"在主流生态系统中抢占市场，最现实的道路就是高铁模式。"2022年8月，中国工程院院士李国杰在海光信息上市答谢宴会致辞中如是表示。 海光信息正是芯片行业"高铁模式"的代表之一。截至2026年1月8日收盘，该公司市值超过5600亿元。 2024年，海光信息营收为91.62亿元，按照其最新发布的股权激励计划，2027年公司营收有望达到200亿元左右，能在CPU行业的全球竞争中初步立足，并 在与国际主流生态兼容的基础上分叉发展。 【导读】海光信息正与合作伙伴共同构建国产芯片开放大生态 值得注意的是，作为少数几家同时具备高端通用处理器（CPU）和协处理器（DCU）研发能力的芯片设计公司之一，海光信息几年前就已构建 起"CPU+DCU"的"双芯"发展格局，且在打通"高速路网"的基础上，通过光合组织，与国内一流的整机厂商、xPU厂商、OS厂商等合作伙伴一起，构建国 产芯片开放大生态，推动中国AI计算产业从无序竞争的"红海"向协同共生的"蓝海"转型。 2025年12月18日，在光合组织2025人工智能创新大会期间，海光信息副总经理吴宗友接受了中国基金报记者的专访，详细阐述了公司的发展战略和未来发 展路径。 "从2024年开 ...

【导读】海光信息正与合作伙伴共同构建国产芯片开放大生态 "在主流生态系统中抢占市场，最现实的道路就是高铁模式。"2022年8月，中国工程院院士李国杰在海光信息上市答谢宴会致辞中如是表示。 海光信息正是芯片行业"高铁模式"的代表之一。截至2026年1月8日收盘，该公司市值超过5600亿元。 2024年，海光信息营收为91.62亿元，按照其最新发布的股权激励计划，2027年公司营收有望达到200亿元左右，能在CPU行业的全球竞争中初步立足，并 在与国际主流生态兼容的基础上分叉发展。 值得注意的是，作为少数几家同时具备高端通用处理器（CPU）和协处理器（DCU）研发能力的芯片设计公司之一，海光信息几年前就已构建 起"CPU+DCU"的"双芯"发展格局，且在打通"高速路网"的基础上，通过光合组织，与国内一流的整机厂商、xPU厂商、OS厂商等合作伙伴一起，构建国 产芯片开放大生态，推动中国AI计算产业从无序竞争的"红海"向协同共生的"蓝海"转型。 2025年12月18日，在光合组织2025人工智能创新大会期间，海光信息副总经理吴宗友接受了中国基金报记者的专访，详细阐述了公司的发展战略和未来发 展路径。 "从2024年开 ...

Core Viewpoint - Haiguang Information is building a large open ecosystem for domestic chips, aiming to establish a strong presence in the CPU industry and transition from chaotic competition to collaborative development in the AI computing sector [2][3][4]. Group 1: Company Growth and Revenue - As of January 8, 2026, Haiguang Information's market capitalization exceeds 560 billion yuan [3]. - The company achieved a revenue of 9.162 billion yuan in 2024, with projections suggesting it could reach around 20 billion yuan by 2027, establishing a foothold in the global CPU competition [3][9]. - From 2020 to 2022, Haiguang Information's revenue doubled, and in 2023, it maintained a growth rate of 17.3%. The revenue for 2024 is expected to grow by 52.4%, and by the first three quarters of 2025, it has already surpassed the total revenue of 2024, reaching 9.49 billion yuan, a year-on-year increase of 54.65% [6][8]. Group 2: Dual-Core Strategy - Haiguang Information is one of the few chip design companies with capabilities in both high-end general-purpose processors (CPU) and co-processors (DCU), having established a "dual-core" development strategy [3][9]. - The company has been iterating its CPU products approximately every 1.5 years to address performance bottlenecks, while also collaborating with various partners in the ecosystem to enhance product offerings [8][10]. - The DCU products, including the Deep Computing Unit (DCU), are designed to meet national strategic needs and have been well-received by clients and ecosystem partners [10]. Group 3: Ecosystem Development - Haiguang Information emphasizes the importance of building a collaborative ecosystem, having established the "Light Alliance" organization to integrate various partners across the chip, machine, software, and application sectors [21][23]. - As of December 2025, the Light Alliance has gathered over 6,000 partners and established 28 physical ecological adaptation centers, facilitating over 15,000 hardware and software adaptation testing projects [23]. - The company aims to create an open ecosystem that allows domestic users to gain confidence in the domestic chip industry, reducing reliance on foreign products [4][24]. Group 4: Future Challenges and Goals - The primary challenge for Haiguang Information is attracting more industry-leading manufacturers to the Light Alliance platform, ensuring that product development considers the strengths of all partners involved [24]. - The company has outlined its development phases, with the current phase (3.0) focusing on integrating with upstream and downstream partners to strengthen the domestic integrated circuit industry [4][24].

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The 2025 AI Innovation Conference showcased over 50 AI innovation achievements, highlighting the growth of the domestic AI computing industry in various sectors [2][5] - The company is positioned to become a comprehensive platform for AI computing in China, leveraging its strengths in high-end CPU and DCU businesses [12][12] - The conference aimed to address industry fragmentation by promoting open ecosystems and collaborative innovation among various enterprises [12] Summary by Relevant Sections Event Description - The 2025 AI Innovation Conference took place from December 17 to 19, 2025, featuring significant AI innovations across core components, intelligent terminals, and industry applications [2][5] Event Commentary - The conference emphasized the need for open ecosystems to overcome barriers in the AI industry, such as high-end computing supply shortages and software-hardware compatibility issues [12] - The launch of the scaleX supercluster represents a key breakthrough in building large-scale intelligent computing infrastructure [12] Financial Projections - Projected total revenue for 2025 is 14,372 million, with a net profit of 4,181 million [17] - The company anticipates a steady increase in revenue and profit margins over the next few years, with a net profit margin of approximately 29% by 2027 [17]

Group 1: Weather Impact - A significant cold wave with widespread rain and snow is expected in central and eastern China from December 11 to 13, with snowfall in regions like Northwest, North China, and Huanghuai, with local snow depth reaching 10-18 cm [1] - The average daily temperature across most of the country is projected to drop by 6-10°C, with some areas in Xinjiang and Northwest experiencing a drop of 12-14°C [1] - The China Meteorological Administration has initiated a Level 4 emergency response for major weather disasters, including cold waves, strong winds, and blizzards, with various provinces issuing warnings [1] Group 2: Economic Developments - The Ministry of Finance announced a targeted issuance of 750 billion yuan in special government bonds on December 12, covering 10-year and 15-year maturities, maintaining fiscal balance without increasing the deficit [2] - In November, the Consumer Price Index (CPI) rose by 0.7% year-on-year, with the core CPI increasing by 1.2%, indicating a continued recovery in consumer spending [2] - The International Monetary Fund (IMF) has raised China's economic growth forecast for 2025 to 5%, an increase of 0.2 percentage points from previous estimates, highlighting the resilience of the Chinese economy [2] Group 3: Technology and Innovation - Domestic chip manufacturers are making significant advancements, with Haiguang Information revealing strategies to compete in the high-end chip market, and its product DCU gaining market acceptance [3] - Muxi Co., Ltd. completed its issuance on the Sci-Tech Innovation Board, with expectations of over 100% year-on-year revenue growth by 2025 and a reduction in losses by over 45% [3] - Recent technological breakthroughs in shipbuilding robotic arms, drone collaboration, and rocket recovery platforms demonstrate the innovation vitality in China's tech sector [3] Group 4: Social Policies - The Ministry of Education has established 50 National Excellent Engineer Colleges to cultivate strategic talent with strong technical innovation capabilities through industry-academia collaboration [5] - The All-China Federation of Trade Unions has launched a winter action to address wage arrears, ensuring labor rights protection, while Shenzhen has revised its employee wage payment regulations [5] - In terms of fertility support, Jingmen, Hubei, announced a subsidy of up to 10,000 yuan for IVF starting in 2026, while Shanghai will provide annual child-rearing subsidies of 3,600 yuan per child [6]

Core Viewpoint - The merger and acquisition plan between Zhongke Shuguang and Haiguang Information has been terminated after nearly seven months of planning, primarily due to significant changes in stock prices and market conditions, but both companies emphasize that this will not affect future industry collaboration [1][4]. Group 1: Merger Termination - The termination of the merger was primarily caused by significant fluctuations in the stock prices of both companies since the announcement of the merger plan, with Zhongke Shuguang's stock closing at 90.12 yuan per share and Haiguang Information at 218.5 yuan per share as of December 10 [4]. - The merger involved a complex share exchange and fundraising plan, which required extensive time for evaluation, ultimately leading to the conclusion that the conditions for implementation were not mature [4]. - Both companies have stated that they had adequately disclosed the progress of the merger, but market factors such as stock price volatility are unpredictable [4]. Group 2: Product Development and Market Strategy - Zhongke Shuguang has launched the Shuguang scaleX640 super node product, which features an open architecture that supports mainstream domestic and international AI accelerator cards, achieving a leading level of integration globally and comprehensive performance domestically [3]. - The scaleX640 product is designed to meet the growing demand for AI computing, with its open architecture allowing for flexibility in choosing acceleration chips, thus providing a solution that promotes "soft and hard collaboration, ecological compatibility" [3]. - The competitive pressure from international high-end chips like NVIDIA's H200 has prompted Zhongke Shuguang to lower procurement barriers for users, while Haiguang Information highlights the challenges posed by the high procurement costs associated with the H200's sales commission mechanism [3]. Group 3: Industry Ecosystem and Future Collaboration - The termination of the merger positions Zhongke Shuguang and Haiguang Information as "dual cores" in the domestic computing power industry, with Haiguang focusing on high-end chip development and Zhongke acting as a system manufacturer [5]. - Both companies will continue to collaborate on existing projects, with Haiguang enhancing its DCU products and Zhongke deepening its full-stack layout in high-end computing [5]. - The strategy aims to create a healthy ecosystem of "chip manufacturer competition + system manufacturer selective procurement," which enhances the resilience of the domestic computing power system against risks [5].

长江商报消息●长江商报记者 沈右荣 备受关注的半导体领域千亿重组案搁浅，引发市场高度关注。 12月9日晚，海光信息（688041.SH）与中科曙光（603019.SH）同时发布公告称，正式终止换股吸收合并中科曙 光的重大资产重组事项。 2025年5月，海光信息和中科曙光宣布双方联合重组，海光信息换股吸收合并中科曙光，交易金额约1159.67亿 元。 这在当时被解读为A股"算力航母"呼之欲出，市场充满期待。 时过半年，如此重磅重组为何突然终止？海光信息和中科曙光都表示，由于本次交易规模较大、涉及相关方较 多，方案论证历时较长，目前市场环境较本次交易筹划之初发生较大变化，实施重大资产重组的条件尚不成熟。 6月9日晚，海光信息和中科曙光又双双披露合并预案。海光信息拟以0.5525:1的换股比例吸收合并中科曙光，海 光信息换股价格为143.46元/股，中科曙光换股价格为79.26元/股。 当时的公告称，本次交易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，旨在实现海光信息在芯 片领域、中科曙光在整机和数据中心基础设施领域的优势技术积累、团队和资金能力、供应链和市场资源等资源 上的互补和深度融合，以资源融合反 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated due to significant fluctuations in stock prices and changes in market conditions, which made the conditions for the merger unfeasible [1][2][3] Group 1: Merger Termination - Haiguang Information announced the termination of the merger with Zhongke Shuguang, leading to a drop in Zhongke Shuguang's stock price and a slight decline in Haiguang Information's stock [1] - The companies cited the large scale of the transaction and the involvement of multiple parties as reasons for the prolonged discussion and eventual termination of the merger [1][2] - The decision to terminate the merger was made after careful consideration and discussions among the parties involved, reflecting a prudent approach given the current market environment [1][2][3] Group 2: Impact on Companies - The termination of the merger is not expected to have a significant negative impact on the operational and financial status of either company, as both are leaders in China's computing power industry with strong technological foundations [3] - Both companies have sufficient market space for independent development, and their separation allows for continued innovation and competition within the industry [3][4] - Haiguang Information focuses on chip development, while Zhongke Shuguang operates as a system integrator, creating a competitive ecosystem in the domestic computing power industry [3][4] Group 3: Future Prospects - Haiguang Information is optimistic about its future, with new products like the "Deep Computing 3" already in the market and the "Deep Computing 4" in development, indicating a strong position in the AI computing race [5][6] - The company is well-positioned to meet the growing demand for AI hardware, with projections indicating a significant increase in the market for accelerated servers in China by 2029 [6] - Haiguang Information's dual product matrix of CPUs and DCUs allows for comprehensive computing solutions, enhancing efficiency in AI model training and deployment [6]

智通财经记者 | 宋佳楠 源：视觉中国 图片来 中科曙光方面也表达了类似的态度，称后续仍将围绕高端计算机核心业务，在超节点智算算力、科学大 模型开发平台、超集群系统等前沿技术方面，针对智能计算、算力调度、数据中心解决方案等领域布 局。 回溯半年前，这场重组曾引发行业震动。5月25日，两家公司宣布筹划由海光信息换股吸收合并中科曙 光，交易金额约1159.67亿元。该交易也成为5月16日证监会重组新规落地后的首单上市公司间吸收合并 案例。 根据当时预案，中科曙光换股价格为79.26元/股，海光信息换股价格为143.46元/股，合并后中科曙光将 终止上市，海光信息承接其全部资产与业务，并拟募集配套资金。 此次重组的核心逻辑源于双方互补的产业定位，若合并成功，可形成"芯片-整机-系统-服务"的闭环。 一场筹划半年多的千亿级整合最终落空。 12月9日晚间，海光信息（688041.SH）与中科曙光（603019.SH）同步发布公告，宣布终止此前筹划的 重大资产重组事项。 海光信息方面表示，公司于当日召开公司第二届董事会第十七次会议审议通过了《关于终止换股吸收合 并曙光信息产业股份有限公司并募集配套资金暨关联交易的议案》， ...