Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

当前，AI正在从互联网行业向千行百业渗透，从通用大模型向行业大模型发展。紫光股份的"云— 网—安—算—存—端"全栈布局，使其在赋能产业智能化浪潮中占据了有利位置。例如，在智慧城市项 目中，公司可以提供从边缘感知设备（端）、城域承载网络（网）、城市数据中心（算、存）到城市云 平台与安全体系（云、安）的整体方案。全栈能力使其不仅是产品供应商，更是客户的数字化转型合作 伙伴。 紫光股份的实践表明，中国科技企业正通过聚焦核心技术与系统级创新，在全球AI产业浪潮中积 极争夺定义未来的话语权。当然，紫光股份也面临来自国内外顶尖科技公司的全方位竞争。能否持续胜 出，取决于以下几个关键点，包括技术创新的深度与速度、海外市场的突破广度、生态构建的开放度、 运营效率的持续优化等。 人工智能的竞争，本质上是算力、算法与数据的竞争，而算力基础设施是这一切的基石。在该寒 道，紫光股份有限公司通过内生外延并举，已成功跻身国内第一梯队。 在全球科技竞争格局和国内强调科技自立自强的背景下，ICT产业链的自主可控重要性日益凸显。 紫光股份作为国内数字化解决方案的头部企业，其发展与中国数字经济的战略方向高度契合。公司持续 加大研发投入，在高端网 ...

2016年启动的对新华三的战略收购，成为紫光股份转型的转折点。这项耗时近十年、累计投入约350亿 元的收购计划，最终使公司获得了切入AI算力赛道的核心能力。 当财务数据暂时黯淡时，真正的战略家看到的是冰山之下正在积累的价值。紫光股份用短期利润的让 步，换取了通往AI时代不可或缺的船票。 2025年前三季度，紫光股份总营收同比增长31.41%，达到773.2亿元，成功抓住了AI算力需求爆发的历 史性机遇。 在国际化布局方面，紫光股份海外业务的毛利率已达到25.5%，显著高于国内业务的14.79%。公司正在 全球范围内构建更具韧性的业务结构。 01 战略锚点 收购完成后，紫光股份已从网络设备专家蜕变为AI时代的全栈解决方案提供商。 这次转型的核心价值在于让公司掌握了"云-网-安-算-存-端"全链条能力，这在国内数字化基建领域极为 稀缺。 随着AI算力建设从通用基础设施转向行业专用解决方案，紫光股份的全栈能力正成为差异化竞争优势 的关键来源，为其长期发展奠定了坚实基础。 02 时间换空间 紫光股份当前面临的"增收不增利"现象，实质上是公司主动选择的战略投入期表现。 2025年前三季度，公司净利润增速明显低于营收增速 ...

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Beijing Unis Digital Technology Co., Ltd., to secure a bank credit line of up to RMB 583.14 million for project financing [2][4]. Group 1: Guarantee Overview - The company will provide a guarantee for a bank credit line of RMB 583.14 million for its subsidiary, with the guarantee valid for 12 months from the date of the shareholder meeting [2]. - The guarantee is intended for the construction of the Beijing Changping Unis Digital Economy Technology Park (Phase I) [4][5]. Group 2: Guarantee Details - The loan amount is RMB 583.14 million, with a repayment period extending until January 19, 2040 [2][3]. - The guarantee includes coverage for principal, interest, penalties, and costs associated with debt recovery [4]. Group 3: Financial Implications - The total amount of guarantees provided by the company and its subsidiaries is RMB 1,774.71 million and USD 251.2 million, which represents 264.87% of the company's equity attributable to shareholders as of the end of 2024 [6]. - The current balance of guarantees to subsidiaries is RMB 1,337.31 million, which is 100.31% of the company's equity [6].

（编辑 袁冠琳） 证券日报网讯 1月23日，紫光股份发布公告称，截至目前，公司及子公司的担保额度总金额为人民币 1，774，714万元及251，200万美元，占公司2024年年末审计后的归属于母公司所有者权益的 264.87%。截至目前，公司及子公司对外担保余额为人民币1，563，314万元及250，700万美元，占公 司2024年年末审计后的归属于母公司所有者权益的248.75%。其中，对子公司的银行授信担保余额为人 民币1，337，314万元，占公司2024年年末审计后的归属于母公司所有者权益的100.31%；对子公司的 厂商授信担保余额为人民币226，000万元及248，000万美元，占公司2024年年末审计后的归属于母公司 所有者权益的147.03%；对合并报表外单位提供的担保余额为2，700万美元，占公司2024年末审计后的 归属于母公司所有者权益的1.42%。公司及子公司无逾期担保，无涉及诉讼的担保及因担保被判决败诉 而应承担的损失。 ...

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

股票简称：紫光股份 股票代码：000938 公告编号：2026－004 紫光股份有限公司 关于为子公司提供担保的进展公告 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、担保情况概述 紫光股份有限公司（以下简称"公司"）2025 年 12 月 3 日召开的第九届董事会 第十七次会议及 2025 年 12 月 19 日召开的 2025 年第六次临时股东会审议通过了《关 于为子公司申请银行综合授信额度提供担保的议案》，同意公司为全资子公司北京紫 光数字科技有限公司（以下简称"紫光数科"）自公司 2025 年第六次临时股东会审 议通过之日起12个月内申请的银行综合授信额度提供总额不超过人民币58,314万元 的担保（以下简称"本次额度"）。具体内容详见公司于 2025 年 12 月 4 日在巨潮资 讯网等披露的《第九届董事会第十七次会议决议公告》（公告编号：2025-066）、《关 于为子公司申请银行综合授信额度提供担保的公告》（公告编号：2025-068）及于 2025 年 12 月 20 日披露的《2025 年第六次临时股东会决议公告》（公告编号：2025- ...

紫光股份公告称，公司此前同意为全资子公司紫光数科申请的银行综合授信额度提供不超5.83亿元担 保。近日，公司与兴业银行北京分行签署《保证合同》，为紫光数科5.83亿元贷款提供连带责任保证， 贷款期限至2040年。本次担保后，公司在额度内对紫光数科担保余额为5.83亿元，截至目前，对其担保 余额为10.13亿元。截至目前，公司及子公司担保额度总金额为177.47亿元及2.51亿美元，对外担保余额 为156.33亿元及2.51亿美元，无逾期担保。 ...

Group 1 - The global share of China's essential patents for 5G standards has reached 42%, and the first phase of 6G technology trials has been completed, with over 300 key technology reserves formed [2] - The development of 6G technology is entering a critical window, with significant focus on the integration of low-orbit satellite networks and a comprehensive space-ground-sea network [2] - Companies are actively engaging in 6G-related business, with a focus on millimeter-wave technology as a core frequency band for 6G [3] Group 2 - Companies like 创远信科 are upgrading testing technologies and instruments towards higher frequency bands and greater bandwidth, with a focus on terahertz testing and AI communication testing [3] - 昂瑞微 is targeting the U6G frequency band and developing high-performance components, including high-power amplifiers and low-noise amplifiers, to enhance their competitive edge in RF solutions [4] - 紫光股份 is leveraging its strengths in ICT infrastructure to provide comprehensive ICT services for 6G networks, participating in various hardware and software service projects [4] Group 3 - 中兴通讯 has been actively involved in the IMT 2030 (6G) promotion group, contributing to testing and research in key technology areas such as 6G and AI integration [4] - 创远信科 has initiated the second phase of 6G technology trials and is focusing on the application of 6G+AI technology in specific scenarios like satellite internet and smart connected vehicles [5] - 瑞可达 is developing solutions for 6G communication and commercial satellite applications, while 臻镭科技 is positioning itself as a core chip supplier for 6G satellite internet [5]

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 2.79% and 2.62% respectively [1] - The computer industry saw a rise of 0.67% [1] - The banking and coal sectors were the biggest losers, declining by 1.58% and 1.57% respectively [1] Capital Flow - The net inflow of capital in the two markets was 11.983 billion yuan, with 14 sectors receiving net inflows [1] - The electronics sector had the highest net inflow of 16.369 billion yuan, contributing to its 2.62% increase [1] - The non-ferrous metals sector followed with a net inflow of 7.289 billion yuan and a daily increase of 2.79% [1] - Conversely, 17 sectors experienced net outflows, with the power equipment sector leading at a net outflow of 6.688 billion yuan, followed by the defense and military industry with a net outflow of 2.906 billion yuan [1] Computer Industry Performance - The computer industry had a net inflow of 2.186 billion yuan, with 159 out of 336 stocks rising, including 3 stocks hitting the daily limit [2] - The top three stocks by net inflow were Zhongke Shuguang with 1.651 billion yuan, followed by China Great Wall and Hikvision with 1.498 billion yuan and 594 million yuan respectively [2] - The industry also saw 9 stocks with net outflows exceeding 100 million yuan, led by Unisplendour, Yihua Technology, and Keda Technology with outflows of 272 million yuan, 214 million yuan, and 211 million yuan respectively [2][4] Top Gainers in Computer Industry - The top gainers in the computer industry included: - Zhongke Shuguang: +6.93%, turnover rate 8.50%, net inflow 1.65071 billion yuan - China Great Wall: +10.00%, turnover rate 4.42%, net inflow 1.497857 billion yuan - Hikvision: +4.69%, turnover rate 2.09%, net inflow 594 million yuan [2] Top Losers in Computer Industry - The top losers in the computer industry included: - Unisplendour: -0.60%, turnover rate 3.21%, net outflow 271.7482 million yuan - Yihua Technology: -8.26%, turnover rate 8.70%, net outflow 213.9290 million yuan - Keda Technology: -3.69%, turnover rate 11.18%, net outflow 210.8727 million yuan [4]