Core Viewpoint - The acquisition of Shuguang Data Infrastructure Innovation Technology (Beijing) Co., Ltd. by Haiguang Information through a share swap merger with Zhongke Shuguang is progressing, with Haiguang Information required to issue a comprehensive tender offer to shareholders of Shuguang Data after the merger is completed [1][2]. Group 1 - Haiguang Information has signed a share swap merger agreement with Zhongke Shuguang, where Haiguang will issue A-shares to all shareholders of Zhongke Shuguang in exchange for their shares [1]. - Following the completion of the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, businesses, personnel, contracts, and rights and obligations of Zhongke Shuguang [1][2]. - The tender offer is a legal obligation resulting from the indirect acquisition of Shuguang Data by Haiguang Information, and it is not intended to terminate the listing status of Shuguang Data [1][2]. Group 2 - The completion of the acquisition is contingent upon several approvals, including board resolutions from both Haiguang Information and Zhongke Shuguang, shareholder meetings, and regulatory approvals from the State Administration for Market Regulation and the Shanghai Stock Exchange [2]. - Haiguang Information is actively advancing the necessary steps for the tender offer, but it cannot announce the full tender offer report within 60 days from the summary disclosure [2]. - The company will provide updates on the progress of the acquisition every 30 days until the full tender offer report is announced [2].

2025 年 9 月 5 日，公司收到海光信息技术股份有限公司发来的《关于要约 收购曙光数据基础设施创新技术（北京）股份有限公司进展情况的函》，现将函 件内容公告如下： "致曙光数据基础设施创新技术（北京）股份有限公司： 2025 年 6 月 6 日，海光信息技术股份有限公司（以下简称"海光信息"）与曙 光信息产业股份有限公司（以下简称"中科曙光"）签署《换股吸收合并协议》， 海光信息拟以向中科曙光全体换股股东发行 A 股股票的方式换股吸收合并中科 曙光。海光信息为合并方，中科曙光为被合并方，即海光信息向中科曙光的全 体换股股东发行 A 股股票，交换该等股东所持有的中科曙光股票。本次换股吸 收合并完成后，中科曙光将终止上市，海光信息将承继及承接中科曙光的全部 资产、负债、业务、人员、合同及其他一切权利与义务。 证券代码：872808 证券简称：曙光数创 公告编号：2025-081 曙光数据基础设施创新技术（北京）股份有限公司 关于要约收购事项的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 根 ...

Core Insights - As of September 3, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.351 billion yuan, an increase of 19.4997 million yuan from the previous trading day [1] - The top three stocks by margin financing balance are Jinbo Biological, Betterray, and Shuguang Digital Innovation, with balances of 322 million yuan, 263 million yuan, and 236 million yuan respectively [1] - A total of 124 stocks received net margin purchases on September 3, with 45 stocks having net purchases exceeding one million yuan, led by Betterray with a net purchase of 26.9501 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks receiving net margin purchases over one million yuan are machinery equipment, electric power equipment, and basic chemicals, with 11, 10, and 5 stocks respectively [2] - On average, stocks with net margin purchases over one million yuan experienced a decline of 1.66% on September 3, while notable gainers included Hongzhi Technology, Tonghui Electronics, and Tongxiang Technology, which rose by 30.00%, 11.09%, and 9.90% respectively [2] - The average turnover rate for stocks with net margin purchases over one million yuan was 6.50%, with the highest turnover rates seen in Shunyu Precision, Rongyi Precision, and Wuxi Jinghai at 35.14%, 32.76%, and 22.11% respectively [2] Stock Performance - The stocks with the largest increases in margin financing balance on September 3 include Betterray, Dingzhi Technology, and Yuanchuang Precision, with increases of 26.9501 million yuan, 10.9291 million yuan, and 7.0459 million yuan respectively [2][3] - The stock with the highest margin financing balance is Jinbo Biological at 321.87 million yuan, with a 2.89% increase in its stock price [3] - Other notable stocks with significant margin financing increases include Tianhong Lithium, Yinuowei, and Deyuan Pharmaceutical, with increases of 4.14%, -2.89%, and -0.55% in their stock prices respectively [3][4]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant growth in its four years of establishment, with 274 listed companies and a total market capitalization exceeding 920 billion yuan [1][2] - The BSE is designed to support innovative small and medium-sized enterprises (SMEs), contributing to the development of a multi-tiered capital market in China [1] Group 1: Market Growth - As of September 2, 2023, the BSE has seen its number of listed companies increase from 81 at its inception to 274, averaging nearly 50 new listings per year [1] - The total market capitalization has more than doubled since the opening, rising from approximately 400 billion yuan to over 920 billion yuan [1] - The average daily trading volume in 2023 is around 29 billion yuan, indicating increased market activity [1] Group 2: Company Characteristics - Approximately 90% of the listed companies on the BSE are high-tech enterprises, with over half classified as national-level specialized and innovative "little giant" companies [1][2] - The BSE has established four sets of listing standards to cater to the diverse types and development stages of SMEs, enhancing its support for specialized and innovative growth [2] Group 3: Research and Development Focus - In the previous year, BSE-listed companies invested a total of 8.594 billion yuan in R&D, accounting for 4.56% of their total revenue [2] - 178 companies, representing 65.2% of the total, reported an increase in R&D spending year-on-year [2] Group 4: Institutional Investment - As of June 30, 2023, 39 public funds held shares in 59 BSE companies, with a total holding value nearing 10 billion yuan, marking a three-year high in both the number of institutions and the scale of holdings [3] - The launch of the North Certificate Specialized and Innovative Index reflects the performance of the largest 50 specialized and innovative "little giant" companies on the BSE [3]

Market Overview - The computer equipment sector experienced a decline of 2.65% on September 3, with Xuanji Information leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Key stocks in the computer equipment sector showed varied performance, with Kaiwang Technology rising by 6.45% to a closing price of 39.76 [1] - Other notable performers included Shuguang Digital Innovation, which increased by 2.18% to 84.90, and Allianz Ruishi, which rose by 2.11% to 40.70 [1] - Conversely, stocks like Tangyuan Electric and ST Yingfeitou saw declines of 0.45% and 0.00%, respectively [1] Capital Flow - The computer equipment sector saw a net outflow of 2.753 billion yuan from main funds, while retail investors contributed a net inflow of 2.553 billion yuan [3] - Speculative funds recorded a net inflow of 200 million yuan into the sector [3]

Investment Rating - The investment rating for the company is "Buy" [6][11] Core Views - The company is actively promoting the construction of a domestic computing power ecosystem by enhancing self-control, deepening industrial collaboration, and empowering industry applications. This strategy has led to good investment returns from quality assets such as Haiguang Information, Zhongke Xingtong, and Dawn Data Creation [2] - The company has effectively controlled accounts receivable and inventory, with accounts receivable at 2.908 billion and inventory at 3.323 billion, showing year-on-year decreases of 1.6% and 7% respectively [1][2] - The company is expected to see continued growth in computing infrastructure demand as downstream customers expand capital expenditures, which may enhance the competitive advantage of its products and accelerate the commercialization of new-generation products [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.850 billion (YoY +2%) and a net profit attributable to shareholders of 729 million (YoY +29%). In Q2 2025 alone, the operating revenue was 3.264 billion (YoY +1%) with a net profit of 542 million (YoY +29%) [1][6] - R&D expenses for the first half of 2025 were 629 million (YoY +0.7%), while sales expenses were 328 million (YoY -5%) and management expenses were 170 million (YoY +13%) [1] Future Projections - The projected net profit attributable to shareholders for 2025-2027 is 2.712 billion, 3.355 billion, and 3.762 billion, representing year-on-year growth rates of 41.9%, 23.7%, and 12.2% respectively [2][4] - The company is expected to maintain a steady growth trajectory with operating revenue projected to reach 15.145 billion in 2025, 17.307 billion in 2026, and 19.703 billion in 2027, with respective growth rates of 15.2%, 14.3%, and 13.8% [4][10]

证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

Core Insights - Beijing Stock Exchange (BSE) has established a unique system tailored for innovative small and medium-sized enterprises (SMEs) over its four years, with a total of 274 listed companies and a market capitalization exceeding 900 billion yuan [1][2] - The BSE aims to enhance its role as a platform for innovative SMEs, contributing to their higher quality development under the "1+N" policy framework [1][2] Market Performance - As of 2024, BSE-listed companies achieved a total revenue of 1,047.80 billion yuan, reflecting a year-on-year growth of 6.76%, with 20 companies doubling their revenue or profit since listing [3] - In the first half of 2025, the average revenue for 274 BSE companies was 33.6 million yuan, with 82.12% of companies reporting profitability [3] Innovation and Evaluation - BSE has optimized its evaluation system for innovative SMEs, focusing on supporting high-quality growth-oriented companies that align with national strategic development [2] - A new innovative evaluation system is set to be implemented by October 2024, which includes three dimensions of quantitative thresholds and four positive innovation types [2] Capital Market Engagement - BSE has encouraged institutional investors to participate actively, with over 9 million qualified investors now involved, enhancing the investor structure [6] - The introduction of the specialized index for innovative SMEs has increased market attention and engagement [5][7] Corporate Actions - BSE-listed companies are adopting measures such as cash dividends and share buybacks to enhance investor returns, with 21 companies planning a total cash dividend of approximately 532 million yuan for the mid-2025 period [7] - Companies are leveraging capital market tools for mergers and acquisitions to create new growth opportunities, with notable examples of successful acquisitions leading to significant revenue increases [4][7]

Core Points - The Beijing Stock Exchange (BSE) has established a unique system tailored for innovative small and medium-sized enterprises (SMEs) over its four years of operation, with a total of 274 listed companies and a market capitalization exceeding 900 billion yuan [1][2][3] - The BSE aims to enhance its role as a platform for innovative SMEs, focusing on high-quality development and supporting specialized and innovative enterprises [1][5] Market Overview - The BSE has seen a steady increase in market size, with nearly 80% of listed companies being SMEs and over half classified as national-level specialized and innovative "little giant" enterprises [1][2] - The average daily trading volume in 2023 reached 29.151 billion yuan, indicating significant market liquidity [1] Company Performance - In 2024, BSE-listed companies collectively achieved a revenue of 104.78 billion yuan, reflecting a year-on-year growth of 6.76%, with 20 companies doubling their revenue or profit since listing [3][4] - By mid-2025, the average revenue for BSE companies was 336 million yuan, with 82.12% of companies reporting profitability [4] Innovation and Development - The BSE has implemented a differentiated evaluation system for innovative enterprises, which includes three dimensions of quantitative thresholds and four positive innovation types [3] - Companies listed on the BSE are actively engaging in research and development, with total R&D expenditures exceeding 9.1 billion yuan in 2024 [4] Capital Market Engagement - The BSE is facilitating mergers and acquisitions to help SMEs build a "second growth curve," with notable examples of companies successfully expanding through acquisitions [6] - The introduction of the BSE Specialized and Innovative Index has increased market attention and investor participation, with over 9 million qualified investors now involved [7][8] Investor Relations - BSE-listed companies are adopting measures to enhance investor returns, including cash dividends and share buybacks, with a total proposed cash dividend of approximately 532 million yuan for the 2025 mid-year [8] - Analysts predict that the BSE's trading activity and market focus will remain high due to ongoing reforms and the introduction of new indices [8]

核心结论 行情回顾：1）指数层面：8 月 29 日北证 A 股成交金额达 323.0 亿元，较上一 交易日增加 17.7 亿元，北证 50 指数收盘价为 1574.25，上涨 1.28%，PE_TTM 为 76.91 倍。北证专精特新指数收盘价为 2739.33，上涨 0.52%。2）个股层面： 当日北交所 274 家公司中 147 家上涨，4 家平盘，123 家下跌。其中涨幅前五 的个股分别为：荣亿精密（30.0%）、德瑞锂电（19.1%）、捷众科技（16.5%）、 科达自控（14.9%）、贝特瑞（13.6%）；跌幅前五的个股分别为：曙光数创（-8.9%）、 智新电子（-7.3%）、中航泰达（-7.3%）、方盛股份（-6.9%）、巴兰仕（-6.6%）。 新闻汇总：1）国家数据局局长刘烈宏：持续打造便捷高效、自主安全、世 界领先的国家级数据基础设施：刘烈宏指出，面向"十五五"，国家数据局 将进一步聚焦高质量的标准构建、大规模的设施部署、市场化的生态运营， 持续打造便捷高效、自主安全、世界领先的国家级数据基础设施，有效支撑 数字经济发展、科技创新和全国统一大市场建设。 重点公告：1）无锡晶海：公司本次以闲置自有 ...