Group 1 - A-shares showed mixed performance with major indices declining, while sectors like gold jewelry, dairy, nuclear power, and optical communication were active [1] - The AI application sector is still in its early stages, with potential for growth driven by increasing application scenarios and token consumption, supported by advancements in domestic AI chip capabilities [1] - The domestic CPU market is expected to see new growth opportunities due to the implementation of domestic innovation policies in government and industry sectors [1] Group 2 - The cloud computing 50 ETF has a high AI computing content, covering sectors such as optical modules, data storage, and liquid cooling, with a significant portion of DeepSeek concept stocks [2] - The management and custody fees for the cloud computing 50 ETF are among the lowest in the market at a combined rate of 0.2% [2]

「奔向AGI」 栏目聚焦AI大模型、AI agent、AI应用、芯片、机器人等前沿、热门的AI技术和商业创 新。 作者丨 薛皓皓 编辑丨 关雎 图源 丨Midjourney 5 月 25 日晚，两家重磅 A 股半导体公司宣布并购重组，涉及海光信息和中科曙光，前者的最新市值 超 3160 亿元，后者的最新市值超 900 亿元。 根据相关公告，海光信息将通过吸收合并的方式，并购中科曙光，若合并完成，将形成一家市值超 4000 亿元的半导体巨头。 海光信息是国内头部芯片设计公司，以自主研发的 CPU 和 DCU （一种 AI 算力芯片 ) 为两大产品 线，同时面向国产信创（信息技术自主研发，实现国产替代和安全可控）和 AI 算力领域， 2024 年营 收超 90 亿元，是 A 股市值最高的芯片设计公司。 被并购方中科曙光在服务器集成领域持续深耕，并在液冷技术、分布式存储等领域占据一席之地， 2024 年营收 131 亿元。 有半导体行业研究人员认为，通过本次并购重组，海光信息将形成芯片设计、整机制造、算力服务的 全产业链布局，达成"芯片 + 整机 + 算力"的完整生态。 通过产业链上下协同，海光信息可能制造出一款系 ...

势银咨询： 势银咨询顾问服务 重要会议： 2025势银（第五届）光刻材料产业大会（ 7月8日-10日，安徽·合肥） 点此报名 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 添加文末微信，加 光刻胶 群 5月19日，日本材料巨头旭化成（Asahi Kasei）向部分客户发出供应调整通知，将收紧其核心产品 PSPI（商品名PIMEL）的供应。5月26日，旭化成再次传出重磅消息，对 PSPI实施断供。供应决策 一调再调的背后，是AI算力需求"野蛮生长"与有限产能之间的激烈矛盾。 一直以来，旭化成稳坐全球PSPI领域头把交椅，凭借深厚技术积累与长期市场耕耘，Pimel系列感 光材料在半导体封装领域长期独占鳌头，已然成为全球先进封装产业链运转不可或缺的关键一环。 因此，断供事件犹如一记重锤，对全球半导体产业链造成连锁冲击，让台积电、三星、盛合晶微等 半导体头部企业猝不及防，陷入材料供应短缺的困境，生产计划面临严重冲击，甚至有被迫停滞的 风险。 PSPI：撑起高端制造的"隐形支柱" 封装材料PSPI（Photosensiti ...

Group 1 - The China Securities Big Data Industry Index decreased by 0.99% as of May 27, 2025, with mixed performance among constituent stocks [1] - China Great Wall led the gains with an increase of 6.05%, while Deepin Technology fell by 3.67% [1] - The Data ETF (516000) dropped by 0.90%, with an active trading volume of 783.21 million yuan and a turnover rate of 1.88% [1] Group 2 - The Open Source Harmony Developer Conference 2025 was held in Shenzhen, showcasing the progress of the Open Source Harmony ecosystem [2] - Longjiang Securities suggests focusing on investment opportunities in the Harmony ecosystem, particularly in the Huawei Harmony PC industry chain and Open Source Harmony operating system developers [2] - The Data ETF and its linked funds closely track the China Securities Big Data Industry Index, focusing on popular sectors such as DeepSeek, AI computing power, and the Harmony industry chain [2]

截至2025年5月27日 11:00，中证半导体材料设备主题指数下跌0.40%。成分股方面涨跌互现，广钢气体 领涨1.83%，沪硅产业上涨1.73%，天岳先进上涨1.47%；拓荆科技领跌2.52%，长川科技下跌2.12%，金 海通下跌2.07%。半导体材料ETF(562590)下跌0.57%，最新报价1.05元。拉长时间看，截至2025年5月26 日，半导体材料ETF近1年累计上涨29.78%。 湘财证券认为，DeepSeek为代表的国内AI大模型技术崛起及破圈，带动端侧AI算力的需求上行，驱动 高性能以太网交换机、先进存储产品、GPU及边缘计算/端侧算力芯片等多种半导体硬件的市场需求稳 步增长。传统消费电子领域，智能手机、PC及IOT板块弱复苏态势延续，上游IC设计企业业绩有望稳步 增长。地缘政治风险加剧，国产化替代仍为大势所趋。建议持续关注半导体行业。 半导体材料ETF（562590）及其联接基金（A/C：020356；020357）紧密跟踪中证半导体材料设备指 数，指数中半导体设备（55.8%）、半导体材料（21.3%）占比靠前，合计权重超77%，充分聚焦指数主 题，锚定半导体产业发展，精准锚定芯片制造 ...

Group 1 - Goldman Sachs predicts that for every 1% appreciation of the RMB against the USD, the Chinese stock market could rise by 3%, driven by improved corporate profit outlooks and increased foreign capital inflows [1] - Goldman Sachs believes that under a strong currency, sectors such as non-essential consumer goods, real estate, and brokerage stocks typically perform well [1] - Morgan Stanley anticipates a rebound in Hong Kong Interbank Offered Rate (Hibor) in the coming months due to the absorption of excess liquidity in the market [1] Group 2 - JPMorgan suggests that the Reserve Bank of New Zealand may further cut interest rates by 25 basis points, as recent domestic data has improved, alleviating some previous concerns [2] - MUFG analysts expect the Japanese yen to remain supported by the potential for further interest rate hikes later this year, despite low expectations from the market [2] - Allianz Group expresses concerns that the U.S. may lose its status as a "reliable investment destination" due to legislative changes affecting clean energy investments [2] Group 3 - CITIC Securities forecasts that the yield on China's 10-year government bonds may drop to between 1.4% and 1.5% in the coming months due to stronger demand for fixed-income assets [4] - Everbright Securities reports that China's phosphate fertilizer exports are expected to gradually recover, driven by export demand [4] - Dongwu Securities highlights that the technology growth style is favored, recommending investments in sectors such as robotics and artificial intelligence [4] Group 4 - CITIC Securities emphasizes the need to move away from "interest dependency" as interest rates continue to decline, suggesting a shift towards diversified asset allocation [5] - CITIC Securities remains optimistic about investment opportunities in the AI computing power sector, driven by advancements in AI models [6] - CITIC Securities notes that the pricing power of core assets is gradually shifting southward, with an increase in IPOs from quality companies in Hong Kong [7] Group 5 - CITIC Securities indicates that the valuation of the brokerage sector is expected to stabilize and recover, supported by favorable liquidity and financial policies [9] - Galaxy Securities observes rapid rotation in market trends, suggesting a cautious approach while focusing on structural investment opportunities [10] - Shenwan Hongyuan reports significant growth potential in Xinjiang's power supply and demand, with expectations for substantial increases in renewable energy generation [11]

Group 1 - The core viewpoint of the articles highlights a significant surge in the nuclear power sector, particularly driven by U.S. administrative actions aimed at reforming the nuclear energy industry, which is expected to lead to increased demand for uranium and a rise in nuclear power capacity globally [1][2][3] - The U.S. has signed four executive orders to expand nuclear energy, potentially adding about 35 gigawatts of new nuclear capacity by 2035, which could increase uranium demand by 10 to 15 million pounds annually [1][2] - China is also ramping up its nuclear power approvals, with plans to approve over 10 nuclear units annually, indicating a strong domestic demand for nuclear energy [2][3] Group 2 - The global nuclear energy revival is confirmed, with increasing demand for nuclear power expected to continue, particularly for natural uranium, which is essential for nuclear energy generation [3][5] - Middle Kingdom International, a subsidiary of China National Nuclear Corporation, is positioned to benefit from the growing nuclear power demand, as it focuses on overseas uranium resource development [3][6] - The company reported a significant increase in revenue and net profit in its 2024 financial report, with total revenue reaching HKD 1.841 billion, a 217% year-on-year increase, and net profit of HKD 195 million, up 83.4% [6] Group 3 - The demand for uranium is expected to rise due to the increasing energy needs driven by AI and data centers, which require stable and clean energy sources like nuclear power [5] - The global uranium market may face structural shortages due to the depletion of existing mines and the long lead times for new projects, with a projected uranium deficit of 130 million pounds by 2040 [5] - Middle Kingdom International's strategic role in securing overseas uranium resources is crucial, especially as China relies on over 70% of its uranium imports [6]

Group 1 - The core point of the news is the planned absorption merger between HaiGuang Information and ZhongKe Shuguang, marking the first absorption merger transaction following the new restructuring regulations [1][2] - Both companies have announced a suspension of their A-share stocks starting from May 26, with the suspension expected to last no more than 10 trading days [1] - The merger is expected to enhance resource concentration and strengthen synergy in key areas, particularly in the context of accelerating AI computing infrastructure development [3] Group 2 - In terms of financial performance, HaiGuang Information reported a revenue of 9.162 billion yuan in the previous year, a year-on-year increase of 52.4%, with a net profit of 1.931 billion yuan, up 52.87% [2] - ZhongKe Shuguang achieved a revenue of 13.148 billion yuan last year, a year-on-year decline of 8.4%, while its net profit was 1.911 billion yuan, an increase of 4.1% [2] - In the first quarter of this year, HaiGuang Information's revenue reached 2.4 billion yuan, a year-on-year growth of 50.76%, with a net profit of 506 million yuan, up 75.33% [2]

胜宏科技公告称，根据2025年5月26日询价申购情况，初步确定的询价转让价格为65.85元/股。参 与本次询价转让报价的机构投资者家数为24家，拟转让股份已获全额认购，初步确定受让方为22家 机构投资者，拟受让股份总数为2572.93万股。 2025.05. 26 5月26日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 胜宏科技：初步确定询价转让价格为65.85元/股 福田汽车：拟与亿纬锂能共同出资5亿元设立新能源科技公司 拓展新能源重卡业务 福田汽车公告称，为拓展新能源重卡业务，为客户提供多样化的电池租赁解决方案，公司拟与惠州亿 纬锂能股份有限公司共同出资设立北京福田亿纬新能源科技有限公司，注册资本5亿元，其中福田汽 车出资2.5亿元，持股比例50%，资金来源为公司自有资金。双方通过设立合资公司，共同开拓市 场，能够满足用户多样化电池租赁需求，有利于提升公司新能源重卡业务产品市场竞争力，促进新车 销售，提高公司新能源重卡利润率。 佳都科技：处置云从科技股份766.47万股 佳都科技公告，公司在2025年5月13日至26日期间，共处置云从科技集团股份有限 ...

Core Viewpoint - The core focus of the news is the planned share swap merger between Haiguang Information and Zhongke Shuguang, which aims to enhance resource integration and strengthen the domestic computing industry in China [1][2][3]. Group 1: Merger Details - Haiguang Information plans to issue A-shares to all A-share shareholders of Zhongke Shuguang to facilitate the share swap merger, which is expected to constitute a significant asset restructuring [1][2]. - The merger is seen as a strategic move to optimize the industrial layout from chips to software and systems, enhancing the overall competitiveness of both companies in the information industry [2][3]. Group 2: Financial Performance - For Q1 2025, Haiguang Information reported a revenue of 2.40 billion yuan, a year-on-year increase of 50.76%, while Zhongke Shuguang's revenue was 2.59 billion yuan, up 4.34% year-on-year [3][4][7]. - Haiguang Information's net profit attributable to shareholders was approximately 505.89 million yuan, reflecting a 75.33% increase compared to the previous year [4][6]. - Zhongke Shuguang's net profit attributable to shareholders was around 186.47 million yuan, showing a 30.79% increase year-on-year [7][9]. Group 3: Strategic Implications - The merger is positioned as a response to global industry trends and national strategic needs, aiming to enhance collaboration and efficiency between the two companies [3][10]. - The integration is expected to strengthen the domestic AI computing sector by pooling resources for high-end chip and solution development, thereby improving customer satisfaction with integrated technology solutions [2][10]. - Zhongke Shuguang's capabilities in system integration are anticipated to bolster Haiguang Information's technological and application synergy in high-end chips and computing systems [10].