华源证券续指，公司东南亚业务继续保持高增长，根据公司官方微信公众号信息，2025年AI相关业务 同比增长30%，区域纯利同比增长20%。公司作为英伟达东南亚核心合作伙伴，助力多个AI算力中心落 地，并持续扩大Apple、HPE、Dell等国际品牌市场份额，其中Apple业务同比增长67%。该行认为，随 着东南亚数字化转型提速及中国科技企业出海需求增强，公司凭借本地化渠道、技术支持与交付能力， 有望持续受益于AI基础设施建设与区域ICT需求扩张带来的成长机遇。 伟仕佳杰(00856)午前涨近4%，截至发稿，涨4.24%，报3.69港元，成交额4.84亿港元。 消息面上，近日，伟仕佳杰公布2025年业绩，公司年度股东应占溢利13.53亿港元，同比增加28.66%。 公告称，由于各分部的需求都在增长，尤其是人工智能热潮及电子产品的普及所带来的消费电子及云端 计算的需求，本集团于本年度取得可观收益。华源证券指出，从增速上看，公司利润增速显著快于收 入，主要原因是公司不仅受益于AI相关高景气，也受益于业务结构优化、高毛利业务占比提升，以及 存储等电子元器件涨价带来的盈利改善。 | 伟仕佳杰 | | | | | --- ...

（编辑 袁冠琳） 证券日报网讯 2月26日，紫光股份在互动平台回答投资者提问时表示，卫星互联网是6G的重要组成部 分，作为国内主流卫星运营商的战略合作伙伴，公司充分发挥在ICT基础设施和智算领域的软硬件优 势，为6G网络提供一站式ICT服务。目前公司参与了包括交换机、安全防火墙、通算服务器等在内的 ICT软硬件服务项目，并已规模交付使用，同时还承建了一系列的云池系统建设。在商业航天方面，公 司始终高度关注国家战略发展需求及前沿技术演进，将持续结合市场需求和政策导向，依托自身在通信 和安全方面的技术优势和积累，在符合整体战略的方向上主动审慎布局，为高质量发展创造多元价值， 具体规划请以公司官方披露的信息为准。 ...

马年春节前夕，国内算力龙头企业紫光股份（000938）资本动作频密。 2月11日晚间，紫光股份密集发布13份公告，释放两大资本运作关键信号：公司拟通过向特定对象发行A股股票，募资不超过55.70亿元；同时决定终止H 股发行及在港交所主板上市的相关计划。 新华三成立于2003年10月，其前身为华三通信，是华为与美国3Com合资成立的合资公司，专注于交换机、企业级路由器等核心网络设备市场，后被惠普 企业（HPE）收购。 值得一提的是，紫光股份此次终止赴港IPO略显突然，距离其2025年12月最近一次向港交所递表仅过去两个多月。而对于终止原因，紫光股份的表述较为 克制，仅称"基于战略发展规划及维护股东利益的审慎考量"。 此外，根据定增方案，紫光股份本次募集资金将主要用于收购新华三6.98%股权、研发设备购置项目及偿还银行贷款。 2016年，紫光股份入主新华三，收购其51%股权并实现控股。2024年，紫光股份再度以21.43亿美元（约合153亿元）收购新华三30%的股权，将其持股比 例提升至81%。 一系列资本运作之下，市场亦在追问：紫光股份究竟在布一局怎样的棋？ 赴港IPO突然终止 从时间线来看，紫光股份的赴港IP ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：紫光股份 股票代码：000938 公告编号：2026－010 紫光股份有限公司 关于2026年度向特定对象发行A股股票摊薄即期回报、 填补措施及相关主体承诺的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 本公告中如无特别说明，相关用语具有与《紫光股份有限公司2026年度向特定对象发行A股股票预案》 中相同的含义。 紫光股份有限公司（以下简称"公司"）于2026年2月11日召开的公司第九届董事会第二十次会议审议通 过了公司2026年度向特定对象发行A股股票（以下简称"本次发行"）的相关议案。根据《国务院关于进 一步促进资本市场健康发展的若干意见》（国发[2014]17号）、《国务院办公厅关于进一步加强资本市 场中小投资者合法权益保护工作的意见》（国办发[2013]110号）和《关于首发及再融资、重大资产重 组摊薄即期回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31号）的相关规定，为保 障中小投资者知情权，维护中小投资者利益，公司就本次向特定对象发行A股股票相关事项对即期回报 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with four other departments, has issued guidance for the construction of zero-carbon factories, aiming to cultivate and establish a number of such factories in industries like automotive, lithium batteries, photovoltaics, and electronics by 2027 [1] Group 1: Industry Initiatives - Numerous enterprises are accelerating their green transformation in the manufacturing sector [1] - The guidance emphasizes the importance of zero-carbon factories in supporting the manufacturing industry's response to policy calls for green transformation [1] Group 2: Company Developments - Lenovo has completed a comprehensive supply chain layout across various locations including Hefei, Tianjin, Wuhan, and Shenzhen, integrating green manufacturing concepts deeply into its operations [1] - Lenovo's Tianjin zero-carbon factory, recognized as the first "ecological zero-carbon factory" in the ICT industry, was successfully built and put into operation in 2023 [1] - The Tianjin factory has established a "six-in-one" zero-carbon framework and implemented 90 carbon reduction measures across nine areas, including building design, production processes, and logistics [1]

Core Insights - The competition in artificial intelligence (AI) fundamentally revolves around computing power, algorithms, and data, with computing infrastructure being the cornerstone of this competition [1][2] - Unisplendour Corporation has successfully positioned itself among the top tier in the domestic market through both organic growth and external expansion [1] Group 1: AI Infrastructure and Competitive Edge - Unisplendour's unique feature in the AI infrastructure sector is its "integrated" ecosystem, leveraging its leading position in the network domain and rapidly growing computing product line [1] - The company possesses a rare capability for "computing-network collaborative design," enabling system architecture-level optimization of AI clusters, which reduces communication latency and enhances overall computing efficiency [1] Group 2: Strategic Positioning and Industry Trends - AI is penetrating various industries, evolving from general large models to industry-specific large models, positioning Unisplendour favorably in the wave of industrial intelligence [1] - The company's full-stack layout, encompassing cloud, network, security, computing, storage, and edge, allows it to provide comprehensive solutions in smart city projects, acting as a digital transformation partner rather than just a product supplier [1] Group 3: R&D and Market Position - In the context of global technological competition and the emphasis on self-reliance in China, the importance of a self-controllable ICT industry chain is increasingly highlighted [2] - Unisplendour aligns its development with the strategic direction of China's digital economy, continuously increasing R&D investment in high-end network equipment, key server technologies, and network security [2] - The company's experience illustrates that Chinese tech firms are actively competing for future discourse power in the global AI industry wave by focusing on core technologies and system-level innovations [2] Group 4: Competitive Challenges - Unisplendour faces comprehensive competition from top tech companies both domestically and internationally, with its ability to continue succeeding dependent on several key factors [2] - These factors include the depth and speed of technological innovation, breadth of breakthroughs in overseas markets, openness in ecosystem construction, and ongoing optimization of operational efficiency [2]

Core Viewpoint - The speech by Zhang Yu, Chief Economist of Huachuang Securities, at the 2026 Global and China Capital Market Outlook Forum, presents a new perspective on the development stage of Chinese manufacturing, emphasizing the resilience of the midstream sector and its potential for recovery [1][7]. Group 1: Midstream Sector Resilience - The four key areas of midstream external demand (electromechanical exports) show resilience, with expectations for other electromechanical sectors to benefit from a mild recovery cycle in industrial production driven by global monetary policy easing [3][9]. - The ICT sector is anticipated to benefit from the ongoing technological revolution and the sustained prosperity of the global semiconductor market [3][9]. - Shipbuilding exports are expected to gain from high growth in existing orders, while automotive exports are projected to benefit from enhanced competitiveness and the ongoing electrification process in global automotive exports [3][9]. Group 2: Return on Equity (ROE) Insights - Focusing on the ROE of midstream listed companies, it is noted that ROE aligns with midstream Producer Price Index (PPI), which in turn correlates with midstream fixed asset turnover rates [5][11]. - Predictions regarding midstream fixed asset growth are based on reduced capital expenditures in 2024-2025, alongside forecasts for midstream demand benefiting from high prosperity in electromechanical exports, suggesting that midstream ROE may continue to rise [5][11].

Core Insights - The company, StarNet Ruijie, is seizing opportunities in the digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [1][2] - StarNet Ruijie has achieved significant market leadership, maintaining the top position in the global thin client market and ranking first in both the Asia-Pacific and Chinese markets [1] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching various innovative products across multiple sectors [1][2] Business Performance - StarNet Ruijie has a strong presence in the data center switch and enterprise switch markets, ranking among the top three in China, with a continuous 15-quarter lead in the 200G/400G switch market [1] - The company is a key player in the network supply chain for large-scale intelligent computing centers, collaborating with leading enterprises [1] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with a projected R&D expenditure of 2.668 billion yuan in 2024, accounting for 15.92% of its revenue [2] - StarNet Ruijie has launched several leading products, including the AIGC high-density box switch and the TH6800G/1.6T switch, and has filed over 5,400 patents, with more than 4,300 being invention patents [2] Future Strategy - Looking ahead to the "15th Five-Year Plan," StarNet Ruijie aims to deepen its R&D innovation model, accelerate the deployment of cutting-edge technologies, and focus on creating comprehensive AI solutions for key industries [2] - The company plans to enhance collaboration with top domestic and international firms, universities, and research institutions to build an open industrial ecosystem and drive technological self-reliance [2]

Core Insights - Huawei has released its 2026 partner policy, emphasizing a shift towards capability, structure, and long-term growth rather than just scale [1][2] - The introduction of the Partner Growth Index (PGI) aims to provide clearer guidelines for partners' future development [1][2] NA Market Strategy - In the NA market, partner value is determined not only by customer coverage but also by the ability to provide in-depth industry solutions [6] - Huawei has categorized NA customers into four types: Excellent, Strategic, Core, and Value, and will prioritize collaboration with high-tier partners [7] - The PGI places equal importance on capability and performance, with evaluation criteria including product specialization, industry solution capability, and service ability [7] Commercial Market Strategy - Huawei is returning project leadership and transaction rights to partners, focusing on providing easy-to-integrate products while partners expand customer bases [9] - The target for performance growth in the commercial market is set at 15%, with an emphasis on the structure and growth of partner performance [9][10] - Huawei has supported the development of over 7,000 evangelists and 20,000 service engineers in the past two years to enhance partner capabilities [9][10] Distribution Market Strategy - The strategy in the distribution market is shifting from selling individual products to selling solutions, with a focus on scenario-based offerings [11] - Huawei has updated its distribution partner structure, introducing a new category of Diamond Partners and simplifying the hierarchy to enhance efficiency [11] - The "Hundred & Thousand Plan" aims to develop a network of 100 Diamond Partners and 10,000 elite engineering partners by 2026 [11] Industry Context - The acceleration of AI applications and the rise of domestic computing power are reshaping the value distribution in the ICT industry [12] - Partners must enhance their industry influence and build differentiated capabilities to remain competitive in the evolving landscape [12]

Group 1 - The core viewpoint of the article is that the company, Unisplendour Corporation (紫光股份), has seen an increase in inventory, primarily due to rising demand for ICT products and related materials [1] Group 2 - The company's inventory mainly consists of ICT products, raw materials, and spare parts [1] - The increase in inventory is attributed to several factors: 1. Increased reserves of key components based on market conditions 2. Rising demand for servers, leading to an increase in raw materials and stock 3. Longer business acceptance cycles for direct customers, resulting in increased shipments as business grows [1]