Core Viewpoint - The announcement indicates that a shareholder, Xinda Securities, plans to reduce its stake in Unisplendour Co., Ltd. by selling up to 28.6008 million shares, which represents 1.00% of the company's total equity, between December 11, 2025, and March 10, 2026, at market price [1] Summary by Relevant Sections - **Shareholder Information** - Xinda Securities holds a 5.50% stake in Unisplendour Co., Ltd. [1] - **Reduction Plan** - The planned reduction involves selling up to 28.6008 million shares [1] - This sale will account for 1.00% of the company's total share capital [1] - **Timeline and Pricing** - The reduction is scheduled to occur from December 11, 2025, to March 10, 2026 [1] - The selling price will be determined based on market conditions [1]

股票简称：紫光股份 股票代码：000938 公告编号：2025－061 关于持股 5%以上股东减持股份预披露公告 信达证券股份有限公司（代"信达证券丰实 2 号单一资产管理计划"）保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有紫光股份有限公司 157,304,393 股（占公司总股本的比例为 5.50%）的股东信 达证券-天津信恒同邦企业管理合伙企业（有限合伙）-信达证券丰实 2 号单一资产管理 计划（以下简称"信达证券丰实 2 号单一资产管理计划"）计划在本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价方式减持公司股份不超过 28,600,798 股（约占公 司总股本的 1.00%）。 紫光股份有限公司（以下简称"公司"）于近日接到信达证券股份有限公司（代 "信达证券丰实 2 号单一资产管理计划"）的《股份减持计划告知函》，现将相关情况 公告如下： 紫光股份有限公司 1、股东名称：信达证券-天津信恒同邦企业管理合伙企业（有限合伙）-信达证券 丰实 2 号单一资产管理计划。 2 ...

Group 1 - A new investment partnership named Qiongcheng New Zihua San Investment Partnership (Limited Partnership) has been established with a capital contribution of 10 million yuan [1] - The business scope of the new partnership includes engaging in investment activities using its own funds [1] - The partnership is indirectly wholly owned by Unisplendour Corporation Limited (stock code: 000938) [1]

Core Viewpoint - Unisplendour Corporation's stock has experienced a decline, with a notable drop of 9.10% year-to-date and a 2.02% decrease on November 19, 2023, indicating potential concerns among investors [1][2]. Financial Performance - For the period from January to September 2025, Unisplendour achieved a revenue of 77.32 billion yuan, reflecting a year-on-year growth of 31.41%. However, the net profit attributable to shareholders decreased by 11.24% to 1.404 billion yuan [2]. - The company has cumulatively distributed dividends amounting to 2.246 billion yuan since its A-share listing, with 615 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 19, 2023, Unisplendour's stock price was 25.23 yuan per share, with a market capitalization of 72.16 billion yuan. The trading volume was 598 million yuan, with a turnover rate of 0.82% [1]. - The stock has seen significant net outflows, with a net outflow of 101 million yuan on November 19, 2023. Large orders accounted for 19.09% of total buying and 28.95% of total selling [1]. Shareholder Structure - As of October 31, 2025, Unisplendour had 285,000 shareholders, an increase of 3.95% from the previous period. The average number of circulating shares per shareholder decreased by 3.80% to 10,035 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings for several ETFs [3].

Group 1 - A new investment partnership named Qiongcheng Xin Zihua San Investment Partnership (Limited Partnership) has been established, with a registered capital of 10 million RMB [1] - The executive partner of the new partnership is Ziguang Asset Management Co., Ltd., indicating a strategic move in investment activities [1] - The partnership is co-funded by Ziguang Co., Ltd. (stock code: 000938) and its subsidiary, Ziguang Asset Management Co., Ltd., highlighting the company's commitment to expanding its investment portfolio [1]

Core Viewpoint - Unisplendour Corporation is enhancing its control over its core subsidiary, H3C Technologies, through a strategic acquisition of a 10% stake, which will solidify its operational efficiency and business synergy [1][2]. Group 1: Acquisition Details - On November 18, Unisplendour announced that its wholly-owned subsidiary, Unisplendour International, will acquire a total of 10% equity in H3C Technologies, with Unisplendour International purchasing 1.8% for $128 million [1]. - Following this transaction, Unisplendour's ownership in H3C will increase from 81% to 82.8%, thereby strengthening its control over the subsidiary [1][2]. Group 2: Financial Performance - For the first three quarters of 2025, Unisplendour reported total revenue of 77.322 billion yuan, a year-on-year increase of 31.41% [2]. - H3C Technologies contributed significantly to this growth, achieving revenue of 59.623 billion yuan, reflecting a remarkable year-on-year growth of 48.07% [2]. Group 3: R&D Investment - Unisplendour has been increasing its R&D investment to enhance its competitive edge in the AI computing power sector, with total R&D expenses amounting to 28.444 billion yuan over the past six years [5]. - The annual R&D expenditures from 2020 to the first three quarters of 2025 were 3.865 billion yuan, 4.809 billion yuan, 5.299 billion yuan, 5.643 billion yuan, 5.102 billion yuan, and 3.726 billion yuan respectively [5]. Group 4: International Expansion - Unisplendour is accelerating its overseas business development, with H3C's services now covering 181 countries and regions, supported by 22 overseas branches [3]. - The company has established partnerships with various global clients across multiple sectors, including telecommunications and education, indicating a robust international market presence [3][4]. - H3C's international business revenue reached 3.478 billion yuan in the first three quarters of 2025, marking an impressive year-on-year growth of 83.99% [4].

Investment Rating - The report maintains a "Buy" rating for several companies, including Alibaba, StarNet Ruijie, and WanGuo Data [2][9]. Core Insights - Alibaba's "Qianwen" project is seen as a significant move in the AI 2C application landscape, aiming to compete with ChatGPT by integrating various life scenarios into its app [3][4]. - The report highlights the potential for growth in the domestic AI market, noting that there is still considerable room for development in C-end AI applications [4]. - Increased investment in AI infrastructure is anticipated, with Alibaba planning to invest 380 billion in AI infrastructure, which is expected to benefit hardware ecosystem partners [5]. Summary by Sections Company Developments - Alibaba has launched the "Qianwen" project, which is viewed as a strategic initiative for the AI era, with the app expected to compete directly with ChatGPT [3][4]. - The "Qianwen" app is based on the Qwen3-Max model and aims to connect with Alibaba's other business lines, enhancing its competitive edge in the AI space [4]. Market Potential - The report indicates that the domestic AI market has not yet seen a high penetration of C-end AI applications, suggesting significant growth potential [4]. - Data from QuestMobile shows that major competitors have lower daily active users compared to ChatGPT, indicating an opportunity for Alibaba's "Qianwen" to capture market share [4]. Infrastructure Investment - Alibaba's commitment to expanding its AI infrastructure is expected to drive demand for data centers, with a projected tenfold increase in energy consumption by 2032 [5]. - The report suggests that companies involved in data center operations and equipment, such as Data Port and Invec, will benefit from this increased demand [5][10]. Stock Recommendations - The report recommends a "Buy" rating for several companies, including: - StarNet Ruijie (002396 CH) with a target price of 39.16 [9][11] - WanGuo Data (9698 HK) with a target price of 45.83 [9][14] - Alibaba (BABA US) with a target price of 215.60 [9][14] - Huagong Technology (000988 CH) with a target price of 92.01 [9][14] - The report also suggests an "Increase" rating for companies like Unigroup (000938 CH) and Invec (002837 CH) [9][11].

Group 1: Company Announcements - Yaxing Chemical plans to acquire 100% equity of Tianyi Chemical through a combination of share issuance and cash payment, with the transaction expected to add bromine series fine chemical products to its portfolio [1] - Jierong Technology elected Zhao Xiaoqun as the new chairman following the resignation of Zhang Shouzhi due to work adjustments [2] - Huan Tai Liquor's controlling shareholder plans to increase its stake in the company by investing between 70 million to 140 million yuan within six months [5] - Unigroup plans to acquire 1.28 million USD worth of shares in H3C, increasing its ownership from 81% to 82.8% [7] - Daily Interactive intends to invest up to 10 million yuan in the Yuhang AI Fund, which has a total scale of up to 100 million yuan [11] - Daan Gene's indirect controlling shareholder is set to change to Guangzhou Pharmaceutical Group, which will control 26.63% of the company after the completion of share transfers [12] Group 2: Industry Insights - The basic chemical industry is represented by Yaxing Chemical, which focuses on chlorinated polyethylene and caustic soda production [1] - Jierong Technology operates in the electronic industry, specializing in precision molds and components [2] - Huan Tai Liquor is part of the food and beverage industry, specifically in the production and sale of alcoholic beverages [5] - Unigroup is involved in the IT services sector, providing comprehensive ICT infrastructure and services [7] - Daily Interactive operates in the software development industry, offering data intelligence products and solutions [11] - Daan Gene is in the medical biotechnology sector, focusing on molecular diagnostic technologies [12]

紫光股份（000938）(000938.SZ)公告，公司董事会审议通过了《关于紫光国际与投资者受让新华三少 数股东所持部分股权暨关联交易的议案》。于2025年11月17日，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1.80%，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、9.31万股和9.25万股股份，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。本次交易价格与紫光国际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。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%，不会导致公司合并报表范围发 ...

Core Viewpoint - Unisplendour Co., Ltd. is acquiring additional shares in New H3C Technologies Co., Ltd., increasing its ownership from 81% to 82.80% through a series of share purchase agreements with various investors and HPE Cayman [1][2] Group 1: Share Purchase Agreements - Unisplendour International plans to acquire 174,490 shares of New H3C for approximately $128,422,895.10, representing about 1.80% of the total shares [1] - Other investors, including Xinhua Zhili, CITIC Financial Assets, Changshi Zhihua, and Zhaohua Xintong, will acquire shares for amounts ranging from approximately $68 million to $260 million, representing ownership stakes between 0.95% and 3.64% [1] - The share purchase price is set at $735.99 per share, consistent with previous agreements made in 2024 regarding the acquisition of 30% of New H3C [1] Group 2: Cooperation and Governance Agreements - A cooperation agreement was signed alongside the share purchase agreements, outlining exit arrangements for investors and other shareholder rights post-transaction [2] - The cooperation agreement will take effect upon approval from Unisplendour's shareholders and the completion of the transaction by any investor [2] - Additional agreements regarding the governance of New H3C will be established, including a deed of adherence and amendment to the existing shareholder agreement, to accommodate the new shareholders [2]