Sou Hu Cai Jing·2025-05-26 02:46Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang represents a significant strategic move in the semiconductor and computing power sectors, aiming to create a comprehensive domestic supply chain for AI chips and computing services, potentially positioning itself as a Chinese equivalent to global giants like Intel and NVIDIA [1][2]. Group 1: Strategic Value of the Merger - The merger forms a complete "chip design - server manufacturing - computing service" closed-loop industry chain, which is crucial for the domestic substitution process [1]. - The combined entity will enhance scale effects and technological synergy, directly competing with international leaders, thereby improving bargaining power in the global market [1]. - This merger is the first major asset restructuring case following the revision of the "Major Asset Restructuring Management Measures for Listed Companies," likely encouraging more mergers in the hard technology sector [2]. Group 2: Market Impact and Trends - The semiconductor equipment ETF (SH561980) and cloud computing ETF (SZ159890) saw significant inflows, indicating strong market interest in these sectors following the merger announcement [4]. - The global cloud computing market is projected to exceed $600 billion by 2025, with the Chinese market expected to surpass 1 trillion yuan, reflecting a compound annual growth rate of 36% [4]. - The rise of domestic large models like DeepSeek is expected to exponentially increase the demand for computing power, transitioning from linear to exponential growth [4][5].