Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company continues to show strong growth, with its core subsidiary, Xinhua San, achieving rapid revenue growth and resilient profits. Domestic enterprise business is expanding steadily, while international business is growing quickly, with a deepening global layout. In Q3, the gross margin experienced structural adjustments due to the phased delivery of customized servers, but cost control was effective, and cash flow improved significantly [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 77.32 billion yuan, a year-on-year increase of 31.4%. The net profit attributable to the parent company was 1.4 billion yuan, down 11.2% year-on-year, while the net profit excluding non-recurring items was 1.46 billion yuan, up 5.2% year-on-year. In Q3 alone, the operating revenue reached 29.9 billion yuan, a year-on-year increase of 43.1% and a quarter-on-quarter increase of 12.2%. However, the net profit attributable to the parent company was 360 million yuan, down 37.6% year-on-year and 47.6% quarter-on-quarter [6][8]. Business Segments - The core subsidiary, Xinhua San, performed strongly, with revenue of 59.62 billion yuan for Q1-Q3 2025, a year-on-year increase of 48.1%. The domestic enterprise business revenue was 51.5 billion yuan, up 62.6% year-on-year, while international business revenue reached 3.48 billion yuan, up 84.0% year-on-year. The company has established 22 overseas branches and has nearly 3,600 partners, covering 181 countries and regions [2][6]. Margin and Cash Flow - The gross margin for Q3 was 11.3%, down 3.7 percentage points year-on-year and 3.6 percentage points quarter-on-quarter, primarily due to changes in revenue structure. The operating cash flow net amount for Q3 was 3.09 billion yuan, showing significant improvement, mainly due to the rapid growth in demand in the internet sector and high shipment volumes [2][6]. Strategic Initiatives - The company is firmly advancing its AI strategy, enhancing the synergy of "computing power × connectivity," and accelerating the deployment of technologies and products such as super nodes, high-speed switches, and CPO/NPO. It aims to build an integrated AI cloud platform with comprehensive service capabilities for large models [2][6]. Profit Forecast - The company is expected to maintain good growth, with projected net profits attributable to the parent company of 1.942 billion yuan, 2.318 billion yuan, and 2.826 billion yuan for 2025, 2026, and 2027, respectively, corresponding to year-on-year growth rates of 24%, 19%, and 22% [2][6].

紫光股份所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：AI训练、一体机概念、 DeepSeek概念、国资云、WIFI概念等。 截至9月30日，紫光股份股东户数27.42万，较上期增加5.45%；人均流通股10431股，较上期减少 5.17%。2025年1月-9月，紫光股份实现营业收入773.22亿元，同比增长31.41%；归母净利润14.04亿元， 同比减少11.24%。 分红方面，紫光股份A股上市后累计派现22.46亿元。近三年，累计派现6.15亿元。 机构持仓方面，截止2025年9月30日，紫光股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6395.67万股，相比上期减少219.84万股。华泰柏瑞沪深300ETF（510300）位居第五大流 通股东，持股3424.56万股，相比上期减少150.49万股。易方达沪深300ETF（510310）位居第七大流通 股东，持股2463.82万股，相比上期减少84.51万股。华夏沪深300ETF（510330）位居第八大流通股东， 持股1838.69万股，相比上期减少24.98万股。易方达中证人工智能主题ETF（159819）位 ...

Group 1 - The A-share market saw all three major indices turn positive in the afternoon, with the storage chip sector experiencing a sustained rebound [1] - Nvidia has reached a milestone collaboration with the South Korean government and four major corporate groups to supply approximately 260,000 latest Blackwell architecture GPUs to enhance South Korea's AI infrastructure [1] - The agreement includes the South Korean government receiving 50,000 GPUs for a national AI computing center, while Samsung, SK Group, and Hyundai Motor Group will each receive 50,000 GPUs for AI factory construction, and NAVER Cloud will obtain 60,000 GPUs to strengthen cloud service capabilities [1] Group 2 - CICC analysis indicates that the continuous advancement of AI technology is driving the semiconductor industry into a new cycle characterized by "going abroad" and "upgrading" [2] - Despite the end of the domestic substitution dividend period for mature products, high growth in AI-related demand and the backdrop of trade friction present commercialization opportunities for domestic computing chip companies [2] - The demand for cloud computing driven by AI applications and the upgrade of terminal hardware such as AI phones and AR/VR will jointly constitute the core driving force for industry development [2]

今日早参 2025 年 11 月 03 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 今日深度 宏观：重估中国：走向纵深 一、复盘 2025：有惊无险，峰回路转 如果说 2025 年对中国宏观和资产价格而言，是峰回路转的一年，那么，我 们期待 2026 年宏观基本面呈现柳暗花明、更为明媚的景象。 风险提示：中美经贸摩擦升级幅度超预期，地产周期下行惯性超预期。 研报发布日期：2025-11-03 研究员 易峘 SAC:S0570520100005 SFC:AMH263 常慧丽 SAC:S0570520110002 SFC:BJC906 吴宛忆 SAC:S0570524090005 SFC:BVN199 王洺硕 SAC:S0570525070003 SFC:BUP051 陈玮 SAC:S0570524030003 SFC:BVH374 宏观：不均衡的经济"再加速" 特朗普 2.0 颠簸开局。 我们 2025 年中展望的标 ...

11月3日，紫光股份盘中下跌2.03%，截至09:44，报26.53元/股，成交3.91亿元，换手率0.51%，总市值 758.78亿元。 资金流向方面，主力资金净流出6245.51万元，特大单买入2040.97万元，占比5.21%，卖出3983.76万 元，占比10.18%；大单买入7305.31万元，占比18.67%，卖出1.16亿元，占比29.66%。 紫光股份所属申万行业为：计算机-IT服务Ⅱ-IT服务Ⅲ。所属概念板块包括：AI训练、一体机概念、 DeepSeek概念、AIGC概念、WIFI概念等。 截至9月30日，紫光股份股东户数27.42万，较上期增加5.45%；人均流通股10431股，较上期减少 5.17%。2025年1月-9月，紫光股份实现营业收入773.22亿元，同比增长31.41%；归母净利润14.04亿元， 同比减少11.24%。 分红方面，紫光股份A股上市后累计派现22.46亿元。近三年，累计派现6.15亿元。 机构持仓方面，截止2025年9月30日，紫光股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6395.67万股，相比上期减少219.84万股。华泰柏瑞沪深30 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that major overseas AI companies are continuously increasing capital expenditures, focusing on AI infrastructure development, with significant growth in cloud business performance [5][6][19] - The report emphasizes a strong outlook for the "optical, liquid cooling, and domestic computing power" sectors, recommending specific stocks within these areas [7][25] Summary by Sections 1. Overseas AI Financial Summary - Google raised its capital expenditure guidance for 2025 to $91-93 billion, with Q3 capital expenditure reaching $23.953 billion, a year-on-year increase of 83% [5][15] - Meta's Q3 revenue was $51.24 billion, exceeding expectations, with a projected annual expenditure of $70-72 billion for 2025 [16] - Microsoft's Q1 FY2026 revenue reached $77.67 billion, a year-on-year increase of 18%, with significant growth in its cloud segment [17][18] - Amazon's Q3 revenue was $180.2 billion, with AWS net sales of $33.006 billion, a 20% year-on-year increase [19][20] - Celestica's Q3 revenue was $3.19 billion, a 28% increase year-on-year, leading to an upward revision of its annual guidance [21] 2. Communication Data Tracking - As of August 2025, the total number of 5G base stations in China reached 4.646 million, with 5G mobile phone users totaling 1.154 billion, a year-on-year increase of 19.46% [34][12] - The report notes that 5G mobile phone shipments reached 19.992 million units in August 2025, accounting for 88.4% of total shipments, with a slight year-on-year increase of 1.2% [41] - The three major telecom operators showed strong growth in innovative business development, with significant revenue increases in their cloud services [45][50]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term pressure on performance but is expected to benefit significantly from domestic supernode demand. The revenue for the first three quarters of 2025 reached 773.22 billion yuan, a year-on-year increase of 31.41%. The net profit attributable to shareholders was 14.04 billion yuan, with a non-recurring net profit of 14.60 billion yuan, up 5.15% year-on-year. The subsidiary, H3C, achieved a revenue of 596.23 billion yuan, growing by 48.07% year-on-year, with domestic and international business revenues increasing by 62.55% and 83.99%, respectively [4][6]. Financial Summary - For 2025, the company expects net profits attributable to shareholders to be 17.77 billion yuan, 25.60 billion yuan, and 31.86 billion yuan for 2025, 2026, and 2027, respectively. The current stock price corresponds to a PE ratio of 46.8, 32.5, and 26.1 for the years 2025, 2026, and 2027 [4][7]. - The company reported a revenue of 298.97 billion yuan in Q3 2025, a year-on-year increase of 43.12%, with a net profit of 3.63 billion yuan [4]. Product Development - The company has launched the UniPoD supernode, with the S80000 supernode supporting 64 cards in a single cabinet, improving training efficiency by 25% and inference efficiency by 63%. The S80000 has been deployed in multiple large-scale projects, and the company is advancing the development of next-generation supernode products [5]. Market Expansion - The company is enhancing its overseas market presence, having established 22 subsidiaries across Asia, Europe, Africa, and Latin America, covering over 180 countries and regions. It has submitted an application for H-share listing, aiming to raise funds for R&D, acquisitions, and sales network expansion [6].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 773.22 million yuan, a year-on-year increase of 31.41% [3] - The net profit attributable to the parent company was 14.65 million yuan, with the third quarter showing a revenue growth of 43.12% year-on-year [3] - The net cash flow from operating activities improved significantly, reaching 2.72 billion yuan [3] Group 2: Business Growth and Market Trends - The core subsidiary, Xinhua San Group, reported operating revenue of 596.23 million yuan, a year-on-year increase of 48.07% [3] - Domestic government and enterprise business revenue reached 515.02 million yuan, up 62.55% year-on-year, while international business revenue grew by 83.99% to 34.78 million yuan [3] - The AI industry is experiencing explosive growth, with rapid iterations of large model technologies and accelerated application deployment [4] Group 3: Product Development and Innovation - The company is focusing on AI development, launching new generation intelligent computing products and solutions to meet industry demands [4] - A new generation of lossless network solutions and computing cluster switches has been introduced, improving effective bandwidth by 107% [5] - The company is advancing the development of liquid cooling technologies to meet the demands of high-density computing clusters [4] Group 4: Strategic Partnerships and Market Expansion - The company has established 22 overseas branches and partnered with nearly 3,600 overseas partners, covering 181 countries and regions [7] - Significant projects have been launched in various sectors, including telecommunications, education, and industrial manufacturing, with notable collaborations in Europe, Asia, and Africa [7] - The company is actively participating in the digital construction of Chinese enterprises abroad, particularly in infrastructure projects along the Belt and Road Initiative [8] Group 5: Future Outlook and Strategic Planning - The company plans to optimize its AI server business layout and continue collaboration with domestic chip manufacturers [8] - The super node products are expected to have a higher gross margin than traditional servers due to their integrated ICT solution attributes [8] - The company aims to enhance its gross margin through cost structure optimization and improved manufacturing efficiency [9]

Core Insights - The fourth Confucian Business Conference successfully concluded with 46 events and 45 key project signings, focusing on new generation information technology, high-end equipment, and new energy materials [1] Group 1: Conference Overview - The conference featured a diverse and high-level guest list, with 468 representatives from 36 countries and regions, including 305 business guests, 21 experts, and 62 domestic business association representatives [2] - Notable attendees included leaders from state-owned enterprises, private enterprises, and foreign companies, as well as top scholars, contributing to discussions on high-quality development in Shandong [2] Group 2: Focus on New Productive Forces - The conference emphasized the importance of new productive forces, with over 50% of the 175 participating companies from cutting-edge fields such as artificial intelligence and high-end manufacturing, marking a 180% increase from the previous year [3] - A significant focus was placed on the integration of disruptive technology and industry, enhancing confidence in advancing high-level technological self-reliance [3] Group 3: Project Signings and Investment - A total of 45 key projects were signed, with 9 foreign investment projects totaling $10.1 million and 36 domestic projects amounting to 34.59 billion yuan, with over 70% in new productive force sectors [4] - The projects showcased high technical content and significant investment scales, with 27 domestic projects exceeding 1 billion yuan, representing 75% of the total [4] Group 4: Cultural and Philosophical Aspects - The conference aimed to explore and reshape the contemporary value of Confucian business spirit, integrating traditional values with modern technological advancements [5][6] - The dialogue segment featured historical figures discussing themes of ethics and innovation, highlighting the enduring relevance of Confucian principles in today's business landscape [6]

Core Viewpoint - Unisplendour Corporation (000938.SZ) announced a significant impairment provision for various assets, totaling approximately 580.16 million yuan for the period from January to September 2025, which negatively impacted the net profit attributable to the parent company by about 356.50 million yuan [1] Summary by Category Asset Impairment - The company recognized an impairment provision for accounts receivable, other receivables, inventory, and contract assets, amounting to 580,160,299.32 yuan [1] - Specific breakdown of the impairment includes: - Bad debt loss provision of 158,640,785.93 yuan [1] - Contract asset impairment loss of 11,936,776.34 yuan [1] - Inventory write-down loss of 408,565,117.15 yuan [1] - Loan impairment loss of 2,111,628.64 yuan [1] - Other non-current asset impairment loss of -1,094,008.74 yuan [1] Financial Impact - The total impairment provision resulted in a reduction of the net profit attributable to the parent company by 356,500,107.50 yuan for the same period [1]