并购新规后第一单！国产AI算力巨头“强强联合”？

Core Viewpoint - The strategic merger of two major AI powerhouses in the A-share market reflects the increasing investment value of the domestic AI sector, driven by deep integration of the industry chain, policy benefits, and accelerated domestic substitution [1] Group 1: Synergy Between Chip Design and Server Manufacturing - The merger signifies a new phase of "full-chain collaboration" in the domestic AI industry, combining a leading chip design firm with a top server manufacturer [1] - The chip design company has achieved breakthroughs in key performance bottlenecks in finance and communication, while the server manufacturer dominates the computing network covering 70% of provincial government cloud platforms [2] - The integration is expected to create a complete closed loop from chip design to machine manufacturing and computing services, reducing the technology development cycle by 30% and increasing product iteration speed by 40% [2] Group 2: Benefits of the Merger - The merger will yield several synergistic effects, including: - Technical Complementarity: Combining advanced process capabilities of the chip design firm with the large-scale manufacturing experience of the server manufacturer to quickly achieve large-scale application of high-performance chips [4] - Ecosystem Co-construction: Sharing over 5,000 upstream and downstream partner resources to accelerate the establishment of a domestic computing ecosystem covering operating systems and application software [4] - Accelerated Domestic Substitution: In key sectors like government and energy, the comprehensive cost of domestic computing systems is expected to decrease by 25%, reducing reliance on imports from 35% to below 15% [4] Group 3: Impact of New Merger Regulations - The merger is the first case following the new merger regulations introduced on May 16, which is expected to activate more technology industry mergers, enhancing the valuation dynamics of domestic tech stocks [5] - Advantages of the new merger regulations include: - Revolution in Approval Efficiency: The review time for tech mergers has been reduced from 3 months to 30 days, allowing companies to quickly capture technology iteration windows [5] - Increased Valuation Tolerance: Higher valuation tolerance for unprofitable startups and cross-border technology mergers, allowing AI chip companies to acquire overseas labs with reduced financial pressure [5] - Innovative Payment Tools: Support for payment combinations of equity, cash, and convertible bonds to lower financial costs [5] Group 4: Growth of the Sci-Tech Board - The policy benefits from the new merger regulations enable tech companies to fill technological gaps through mergers, import advanced technologies from acquired teams, and encourage private equity participation in mergers, forming a closed-loop ecosystem of "technology research and development - capital incubation - industry landing" [7] - Since the release of the "Eight Articles of the Sci-Tech Board" in 2024, there have been 102 new merger transactions with a total disclosed amount exceeding 26 billion yuan [7] - In 2025, 40 new merger transactions have been disclosed on the Sci-Tech Board, with 14 involving share issuance or convertible bonds for asset purchases, and 5 being cash payment major asset restructurings [7] - The Sci-Tech Board AI Index includes 30 leading AI companies, covering the entire AI industry chain, with the top five stocks accounting for 47% of the index weight, indicating high AI theme purity and elasticity [7]