" 到底是做服务器产品，还是像华为一样做开放生态？ " 作者丨包永刚 编辑丨王亚峰 5月25日晚间，海光信息将合并曙光信息的公告引发大量关注，一个关键的原因是"子公司反向收购母公 司"。 两家公司确实关系密切，中科海光和中科曙光，都源于中国科学院计算技术研究所。中科海光是在中科曙 光的孵化和支持下，于2014年成立时中科曙光就是中科海光的最大股东，对海光的发展至关重要。 除了两家公司之间的关系，两家公司在产业链上所处的位置也让这笔收购交易值得关注。 海光能够吸并曙光，跟其发展势头应该有很大的关系。2024年，海光的营收增长了52.04%，相比之下曙 光虽然营收高于海光，但其去年营收同比下降了8.4%。 至于双方整合的目标，最容易看到的就是双方的优势互补。海光主要销售高端CPU和AI加速器DCU，曙光 销售包括服务器在内的各种算力基础设施。 从业者浩然表示，海光专注于计算芯片，曙光在网络与存储方面具备优势，两者整合有助于增强整体竞争 力。 IO资本董事余凯尔表示，"这个并购案例有两个特点：1、子公司发行股份整体吸收合并母公司；2、半导 体公司收购下游整机公司。" "对半导体并购的重要启示是，以前的半导体并购是半 ...

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].

半导体高质量发展创新成果征集 申请入围"中国IC独角兽" 从 技术孤岛 到 算力共同体 阵营分化： 龙芯（MIPS架构）、鲲鹏（ARM架构）、海光（x86架构）三大技术路线的竞争，因海光- 曙光联盟的全栈能力形成代差优势。当海光率先构建起x86生态的国产化闭环——从芯片设计、硬件制 造到系统软件适配的完整链条，迫使鲲鹏体系不得不加速与长江存储、中芯国际的深度绑定，龙芯则需 在RISC-V架构上寻找差异化突破口。 昨日晚间，海光信息与中科曙光同步公告的换股吸收合并计划： 海光信息吸收合并中科曙光！ 以200亿 市值的资本震动，掀开了中国半导体产业垂直整合的新篇章。 国际竞争： 在AI算力核心战场，2024年英伟达A100芯片支撑全球70%的大模型训练，而海光DCU芯片 实测FP64算力已达1.2PFlops（H100的70%），叠加曙光液冷服务器PUE低至1.15的能效优势，整合后的 海光-曙光AI算力栈正构建中国版CUDA生态。这不仅有望在国内市场打破英伟达的垄断，更可能通过 一带一路算力基建输出，在全球边缘计算、智慧城市等领域开辟新战场。 当掌握x86授权、2024年CPU出货量突破150万片的海光信息，与 ...

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 ...

中科院放大招！ 中科曙光也发布了内容相似的公告。 今晚，两只科技大白马突然传来吸收合并的消息，让人始料不及。中科曙光公告，海光信息技术股份有限公司 筹划通过换股方式吸收合并中科曙光，并发行A股股票募集配套资金。海光信息亦发布了类似的公告。两只股 票皆停牌不超过10个交易日。 这两家公司都与人工智能方向的算力和芯片密切相关，且其有股东层面的从属关系（曙光控股海光），而背后 的实际控制人都是中国科学院计算技术研究所。两家公司合并或可优化资源配置，增强海光信息在芯片设计和 中科曙光在服务器、云计算领域的协同效应，符合国家战略方向。 值得注意的是，过去一年发生的吸收合并不在少数。国泰君安与海通证券、中国船舶与中国重工、湘财证券与 大智慧等。而随着新修订的《上市公司重大资产重组管理办法》的发布，《国有企业改革深化提升行动方案 （2023—2025年）》最后一年的到来，类似的重磅并购还可能再度发生。 突发重大合并 周日晚间，A股市场迎来了一件让人意外的事件：中科曙光与海光信息合并。 海光信息发布公告称，为抢抓信息技术产业发展新机遇，做大做强主业，海光信息技术股份有限公司（以下简 称"公司"或"海光信息"）与曙光信息产业股 ...

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]

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广电运通集团股份有限公司 投资者关系活动记录表 编号：2025009 | 投资者关系活 | ☑特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 动类别 | □业绩说明会 □新闻发布会 □路演活动 | | 5 | ☑现场参观 □其他 月 21 日 | | | 前海畅誉基金 谢国飞、胡晓华 广州灏达投资 资香莲 金鹰基金 邱文辉 深圳嘉亿资管 陈超君 山岳基金 许煜彦 | | | 中天汇富基金 何佑胜 致道投资 林志诚、黄安祺 广州或恪投资 吴永柱 | | | 复朴投资 杨创侨 恒顺资产 张华雄 冠丰投资 杨欢 | | | 科珹资本 刘春霞 华兴银行 苟旭 壹心控股集团 李冠英 | | 活动参与人员 | 珠海金丰创晟投资 李晓荣 中国基业投资基金 戴宗健 | | | 恒生银行中国有限公司 陈运璇 聿禹科技创新投资 叶茵瑜 | | | 以上共 20 人次（排名不分先后） | | | 上市公司接待人员： | | | 副总经理、董事会秘书 谢华 证券事务代表 王英 | | | 高级投资者关系经理 胡瑞娟、王格 | | 时间 | 2025 年 5 月 21 日 | | 地点 | 广州市高新技术产 ...

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]

环球市场动态 降 息 传 导 至 存 贷 款 稳 息 差 信 号 明 确 股 票 中国市场周二震荡走高，港股结束 三连涨，医药板块爆发，"新消费"遭 到热炒，宁德时代 (3750 HK)上市 首日大涨超 16%；欧股周二继续走 高，关税担忧缓解与地缘紧张局势 缓和助推市场信心；美股下跌，标 指止步六连涨，对美国经济的忧虑 令美元资产整体承压。 外 汇 / 商 品 美伊谈判前景不明，加上有消息指 以色列正在为袭击伊朗核设施做准 备，WTI 原油期货周三亚洲早盘一 度大涨 3.5%，日元兑美元应声走 高。 固 定 收 益 美国国债周二收盘涨跌互现，收益 率曲线显著趋陡。日本、加拿大、 欧洲等国的长端国债遭遇抛售，叠 加财政不确定性持续扰动市场。周 三将有 30 年期美债标售。亚洲债 券市场情绪回暖，利差收窄 1-3 个 基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 5 月 21 日 中 ▪ 5 月 20 日內地贷款市场报价利率 (LPR) 为：1 年期 LPR 为 3.0%，5 年期以上 LPR 为 3.5%，分别较前月下 调 ...