Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

Core Insights - The Chinese accelerated server market is projected to reach $16 billion in the first half of 2025, more than doubling from the first half of 2024, with expectations to exceed $140 billion by 2029 [1] Market Overview - In terms of vendor sales, Inspur, H3C, and Lenovo occupy the top three positions, accounting for nearly 50% of the market share [1] - From the perspective of server shipment volume, Inspur, H3C, and Ningchang lead the market, holding approximately 43% of the market share [1] Industry Segmentation - The internet sector remains the largest purchasing industry, representing nearly 69% of the overall accelerated server market, with significant growth observed in finance, education, telecommunications, and healthcare sectors, all exceeding 100% growth [1] Chip Market Insights - The market for accelerated chips in China is expected to exceed 1.9 million units in the first half of 2025 [1] Competitive Landscape - The Chinese AI accelerated server market is currently undergoing a phase of scale expansion and domestic substitution, with a need for breakthroughs in high-end computing efficiency and ecosystem maturity [1] - Future competition will shift focus from single-chip performance to system efficiency, open ecosystem collaboration, and green computing cost control [1] - The industry is encouraged to avoid low-level redundant construction and enhance international competitiveness through technological collaboration and standard optimization [1]

Core Points - The company has approved changes to its business scope and corresponding amendments to its Articles of Association during the board meeting on August 29, 2025, and the temporary shareholders' meeting on September 16, 2025 [1] - The company has completed the registration of the business scope change and the filing of the amended Articles of Association, obtaining a new business license from the Haidian District Market Supervision Administration in Beijing [1] Business Scope Changes - The new business scope includes: - Technical services, development, consulting, exchange, transfer, and promotion - Retail and wholesale of computer hardware and software and auxiliary equipment - Manufacturing of computer hardware and software and peripheral devices - Sales of electronic products and components - Sales and manufacturing of communication equipment - Sales of broadcasting and film equipment - Sales of toys, instruments, stationery, and office supplies - Computer system services and maintenance - Data processing services - Software development, sales, and outsourcing services - Investment activities with self-owned funds - Non-residential real estate leasing and property management - Professional design services, conference and exhibition services, and import-export activities [1]

Core Points - The company has completed the registration of changes to its business scope and has obtained a new business license [1] - The changes were approved during the 13th meeting of the 9th Board of Directors and the third extraordinary shareholders' meeting held on September 16, 2025 [1] - The updated business scope includes various technology services, software development, and investment activities [1] Summary by Sections - **Company Overview** - Name: Unisplendour Corporation Limited - Unified Social Credit Code: 91110000700218641X - Registered Capital: 286,007.9874 million [1] - Type: Other Joint Stock Company (Listed) [1] - Established: March 18, 1999 [1] - Legal Representative: Yu Yingtao [1] - Address: Tsinghua University Unisplendour Building, Haidian District, Beijing [1] - **Business Scope Changes** - The company has revised its business scope to include: - Technology services, development, consulting, and transfer - Retail and wholesale of computer hardware and software - Manufacturing of electronic products and components - Sales of communication equipment and broadcasting equipment - Various retail and wholesale activities including office supplies and toys - Software development, sales, and outsourcing services - Investment activities with self-owned funds - Property management and non-residential real estate leasing [1]

紫光股份有限公司（以下简称"公司"）2025 年 8 月 29 日召开的第九届董事会 第十三次会议及 2025 年 9 月 16 日召开的 2025 年第三次临时股东会审议通过了《关 于变更公司经营范围及相应修订<公司章程>的议案》，同意公司变更经营范围并修订 《公司章程》的相应条款。具体内容详见公司于 2025 年 8 月 30 日在巨潮资讯网等 指定信息披露媒体发布的《关于变更公司经营范围及相应修订<公司章程>的公告》 （公告编号：2025-045）。 近日，公司已完成经营范围变更登记及《公司章程》备案手续，并取得北京市 海淀区市场监督管理局换发的《营业执照》，本次变更仅涉及经营范围变更，其他 事项不变，变更后的《营业执照》具体信息如下： 名称：紫光股份有限公司 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、 技术推广；计算机软硬件及辅助设备零售；计算机软硬件及辅助设备批发；计算机 软硬件及外围设备制造；电子产品销售；电子元器件零售；电子元器件批发；通信 设备销售；通信设备制造；广播影视设备销售；玩具销售；仪器仪表销售；文具用 品零售；文具用品批发；办公设备销售；办公用品销售；文化 ...

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]

证券日报网讯紫光股份（000938）9月26日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司股东总户数约为26万户。 ...

Market Overview - The Shanghai Composite Index fell by 0.65% on September 26, with 10 industries experiencing gains, led by the petroleum and petrochemical sector with a rise of 1.17% and the environmental sector with a 0.38% increase [2] - The computer and electronics sectors faced the largest declines, with drops of 3.26% and 2.75% respectively, making the computer industry the worst performer of the day [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 83.579 billion yuan, with 5 industries seeing net inflows. The automotive sector led with a net inflow of 0.882 billion yuan despite a 0.56% decline in its stock price [2] - The banking sector also saw a slight increase of 0.08% with a net inflow of 0.0566 billion yuan [2] - A total of 26 industries experienced net capital outflows, with the electronics sector leading at 29.836 billion yuan, followed by the computer sector with an outflow of 13.807 billion yuan [2] Computer Industry Performance - The computer industry saw a decline of 3.26% with a net capital outflow of 13.807 billion yuan, out of 335 stocks in the sector, only 37 stocks rose, and 2 stocks hit the daily limit [3] - Among the stocks with net inflows, Huijin Co. topped the list with a net inflow of 1.41 billion yuan, followed by Meiri Interactive and Dazhihui with inflows of 1.03 billion yuan and 0.645 billion yuan respectively [3] - The stocks with the largest capital outflows included Inspur Information, with an outflow of 1.730 billion yuan, followed by Tuo Wei Information and Unisplendour with outflows of 0.672 billion yuan and 0.504 billion yuan respectively [3][5] Capital Inflow and Outflow Rankings - **Top Inflow Stocks**: - Huijin Co. (2.91% increase, 141.02 million yuan inflow) - Meiri Interactive (0.35% increase, 102.72 million yuan inflow) - Dazhihui (0.32% increase, 64.50 million yuan inflow) [4] - **Top Outflow Stocks**: - Inspur Information (-5.34% decrease, -1.729 billion yuan outflow) - Tuo Wei Information (-5.47% decrease, -671.74 million yuan outflow) - Unisplendour (-5.01% decrease, -503.98 million yuan outflow) [5]

格隆汇9月26日丨紫光股份(000938.SZ)在互动平台表示，公司800G系列光模块已经批量发货。 ...