Group 1 - The core viewpoint of the article highlights that the company, Unisplendour Corporation, is focusing on its main business and expects strong revenue growth from its core subsidiary, H3C Technologies, in the first three quarters of 2025 [2] - The company is making continuous investments in areas such as intelligent computing centers and high-speed switches to strengthen its long-term competitiveness [2] - Short-term profits are primarily affected by the product revenue structure and financial expenses arising from acquisitions, which are considered temporary factors [2]

（文章来源：证券日报） 证券日报网讯 2月3日，紫光股份在互动平台回答投资者提问时表示，公司2025年度经营情况请详见公 司拟定于2026年4月29日披露的《2025年年度报告》。 ...

Core Viewpoint - Unisplendour Co., Ltd. (紫光股份) is actively involved in the sales of Western Digital hard drive products and SanDisk SSD products in China through its subsidiary, Unisplendour Western Data Co., Ltd. [1] Group 1 - The main business of Unisplendour Western Data Co., Ltd. includes the sale of various hard drive products in China [1] - The product offerings consist of high-capacity enterprise-grade mechanical hard drives, consumer-grade mechanical hard drives, enterprise-grade solid-state drives (SSDs), and consumer-grade SSDs [1]

紫光股份（000938.SZ）2月3日在投资者互动平台表示，公司2025年度经营情况请详见公司拟定于2026 年4月29日披露的《2025年年度报告》。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司是不是有业绩2025年预告？ ...

Core Viewpoint - The report by Zhiyan Consulting highlights the trends and forecasts for the optoelectronic device industry in China from 2026 to 2032, indicating a slight decline in production in December 2025 but an overall growth in annual production for the year [1] Group 1: Industry Overview - In December 2025, China's optoelectronic device production reached 173.3 billion units, reflecting a year-on-year decrease of 0.6% [1] - For the entire year of 2025, the cumulative production of optoelectronic devices in China was 1,923.39 billion units, showing a cumulative growth of 8.8% [1] Group 2: Market Research and Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and quality services [1]

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) has transformed electricity from a marginal cost to a core resource, driving companies to seek dual financing platforms in the capital market [1][4] - Companies like Jinpan Technology and Deye Co., Ltd. are moving towards internationalization through IPOs in Hong Kong, reflecting a shift in capital strategy from "selling computing power" to "controlling energy" [2][3] - The demand for high-efficiency power distribution and solid-state transformers (SST) is increasing, with Jinpan Technology reporting a 603.68% year-on-year growth in data center orders for 2024 [3][5] Industry Dynamics - The AIDC industry is undergoing a systemic reconstruction, moving from a focus on "computing power chips" to "full-link infrastructure," with significant advancements in high-voltage direct current (HVDC) technology [5][9] - The Chinese power consumption is projected to exceed 10 trillion kilowatt-hours by 2025, indicating a doubling in ten years, which is more than twice that of the United States [5][6] - The liquid cooling revolution is becoming a critical component in data centers, with significant cost increases for cooling solutions, highlighting the rising demand for efficient thermal management [6][8] Capital Market Trends - The collective move of companies to list in Hong Kong is not merely for financing but aims to establish a strategic loop for global supply chain anchoring and liquidity premium [4][8] - The integration of AI infrastructure with industrial applications is emphasized in recent government policies, indicating a shift towards a more collaborative and efficient AI ecosystem [7][8] - The capital expenditure of major North American AI companies is expected to rise significantly, with projections showing an increase from $24.1 billion in Q2 2023 to $76 billion by Q3 2025 [8][9] Future Outlook - The AIDC industry is anticipated to experience significant changes by 2026, with expectations of breakthroughs in computing power, models, and applications [9] - Companies that can effectively address "energy anxiety" will gain a competitive edge in redefining industry dynamics [9]

Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with notable drops in several companies [1] - Yongding Co., Ltd. saw a significant decrease of over 8%, while Fenghuo Communication and Zhongjing Electronics fell by more than 4% [1] - Other companies such as Sry New Materials, Benchuan Intelligent, Changxin Bochuang, Jufei Optoelectronics, and Tongfu Microelectronics also reported declines exceeding 3% [1] Group 2 - Yongding Co., Ltd. reported a decline of 8.63% with a total market value of 35.9 billion [2] - Fenghuo Communication decreased by 4.80%, with a market capitalization of 51.2 billion, and has a year-to-date increase of 17.52% [2] - Zhongjing Electronics fell by 4.63%, with a market value of 6.935 billion, and a year-to-date decline of 7.06% [2] - Sry New Materials decreased by 3.91%, with a market capitalization of 30.5 billion, and a year-to-date increase of 1.55% [2] - Benchuan Intelligent saw a decline of 3.79%, with a market value of 4.263 billion, and a year-to-date decrease of 0.81% [2] - Changxin Bochuang dropped by 3.49%, with a market capitalization of 43.4 billion, and a year-to-date increase of 4.72% [2] - Jufei Optoelectronics declined by 3.37%, with a market value of 9.748 billion, and a year-to-date increase of 0.58% [2] - Tongfu Microelectronics fell by 3.26%, with a market capitalization of 75.6 billion, and a year-to-date increase of 32.07% [2] - Other companies such as Ziguang Co., Huamao Technology, and Kechuan Technology also reported declines, with varying market values and year-to-date performances [2]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

当前，AI正在从互联网行业向千行百业渗透，从通用大模型向行业大模型发展。紫光股份的"云— 网—安—算—存—端"全栈布局，使其在赋能产业智能化浪潮中占据了有利位置。例如，在智慧城市项 目中，公司可以提供从边缘感知设备（端）、城域承载网络（网）、城市数据中心（算、存）到城市云 平台与安全体系（云、安）的整体方案。全栈能力使其不仅是产品供应商，更是客户的数字化转型合作 伙伴。 紫光股份的实践表明，中国科技企业正通过聚焦核心技术与系统级创新，在全球AI产业浪潮中积 极争夺定义未来的话语权。当然，紫光股份也面临来自国内外顶尖科技公司的全方位竞争。能否持续胜 出，取决于以下几个关键点，包括技术创新的深度与速度、海外市场的突破广度、生态构建的开放度、 运营效率的持续优化等。 人工智能的竞争，本质上是算力、算法与数据的竞争，而算力基础设施是这一切的基石。在该寒 道，紫光股份有限公司通过内生外延并举，已成功跻身国内第一梯队。 在全球科技竞争格局和国内强调科技自立自强的背景下，ICT产业链的自主可控重要性日益凸显。 紫光股份作为国内数字化解决方案的头部企业，其发展与中国数字经济的战略方向高度契合。公司持续 加大研发投入，在高端网 ...

2016年启动的对新华三的战略收购，成为紫光股份转型的转折点。这项耗时近十年、累计投入约350亿 元的收购计划，最终使公司获得了切入AI算力赛道的核心能力。 当财务数据暂时黯淡时，真正的战略家看到的是冰山之下正在积累的价值。紫光股份用短期利润的让 步，换取了通往AI时代不可或缺的船票。 2025年前三季度，紫光股份总营收同比增长31.41%，达到773.2亿元，成功抓住了AI算力需求爆发的历 史性机遇。 在国际化布局方面，紫光股份海外业务的毛利率已达到25.5%，显著高于国内业务的14.79%。公司正在 全球范围内构建更具韧性的业务结构。 01 战略锚点 收购完成后，紫光股份已从网络设备专家蜕变为AI时代的全栈解决方案提供商。 这次转型的核心价值在于让公司掌握了"云-网-安-算-存-端"全链条能力，这在国内数字化基建领域极为 稀缺。 随着AI算力建设从通用基础设施转向行业专用解决方案，紫光股份的全栈能力正成为差异化竞争优势 的关键来源，为其长期发展奠定了坚实基础。 02 时间换空间 紫光股份当前面临的"增收不增利"现象，实质上是公司主动选择的战略投入期表现。 2025年前三季度，公司净利润增速明显低于营收增速 ...