点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Market Performance - As of April 22, Nvidia concept stocks fell by 1.48%, ranking among the top declines in the concept sector, with stocks like Yingweike hitting the daily limit down, while stocks such as Guangxian Media, Shenghong Technology, and Maigemeite also saw significant declines [1] - The top gainers in the market included Ninebot Company, Aoni Electronics, and Advanced Digital Communication, which rose by 4.62%, 3.23%, and 2.89% respectively [1] Capital Flow - The Nvidia concept sector experienced a net outflow of 2.77 billion yuan, with 44 stocks seeing net outflows, and 6 stocks exceeding 100 million yuan in outflows [1] - Guangxian Media led the outflow with a net withdrawal of 1.11 billion yuan, followed by Shenghong Technology, Yingweike, and Maigemeite with net outflows of 529 million yuan, 246 million yuan, and 182 million yuan respectively [1] Stock Performance - The stocks with the largest net outflows in the Nvidia concept included Guangxian Media (-9.23%), Shenghong Technology (-7.28%), Yingweike (-9.99%), and Maigemeite (-5.11%) [2] - Conversely, stocks with net inflows included Aobi Zhongguang, Guangdian Yuntong, and Yangjie Technology, with inflows of 82.51 million yuan, 34.59 million yuan, and 18.91 million yuan respectively [3]

Core Viewpoint - The strategic cooperation between Yingboer and Fengli Intelligent aims to leverage their respective product and technological advantages to enhance collaboration in various fields, including new energy vehicles, joint modules, engineering machinery, eVTOL, and intelligent manufacturing [1][2]. Group 1: Company Overview - Yingboer specializes in core products such as new energy vehicle drive assemblies, power assemblies, motors, and motor controllers, utilizing innovative "integrated chip" technology for high efficiency, lightweight, and low-cost advantages [1]. - The company has a strong technical foundation and product advantages in motors, providing robust support for drive systems and ensuring excellent motion control and stability for dexterous hands and joint modules [2]. Group 2: Market Potential - The dexterous hand, designed to mimic human hand structure and function, is widely applicable in precision manufacturing, automated assembly, complex task operations, hazardous environments, and quality inspection [1]. - The humanoid robot sector is gaining momentum, with projections indicating that the market size in China could reach 75 billion yuan by 2029 and further increase to 300 billion yuan by 2035, with a compound annual growth rate of 53.15% from 2025 to 2035 [2]. - The strategic partnership signifies Fengli Intelligent's recognition of Yingboer's innovative R&D capabilities and product quality, positioning the company to better seize opportunities in the humanoid robot field and expand its growth potential [2].

北京市重光律师事务所 关于紫光股份有限公司 2025 年第二次临时股东大会 法律意见书 致：紫光股份有限公司 北京市重光律师事务所（以下简称"本所"）接受公司的委托，指派李静律师和刘伟 东律师（以下简称"本所律师"）出席会议，并依据《中华人民共和国证券法》（以下简 称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管 理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）和《紫光股份有限公司 章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师依法对公司 2025 年第二次临时股东大会召集、召开程序是否合法及是否 符合《公司章程》、召集人资格及出席会议人员资格的合法有效性和股东大会表决程序、 表决结果的合法有效性予以见证并发表法律意见，本所律师同意将本法律意见书作为公 司 2025 年第二次临时股东大会的必备文件公告，本所律师确认法律意见书中不存在虚 假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，本所律师对公司本次股 东大会的相关文件和有关事实进行了核查和验证，现就本次股东大会的如下问题发表法 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－017 1、召开时间： 2025 年第二次临时股东大会决议公告 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 网络投票时间：2025 年 4 月 17 日。其中，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；通过互联网投票系统进行网络投票的起止时间为 2025 年 4 月 17 日 9:15-15:00 期间的任意时间。 2、召开地点：北京市海淀区紫光大楼一层 118 会议室 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、误导性陈述或重大遗漏。 特别提示： 1、 本次股东大会未出现否决提案的情形。 2、 本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 紫光股份有限公司 3、召开方式：现场投票表决与网络投票相结合的方式 4、召集人：公司第九届董事会 5、主持人：董事长于英涛 6、 会议的召开符合有关法律、行政法规、部门规章、规 ...

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) ...