| 中科曙光(603019) | | | | --- | --- | --- | | 闭市 12-10 15:00:04 融 通 | | | | 90.12 | 额 47.86亿 股本 14.63亿 市盈 62.6 | | | –10.01 –10.00% 换 3.62% 市值1 1319亿 市净 6.26 | | | | 分时 五日 日Ｋ | | | | 置加 | 均价:90.26 盘口 资 | | | 110.14 | 10.00% 卖五 90.16 1 | | | 90.15 | SE V | | | 90.14 | | | | 90.13 5 | | | | 100.13 | 90.12 28 0.00% 卖一 | | | ak | | | | 25 h | | | | 90.12 | 买五 -10.00% | | | 11:30/13:00 | 15:00 14:56 90.12 | 9:30 | 前一日（9日)晚间，二者双双发布公告，让一桩历时7个月、交易规模约为1159.67亿元的"国产算力最大吸并案"戛然而止，"是否在玩花活"的质疑声在投资 者社群中蔓延。 时间拉回5月25日，由于给出了"算力 ...

格隆汇12月10日｜海光信息召开终止重大资产重组投资者说明会。海光信息董事、总经理沙超群表示， 本次与中科曙光(603019)的重组交易方案披露以来，吸并双方的二级市场股价变化较大。公司在筹备本 次重组时已对交易方案进行充分、审慎的论证，但市场环境变化有不可预计性。加之本次重组合并规模 大、参与方多，各方视角不同导致未能成功。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。 ...

Core Viewpoint - The termination of the merger between Haiguang Information and Zhongke Shuguang reflects a strategic decision to maintain independent operations while continuing to enhance collaboration in the computing power ecosystem [3][4]. Group 1: Merger Termination Reasons - The merger was terminated due to significant changes in the market environment, including notable fluctuations in stock prices within the semiconductor and AI sectors, as well as the accelerated implementation of the "AI+" initiative [3]. - The companies emphasized that the termination of the merger would not have a significant adverse impact on their operational and financial conditions, nor would it harm the interests of the companies and minority shareholders [3]. Group 2: Business Focus and Collaboration - Haiguang Information and Zhongke Shuguang will continue to deepen their collaboration despite the merger termination, with Zhongke Shuguang focusing on high-end computing and Haiguang Information concentrating on high-end chip development [4]. - Zhongke Shuguang aims to build an integrated system capability around intelligent computing and data center solutions, while Haiguang Information seeks to enhance its technology barriers in chip, hardware, and software [4]. Group 3: Open Ecosystem and Heterogeneous Computing - The trend towards heterogeneous computing necessitates higher demands for open and collaborative technical architectures, with Haiguang Information promoting an open CPU interconnect bus protocol to establish an efficient computing ecosystem [4]. - Zhongke Shuguang has also released an open architecture compatible with various AI acceleration cards to facilitate resource collaboration [4]. Group 4: Market Outlook - Despite the merger's termination, market sentiment remains optimistic regarding the future prospects of both companies, as multi-entity collaboration in the supply chain aligns with global trends in the computing power industry [5].

海光信息2025年6月9日晚间披露的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 预案显示，本次交易的具体实现方式为海光信息换股吸收合并中科曙光。海光信息为吸收合并方，中科 曙光为被吸收合并方，即海光信息向中科曙光的全体换股股东发行A股股票，交换该等股东所持有的中 科曙光股票。 中国经济网北京12月10日讯海光信息(688041.SH)今日开盘跌3.32%，收盘跌0.36%报218.50元；中科曙 光（603019）(603019.SH)今日开盘跌停，跌幅10.00%，收盘跌10.00%报90.12元；曙光数创(920808.BJ) 今日开盘跌4.80%，收盘跌7.98%报77.37元。 海光信息昨晚披露了关于终止重大资产重组的公告。海光信息于2025年12月9日召开公司第二届董事会 第十七次会议审议通过了《关于终止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 易的议案》，同意公司终止通过向曙光信息产业股份有限公司(以下简称"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(以下简称"本次交易")，并授权公司管理层 办理本次终止相关事宜。 中科曙 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The termination of a major asset restructuring will not adversely affect the company's operations or financial status in the long term. The company will continue to focus on high-end chip products and maintain strong collaboration with partners [6][8]. - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, a year-on-year increase of 54.7%, and a net profit of 1.96 billion RMB, up 28.6% year-on-year. The third quarter alone saw a revenue of 4.03 billion RMB, growing 69.6% year-on-year [8]. - The company is well-positioned in the domestic computing power market, benefiting from the "信创+AI" trend, with its CPU and DCU products gaining traction in various industries [8]. Financial Summary - The company expects net profits of 3.20 billion RMB, 4.67 billion RMB, and 6.71 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 65.81%, 45.96%, and 43.56% respectively. The earnings per share (EPS) are projected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same years [10][8]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 166, 114, and 79 respectively, indicating a favorable valuation outlook [10][8].

海南自贸区板块早盘反弹，罗牛山涨停，海南瑞泽、康芝药业、海南海药、凯撒旅业、欣龙控股等纷纷 走高。中科曙光跌停，海光信息跌超2%。消息面上，海光信息中科曙光终止千亿元换股合并计划。 海南自贸区板块早盘反弹，罗牛山涨停，海南瑞泽、康芝药业、海南海药、凯撒旅业、欣龙控股等纷纷 走高。中科曙光跌停，海光信息跌超2%。消息面上，海光信息中科曙光终止千亿元换股合并计划。 ...

Core Viewpoint - The A-share market experienced fluctuations, particularly in the computing hardware sector represented by the Sci-Tech Chip 50 ETF (588750), which saw a decline of over 1% as of 13:13 on December 10, indicating active buying despite the downturn [1][3]. Market Performance - The Sci-Tech Chip 50 ETF (588750) faced a decline, with major component stocks like Langqi Technology and Huahong Semiconductor dropping over 3% due to the termination of the merger with Zhongke Shuguang [3]. - Haiguang Information's stock fell over 5% at one point but later narrowed its losses to around 1% in the afternoon session [3]. - The index's top ten component stocks predominantly showed negative performance, with declines ranging from 0.44% to 3.53% [3]. Industry Developments - The first MUSA Developer Conference by Moore Threads is scheduled for December 19-20, aiming to outline a comprehensive strategy centered on MUSA and introduce a new GPU architecture, which may boost confidence in domestic GPU chip technology [4]. - Despite short-term volatility in the semiconductor sector, the long-term growth drivers remain intact, with AI innovation and domestic substitution being the core catalysts [5]. Long-term Growth Logic - The semiconductor sector is witnessing a shift in growth momentum from consumer electronics to automotive applications, with analog chips expected to maintain a broad market space due to trends in smart and electric vehicles [5]. - AI computing chips are identified as the primary growth engine, with leading companies like Cambrian and Haiguang benefiting from the surge in AI server demand, leading to increases in both revenue and profit [5]. Index Characteristics - The Sci-Tech Chip 50 ETF (588750) focuses on the "high-end" upstream and midstream segments of the chip industry, showcasing strong growth potential under the current market conditions [6][8]. - The index is expected to achieve a net profit growth rate of 94% in the first three quarters of 2025, with an annual forecast of 100%, significantly outperforming its peers [8]. Comparative Analysis - The Sci-Tech Chip index is characterized by a higher "chip content" and greater elasticity compared to other semiconductor indices, reflecting its focus on core chip segments [6][9]. - The index has demonstrated a maximum increase of 187.69% since September 2024, with superior risk-adjusted returns compared to other indices in the sector [9].

昨日晚间，海光信息、中科曙光相继发布公告宣布两家公司重大资产重组终止。 受交易终止影响，今日开盘中科曙光跌停，总市值1319亿元；海光信息跌超2%，市值跌至4979亿元。 | 今开:90.12 | | 最高:91.78 | | | 成交量:46.56万 | 市空率:68.99 | | 52周最高:128.12 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收:100.13 | | 最低:90.12 | | | 成交额:42.04亿 | 市值:1318.56亿 | | 52周景低:58.43 | | | सेम | 日K | 周K | 月K | | | | | | | | | | 价格:0 均价:0 涨跌额:0 涨跌幅:0% 成交量:0 成交额:0 | | | | | | | | | 110.14 | | | | | | | | | +10.00% | | 106.80 | | | | | | | | | +6.66% | | 103.47 | | | | | | | | | +3.33% | | 100.13 | | ...

海南自贸区板块早盘反弹，罗牛山涨停，海南瑞泽、康芝药业、海南海药、凯撒旅业、欣龙控股等纷 纷走高。中科曙光跌停，海光信息跌超2%。消息面上，海光信息中科曙光终止千亿元换股合并计 划。 点击付费阅读，解密今日盘面热点的核心逻辑！ 前言 市场迷雾重重，还在为抓不住市场热点而焦虑？《掘金板块牛熊》帮你精准把握风格切换信号，带领你 看懂热钱的情绪周期。 每个交易日午间解密当天盘面热点的核心逻辑，《掘金板块牛熊》让你踩准市 场节奏，财富增值不迷路！ ...

Group 1 - The U.S. will allow Nvidia to sell H200 chips to China, with the government receiving a 25% cut from the sales [2][4] - Microsoft announced a historic $23 billion investment plan in AI, primarily targeting India with $17.5 billion allocated for building AI infrastructure [4] - SK Hynix is considering a potential listing in New York to narrow the valuation gap with U.S. peers, with its stock rising approximately 240% this year due to strong demand for high-bandwidth memory chips [5] Group 2 - Google's TPU has helped its Gemini 3 AI model outperform OpenAI's GPT-5, prompting investors to reassess Nvidia's market dominance [6] - The European Commission has launched an antitrust investigation into Google regarding its use of online content for AI without compensating creators [7] - Meta has formed a strategic content partnership with People Inc., allowing it to provide real-time lifestyle content to its AI users [9] Group 3 - Chinese smartphone manufacturers are promoting applications to help users transition from iPhones, intensifying competition in the domestic market [10] - Apple has issued a new round of cybersecurity threat notifications to users across 84 countries, aiming to protect them from surveillance threats [11] - Alibaba's Qianwen has surpassed 30 million monthly active users just 23 days after its public beta launch, introducing new AI features [13] Group 4 - Haiguang Information and Zhongke Shuguang have announced the termination of a major asset restructuring, stating it will not adversely affect their operations [14] - Xiaomi has announced personnel adjustments in its China operations, affecting multiple departments [15] - Zhang Yutong has been appointed as the president of Kimi, focusing on the company's strategy and commercialization [16] Group 5 - OpenAI is collaborating with Deutsche Telekom to launch AI services starting in 2026, integrating ChatGPT Enterprise across the company [18] - Ericsson has acquired a minority stake in software development company LotusFlare, enhancing its strategic partnership in the telecom sector [19] - Australia has become the first country to ban social media access for children under 16, facing criticism from tech companies but support from parents [21]