新华三对不同客户采取多样化的发展策略：互联网领域，拓宽产品线，提供白盒交换机、AI 服务器等 产品；运营商领域，逐步扩大市场份额，建立长期合作关系；政企领域，抓住私有化部署方案机会，推 动产品应用。2）海外： 加速海外市场深度与广度覆盖，自有品牌产品与服务规模保持高速增长。 风险提示：AI 发展不及预期风险、技术及产品研发风险、汇率波动风险 核心结论：紫光股份是ICT 解决方案领先者，核心子公司新华三旗下多产品市占率领先。2024 年紫光 股份进一步收购新华三股份，增厚利润及竞争力；AI 发展浪潮下，AI 服务器及高速率交换机需求旺 盛，拉动公司业绩增长；同时，公司积极拓展海外业务。我们预计2025-2026 年公司净利润分别为28.20 亿元/33.62 亿元，维持"买入"评级。 深耕ICT 完整解决方案，数字化转型领导者。紫光股份主营ICT 基础设施及服务和IT 产品分销与供应链 服务，公司实行多元化子公司运营战略，旗下有新华三、紫光软件、紫光数码、紫光西数以及紫光云五 大核心子公司。新华三是公司核心子公司，其交换机产品广泛应用于数据中心、企业网和园区网络，并 通过高速率交换机技术升级，积极拓展AI、大数 ...

Core Viewpoint - The China Securities Index for Smart Towns has shown a decline of 13.16% over the past month, while it has increased by 1.63% over the last three months and decreased by 5.77% year-to-date [2] Group 1: Index Performance - The China Securities Index for Smart Towns is currently at 2137.98 points, having opened high and continued to rise [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 [2] Group 2: Index Composition - The top ten weighted stocks in the Smart Towns Index include BOE Technology Group (5.9%), Hikvision (4.47%), ZTE Corporation (4.39%), Haier Smart Home (3.99%), State Grid NARI Technology (3.98%), iFlytek (3.5%), Unisplendour (2.49%), TBEA (2.48%), GoerTek (2.18%), and Inspur Information (2.09%) [2] - The index's holdings are primarily from the Shenzhen Stock Exchange (67.13%) and the Shanghai Stock Exchange (32.87%) [2] Group 3: Sector Allocation - The sector allocation of the Smart Towns Index shows that Information Technology comprises 52.36%, followed by Industry at 21.04%, Communication Services at 16.14%, Consumer Discretionary at 7.37%, Healthcare at 2.19%, Materials at 0.53%, and Utilities at 0.37% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1]. Core Viewpoints - The "reciprocal tariff" policy is expected to further impact the global industrial landscape, accelerating China's technological self-reliance and self-control process, with positive prospects for the development of domestic software and hardware markets [7][9]. - The implementation of "reciprocal tariffs" by the U.S. is leading to increased tariffs on Chinese imports, which may result in a shift towards domestic alternatives in software and hardware sectors [24]. Summary by Sections Tariff Impact Overview - The U.S. has enacted "reciprocal tariffs," which may accelerate China's self-reliance process in technology [13]. - The tariffs imposed by the U.S. include a 34% increase on all imports from the U.S. to China, which is expected to raise the costs of imported software and hardware products, thus promoting a shift towards domestic alternatives [24]. Software Impact - The trend towards model autonomy remains unchanged, with significant potential for self-replacement in foundational and industrial software [7]. - China's large model industry is rapidly catching up, with domestic models like DeepSeek and Qwen continuously improving their capabilities [7]. Hardware Impact - The domestic chip industry is expected to accelerate, with significant growth potential in domestic computing power [8]. - In 2024, NVIDIA and Intel's revenues in China were $17.1 billion and $15.5 billion respectively, while domestic CPU and GPU manufacturers are increasingly competitive [8]. Investment Recommendations - The report suggests that the "reciprocal tariff" policy will influence the global industrial structure and accelerate China's technological self-reliance, maintaining a "Recommended" rating for the computer industry [9]. Related Targets - Key software companies include China Software, Taiji, and DaMeng Data, while hardware targets include Haiguang Information, Inspur, and Huawei [10][11].

Core Viewpoint - The China Securities 5G Industry 50 Index (5G 50) experienced a rise of 1.8% to 1066.01 points, despite a significant decline of 16.03% over the past month and 11.45% year-to-date [1] Group 1: Index Performance - The 5G 50 Index has seen a decline of 16.03% in the last month, 6.35% in the last three months, and 11.45% year-to-date [1] - The index is composed of 50 large-cap stocks from the 5G industry chain, reflecting the overall performance of representative listed companies in this sector [1] Group 2: Index Composition - The top ten weighted stocks in the 5G 50 Index include: Luxshare Precision (8.46%), China Telecom (6.59%), Weir Shares (5.87%), ZTE Corporation (5.53%), China Mobile (5.3%), China Unicom (4.6%), Zhaoyi Innovation (3.99%), Industrial Fulian (3.78%), Zhongji Xuchuang (3.76%), and Unisplendour (3.14%) [1] - The index's holdings are primarily from the Shenzhen Stock Exchange (55.08%) and the Shanghai Stock Exchange (44.92%) [1] Group 3: Sector Allocation - The sector allocation of the index shows that Information Technology accounts for 55.15% and Communication Services accounts for 44.85% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Group 4: Fund Tracking - Public funds tracking the 5G 50 Index include: Bosera China Securities 5G Industry 50 ETF Connect A, Bosera China Securities 5G Industry 50 ETF Connect C, and Bosera China Securities 5G Industry 50 ETF [2]

日前，紫光股份（000938）旗下新华三集团与荣联科技（002642）集团股份有限公司深度合作，联合推 出基于新华三LinSeerCube大模型一体机的汽车行业专属AI营销运营解决方案。该方案深度融合荣联科 技集团AI销售及营销工具平台与新华三LinSeerCube的强大算力，并完成与DeepSeek7B及14B模型版本 的适配验证，构建了从智能决策到精准获客转化的全链路AI赋能服务，为车企数字化转型提供"智能引 擎"。(人民财讯) ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－016 紫光股份有限公司 紫光股份有限公司 董事会 关于重大事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 为深化紫光股份有限公司（以下简称"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》，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。 目前，公司和相关中介机构正在积极推进本次 H 股上市工作。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 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：紫光股份 股票代码：000938 公告编号：2025－013 紫光股份有限公司 第九届董事会第十一次会议决议公告 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"）第九届董事会第十一次会议，于2025年3月28日以书面方式发出 通知，于2025年4月1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、逐项表决，会议做出如下决议： 一、通过关于为子公司申请厂商授信额度提供担保的议案 新华三信息技术有限公司（以下简称"新华三信息"）系公司控股子公司新华三集团有限公司（以下简 称"新华三集团"）下属从事ICT基础设施产品生产和销售的全资子公司。为保证子公司业务顺利开展， 同意新华三集团为新华三信息向NVIDIA Singapore Pte. Ltd.和NVIDIA Corporation申请的厂商授信额度 提供总额不超过20亿美元的连带责任保证，保证期间自担 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－014 紫光股份有限公司 关于为子公司申请厂商授信额度提供担保的公告 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。 特别风险提示：公司存在对资产负债率超过70%的子公司提供担保的情况，公司 及子公司担保余额已超过公司2023年末审计后的归属于母公司所有者权益的50%。本 次担保后，公司及子公司对外担保总额将超过公司2023年末审计后的归属于母公司 所有者权益的100%，敬请广大投资者注意投资风险。 一、担保情况概述 新华三信息技术有限公司（以下简称"新华三信息"）系公司控股子公司新华三 集团有限公司（以下简称"新华三集团"）下属从事 ICT 基础设施产品生产和销售 的全资子公司。为保证子公司业务顺利开展，新华三集团拟为新华三信息向 NVIDIA Singapore Pte. Ltd.和 NVIDIA Corporation 申请的厂商授信额度提供总额不超过 20 亿 美元的连带责任保证，保证期间自担保协议生效之日起至 2027 年 3 月 31 日。 100% 81% 100% 28% 100% ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－015 紫光股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 1、股东大会届次：公司 2025 年第二次临时股东大会 2、股东大会的召集人：公司第九届董事会（关于召开 2025 年第二次临时股东大 会的议案已经公司第九届董事会第十一次会议审议通过） 3、本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件、 深圳证券交易所相关业务规则和《公司章程》的有关规定。 4、会议召开日期和时间： （1）现场会议召开日期和时间：2025 年 4 月 17 日（星期四）下午 14 时 30 分 （2）网络投票时间：网络投票系统包括深圳证券交易所交易系统和互联网投票 系统（http://wltp.cninfo.com.cn）。通过深圳证券交易所交易系统进行投票的具体 时间为：2025 年 4 月 17 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00 期间的 任意时间；通过互联网投票系 ...