股票简称：紫光股份 股票代码：000938 公告编号：2025－076 紫光股份有限公司 关于持股 5%以上股东减持股份预披露公告 长安国际信托股份有限公司（代"长安信托·中保投 1 号信托"）保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有紫光股份有限公司 157,304,393 股（占公司总股本的比例为 5.50%）的股东长 安国际信托股份有限公司-长安信托·中保投 1 号信托（以下简称"长安信托·中保投 1 号信托"）计划在本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价方式减持 公司股份不超过 28,600,798 股（约占公司总股本的 1.00%）。 紫光股份有限公司（以下简称"公司"）于近日接到长安国际信托股份有限公司 （代"长安信托·中保投 1 号信托"）的《减持紫光股份有限公司股份计划告知函》， 现将相关情况公告如下： 一、本次减持计划股东基本情况 1、股东名称：长安国际信托股份有限公司-长安信托·中保投 1 号信托。 2、股东持股情况：截至本公告披露之日，长安信 ...

Core Viewpoint - The announcement from Unisplendour Corporation indicates that a significant shareholder, Chang'an Trust, plans to reduce its stake in the company by up to 28,600,798 shares, which is approximately 1% of the total share capital, due to funding arrangement needs [1] Group 1 - Chang'an Trust holds 157,304,393 shares, representing 5.50% of the total share capital of Unisplendour Corporation [1] - The share reduction will occur within three months after the announcement, specifically from January 16, 2026, to April 15, 2026 [1] - The reduction will not lead to a change in control of the company and is not expected to significantly impact the governance structure, shareholding structure, or ongoing operations of the company [1]

Core Viewpoint - Unisplendour Co., Ltd. announced that its shareholder, Chang'an Trust - Zhongbao Investment No. 1 Trust, which holds 5.5% (157 million shares), plans to reduce its holdings by up to 28.6 million shares, representing no more than 1% of the total share capital, within three months from January 16 to April 15, 2026, due to funding arrangement needs [1] Summary by Categories - **Shareholder Reduction Plan** - Chang'an Trust intends to reduce its stake in Unisplendour by up to 28.6 million shares [1] - The reduction will occur through centralized bidding within a specified three-month period [1] - **Reason for Reduction** - The reduction is attributed to funding arrangement needs [1] - **Impact on Company Structure** - The planned reduction will not affect the company's governance, equity structure, or control [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the communication industry [1]. Core Insights - The domestic GPGPU sector is expected to be a focal point in the capital market in 2026, with companies like Moer Thread and Muxi Co. recently entering the market, and Biran Technology and Tian Shu Zhixin passing the Hong Kong Stock Exchange hearing [5][17]. - The demand for data center optical fibers is anticipated to surge, with early signs of price increases in the market, as domestic and international manufacturers report a 15% price rise in common cable fibers [10][20]. - The report highlights the rapid development of supernode servers as a key beneficiary segment for domestic GPUs, suggesting investment opportunities in upstream components such as copper connections and network interface chips [9][19]. Summary by Sections Industry Dynamics - Moer Thread held its first developer conference, unveiling a new architecture and several products, including the "Huagang" architecture, which supports FP4 to FP64 precision calculations, with a 50% density increase and a 10-fold efficiency improvement [6][17]. - Muxi Co. achieved a market capitalization exceeding 280 billion after its debut on the Sci-Tech Innovation Board, positioning itself as a strong competitor in the domestic GPGPU market [7][18]. - Biran Technology has passed the Hong Kong Stock Exchange hearing, with its BR100 series achieving peak performance at the PFLOPS level, and it has secured sales agreements valued at 1.24 billion [8][19]. - Tian Shu Zhixin has a broad customer base across various sectors, with GPU shipments reaching 15,700 units in the first half of 2025 and revenues of 324 million [8][19]. Market Overview - The overall market saw a slight decline during the week of December 15-19, 2025, with the Shanghai Composite Index rising by 0.03% while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively [12][22]. - The top-performing sectors included liquid cooling, optical cables, and satellite communications, with weekly gains of 15.85%, 11.88%, and 10.73% [12][22]. Investment Recommendations - The report suggests focusing on companies in the following sectors: - Domestic supernodes: Unisplendour, ZTE, Inspur, Huaqin Technology, Huafeng Technology, Xinke Materials, Shengke Communication, and Heshun Petroleum [22]. - Commercial aerospace: Shanghai Hanxun, Xinke Mobile, Fenghuo Communication, Mengsheng Electronics, Haige Communication, and Qian Zhao Optoelectronics [22]. - Optical fibers and cables: Zhongtian Technology, Hengtong Optic-Electric, Changfei Fiber, Yongding Co., Taichen Optoelectronics, Shijia Photonics, and Changxin Bochuang [22].

Core Insights - The current data center is evolving towards intelligent operation, integration of computing power networks, and enhanced security, with switches being a core component of computer networks [1][2] Market Overview - The global switch market is projected to reach $41.8 billion in 2024, a decrease of 5.4% year-on-year, with an expected growth to $43.89 billion in 2025 [2] - The Chinese switch market is expected to grow by 5.9% year-on-year in 2024, reaching approximately 42.36 billion yuan, and is projected to reach 44.48 billion yuan in 2025, indicating significant growth potential [2] Demand Upgrades - There is a need for upgrades in switch demand, focusing on white-box switches, market expansion, and OCS optical switching [2] - White-box switches, which decouple hardware and software, offer flexible configuration management and can reduce network deployment costs [2] AI and Network Requirements - The development of AI large models is driving higher demands for network capabilities, including ultra-high bandwidth, low latency, and high stability [1][4] - The coexistence of Scale-Up and Scale-Out networks is essential for powering today's AIGC large models, leading to a significant increase in switch demand [2] OCS Switches - OCS switches establish end-to-end pure optical physical channels, ensuring transparency to signal rates and protocols, and can seamlessly support services from 400G to future rates of 1.6T and above [3] Investment Opportunities - Companies to watch include Shengke Communication-U (688702.SH), ZTE Corporation (000063.SZ), Ruijie Networks (301165.SZ), and Unisplendour Corporation (000938.SZ) [5]

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Insights - The rapid development of AI large models is driving the expansion of the switch market, with increasing demands for ultra-large-scale networking, high bandwidth, low latency, high stability, and automated network deployment [2][3] - The global switch market is projected to reach USD 43.89 billion in 2025, while the Chinese switch market is expected to grow to approximately CNY 44.48 billion in the same year, indicating significant growth potential [2][28] - The demand for switches is evolving towards white-box solutions, market expansion, and Optical Circuit Switching (OCS) technology, which enhances flexibility and reduces deployment costs [3][46] Summary by Sections AI Large Models Driving Data Center Expansion - AI large models are becoming the new engine of artificial intelligence, significantly impacting various fields and driving the digital economy [8][12] - The global data center market is expected to grow to USD 96.8 billion by 2025, with China's market projected to reach CNY 318 billion [22] Switch Demand Upgrade - The switch market is experiencing a shift towards white-box switches, which offer flexibility and cost advantages through decoupled hardware and software [43][44] - OCS technology is emerging as a key player, providing ultra-high bandwidth and compatibility for future network demands [46][47] Switch Chip Demand Upgrade - The demand for high-bandwidth switch chips is increasing, with 100G and above Ethernet switch chips expected to dominate the market by 2025 [50][54] - The production of switch chips is facing challenges due to the industry's shift towards advanced packaging technologies to overcome physical limitations [59][66] Related Companies - Companies to watch include Shengke Communication, ZTE, Ruijie Networks, and Unisplendour, which are positioned to benefit from the growing demand in the switch market [4][76]

Group 1 - The big data industry ETF (516700) showed weak performance with a decline of 0.52% in intraday trading on December 23 [1] - Key stocks such as Qiming Star, Guotou Intelligent, and Qi Anxin performed strongly with increases of 2.17%, 1.49%, and 0.98% respectively, while Zhongke Star Map, Youkede, and Siwei Tuxin showed weaker performance with declines of 3.06%, 2.57%, and 2.0% respectively [1] Group 2 - Moore Threads released a new generation of full-featured GPU architecture "Huagang" on December 20, supporting full precision computing and launching high-performance AI training and inference chips, with its Kua'e Wanka intelligent computing cluster reaching international mainstream levels in multiple indicators [3] - Alibaba integrated its C-end business to establish the "Qianwen C-end Business Group" on December 15, aiming to develop the Qianwen APP into an AI super application entry point covering multiple intelligent service scenarios [3] - The focus of the global large model is shifting from "fast thinking" to "slow thinking," moving from computing power accumulation to algorithm and training paradigm optimization, with the industry focus transitioning from benchmark testing to real-world task execution [3] Group 3 - The big data industry ETF passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with key stocks including Zhongke Shuguang, Keda Xunfei, and Unisplendour [4] - Investors interested in technology self-reliance may focus on three catalytic aspects: the call for "technology to take the lead," the top-level design of digital China to activate digital productivity, and the acceleration of the domestic substitution process [5]

Group 1 - The core viewpoint of the news highlights the performance of the big data industry ETF (516700), which showed a decline of 0.52% in intraday trading, while certain constituent stocks like Qimingxingchen, Guotou Intelligent, and Qi Anxin performed strongly with increases of 2.17%, 1.49%, and 0.98% respectively [1] - The article discusses the recent developments in the AI sector, particularly the launch of the new GPU architecture "Huagang" by Moore Threads, which supports full precision computing and high-performance AI training chips, achieving international mainstream levels in several metrics [3] - The focus of the AI industry is shifting from "fast thinking" to "slow thinking," emphasizing algorithm and training paradigm optimization, with a transition from benchmark testing to real-world task execution [3] Group 2 - The big data industry ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with key stocks including Zhongke Shuguang, Keda Xunfei, and Unisplendour [4] - There are three main catalysts for investors interested in the direction of technological self-reliance: the call for "technology to lead," the top-level design of Digital China to activate digital productivity, and the acceleration of the domestic substitution process [4] - The article notes that the trend of "信创" (Xinchuang) is expected to accelerate, indicating a broad outlook for technological self-reliance [4]

Group 1 - The A-share market saw a collective rise in the three major indices on December 23, with sectors such as lithography machines, Hainan, insurance, and precious metals leading the gains, while sectors like horse racing, retail, Tianjin Free Trade Zone, and education experienced declines [1] - The largest AI ETF in the Shanghai market, AI ETF (515070), rose by 0.47% during the session, with holdings like Beijing Junzheng surging by 5.69%, and other notable gainers including Deep Sanda A, Cambricon Technologies, Amlogic, and Lexin Technology [1] - The "Qingtian Rental" platform, the first open robot rental platform in China, was launched at the National Robot Rental Ecological Summit on December 22, covering 50 core cities and linking over 600 service providers, with rental prices ranging from 200 yuan to over 10,000 yuan [1] Group 2 - According to Guotai Junan Securities, the humanoid robot industry is entering a critical mass production phase, with hardware companies becoming the core driving force. The period from 2022 to 2025 is seen as the first phase, transitioning products from laboratories to industrialization, while the second phase starting in 2025 will focus on large-scale production [1] - The number of registered humanoid robot companies in China is expected to reach 104 by 2024, marking a year-on-year increase of 104%. From January to July 2025, there have been over 101 financing events totaling more than 26 billion yuan, indicating a high level of enthusiasm in the capital market [1] - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting component stocks that provide technology, basic resources, and application end stocks for artificial intelligence, focusing on the midstream and upstream of the AI industry chain, often referred to as the "brain" creators of robots [2]

人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威视、 澜起科技、金山办公、紫光股份等国内科技龙头。 A股科技赛道午后延续强势，CPO、无人驾驶、人工智能、人形机器人、存储板块全线上涨，沪市规模 最大的人工智能AIETF（515070）盘中涨2.08%，其持仓股新易盛、中际旭创涨幅均超6%，北京君正、 浪潮信息、芯原股份等股涨幅居前。 消息方面，据南方财经报道，深圳功能型无人车投放总量已达 1218 台（其中包含无人物流车 825 台），车辆数在全国一线城市中位列第一，累计开放运行线路 1594 条、总里程达 5534 公里。今年以 来，深圳等地颁发 L4 级自动驾驶微型货车测试牌照，标志着自动驾驶货运服务进入多场景、规模化发 展阶段。报道还提到，我国拥有全球最大的自动配送市场。截至 2025 年上半年，全国已有 103 个城市 开放无人配送车辆路权，全国无人配送车保有量突 ...