人民财讯11月17日电，紫光股份（000938）11月17日公告，全资子公司紫光国际与各投资者分别与HPE 开曼签署了《股份购买协议》。其中，紫光国际拟以1.28亿美元的对价收购新华三17.45万股股份，占新 华三股份比例约为1.8%。紫光国际和各投资者收购新华三股份的价格均为735.99美元/股。本次交易完 成后，紫光国际对新华三的持股比例将从81%提升至82.8%。 ...

紫光股份公告，紫光国际与投资者受让新华三少数股东所持部分股权。紫光国际拟以1.28亿美元的对价 收购新华三17.45万股股份，占新华三股份比例约为1.80%，收购资金来源为自有或自筹资金。信华智 联、中信金融资产、长石智华、招华信通拟分别以2.6亿美元、1.89亿美元、6849.27万美元和6807.91万 美元的对价收购新华三35.33万股、25.72万股、93062股和92500股股份，分别占新华三股份比例约为 3.64%、2.65%、0.96%和0.95%。紫光国际和各投资者收购新华三股份的价格均为735.99美元/股。本次 交易完成后，紫光国际对新华三的持股比例将从81%提升至82.80%。 ...

新华三营收继续加速，利润重回双位数增长 紫光股份(000938) 紫光股份 2025 年三季报点评 计算机 [Table_Industry] /信息科技 [Table_Invest] [Table_Target] 公 司 季 报 点 评 证 券 研 究 报 告 [Table_CurPrice] [Table_Market] 本报告导读： 互联网行业需求旺盛，新华三表现突出。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 77,308 | 79,024 | 102,417 | 123,761 | 148,763 | | (+/-)% | 4.4% | 2.2% | 29.6% | 20.8% | 20.2% | | 净利润(归母) | 2,103 | 1,572 | 1,867 | 2,463 | 3,312 | | (+/-)% | -2.5% | -25.2% | 18.7% | 31.9% | 34.5% ...

Core Insights - The AI computing power market is increasingly focused on "SuperNode" technology, with multiple companies showcasing their solutions at various conferences throughout 2023 [2][3] - The emergence of SuperNodes is driven by the need to overcome bottlenecks in training large AI models, particularly the "communication wall" that arises during parallel computing [4][9] - Domestic companies are adopting SuperNode technology as a practical solution to enhance overall computing power, compensating for limitations in single-chip performance [10][12] Group 1: SuperNode Technology - SuperNode refers to a high-density computing solution that integrates multiple AI chips within a single cabinet, allowing them to function as a unified system [6][7] - The design of SuperNodes involves two main approaches: Scale-Up, which increases resources within a single cabinet, and Scale-Out, which connects multiple cabinets [5][8] - The numbers associated with SuperNodes (e.g., "384", "640") indicate the number of AI training chips integrated within a single system, serving as a key metric for performance and density [7][8] Group 2: Industry Competition - Companies like Huawei and Inspur are positioning their SuperNode products as superior to NVIDIA's offerings, with Huawei claiming its Atlas 950 will outperform NVIDIA's NVL144 in multiple performance metrics [10][11] - The competitive landscape is marked by aggressive parameter comparisons, with domestic firms striving to achieve higher integration density within their SuperNode solutions [12][14] - The engineering challenges of integrating numerous high-power chips into a single cabinet necessitate advanced cooling and power supply technologies [12][14] Group 3: Market Demand and Challenges - The primary demand for AI computing power is expected to come from large internet companies and state-led cloud services, which have the infrastructure to support high-end computing needs [19][20] - Despite the strong demand, there are concerns about the sustainability of investments in AI computing infrastructure, particularly regarding the potential for overbuilding [20][22] - The software ecosystem remains a significant challenge for domestic manufacturers, as effective software solutions are crucial for the successful deployment of high-density computing systems [18][22]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27][29] Core Views - The company has achieved a revenue of 77.322 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 31.41%. However, the net profit attributable to the parent company decreased by 11.24% to 1.404 billion yuan [1][9] - The subsidiary, H3C, benefited from the growth in AI demand, with its revenue increasing by 48.07% to 59.623 billion yuan in the same period. Domestic enterprise revenue grew by 62.55%, while international business revenue surged by 83.99% [1][9] - The company is focusing on the "Computing Power x Connectivity" strategy, launching new AI-driven products and solutions to meet industry demands [3][27] Financial Performance - The gross margin for the first three quarters of 2025 was 13.72%, down 3.87 percentage points year-on-year. The third quarter gross margin was 11.32%, reflecting a decline due to the release of low-margin customized internet servers [2][14] - The net profit margin for the first three quarters was 2.23%, a decrease of 1.21 percentage points year-on-year, while the third quarter net profit margin was 1.46%, showing a slight increase of 0.03 percentage points year-on-year [2][14] - The company has optimized its organizational structure and improved operational efficiency, resulting in a decrease in sales, management, and R&D expense ratios [2][14] Revenue Forecast - Revenue projections for the company from 2025 to 2027 are as follows: 18.2 billion yuan in 2025, 23.6 billion yuan in 2026, and 29.3 billion yuan in 2027, with corresponding P/E ratios of 41, 31, and 25 [27][29] - The expected revenue for 2025 is 97.148 billion yuan, with a growth rate of 22.9% [4][22] Subsidiary Performance - H3C's revenue is projected to reach 71.439 billion yuan in 2025, with a net profit margin of 5% [26]

证券日报网讯紫光股份11月13日在互动平台回答投资者提问时表示，公司一直致力于不断提升主营业务 核心竞争力，持续提升经营管理效率，做好投资者关系管理和信息披露相关工作，推动公司内在价值的 持续增长。公司以"算力x联接"战略为内核驱动，把握技术趋势，聚焦行业应用，抢抓市场机会，进一 步夯实"云—网—安—算—存—端"全栈业务布局，强化智算技术创新和大模型行业应用探索，并将通过 优化业务结构、加强海外市场开拓等方式来不断提升运营效率，同时通过与银行合作置换高息贷款等方 式，尽量降低资金成本，切实提升盈利能力。 （文章来源：证券日报） ...

Core Viewpoint - The global AI industry is experiencing a bearish impact due to recent negative comments, while the domestic AI sector shows resilience, particularly in application stocks [1] Group 1: Market Performance - The AI ETF (515070) saw a slight decline of 0.8%, but stocks like Beijing Junzheng rose over 4%, with other companies such as Stone Technology, Deepin Technology, Qihoo 360, and Dahua Technology performing well [1] - In the third quarter, public funds and northbound capital reached a historical high in their holdings of the communication sector, with AI computing power being a significant contributor to this increase [1] Group 2: Industry Developments - On November 10, Intel's AI infrastructure head Sachin Katti moved to OpenAI, indicating an intensifying competition for AI talent globally [1] - Meituan launched its first AI programming assistant, CatPaw, which focuses on agent collaboration and large-scale code generation, marking a significant step in the domestic "AI + software engineering" sector [1] Group 3: Investment Recommendations - With the decline in inference costs driven by open-source models like DeepSeek, there is a simultaneous release in demand for domestic 1.6T optical modules, liquid-cooled servers, and AI power supplies [1] - It is recommended to pay attention to leading companies in the infrastructure segments such as IDC, servers, and domestic computing chips [1] Group 4: ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambrian, Zhongke Shuguang, iFlytek, OmniVision, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2]

11月12日，紫光股份盘中下跌2.03%，截至13:19，报25.59元/股，成交7.89亿元，换手率1.07%，总市值 731.89亿元。 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：国资云、AI训练、WIFI概 念、IPV6、一体机概念等。 资金流向方面，主力资金净流出8737.46万元，特大单买入7888.90万元，占比9.99%，卖出1.23亿元，占 比15.56%；大单买入1.72亿元，占比21.79%，卖出2.15亿元，占比27.29%。 紫光股份今年以来股价跌7.80%，近5个交易日跌3.21%，近20日跌9.99%，近60日涨2.44%。 今年以来紫光股份已经1次登上龙虎榜，最近一次登上龙虎榜为2月21日，当日龙虎榜净买入1.31亿元； 买入总计9.42亿元 ，占总成交额比12.43%；卖出总计8.11亿元 ，占总成交额比10.70%。 资料显示，紫光股份有限公司位于北京市海淀区清华大学紫光大楼,香港铜锣湾告士打道311号皇室堡大 厦安达人寿大楼30楼3003-08室，成立日期1999年3月18日，上市日期1999年11月4日，公司主营业务涉 及IT服务、信息电子 ...

【环球网科技报道 记者 林迪】当全球仍在为AI算力焦虑、为网络安全而紧张时，新华三集团把Digital Tour搬到维多利亚港畔，用一场"Synergy+"主题峰 会，给出自己对数字港澳下一程的系统性答案——"算力×联接"双轮驱动、AI in ALL 产品栈、主动安全范式、产学研共振。 以 " 在港澳，为港澳 " 诠释长期主义 新华三集团港澳地区总经理于飞的一番话，则道出了这场盛会的深厚底蕴："2004年我们在香港成立office，今年已经是我们服务的第21年了。"这不仅仅是 时间的刻度，更是新华三与港澳地区共同成长的见证。从最初的服务点，到如今服务90%的政府机构、90%的大学、70%的金融机构，以及澳门100%的旅游 综合体，新华三已深度融入港澳经济社会的血脉。 于飞强调，这背后是新华三对本地化承诺的极致践行。与许多供应商不同，新华三在港澳拥有原厂的销售、售前与服务团队，十多位工程师常驻本地，95% 以上的员工能讲广东话，70%至80%为香港本地员工。这种"在港澳，为港澳"的策略，确保了服务的即时性与文化的契合度，使其在众多中资供应商中脱颖 而出，本地化率位居前列。 "香港是离中国最近的世界、离世界最近的 ...

Investment Rating - The industry investment rating is "Outperform the Market" [21] Core Viewpoints - The report emphasizes that the implementation of the "Implementation Opinions" by the State Council will accelerate the development of China's artificial intelligence industry [3][7] - The Kimi K2 Thinking model, released by the company "月之暗面," ranks third globally in performance, indicating that domestic large models are continuously improving and adapting well to domestic accelerated computing chips [9][17] - The report suggests a strong outlook for the AI industry in China, driven by the competitive landscape of global AI large models and the ongoing iteration of domestic models [17] Summary by Sections Industry News and Commentary - The State Council issued the "Implementation Opinions" on November 7, which includes five parts aimed at fostering the application of new technologies and products in various economic and social scenarios [3][6] - The report notes that the Kimi K2 Thinking model has achieved state-of-the-art performance in several benchmark tests, enhancing its capabilities in complex reasoning and tool usage [9][17] Key Company Announcements - "浪潮信息" announced the progress of its share repurchase, having repurchased 1,551,866 shares at a total cost of approximately 96.99 million yuan [10] - "东华软件" disclosed two investment announcements, including the establishment of an AI research institute and a technology company with a total investment of 35 million yuan [10] - "国能日新" announced a joint venture for energy storage with a registered capital of 40 million yuan [10] Weekly Market Review - The computer industry index fell by 2.54% this week, underperforming the CSI 300 index, which rose by 0.82% [11][14] - The overall P/E ratio for the computer industry is 56.0 times, with 359 A-share component stocks, of which 98 rose, 2 remained flat, and 257 fell [14] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms, highlighting companies such as 海光信息, 龙芯中科, and 恒生电子 [17]