公司报告 | 公司点评 海光信息（688041） 证券研究报告 海光信息吸收合并中科曙光之三问三答 事件：6 月 9 日，海光信息发布公告《换股吸收合并曙光信息产业股份有 限公司并募集配套资金暨关联交易预案》，海光信息将以换股吸收合并中科 曙光。交易完成后，海光信息为存续公司，中科曙光中止上市。 根据公司公告，本次换股的中科曙光股票为 14.63 亿股，按照换股比例 1:0.5525 计算，海光信息为本次换股吸收合并发行的股份数量合计为 8.08 亿股，考虑到曙光所持有的约 6.5 亿股，海光信息仅稀释约 6.8%的股份。 中科曙光 24 年归母净利润 19.11 亿，去除海光投资收益后归母净利润 13.71 亿，本次吸收合并同时包括中科曙光旗下包括曙光数创在内的资产。 2、解禁未来的节奏是否有变化？ 根据公告，目前六大股东已就减持计划签署承诺函，自出具之日起至本次 交易换股完成期间，将不以任何方式减持所持有的海光信息股份，亦无任 何在此期间内减持海光信息股份的计划。考虑国泰君安与海通证券合并情 况，我们认为短期内出现大规模减持的可能性较低。 3、海光信息主业景气度是否有变化？ 看好收购带来的协同效应，海光信 ...

证券研究报告 | 行业点评 gszqdatemark 2025 06 10 年 月 日 计算机 海光曙光复牌，国产算力生态开始整合重估 事件：2025 年 6 月 9 日，海光信息与中科曙光分别发布关联交易预案， 通过换股吸收合并的方式对海光信息和中科曙光进行战略重组，并于 6 月 10 日开市起复牌。 高溢价换股吸收曙光，国产算力价值重估时刻。1）中科曙光公告称，公 司与海光信息筹划由海光信息通过向中科曙光全体 A 股换股股东发行 A 股股票的方式换股吸收合并中科曙光，并发行 A 股股票募集配套资金。参 与本次换股的中科曙光股票为 14.63 亿股，若不考虑合并双方后续可能的 除权除息等影响，按照换股比例 1:0.5525 计算，海光信息为本次换股吸 收合并发行的股份数量合计为 8.08 亿股。2）吸收合并方海光信息换股价 格为 143.46 元/股，被吸收合并方中科曙光换股价格为 79.26 元/股，停牌 前收盘价分别为 136.13 元/股和 61.90 元/股，换股价格相较停牌前收盘 价分别溢价 5.4%和 28.0%。3）本次换股吸收合并完成后，中科曙光将终 止上市，海光信息将承继及承接中科曙光的全 ...

证券研究报告 | 行业点评 gszqdatemark 2025 06 10 年 月 日 分析师 刘高畅 执业证书编号：S0680518090001 邮箱：liugaochang@gszq.com 计算机 海光曙光复牌，国产算力生态开始整合重估 事件：2025 年 6 月 9 日，海光信息与中科曙光分别发布关联交易预案， 通过换股吸收合并的方式对海光信息和中科曙光进行战略重组，并于 6 月 10 日开市起复牌。 高溢价换股吸收曙光，国产算力价值重估时刻。1）中科曙光公告称，公 司与海光信息筹划由海光信息通过向中科曙光全体 A 股换股股东发行 A 股股票的方式换股吸收合并中科曙光，并发行 A 股股票募集配套资金。参 与本次换股的中科曙光股票为 14.63 亿股，若不考虑合并双方后续可能的 除权除息等影响，按照换股比例 1:0.5525 计算，海光信息为本次换股吸 收合并发行的股份数量合计为 8.08 亿股。2）吸收合并方海光信息换股价 格为 143.46 元/股，被吸收合并方中科曙光换股价格为 79.26 元/股，停牌 前收盘价分别为 136.13 元/股和 61.90 元/股，换股价格相较停牌前收盘 价分别溢价 ...

Group 1 - Beijing's economic and information technology bureau supports the trial use of robots in education, healthcare, and elderly care, aiming to accelerate product development and expand the post-service market for robots [1] - The integration of robots in education can provide personalized assistance, while in elderly care, they can handle basic caregiving and emotional companionship, addressing labor shortages and improving service quality [1] Group 2 - AI Infra company "Silicon-based Flow" recently completed a financing round led by Alibaba Cloud, raising several hundred million yuan, with participation from existing investors like Innovation Works and strategic investment from Meituan [2] - The funding will primarily be used for talent recruitment, product development, and market expansion both domestically and internationally, indicating a strategic move to build a domestic computing power ecosystem [2] - The company faces competition from Nvidia's "CUDA" ecosystem and cloud computing giants building their own AI infrastructure, which could impact its global expansion efforts [2] Group 3 - Canalys predicts that the penetration rate of AI smartphones will reach 34% by 2025, driven by advancements in lightweight edge models and upgraded chip computing power [3] - The new SoC chips expected to be released in 2025 will enable smooth operation of large models on devices, indicating a significant technological breakthrough [3] - The trend towards AI smartphones may reshape the industry landscape, although there are concerns about functional homogenization in the mid-range market [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the AI computing sector, particularly driven by the merger agreement between Haiguang Information and Zhongke Shuguang, which is expected to create a comprehensive domestic computing ecosystem [1] - The merger involves Haiguang Information issuing A-shares to acquire Zhongke Shuguang, with the trading suspension expected to last no more than 10 trading days, starting from June 10, 2025 [1] - The restructuring aims to establish a full technology stack "carrier" for domestic computing, with Haiguang focusing on high-end CPU/DCU design and Zhongke Shuguang leading in servers, storage, and cloud computing [1] Group 2 - Investors interested in the computing industry and information technology opportunities are encouraged to consider the Information Technology ETF (562560), which tracks the CSI All-Share Information Index [2] - Haiguang Information and Zhongke Shuguang are significant components of this ETF, ranking 5th and 9th respectively, with a combined weight of nearly 5% [2] - The ETF covers the entire AI industry chain, including design, end applications, and digital infrastructure, with major holdings in companies like SMIC, Cambrian, Luxshare Precision, and BOE Technology Group [2]

Group 1: Market Performance - On May 22, A-share indices showed mixed performance, with active trading in chip stocks [1] - The Tianhong Chip ETF (159310) rose over 0.7%, with notable gains from companies like Wentai Technology (up over 4%) and others [1] - The Tianhong Sci-Tech ETF (589860) also increased by over 0.5%, with significant rises from companies such as Sanjing Guojian (up over 19%) and Xidi Micro (up over 14%) [1] Group 2: Fund Flows - On May 21, the Tianhong Chip ETF (159310) saw a net inflow of over 4 million yuan, ranking first among similar products [1] Group 3: Industry Insights - The Chip Industry ETF (159310) tracks the CSI Chip Industry Index, which includes companies involved in chip design, manufacturing, packaging, and testing [1] - The Tianhong Sci-Tech ETF (589860) covers 97% of the Sci-Tech board's market value, with the semiconductor sector representing 37% of the secondary industry distribution [1] Group 4: Company Developments - Xiaomi announced a strategic product launch event on May 22, introducing the new SoC chip "Xuanjie O1" and flagship products like the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [2] - The Xuanjie O1 chip, designed by Xiaomi, is a 3nm flagship chip that has begun mass production [2] Group 5: Market Trends - Domestic computing chips are gradually closing the gap with international leaders due to ongoing technological innovation and market expansion [2] - By 2025, domestic large models are expected to lead global AI industry development, with companies like DeepSeek and Doubao making significant advancements [2]