Core Viewpoint - Haiguang Information and Zhongke Shuguang have announced the termination of their major asset restructuring due to significant changes in their stock prices since mid-August, influenced by various market factors [1] Group 1: Market Conditions - The stock prices of both parties have experienced considerable fluctuations and an overall increase since mid-August, driven by changes in domestic and international environments, the overall trend of the A-share market, the heat of the AI industry, and market expectations [1] Group 2: Strategic Collaboration - Both companies will enhance strategic collaboration while maintaining their independence, focusing on their core competencies [1] - Haiguang Information will concentrate on CPU and DCU chips, while Zhongke Shuguang will work on cutting-edge technologies such as super-node computing power, scientific large model development platforms, and cluster systems [1]

Group 1: Company Developments - Haiguang Information and Zhongke Shuguang have terminated their major asset restructuring due to the large scale of the transaction and significant changes in the market environment, but they will continue to deepen their cooperation [2] - Vanke A shares saw a surge, with a limit up and a single order amount exceeding 2.7 billion yuan, as the real estate sector showed signs of recovery [2] - Renowned investor Lin Yuan affirmed his long-term investment in Pian Zai Huang, citing its irreplaceable value and potential for significant growth over the next decade [2] Group 2: Market Trends - Silver prices have surged to a historic high of $60 per ounce, with a year-to-date increase of over 108%, significantly outperforming gold [3] - The establishment of a polysilicon acquisition platform with a registered capital of 3 billion yuan is expected to optimize industry capacity amid weak supply and demand [3] - The wholesale price of Feitian Moutai has dropped by 43% over two years, prompting distributors to seek transformation strategies [4] Group 3: Economic Indicators - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest level since March 2024, driven by rising food prices [5] - The Producer Price Index (PPI) increased by 0.1% month-on-month but decreased by 2.2% year-on-year, influenced by seasonal demand and external factors [5]

Core Viewpoint - Haiguang Information announced that although the current merger and acquisition restructuring cannot be implemented, both companies have independent market operations and specialized development paths, focusing on core tracks of computing power infrastructure integration and high-end chip design [1] Group 1: Company Collaboration - Haiguang Information will establish closer cooperation with Zhongke Shuguang in system-level product applications, leveraging Zhongke Shuguang's advantages in cutting-edge technologies such as super-node computing power, scientific large model development platforms, and cluster systems [1] - The collaboration aims to achieve full-chain coordinated development from chip design to computing power services through industrial synergy [1] Group 2: Strategic Focus - Both companies will continue to expand their full-stack layout in areas such as intelligent computing, computing power scheduling, and data center solutions [1]

海光信息12月10日公告，公司长期以来与中科曙光保持良好的产业协同与合作，本次重大资产重组的终 止不影响双方后续的持续合作。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算路线的算力生态健康发展，持续提升公司 质量和价值，为股东争取更多的回报。公司对本次终止筹划重大资产重组对广大投资者造成的不便深表 歉意。 ...

Core Viewpoint - The major asset restructuring plan between Haiguang Information and Zhongke Shuguang has been officially terminated due to significant changes in the market environment and differing perspectives among stakeholders [2][11]. Group 1: Company Performance and Market Reaction - Following the announcement of the termination, Zhongke Shuguang's stock opened with a limit down at 90.12 CNY per share, while Haiguang Information closed at 218.5 CNY, down 0.36% [2][3]. - Since the disclosure of the restructuring plan, both companies' stock prices had surged over 60%, indicating high volatility that complicated the share swap proposal [5][13]. - As of December 10, the combined market capitalization of both companies exceeded 600 billion CNY, reflecting significant growth since the initial announcement [7][11]. Group 2: Restructuring Details - The restructuring was intended to be the first major asset merger following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16 [7]. - The proposed share swap ratio was set at 1:0.5525, with Haiguang Information expected to issue approximately 8.08 billion shares for the merger [14]. - The complexity of the shareholder structure and the large scale of the assets involved contributed to the challenges faced during the restructuring process [16][18]. Group 3: Future Outlook and Industry Implications - Despite the termination of the merger, both companies are expected to continue their collaboration within the industry, focusing on their respective core competencies [17][19]. - Zhongke Shuguang will maintain its independent listing and concentrate on high-end computing and data center solutions, while Haiguang Information will continue to lead in high-end processor design [18][19]. - The industry is anticipated to evolve towards a model of "soft integration" rather than "hard mergers," allowing for a more flexible response to market demands [17].

Core Viewpoint - The anticipated merger between Haiguang Information and Zhongke Shuguang, which was seen as a significant step towards creating a "domestic computing aircraft carrier," has been abruptly terminated due to changes in market conditions and differing perspectives among stakeholders [1][10][11]. Group 1: Merger Announcement and Market Reaction - On December 9, Haiguang Information and Zhongke Shuguang announced the termination of their major asset restructuring plan, which involved a stock swap merger [1]. - Following the announcement, Zhongke Shuguang's stock hit a daily limit down, closing at 90.12 yuan per share, while Haiguang Information's stock fell slightly to 218.5 yuan [1]. - Since the merger proposal was disclosed, both companies' stock prices had surged over 60%, indicating significant market interest prior to the termination [5][11]. Group 2: Background of the Merger - The merger was initially announced on May 25, 2023, and was notable as the first major asset restructuring following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" [7]. - At the time of the merger announcement, the combined market capitalization of both companies exceeded 400 billion yuan, and by December 10, it had grown to over 600 billion yuan [7][11]. - The proposed stock swap ratio was set at 1:0.5525, with Haiguang Information expected to issue approximately 808 million new shares [12]. Group 3: Reasons for Termination - The companies cited "significant changes in the market environment" and the immaturity of conditions necessary for the merger as primary reasons for the termination [10][11]. - The volatility in stock prices and the complexity of the involved parties contributed to the challenges faced during the merger process [9][12]. Group 4: Future Outlook and Industry Implications - Despite the termination, both companies are expected to continue their collaboration and maintain their respective positions in the computing ecosystem [14][15]. - The industry is shifting towards a model of "soft integration" rather than "hard mergers," which may better suit the current market dynamics [14]. - Zhongke Shuguang will focus on its core business in high-end computing, while Haiguang Information will continue to lead in high-end processor development, both aiming to enhance their competitive positions in the market [15][16].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊市场号 文 |牛犇 今天，A股市场维持平稳，但向上趋势没有改变。 板块方面，前期热门的AI相关产业链普遍调整，不过往后看，AI仍是未来最热的主线之一。 算力链的一个大消息 据笔者观察，今天涨得最好的当数海南自贸、锂电等相关产业链，罗牛山、海南瑞泽、海南高速等一众 相关标的或触及涨停，或涨幅居前。相对而言，服务器、覆铜板、存储器、IDC（算力租赁）、电路 板、AI算力等AI相关产业链跌幅靠前，这与算力龙头一则最新消息相关。 12月9日晚间，海光信息和中科曙光同时发布《关于终止重大资产重组的公告》，原计划海光信息通过 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，但由于本次 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，双方决定终止本次交易事项。 也就是说，这起曾被市场视为算力领域最大规模收购之一的计划就此告终了。受此影响，在公告发出的 次一交易日，也就是今日，中科曙光股价跌停，海光信息同样 ...

Core Viewpoint - Haiguang Information announced the termination of its merger with Zhongke Shuguang, causing significant market reactions, with Zhongke Shuguang's stock hitting the limit down and Haiguang Information experiencing a slight decline [1][2]. Group 1: Termination of Merger - The termination was attributed to the large scale of the transaction and changes in the market environment since the initial planning, leading to the conclusion that the conditions for the merger were not mature [5][8]. - The significant fluctuations in the stock prices of both companies since the merger proposal were highlighted as a key factor in the decision to terminate the merger [6][10]. Group 2: Market Environment and Stock Performance - The stock prices of both companies remained stable from June 10 to mid-August, but began to show significant volatility due to various factors, including changes in domestic and international environments, overall A-share market trends, and the AI industry's dynamics [6][10]. - The market environment's unpredictability was emphasized, indicating that the merger's failure was not solely due to the companies' internal factors but also external market conditions [5][6]. Group 3: Future Prospects for Companies - Both companies are considered leaders in China's computing power industry, with sufficient market space for independent development despite the termination of the merger [10]. - The potential benefits of a merger, such as vertical integration and cost reduction, were acknowledged, but the companies' independent operations also present significant advantages in terms of development, ecosystem, and market competition [10][12]. Group 4: AI Industry Growth - The rapid growth of the AI industry is expected to drive demand for hardware, with predictions indicating a 56.3% increase in China's accelerated server shipments by 2025, and the market size exceeding $100 billion by 2029 [12]. - Haiguang Information is positioned to become a core supplier in the AI computing power competition, having already adapted its products to major domestic models and supporting diverse AI applications [12].

Core Viewpoint - The sudden termination of the merger between Haiguang Information and Zhongke Shuguang has caused significant market reactions, with Zhongke Shuguang hitting the daily limit down and Haiguang Information experiencing a slight decline [1][10]. Group 1: Termination Reasons - Haiguang Information announced the termination of the merger due to the large scale of the transaction and the involvement of multiple parties, which led to prolonged discussions and a significant change in market conditions since the initial planning [4][13]. - The company emphasized that the conditions for implementing the merger were not mature enough, and the decision was made to protect the long-term interests of the company and its investors [4][13]. - The significant fluctuations in the stock prices of both companies since the merger proposal were cited as a key factor in the decision to terminate the deal [5][14]. Group 2: Market Environment Changes - The stock prices of both companies remained stable from June 10 to mid-August, indicating that the merger proposal did not significantly impact their valuations. However, from mid-August onwards, various factors led to increased volatility in their stock prices [5][14]. - The changes in the market environment included shifts in domestic and international conditions, overall trends in the A-share market, and fluctuations in the AI industry, which collectively influenced investor sentiment and stock performance [5][14]. Group 3: Future Prospects - Despite the termination of the merger, both Haiguang Information and Zhongke Shuguang are positioned as leading companies in China's computing power industry, with ample market space for independent development [7][17]. - The companies are expected to continue thriving independently, with Haiguang Information supplying core computing power chips and Zhongke Shuguang collaborating with various chip manufacturers to enhance market competition [7][17]. - The rapid growth of the AI industry is anticipated to drive demand for hardware, with projections indicating a 56.3% increase in China's accelerated server shipments by 2025 and a market size exceeding $100 billion by 2029 [9][18].

Core Viewpoint - The anticipated merger between Haiguang Information and Zhongke Shuguang has been officially terminated due to significant changes in the market environment and differing perspectives among stakeholders, leading to a sharp decline in stock prices for both companies following the announcement [2][8]. Group 1: Merger Details - The merger was initially announced on May 25, 2023, as a strategic move where Haiguang Information would absorb Zhongke Shuguang through a share swap, marking a significant event in the domestic computing power sector [3]. - Prior to the merger announcement, Haiguang Information had a market capitalization of approximately 316.41 billion yuan, while Zhongke Shuguang was valued at around 90.57 billion yuan, bringing their combined market cap to over 400 billion yuan [4]. - Following the merger announcement, both companies saw their stock prices increase significantly, with Haiguang Information rising by 61.1% and Zhongke Shuguang by 61.76% [9]. Group 2: Market Reaction and Challenges - The termination of the merger led to immediate market reactions, with Zhongke Shuguang's stock hitting a daily limit down at 90.12 yuan per share, while Haiguang Information's stock fell slightly to 218.5 yuan [2][8]. - The companies cited the volatile market conditions and the complexity of the shareholder structure as key reasons for the merger's failure, with significant fluctuations in stock prices complicating the merger process [8][11]. - The global technology sector has experienced notable adjustments, impacting the feasibility of the merger, as evidenced by the decline in stock prices for both companies after reaching historical highs earlier in the year [8][9]. Group 3: Future Outlook - Despite the merger's failure, both companies are expected to continue their collaboration within the industry, focusing on their respective core competencies and maintaining a complementary relationship in the computing power ecosystem [13][15]. - Haiguang Information plans to continue its focus on high-end processor development, while Zhongke Shuguang will maintain its independence and concentrate on its core business in high-end computing and digital infrastructure [14][15]. - The industry is likely to see a shift towards "soft integration" rather than "hard mergers," as companies adapt to the evolving market demands and seek to build resilient ecosystems [13][15].