截至2025年6月9日 10:58，中证数字经济主题指数(931582)上涨0.47%，成分股用友网络(600588)上涨6.42%，东方财富(300059)上涨2.97%，金山办公(688111) 上涨2.79%，同花顺(300033)上涨2.55%，润泽科技(300442)上涨2.24%。数字经济ETF(560800)上涨0.53%，最新价报0.76元，成交1371.90万元。（以上所列 示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生 变化。市场有风险，投资需谨慎。) Wind数据显示： 规模方面，数字经济ETF近2周规模增长2240.82万元，实现显著增长，新增规模位居可比基金1/2。 份额方面，数字经济ETF近2周份额增长1800.00万份，实现显著增长，新增份额位居可比基金1/2。 资金流入方面，数字经济ETF最新资金净流入150.61万元。拉长时间看，近9个交易日内，合计"吸金"1170.86万元。 数据显示，杠杆资金持续布局中。数字经济ETF连续5天获杠杆资金净买入，最高单日获得347.92万元净买入，最新 ...

Investment Rating - Maintain "Buy" rating [4][9] Core Views - The report highlights the strategic merger of Haiguang Information with Zhongke Shuguang, aiming to create a comprehensive domestic computing technology stack [1] - The company has shown strong financial performance in Q1 2025, with revenue reaching 2.4 billion yuan, a year-on-year increase of 50.76%, and net profit of 506 million yuan, up 75.33% [2] - The report emphasizes the competitive advantages of Haiguang's DCU, which supports various precision computing capabilities and has a robust software ecosystem [3] Financial Performance - In Q1 2025, operating cash flow turned positive at 2.522 billion yuan, compared to a negative 6.8 million yuan in the same period last year [2] - The company’s revenue is projected to grow significantly, with estimates of 14.919 billion yuan in 2025, 19.251 billion yuan in 2026, and 24.245 billion yuan in 2027, reflecting growth rates of 62.8%, 29.0%, and 25.9% respectively [10] - The net profit for 2025 is expected to reach 3.979 billion yuan, with a year-on-year growth of 106.1% [10] Market Position and Strategy - Haiguang Information is positioned as a leading domestic chip manufacturer, benefiting from the increasing demand for AI applications and domestic computing capabilities [9] - The company has established a strong ecosystem with nearly 5,000 partners across various sectors, enhancing its market presence and collaborative innovation [3] - The report notes the potential for significant market opportunities due to geopolitical factors affecting foreign semiconductor manufacturers, which may favor domestic players [8]

Group 1 - The merger between Haiguang Information and Zhongke Shuguang will create a company with a market value exceeding 400 billion yuan, establishing a rare enterprise in A-shares that spans CPU design and computing power services [1] - The integration of Haiguang's x86 architecture CPU and DCU chips with Zhongke's high-end computing systems, storage, and cloud computing solutions will form a vertically integrated model from chip design to server manufacturing to computing power services [1] - The surge in ETF sizes related to these companies is driven by significant inflows of capital, but new funds cannot purchase the suspended stocks, leading to a dilution of existing holdings in the ETFs [1] Group 2 - The Semiconductor ETF (159813) has a significant holding of over 9% in Haiguang Information, and its scale remains stable at around 5 billion yuan, limiting the dilution of returns despite arbitrage activities [2] - The ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of May 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 66.85% of the index, including major companies like SMIC and Haiguang Information [2]

Summary of Haiguang Information Conference Call Company Overview - **Company**: Haiguang Information - **Industry**: High-end CPU and AI chip manufacturing Key Points and Arguments 1. **Production Phase**: Haiguang Information is in the mass production phase of the next-generation high-end CPUs, with expected core count doubling, significantly enhancing competitiveness and pricing, leading to an increase in both volume and price of main products [2][4] 2. **Merger with Zhongke Shuguang**: The company is merging with Zhongke Shuguang through a stock swap to strengthen its core business, integrating chips, software, and systems to achieve technological complementarity and market resource reuse, thereby forming scale effects [2][5] 3. **Product Lines**: Main products include the 7,000 series (high-end servers), 5,000 series (edge computing servers), 3,000 series (workstations), and 8,000 series DCUs, which are compatible with NVIDIA's CUDA ecosystem [2][8] 4. **Financial Growth**: Revenue increased from 1 billion RMB in 2020 to 9.1 billion RMB in 2024, with net profit turning from a loss to a profit of 1.93 billion RMB, maintaining a gross margin of 60%-64% [2][9] 5. **Market Position**: Haiguang is a leading player in the domestic high-end processor market, ranking among the top two in CPU market share, particularly in the server segment [3][15] 6. **AI Chip Demand**: The demand for AI computing power is expected to grow, with a significant portion currently focused on training, and a shift towards inference in the future [13] 7. **Strategic Goals of Merger**: The merger aims to seize opportunities in the information technology industry, enhance core competitiveness, and establish a stronger market position [17][19] 8. **Expected Financial Impact of Merger**: The merger is projected to directly contribute 13.1 billion RMB in revenue and 1-1.5 billion RMB in net profit, with total revenue potentially reaching nearly 30 billion RMB and profit up to 5 billion RMB by 2025 [3][23] Additional Important Information 1. **Stockholder Structure**: The largest shareholder is Zhongke Shuguang, with a diverse shareholder base including state-owned enterprises and employee stock ownership platforms, supporting stable development [10] 2. **Technological Advantages**: The company has a strong patent portfolio in processor chips and related technologies, which creates significant barriers to entry for competitors [11] 3. **Capital Expenditure Trends**: The industry is seeing high capital expenditure growth, particularly among overseas internet giants, which is expected to benefit domestic AI chip manufacturers [12] 4. **Risks**: Potential risks include intensified US-China tensions, macroeconomic impacts on downstream demand, and uncertainties regarding the merger's progress and industry development [24]

今日，海光信息、中科曙光并购重组或迎重要节点。根据此前公告，截至6月7日，海光信息、中科曙光已停牌10个交易日，预计将于6月9日 复牌。 随着后续海光信息复牌，或为半导体、算力带来新一波上行驱动，相关重仓该股的ETF也成为不少资金布局的对象。 上交所数据显示，上一交易日半导体设备ETF（561980）获得3430万元资金净申购，近20日这一净申购额升至1.21亿元。根据中证指数公司 数据，目前海光信息为该ETF标的指数第四大权重股，在指数中占比为8.58%。 此外，自海光信息停牌以来，该ETF区间份额变动率仅6.22%，相对而言，份额变动越小，规模增长对权重的稀释作用越弱，就越有望分享到 复牌后的上行行情。 | 1.273 +0.003 +0.24% | | | | 半导体设备ETF ① | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | FATOON AN | | | | SSE CNY 15:00:18 闭市 | | | | | | 融 ／ ○ 十 | | 净值走势 | | 招商中证半导体产业ETF | 交生 | 1.68% 120日 | ...

Core Viewpoint - Multiple public fund companies have adjusted the valuation method for long-term suspended stocks held by their funds, adopting the "index return method" during the suspension period, primarily affecting Haiguang Information and Zhongke Shuguang [1][2][3] Group 1: Valuation Adjustment Announcement - Over twenty public fund companies, including E Fund, Huaxia Fund, and Southern Fund, announced on June 6 that they would use the "index return method" for valuing suspended stocks starting June 5 [2] - The suspended stocks primarily involve Haiguang Information and Zhongke Shuguang, with some companies adjusting the valuation for both stocks while others only for Haiguang Information [2][5] - The "index return method" will utilize the AMAC industry index as a calculation basis, as stated by some fund companies [2] Group 2: Reasons for Adjustment Timing - The adjustment of valuation methods occurred on June 5, despite the stocks being suspended since May 26, due to significant changes in the economic environment or major events affecting stock prices [3] - The AMAC electronic index saw a rise of over 3% since the suspension, with a single-day increase of over 2% on June 5, which likely triggered the valuation adjustment [3] Group 3: Prevention of Arbitrage - The primary aim of the valuation adjustment is to prevent arbitrage opportunities for suspended stocks, as investors can indirectly build positions through fund subscriptions during the suspension [4] - If funds continue to value the stocks at pre-suspension prices, investors could buy in at a lower cost and profit upon resumption of trading, which would harm existing fund holders [4] Group 4: Differences in Adjustment Practices - The differences in valuation adjustments among fund companies may relate to the number of shares held; companies with fewer holdings may not need to adjust valuations significantly [5] - If a single fund's holdings significantly impact its net asset value, all funds under the same management must adjust valuations accordingly [5] Group 5: Consistency in Valuation Procedures - Fund managers are required to maintain consistency in valuation procedures and techniques across different funds holding similar investment types, as per regulatory guidelines [6] - Haiguang Information ranks as the 22nd largest holding among active equity public funds, with a total holding value exceeding 9 billion, while Zhongke Shuguang is less prominent in the top holdings [6]

Group 1 - The core announcement involves Haiguang Information planning to absorb and merge with Zhongke Shuguang through a share swap, leading to a temporary suspension of trading for both companies, expected to last no more than 10 trading days [1] - Haiguang Information and Zhongke Shuguang are key players in the domestic computing power sector, holding significant positions in the Guozheng Information Technology Innovation Index and the Zhongzheng Information Technology Application Innovation Industry Index, with combined weights of 13.57% and 9.66% respectively [1] Group 2 - Following the trading suspension, funds have shifted towards ETFs linked to these companies, with a total net inflow of 4.981 billion yuan across seven innovation-themed ETFs from May 26 to June 5, with significant contributions from Huaxia Fund and Guotai Fund [2] - The scale of Huaxia Zhongzheng Information Technology Application Innovation Industry ETF surged from 440 million yuan to 2.12 billion yuan, while Guotai Guozheng Information Technology Innovation Theme ETF increased from 124 million yuan to 1.498 billion yuan, representing growth rates of over 300% and 1100% respectively [2] - The average change rate in the total shares of the seven innovation-themed ETFs during this period was 539% [2] Group 3 - The market is experiencing heightened arbitrage expectations, with significant trading activity in the ETFs, as investors seek to indirectly hold suspended stocks and capitalize on potential price increases upon resumption of trading [2] - The success of ETF arbitrage is contingent on three main variables: whether the merger plan exceeds expectations, changes in industry valuation during the suspension, and the dynamic balance between ETF scale expansion and the proportion of suspended stocks held [3][4] Group 4 - Fund companies have issued warnings regarding risks associated with significant changes in fund sizes due to the suspension of key index stocks, which may lead to tracking errors and deviations [5] - Several fund companies have adjusted their valuation methods for suspended stocks to the "index return method," which helps address valuation freezes and reflects market fluctuations more accurately, thereby protecting the interests of long-term investors [6] - Some fund companies have initiated liquidity plans, including the addition of market makers to maintain product stability, as seen with the announcement from FuGuo Fund on June 6 [6]

Group 1 - The core viewpoint of the articles highlights the increasing activity in the Sci-Tech Innovation Board's M&A market, driven by supportive policies, which is facilitating industrial integration and upgrading [1][2] - Recent M&A transactions include the acquisition of Aoyikex Automotive Electronics by Lingdian Electric Control, the acquisition of Sigma Microelectronics by Narui Radar, and the acquisition of Pengli Biological by Aopumai, with respective shareholder meetings scheduled for June 13, 16, and 23 [1] - According to the Shanghai Stock Exchange, after the release of the "Eight Measures for the Sci-Tech Innovation Board," there have been 105 newly disclosed M&A transactions, totaling over 33.3 billion yuan, with significant deals including Hu Silicon Industry's acquisition of minority stakes for 7.04 billion yuan and Chiplink Integration's acquisition of Chiplink Yuezhou for 5.897 billion yuan [1] Group 2 - Companies like Haiguang Information and Zhongke Shuguang are planning a share swap merger, which will enhance Haiguang's industrial layout from chips to software and systems, consolidating quality resources across the information industry chain [2] - Several companies that previously disclosed specific transaction plans are making significant progress towards achieving industrial integration, with various M&A transactions undergoing review and approval processes [2] - Notable transactions that have received approval include Chiplink Integration's acquisition of Chiplink Yuezhou and other companies like Slinjie and Huahai Chengke, which are advancing their respective M&A processes [2]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is expected to create a "carrier-level" giant in the domestic computing power industry, attracting significant market attention [1] Group 1: Shareholder Transition - After the merger, original small investors of Zhongke Shuguang will become shareholders of Haiguang Information [2] - Investors who meet the suitability requirements for the Sci-Tech Innovation Board but have not yet opened trading permissions can do so by following standard procedures [2] - Investors who do not meet the suitability requirements can hold or sell their Haiguang Information shares but must meet the requirements to buy additional shares [3] Group 2: Trading Permissions for Delisted Stocks - Similar to the merger case, original shareholders of A-share companies that delist and enter the "old three boards" must also consider trading permissions [4] - In 2024, the number of A-share delistings reached 52, a record high, indicating a stricter policy for problematic listed companies [5] - Original shareholders can trade their holdings in delisted companies but must open "delisted board" trading permissions to buy other stocks in that category [5]

海光信息、中科曙光两大算力龙头合并点燃信创板块，也把信创ETF推上风口浪尖。 近日，五家基金公司集体公告，公司旗下信创ETF规模变动较大，而标的指数权重股停牌，基金管理人无法及 时调整投资组合，可能导致基金跟踪偏离度扩大，特此提示风险。 券商中国记者了解到，由于海光信息与中科曙光已停牌，且投资者预期复牌后股价上涨，不少资金借道信创 ETF来提前投资两家企业，引起多只信创ETF在近期规模猛增，部分产品基金份额增长了超10倍。 为何信创ETF集体遭遇资金哄抢？有业内人士向券商中国记者透露，这主要是因为两大算力龙头海光信息、中 科曙光合并事件点燃信创板块，引起不少资金借道信创ETF布局。 5月26日，海光信息发布公告，拟通过向中科曙光全体A股换股股东发行A股股票的方式换股吸收合并中科曙 光，并发行A股股票募集配套资金。根据交易所相关规定，海光信息、中科曙光于5月26日开市起停牌，预计 停牌时间不超过10个交易日。 五家基金集体提示风险 近两个交易日，富国基金、华宝基金、广发基金、华夏基金、国泰基金集体公告，分别对旗下信创ETF富国 (159538)、信创ETF基金（562030）、信创50ETF（159539）、信 ...