海光终止合并中科曙光 国产算力产业协作未歇

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been officially terminated due to the large scale of the transaction, involvement of multiple parties, and significant changes in the market environment since the initial planning phase [1][3][4]. Group 1: Merger Details - The merger was initially announced in late May, with plans for Haiguang Information to acquire Zhongke Shuguang through a share swap, potentially exceeding a transaction scale of 100 billion yuan [3]. - The proposed share swap ratio was set at 0.5525:1, with Haiguang's share price at 143.46 yuan and Zhongke's at 79.26 yuan, leading to a total asset transaction value of 1159.67 billion yuan [3][4]. - Following the announcement, both companies experienced significant stock price increases, with Haiguang reaching a peak of 277.98 yuan and Zhongke hitting 128.12 yuan, resulting in a combined market value exceeding 650 billion yuan [4]. Group 2: Market Environment and Challenges - The termination of the merger is attributed to the complexities of integrating large-scale assets and the rapid technological evolution in the computing power industry, which may have led to missed opportunities [4][5]. - The market environment has changed dramatically, with intensified competition from companies like Huawei and Cambrian, and new policies promoting diverse and heterogeneous computing power integration [5][6]. - The independent growth potential for leading companies in the sector has increased, suggesting that the benefits of merging may not outweigh the need for agility in responding to market demands [6]. Group 3: Future Collaboration and Industry Trends - Despite the merger's termination, both companies are expected to maintain long-term collaborative relationships, focusing on their respective strengths in high-end CPU and DCU chip design [1][7]. - The domestic AI model training and inference market is projected to drive significant demand for accelerated servers, with the market expected to reach approximately 16 billion USD by mid-2025, reflecting over 100% year-on-year growth [2][7]. - The collaboration landscape in the domestic computing power industry is evolving, with companies exploring various cooperative models to build a self-sufficient ecosystem, driven by policy incentives and market demands [7][8].