Market Performance - On June 16, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.35% to 3388.73 points, the Shenzhen Component Index rising by 0.41% to 10163.55 points, and the ChiNext Index up by 0.66% to 2057.32 points [1] Fund Manager Changes - In the past 30 days (May 17 to June 16), 449 fund managers have left their positions, with 14 announcements made on June 16 alone. Reasons for departure include job changes, personal reasons, and product expiration [3] - Notable fund manager, Lei Jun from Great Wall Fund, manages assets totaling 3.632 billion yuan, with the highest return product being the Great Wall CSI 500 Index Enhanced A, achieving a 97.33% return over 6 years and 200 days [3] New Fund Managers - New fund manager, Shang Shuo Hui from Huatai Baoxing Fund, manages assets of 1.075 billion yuan, with the highest return product being the Huatai Baoxing Ji Nian Feng Mixed Initiation A, which achieved a 90.15% return over 8 years and 86 days [4] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 67 listed companies, followed closely by Huaxia Fund with 66, E Fund with 50, and Guotai Fund with 49 [6] - The most researched industry was general equipment with 183 instances, followed by the automotive parts industry with 170 instances [6] Recent Stock Focus - The most researched stock in the past month was Zhongke Shuguang, part of the information technology sector, with 65 fund management companies participating in the research. Other notable stocks included Haiguang Information and Tianfu Communication [6][7] - In the past week (June 9 to June 16), Zhongke Shuguang remained the focus with 65 fund institutions conducting research, followed by Haiguang Information and Tianfu Communication [7]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The merger between Haiguang Information and Zhongke Shuguang is seen as a strong union that will complement each other's advantages, optimizing the industrial layout from chips to software and systems [1][2]. - Haiguang Information has a leading market share in domestic server CPUs at 53.6% and over 30% in the domestic GPU market, indicating strong competitive positioning [1]. - The expected financial performance shows significant growth, with projected net profits of 30.66 billion, 43.57 billion, and 59.92 billion for the years 2025 to 2027, respectively [3]. Financial Performance Summary - For 2024, Haiguang Information is projected to achieve revenue of 91.62 billion, a year-on-year increase of 52.4%, with a net profit of 19.31 billion, up 52.87% [3][4]. - Zhongke Shuguang is expected to report revenue of 131.48 billion in 2024, a decrease of 8.4%, but with a net profit of 19.11 billion, reflecting a growth of 4.1% [3]. - The forecasted revenue growth rates for Haiguang Information are 50.9% for 2025, 39.9% for 2026, and 36.0% for 2027 [4][9]. Earnings Forecast and Financial Indicators - The projected earnings per share (EPS) for Haiguang Information are 0.83, 1.32, 1.87, and 2.58 for the years 2024 to 2027, respectively [4][9]. - The price-to-earnings (PE) ratio is expected to decrease from 164 in 2024 to 53 by 2027, indicating improving valuation metrics [4][9]. - The company is expected to maintain a gross margin of around 63.72% to 64.71% over the forecast period [8][9].