2025 年 5 月 31 日，公司披露了《海光信息技术股份有限公司关于筹划重大资 产重组事项的停牌进展公告》（公告编号：2025-020），为维护投资者利益，避免公 司股价异常波动，根据上海证券交易所的相关规定，公司 A 股股票继续停牌。 证券代码：688041 证券简称：海光信息 公告编号：2025-049 海光信息技术股份有限公司 关于重大资产重组的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次交易的基本情况 海光信息技术股份有限公司（以下简称"海光信息"或"公司"）拟通过向曙 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发行 A 股股票并募集配套资金（以下简称"本 次交易"）。本次交易构成关联交易，构成重大资产重组。本次交易前后，海光信 息均无实际控制人，本次交易不构成《上市公司重大资产重组管理办法》第十三 条规定的重组上市情形。 二、本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称： 海 ...

海光信息公告称，公司拟换股吸收合并中科曙光并募集配套资金，构成重大关联交易，不构成重组上 市。公司A股股票于2025年5月26日开市起停牌，6月6日召开董事会审议通过交易预案，股票于6月10日 开市起复牌。自预案披露后，各方正积极推进交易相关工作。本次交易尚需合并双方董事会、股东会审 议批准，以及获有权证券监管机构批准等，存在不确定性。 ...

Group 1 - The semiconductor sector showed strength on November 28, 2025, with the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rising by 1.22% [1] - Key stocks such as Jinghe Integrated rose by 11.32%, Tuojing Technology by 6.55%, and Tianyue Advanced by 6.13% [1] - The Chinese semiconductor industry is expected to see the chip design sector exceed 1 trillion yuan by 2030, indicating strong long-term growth potential [1] Group 2 - Dongguan Securities forecasts that artificial intelligence will remain the main innovation line in the technology sector through 2026, benefiting multiple segments including computing power, storage, equipment, and advanced packaging [1] - The top ten weighted stocks in the Sci-Tech Innovation Board Chip Index account for 60.55% of the index, with major companies including Haiguang Information, Cambricon, and SMIC [1] Group 3 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF Linked Fund (017470) [3]

Core Viewpoint - Haiguang Information's stock price has shown volatility, with a year-to-date increase of 41.42%, but a recent decline over the past 20 days of 7.73% [1][2] Company Overview - Haiguang Information Technology Co., Ltd. was established on October 24, 2014, and went public on August 12, 2022. The company specializes in the research, design, and sales of high-end processors used in servers and workstations [1] - The company's main revenue source is high-end processors, accounting for 99.73% of total revenue, with other sources contributing 0.27% [1] Financial Performance - For the period from January to September 2025, Haiguang Information reported a revenue of 9.49 billion yuan, representing a year-on-year growth of 54.65%. The net profit attributable to shareholders was 1.96 billion yuan, up 28.56% year-on-year [2] - The company has distributed a total of 743 million yuan in dividends since its A-share listing [2] Stock Market Activity - As of November 28, Haiguang Information's stock price was 211.60 yuan per share, with a market capitalization of 491.83 billion yuan. The stock experienced a net outflow of 119 million yuan in principal funds [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 11, where it recorded a net purchase of 155 million yuan [1] Shareholder Information - As of September 30, 2025, Haiguang Information had 127,500 shareholders, an increase of 59.34% from the previous period. The average number of circulating shares per shareholder was 18,230, up 64.54% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some institutions reducing their holdings [2]

Core Insights - The electronic sector has seen a significant inflow of over 10.7 billion in capital, driven by a new consumption promotion plan issued by six government departments [1][4] - The electronic ETF (515260) experienced a peak increase of 3.53% in early trading, ultimately closing with a slight gain of 0.16%, marking a three-day consecutive rise [1][4] Sector Performance - Leading companies in the consumer electronics segment, such as Anker Innovations, surged over 4%, while semiconductor leaders like Wentai Technology and Zhaoyi Innovation also saw gains exceeding 2% [3][4] - Notable stocks included Cambrian, which rose by 5%, and Industrial Fulian, which peaked at over 7% during trading [3][4] Policy Impact - The Ministry of Industry and Information Technology and other departments released a plan to enhance the adaptability of consumer goods supply and demand, encouraging the development of smart appliances and AI products [4][5] - This policy is expected to benefit the consumer electronics sector significantly [4] Industry Outlook - Global tech giant Google has garnered attention due to technological breakthroughs and performance growth, with its supply chain accounting for 21.91% of the electronic ETF's index as of the end of October [5] - The electronic industry is currently in an innovation phase, with expectations for rapid growth driven by breakthroughs in terminal innovation and performance release [5] Investment Tools - The electronic ETF (515260) and its linked funds are designed to passively track the electronic 50 index, focusing on sectors like semiconductors and consumer electronics [5]

Core Insights - Chengdu Industrial Investment has achieved remarkable returns on its investments, with the drone project yielding 30-40 times returns and the Haiguang Information project exceeding 100 times returns [1][2][3] - The company has developed a unique investment methodology over nearly a decade, focusing on long-term patience and professional judgment in the hard technology sector [1][21] - The firm positions itself as an "industrial partner," emphasizing a "patient capital" approach that allows for a complete investment cycle of "dare to invest, able to succeed, and willing to exit" [1][24] Investment Performance - Chengdu Industrial Investment's investment in Zhongwu Drone began in 2014 with an initial investment of 60 million yuan, which has now grown significantly, with a current market value of approximately 3.132 billion yuan [3][9][17] - The company has successfully navigated the challenges of the hard technology sector, where most investments typically result in losses, making its achievements noteworthy [2][3] Strategic Initiatives - The launch of the "Chengdu Investment 28 Plan" aims to systematize and platformize investment logic, seeking to cultivate the next successful projects similar to Zhongwu Drone and Haiguang Information [1][19] - The plan is part of a broader strategy to establish a 100 billion yuan future industry fund by 2025, focusing on a comprehensive investment lifecycle from seed stage to IPO [19][20] Market Context - The drone industry in Chengdu has seen significant growth, with over 500 companies involved across the entire supply chain, generating revenues exceeding 6 billion yuan [16][17] - Chengdu aims to become the "first city of industrial drones" and a center for low-altitude economy in Western China, reflecting the region's commitment to developing its aerospace industry [16][17] Investment Philosophy - Chengdu Industrial Investment's approach is characterized by a long-term commitment to supporting local industries, with a focus on risk-sharing and benefit-sharing through equity ties with companies [24][25] - The firm emphasizes a "lead enterprise + supporting" investment model, which allows for rapid local industry support and stable market space for complementary businesses [25][26]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-shares market**, specifically the **CSI300 index** and its outlook for 2026. Core Insights and Arguments 1. **CSI300 Target Projections**: - The base-case target for the CSI300 by the end of 2026 is set at **5,200**, based on a **15.9x** P/E ratio and an estimated EPS of **Rmb328**, reflecting a **15% year-on-year growth** [1][4][5]. - Bear-case and bull-case targets are **4,000** and **6,000**, respectively [1][5]. 2. **Investment Themes for 2026**: - **Pro-equity "anti-involution" policies** are expected to enhance structural upside in net profit margin (NPM) and return on equity (ROE) for the CSI300, with consensus estimates of **12% NPM** and **11% ROE** [4]. - **AI Infrastructure Growth**: Anticipated capital expenditure growth in AI infrastructure globally will benefit Chinese suppliers, particularly those focused on localization and AI monetization [4]. - **Global Macro Support**: Easing fiscal and monetary policies globally will support offshore sales for listed companies [4]. - **K-shaped Recovery in Consumption**: This recovery is expected to benefit both low-end and luxury consumption sectors [4]. 3. **Downside Risks**: - Potential cuts to consensus EPS estimates for Q4 2025, especially in the **IT** and **Healthcare** sectors [4]. - The continuation of a "high-quality development" approach may dampen mid-range aspirational consumption [4]. - Geopolitical tensions, particularly between the US and China, could pose risks, especially with upcoming elections [4]. 4. **Potential Policy Changes**: - The onset of a non-performing loan (NPL) cycle may lead to new policies aimed at supporting physical properties [4]. - Increased efficiency from AI and digitalization may necessitate enhanced social security coverage due to job dislocations [4]. 5. **Thematic Stock Screens**: - Focus on **IT and Healthcare A-shares** that demonstrate innovation potential, with metrics such as market capitalization and overseas revenue [4]. - Screening for top A-share listings across various sectors including **autos, battery materials, lithium, solar, cement, chemicals, coal, steel, dairy, hogs, liquor, and logistics** [4][10]. Additional Important Insights - The **CSI300 index** is projected to have an implied upside of **17%** from the current level to the base-case target, while the bear-case scenario indicates a **10% downside** [5]. - The report highlights a shift from value to growth stocks expected by early 2026, particularly in the context of the **IT** and **Healthcare** sectors [4]. - The **A-share market** has shown robust margin financing, indicating strong investor confidence [14]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the outlook for the China A-shares market and the CSI300 index for 2026.

Core Viewpoint - The leading chip ETF (159801) opened with a gain of 0.74%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The chip ETF (159801) opened at 0.818 yuan, reflecting a 0.74% increase [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 62.42% [1] - The fund has experienced a decline of 11.45% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - Cambrian (寒武纪) up 3.45% - SMIC (中芯国际) up 0.97% - Haiguang Information (海光信息) up 1.57% - Northern Huachuang (北方华创) up 0.28% - Lattice Semiconductor (澜起科技) up 0.93% - Zhaoyi Innovation (兆易创新) up 1.21% - Zhongwei Company (中微公司) up 0.53% - OmniVision (豪威集团) up 0.30% - Changdian Technology (长电科技) up 0.14% - Unisoc (紫光国微) down 0.26% [1]

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.49% to 3883.01 points, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.097 trillion yuan, a decrease of 46.9 billion yuan from the previous day, with over 3,300 stocks rising across the market [1] Semiconductor Sector Performance - Semiconductor stocks showed strong performance, with companies like Wentai Technology rising over 4%, and Haiguang Information and Zhaoyi Innovation both increasing over 3% [1] - Various semiconductor ETFs, including the China-Korea Semiconductor ETF and others, rose over 1.5% [1] - The China-Korea Semiconductor ETF tracks the China-Korea Semiconductor Index, which is the first cross-border index fund in the semiconductor theme, combining the CSI Semiconductor 15 Index and KRX Semiconductor 15 Index on an equal-weight basis [1] High-Tech Manufacturing Growth - According to the National Bureau of Statistics, the high-tech manufacturing sector showed positive growth, with profits in the first ten months increasing by 8.0% year-on-year, surpassing the average growth of all industrial sectors by 6.1 percentage points [2] - Specific sectors such as smart electronic manufacturing and semiconductor manufacturing saw significant profit increases, with integrated circuit manufacturing profits up 89.2% and electronic materials manufacturing profits up 86.0% [2] Future Outlook for Semiconductor Industry - Tianfeng Securities projects continued optimistic growth for the global semiconductor industry through 2025, driven by AI and domestic substitution trends [3] - The report highlights strong performance in various segments, including storage, power, and foundry, with expectations for price increases and robust quarterly performance [3] - The report also notes the positive outlook for AI-related hardware and the increasing demand for CIS due to smart vehicle needs [3] Electronic Industry Trends - China Galaxy Securities anticipates a critical transition in the electronic industry driven by AI, shifting from valuation expansion to profit realization [4] - Key opportunities are identified in three areas: semiconductor sector focusing on domestic computing power and storage cycles, consumer electronics with AI-driven hardware transformation, and components benefiting from high demand [4] - Overall, AI is pushing the electronic industry from digitization to intelligence, creating structural opportunities across the industry chain [4]

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index rising by 0.49% to 3883.01, while the Shenzhen Component Index increased by 0.38% to 12956.99, and the ChiNext Index rose by 0.56% to 3061.79, with a total market turnover of 1.1 trillion [1][2]. Sector Performance - The organic silicon, consumer electronics, and battery sectors led the gains, while the Hainan and film industry sectors experienced declines [2]. Semiconductor Sector - Semiconductor stocks performed strongly, with CPO concept stocks remaining active. Notable gains included Saiwei Electronics reaching a historical high with an increase of over 18%, and other companies like Xidi and Deke Chip also showing significant increases [4]. - Google is accelerating the commercialization of its self-developed AI chip TPU, which may disrupt the GPU market dominated by Nvidia if partnerships with major tech companies materialize [4]. - Huatai Securities highlighted that multi-chip interconnection is key for AI computing power expansion, with CPO technology potentially becoming a critical path for overcoming computing power bottlenecks by 2027 [4]. - Northeast Securities noted an increase in the demand for optical modules, with a positive outlook for next year's orders, indicating a supply-demand imbalance that will likely sustain industry growth [4].