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 ...

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《上市公司股东大会规则》（以下简称"《股东大会规则》"）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 年第一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 年第一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 律意见： 一、本次股东大会的召集、召开程序 北京市重光律师事务所 关于紫光股份有限公司 2025 年第一次 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－008 紫光股份有限公司 2025 年第一次临时股东大会决议公告 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 1、召开时间： 现场会议召开日期和时间：2025 年 3 月 6 日（星期四）下午 14 时 30 分 网络投票时间：2025 年 3 月 6 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 3 月 6 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 3 月 6 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： 股东大会以现场记名投票表决和网络投票表决相结合的方式审议通过了关于为 子公司申请银行授信额度提供担保的议案。 同意 1,281,929,850 股，占出席会议股东及 ...

股票简称：紫光股份 股票代码：000938 公告编号：2025－007 紫光股份有限公司 关于相关事项的说明公告 紫光股份有限公司 董 事 会 2025 年 2 月 28 日 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。 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，公司正在对香港资 本市场股权融资进行研究论证等工作。截至目前，公司尚未确定具体时间表，亦未确 定具体方案。 公司是否实施前述事项，以及具体实施方案、实施时间仍有重大不确定性，公司 将严格遵照《深圳证券交易所股票上市规则》等相关法律法规和规范性文件的要求， 及时履行信息披露义务。 《中国证券报》《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn） 为公司指定信息披露媒体，公司所有信息均以在上述指定媒体披露的信息为准。敬请 广大投资者理性投资，注意投资风险。 特此公告。 ...

Summary of Unisplendour Corporation's Conference Call Company and Industry Overview - **Company**: Unisplendour Corporation (紫光股份) - **Industry**: AI Servers, Ethernet Switches, Cloud Services Key Points and Arguments - **AI Server Market Share**: Unisplendour's market share in the AI server sector is expected to decline to 10% in 2024, but with the overall market expansion, revenue is projected to double in 2025, potentially exceeding 30 billion yuan, regaining a 15% market share due to the removal of restrictions on specific card shipments [2][5][8] - **Ethernet Switch Market Position**: New H3 (新华三), a subsidiary of Unisplendour, holds a stable second position in the Ethernet switch market with a 33% share. Sales in the high-end switch segment (400G and above) are expected to triple to 1.2 billion yuan in 2024, with further doubling anticipated in 2025 following the launch of 800G switches, and a gross margin near 50% [2][5][8] - **Cloud Services Growth**: Unisplendour Cloud (紫光云) focuses on government cloud services, achieving over 1.5 billion yuan in revenue in 2023, ranking third in the government cloud infrastructure market and second in government data governance. Increased investments from government and state-owned enterprises in AI and cloud services are expected to drive significant growth in performance and valuation [2][6][9] - **New Product Launch**: The introduction of an integrated machine based on large models supports privatized deployment, aligning with government and enterprise needs for distributed computing. Revenue from this product line is expected to exceed 1.5 billion yuan in 2024, providing a new growth avenue [2][10][11] - **Profit Projections**: Unisplendour estimates a profit of 4.6 billion yuan by 2025, with a current market valuation of over 90 billion yuan corresponding to a PE ratio of only 17, significantly lower than the generally high valuations of comparable companies in the PMT sector [2][8][14] Additional Important Insights - **Investment Recommendation**: Unisplendour is recommended as a key investment opportunity due to its undervalued status amidst a strong demand for AI-driven infrastructure. The company is well-positioned in the IT equipment sector, with a solid foundation in major domestic operators and internet giants [3][8] - **Market Dynamics**: The overall AI server market in China is projected to grow to 200-250 billion yuan by 2025, with a year-on-year growth rate close to 100%. Major internet companies are expected to increase capital expenditures significantly, with 70% directed towards AI, indicating a robust demand for servers [5][8] - **Valuation of Cloud Business**: Using a price-to-sales (PS) valuation method, Unisplendour Cloud could contribute approximately 10 billion yuan to the company's valuation, highlighting the potential for significant upside given the current market valuation of around 90 billion yuan [2][12][14] - **Acquisition Plans**: Unisplendour holds a 19% equity option in New H3, and if financing avenues open up, this acquisition could enhance profit margins by approximately 1 billion yuan [2][13] This summary encapsulates the critical insights from the conference call, emphasizing Unisplendour's strategic positioning and growth potential in the rapidly evolving tech landscape.

股票简称：紫光股份 股票代码：000938 公告编号：2025－005 紫光股份有限公司 关于为子公司申请银行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%， 敬请广大投资者注意投资风险。 一、担保情况概述 紫光计算机科技有限公司（以下简称"紫光计算机"）系紫光股份有限公司（以 下简称"公司"）下属从事商用计算终端研发、生产和销售的控股子公司，为保证子 公司业务顺利开展，公司拟为紫光计算机申请的授信额度提供如下担保： 1、公司拟为紫光计算机向招商银行股份有限公司郑州分行（以下简称"招行郑 州分行"）申请的 1 年期人民币 2 亿元授信额度提供连带责任保证，保证期间为自担 保书生效之日起至相关授信协议项下每笔贷款或其他融资或招行郑州分行受让的应 收账款债权的到期日或每笔垫款的垫款日另加三年，担保范围为主债权本金以及相 关利息、罚息、复息、违约金、迟延履行金、保理费用、实现担保权和债 ...