股票简称：紫光股份 股票代码：000938 公告编号：2026－015 关于延长紫光股份有限公司首期 1 号员工持股计划存续期的公告 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。 紫光股份有限公司（以下简称"公司"）2026 年 3 月 3 日召开的第九届董事会第 二十二次会议审议通过了关于延长紫光股份有限公司首期 1 号员工持股计划存续期 的议案，现将具体情况公告如下： 一、员工持股计划基本情况 公司于2015年5月21日召开的第六届董事会第十一次会议、第六届监事会第九次 会议和2015年6月25日召开的2015年第一次临时股东大会审议通过了关于《紫光股份 有限公司首期1号员工持股计划（草案）（非公开发行方式认购）》的议案和关于提请 股东大会授权董事会全权办理员工持股计划相关事宜的议案。具体内容详见公司于 2015年5月26日、2015年6月26日披露在《中国证券报》《证券时报》《上海证券报》 及巨潮资讯网的相关公告。 紫光股份有限公司首期 1 号员工持股计划（以下简称"紫光 1 号员工持股计划"） 股票来源为认购的公司非公开发行的股票。经中国证券监督管理 ...

股票简称：紫光股份 股票代码：000938 公告编号：2026－014 紫光股份有限公司 第九届董事会第二十二次会议决议公告 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。 紫光股份有限公司（以下简称"公司"）第九届董事会第二十二次会议，于 2026 年 2 月 27 日以书面方式发出通知，于 2026 年 3 月 3 日在紫光大楼四层会议室以现 场结合通讯方式召开。会议由董事长于英涛先生主持，会议应到董事 9 名实到 9 名， 符合《紫光股份有限公司章程》的规定。 | 议同意，员工持股计划存续期限可予以延长。 | 续期变更为 120 个月。经本员工持股计划持 | | --- | --- | | …… | 有人会议审议通过、并经公司董事会审议通 | | | 过相关议案后，本员工持股计划实施第三次 | | | 延期，存续期再延长 36 个月，即存续期变更 | | | 为 个月。 156 | | | 经公司董事会和员工持股计划持有人会 | | | 议同意，员工持股计划存续期限可予以延长。 | | | …… | 上述事项已经紫光 1 号员工持股计划持有人会议审议通过 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

Core Viewpoint - The rise of domestic computing power chains is significantly impacting the cloud computing sector, with the cloud computing ETF (159890) experiencing notable gains and increased investor interest [1]. Group 1: Market Performance - The cloud computing ETF (159890) opened with a rise of over 1% and is currently up by 0.74%, indicating strong performance among its constituent stocks [1]. - Notable stocks include Tuowei Information, which hit the daily limit, and Yuntian Lifeng, which surged by 13%, while several others like Wangsu Science and Technology and Runhe Software rose by over 6% [1]. - The fund has seen a net inflow of over 66 million yuan in a single day, with a cumulative net subscription of approximately 58.9 million yuan over the past five days, breaking previous records [1]. Group 2: Industry Developments - DeepSeek is set to release its V4 "Sea Lion Lite" version, which supports 1 million tokens and features native multimodal processing capabilities, prioritizing domestic chip suppliers for optimization [3]. - This shift marks a significant transition for the domestic computing power industry from being merely "usable" to achieving "scale commercialization," reinforcing the logic of domestic computing power [3]. Group 3: Demand Insights - According to a report from CITIC Securities, the token usage of domestic large models has surged, with the top three models being domestic, reflecting an exponential growth in AI inference demand [4]. - The report indicates that the domestic computing power sector, benefiting from cost advantages and an improving ecosystem, is poised to dominate the infrastructure layer [4]. - China International Bank also noted significant changes in the large model industry around the Spring Festival, suggesting a new wave of growth potential for the computing power supply chain [4]. Group 4: ETF Composition - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with holdings that balance AI computing power (41%) and AI applications (32%) [5]. - The top ten holdings include leading software and hardware companies such as iFlytek, Kingsoft Office, and Inspur Information, which are expected to benefit from the AI infrastructure wave [5][6]. - The current trend led by DeepSeek in reshaping the domestic computing power ecosystem is likely to drive the industry from "passive adaptation" to "active definition," presenting collaborative development opportunities in computing power and AI applications [6].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

Group 1 - Company iFLYTEK is a leading player in the domestic AI sector, possessing its own Spark cognitive model with capabilities in code generation, intelligent development, research Q&A, and automated testing, and maintains a long-term deep cooperation with Huawei Cloud [1] - The model can efficiently collaborate with Huawei Cloud's CodeArts to provide AI-assisted development services across various industries including finance, government, education, industry, and healthcare [1] - The demand for enterprise-level AI coding is surging, leading to accelerated deployment in low-code development platforms, intelligent programming assistants, and industry digital solutions, with a robust income structure and growth potential [1] Group 2 - China Software is the absolute leader in the domestic software and Xinchuang industry, focusing on operating systems, databases, middleware, industry solutions, and major digital engineering services, with deep ecological binding with Huawei in various fields [2] - The comprehensive promotion of CodeArts will significantly enhance the company's software development efficiency, system iteration speed, and project delivery quality, effectively reducing R&D costs [2] - The company’s business deeply covers high-barrier industries such as finance, energy, transportation, government, and national defense, benefiting from dual dividends of policy support and industry demand [2] Group 3 - Yonyou Network is a leading vendor in the domestic enterprise cloud services and ERP sector, establishing long-term strategic cooperation with Huawei Cloud in hybrid cloud deployment, industrial internet, and digital transformation [3] - The self-developed enterprise-level AI model is fully integrated into Yonyou's BIP intelligent business platform, enhancing application development efficiency and driving high-quality growth in cloud service subscription revenue [3] - The company’s client base includes large and medium-sized enterprises, specialized and innovative companies, and growing SMEs, with increasing penetration in various industries [3] Group 4 - Oriental Guxin specializes in big data platforms, cloud computing services, industrial internet, and industry digital solutions, maintaining stable cooperation with Huawei in several areas [4] - The company provides integrated services in intelligent development, system integration, and data middle platform construction, with high business barriers and strong customer stickiness [4] - The AI coding tools' widespread adoption will significantly improve efficiency in large digital project delivery and core system iteration [4] Group 5 - Runhe Software is a core ecological co-builder of Huawei's open-source Harmony and Euler operating systems, participating deeply in ecological construction and adaptation development [5] - The company collaborates closely with Huawei Cloud in AI development tools, low-code platforms, and industry solutions, significantly enhancing application development and project delivery efficiency [5] - The widespread adoption of AI coding tools will effectively shorten project cycles, reduce R&D costs, and improve product stability [5] Group 6 - Digital China is a leading cloud management service and digital solution provider, deeply involved in Huawei's cloud ecosystem, offering a range of services including application development and digital transformation [6] - The company benefits from the growing demand for cloud management services and system integration as AI coding tools become prevalent in the enterprise sector [6] - Its comprehensive competitiveness continues to strengthen in various fields including digital government, intelligent manufacturing, and financial technology [6] Group 7 - Huasheng Tiancheng is a certified excellent ISV partner of Huawei, focusing on cloud computing, big data, and AI solutions, with deep collaboration in various areas [7] - The company’s products can seamlessly integrate with Huawei Cloud's CodeArts, expanding AI development service scenarios [7] - The widespread adoption of AI coding tools will significantly enhance delivery efficiency and product quality across key industries [7] Group 8 - Changshan Beiming, through its subsidiary Beiming Software, is a key ISV partner of Huawei, focusing on smart city, industrial internet, and financial technology [8] - The company collaborates deeply with Huawei Cloud in application development and data governance, with CodeArts enhancing software development efficiency [8] - The adoption of AI development tools will effectively reduce R&D costs and enhance product competitiveness [8] Group 9 - Tuo Wei Information is a strategic partner of Huawei across multiple core ecosystems, focusing on AI infrastructure and digital solutions [9] - The company provides AI development and digital services across various sectors, significantly improving code production efficiency [9] - The demand for AI coding in the enterprise sector continues to rise, leading to sustained business growth [9] Group 10 - Hand Information is a core partner of Huawei Cloud, focusing on enterprise digital transformation and ERP implementation services [10] - The company’s AI coding tools significantly enhance application development and system optimization efficiency [10] - The widespread promotion of CodeArts will open up long-term growth opportunities in enterprise digitalization and AI development services [10] Group 11 - Softcom Power is a leading software and digital technology service provider, deeply cooperating with Huawei Cloud to create intelligent solutions [11] - The company benefits from the widespread adoption of AI development tools, enhancing project delivery efficiency and order acquisition capabilities [11] - Its client base includes high-quality projects in finance, internet, and intelligent manufacturing [11] Group 12 - Donghua Software is a comprehensive industry solution provider, maintaining long-term cooperation with Huawei in various fields [12] - The company’s collaboration with Huawei Cloud enhances software development efficiency and project delivery quality [12] - The adoption of AI coding tools will further strengthen the company’s competitive position in the digital economy [12] Group 13 - Qiming Star is a leading enterprise in the network security sector, collaborating with Huawei in various security areas [13] - The company’s products are increasingly penetrating high-security demand industries, benefiting from the AI and security development model [13] - The demand for automated security operations and compliance code development is rapidly growing [13] Group 14 - SuperMap Software is a leading GIS platform provider, collaborating with Huawei in various fields [14] - The company’s GIS platform software is fully compatible with Huawei Cloud, enhancing industry application development efficiency [14] - The adoption of AI coding tools will accelerate the integration of GIS and AI applications [14] Group 15 - Baoxin Software is a dual leader in industrial software and IDC computing services, deeply cooperating with Huawei in various areas [15] - The company’s AI coding tools significantly enhance the efficiency and stability of industrial software development [15] - The company benefits from the growing demand for industrial AI and digital transformation [15] Group 16 - Unisplendour is a leading player in the ICT infrastructure sector, maintaining a competitive ecological partnership with Huawei [16] - The company provides integrated solutions in computing hardware, cloud platforms, and industry digital solutions [16] - The demand for AI and cloud computing is expected to drive sustained growth in the company’s performance [16] Group 17 - Shiji Information is a leader in hotel information and tourism digitalization, collaborating with Huawei in various areas [17] - The company’s AI technology enhances the efficiency of industry application development and system iteration [17] - The demand for intelligent systems in the tourism sector is expected to continue growing [17] Group 18 - Weining Health is a leader in the medical information sector, collaborating with Huawei to promote digital and intelligent upgrades [18] - The company’s products are widely used in various healthcare settings, benefiting from the growing demand for medical digitalization [18] - The adoption of AI coding tools will enhance the efficiency of medical software development [18] Group 19 - Hengsheng Electronics is a leader in financial IT, deeply cooperating with Huawei in various financial technology areas [19] - The company’s collaboration with Huawei enhances the efficiency of financial core system development [19] - The adoption of AI development tools is expected to strengthen the company’s position in the financial IT sector [19]

Core Viewpoint - The company emphasizes its role as a strategic partner in satellite internet, which is a crucial component of 6G technology, leveraging its strengths in ICT infrastructure and intelligent computing to provide comprehensive ICT services for 6G networks [1] Group 1: Company Initiatives - The company is involved in various ICT hardware and software service projects, including switches, security firewalls, and computing servers, which have already been delivered at scale [1] - The company has undertaken a series of cloud pool system constructions, showcasing its commitment to enhancing its service offerings in the ICT sector [1] Group 2: Strategic Focus - The company remains attentive to national strategic development needs and advancements in cutting-edge technologies, aligning its initiatives with market demands and policy directions [1] - The company aims to leverage its technological advantages in communication and security to create diverse value for high-quality development, while ensuring that its strategies are in line with overall corporate goals [1]

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative performance exceeding 15% compared to the benchmark index over the next 12 months [8]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, enabling users to create videos with simple text prompts, which is expected to enhance user engagement and frequency of use over the long term [3][5]. - The model's capabilities include multi-modal input acceptance, narrative coherence, and audio-visual synchronization, addressing key industry challenges such as character consistency and audio-visual mismatch [4][5]. - The demand for computational power is projected to increase exponentially due to the anticipated high concurrency from both consumer (C-end) content creation and business (B-end) API calls [6]. Summary by Sections Seedance 2.0 Launch and Features - Seedance 2.0 is integrated into various platforms, allowing users to generate short videos easily, which is expected to drive higher usage rates [3]. - The model supports multiple input types and can generate videos with synchronized audio, enhancing the creative process for users [4]. Computational Demand Projections - The report estimates that by October 2025, the monthly usage of AI-generated content on the platform will reach 63,900 times, with a total usage time of 1,668.2 hours [6]. - The complexity of video generation is significantly higher than that of text and images, leading to a substantial increase in computational requirements [6]. - Projections indicate that the number of required H100 GPUs for video generation could range from 2.4 million to 4.284 million under different scenarios, with a market space for H100 GPUs estimated between $4.8 billion and $8.568 billion [14][12]. Long-term Market Opportunities - The report highlights the potential for domestic computational power providers to benefit from the growth of AI video generation, with specific companies recommended for investment, including chip designers and AI server manufacturers [13]. - The user base for short videos in China is expected to exceed 1 billion by the end of 2024, with increasing daily usage times projected [7][11].

Group 1 - The core point of the article is that Unisplendour Corporation announced its acquisition of a 6.98% stake in HPE Cayman-held New H3C Group, increasing its total ownership from 81% to 87.98% [2] - The acquisition is being conducted through Unisplendour's wholly-owned subsidiary, Unisplendour International, in collaboration with other Chinese investment institutions [2] - A share purchase agreement has been signed for the transaction, which is currently in the process of being executed [2] Group 2 - After the completion of the transaction, HPE Cayman will no longer hold any equity in New H3C Group [2] - The financial impact of the company's liabilities will be detailed in the annual report scheduled for disclosure on April 29, 2026 [2]