Group 1 - The core viewpoint of the news is the significant market reaction to the merger between Haiguang Information and Zhongke Shuguang, which is seen as a "strong union" in the domestic computing power sector, potentially reshaping the industry competition landscape [4][9]. - The merger announcement led to a surge in funds flowing into the Xinchuang ETFs, with nearly 7 billion yuan invested from May 26 to June 9, indicating strong market interest [4][6]. - On the first trading day after the merger, Zhongke Shuguang's stock price hit the daily limit, while Haiguang Information opened high but later fell, contrasting with the collective decline of related Xinchuang ETFs [3][4]. Group 2 - The market performance post-reopening surprised many arbitrage funds, as the expected premium on Xinchuang ETFs quickly disappeared, leading to significant sell-offs [5][6]. - Fund companies implemented measures to curb arbitrage activities, including setting purchase limits and issuing risk warnings to protect long-term investors [6][7]. - The rapid expansion of Xinchuang ETF scales diluted the actual weight of the suspended stocks in the portfolio, significantly weakening the ETFs' ability to realize gains [5][6]. Group 3 - Despite the overall decline in the Xinchuang sector on June 10, many institutions remain optimistic about the long-term prospects of the Xinchuang industry, citing ongoing technological advancements and policy support [9]. - The merger and restructuring within the Xinchuang industry are expected to evolve towards "technology complementary integration" and "ecosystem closure construction," enhancing vertical collaboration between software service providers and hardware manufacturers [9]. - The domestic computing power and Xinchuang sectors are anticipated to benefit from policy support for self-control and technological iteration, with a positive outlook for sustained growth [9].

Investment Rating - The report maintains a "Recommended" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - The computer industry has entered a rebound phase, with significant developments in AI technology and strategic mergers, particularly the merger between Haiguang Information and Zhongke Shuguang, which is expected to create a leading player in the domestic computing power sector [7][18]. - The report highlights the acceleration of mergers and acquisitions in the industry, driven by policy support and the need for vertical integration in the "chip-server" sector [9][24]. - The report emphasizes the importance of the upcoming events in June, which are expected to catalyze the commercialization of AI technologies and boost the technology market [7][18]. Summary by Sections Industry Weekly Viewpoint - The computer index rose by 3.26% from June 3 to June 6, outperforming the ChiNext index by 0.94 percentage points, ranking 4th among 30 sectors [14]. - Key stocks that performed well include Huijin Co. (up 50.54%), Qingyun Technology-U (up 38.27%), and Zhongdian Xilong (up 32.72%) [7][14]. Market Performance Review - The report notes that the overall A-share market experienced a net outflow of 69.06 billion yuan, while the computer sector saw a minor net outflow of 15.6 million yuan during the same period [15]. Strategic Mergers and Acquisitions - The merger between Haiguang Information and Zhongke Shuguang is positioned as a significant event, potentially creating a "carrier-level" enterprise in the domestic computing power field, with a combined market value exceeding 400 billion yuan [18][19]. - The report outlines the supportive policies for mergers and acquisitions, including the "New National Nine Articles" and "Science and Technology Innovation Board Eight Articles," which encourage industry consolidation [9][24]. Investment Recommendations and Related Stocks - The report suggests focusing on key players in various segments, including: - Chips: Haiguang Information, Cambrian, Longxin Zhongke, and Jingjia Micro [26]. - Servers: China Great Wall, Zhongke Shuguang, Unisplendour, Inspur Information, and Digital China [26]. - Operating Systems: China Software, Chengmai Technology, and Kirin Software [26]. - Databases: Dameng Data, Haimass Data, and Tai Chi Software [26].