股票简称：紫光股份 股票代码：000938 公告编号：2025－062 紫光股份有限公司 第九届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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"）第九届董事会第十六次会议，于 2025 年 11 月 25 日以书面方式发出通知，于 2025 年 11 月 28 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。 经审议、逐项表决，会议做出如下决议： 2025 年 11 月 17 日，紫光国际与北京信华智联股权投资有限公司、中国中 信金融资产管理股份有限公司、北京长石智华股权投资有限公司、深圳招华信通 一期私募股权投资基金合伙企业（有限合伙）分别与 HPE 开曼签署《SHARE PURCHASE AGREEMENT》，收购 HPE 开曼持有的新华三合计 10%股份（以下 简称"新华三 10%股权交易"）。新华三 10%股权交易相关事项已经公司第九 届董事会第十五次会议审议通过，尚需公司 2025 年第四次临 ...

紫光股份公告，公司于2025年11月28日召开董事会，审议通过了《关于紫光国际与投资者受让新华三少 数股东所持剩余9%股权的议案》。紫光国际将以3.7亿美元的对价收购新华三50.32万股股份，占新华三 股份比例约为5.19%；宁波甬宁和合肥华芯将以1.4亿美元和1.32亿美元的对价收购新华三19.02万股和18 万股股份，分别占新华三股份比例约为1.96%和1.85%。本次交易价格为735.99美元/股，与紫光国际 2024年与HPE开曼和Izar Holding Co签署的《经修订和重述的卖出期权行权股份购买协议》约定的收购 新华三30%股份交易的交易定价以及《后续安排协议》中约定的期权行权价格均保持一致。 ...

11月25日，江西省委书记尹弘在南昌会见了新紫光集团董事长李滨一行。江西省领导陈敏、夏文勇，新 紫光集团执行副总裁、新华三集团总裁兼首席执行官于英涛参加会见。 李滨董事长介绍了新紫光集团发展情况，表示看好江西未来发展和双方合作前景，新紫光集团将依托在 半导体、人工智能和数字经济领域全产业链布局的强大生态优势，与江西加大在材料制造、科技创新、 数字政府等方面的深入合作，不断拓宽合作领域，布局落地更多项目，更好服务江西高质量发展。 新紫光集团作为具有全球竞争力的智能科技产业集团，构建了覆盖芯片半导体、ICT设备、云服务及数 字化解决方案的数字经济完整产业生态。面向未来，新紫光集团将秉承"志高行远，创造价值"的价值 观，与广大合作伙伴一道，用科技之光照亮幸福生活，让世界变得更智能、更开放、更公平、更美好！ 会上，江西省委书记尹弘代表省委和省政府，向新紫光集团给予江西发展的支持表示感谢。他指出，新 紫光集团是行业翘楚，在芯片半导体、云服务及数字化解决方案等方面具有全球竞争力，与江西有着良 好的合作基础。江西区位优势明显，产业配套齐全，发展态势良好。近年来，江西深入贯彻习近平总书 记考察江西重要讲话精神，大力推进制造业 ...

Group 1 - The Zhongzheng Cloud Computing and Big Data Theme Index (930851) has shown strong growth, with notable increases in constituent stocks such as Zhongji Xuchuang (300308) up 14.48%, Xinyi Sheng (300502) up 10.61%, and Shiji Information (002153) up 10.00% [1] - The Big Data ETF (159739) has risen by 3.96%, with the latest price reported at 1.55 yuan [1] - The AI industry chain is experiencing a broad rally, particularly in computing hardware stocks, with active performance in AI applications [2] Group 2 - Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, which could generate significant revenue for Google [2] - Alphabet recently achieved a quarterly revenue exceeding $100 billion for the first time in Q3 2025, marking a 16% year-on-year growth [2] - The total potential market size for Optical Circuit Switching (OCS) is expected to exceed $1.6 billion by 2029, driven by advancements in Google's AI processes [2] Group 3 - The Zhongzheng Cloud Computing and Big Data Theme Index includes 50 listed companies involved in cloud computing services, big data services, and related hardware, reflecting the overall performance of these sectors [3] - As of October 31, 2025, the top ten weighted stocks in the index account for 61.58% of the total, including Zhongji Xuchuang (300308), Xinyi Sheng (300502), and Keda Xunfei (002230) [3]

Market Overview - The Shanghai Composite Index rose by 0.87% on November 25, with 29 out of the 31 sectors experiencing gains, led by the communication and media sectors, which increased by 3.54% and 2.85% respectively [2] - The computer sector also saw an increase of 1.10% [2] Capital Flow - The net inflow of capital in the two markets was 13.215 billion yuan, with 19 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of 5 billion yuan, followed closely by the communication sector with a net inflow of 4.881 billion yuan [2] Computer Sector Performance - In the computer sector, 336 stocks were tracked, with 273 stocks rising and 53 stocks declining [3] - The top three stocks with the highest net inflow were Rongji Software (4.25 billion yuan), South Network Digital (4.06 billion yuan), and Dahua Intelligent (1.90 billion yuan) [3] - The sector experienced a net outflow of 3.072 billion yuan, with the largest outflows from Zhongke Shuguang (7.75 billion yuan), Sanliu Ling (4.34 billion yuan), and Nanwei Software (2.04 billion yuan) [3][5] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +10.03%, turnover rate 47.81%, net inflow 425.13 million yuan - South Network Digital: +19.99%, turnover rate 55.02%, net inflow 406.37 million yuan - Dahua Intelligent: +10.02%, turnover rate 12.05%, net inflow 190.23 million yuan [4] Top Losers in Computer Sector - The top losers in the computer sector included: - Zhongke Shuguang: -0.44%, turnover rate 2.69%, net outflow -775.37 million yuan - Sanliu Ling: +1.15%, turnover rate 7.60%, net outflow -433.98 million yuan - Nanwei Software: -2.29%, turnover rate 22.81%, net outflow -204.03 million yuan [5]

Core Insights - Ziguang Co., Ltd. experienced a stock price increase of 2.00% on November 25, reaching 24.94 CNY per share, with a total market capitalization of 71.33 billion CNY [1] - The company has seen a year-to-date stock price decline of 10.14%, with a 3.15% drop over the last five trading days and a 12.86% decline over the last 60 days [1] - For the period from January to September 2025, Ziguang reported a revenue of 77.32 billion CNY, reflecting a year-on-year growth of 31.41%, while net profit attributable to shareholders decreased by 11.24% to 1.40 billion CNY [2] Financial Performance - Ziguang's main business segments include ICT infrastructure and services (76.00% of revenue) and IT product distribution and supply chain services (29.55%) [2] - The company has distributed a total of 2.25 billion CNY in dividends since its A-share listing, with 615 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, Ziguang had 290,000 shareholders, an increase of 1.75% from the previous period, with an average of 9,862 circulating shares per shareholder, a decrease of 1.72% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings decreasing compared to the previous period [3]

Group 1: Technology Developments - Microsoft launched FARA-7B, a small language model designed for computer use, featuring 7 billion parameters and advanced performance compared to larger models [2] - Anthropic released Claude Opus 4.5, which excels in coding and intelligent agent tasks, indicating a significant shift in future work methods [4] - OpenAI introduced a shopping search feature in ChatGPT, allowing users to find suitable products through personalized buyer guides [5] Group 2: Company Responses and Financial Updates - Industrial Fulian's stock fell by 7.80% amid rumors of a performance downgrade, but the company clarified that its fourth-quarter operations are proceeding as planned and no adjustments have been made to profit targets [7] - Lei Jun, founder of Xiaomi, purchased 2.6 million shares at an average price of approximately 38.58 HKD per share, totaling over 100 million HKD, increasing his stake to about 23.26% [9] - Wanxing Technology announced that several products have integrated with Google's new image generation and editing model, Nano Banana Pro [12] Group 3: Market and Investment Activities - The online issuance of "domestic GPU first stock" Moer Thread had an effective subscription rate of 0.03635054% after the call-back mechanism was activated, with an issue price of 114.28 CNY per share [20] - Hanqi Technology completed a multi-million B round financing aimed at establishing a research and production base in East China, focusing on semiconductor packaging automation [21] Group 4: Financial Performance - Wenyuan Zhixing reported a 144.3% year-on-year revenue increase to 171 million CNY in Q3 2025, with Robotaxi business revenue soaring by 761% to 35.3 million CNY [22]

Group 1: Technology Developments - Microsoft launched FARA-7B, a small language model designed for computer use, featuring 7 billion parameters and advanced performance compared to larger models [2] - Anthropic released Claude Opus 4.5, which excels in coding, intelligent agents, and everyday tasks, indicating a significant shift in work methods [3] - OpenAI introduced a shopping research feature in ChatGPT, allowing users to find suitable products through personalized buyer guides [4] Group 2: Company Responses and Financial Updates - Industrial Fulian's stock fell by 7.80% due to rumors of performance downgrades, but the company clarified that its fourth-quarter operations are proceeding as planned and no adjustments have been made [5] - Xiaomi's founder Lei Jun purchased 2.6 million shares at an average price of approximately 38.58 HKD per share, totaling over 100 million HKD, increasing his stake to about 23.26% [7] - Wanxing Technology announced that several products have integrated with Google's new image generation and editing model, Nano Banana Pro [11] Group 3: Market Performance and Innovations - Qianwen App achieved over 10 million downloads within a week, becoming the fastest-growing AI application to date [6] - Ziguang Corporation's 800G CPO silicon optical switch has achieved mass production capabilities, supporting high bandwidth and multiple ports [16] - The first wafer flatness measurement device from Zhongke Feicai has been delivered to HBM field customers, designed for high-precision geometric and nano morphology detection [18] Group 4: Financial Performance - Wenyuan Zhixing reported a 144.3% year-on-year revenue increase to 171 million CNY in Q3 2025, with Robotaxi business revenue soaring by 761% [21]

Macro Dynamics - The People's Bank of China will conduct a 1-year MLF operation of 1 trillion yuan on November 25, 2025, to maintain ample liquidity in the banking system [2] Oil Price Adjustment - Domestic gasoline and diesel prices will be reduced by 70 yuan and 65 yuan per ton respectively, effective from November 24, 2023, with 92 gasoline decreasing by 0.05 yuan per liter, resulting in a savings of 2.5 yuan for a full 50-liter tank [3] Financial Institutions - Morgan Asset Management forecasts a 7.7% annualized return for A-shares over the next 10-15 years, despite a year of rising global stock markets [7] - Citi's wealth management head indicates that record inflows from wealthy clients suggest that the U.S. stock market still has room for growth [8] Market Data - On November 24, the market rebounded with the ChiNext Index rising by 0.31%, driven by strong performances in the aerospace, military, and AI application sectors [8] Company Dynamics - Zhaoyi Innovation plans to achieve mass production of its self-developed LPDDR4X series products next year, supported by its investment in Changxin Technology [10] - Xiaomi Group's founder Lei Jun invested over 100 million HKD to increase his stake to 23.26%, while the company repurchased 21.5 million shares this month [11] - Industrial Fulian confirmed that it has not lowered its profit target for Q4, with operations proceeding as planned [12] - Unisoc announced that its 800G CPO silicon optical switch is ready for mass production and commercial delivery, supporting high-speed interconnect needs for AI workloads [13]

Core Viewpoint - The company has launched a new 51.2T800GCPO silicon photonic switch, which is designed to meet the high-speed interconnect needs for large model training and AI workloads [1] Group 1: Product Launch - The company introduced the 51.2T800GCPO silicon photonic switch, featuring a single chip bandwidth of 51.2T [1] - The switch supports 64 ports of 400G/800G, integrating CPO silicon photonic technology with innovative cooling and intelligent lossless network design [1] - The product is now capable of mass production and commercial delivery [1] Group 2: Market Application - The switch is currently undergoing real-world testing with several leading internet companies [1] - It aims to support high-speed interconnect requirements for large model training, inference, and multimodal AI workloads [1] - The product is expected to provide higher energy efficiency and lower network latency for intelligent computing clusters [1]