Group 1 - The merger between Haiguang Information and Zhongke Shuguang will create a company with a market value exceeding 400 billion yuan, establishing a rare enterprise in A-shares that spans CPU design and computing power services [1] - The integration of Haiguang's x86 architecture CPU and DCU chips with Zhongke's high-end computing systems, storage, and cloud computing solutions will form a vertically integrated model from chip design to server manufacturing to computing power services [1] - The surge in ETF sizes related to these companies is driven by significant inflows of capital, but new funds cannot purchase the suspended stocks, leading to a dilution of existing holdings in the ETFs [1] Group 2 - The Semiconductor ETF (159813) has a significant holding of over 9% in Haiguang Information, and its scale remains stable at around 5 billion yuan, limiting the dilution of returns despite arbitrage activities [2] - The ETF closely tracks the Guozheng Semiconductor Chip Index, which reflects the market performance of listed companies in the semiconductor industry [2] - As of May 30, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index account for 66.85% of the index, including major companies like SMIC and Haiguang Information [2]