Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to enhance the efficiency and service level of public computing resources, supporting the high-quality development of the digital economy in China [1][3]. Group 1: Definition and Background - Computing power interconnection refers to the standardization and interconnection of public computing resources from different entities and architectures, enabling efficient matching and flow of data and applications [2]. - The plan is driven by the rapid development of artificial intelligence and the increasing demand for computing resources, with a focus on creating a unified national computing power system and optimizing resource distribution [3]. Group 2: Goals and Objectives - By 2026, the plan aims to establish a comprehensive system of standards, identifiers, and rules for computing power interconnection, including the promotion of new high-performance transmission protocols and the creation of national and regional interconnection platforms [4]. - By 2028, the goal is to achieve standardized interconnection of public computing resources across the country, enabling intelligent perception and real-time access to computing power [4]. Group 3: Key Tasks - The plan outlines 16 key tasks across six areas, including enhancing the foundation of computing power interconnection, optimizing facility interconnection, promoting resource sharing, innovating business interconnection, developing application scenarios, and ensuring network and data security [6]. Group 4: Actions to be Taken - Five major actions will be implemented, including foundational actions for computing power interconnection, accelerating facility interconnection, building interconnection platform systems, innovating business interconnection, and leading actions for computing power interconnection [8]. Group 5: Application Scenarios - The plan will enable computing power interconnection in various application scenarios, including resource services, task scheduling, market transactions, and new business models in sectors like artificial intelligence, scientific computing, and smart manufacturing [9]. Group 6: Implementation Assurance - To ensure the effective implementation of the plan, three measures will be taken: strengthening task execution, enhancing resource investment, and fostering enterprise development to create a supportive ecosystem for computing power services [10].

Core Insights - The computing power, as a core productivity driver, is leading a new wave of technological revolution and industrial transformation in the digital economy [1] - The emerging field of intelligent computing (智算) plays a crucial role in AI model training and inference, but faces structural imbalances in talent supply and demand due to rapid technological iterations and increasing international restrictions [1] - There is an urgent need to build a talent ecosystem for intelligent computing to support high-quality development and establish a solid talent foundation for the digital economy era [1] Talent Ecosystem Development - The industry requires a comprehensive talent ecosystem covering strategic decision-making, technical breakthroughs, scenario implementation, and capital operations [2] - Market research and analysis talent is essential for strategic decision-making, as significant investments in intelligent computing centers must be informed by accurate industry trend predictions to avoid rapid depreciation of assets [2] - Intelligent computing center design talent is needed to address the high power consumption of GPU servers and ensure flexibility in resource allocation while meeting carbon neutrality goals [2] Operational and Development Talent - IT networking and operations talent must adapt to the complexities of intelligent computing center operations, requiring skills in hardware debugging and algorithm optimization [2] - Scene development talent is necessary to explore and expand application scenarios beyond major internet companies, transforming abstract computing power into industry-specific solutions [3] - Financing and asset capitalization talent is crucial for managing the heavy asset nature and long return cycles of the intelligent computing industry, bridging the gap between demand and financial tools [3]

Group 1 - The core viewpoint of the news is the strategic merger between Haiguang Information and Zhongke Shuguang, which is seen as a significant event in the domestic computing power industry, optimizing resource allocation and fostering innovation [1][4] - The merger involves a share exchange ratio of 0.5525:1, with Haiguang Information as the absorbing party and Zhongke Shuguang as the absorbed party, aiming to enhance collaboration between high-end chips and systems [2][5] - Following the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, and rights from Zhongke Shuguang, with new shares to be listed on the Sci-Tech Innovation Board [3] Group 2 - The merger is expected to create synergies by combining Haiguang Information's expertise in high-end processor design with Zhongke Shuguang's capabilities in high-end computing and digital infrastructure [4][5] - This strategic move aligns with the trend of promoting domestic self-sufficiency and is seen as a natural response to the demands of technological competition, enhancing the competitiveness of the domestic computing power industry [5] - The merger is the first major absorption merger transaction following the revision of the "Major Asset Restructuring Management Measures" on May 16, indicating a positive trend in the capital market for mergers and acquisitions [6]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is positioned as a "strong union" in China's computing power industry, aiming to create a comprehensive ecosystem from chips to complete machines [1][8]. Summary by Sections Merger Details - The merger involves Haiguang Information issuing A-shares to all shareholders of Zhongke Shuguang, which will lead to the latter's delisting [2]. - Haiguang Information will inherit all assets, liabilities, and rights of Zhongke Shuguang post-merger, with plans for fundraising to cover transaction costs and enhance liquidity [2]. Share Exchange and Pricing - The share exchange ratio is set at 1:0.5525, with Haiguang Information issuing a total of 808 million shares, while Zhongke Shuguang has a total share capital of 1.463 billion shares [3]. - The exchange price for Haiguang Information is 143.46 CNY per share, while Zhongke Shuguang's price is based on a 10% premium over the average trading price of 79.26 CNY per share over the previous 120 trading days [3][4]. Investor Concerns and Valuation - Investors raised concerns about the fairness of the exchange price and whether Zhongke Shuguang's value was underestimated [4]. - The pricing mechanism is based on a market-oriented approach, considering long-term value rather than short-term fluctuations, with a valuation report to be provided by a third-party agency [4]. Shareholder Protection Mechanisms - The merger includes provisions for dissenting shareholders, offering them the option to sell their shares at a predetermined price [5]. - The buyout price for dissenting shareholders of Haiguang Information is set at 136.13 CNY per share, while Zhongke Shuguang's dissenting shareholders have a cash option at 61.9 CNY per share [5]. Strategic Implications - The merger aims to consolidate the computing power industry, which is currently fragmented, and enhance competitive strength through a complete ecosystem from chips to applications [7][8]. - The combined entity is expected to leverage its strengths in R&D, supply chain, and market sales to improve product offerings and customer satisfaction, thereby increasing brand influence [8].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang, valued at 116 billion yuan, has led to significant stock price increases for both companies, while related ETFs have experienced declines, raising concerns about potential arbitrage activities in the market [1][2][4]. Group 1: Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a share swap valued at 116 billion yuan, marking a significant consolidation in the domestic computing power industry [1]. - Both companies are seen as key players in the domestic computing power supply chain, with complementary roles that could reshape the competitive landscape [9][10]. Group 2: Market Reactions - On June 10, Zhongke Shuguang's stock surged by 10% with a trading volume of 458 million yuan, while Haiguang Information rose by 4.3% with a trading volume of 8.73 billion yuan [1]. - In contrast, several related ETFs, including the Xinchuan 50 ETF, experienced notable declines, with the Xinchuan 50 ETF dropping by 3.76% [2][3]. Group 3: ETF Dynamics - The significant drop in ETF prices is attributed to arbitrage activities, where funds that anticipated the rise in individual stocks sold off ETF shares to lock in profits after the stocks' price increases [4][10]. - During the suspension period before the merger announcement, the assets under management of related ETFs surged, with some increasing nearly sevenfold, which diluted the impact of the individual stocks' price increases on the ETF's net asset value [4][8]. Group 4: Investment Considerations - Analysts suggest that investors should carefully evaluate the merger's potential to enhance the companies' core competitiveness and future profitability, rather than blindly following market trends [10]. - It is important for investors to understand the mechanisms in place to prevent arbitrage and the implications of the merger on both individual stocks and ETFs [9][10].

Core Viewpoint - The largest-scale restructuring in the domestic computing power industry has made significant progress with the merger of Haiguang Information and Zhongke Shuguang, which will be conducted through a share exchange ratio of 1:0.5525 [1] Group 1: Company Merger Details - Haiguang Information will issue A-shares to all shareholders of Zhongke Shuguang to absorb the latter, with Zhongke Shuguang's market value at approximately 90.5 billion yuan and its corresponding value in Haiguang Information shares at about 88.5 billion yuan [1] - The transaction values Zhongke Shuguang at approximately 27.4 billion yuan, with its net assets projected to be 20.4 billion yuan in 2024 [1] Group 2: Industry Implications - The restructuring is expected to optimize the industrial layout from chips to software and systems, gathering quality resources from both upstream and downstream of the information industry chain [2] - The merger aligns with regulatory requirements and is supported by favorable policies, which will enhance the complementary advantages in technology reserves and product development between the two companies [2] - The restructuring case is seen as a model for capital markets serving the real economy, promoting the ability of capital markets to support high-quality development [2]

Investment Rating - The report maintains an "Increase" rating for the industry [7] Core Viewpoints - The strategic merger between Haiguang Information and Zhongke Shuguang marks a significant moment for the domestic computing power ecosystem, leading to a revaluation of domestic computing power [2] - The merger will allow Haiguang Information to inherit all assets, liabilities, and rights from Zhongke Shuguang, enhancing the competitive capabilities of the combined entity in the computing power industry [2][3] - The integration of Haiguang's chip technology with Zhongke Shuguang's infrastructure capabilities is expected to create synergies that will strengthen the overall computing power ecosystem in China [3] Summary by Sections Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a share swap, issuing 8.08 billion shares at a swap ratio of 1:0.5525, with a swap price of 143.46 CNY per share for Haiguang and 79.26 CNY for Zhongke [2] - The swap prices represent a premium of 5.4% and 28.0% over the last closing prices of Haiguang and Zhongke, respectively [2] Financial Performance - In Q1 2025, Haiguang's contract liabilities surged to 32.37 billion CNY, a 258.47% increase from the previous year, indicating strong demand in the domestic computing power sector [4] - The inventory level reached 57.94 billion CNY, reflecting the company's confidence in future growth [4] Industry Outlook - The report suggests focusing on the computing power ecosystem, particularly in the server sector, highlighting companies such as Zhongke Shuguang, Haiguang Information, and others as key players [4]

Core Viewpoint - The A-share TMT technology sector experienced a pullback, with the CSI All Share Information Technology Index down by 0.74% as of 10:28 AM on June 10, 2025, despite some stocks like Zhongke Shuguang and Haiguang Information showing significant gains [1] Group 1: Market Performance - Zhongke Shuguang reached a 10.00% limit up, while Haiguang Information and Anke Innovation rose by 5.49% and 3.94%, respectively [1] - Leading decliners included Shiji Information down by 6.12%, Shenxinfeng down by 5.06%, and Yongyou Network down by 4.56% [1] - The Information Technology ETF (562560) attracted significant capital, with a net inflow of 21.05 million yuan over four of the last five trading days, reaching a six-month high in scale [1] Group 2: Corporate Developments - Zhongke Shuguang announced a merger plan with Haiguang Information, where Haiguang will issue A-shares to acquire Zhongke Shuguang, with a transaction value of 115.967 billion yuan [1] - The exchange ratio for the merger is set at 143.46 yuan per share for Haiguang and 79.26 yuan per share for Zhongke Shuguang [1] Group 3: Industry Trends - The transaction aligns with the global trend of collaborative development in the computing power industry, focusing on hardware, software, and ecosystem integration [2] - Haiguang Information's CPU and DCU products are now mainstream in China's information technology sector, while Zhongke Shuguang holds a strong position in high-end computing and data center infrastructure [2] - The merger aims to enhance supply chain resilience and create a comprehensive product supply system to promote healthy development in China's digital industry [2]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang marks a significant consolidation in the domestic computing power industry, with Haiguang Information acquiring Zhongke Shuguang through a share swap at a ratio of 0.5525:1, aiming to enhance technological capabilities and market competitiveness [1][2]. Company Summary - Haiguang Information's total market value before suspension was 316.4 billion yuan, while Zhongke Shuguang's was 90.6 billion yuan. The transaction amount for the asset acquisition is estimated at 115.967 billion yuan, calculated based on Zhongke Shuguang's share price and total shares [2]. - After the merger, Haiguang Information will inherit all assets, liabilities, and business operations of Zhongke Shuguang, while Zhongke Shuguang will cease to be listed [1][6]. - The merger is expected to create synergies between Haiguang Information's chip technology and Zhongke Shuguang's system integration and data center infrastructure capabilities, enhancing the overall competitiveness in the computing power sector [5][6]. Industry Summary - This merger is the first case following the revision of the "Major Asset Restructuring Management Measures for Listed Companies," indicating a smooth progress in the restructuring process, particularly under the national technology strategy [2]. - The integration of both companies is anticipated to strengthen the resilience of the industry chain and improve the overall ecosystem of the computing power industry, aligning with the macro layout of strengthening the technology supply chain [5][6]. - Industry experts believe that the high compatibility of both companies in the computing power industry chain will likely lead to positive performance post-merger, benefiting current shareholders and future market expectations [5].

【最新利好】 近期相关指出，算力产业围绕英伟达链和ASIC链的投资机会维持高景气，看好国内PCB/CCL行业龙头有望受益于高端产能供需紧张下的产业机会，业绩增 长仍具较强持续性和较高确定性。AI 算力市场的需求仍在快速增长，将进一步推动全球 AI 基础设施的建设和发展。 【逻辑依据】 随着 AI 技术发展，如大语言模型、端侧 AI、物理 AI（具身智能）等兴起，算力需求呈指数级增长。全球主要云厂商大规模建设智算数据中心，国内主要 互联网企业也有较大资本支出计划。算力技术不断进步，包括芯片技术（如 GPU、TPU、ASIC 等高性能芯片发展）、云计算、边缘计算等领域持续创新算 力是 AI 发展的基石，其重要性已形成市场共识，产业趋势呈高景气，相关产业链公司基本面强劲。未来 10 年，在 AI 驱动和行业应用普及共同作用下，算 力需求增速可能维持年复合增长率 20% 以上，产业发展空间巨大。 以下就是整理出来的好股 公司为中经云重要股东,其主营业务:技术推广;计算机系统服务;数据处理;第一类增值电信业务中的互联网数据中心业务、内容分发网络业务、国内互联网虚 拟专用网业务、互联网接入服务业务。 2、青云科技 依托混 ...