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]

Group 1 - The A-share market showed mixed performance on April 10, with the CSI A500 index slightly up by 0.05%, driven by strong performances from leading computing companies such as Zhongke Shuguang and Haiguang Information, which saw a limit-up and over 5% increase respectively [1] - The A500 index ETF (159351) experienced a minor decline of 0.1%, but its trading volume quickly surpassed 500 million yuan, leading among similar products [1] - Recent data indicated that the A500 index ETF received a net inflow of over 29 million yuan yesterday, with 7 out of the last 10 trading days showing net inflows, totaling nearly 250 million yuan [1] Group 2 - Huafu Securities noted that the TMT sector's transaction volume has returned to a reasonable range, suggesting a potential rebound in growth styles that could shift the market from a defensive to an offensive stance [2] - The market is expected to continue showing rotation in hotspots until transaction volume effectively expands, with a focus on AI as a key theme [2]

Group 1 - The core point of the news is that the computing power concept stocks are leading the market, with Haiguang Information planning a 116 billion yuan stock swap to absorb and merge with Zhongke Shuguang, resulting in significant stock price increases for both companies [1] - The A-share market opened with mixed results, with the Shanghai Composite Index up by 0.07% and the Shenzhen Component Index down by 0.02% [1][2] - Haiguang Information's stock surged over 8%, while Zhongke Shuguang and Zhuguang Shucai reached their daily limit up [1] Group 2 - The Hang Seng Index opened up by 0.21%, with notable gains in technology stocks, particularly Kuaishou, which rose nearly 3% [3] - The People's Bank of China conducted a 198.6 billion yuan reverse repurchase operation with a rate of 1.40% [4] - The central bank adjusted the RMB to USD midpoint rate up by 15 basis points to 7.1840 [5]

国内算力产业最大合并案落下关键一锤。 6月9日晚间，海光信息（688041.SH）和中科曙光（603019.SH）双双公告披露换股吸收合并预案。海光信息拟以0.5525:1的换股比例吸收合并中 科曙光，并向特定投资者发行股份募集配套资金。两家公司股票将于6月10日开市起复牌。 交易的具体实现方式为海光信息换股吸收合并中科曙光。海光信息为吸收合并方，中科曙光为被吸收合并方，即海光信息向中科曙光的全体换股 股东发行A股股票，交换该等股东所持有的中科曙光股票。合并完成后，海光信息将承继及承接中科曙光的全部资产、负债、业务、人员及其他 一切权利与义务，海光信息因本次换股吸收合并所发行的A股股票将申请在上交所科创板上市流通，中科曙光将终止上市。 合并方案显示：海光信息的换股吸收合并的定价基准日前120个交易日的股票交易均价为143.46元/股，即海光信息的换股价格为143.46 元/股。中 科曙光的换股吸收合并的定价基准日前120个交易日的股票交易均价为72.05元/股，上浮10.00%的价格为79.26元/股，即中科曙光的换股价格为 79.26元/股。 有投资机构人士认为，总体来看，两家公司换股比例在预期之内，符合预 ...

【头条要闻】 中美经贸磋商机制首次会议开启，引外界高度关注 当地时间6月9日下午，中共中央政治局委员、国务院副总理何立峰与美方在英国伦敦开始举行中美经贸 磋商机制首次会议。路透社、天空新闻频道等英国媒体指出，中美新一轮会谈引起各界高度关注，双方 开展面对面对话将有助于加强两国经贸关系，深化相互理解信任。就在同一天，中国外贸再次展现较强 韧性和调整能力。海关总署发布的数据显示，今年前5个月，我国货物贸易进出口总值17.94万亿元，同 比增长2.5%，增速较前4个月加快0.1个百分点。其中，出口增速达到7.2%。美国《华尔街日报》称，这 是自上个月中美日内瓦经贸会谈以来，中方首次发布官方贸易数据。9日接受《环球时报》采访的专家 表示，前5个月我国贸易整体平稳，说明美国对华贸易打压影响有限，也说明中国外贸多元化发展正在 见效。 李强主持国务院第十四次专题学习 新华社北京6月9日电 6月9日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发 展"为主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总书 记重要指示精神和党中央有关决策部署，通过多方面协同发力，着力破解科技成 ...

Core Viewpoint - Jiangsu Maxinlin Aviation Technology Co., Ltd. has signed important operational contracts with its subsidiaries, which are expected to positively impact the company's performance in 2025 and beyond [2][25]. Group 1: Contract Details - The total amount of the contracts signed is RMB 11.84 billion [4][6]. - The contracts have a service period of five years, starting from the first delivery of computing power services [2][10]. - The contracts involve the provision of high-performance server clusters for simulation model inference based on openCL [5][15]. Group 2: Financial Impact - The revenue from these contracts will be recognized using the total amount method, with monthly revenue recognition over the five-year service period [2][25]. - The successful execution of these contracts is anticipated to have a positive impact on the company's performance in 2025 [2][25]. Group 3: Counterparty Information - The contracts are signed with Beijing Urban Construction Intelligent Control Technology Co., Ltd. and Beijing Jingyi Atmospheric Environmental Technology Co., Ltd. [4][15]. - There are no related party transactions between the company and the counterparties [9][17]. Group 4: Payment Terms and Conditions - Payments for the contracts will be made in advance every six months [11][22]. - The contracts include clauses for force majeure and breach of contract, detailing the responsibilities of each party in such events [11][22][24].

【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 ...

Core Viewpoint - The merger plan between Haiguang Information and Zhongke Shuguang has been finalized, with Haiguang proposing a share exchange ratio of 0.5525:1, leading to Zhongke Shuguang's delisting and the new shares being listed on the Sci-Tech Innovation Board [2][3][4] Group 1: Merger Details - Haiguang Information will absorb Zhongke Shuguang through a share exchange, with a total transaction value of 1159.67 billion yuan [3][5] - The share exchange ratio is based on the average stock price over the previous 120 trading days, with Zhongke Shuguang's price adjusted upwards by 10% [3][5] - Following the merger, Haiguang Information will inherit all assets, liabilities, and rights of Zhongke Shuguang [3][4] Group 2: Industry Context - This merger is the first major case under the revised "Management Measures for Major Asset Restructuring of Listed Companies," benefiting from favorable policies [4] - The integration aligns with national technology strategies, emphasizing vertical integration in the computing power industry [4][5] - The merger is expected to enhance collaboration in technology and business development, potentially increasing the market value of the new entity [5][6] Group 3: Future Outlook - The merger is anticipated to create synergies in technology iteration, channel strengthening, and business expansion, positioning the new company for significant growth [6] - The integration aims to establish a comprehensive ecosystem from high-end chip design to high-end computing systems [5][6]

在万众期待中，两大算力巨头合并迎来最新进展。 6月9日晚间，海光信息和中科曙光集体公告，两家公司将于6月10日开市起复牌，且经合并双方协商最终确 定，海光信息的换股价格为143.46元/股，中科曙光的换股价格为79.26元/股，每1股中科曙光股票可以换得 0.5525股海光信息股票。 多家机构认为，战略重组后的海光信息和中科曙光有望实现算力产业链的互补和技术协同，打造"国产芯片 +服务器整机"一体化解决方案能力，国产算力全技术栈"航母"可期。 由于海光信息与中科曙光此前停牌，不少资金借道信创ETF来提前投资两家企业，引起多只信创ETF在近期规 模猛增，部分产品的基金份额增长了超10倍。 明起复牌，换股价格出炉 国盛证券认为，海光信息专注于高端CPU/DCU芯片设计、产品性能及市占率国内领先，中科曙光在服务器、 存储及云计算等领域稳居国内前列，重整后将打造国产算力的全技术栈"航母"。 民生证券认为，中科曙光与海光信息进行整合，将优化从芯片到软件、系统的产业布局，汇聚信息产业链上下 游优质资源，全面发挥龙头企业引领带动作用，实现产业链"强链补链延链"。 资金哄抢信创ETF套利 6月9日晚间，海光信息公告称，公司与 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang represents a significant step in the domestic computing power industry, with a share exchange ratio of 0.5525:1, which is considered reasonable by market expectations [1][2] Group 1: Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a share exchange and will issue shares to specific investors to raise supporting funds [1] - The merger is expected to enhance operational performance due to the high compatibility of both companies within the computing power industry chain [1][2] Group 2: Strategic Implications - The merger is seen as a high-level capital operation aimed at resource integration, focusing on strategic synergy through equity ties [1] - Successful integration will depend on not only a reasonable share exchange ratio but also effective resource consolidation to drive business development [1] Group 3: Future Outlook - Post-merger, Haiguang Information will maintain its core business in chips while leveraging Zhongke Shuguang's technological innovation capabilities to enhance system design and development [2] - The integration is expected to lead to breakthroughs in technology iteration, channel expansion, and business development, potentially increasing the new company's market value [2]