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]

近日，海光信息拟吸收合并中科曙光，两家公司双双停牌，大量资金涌入持有这两家公司股票较多的基 金，多只信创主题ETF规模大增。6月5日，多只相关ETF放量成交创历史新高。面对汹涌的套利资金， 选择规模暴增的ETF，这场看似"躺赚"的投资实际胜算难料。 这主要是因为：对于规模大涨的ETF而言，新进的资金并不可以去买入停牌的海光信息与中科曙光。更 重要的是，ETF有最低仓位要求，因此，相关ETF现有的"海光信息与中科曙光"含量已经被大幅摊薄。 即使复牌日大涨，带来的效益也会大幅减弱。 主要有两个标准：1）筛选含量高的ETF；2）筛选宣布停牌来份额微增或者减少的ETF。 【这两家公司合并意味着什么？】 两家公司合并之后，市值将一举超过4000亿元，成为A股横跨CPU设计与算力服务的稀缺企业，海光信 息的 x86 架构 CPU 和 DCU 芯片将与中科曙光的高端计算系统、存储及云计算解决方案深度结合，从 而构建起芯片设计 → 服务器制造 → 算力服务的垂直整合模式。 【还没有买入但是想布局合并的投资者怎么选ETF？】 半导体ETF紧密跟踪国证半导体芯片指数，为反映沪深北交易所芯片产业相关上市公司的市场表现，丰 富指数化 ...

请介绍海光信息的业务布局及其在国内市场的地位。 海光信息是国内高端处理器领域的领先企业，主要布局 CPU 和 GPU 两个赛道。 在 CPU 领域，海光信息处于国产 CPU 龙头地位，目前在国内市场份额排名前 二。国产 CPU 市场呈现双寡头格局，尤其是在服务器领域。而在 GPU 方面， 国内正逐步替代海外产品，目前出货仍以英伟达为主，但预计从 2025 年二季 度开始，随着 H20 逐步断供，国产芯片占比将加速提升。近期农业银行 AI 服 务器集采中选用了华为升腾、寒武纪和海光的信息平台，这表明国产 AI 芯片格 海光信息 20250606 摘要 海光信息正处于新一代高端 CPU 量产阶段，预计核数翻倍，显著提升竞 争力和单价，将带动主业量价齐升。同时，上代 DCU 22+已规模化出 货，新一代 AI 产品预计在吸收合并中科曙光后加速推出。 海光信息通过换股方式吸收合并中科曙光，旨在加强主业，整合芯片到 软件到系统的产业布局，实现技术互补、产业链协同和市场资源复用， 形成规模效应，提升算力产业发展水平。 海光信息主要产品包括 7,000 系列（高端服务器）、5,000 系列（边缘 计算服务器）、3,000 ...

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]

本报记者 彭衍菘 5月26日，一则重磅重组公告引发市场关注——海光信息拟通过换股方式吸收合并中科曙光，两家公司 同步停牌，预计停牌期不超过10个交易日。随着复牌日期临近，大量资金涌入多只信创（即信息技术应 用创新）主题ETF。 作为国产算力龙头，海光信息与中科曙光在信创指数中占据重要地位，为国证信创指数（国证信息技术 创新主题指数）前两大权重股，合计权重13.57%；同时位列中证信创指数（中证信息技术应用创新产 业指数）前十大权重股、合计权重9.66%。 资金涌入信创主题ETF 停牌切断直接交易通道后，资金转向挂钩这两家公司的信创主题ETF，寻找"平替"方案。 "另一方面，由于上述事例中的套利主要依托的是两家公司基于重大交易而进行的停牌，ETF最终是否 能够为投资者带来收益，需要考虑吸收合并是否能够完成、本次吸收合并是否真的能为两家公司带来协 同效应、复牌时是否存在其他系统性风险等不确定性事件的发生。"楼秋然说。 Wind资讯数据显示，5月26日至6月5日的8个交易日期间，7只信创主题ETF净流入额合计达49.81亿元， 其中华夏基金、国泰基金旗下的两只相关产品合计贡献超30亿元。从5月26日到6月5日，华夏 ...

多家前期披露具体交易方案的公司，近期也纷纷公告取得积极进展，向最终实现产业整合迈出关键一 步。公告显示，芯联集成收购芯联越州已完成审核问询回复，思林杰收购科凯电子、嘉必优收购欧易生 物、华海诚科收购衡所华威、希荻微收购诚芯微、长盈通收购生一升光电的交易审核问询已发出。禾信 仪器收购量羲技术、晶丰明源收购易冲科技、沪硅产业收购子公司少数股权交易均已通过股东大会待申 报。 新华财经上海6月6日电（记者杜康）政策加持下，科创板并购重组市场活跃度不断提升，正助力产业整 合与升级跑出"加速度"。近期，菱电电控收购奥易克斯汽车电子、纳睿雷达收购希格玛微电子、奥普迈 收购澎立生物均于近期发布交易草案，分别将于6月13日、6月16日、6月23日提交股东大会审议。 （文章来源：新华财经） 上交所统计数据显示，"科创板八条"发布后科创板新披露并购交易105单，已披露的交易金额合计超过 333亿元，其中不乏沪硅产业以70.4亿元收购控股子公司少数股权、芯联集成以58.97亿元收购芯联越 州、晶丰明源以32.83亿元收购易冲科技等大额交易。今年以来，科创板已新增披露44单并购交易，其 中15单为发行股份或可转债购买资产，5单为现金重 ...

Industry Overview - As of June 6, 2025, the National Semiconductor Chip Index (980017) increased by 0.08%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 4.70% and Jingjia Micro (300474) up 4.50% [1] - The Semiconductor ETF (159813) has achieved four consecutive days of gains, indicating strong market interest [1][2] Strategic Developments - On May 26, Haiguang Information and Zhongke Shuguang announced a strategic merger, with Haiguang Information planning to absorb Zhongke Shuguang through a share swap and raise additional funds via A-share issuance [1] - The combined market capitalization of the two companies is expected to exceed 400 billion yuan, creating a unique entity in the A-share market that spans CPU design and computing services [1] Market Dynamics - The Semiconductor ETF (159813) saw active buying, with a net subscription of 268 million units by the end of the trading day [2] - The domestic EDA (Electronic Design Automation) market in China is projected to reach 18.49 billion yuan by 2025, capturing 18.1% of the global market, with an annual growth rate of 15.64% from 2021 to 2025 [4] Industry Challenges and Opportunities - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, prompting a strong performance in the domestic EDA sector [3][4] - The semiconductor industry is expected to experience long-term growth, driven by the need for self-developed SoC chips and advancements in technology such as 3nm processes and AI-driven computing demands [4] ETF Composition - As of May 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index (980017) accounted for 66.85% of the index, including major players like SMIC (688981) and Cambrian (688256) [5]

n's Claud AHIN 1796.78亿市值 2060.58亿市值 2.90亿成交额 7.76亿成交额 7.18 22.37 +0.01(+0.14%) +0.26(+1.18%) @ JIN10.COM 金十数据 | 一个交易工具 保险 中国太保 队 中国人保 中国平安 ■ 3666.17亿市值 3365.20亿市值 9726.09亿市值 6.80亿成交额 21.91亿成交额 5.93亿成交额 34.98 8.29 53.41 -0.27(-0.77%) -0.58(-1.07%) -0.09(-1.07%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18923.24亿市值 2215.58亿市值 4855.50亿市值 37.78亿成交额 14.89亿成交额 9.72亿成交额 1506.39 125.09 181.61 -1.27(-0.69%) +0.06(+0.05%) -7.61(-0.50%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2299.57亿市值 2546.49亿市值 3164.12亿市值 -成交额 9.92亿成交额 25.15亿成交额 430.49 610.00 136.13 ...

Core Viewpoint - The recent performance of the Xinchang 50 ETF (159539) reflects significant investor interest, particularly due to the planned major asset restructuring of key component stocks, Haiguang Information and Zhongke Shuguang, which has led to increased capital inflow and trading activity [1][2]. Group 1: ETF Performance - As of June 6, 2025, the Xinchang 50 ETF (159539) has seen a trading volume of 77.08 million yuan, with a turnover rate of 36.53% [1]. - The ETF has experienced continuous net inflows over the past eight days, with a peak single-day net inflow of 103 million yuan, totaling 225 million yuan [1]. - The latest scale of the Xinchang 50 ETF has reached 301 million yuan, marking a one-year high, with shares totaling 261 million, also a one-year high [1]. Group 2: Index Composition and Market Dynamics - The Xinchang 50 ETF closely tracks the Guozheng Information Technology Innovation Theme Index, covering 50 listed companies in the information technology innovation sector, including hardware, software, and information security [2]. - Haiguang Information and Zhongke Shuguang are the top two weighted stocks in the index, collectively accounting for 13.57% of the total weight [2]. - Recent reports suggest that the integration of Zhongke Shuguang and Haiguang Information will optimize the industry layout and enhance resource allocation across the information industry chain [2]. Group 3: Industry Outlook - The computer information innovation sector in China is expected to benefit from ongoing pilot promotions, with advancements in products transitioning from usable to highly effective [2]. - The AI sector is identified as a new growth direction for information innovation, with significant potential for market expansion from industry to commercial applications [2].

Group 1 - The semiconductor industry ETF (159582) has seen a price increase of 0.36%, marking its fourth consecutive rise, with the latest price reported at 1.4 yuan [3] - The semiconductor industry index (931865) has shown a year-to-date net value increase of 34.69%, ranking 292 out of 2840 in the index stock fund category, placing it in the top 10.28% [4] - The top ten weighted stocks in the semiconductor industry index account for 75.47% of the total index weight, with notable companies including 北方华创 (15.51%), 中微公司 (12.80%), and 中芯国际 (11.67%) [5][7] Group 2 - A strategic merger announcement was made by 海光信息 and 中科曙光, indicating a significant step in the consolidation of China's computing power sector, with a focus on technology and mergers [3] - The semiconductor industry ETF has experienced a significant growth in scale, increasing by 32.01 million yuan over the past three months, ranking it in the top half among comparable funds [4] - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in its category [5]