十 年 陪 跑 。 作者 I 冯雨晨 报道 I 投资界PEdaily 历 史 无 数 次 证 明 ： 等 一 等，或 许 就 有 超 级 回 报 。 十年时光，海光信息为身后投资人带来了多个回报时机——从成功IPO那一刻开始，原始 股东们就注定赚钱。今年9月，海光信息股价登上2 7 0元/股，较发行价翻超7倍，市值超 6 0 0 0亿。 当中成都国资的回报，最为惊艳。 早 年 在 海 光 信 息 还 没 有 第 一 代 产 品 时 ， 成 都 国 资 以 不 到 1 0 亿 元 价 格 拿 下 海 光 信 息 6. 5 亿 股，凭借IPO前两次转让就收回成本。 到今天，成都国资持股账面浮盈仍超10 0 0亿元，同时海光信息最赚钱的子公司扎根在成 都。不曾想当年的一笔产业招商投资，可以如此充满想象力。 十年，缔造6000亿市值 盛宴开端于十年前。 那时，全球CPU产业格局暗流涌动。美国主导的X8 6微处理器几乎占据了全球CPU市场约 9成份额，在"棱镜门"事件引起数据安全恐慌之下，国产替代摆在桌面。顺势而为，20 1 4 年10月天津国资旗下的海泰科技发起设立海光信息，瞄准CPU研发。 成立两个月，海光信息就启 ...

Core Viewpoint - The article discusses the evolution and strategic significance of Haiguang Information in the Chinese semiconductor industry, highlighting its role in breaking through the X86 architecture dominance and fostering domestic chip development amidst geopolitical tensions [1][2]. Group 1: Haiguang's Strategic Moves - Haiguang's collaboration with AMD in 2016 is noted as a pivotal "technology for market" case, establishing joint ventures to gain permanent X86 architecture licensing and Zen microarchitecture support [3]. - The establishment of Haiguang's R&D system, leveraging expertise from the Chinese Academy of Sciences, aimed to break the cycle of dependency on foreign technology through a structured training approach [3][4]. - The launch of Haiguang's first CPU, Haiguang 1, in 2018 marked a significant milestone, achieving mass production with a 14nm process and compatibility with X86 instruction sets, targeting the financial sector [4]. Group 2: Technological Advancements - Haiguang's subsequent CPUs, including Haiguang 2 and Haiguang 3, demonstrated continuous performance improvements, with the latter achieving a 45% performance increase over its predecessor [5]. - The introduction of the Haiguang 4 in October 2023 further solidified its technological advancements, with each generation showing over 30% performance enhancement [5]. - Haiguang's approach of "architecture licensing - absorption - independent iteration" has created a balance between ecological compatibility and technological control, contributing to a significant increase in the domestic X86 server market [5][6]. Group 3: Market Impact and Ecosystem Development - The rise of Haiguang has influenced international semiconductor regulations, prompting the U.S. to revise export control laws regarding X86 technology transfer to China [6]. - Haiguang's dual strategy of focusing on both CPU and DCU (Deep Learning Computing Unit) development has positioned it well in the rapidly evolving AI computing landscape [8]. - The establishment of the "Light Organization" in 2021 aimed to foster a collaborative ecosystem among over 5,000 members, significantly reducing adaptation costs and enhancing the integration of hardware and software [17][18]. Group 4: Financial Milestones and Future Outlook - Haiguang's IPO in 2022 raised 10.8 billion yuan, marking the largest semiconductor IPO of the year and reflecting strong market confidence in domestic chip development [12]. - The anticipated merger with Zhongke Shuguang aims to deepen integration within the domestic computing power industry, enhancing capabilities across various sectors [19]. - The article concludes that Haiguang's journey exemplifies a shift in the Chinese semiconductor industry from policy-driven to market-driven growth, positioning it as a key player in the global semiconductor landscape [20].

Core Viewpoint - The unexpected merger between Zhongke Shuguang and Haiguang Information aims to enhance resource allocation and synergy in the AI-related computing and chip sectors, aligning with national strategic directions [1][5]. Group 1: Merger Announcement - Haiguang Information announced plans to absorb Zhongke Shuguang through a share swap and issue A-shares to raise supporting funds [2][3]. - Both companies are closely related, with shared ownership and control by the Chinese Academy of Sciences [1][5]. Group 2: Industry Impact - The merger is expected to optimize the entire industry chain from chip design (Haiguang) to server hardware and cloud computing (Zhongke Shuguang), enhancing the competitiveness in high-performance computing and AI [5][6]. - The combined entity will likely increase profitability and improve R&D and market expansion capabilities, supporting China's strategy for domestic technology independence [5][6]. Group 3: Policy Context - This merger represents a significant restructuring within the Sci-Tech Innovation Board and Main Board, potentially setting a precedent for future mergers [6]. - The recent revision of the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission may lead to an increase in similar restructuring activities [6]. Group 4: Investment Recommendations - Investors are advised to focus on three main lines of domestic computing power: the Haiguang ecosystem, Huawei ecosystem, and independent technology sectors, as well as leading companies suitable for mergers and acquisitions [7].