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 - The core viewpoint of the article emphasizes the emergence of the "Computing Power Ecological Supermarket" as a solution to the challenges faced in the computing power market, driven by the increasing demand for digital transformation and the rise of large models in AI [1][11] - The "Computing Power Ecological Supermarket" aims to provide a one-stop solution for enterprises, addressing issues such as high costs, difficulty in obtaining resources, and uneven distribution of computing power [1][3] Group 2 - The "Computing Power Ecological Supermarket" consists of three main components: the computing power market, AI market, and AI space, catering to diverse computing power needs of various enterprises [3][7] - The computing power market features a range of GPU models and offers customized rental services, allowing enterprises to efficiently manage their computing resources [5][4] - The AI market provides access to models and datasets for different AI applications, facilitating easy acquisition for large tech companies, SMEs, and research teams [7][9] Group 3 - The AI space serves as a knowledge hub, offering industry reports and professional articles to help decision-makers and AI practitioners stay informed about market trends and technological advancements [9][11] - The company plans to continuously expand its computing resources, enhance service quality, and introduce customized solutions to support digital transformation across industries [11]

计算机行业 行业研究 | 动态跟踪 透过财报看算力产业落地进度 核心观点 投资建议与投资标的 我们认为，从上市公司财报中，我们已经可以看出 AI 芯片与服务器行业受益于 AI 行业的 迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付账款的增 加，也预示着相关业务的落地指日可待，而 IDC 行业由于业务落地周期长，目前从行业 整体而言尚未看到财务数据变化但我们对前景也较为乐观。 风险提示 技术落地不及预期、政策落地不及预期、美国进一步制裁风险 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 05 月 05 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, while focusing on optimizing its core business and expanding its intelligent computing capabilities [1][2]. Group 1: Financial Performance - The company achieved revenue of 1.41 billion yuan in Q1 2025, a year-on-year decrease of 2.07% [1]. - The net profit attributable to shareholders was 42 million yuan, down 29.03% year-on-year [1]. - The non-recurring net profit was 39 million yuan, reflecting a decline of 26.98% year-on-year [1]. - The gross profit margin stood at 17.29%, a decrease of 1.01 percentage points year-on-year [1]. Group 2: Strategic Initiatives - The company is actively optimizing its core business structure and focusing on intelligent computing, with plans to enhance its IDC capabilities [1]. - The second phase of the Songjiang Big Data Computing Center is a major project aimed at establishing a large-scale, autonomous intelligent computing infrastructure in Shanghai [1]. - The company completed the equity transfer of Shanghai Broadcasting Communication Technology Co., Ltd. and is advancing the integration of Shanghai Yidian Analytical Instrument Co., Ltd. into its platform [1]. Group 3: Industry Outlook - Local government policies in Shanghai are promoting the development of the computing power industry, which the company is well-positioned to benefit from [2]. - The Shanghai government has introduced measures to support the use of intelligent computing resources, including the establishment of computing power vouchers [2]. - By 2027, Shanghai aims for its intelligent computing industry to exceed 200 billion yuan, with a focus on building a complete ecosystem [2]. Group 4: Investment Projections - Revenue projections for the company from 2025 to 2027 are 6.62 billion yuan, 7.80 billion yuan, and 9.11 billion yuan, with year-on-year growth rates of 17.76%, 17.77%, and 16.77% respectively [3]. - Net profit projections for the same period are 263 million yuan, 309 million yuan, and 364 million yuan, with growth rates of 30.19%, 17.13%, and 17.96% respectively [3]. - The company is expected to benefit from its deep involvement in Shanghai's digitalization efforts and the completion of the Songjiang Phase II project [3].

Group 1 - The core point of the news is the successful issuance of the first "computing power loan" in Guangdong province by Shunde Rural Commercial Bank, providing 10 million yuan to a local smart chip R&D company, marking a significant milestone in financial innovation towards the AI infrastructure sector [1][3] - The "computing power loan" model is designed to cover the entire industry chain, allowing upstream hardware R&D companies to access liquidity through "computing power operation loans" and midstream service providers to upgrade facilities via "computing power upgrade loans" [3] - The success of this model relies on precise evaluation of enterprise data assets, which include vast amounts of test data, patent documents, and supply chain information generated by the smart chip R&D company [3] Group 2 - The traditional financial reporting system struggles to reflect the value of data assets, leading to a structural contradiction where companies are "data-rich" but "credit-poor" [3] - The introduction of data asset accounting (DACPA) is crucial for addressing this issue, as it allows for the recognition, measurement, and disclosure of data assets, facilitating better access to financing [3][10] - The People's Bank of China and other departments have emphasized the need to explore the value of data elements, with local practices in Foshan, such as digital asset financing loans, requiring companies to establish standardized data asset management mechanisms [3] Group 3 - The demand for specialized data asset management professionals is rapidly increasing in Foshan, driven by the integration of AI and manufacturing, leading to the emergence of the data asset accounting profession [8] - The data asset accounting examination has established a three-tier certification system to meet the market's need for standardized talent, allowing qualified individuals to apply directly for senior certification [8] - The examination materials cover foundational frameworks for data rights confirmation and valuation, with a focus on practical accounting skills at different levels [8] Group 4 - The underlying logic revealed by the Foshan case is that computing power acts as the "electricity" of the new era, while data assets serve as the "fuel" driving this generator [10] - The role of data asset accounting professionals is to translate the commercial potential of enterprise data resources into a language that financial institutions can understand, which is essential for the success of the "computing power loan" model [10] - As more companies employ certified professionals, the innovative experience of "digital asset financing loans" in Foshan is expected to accelerate replication, creating a virtuous cycle of "data asset accounting—credit value enhancement—financial resource connection" [15]