海光信息称，本次交易自启动以来，公司及相关各方积极推动本次交易的各项工作，由于本次交易规模 较大、涉及相关方较多，使得重大资产重组方案论证历时较长，目前市场环境较本次交易筹划之初发生 较大变化，本次实施重大资产重组的条件尚不成熟，为切实维护上市公司和广大投资者长期利益，经公 司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑，决定终止本次交易事项。 【"条件尚不成熟" 海光信息终止吸收合并中科曙光】海光信息（688041.SH）12月9日晚间公告，公司 董事会决定终止吸收合并中科曙光（603019.SH）。 此前，海光信息拟向中科曙光全体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募集配套 资金。 后续海光信息将继续以高端芯片产品为核心，充分发挥产品在功能、性能、生态和安全方面的独特优 势，联合包括中科曙光在内的广大产业链上下游企业和其他参与者继续推进海光生态下软硬件优化协同 技术研发，建设和巩固"芯片—硬件—软件"的核心技术壁垒，通过多种方式聚集核心优势力量共同投入 到AI全栈产品及解决方案研发中，把握AI产业发展的最新趋势，拓展AI全栈能力，进一步夯实公司的 领先优势，共同促进海光芯片计 ...

Group 1: Company Announcements - Haiguang Information and Zhongke Shuguang have agreed to terminate the proposed share-swap merger transaction, with an investor briefing scheduled for December 10 [4][5] - Lain Bio is planning a change of control, issuing shares, and cash payment for asset acquisition, leading to a stock suspension starting December 10 [5][6] - SIRUI has decided to terminate the major asset restructuring plan involving the acquisition of shares in Ningbo Aola Semiconductor, with stock resuming trading on December 10 [5][6] Group 2: Financial Data and Corporate Actions - Haiguang Information plans to distribute a cash dividend of 0.9 yuan per 10 shares, totaling 2.09 billion yuan, while Zhongke Shuguang will distribute 0.7 yuan per 10 shares, totaling 1.02 billion yuan [5] - Lain Bio's control change may lead to a new major shareholder, with plans to acquire at least 80% of Beijing Jinkangpu Food Technology Co., which will become a subsidiary [5][6] - Hao Wei Group's major shareholder has decided to terminate a planned share reduction of up to 24 million shares, representing 1.99% of total shares [7] Group 3: Industry Developments - A new platform for polysilicon capacity integration has been established, focusing on strategic cooperation opportunities within the industry [1] - Guizhou Province is drafting measures to boost the sales of local liquor, including enhancing online sales and implementing export strategies [2] - The first MUSA Developer Conference will be held by Moore Threads, focusing on their full-stack development strategy and new GPU architecture [2] Group 4: Regulatory and Compliance Issues - Jiaao Environmental Protection received a notice of administrative penalty for information disclosure violations, leading to a temporary stock suspension and risk warning [8] - Huilun Crystal will also face a temporary stock suspension and risk warning due to compliance issues [8] - Tianyuan Dike's chairman is under investigation, but the company states it will not significantly impact operations [8] Group 5: Market Trends and Investment Opportunities - CITIC Securities suggests focusing on domestic demand stability and external demand breakthroughs in the power equipment sector for investment opportunities in 2026 [11]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated due to changes in market conditions and the complexity of the transaction, which has led to concerns among shareholders of both companies [1][3][7]. Group 1: Merger Details - The merger was initiated in May and announced in June, with Haiguang Information planning to absorb Zhongke Shuguang through a share exchange ratio of 0.5525:1 [3][10]. - Haiguang Information specializes in high-end processor design, focusing on general computing and AI computing markets, with products including CPUs and DCUs [3][10]. - Zhongke Shuguang is involved in high-end computer, storage, and data center product development, and has been expanding its digital infrastructure and intelligent computing businesses [3][10]. Group 2: Market Reactions - Prior to the merger announcement, Haiguang Information had a market capitalization of 315.8 billion, while Zhongke Shuguang was approximately 90.3 billion; post-announcement, their market caps rose to 509.7 billion and 146.5 billion respectively, with both stocks increasing over 60% [4][11]. - Following the merger announcement, Zhongke Shuguang's stock hit the daily limit up, while Haiguang Information rose by 4.3%, but Haiguang's stock later fell by 4.5%, returning to pre-announcement levels [4][11]. - Shareholders expressed mixed feelings, with some viewing the termination as a relief for Zhongke Shuguang, allowing it to focus on its strengths in liquid cooling technology and server market share [5][11]. Group 3: Investor Sentiment - There are concerns among shareholders, particularly for Zhongke Shuguang, with some fearing significant losses and calling for rights protection [5][12]. - Despite fears of a potential drop, many investors remain calm, believing that the stock will not experience drastic declines [6][13]. - Analysts suggest that the termination aligns with market expectations, as there were doubts about the feasibility of the merger due to a historical discount in the theoretical prices of both companies [6][14].

Macroeconomic News - China and the U.S. should continuously expand their cooperation list to open new avenues for economic relations, as stated by Vice Premier He Lifeng during a meeting with a senior advisor from the Cohen Group [1] - Due to diplomatic disputes, China's export of rare earths to Japan has faced delays, with the Chinese Foreign Ministry confirming that relevant issues are being handled according to laws and regulations [1] - The U.S. plans to approve the sale of NVIDIA H200 AI chips to China, with the Chinese Foreign Ministry emphasizing the importance of cooperation for mutual benefit [1] - The White House's National Economic Council Director, Kevin Hassett, indicated that the Federal Reserve has "ample room for rate cuts," suggesting potential cuts exceeding 25 basis points [1] - Ukrainian President Zelensky announced readiness for elections and requested assistance from the U.S. and European partners to ensure election security, with preparations expected to be completed within 60 to 90 days [1] Industry News - A new company named Beijing Guanghe Qiancheng Technology Co., Ltd. has been registered with a capital of 30 billion, focusing on exploring strategic cooperation opportunities in the polysilicon sector [2] - The National Retail Innovation Development Conference highlighted the need for improvements in retail layout, supply-demand matching, and online-offline balance, with a focus on tapping into lower-tier markets [2] - The State Administration for Market Regulation has approved two mandatory national standards for civil unmanned aerial vehicles, set to take effect on May 1, 2026 [2] Company News - Haiguang Information announced the termination of its major asset restructuring with Zhongke Shuguang [5] - Zhongke Shuguang also announced the termination of its stock swap absorption merger with Haiguang Information [5] - HoloV announced a significant increase in orders for satellite testing systems, primarily from commercial aerospace satellite manufacturers and testing service providers [6] - Daye Co. reported that its Jiangbei company is engaged in the research and production of aerospace power systems and antennas, currently with a small net profit scale [6] - Huayun Cable stated in a conference call that it covers 70%-80% of the market for supporting Long March and Shenzhou series rockets [7] - Zhongtian Rocket confirmed its role as a supplier for Lingkong Tianxing [7] Global Market - U.S. stock indices closed mixed, with the Dow down 0.37%, Nasdaq up 0.13%, and S&P 500 down 0.09%. The Nasdaq Golden Dragon China Index fell 1.37%, with most popular Chinese concept stocks declining [8] - Spot silver rose 4.31% to $60.641 per ounce, continuing to set historical highs. COMEX gold futures increased by 0.45% to $4236.6 per ounce, while COMEX silver futures rose 4.72% to $61.16 per ounce [8] Investment Opportunities - UBS reports that the traditional DRAM market is experiencing a tightening supply, with demand remaining robust, leading to enhanced pricing power. By Q2 2026, Micron's traditional DRAM gross margin is expected to reach 67%, surpassing HBM for the first time [12] - Media reports indicate that memory prices are rising rapidly, with a 64GB DDR5 memory kit exceeding 4000 yuan, outpacing all financial products. Wanlian Securities suggests that the storage chip market is poised for a new boom driven by AI [13] - TrendForce forecasts that global demand for optical transceiver modules above 800G will reach nearly 63 million units by 2026, marking a growth of 2.6 times, indicating a sustained increase in the optical module industry's demand [14]

Core Viewpoint - The major asset restructuring between Haiguang Information and Zhongke Shuguang has been officially terminated due to changes in market conditions and the complexity of the transaction [1][4][5] Group 1: Termination of Major Asset Restructuring - Haiguang Information announced the termination of the major asset restructuring plan to absorb Zhongke Shuguang through a share exchange, which was approved by the board with 8 votes in favor [4] - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and significant changes in the market environment since the initial planning [4][5] - Both companies emphasized that the termination does not affect their ongoing collaboration and will continue to focus on high-end chip products and AI solutions [4][5] Group 2: Financial Performance and Dividends - Both companies have announced a mid-term cash dividend plan for 2025, which has been approved by their boards and will be submitted for shareholder approval [12] - Haiguang Information plans to distribute a cash dividend of 0.90 yuan per 10 shares, totaling 209 million yuan, which represents 10.64% of its net profit attributable to shareholders [12] - Zhongke Shuguang intends to distribute a cash dividend of 0.70 yuan per 10 shares, totaling 102 million yuan, which accounts for 10.60% of its net profit attributable to shareholders [12] Group 3: Historical Context and Market Impact - The restructuring plan began in May 2025, with Haiguang Information's shares suspended from trading on May 26 and resumed on June 10, during which due diligence and other preparatory work were conducted [7] - The initial merger aimed to integrate the supply chain and enhance efficiency, leveraging Haiguang's strengths in high-end chip design and Zhongke's capabilities in hardware and cloud computing solutions [8] - Following the announcement of the merger, both companies experienced a significant increase in market capitalization, with Haiguang reaching 509.7 billion yuan and Zhongke 146.5 billion yuan, totaling 656.2 billion yuan [8]

Group 1 - Rhein Biotech and Jia Mei Packaging's controlling shareholders are planning changes in company control, with trading suspension starting from December 10, 2025, for Rhein Biotech expected to last no more than 10 trading days and for Jia Mei Packaging no more than 2 trading days [1][2] - Rhein Biotech intends to acquire at least 80% of Beijing Jinkangpu Food Technology Co., Ltd. through a combination of issuing shares and cash payment, which will make Beijing Jinkangpu a subsidiary included in the consolidated financial statements [1] - Jia Mei Packaging's controlling shareholder is also in discussions regarding a potential change in control, with specific transaction details still under negotiation [2] Group 2 - Haiguang Information has terminated its plan to merge with Zhongke Shuguang through a share exchange, as approved in a board meeting on December 9, 2025 [3] - Huatai Medical plans to repurchase shares with a total amount not less than RMB 200 million and not exceeding RMB 250 million, with a repurchase price cap of RMB 315 per share [4] - Songcheng Performing Arts and Jingu Co., Ltd. also announced share repurchase plans, with Songcheng aiming for a total of RMB 100 million to RMB 200 million and Jingu targeting RMB 30 million to RMB 60 million [4] Group 3 - Xiamen Airport is planning to acquire 100% of the shares of Zhaoxiang Technology, a wholly-owned subsidiary of its controlling shareholder, Xiamen Xiangye Group [5] - Borui Communication intends to acquire 51% of Meijing Technology from related parties for a total price of RMB 66.49 million [6] - Gu Ao Technology's actual controller is planning a change in control, with trading suspension starting from December 8, 2025, and expected to last no more than 3 trading days [6] Group 4 - ST Kevin's application to revoke the risk warning on its stock has been approved, with trading suspension for one day on December 10, 2025, and resuming trading on December 11, 2025 [6] - Huailun Crystal's stock will be suspended for one day starting December 10, 2025, due to false disclosures in its annual reports for 2021 and 2022 [7] - The stock of Jia Ao Environmental Protection will also be suspended for one day on December 10, 2025, due to an administrative penalty notice received from the regulatory authority [12] Group 5 - The company Yongmota plans to invest approximately RMB 400 million in a new project for magnesium-aluminum alloy components for the automotive and robotics industries [20] - ST Ningke is executing a capital reserve transfer plan to increase its share capital, with a total share increase from 684.88 million to 1.62 billion shares [21] - Yingpais plans to increase its shareholding through a combination of bank loans and self-funding, with a total investment of no less than RMB 60 million and no more than RMB 120 million [22]

今日， 中科曙光 公告称，公司于2025年12月9日召开董事会，审议通过终止 海光信息 吸收合并中科曙 光并募集配套资金的重大资产重组事项。 OM SSO = FHITS ■ 1-1-1 Q ... < 是说芯语 闸述泛集成电路行业的技术走势、热点 交流、市场应用、行业分析、产业... × 64星原創药容 2位朋友关注 进入公众号 不再关注 昨天 09:00 t A 2位朋友读过 秒劈众号 · 是j 墙 reast in the first 主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市场环境较筹划之初发生较大 变化，实施条件尚不成熟。 公司与交易各相关方协商后决定终止该事项。此次交易终止不会对公司生产经营和财务状况造成重大不 利影响。 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 是说芯语原创，欢迎关注分享 泛集成电路行业最新动态 星标 是说芯语 不错过任何一条消息 ▶ ...

两家公司双双公告终止重大资产重组。 中科曙光（603019）12月9日公告，公司于2025年12月9日召开第五届董事会第二十六次会议，审议通过 了《关于公司终止重大资产重组的议案》，同意终止海光信息技术有限公司（海光信息）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募集配套资金，并授权公司管理层办 理本次终止的相关事宜。 对于交易终止的原因，两家上市公司均表示，本次交易自启动以来，公司及相关各方积极推动本次交易 的各项工作，由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较长，目前市 场环境较本次交易筹划之初发生较大变化，本次实施重大资产重组的条件尚不成熟，为切实维护上市公 司和广大投资者长期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑， 决定终止本次交易事项。 上述两家公司还表示，终止本次交易事项系经公司审慎研究，并与交易对方充分沟通、友好协商后做出 的决定。目前公司生产经营情况正常，本次交易终止不会对公司的生产经营和财务状况造成重大不利影 响，不存在损害公司及中小股东利益的情形。 综合自：公司公告 同日， 海光信息 （688041）也 ...

12月9日晚，海光信息公告称，公司于2025年12月9日召开董事会，审议通过终止通过向中科曙光全 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募集配套资金的议案。 同时，中科曙光也发布公告称，公司于2025年12月9日召开董事会，审议通过了《关于公司终止重大 资产重组的议案》，同意终止海光信息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 合并中科曙光并募集配套资金，并授权公司管理层办理本次终止的相关事宜。 截至今日收盘， 海光信息跌0.72%，报219.30元；中科曙光跌1.18%，报100.13元。 编辑丨瑜见 对于本次交易终止的原因，海光信息、中科曙光均表示，本次交易自启动以来，公司及相关各方积极推 动本次交易的各项工作，由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较 长，目前市场环境较本次交易筹划之初发生较大变化，本次实施重大资产重组的条件尚不成熟，为切实 维护上市公司和广大投资者长期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审 慎性考虑，决定终止本次交易事项。 双方均表示，终止本次交易事项系经公司审慎研究，并与交易对方充分沟通、友好协商后做 ...

12月9日晚，海光信息与中科曙光相继宣布，公司于2025年12月9日召开董事会，审议通过了《关于公司终止重大资产重组的议案》，同意终止海光信息通 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募集配套资金，并授权公司管理层办理本次终止的相关事宜。 两家公司均表示，本次终止主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市场环境较筹划之初发生较大变化，实施条件尚不成 熟。公司与交易各相关方协商后决定终止该事项。此次交易终止不会对公司生产经营和财务状况造成重大不利影响。 海光信息还表示，与中科曙光的产业协同与合作不受影响。公司承诺至少1个月内不再筹划重大资产重组事项。 海光信息与中科曙光表示，将于2025年12月10日15:00—16:00召开终止重大资产重组投资者说明会，会议将以网络互动形式进行，旨在与投资者交流并解 答相关问题。 此前6月9日晚间，海光信息与中科曙光正式公布了《重组预案》。据当时公告，海光信息拟购买资产的交易金额为1159.67亿元。21世纪经济报道记者当 时从业内获悉，在资本市场，芯片设计企业与整机制造企业的估值逻辑存在显著差异。海光信息作为芯片公司，享 ...