格隆汇11月24日｜浙商证券研报指出，海光信息首次授予激励对象，产业链合作深化。截至2025 年6 月 30 日，公司共有员工2803 人，激励对象占比超30%。本次激励授予范围广，股权价值高，回报力度 大，有利于加深员工与公司的深度绑定，巩固核心人才壁垒，为公司长期发展注入持久动能。根据公司 官方微信公众号， 公司与信安世纪共建AI密算联合实验室，依托双方在算力和密码领域的深厚积累， 将密码技术深度嵌入算力芯片底层，为AI应用提供内生安全能力。算力领军企业的强强联合或将实现 技术发展成果的共享，促进产业链上下游优质资源的整合，进一步推动国产算力做大做强。维持"买 入"评级。 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending specific stocks such as Wuxi Unicomp Technology, Kingsoft Office, Hand Enterprise, Hikvision, Newland Digital Technology, Autel Robotics, Hygon, and related target Dawning Information Industry [3][12]. Core Insights - Google has launched Gemini 3 and Nano Banana Pro, establishing a leading position in multimodal technology, while Tencent and Alibaba are promoting AI application accessibility through their respective platforms [3][12]. - The Chinese hard tech sector is witnessing significant capitalization with Moore Threads and Unitree Robotics advancing their IPO processes, marking an acceleration in AI computing power and robotics industrialization [3][12][15]. Summary by Sections Google’s Product Launches - Google released the Gemini 3 model on November 18, achieving top scores in math, reasoning, and multimodal understanding, surpassing competitors like GPT-5.1 and Claude Sonnet 4.5 [13]. - The Nano Banana Pro model enhances text rendering accuracy in images and supports generating professional-grade images up to 4K resolution, integrating with major creative software [13]. Chinese AI Application Ecosystem - The AI application ecosystem in China is advancing with significant developments in multimodal generation and general assistants, particularly from companies in Hangzhou [14]. - Alibaba launched the "Qianwen" App, expanding its AI strategy from B2B to B2C, while Ant Group introduced the "Lingguang" AI assistant for mobile applications [14]. Hard Tech Capitalization - Moore Threads is set to launch an IPO at RMB 114.28 per share, aiming to raise RMB 8 billion for AI training and inference chip development [15]. - Unitree Robotics is also progressing towards a domestic stock issue, with a product line that includes quadruped and humanoid robots [15].

Core Viewpoint - Haiguang Information's stock price has shown significant volatility, with a year-to-date increase of 40.68% but a recent decline in the last 20 days by 16.15% [1][2] Company Overview - Haiguang Information Technology Co., Ltd. was established on October 24, 2014, and went public on August 12, 2022. The company is located in Beijing and specializes in the research, design, and sales of high-end processors used in servers and workstations [1] - The main revenue source for the company 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, reflecting a year-on-year increase of 28.56% [2] - The company has distributed a total of 743 million yuan in dividends since its A-share listing [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 127,500, a rise of 59.34% compared to the previous period. The average number of circulating shares per shareholder is 18,230, which is an increase of 64.54% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable reductions in holdings for some [3]

Core Insights - The A-share market showed a mixed performance on November 24, with the hard technology sector continuing its pullback, while the Kexin Chip 50 ETF (588750) rebounded slightly, up 0.14% as of 10:38 AM [1] Market Performance - The Kexin Chip 50 ETF (588750) saw varied performance among its constituent stocks, with some stocks like Chip Origin and Huahong Technology dropping over 4%, while others like Haiguang Information rose over 1% [3] - As of 10:38 AM, the top ten constituent stocks of the Kexin Chip 50 ETF displayed a mix of gains and losses, with notable movements including Haiguang Information up 1.36% and Tianyue Advanced leading with a 6.29% increase [4] IPO Developments - On November 24, Moer Thread officially launched its IPO subscription on the Sci-Tech Innovation Board, potentially becoming the first listed company focused on "full-function GPUs" in China. The IPO process has been notably swift, marking a significant milestone for the board [5] ETF Expansion - Fourteen hard technology ETFs were approved on November 21, including three focused on chip technology, indicating an expansion in the market for chip-themed ETFs and the potential influx of new investment capital into the sector [5] AI and Semiconductor Trends - The release of Google's AI model Gemini 3 on November 19 has intensified competition in the global large model sector, with expectations for sustained demand for AI computing power, which may present investment opportunities in the computing sector [6][7] - The semiconductor industry is projected to maintain optimistic growth trends, driven by AI applications and domestic substitution efforts, with significant performance expected in Q4 2025 [8] Kexin Chip Index Characteristics - The Kexin Chip 50 ETF (588750) focuses on the high-end upstream and midstream segments of the chip industry, with a core segment representation of 96%, indicating a higher growth potential compared to other indices [10][11] - The index has shown strong growth metrics, with a projected net profit growth rate of 100% for the full year of 2025, significantly outpacing similar indices [14] Investment Strategy - The Kexin Chip 50 ETF (588750) is recommended for investors looking to capitalize on the core technology of chips, offering high elasticity and growth potential, making it an attractive option for those interested in the semiconductor sector [15]

Group 1 - The semiconductor equipment sector is experiencing a high growth phase, driven by dual benefits from domestic policies and increasing demand for mid-to-high-end equipment from large wafer fabs [3] - The semiconductor equipment ETF (561980) has seen significant inflows, with a net inflow of nearly 75 million yuan in a single day and a total of 3.77 billion yuan year-to-date, indicating strong investor interest [1] - The semiconductor equipment ETF has increased by 43.72% year-to-date, ranking third among 31 primary industries, only behind non-ferrous metals and communications [1] Group 2 - Capital expenditures for leading internet companies in China and the U.S. are expected to grow rapidly, with projections of $430.6 billion (+65%) in 2025 and $602 billion (+40%) in 2026, supporting future demand for computing chips [2] - The domestic storage manufacturers are expected to contribute significantly to wafer fab capital expenditures next year, which will drive demand for semiconductor equipment and materials [2] Group 3 - The semiconductor equipment sector is expected to maintain high growth rates over the next three years, driven by increased domestic production and demand, with a focus on enhancing localization rates [3] - The top ten constituents of the semiconductor equipment ETF account for over 78% of the index, focusing on key players in the chip industry chain [4]

Group 1: Stock Incentive Plan - The company held a board meeting on November 21, 2025, to approve the first grant of restricted stock to incentive targets, setting the grant date as November 21, 2025 [1] - A total of 16.5354 million shares will be granted at a price of 90.25 yuan per share to 878 eligible incentive targets, representing approximately 0.71% of the company's total share capital at the time of the incentive plan announcement [1] - As of June 30, 2025, the company had 2,803 employees, with over 30% being incentive targets, indicating a broad scope of the incentive grant that strengthens employee-company ties and supports long-term development [1] Group 2: Industry Collaboration and Technological Advancements - The company is collaborating with Xinan Century to establish an AI computing joint laboratory, integrating cryptographic technology into computing chips to enhance security for AI applications [2] - Strategic agreements have been signed with Xinghuan Technology and Haoliang Data to promote deep integration of Haiguang with key software products, aiming to customize solutions for specific industry needs [2] - The rapid iteration of domestic computing power is expected to benefit from deep integration within the computing power industry chain, with the announcement of the merger with Zhongke Shuguang and the launch of the scaleX640 super node technology, which significantly enhances computing performance [2] Group 3: Financial Forecast and Valuation - The company is projected to achieve revenues of 14.21 billion, 20.70 billion, and 29.15 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 55%, 46%, and 41% respectively [3] - Net profit attributable to shareholders is expected to be 2.98 billion, 4.34 billion, and 6.41 billion yuan for the same period [3] - Corresponding PE valuations for 2025 to 2027 are estimated at 161, 111, and 75 times, maintaining a "buy" rating [3]

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - Google has achieved a breakthrough in multimodal technology with the release of Gemini 3 and Nano Banana Pro, establishing a leading advantage in multimodal applications. Tencent and Alibaba are promoting AI application accessibility, while domestic hard-tech companies like Moore Threads and Yushutech are advancing towards IPOs, marking a significant acceleration in the capitalization of hard technology assets [2][4]. Summary by Sections Investment Highlights - Google released Gemini 3, outperforming competitors like GPT-5.1 and Claude Sonnet 4.5 in tests related to mathematics, reasoning, and multimodal understanding. The Nano Banana Pro enhances text rendering accuracy in images and supports generating professional-grade images at up to 4K resolution. These products signify a complete technological layout from foundational models to professional application tools in generative AI [4]. - In China, significant advancements in AI application ecosystems have been noted, particularly in multimodal generation and general assistant fields. Alibaba launched the "Qianwen" app, while Ant Group introduced the "Lingguang" AI assistant, indicating a shift from B2B to B2C strategies. This development, alongside models like DeepSeek, creates a comprehensive AI application ecosystem in Hangzhou [4]. - The hard-tech sector in China is reaching a critical point of capitalization, with Moore Threads initiating an IPO at a price of 114.28 yuan per share, aiming to raise 8 billion yuan for AI training and inference chip development. Yushutech is also progressing towards a public offering, focusing on humanoid and quadruped robots [4]. Recommended Stocks - The report recommends the following stocks with an "Overweight" rating: - Nicheng Technology (日联科技) - Kingsoft Office (金山办公) - Hehe Information (合合信息) - Hikvision (海康威视) - Newland (新大陆) - Daotong Technology (道通科技) - Hand Information (汉得信息) - Haiguang Information (海光信息) - Related stocks include Zhongke Shuguang (中科曙光) [4][5].

Core Insights - Nvidia's latest earnings report has created significant market volatility, with a notable stock price fluctuation following the announcement, reflecting concerns about future growth sustainability [1][3] - The tech sector's downturn in the US has impacted the A-share market, leading to a decline in related sectors such as computing power and AI chips [4] Market Trends - The computing power sector is experiencing a reevaluation of valuations and fundamentals, with a potential short-term profit-taking pressure as year-end approaches [4] - Major tech companies like Microsoft, Google, Meta, and Amazon are increasing capital expenditures, indicating sustained demand in the computing power supply chain [4][6] Domestic Developments - The domestic computing power ecosystem is rapidly evolving, with a significant shift towards self-sufficiency in chip supply, as evidenced by the projected decrease in reliance on foreign chips from 63% to 42% by 2025 [7] - Domestic chip manufacturers are showing substantial revenue growth, with companies like Cambricon reporting a 2386.38% increase in revenue year-on-year [7] Technological Advancements - The focus in the computing power industry is shifting from hardware accumulation to efficiency optimization, with significant reductions in inference costs for AI models [9][10] - Innovations in system architecture, such as the adoption of supernode technology, are enabling better performance despite limitations in chip capabilities [10] Industry Opportunities - The AI computing power sector is becoming a primary growth engine for the communications industry, with investment opportunities emerging in areas like optical modules and storage chips [13][14] - The liquid cooling technology market is expected to grow significantly, with a projected compound annual growth rate of 46.8% from 2024 to 2029 [10][14] Investment Shifts - Investment in the computing power industry is transitioning from infrastructure to application innovation, reflecting a maturation of the sector [14] - Companies that can accurately navigate technological trends are likely to gain a competitive advantage during the upcoming industrial transformation [14]

Core Insights - The report titled "2025 Domestic AI Chip Software Ecosystem White Paper" highlights the competitive landscape of domestic AI chips, emphasizing the shift in user focus from hardware performance to the maturity, compatibility, and usability of the software ecosystem [1][10] - The software ecosystem is structured into four layers: foundational support layer, core tools layer, framework adaptation layer, and management monitoring layer, which collectively determine the value realization and commercialization of AI chips [1][14] - Domestic AI chips are categorized into specialized acceleration chips, general-purpose computing chips, and graphics computing chips, with notable manufacturers focusing on different aspects of the ecosystem [1][10] Group 1: Background and Significance - The report outlines the context of increasing international technological competition, which has led to significant advancements in domestic AI chip technology and market expansion [10][11] - The primary goal of the white paper is to systematically assess the development status of the domestic AI chip software ecosystem, providing a technical reference for industry, academia, and government [12][13] Group 2: AI Chip Software Ecosystem Composition - The AI chip software ecosystem serves as a technical hub connecting hardware capabilities with upper-layer applications, structured into four main modules: foundational support, core tools, framework adaptation, and management monitoring [14][20] - Each module plays a critical role in the training and inference processes of AI models, with the foundational support layer abstracting hardware complexity and providing standard interfaces for upper-layer tools and applications [17][19] Group 3: Current State of Domestic AI Chip Software Ecosystem - The report identifies various domestic AI chip categories and representative manufacturers, highlighting their unique software ecosystem resources and the need for improvement in completeness and community engagement [3][10] - The current ecosystem has progressed from "basic usability" to "specific scenario usability," with two main paths emerging: "full-stack ecosystem" and "compatible ecosystem" [1][10] Group 4: Future Development Directions - The report emphasizes the need for standardization, open-source collaboration, and industry-academia synergy to enhance the domestic AI chip software ecosystem from "usable" to "excellent" [1][10] - The ultimate goal is to establish a robust and controllable technological system that supports the commercialization of domestic AI chips [1][10]

Group 1 - The core investment theme for 2026 is transitioning from extreme growth to balanced allocation, focusing on sectors with strong performance potential [3][11] - In the technology sector, the report highlights that industries related to artificial intelligence and embodied intelligence are expected to experience a slowdown in profit growth after rapid valuation increases, suggesting a focus on segments with relatively low historical valuations and strong earnings support [3][11] - For traditional industries, the report recommends focusing on upstream sectors benefiting from "AI+" enhancements and profit recovery opportunities following capacity clearance driven by anti-involution policies [3][11] Group 2 - The report identifies a potential recovery in downstream consumer sectors during the 2026-2027 inventory cycle, alongside a gradual return of long-term capital to the market, suggesting a sustained allocation window for industries such as food and beverage, pharmaceuticals, and duty-free concepts [3][11] - The recommended top ten stocks for 2026 include: 300568.SZ Xingyuan Material, 601233.SH Tongkun Co., 603755.SH Richen Co., 300442.SZ Runze Technology, 688303.SH Daqian Energy, 002920.SZ Desay SV, 688041.SH Haiguang Information, 603993.SH Luoyang Molybdenum, 603583.SH Jiechang Drive, and 002027.SZ Focus Media [4][13] - The report provides a detailed earnings forecast and valuation for the recommended stocks, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [16]