Core Viewpoint - Haiguang Information plans to conduct a stock swap merger with Zhongke Shuguang, marking the first merger under the new restructuring regulations. The merger aims to strengthen their core businesses and capitalize on opportunities in the information technology industry [1][2]. Company Overview - Haiguang Information is a significant player in computing chips, while Zhongke Shuguang is a leading server enterprise. Their main businesses are closely linked within the industry chain [1]. - Zhongke Shuguang is the largest shareholder of Haiguang Information, holding approximately 28% of its shares, indicating a pre-existing close relationship between the two companies [1]. Merger Details - The merger will involve Haiguang Information issuing A-shares to all A-share shareholders of Zhongke Shuguang, along with raising supporting funds. Trading for both companies' stocks has been suspended since May 26, with an expected suspension period of no more than 10 trading days [1]. - This merger is the first to occur following the revision of the "Management Measures for Major Asset Restructuring of Listed Companies" on May 16, which supports the integration of leading enterprises in the industry [1]. Market Impact - If the transaction is completed, Zhongke Shuguang will be delisted. Such mergers typically lead to stock price fluctuations, potentially creating arbitrage opportunities for funds holding related stocks [2]. - According to the first-quarter holdings data, two funds managed by Jiashi have significant positions in both Haiguang Information and Zhongke Shuguang, nearing the 10% limit for individual stocks [2]. Fund Performance - Jiashi's actively managed fund, established on November 29, 2022, has a scale of 279 million yuan and reported a one-year return of 38.55% as of May 23, 2025. The fund holds 426,621 shares of Zhongke Shuguang and 189,689 shares of Haiguang Information, representing a combined holding of 22.54% of its net asset value [3][4]. - Another fund, Jiashi Information Industry Fund, has a total scale of 1.155 billion yuan and reported a one-year return of 20.97%. As of May 23, 2025, it holds 797,565 shares of Haiguang Information and 1,645,292 shares of Zhongke Shuguang, totaling 19.21% of its net asset value [4][5]. Potential Gains - As of May 23, Haiguang Information's stock price was 136.13 yuan, with a market capitalization of 316.41 billion yuan, while Zhongke Shuguang's stock price was 61.9 yuan, with a market capitalization of 90.57 billion yuan. If both stocks rise by 20% post-resumption, the combined market value of the funds' holdings could increase significantly [6].

云服务行业专家蒋国文认为，如果两家企业能够合并成功，将构建"芯片＋整机＋算力服务"的全链条能 力。 蒋国文还表示："两家企业若整合资金、人才、创新（资源），有望突破高端芯片，打造国产芯片第一 品牌。" 每经记者｜赵李南 每经编辑｜文多 5月25日，中科曙光（SH603019，股价61.9元，市值905.72亿元）与海光信息（SH688041，股价136.13 元，市值3164.12亿元）发布公告称，中科曙光与海光信息正在筹划重大资产重组。 《每日经济新闻》记者注意到，海光信息拟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，同时发行A股股票募集配套资金。 上述两家公司自5月26日起开始停牌。 重组管理办法修订后的首起合并 5月16日，中国证监会正式对外公布实施修订后的《上市公司重大资产重组管理办法》（下简称重组管 理办法），修改内容包括新设重组简易审核程序、明确上市公司之间吸收合并的锁定期要求等。其中， 完善锁定期规则是为支持上市公司之间吸收合并。 5月25日，海光信息与中科曙光签署《吸收合并意向协议》，就本次重组计划作出若干原则性约定。 根据《吸收合并意向协议》，海光信息将通过向中科 ...

Core Viewpoint - The unexpected merger between Zhongke Shuguang and Haiguang Information aims to enhance resource allocation and synergy in the AI-related computing and chip sectors, aligning with national strategic directions [1][5]. Group 1: Merger Announcement - Haiguang Information announced plans to absorb Zhongke Shuguang through a share swap and issue A-shares to raise supporting funds [2][3]. - Both companies are closely related, with shared ownership and control by the Chinese Academy of Sciences [1][5]. Group 2: Industry Impact - The merger is expected to optimize the entire industry chain from chip design (Haiguang) to server hardware and cloud computing (Zhongke Shuguang), enhancing the competitiveness in high-performance computing and AI [5][6]. - The combined entity will likely increase profitability and improve R&D and market expansion capabilities, supporting China's strategy for domestic technology independence [5][6]. Group 3: Policy Context - This merger represents a significant restructuring within the Sci-Tech Innovation Board and Main Board, potentially setting a precedent for future mergers [6]. - The recent revision of the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission may lead to an increase in similar restructuring activities [6]. Group 4: Investment Recommendations - Investors are advised to focus on three main lines of domestic computing power: the Haiguang ecosystem, Huawei ecosystem, and independent technology sectors, as well as leading companies suitable for mergers and acquisitions [7].

Group 1: Event Overview - The 4th China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to May 25 in Ningbo, Zhejiang [1] - The event showcased products from 36 Henan enterprises, highlighting the vitality of "Henan manufacturing" [1] Group 2: Product Highlights - Sunflower Environmental Technology (Henan) Co., Ltd. presented fully biodegradable plant fiber food packaging, marking their first participation in such an expo and reporting significant gains [2] - Nanyang Blue Ocean Senyuan Pharmaceutical Technology Co., Ltd. introduced its mugwort essential oil, developed in collaboration with Henan University of Traditional Chinese Medicine, aiming to promote traditional Chinese culture internationally [2] - The exhibition featured various small yet impactful products, symbolizing Henan's transformation from an agricultural to an industrial province, blending tradition with modernity [2] Group 3: Company Innovations - A model of Yutong's autonomous electric bus attracted attention, with potential business collaboration discussed by international visitors [3] - Super Fusion Digital Technology Co., Ltd. showcased a server designed for image and algorithm training, with a global presence including 10 R&D centers and 6 supply centers [3] - Increasing numbers of Henan companies like Yutong and Super Fusion are expanding internationally, demonstrating resilience and intelligence in navigating complex global trade [3] Group 4: Economic Cooperation - The expo serves as a vital bridge for deepening economic cooperation between China and Central and Eastern European countries, presenting numerous opportunities for participants [4] - Henan's complete industrial system positions it as a key player in various supply chains, while Central and Eastern European countries have strong advantages in traditional industries and a high demand for green and digital transformation [4] - From 2022 to 2024, the cumulative import and export volume between Henan and Central and Eastern European countries is projected to reach 65.36 billion yuan [4]

Financial Data and Key Metrics Changes - Group revenue increased by over 21% year on year, reaching USD 69 billion, the second highest in the company's history [4][16] - Net income surged by 36% year on year on a non-Hong Kong FIS basis, amounting to USD 1.4 billion [16][18] - Operating cash flow remained robust at USD 1.1 billion, with a cash balance of USD 4.7 billion [21] Business Line Data and Key Metrics Changes - Intelligent Device Group (IDG) achieved a 13% year on year revenue growth, with an operating margin of 7.2% [22][23] - Infrastructure Solutions Group (ISG) revenue reached an all-time high of USD 15 billion, representing a hyper growth of 63% year on year [27] - Solutions and Services Group (SSG) reported record revenues of USD 8.5 billion, with a record operating profit of USD 1.8 billion, up 15% year on year [29] Market Data and Key Metrics Changes - All geographies experienced double-digit growth year on year, reflecting the company's global resilience [5][19] - The smartphone business grew by 27% year on year, with record revenues since the acquisition of Motorola Mobility [9][24] - Non-PC revenue mix reached 49% of total sales, up five percentage points year on year [32] Company Strategy and Development Direction - The company is focusing on personal AI and enterprise AI, aiming to capture opportunities in the AI era [4][18] - A unique ODM Plus model has been established to enhance operational efficiency and flexibility in manufacturing [6][19] - The company plans to continue developing AI-driven products and services, enhancing its hybrid AI advantage framework [30][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties from dynamic tariff policies and geopolitical challenges [5][60] - The company is well-positioned to capture growth opportunities in both personal and enterprise AI, with ongoing investments in R&D [18][36] - Future growth is expected to be driven by economic conditions, consumer confidence, and the introduction of innovative products [84] Other Important Information - The company announced a strategic partnership with PIF Allat, expanding its shareholder base and global presence [20] - The successful issuance of a USD 2 billion zero-coupon convertible bond marks a significant milestone for the company [20] Q&A Session Summary Question: How mature are AI PCs and AI smartphones this year? - The company is pleased with the progress in AI PCs and smartphones, expecting significant innovation in 2025 and beyond [41][44] Question: What are the commercial opportunities for Lenovo's AI agents? - The company believes that AI PCs will drive demand and create monetization opportunities as they scale [47][48] Question: Can you explain the financial charge from warrants? - The CFO clarified that the fair value adjustment to the warrants impacted operating expenses by approximately USD 118 million for the quarter [49][50] Question: How sustainable is ISG's profitability going forward? - The ISG segment is expected to maintain profitability due to its unique ODM Plus model and strong growth in enterprise AI solutions [76][77] Question: What strategies are in place for smartphone growth? - The smartphone business is focusing on premium models and expanding in regions like Asia and Europe to maintain momentum [81][82] Question: How is the company mitigating U.S. tariffs? - The company has a flexible manufacturing footprint that allows for quick adjustments to mitigate tariff impacts [56][60]

Core Viewpoint - Lenovo Group reported strong financial results for the fiscal year 2024/25, achieving a total revenue of 498.5 billion RMB, a year-on-year increase of 21.5%, marking the second-highest revenue in its history [1][2] Financial Performance - The overall revenue growth for the fourth quarter was 23%, with all main business segments achieving double-digit revenue growth [1][2] - Net profit, calculated under non-Hong Kong financial reporting standards, increased by 25% year-on-year [1] - The company’s revenue exceeded 20% growth year-on-year, with net profit growth surpassing 30% [2] Business Segments - The PC core business continued to grow, expanding its market leadership and maintaining industry-leading profitability [3] - Lenovo's smartphone business achieved record revenue since acquiring Motorola, with significant growth in the Asia-Pacific and Europe-Middle East-Africa regions [3] - The Intelligent Solutions Group (ISG) successfully turned around its performance, achieving record revenue and establishing a billion-dollar scale in its Cloud Service Provider (CSP) business [3][4] Strategic Initiatives - The Solutions and Services Group (SSG) reported double-digit revenue growth, with operating profit margins reaching 21% [4] - AI-driven solutions and services began contributing to revenue growth, positioning the company as a leader in enterprise AI solutions [4][5] - Lenovo has developed a global operational system that integrates end-to-end processes, enhancing its ability to respond quickly and flexibly to market changes [5] Future Outlook - The company remains confident in its ability to strengthen competitiveness amid changing geopolitical and tariff policies, driven by operational excellence and continuous innovation [1][5] - Lenovo introduced the concept of super intelligent agents at the Lenovo Tech World event, launching its first personal and enterprise super intelligent agents [5]

Market Overview - Chinese markets experienced a rebound, with the Hang Seng Index ending a three-day decline, driven by a surge in the pharmaceutical sector and a 16.4% increase in Ningde Times on its debut[3][11] - European stocks continued to rise, supported by easing tariff concerns and a reduction in geopolitical tensions, with the Stoxx 600 index up 0.73%[9] - U.S. stocks fell, with the S&P 500 halting a six-day winning streak, as economic concerns weighed on dollar assets[9] Interest Rates and Monetary Policy - The one-year Loan Prime Rate (LPR) in mainland China was lowered to 3.0%, and the five-year LPR to 3.5%, both down by 10 basis points from the previous month[5] - Major Chinese banks collectively reduced deposit rates, with savings rates cut by 5 basis points and term deposit rates by 15-25 basis points, indicating a clear signal of stabilizing interest margins[5] - The recent interest rate cuts are expected to maintain stable loan demand, with social financing growth potentially rising due to government bonds[5] Commodity and Currency Movements - WTI crude oil futures surged by 3.5% amid uncertainties surrounding U.S.-Iran negotiations and potential Israeli military actions against Iran's nuclear facilities[4][26] - The Japanese yen appreciated against the dollar, reflecting market reactions to geopolitical developments[4] - Gold prices rose by 1.6%, reaching $3,284.6 per ounce, as traders covered short positions[26] Stock Performance - In the U.S., the Dow Jones fell by 114 points (0.27%) to 42,677, while the S&P 500 dropped 0.39% to 5,940[9] - The Hang Seng Index and the National Enterprises Index both increased by approximately 1.5%[11] - Notable stock movements included a 32% rise in Sanofi Pharmaceuticals following a licensing agreement with Pfizer, marking a record for Chinese innovative drug licensing[15] Bond Market Insights - U.S. Treasury yields showed mixed results, with the yield curve steepening significantly, while long-term bonds in Japan, Canada, and Europe faced selling pressure[4][29] - Asian bond markets showed improved sentiment, with spreads narrowing by 1-3 basis points[4][29] - The upcoming auction of 30-year U.S. Treasuries is anticipated to attract attention amid ongoing market uncertainties[4][29]

证券研究报告 2025年05月20日 计算机 计算机行业动态报告： 下游资本开支持续高增， "AI芯片+算力租赁"增速领先 ——AI算力月度跟踪（202505） 评级：推荐(维持) 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn 最近一年走势 相关报告 -26% -10% 7% 24% 41% 58% 2024/05/20 2024/08/20 2024/11/20 2025/02/20 计算机 沪深300 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机 | 4.3% | -13.4% | 28.8% | | 沪深300 | 2.8% | -1.6% | 5.4% | 请务必阅读报告附注中的风险提示和免责声明 2 《行业拐点或已显现，迎接AI时代晨曦——计算机2024年报和2025一季报总 结（推荐）*计算机*刘熹》——2025-05-12 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 荐）*计算机*刘熹》——2025-04-21 《计算机"人工智能"系列专题： ...

国家统计局5月19日发布的数据显示，在外部冲击影响加大、内部困难挑战叠加的复杂局面下，伴随更 加积极有为的宏观政策落地见效，我国经济顶住压力稳定增长，主要宏观经济指标运行在合理区间，充 分展现了我国经济强大韧性和抗冲击能力。具体来看，4月份，全国规模以上工业增加值同比增长 6.1%；装备制造业增加值同比增长9.8%，高技术制造业增加值增长10.0%；社会消费品零售总额同比增 长5.1%。1至4月份，基础设施投资同比增长5.8%，制造业投资增长8.8%；全国城镇调查失业率平均值 为5.2%，与上年同期持平。 为什么中国经济在外部冲击下依然能保持平稳增长？国家统计局新闻发言人、国民经济综合统计司司长 付凌晖在5月19日国新办举行的新闻发布会上表示，这既得益于我国经济基础稳、优势多、韧性强、潜 能大，也得益于宏观政策协同发力、各方面积极应变，更是坚定不移推动高质量发展、加快构建新发展 格局的结果。 广开首席产业研究院资深研究员马泓表示，5月份，中美短期贸易关税冲突负面影响减弱，外需不确定 性风险暂缓，出口下行压力可能优于此前市场预期。随着一揽子稳经济和化债计划逐步落地见效，消费 及基建投资有望继续保持良好增长态势。 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference focused on the AI server industry chain, highlighting key players such as NVIDIA and Qualcomm, along with the Taiwanese server supply chain's strengths and weaknesses [1][2]. Core Insights and Arguments - **NVIDIA's Focus on AI Servers**: NVIDIA's announcements at COMPUTEX emphasized the AI server industry, including AI factories, agentic AI, robotics, and enterprise AI transformation. The introduction of NVLink Fusion aims to strengthen interconnectivity advantages [1][2]. - **Qualcomm's Entry into Server CPU Market**: Qualcomm announced its entry into the server CPU market, aiming to disrupt the X86 ecosystem and establish a closed ARM ecosystem. The Snapdragon E-LITECOM product line was showcased for enterprise applications [1][5]. - **Taiwan's Server Supply Chain**: Taiwan's server supply chain is robust, featuring major companies like TSMC and Foxconn. However, innovation in AI applications is lagging compared to global standards [1][6][7]. - **AI Token as a Future Tool**: AI Tokens are viewed as crucial for the future, with data centers expected to produce these tokens, marking the realization of AI applications [3][14][15]. - **Market Trends**: The Middle East market is anticipated to see increased shipments, potentially replacing Singapore, which could impact NVIDIA and AMD [3][17]. Financial Performance and Forecasts - **NVIDIA's Q2 Financial Guidance**: NVIDIA's Q2 revenue guidance is projected between $4.5 billion and $4.7 billion, factoring in a $550 million HRC usage compensation. The first quarter is expected to perform well due to the flexibility of RTX replacing RWS and increased shipments to the Middle East [3][11][19]. - **Supply Chain Challenges**: NVIDIA's supply chain is facing challenges, particularly with the GB200 NFL72 product, which has a complex assembly process involving over 200 components and multiple suppliers [12][18]. Additional Important Insights - **Product Releases**: NVIDIA's key product releases include NVLink Fusion, which allows third-party integration, and RTX Pro Server, which can replace some H20 Server functionalities, especially in the Chinese inference service market [4][10]. - **Taiwan's Technological Position**: Taiwan is home to five globally significant tech companies, but it still needs to enhance its AI application innovation compared to competitors [6][7]. - **Future Product Launches**: The GBE300 MV72 is expected to be a significant product in the second half of the year, with major hardware showcases from ASUS, Acer, and MSI in the AI PC sector [9].