Core Viewpoint - The recent trend of semiconductor companies filing for IPOs in Hong Kong is expected to reshape the market, moving towards a focus on "hard technology" and international development platforms for Chinese firms [1][3][4]. Group 1: IPO Trends - Three semiconductor companies, including Jiewa Microelectronics, Shenzhen Huada Beidou, and Unisplendour, submitted their IPO applications to the Hong Kong Stock Exchange on June 12 [1]. - Since December of the previous year, ten A-share semiconductor companies have announced plans for Hong Kong IPOs, indicating a growing interest in the "A+H" listing model [1][4]. - Shenzhen Basic Semiconductor has become the first company in China's silicon carbide power device sector to apply for a Hong Kong IPO, highlighting the increasing focus on third-generation semiconductor materials [3]. Group 2: Market Dynamics - The shift towards Hong Kong IPOs is influenced by changes in listing policies, allowing specialized technology companies without revenue or profit to go public, thus attracting more semiconductor firms [3][4]. - The market is witnessing a transformation as it seeks to become a "value discovery hub," with a convergence of valuation assessment systems for domestic and international investors [4]. Group 3: Internationalization Strategy - Many leading A-share semiconductor companies are emphasizing their internationalization strategies and overseas business expansion, with foreign revenue and gross margins surpassing domestic figures [4]. - The complexity of international markets poses challenges for semiconductor companies venturing abroad, with mixed outcomes expected [4].

Group 1 - The core viewpoint is that the data ETF (516000) represents the big data industry, which is driven by both policy catalysts and technological iterations, establishing itself as a key sector that can withstand economic cycles [3] - As of June 10, 2025, the data ETF has seen a cumulative increase of 2.36% over the past week, with a trading volume of 21.88 million yuan and a turnover rate of 4.44% [1] - The China Securities Big Data Industry Index (930902) has shown a 0.24% increase, with key component stocks like Inspur and iFlytek rising by 3.91% and 0.58% respectively [1][2] Group 2 - The demand for AI computing power from the internet and intelligent computing centers continues to grow, with rapid progress in domestic procurement [2] - The index structure of the China Securities Big Data Industry Index shows a concentration of 50.5% among the top ten weighted stocks, with companies like iFlytek and Inspur being core players in the computing power sector [2] - The upcoming ByteDance Volcano Engine Spring Power Conference will focus on new product releases and advancements in AI technologies, indicating ongoing innovation in the industry [1]

Company Overview - As of June 6, 2025, Unisplendour Corporation (000938) closed at 24.74 CNY, up 2.95% from the previous week's 24.03 CNY [1] - The stock reached a high of 24.8 CNY and a low of 23.81 CNY during the week [1] - The current market capitalization is 70.758 billion CNY, ranking 2nd in the IT services sector out of 119 companies and 197th in the A-share market out of 5148 companies [1] Profit Distribution Plan - The profit distribution plan for the fiscal year 2024 has been approved by the shareholders' meeting held on May 20, 2025 [1] - The plan includes a cash dividend of 0.75 CNY per share (before tax), totaling approximately 214.51 million CNY, based on a total share count of 2,860,079,874 shares as of the end of 2024 [1] - No bonus shares or capital reserve transfers will be issued for the 2024 fiscal year [1] - The record date for the dividend distribution is June 12, 2025, and the ex-dividend date is June 13, 2025 [1] - The cash dividends will be directly credited to the accounts of shareholders through their custodial brokerage firms on the ex-dividend date [1]

Market Overview - The Shanghai Composite Index rose by 0.23% on June 5, with 12 out of 28 sectors experiencing gains, led by the communication and electronics sectors, which increased by 2.62% and 2.31% respectively [1] - The computer industry ranked third in terms of daily gains, with a rise of 2.12% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 337 million yuan, while 11 sectors saw net inflows [1] - The electronics sector had the largest net inflow, totaling 4.841 billion yuan, followed by the computer sector with a net inflow of 3.214 billion yuan [1] - The pharmaceutical and food & beverage sectors faced the highest net outflows, with 4.879 billion yuan and 1.285 billion yuan respectively [1] Computer Industry Performance - The computer industry saw a total of 336 stocks, with 298 stocks rising and 35 stocks declining [2] - The top three stocks with the highest net inflow were: - Dawi Technology: 544.4 million yuan - Tuo Wei Information: 309.4 million yuan - Yuxin Technology: 293 million yuan [2] - The stocks with the highest net outflow included: - Zhongke Jincai: 306.3 million yuan - Tianyang Technology: 131.4 million yuan - Ziguang Co., Ltd.: 73.4 million yuan [3] Top Gainers and Losers in Computer Industry - Top gainers in the computer industry included: - Dawi Technology: +10.01% - Tuo Wei Information: +8.06% - Yuxin Technology: +14.73% [2] - Top losers included: - Zhongke Jincai: +3.79% - Tianyang Technology: -0.33% - Ziguang Co., Ltd.: +2.36% [3]

Core Viewpoint - Unisoc Co., Ltd. is preparing for a secondary listing on the Hong Kong Stock Exchange, driven by the increasing demand for computing power from its DeepSeek large model, positioning itself as a leading provider of digital and AI solutions in the ICT sector [1][2]. Company Overview - Unisoc is a subsidiary of Tsinghua Unigroup, originally listed on the Shenzhen Stock Exchange in November 1999, and is part of a larger group that includes multiple listed companies in both A-shares and H-shares [1]. - The company ranks third in China's digital infrastructure market and second in both the networking and computing/storage infrastructure markets, according to Frost & Sullivan [1]. Business Model and Revenue - Unisoc offers a comprehensive range of digital solutions, integrating cloud computing, big data, AI, IoT, cybersecurity, and edge computing, which supports various industries in their digital transformation [2]. - The company has four major subsidiaries, with H3C contributing the most to its revenue, recognized as a leading manufacturer of AI servers and Ethernet switches [2]. Financial Performance - Unisoc's revenue has shown steady growth, with reported revenues of approximately 737.52 billion RMB, 775.38 billion RMB, and 790.24 billion RMB for the years 2022, 2023, and 2024, respectively [3]. - The digital solutions segment has become the main revenue driver, accounting for 62.7%, 68.4%, and 70.5% of total revenue in the same years [3][4]. Profitability - The company's net profits from continuing operations were approximately 37.42 billion RMB, 36.85 billion RMB, and 19.82 billion RMB for 2022, 2023, and 2024, respectively, with a declining gross margin from 19.8% to 16.0% over the same period [5]. - Despite a drop in profit for 2024 due to increased costs and reduced margins, the company maintains a strong cash position with 73.17 billion RMB in cash and cash equivalents by the end of 2024 [5]. Market Trends - The global digital solutions market has been growing steadily, projected to increase from 1.5 trillion USD in 2020 to 2.6 trillion USD by 2024, with a compound annual growth rate (CAGR) of 14.1% [7]. - The market is expected to reach 4.8 trillion USD by 2029, with a CAGR of 12.7% from 2024 to 2029, driven by advancements in cloud computing, AI, and other technologies [7]. Competitive Landscape - The company faces increasing competition from major players like Huawei and ZTE, particularly in the telecommunications sector, and must navigate challenges from rising self-developed hardware by cloud service providers [11]. - Unisoc's IPO proceeds are intended for R&D, strategic investments, and global market expansion to strengthen its competitive position [11]. Future Outlook - The successful listing on the Hong Kong Stock Exchange is anticipated to elevate the company's market presence, with potential for strong long-term value driven by technological barriers and favorable policies [12].

股票简称：紫光股份 股票代码：000938 公告编号：2025－040 紫光股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案等情况 1、紫光股份有限公司（以下简称"公司"）2024 年度利润分配方案已获 2025 年 5 月 20 日召开的 2024 年度股东大会审议通过，具体方案为：以 2024 年末公司总股本 2,860,079,874 股为基数，向全体股东每 10 股派发现金股利 0.75 元（含税），共计派送 现金 214,505,990.55 元。2024 年度不送红股，不以公积金转增股本。若 2024 年度利润 分配方案实施前公司总股本发生变化，将按照"现金分红总金额不变"的原则对每股 分配金额进行相应调整。 2、自本次分配方案披露至实施期间公司股本总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 公司 2024 年度权益分派方案为：以公司现有总股本 2,8 ...

今日A股TMT赛道再度回暖，通信、消费电子、云计算、人工智能等板块持续走强，人工智能AIETF （515070）持仓股中新易盛大涨超7%，中际旭创、金山办公、光迅科技等个股表现较好。人工智能 AIETF持仓股中科曙光复盘在即，中科曙光位于该指数第四大权重，权重占比高达5%。 人工智能AIETF（515070） 华夏中证人工智能主题ETF联接A（008585）、华夏中证人工智能主题ETF 联接C（008586）。 （文章来源：每日经济新闻） 国海证券认为，随着大模型能力的持续提升，AIAgent正在从单纯的工具属性逐步转变为企业的"虚拟员 工"，这一趋势标志着AI在企业中的角色发生了根本性变化。以Salesforce为例，其AI客服产品已实现每 次对话成本仅为2美元，远低于真人客服的7-9美元，不仅大幅降低了企业运营成本，也初步验证了AI在 人力替代方面的可行性。这种"结果导向"的付费模式，意味着企业将不再仅仅为AI的使用次数买单，而 是根据其实际产出效果进行评估和支付，从而推动AI从IT预算向人力预算迁移，释放更大的市场空间。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股 ...

Core Viewpoint - Several A-share companies have successfully listed in Hong Kong this year, with notable stock performance, including Ningde Times, Hengrui Medicine, and Chifeng Gold. Recently, Unisplendour Corporation, a leading ICT company from A-share, submitted its prospectus to the Hong Kong Stock Exchange [2]. Company Overview - Unisplendour Corporation was established in 1999 and is a joint venture among several prominent organizations. It has been listed on the Shenzhen Stock Exchange since its inception [3]. - The company designs and sells a diverse range of ICT infrastructure products, covering the entire digital solution industry chain, including key products such as "cloud-network-security-computing-storage-end" [3]. - Unisplendour also provides one-stop digital solutions integrating cloud computing, big data, artificial intelligence, IoT, cybersecurity, smart connectivity, and edge computing, while distributing globally recognized ICT products in China [3]. Financial Performance - Unisplendour's revenue has shown a continuous upward trend from 2022 to 2024, with revenues of 73.75 billion RMB, 77.54 billion RMB, and 79.02 billion RMB, respectively. However, net profit attributable to shareholders has declined from 2.16 billion RMB in 2022 to 1.57 billion RMB in 2024, primarily due to increased financial costs from acquisitions and reduced government subsidies [4]. - In Q1 2025, the company's revenue grew by 22.25% year-on-year to 20.79 billion RMB, while net profit decreased by 15.75% to 349 million RMB. However, the non-recurring net profit increased by 19.30% to 409 million RMB [4]. Business Segmentation - From 2022 to 2024, revenue from digital solutions increased from 46.31 billion RMB to 55.73 billion RMB, accounting for 62.7% to 70.5% of total revenue. Conversely, revenue from ICT product distribution decreased from 37.1% to 29.3% [4][5]. Debt and Financial Ratios - The company has significantly increased its debt due to acquisitions, with borrowings rising from 4.7 billion RMB in 2022 to 20 billion RMB in 2024. The capital-to-debt ratio surged from 15.9% to 132.0% during the same period [6][7]. - Financial costs increased by 170.1% to 858 million RMB in 2024, impacting profitability [7]. Inventory Management - Unisplendour's inventory has also increased, reaching 34 billion RMB by the end of 2024, with inventory turnover days rising from 111.3 days in 2022 to 163.8 days in 2024. This increase is attributed to the purchase of key raw materials to mitigate supply chain risks and meet growing product demand [8]. Market Outlook - The global digital solution market is expected to reach 4.8 trillion USD by 2029, with a compound annual growth rate (CAGR) of 12.7% from 2024 to 2029. In China, the digital solution market is projected to reach 4.4 trillion RMB by 2029, with a CAGR of 18.9% during the same period [9][10]. Strategic Initiatives - The upcoming Hong Kong listing aims to enhance Unisplendour's global strategy, accelerate overseas business development, and improve its capital strength. The funds raised will be allocated to R&D, strategic investments, overseas expansion, and general operational needs [11].

Summary of Key Points Core Viewpoint - The A-share IPO market experienced a decrease in the number of companies going public in May 2025, with a total of 4 companies passing the review, down from 9 in April, while the number of new listings was limited to 6, the second-lowest this year [1][2]. Group 1: IPO Market Activity - In May, 4 companies were approved for IPOs, including Hai'an Rubber, which specializes in the research, production, and sales of giant all-steel engineering tires [2][3]. - The number of new IPO applications received in May reached a monthly high of 16, with 10 from the Beijing Stock Exchange and 2 each from the Shanghai Main Board and the ChiNext [5]. - 8 companies terminated their IPO projects in May, an increase from 5 in April, with some having previously passed the review [4]. Group 2: Overseas Listings - As of May 30, 2025, 158 companies were in the process of filing for overseas securities issuance, with over 70% planning to list in Hong Kong [1][6]. - In May, 41 companies submitted applications to the Hong Kong Stock Exchange, including 5 A-share listed companies, indicating a continued trend of domestic companies seeking overseas listings [6][7]. - The Hong Kong market saw a significant increase in fundraising, with a total of HKD 558.01 billion raised in May, marking the highest monthly total since April 2021 [7]. Group 3: Market Performance - Despite a decrease in the number of new listings, the performance of new stocks on their debut was strong, with 4 stocks rising over 100% on their first day, including a peak increase of 411.93% for Tiangong Co [3][8]. - Among the 10 new stocks listed in the Hong Kong market in May, 7 recorded gains while 3 faced declines, resulting in a first-day drop rate of 30% [8].

2.融资便利：H 股募资可用于海外研发中心建设、并购整合（比如对新华三的进一步支持）； 3.地缘避险：A+H 双平台架构能分散单一市场的政策风险，尤其在中美科技博弈背景下，港股的身份更 利于拓展欧美以外的新兴市场。 2025 年一季度，紫光股份营收 207.9 亿元，同比增长 22.25%，这个增速在传统硬件厂商中堪称亮眼。更 重要的是，其控股子公司新华三的国内政企业务收入同比增长26.07%，国际业务收入同比增长20.1%。 这说明什么？紫光不仅是国内数字化基建的扛把子，还在国际市场上撕开了一条口子。 根据弗若斯特沙利文的报告，紫光股份在中国数字化基础设施市场收入排名第三，而其 "万卡级集群网 络互联方案" 更是目前全球少数能实现超大规模 AI 算力集群无缝互联的技术之一。在 AI 算力军备竞赛 中，紫光相当于给各大厂商 "卖铲子"—— 无论你训练的是大模型还是搞智能城市，总得先买我的网络设 备和服务器。这种底层技术的卡位，让紫光在 AI 浪潮中占据了不可替代的生态位。 港股IPO：全球化野望的"关键一跃" 如果要在A股找一个"闷声发大财"的AI基础设施巨头，紫光股份（000938.SZ）绝对排得上号。这家 ...