股票简称：紫光股份 股票代码：000938 公告编号：2025－012 1、苏州紫光数码为紫光晓通向中信银行天津分行提供担保的主要内容 保证人：紫光数码（苏州）集团有限公司 被担保人：紫光晓通科技有限公司 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"）2024 年 4 月 29 日召开的第八届董事会 第三十七次会议及 2024 年 5 月 28 日召开的 2023 年度股东大会审议通过了《关于为 子公司申请银行综合授信额度提供担保的议案》，同意公司全资子公司紫光数码（苏 州）集团有限公司（以下简称"苏州紫光数码"）为紫光晓通科技有限公司（以下简 称"紫光晓通"）等五家子公司自公司 2023 年度股东大会审议通过之日起 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 9.7 亿元的担保（以下简称"本次额 度"）。具体内容详见公司于 2024 年 4 月 30 日在巨潮资讯网等披露的《第八届董事 会第三十七次会议决议公告》（公告编号：2024-012 ...

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the China Urban Transportation Index reported at 2438.85 points [1] - The China Urban Transportation Index fell by 0.77% over the past month, increased by 0.73% over the past three months, and has risen by 2.61% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten holdings of the China Urban Transportation Index include BYD (12.66%), Huichuan Technology (5.39%), Hikvision (4.18%), ZTE Corporation (4.08%), and others [1] - The market share of the index holdings is 61.38% from Shenzhen Stock Exchange and 38.62% from Shanghai Stock Exchange [1] - The industry composition of the index holdings shows that industrials account for 39.97%, consumer discretionary for 28.22%, information technology for 16.66%, and communication services for 8.55% [2] Group 3 - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

人民财讯3月20日电，3月19日，安徽省委书记梁言顺，省委副书记、省长王清宪率安徽省市党政代表 团，在浙江省委书记王浩，省委副书记、省长刘捷等领导的陪同下莅临紫光股份旗下新华三考察调研。 紫光股份董事长、新华三集团总裁兼首席执行官于英涛作了公司整体情况的报告：讲解了新华三在人工 智能时代通过"AI in All"和"AI for All"战略让数字基础设施更智能，让百行百业更智慧的实践成果；分 享了新华三以开放创新的理念，做好各类芯片和大模型应用的"粘合剂"，打通AI落地最后一公里等方面 的成功经验；同时生动演示了浙江在AI+治理、AI+服务、AI+人才、AI+产业、AI+制造等方面的创新 应用；以及通过图灵小镇与图灵中试基地，聚合AI生态链与产业链，实现智算产业高质量发展的最新 探索。 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－011 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 3、苏州紫光数码与兴业银行股份有限公司北京分行（以下简称"兴业银行北京 分行"）签署了《最高额保证合同》，苏州紫光数码为紫光电子商务向兴业银行北京分 行申请的人民币 8,000 万元授信额度提供连带责任保证，所保证的债务发生期为 2024 年 12 月 30 日至 2025 年 12 月 29 日。 4、苏州紫光数码与浦发银行天津分行签署了《最高额保证合同》，苏州紫光数码 为紫光电子商务向浦发银行天津分行申请的人民币 10,000 万元授信额度提供连带责 任保证，所保证的债务发生期为 2024 年 10 月 29 日至 2025 年 10 月 25 日。 5、苏州紫光数码与浦发银行天津分行签署了《最高额保证合同》，苏州紫光数码 为紫光晓通向浦发银行天津分行申请的人民币 5,000 万元授信额度提供连带责任保 证，所保证的债务发生期为 2024 年 10 月 29 日至 202 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

Core Viewpoint - The trend of A-share listed companies pursuing secondary listings in Hong Kong is gaining momentum, with several industry leaders, including Unisplendour Corporation, announcing their plans to list in Hong Kong to enhance global strategy and financing capabilities [1][3][4]. Group 1: Company Strategy - Unisplendour Corporation aims to deepen its global strategy, accelerate overseas business development, enhance its financing capabilities abroad, and improve its international brand image through the Hong Kong listing [1][2]. - The company has selected banks, including BNP Paribas, CMB International, and CITIC Securities, to assist in its Hong Kong listing, with plans to raise approximately $1 billion (around 7.8 billion HKD) [2]. - The board of Unisplendour Corporation has approved the initiation of the overseas share issuance and listing process, pending further regulatory approvals [2]. Group 2: Market Conditions - The continuous optimization of policies has created favorable conditions for A-share companies to list in Hong Kong, with the China Securities Regulatory Commission announcing measures to support qualified industry leaders [3]. - In 2024, three A-share companies successfully listed in Hong Kong, raising a total of 42 billion HKD, which accounted for half of the total IPO fundraising in Hong Kong that year, demonstrating the attractiveness of this path [3]. Group 3: Financial Performance - Unisplendour Corporation has a market capitalization exceeding 80 billion RMB and has faced negative operating cash flow in the first three quarters of 2024, alongside a significant debt scale [6]. - The company has made substantial investments, including approximately 15.2 billion RMB to acquire an additional 30% stake in its core subsidiary, H3C, which has increased its debt levels [6][11]. - The company reported a revenue of 58.839 billion RMB in the first three quarters of 2024, a year-on-year increase of 6.56%, with a net profit of 1.582 billion RMB, reflecting a growth of 2.65% [12]. Group 4: Business Segmentation - Unisplendour Corporation's business is divided into two main segments: ICT infrastructure and IT product distribution, with H3C playing a crucial role, contributing over 65% of the company's revenue and more than 80% of its net profit [9][10]. - H3C's revenue reached 26.428 billion RMB in the first half of the previous year, marking a year-on-year growth of 5.75% [9]. Group 5: International Expansion - The company has been expanding its international business since 2019, with H3C's international revenue growing by 16.34% in the first three quarters of 2024, indicating a strong upward trend [14]. - The listing in Hong Kong is expected to facilitate Unisplendour Corporation's global expansion and enhance its competitiveness in the international market [8][14].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the launch of the domestic general-purpose AI Agent Manus, which outperforms OpenAI's DeepResearch in performance metrics [5][13] - Alibaba's release of the QwQ-32B reasoning model, with 32 billion parameters, accelerates the development of domestic AI models and applications [6][14] - The report emphasizes four key investment directions within the AIDC industry chain: AIDC data center construction, IT sector (domestic computing chips, servers, and power supplies), network sector (switches, chips, optical communication), and cloud computing [7][16] Summary by Sections 1. Investment Insights - The performance of the AI Agent Manus is noted as exceptional, with capabilities that extend beyond simple task execution to complex problem-solving [13] - The report anticipates a surge in AI applications driven by the open-source model trend, particularly with major cloud providers announcing significant investments [16] 2. Communication Data Tracking - By 2024, the total number of 5G base stations in China is projected to reach 4.251 million, with a net increase of 874,000 stations from the end of 2023 [24] - The number of 5G mobile phone users is expected to reach 1.014 billion, reflecting a year-on-year growth of 25.96% [24] - In December 2024, 5G mobile phone shipments are forecasted to be 30.433 million units, accounting for 88.1% of total shipments, with a year-on-year increase of 25.76% [24] 3. Operator Performance - The report details strong revenue growth in cloud services for major operators, with China Mobile's cloud revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [38] - China Telecom's Tianyi Cloud revenue for the same period is projected at 55.2 billion yuan, up 20.3% year-on-year [38] - China Unicom's cloud revenue for the first three quarters of 2024 is expected to be 43.9 billion yuan, reflecting a 19.5% increase [38]

股票简称：紫光股份 股票代码：000938 公告编号：2025－009 紫光股份有限公司 第九届董事会第十次会议决议公告 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"）第九届董事会第十次会议，于 2025 年 3 月 4 日以书面方式发出通知，于 2025 年 3 月 7 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 7 名实到 7 名，符 合《紫光股份有限公司章程》的规定，3 名监事列席了会议。 经审议、表决，会议做出如下决议：通过关于授权公司管理层启动公司境外发行 股份（H 股）并在香港联合交易所有限公司上市相关筹备工作的议案。 为深化公司全球化战略布局，加快海外业务发展，增强公司在境外融资能力，进 一步提升公司国际品牌形象，公司拟在境外发行股份（H 股）并在香港联合交易所有 限公司上市（以下简称"本次 H 股上市"），公司董事会授权公司管理层启动本次 H 股上市的前期筹备工作。 具体内容详见同日披露的《关于授权公司管理层启动公司境外发行股份（H 股） 并在香港联合交易所有限 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－010 紫光股份有限公司（以下简称"公司"）于 2025 年 3 月 7 日召开第九届董事 会第十次会议，审议通过了《关于授权公司管理层启动公司境外发行股份（H 股） 并在香港联合交易所有限公司上市相关筹备工作的议案》。 为深化公司全球化战略布局，加快海外业务发展，增强公司在境外融资能力， 进一步提升公司国际品牌形象，公司拟在境外发行股份（H 股）并在香港联合交 易所有限公司（以下简称"香港联交所"）上市（以下简称"本次 H 股上市"）， 公司董事会授权公司管理层启动本次 H 股上市的前期筹备工作。公司正在与相 关中介机构就本次 H 股上市的具体推进工作进行商讨，关于本次 H 股上市的细 节尚未确定。 根据《深圳证券交易所股票上市规则》《境内企业境外发行证券和上市管理 试行办法》等法律法规的要求，待确定具体方案后，本次 H 股上市需提交公司董 事会和股东大会审议，并经中国证券监督管理委员会备案、香港联交所和香港证 券及期货事务监察委员会等相关监管机构审核批准。本次 H 股上市能否通过审 议、备案和审核程序并最终实施具有较大不确定性。公司将依据相关 ...