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]

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 ...

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]

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 ...

【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]

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]

6月4日，《证券日报》记者从宁夏回族自治区政府新闻办举办的新闻发布会上获悉，作为目前全国唯一 的国家新型互联网交换中心和全国一体化算力网络枢纽"双节点"省区，宁夏立足当地资源禀赋，大力推 进数字经济高质量发展取得较好成效。目前，宁夏算力质效全国领先，正加力建设"中国绿色算力之 都"，坚定不移打造数字经济"第一增长极"。 数据显示，宁夏已累计建设智能工厂、数字化车间186个，培育106个企业级、13个行业级工业互联网平 台，2600家中小企业"上云用数赋智"，宁夏强化数智赋能企业数字化转型实现"新突破"。 同时，宁夏统筹推进教育、医疗健康、城乡供水等由"互联网+"向"人工智能+"转型。目前，全区已建成 智慧教室、智能实验室、智慧梦工坊1200多家，宁夏基础教育、职业教育信息化发展排名分别跃居全国 第5位、第3位。宁夏基层医疗机构人工智能辅助诊疗已实现全覆盖。 北方民族大学经济学院教授张晓凤在接受《证券日报》记者采访时表示，宁夏因地制宜发展数字经济新 质生产力，促进数字技术和实体经济深度融合，在有助于当地经济高质量发展的同时，也有助于提高当 地人民群众的生活品质和获得感，意义重大。 上述相关负责人表示，当前，数字 ...