decline of 1.3% [6][34]. Concentration of Holdings - The concentration of holdings in the computer sector has significantly increased, reaching a new high. The CR10 and CR5 concentration ratios rose from 65.9% to 69.8% and from 49.1% to 57.8%, respectively, indicating a trend towards increased concentration of fund holdings [7][43]. Future Outlook - The application and computing power chains are expected to continue attracting institutional investments, with a focus on structural opportunities amid sector rotation. The current optimistic narrative surrounding AI is expected to drive demand for computing power, particularly as AI applications begin to materialize in various high-value scenarios [8][27][28]. Valuation Metrics - As of February 3, 2026, the latest PE-TTM for the Jiangsu computer index is 68.5 times, which is at the 91st percentile since 2016. In comparison, the latest PE-TTM for the CSI 300 is 13.3 times, at the 78th percentile [48][50].