Core Viewpoint - Zhongyuan Securities report indicates that Unisplendour Corporation is actively acquiring the remaining equity of H3C, with overall fundamentals improving [1] Group 1: Acquisition and Ownership - The company will initiate a new round of equity acquisition for H3C, and after this acquisition, foreign investment will no longer hold shares in H3C [1] - As the company's ownership percentage in H3C increases, the contribution of H3C to the company's performance is continuously growing [1] Group 2: Growth Drivers - H3C's current growth drivers mainly come from domestic government and enterprise business as well as international business [1] Group 3: Financial Strategy - The company began the process of listing on the Hong Kong Stock Exchange in May, and successful listing is expected to significantly alleviate the financial cost pressure brought by the acquisition of H3C [1] - The company's server business and overseas operations are accelerating growth, while it is increasing its stake in H3C and conducting financing in Hong Kong stocks, indicating a positive overall development trend [1] Group 4: Investment Rating - The company is given an "Accumulate" investment rating [1]

Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][36]. Core Insights - The company is actively pursuing the acquisition of the remaining 19% stake in Xinhua San held by HPE, which reflects a positive outlook on its fundamentals [2]. - In 2025, the company's revenue growth accelerated, with a reported revenue of 77.32 billion yuan for the first three quarters, representing a year-on-year increase of 31.41%. However, the net profit attributable to the parent company declined by 11.24% [9]. - The growth momentum for Xinhua San is primarily driven by domestic government and enterprise business, as well as international business, with respective year-on-year growth rates of 62.55% and 83.99% in the first three quarters of 2025 [9]. - The company has increased its stake in Xinhua San to 81%, with Xinhua San contributing 77% of the company's revenue and 146% of its net profit in the first three quarters of 2025 [9]. - The company is expected to alleviate financial pressure from the acquisition of Xinhua San through its successful listing on the Hong Kong Stock Exchange [9]. Financial Data Summary - As of September 30, 2025, the company reported a net asset value per share of 5.06 yuan and a net profit margin of 9.70% [5]. - The company's revenue is projected to reach 101.06 billion yuan in 2025, with a growth rate of 27.88% [12]. - The earnings per share (EPS) for 2025 is estimated at 0.52 yuan, with corresponding price-to-earnings (P/E) ratios of 46.62, 32.07, and 24.41 for the years 2025, 2026, and 2027 respectively [12].

证券日报网讯 12月15日，紫光股份在互动平台回答投资者提问时表示，公司始终秉持开放合作的态 度，与国内外众多产业合作伙伴保持着广泛的技术交流和业务合作，共同推动ICT产业的发展。 （文章来源：证券日报） ...

Core Viewpoint - The company is strategically focusing on the high-speed optical module industry, aiming for breakthroughs in both stability and cost-effectiveness for its 1.6T high-performance optical modules, in addition to its existing 800G optical modules [1] Group 1 - The company is actively advancing the development of 1.6T high-performance optical modules [1] - There is an emphasis on enhancing the certification and testing system for optical modules [1] - The company aims to promote the large-scale commercial use of LPO in intelligent computing centers and internet data centers [1]

股票简称：紫光股份 股票代码：000938 公告编号：2025－073 紫光股份有限公司 2025 年第五次临时股东会决议公告 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。 特别提示： 现场会议召开日期和时间：2025 年 12 月 15 日（星期一）下午 14 时 30 分 网络投票时间：2025 年 12 月 15 日。其中，通过深圳证券交易所交易系统进行投 票的具体时间为：2025 年 12 月 15 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00 期间的任意时间；通过互联网投票系统进行网络投票的起止时间为 2025 年 12 月 15 日 9:15-15:00 期间的任意时间。 2、召开地点：北京市海淀区紫光大楼一层 118 会议室 3、召开方式：现场投票表决与网络投票相结合的方式 4、召集人：公司第九届董事会 5、主持人：董事长于英涛 6、 会议的召开符合有关法律、行政法规、部门规章、规范性文件和本公司章程的有 关规定。 7、 会议出席情况：出席会议的股东及股东代表 1,578 名，代表股份数 841,830,26 ...

北京市重光律师事务所 关于紫光股份有限公司 2025 年第五次临时股东会 法律意见书 致：紫光股份有限公司 北京市重光律师事务所（以下简称"本所"）接受公司的委托，指派李静律师和刘 伟东律师（以下简称"本所律师"）出席会议，并依据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监 督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）和《紫光股份有 限公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师依法对公司 2025 年第五次临时股东会召集、召开程序是否合法及是否符 合《公司章程》、召集人资格及出席会议人员资格的合法有效性和股东会表决程序、表 决结果的合法有效性予以见证并发表法律意见，本所律师同意将本法律意见书作为公司 2025 年第五次临时股东会的必备文件公告，本所律师确认法律意见书中不存在虚假、严 重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，本所律师对公司本次股 东会的相关文件和有关事实进行了核查和验证，现就本次股东会的如下问题发表法律意 见： 一、 ...

企查查APP显示，近日，北京紫光摩度智能科技有限公司成立，法定代表人为张少华，经营范围包含： 人工智能应用软件开发；数据处理和存储支持服务；信息系统集成服务；互联网安全服务；数据处理服 务等。企查查股权穿透显示，该公司由紫光股份旗下紫光摩度科技有限公司全资持股。 ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Core Viewpoint - The Chinese blade server industry is experiencing a critical development phase driven by technological upgrades, deepening market applications, and supply chain localization, characterized by simultaneous expansion of market size and acceleration of domestic production processes [1] Industry Overview - Blade servers are a high-density server platform designed for specific application industries and high-density computing environments, allowing multiple "blade" modules to be inserted into a unified chassis, providing optimal space efficiency and energy efficiency for large data centers [4][6] - The evolution of the blade server industry in China has transitioned from early architectural exploration to market maturity, showcasing a trajectory from single functionality to multi-fusion [6] Market Size - The market size of the Chinese blade server industry is projected to reach approximately 15.07 billion yuan in 2024, reflecting a year-on-year growth of 2.8%, driven by strong demand from cloud computing and artificial intelligence [1][8] Key Enterprises - Unisplendour Corporation, through its subsidiary H3C, leads the blade server market, leveraging its unique position as the exclusive provider of HPE servers in China and its "plastic architecture" for resource pooling [10] - Inspur Information maintains a strong market share through continuous innovation in liquid cooling technology, while Huawei excels in AI computing scenarios with its self-developed Kunpeng chips [10] - Sugon focuses on high-performance computing and liquid cooling technology, establishing a competitive edge in the research and supercomputing sectors [10] Industry Development Trends 1. **Liquid Cooling Technology and AI Integration** - The industry is accelerating towards green and intelligent infrastructure, with liquid cooling technology expected to penetrate over 30% of the market by 2025, significantly improving energy efficiency [13] 2. **Market Concentration and Localization** - The competition is becoming increasingly oligopolistic, with domestic CPUs gaining traction in government and military sectors, while the supply chain is reducing reliance on imports [14] 3. **Edge Computing Expansion** - The blade server architecture is evolving towards a dual-mode of "centralized large clusters + distributed micro-clusters," adapting to the demands of edge computing driven by 5G and IoT applications [16]

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].