Domestic News - The Ministry of Commerce announced that the price commitment negotiations regarding the electric vehicle case between China and the EU have entered the final stage, requiring further efforts from both sides [1] - The Ministry of Commerce clarified China's export control policies on rare earths, emphasizing that such controls are common international practices, and expressed willingness to expedite approvals for eligible applications [1] - As of the end of May 2025, China's foreign exchange reserves stood at $328.53 billion, an increase of $3.6 billion from the end of April, reflecting a 0.11% rise [2] - The 7th Yangtze River Delta Integration Development Forum was held, where a list of practical projects for 2025 and best practice cases were released [2] - Hong Kong has launched a HKD 3 billion AI funding program to support local institutions and companies in utilizing supercomputing resources for research breakthroughs [2] International News - The U.S. President announced that the decision regarding the next chairperson of the Federal Reserve will be revealed soon, with former Fed governor Kevin Walsh receiving high praise [4] - The EU has selected 13 strategic projects outside the EU to diversify the supply of strategic raw materials, aiming to reduce dependence on Asia and ensure industrial security [6]

Group 1 - The article discusses the A-share market and its upcoming examination format, indicating a structured approach to assess knowledge in stock trading [2][3] - It includes a quiz with 15 questions aimed at evaluating the reader's understanding of A-share basics, popular sectors, and stock market data [3][5][6] - The quiz results categorize participants into different levels of stock market knowledge, from potential traders to those needing improvement [3] Group 2 - The article highlights the performance of various sectors, including the DeepSeek concept stocks and the robotics sector, which gained popularity after a notable event [7][8] - It mentions the significant growth in the domestic computing power industry, indicating a booming market for related stocks [8] - The article also references the strong performance of chemical concept stocks and the "self-pleasure economy" stocks, showcasing current investment trends [8][9] Group 3 - The article provides insights into the holdings of prominent investors and institutions, revealing their strategies and stock preferences [11] - It notes that several stocks have seen substantial gains, with some exceeding 50% growth this year, indicating a bullish sentiment in specific sectors [11] - The article mentions the significant positions held by foreign investment banks, reflecting their confidence in the A-share market [11]

Group 1 - The core viewpoint is that the computing power industry maintains high prosperity around investment opportunities in the Nvidia chain and ASIC chain [1] - The domestic PCB/CCL industry leaders are expected to benefit from the tight supply-demand situation in high-end capacity, indicating strong sustainability and high certainty in performance growth [1] - Companies positioned to capture core customer technology upgrade cycles and those with collaborative development capabilities are expected to continue to benefit deeply [1]

Market Overview - On June 5, 2025, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.58%, and the ChiNext Index by 1.17%. The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, an increase of 137.4 billion yuan compared to the previous day [1]. ETF Performance - The AI industry ETFs led the market gains, with several ETFs such as the Information Technology ETF (512330) and various AI-focused ETFs showing significant increases. The China Securities Regulatory Commission (CSRC) emphasized the importance of integrating technology and industry innovation during a keynote speech at the Tianjin Financial Forum [2]. AI Industry Insights - Western Securities highlighted the upward trend in the AI industry, driven by enhanced reasoning capabilities. The release of the Claude4 series has significantly improved programming capabilities, with the ClaudeOpus4 model excelling in coding benchmarks. The DeepSeekR1 model's accuracy increased from 70% to 87.5% in the AIME2025 test. Google I/O 2025 showcased comprehensive upgrades in AI models and products, indicating a strong investment direction in AI agents and computing power [3]. Credit Bond ETF Market - The credit bond ETFs have been included in the repurchase pledge library, marking a significant institutional innovation in China's bond market. This move is expected to enhance market liquidity and allow investors to use credit bond ETFs as collateral for repurchase financing, thereby improving capital efficiency and reducing financing costs for enterprises [6]. Innovation in Pharmaceutical Sector - The innovative pharmaceutical sector remains a core focus, with a sustainable trend towards "innovation + internationalization." The sector is expected to benefit from policy support and improved global competitiveness. The demand for medical services and related sectors is anticipated to recover in 2025, driven by a favorable economic outlook [4].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang represents a strategic reshaping of China's high-end computing ecosystem under the influence of state-backed forces, enhancing the integration of the computing power industry chain [1][2]. Group 1: Merger Details - On May 25, Haiguang Information announced plans to absorb Zhongke Shuguang through a share swap, with both companies halting trading from May 26 for up to 10 trading days [2][7]. - Haiguang Information has a market capitalization of 316.4 billion yuan, while Zhongke Shuguang's market cap stands at 90.6 billion yuan, potentially creating a combined entity valued over 400 billion yuan if market premiums are applied [2][7]. - The merger is characterized by a close relationship, with Zhongke Shuguang being the largest shareholder of Haiguang Information, holding 27.96% of its shares [4][8]. Group 2: Financial Performance - Both companies have shown positive financial growth, with Haiguang Information reporting a revenue of 2.4 billion yuan in Q1 2025, a 50.76% increase year-on-year, and a net profit of 442.2 million yuan, up 62.63% [12]. - Zhongke Shuguang's revenue grew by 4.3% to 2.59 billion yuan, with a net profit increase of 89.1% to 107 million yuan during the same period [12]. Group 3: Industry Impact - The merger aims to optimize the industry layout from chips to software and systems, consolidating high-quality resources across the computing power industry chain, which is seen as a beneficial attempt to strengthen China's computing power sector [9][18]. - The formation of a "computing power aircraft carrier" is expected to stimulate further asset consolidation in the technology sector, aligning with trends observed in other A-share technology companies [19][21].

Core Viewpoint - The strategic merger between Zhongke Shuguang and Haiguang Information aims to optimize the industrial layout from chips to software and systems, enhancing the overall competitiveness of China's information technology industry [2][3]. Group 1: Merger Details - Zhongke Shuguang and Haiguang Information announced a strategic merger, with Zhongke Shuguang being the largest shareholder of Haiguang Information, holding a 27.96% stake [2]. - This merger is the first absorption merger transaction following the revision of the "Major Asset Restructuring Management Measures" on May 16, marking a rare consolidation case in the computing power sector [2][3]. Group 2: Financial Performance - In 2024, Zhongke Shuguang sold 265,400 IT devices, while it reported a revenue of 13.148 billion yuan in the previous year, a year-on-year decline of 8.4%, and a net profit of 1.911 billion yuan, a year-on-year increase of 4.1% [3]. - Haiguang Information specializes in core chip design, achieving a technological leap from 16nm to 7nm in its CPU/DCU products [3]. Group 3: Strategic Benefits - The merger is expected to enhance technical synergy and strengthen ecological advantages, promoting the development of leading enterprises in the information industry and significantly impacting the industry landscape [3][4]. - The combined entity will leverage core strengths to invest in high-end chip and solution R&D, aiming to improve customer satisfaction and promote the large-scale application of domestic chips in key sectors such as government, finance, communication, and energy [3][4]. Group 4: Market Valuation - There is a notable difference in valuation logic between chip design companies and hardware manufacturers, with Haiguang Information enjoying a price-to-earnings ratio of 147 times, while Zhongke Shuguang has a ratio of only 46 times [5]. - Post-merger, the new entity is expected to create a dual-driven model of "high valuation in chip R&D + stable cash flow from machine sales," potentially attracting a valuation premium as a "hard technology platform enterprise" [5].

Core Viewpoint - The merger between Zhongke Shuguang and Haiguang Information represents a strategic integration of resources, aiming to enhance China's computing power industry by addressing weaknesses and strengthening capabilities [1][3]. Group 1: Merger Details - The merger is the first absorption merger transaction following the revision of the "Major Asset Restructuring Management Measures" on May 16, marking a rare consolidation case in the computing power sector [2]. - Zhongke Shuguang holds a 27.96% stake in Haiguang Information, making it the largest shareholder [1]. Group 2: Strategic Benefits - The integration is expected to optimize the industrial layout from chips to software and systems, gathering high-quality resources across the information industry chain [1]. - The merger aims to reduce management costs by minimizing resource duplication and inter-company transactions, thereby enhancing shareholder returns [1]. Group 3: Financial Performance - In 2024, Zhongke Shuguang is projected to sell 265,400 IT devices, while it reported a revenue of 13.148 billion yuan in the previous year, a decrease of 8.4%, and a net profit of 1.911 billion yuan, an increase of 4.1% [2]. - Haiguang Information specializes in core chip design, achieving a technological leap from 16nm to 7nm in its CPU/DCU products [2]. Group 4: Market Impact - The merger is anticipated to enhance technological synergy and strengthen ecological advantages, potentially reshaping the information industry landscape [2]. - The new entity is expected to create a dual-driven model of "high valuation in chip R&D + stable cash flow from machine sales," which may attract a valuation premium as a "hard technology platform enterprise" [3].

证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《外需波动影响信贷，加速改善可 期》 - 2025.05.16 宏观研究 4 月经济呈供给驱动特征，应超前关注科技产业对 投资的补充 投资要点 4 月经济运行呈现"增速边际放缓、韧性延续"的特征。受外部环 境不确定性上升影响，当月经济增速边际回落；在低基数效应下，按 照生产法测算，4 月经济增速拟合值为 5.5%，低于 3 月经济增速，基 本持平 1-2 月经济增速，经济增速保持一定韧性。从增长动能看，考 虑到外部环境复杂性加剧，可能强化市场主体谨慎预期，进而对消费、 投资和生产活动形成收缩压力，经济动能呈现显著的供给驱动特征， 供需缺口持续扩大。 当前宏观环境的主要矛盾是中美贸易摩擦，成为影响市场定价的 主要因素。尽管中美经贸会谈释放积极信号，但未来不确定性仍大。 4 月 12 日，中美经贸会谈释放积极信号，美国对我国加征关税税率从 ...

Group 1 - The core viewpoint of the news is the significant advancements in Guangxi's computing power infrastructure and the establishment of the Guangxi Computing Power Alliance, which aims to enhance digital transformation and economic development in the region [1][2][3] Group 2 - The Guangxi Computing Power Network Development Report (2024) was released, highlighting the region's comprehensive policy support and significant achievements in computing power development [1] - Guangxi's infrastructure has seen a notable upgrade, with the establishment of key internet backbone points and a projected cross-border network transmission capacity of 5 Tbps by 2025 [1] - The total design scale of data center racks in Guangxi reached 164,000 by the end of 2024, representing a 172% increase compared to the end of 2022 [1] - The total computing power scale reached 3.28 EFlops, a 546% increase from the end of 2022, with five super-large data centers established [1] Group 3 - The computing power layout in Guangxi is gradually improving, with a focus on providing inclusive computing power infrastructure across all 14 cities in the region [2] - The Guangxi Computing Power Scheduling Platform was introduced, which integrates distributed computing power nodes and utilizes cross-domain scheduling algorithms for intelligent resource integration [2] - The platform is expected to reduce computing power usage costs by 35% and enhance innovation efficiency by 50% for enterprises [2] Group 4 - The Guangxi Computing Power Alliance aims to position itself as a "China-ASEAN Computing Power Hub," promoting the integration of computing resources with diverse scenarios to foster innovation [3] - The alliance emphasizes the importance of building a new ecosystem that empowers various industries through computing power, contributing to the digital economy's growth in Guangxi [3]

Group 1: Company Overview - Shenzhen Guangju Energy Co., Ltd. is the only listed company platform under the state-owned assets in Nanshan District, Shenzhen, with a controlling shareholder holding 55.54% of the shares [2] - The main business includes wholesale and retail of refined oil, chemical trade, and property leasing, with refined oil being a stable source of revenue and profit in recent years [2] Group 2: Acquisition of Aerospace Ouhua - The company completed the acquisition of Aerospace Ouhua in Q1 2025, aiming to provide financial support and enhance synergy with its main business [3] - The acquisition aligns with the company's strategic goals and is expected to improve profitability and expand business scale [3] Group 3: Business Operations and Strategy - The refined oil business covers procurement, storage, logistics, wholesale, and retail, with competitive advantages in infrastructure and supplier relationships [4] - The company plans to upgrade gas stations and develop smart refueling stations, contributing to steady growth in the refined oil sector [5] - The company has a cash-rich position, ensuring stable cash flow despite the acquisition [4] Group 4: Future Plans and Adjustments - Guangju Yilian will cease chemical and electronic product trading by mid-2024 to focus on new energy projects [7] - The company aims to enhance management and risk prevention while pursuing high-quality development and expanding its main business [7] - Future investments will focus on new energy technology and computing power industries, ensuring a solid foundation for the integration of new and old business models [7] Group 5: Market Impact and Risk Management - The U.S. tariff policies do not directly impact the company's domestic refined oil business, as it does not involve imports or exports [5] - The company actively monitors international oil price fluctuations to mitigate risks associated with procurement [5] - Investment returns are influenced by the performance of associated companies and market volatility, and are not classified as sustainable income [7]