两大算力龙头宣布重磅吸收合并交易，软件ETF（159852）震荡上涨，机构：AI Agent及算力依旧是最明确的投资方向

Group 1 - The A-share market saw a collective low opening on May 26, with the Shanghai Composite Index rebounding into positive territory, while the CSI Software Service Index increased by 0.04% [1] - The Software ETF (159852) experienced a fluctuation with a rise of 0.52%, indicating active trading during the session. Notable constituent stocks included Zhongke Software, which rose over 4%, along with China Software, Shiji Information, Zhongke Chuangda, and Taiji Co., Ltd. [1] - The Software ETF (159852) closely tracks the CSI Software Service Index, which includes 30 listed companies involved in software development and services, reflecting the overall performance of the software service industry [1] Group 2 - The first "A swallow A" case emerged following new regulations, with Haiguang Information Technology Co., Ltd. planning to merge with Zhongke Shuguang through a share swap, marking the first absorption merger transaction since the revision of the Major Asset Restructuring Management Measures on May 16 [2] - Zhongke Shuguang is a leading company in the domestic information industry, with strong technical capabilities in high-end computing, storage, and cloud computing, while Haiguang Information focuses on the design and development of domestic architecture CPUs and DCUs [2] - According to Jiangyin International, investors should focus on technological development and transformation themes, particularly artificial intelligence, which is expected to be a key technological change in the near future [2] Group 3 - Western Securities emphasizes that AI Agents and computing power remain clear investment directions, anticipating accelerated commercialization of AI Agents in the second half of the year and a reevaluation of software company values due to MaaS [3] - The firm also highlights the acceleration of domestic innovation in the upstream chip sector within the computing power industry chain, suggesting opportunities for valuation recovery and new product anticipation in the subsequent supply chain companies [3]