Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is a significant event in the domestic computing industry, aiming to create a leading entity in the computing power sector with an estimated total market value exceeding 400 billion CNY [4][16]. Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share swap, with the trading plan revealed after a 10-day suspension [1]. - The share swap ratio is set at 1:0.5525, resulting in Haiguang Information issuing approximately 808 million new shares [14]. - The cash option for dissenting shareholders is set at 78% to 95% of the swap price, which is designed to encourage shareholders to opt for shares instead of cash [12][11]. Group 2: Financial Implications - The estimated total market value of the merged entity is projected to exceed 400 billion CNY, positioning it as a "carrier-level" enterprise in the domestic computing power field [4][16]. - Haiguang Information's share price increased by 4.3% to 141.98 CNY, while Zhongke Shuguang's share price hit the daily limit up, closing at 68.09 CNY [1][3]. Group 3: Strategic Importance - The merger is expected to enhance technological synergies and strengthen the competitive position within the information industry [9][16]. - The combined entity will cover the entire industry chain from chip design to cloud computing services, improving overall competitiveness [16]. Group 4: Shareholder Structure - Post-merger, the major shareholders will include entities from the Chinese Academy of Sciences, Chengdu state-owned assets, employee stock ownership plans, and market investors, creating a diversified ownership structure [15][14]. - The governance structure is anticipated to reflect a balance among the Chinese Academy of Sciences, Chengdu state-owned assets, and market-oriented investors, with potential implications for future board composition [16].

Core Viewpoint - The article discusses the merger plan between Haiguang Information and Zhongke Shuguang, highlighting the strategic significance and financial implications of the transaction, which is a rare consolidation in the computing power sector [1][10][11]. Summary by Sections Merger Announcement - Haiguang Information (688041.SH) has revealed its plan to absorb Zhongke Shuguang (603019.SH) through a stock swap after a 10-day trading suspension [1]. - Both companies resumed trading on June 10, with Zhongke Shuguang hitting a daily limit up at 68.09 CNY per share, while Haiguang Information rose by 4.3% to 141.98 CNY per share [2][3]. Financial Details - The stock swap ratio is set at 1:0.5525, resulting in Haiguang Information issuing approximately 808 million new shares [17]. - The swap price for Haiguang Information is set at 143.46 CNY per share, while Zhongke Shuguang's price is 79.26 CNY per share, reflecting a 10% premium [13]. - Cash options for dissenting shareholders are priced at 61.9 CNY for Zhongke Shuguang and 136.13 CNY for Haiguang Information [13][14]. Shareholder Options - Dissenting shareholders will have the option to choose between cash and stock, with the cash option priced at 78%-95% of the swap price [14][15]. - The design of the transaction aims to encourage shareholders to opt for stock rather than cash, thereby alleviating the company's cash flow pressure [4][11]. Post-Merger Structure - After the merger, Zhongke Shuguang will be delisted, and all its assets and liabilities will be inherited by Haiguang Information, which will not have a controlling shareholder [5][20]. - The new ownership structure will include a mix of stakeholders from the Chinese Academy of Sciences, Chengdu state-owned assets, employee stock ownership, and market investors [6][20]. Strategic Implications - The merger is expected to enhance technological synergies and strengthen the competitive position of both companies in the information industry [10][21]. - The combined entity is projected to cover the entire industry chain from chip design to cloud computing services, potentially exceeding a market capitalization of 400 billion CNY [21].

套利大军再次折戟。 Wind数据显示，5月26日至6月9日，华夏基金、国泰基金、富国基金、易方达基金、华宝基金、汇添富、广发 基金旗下信创ETF份额、规模大增，分别获得资金净流入22.67亿元、18.54亿元、10.67亿元、5.45亿元、4.81 亿元、4.13亿元、3.45亿元，合计获得了近70亿元的资金追捧。其中，国泰基金、富国基金旗下信创ETF的份 额增长了超10倍。 近期，上述基金公司集体发布公告，对旗下信创ETF提示风险。公告普遍表示，近期，信创 ETF规模变动较 大，基金标的指数权重股停牌，基金管理人无法及时调整投资组合，可能导致基金跟踪误差及跟踪偏离度扩 大，特此提示投资者关注相关风险，并谨慎做出投资决策。 券商中国记者注意到，此前因海光信息、中科曙光停牌被资金疯抢的信创ETF，集体遭遇抛售，当天跌幅在 2.5%—3.8%不等。 信创ETF套利折戟 6月10日，两大算力龙头海光信息、中科曙光复牌，虽然被合并方中科曙光一字涨停，但海光信息却冲高回 落，截至收盘仅上涨4%左右。 同时，整个信创板块也在当天整体回调，天阳科技、深信服、星环科技等多只个股跌超5%，国证信创、中证 信创两大指数分别下跌1 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang aims to create a powerful entity in the AI chip and server market, marking a significant step in China's domestic computing power landscape [2][6]. Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share swap at a ratio of 0.5525:1, with a total transaction value of 115.967 billion yuan [3][5][12]. - This merger is notable as it is the first instance of a "child swallowing mother" merger in the A-share market, with the combined entity's market value exceeding 400 billion yuan [3][6]. - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and operations of Zhongke Shuguang [6][7]. Group 2: Strategic Implications - The merger is expected to create a closed-loop ecosystem from high-end chip design to complete system solutions, enhancing competitiveness in the AI and computing sectors [3][13]. - The combined entity will address challenges in the domestic chip market, such as the lack of market presence for advanced technologies and the need for integrated solutions in server manufacturing [13][14]. - The strategic integration aims to improve R&D capabilities and operational performance, with combined annual R&D investments around 50 billion yuan [14]. Group 3: Market Reaction - Following the announcement of the merger, Zhongke Shuguang's stock hit the daily limit up, while Haiguang Information's stock rose by 4.30% [4][7]. - The merger is anticipated to enhance the competitive edge and profitability of the surviving entity, driven by increased scale and reduced costs [15].

证券代码：688041 证券简称：海光信息 公告编号：2025-026 海光信息技术股份有限公司 关于召开重大资产重组事项投资者说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对本次交易的相关事项与 投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 6 月 11 日下午（星期三）14:00-15:30 重要内容提示： 会议召开时间：2025 年 6 月 11 日（星期三）14:00-15:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 11 日（星期三）14:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）于 2025 年 6 月 6 日召开第 ...

海光曙光 20250610 摘要 海光与曙光合并，曙光以 10%溢价收购，参考市盈率估值，认为停牌前 市值 905 亿元被低估，合并后公司仍保持无实际控制人状态，并计划定 向募资用于交易税费等。 合并旨在发挥芯片、软件及系统一体化能力，打造国内第一梯队算力供 应商，并在 AI 芯片领域释放能力，顺应国产化浪潮，提升市场份额，降 本增效，增厚股东回报。 海光受益于 AMD 授权，收入和利润复合增速超 50%，核心增长动能来 自 CPU 和 DCU 芯片设计；曙光液冷技术领先，市占率超 60%，PUE 值低至 1.04，并参股海光信息，构建完整产业链。 合并后公司估值将更趋合理，海光在 CPU 领域保持高速增长，申威系列 芯片在国产化替代方面潜力巨大，公司在 AI 算力芯片领域处于国内第一 梯队。 国内 CPU 算力层面存在整合机会，X86 架构由兆芯、海光提供，ARM 架构由华为、长城提供，华为与飞腾已在底层架构上协同，GPU 领域多 家厂商积极参与产业链融合。 Q&A 海光和曙光合并方案的具体内容是什么？ 海光曙光合并后公司的估值如何变化？ 海光曙光合并后公司的整体估值将有所下降，更接近合理的估值水平。从未来 ...

Group 1 - Vanke A announced the sale of 22 million A-share treasury stocks for a total of 146 million yuan, representing 0.18% of the company's total share capital, aimed at supplementing liquidity without impacting current profits [1] - Tencent Music plans to acquire 100% of Himalaya for a total consideration of $1.26 billion, which includes cash and shares, to expand its audio content ecosystem [1] - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, focusing on flexible fabric pressure sensing applications [3] Group 2 - Chengdu Huamei launched a 4-channel, 12-bit, 16G high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite recent market interest, and noted a significant stock price increase of 76.51% over six trading days [5] - Xiantan Co. reported a 14.22% year-on-year increase in chicken product sales revenue for May, amounting to 469 million yuan [7]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang aims to create a leading entity in the domestic computing power sector, with a projected total market value exceeding 400 billion yuan, positioning it as a "carrier-level" enterprise in the industry [1][10]. Group 1: Merger Details - Haiguang Information and Zhongke Shuguang announced a strategic merger after a 10-day trading suspension, with both companies resuming trading on June 10 [1]. - The merger involves a share exchange where Haiguang Information will issue approximately 808 million new shares at a swap ratio of 1:0.5525 [7]. - The cash option for dissenting shareholders is set between 78% to 95% of the swap price, effectively guiding shareholders towards choosing shares over cash [6][5]. Group 2: Company Profiles - Haiguang Information specializes in high-end processor design for servers and storage devices, while Zhongke Shuguang is a leader in high-end computing, storage, and data center products [2]. - Zhongke Shuguang holds a 27.96% stake in Haiguang Information, making it the largest shareholder prior to the merger [2]. Group 3: Shareholder Structure Post-Merger - Post-merger, the major shareholders of Haiguang Information will include Haifu Tianding Partnership (10.12%), Chengdu State-owned Assets (15.91% combined), and employee stock ownership plans [7][8]. - The new shareholder structure will consist of a diverse mix of stakeholders, including "Chinese Academy of Sciences" entities, Chengdu state-owned assets, and market investors, which is expected to enhance both technological and capital market synergies [9][10]. Group 4: Strategic Implications - The merger is anticipated to enhance technological collaboration and strengthen the competitive position within the information industry, potentially reshaping the market landscape [2][10]. - The combined entity will cover the entire industry chain from chip design to cloud computing services, increasing its competitive capabilities [11].

海光信息技术股份有限公司 关于召开重大资产重组事项投资者说明会的公告 证券代码：688041 证券简称：海光信息 公告编号：2025-026 本公司董事会及全体董事保证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、准确性和完整性依法承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 6 月 11 日（星期三）14:00-15:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 11 日（星期三）14:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 investor@hygon.cn 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）于 2025 年 6 月 6 日召开第二届董事会第十二次会议，审议通过了《关于<海光信息技术 股份有限公司换股吸收合并曙光信息产业股份有限公司并募集配套资金暨关联 交易 ...

智通财经6月10日电，海光信息公告，公司计划于2025年6月11日14:00-15:30举行重大资产重组事项投资 者说明会，就投资者关心的问题进行交流。 海光信息：召开重大资产重组事项投资者说明会 ...