老铁们，沪指冲上3800点的狂欢里，半导体涨疯了、寒武纪市值追平中芯国际，但你们知道吗？真正的大资金正在悄悄调仓！做了20年财经，帮主今天必须 揭穿这场"热闹下的暗战"——算力板块净利润同比暴增56.27%，创五年新高，可外资竟在疯狂调研一批"滞涨股"！这背后藏着什么信号？三分钟给你说透！ 为什么是它们？三条暗线浮出水面： 外资的逻辑很赤裸：宁可错过，绝不追高！ 先看算力股的业绩有多炸裂： 上半年整个AI算力板块净利润增速56.27%，比过去五年任何时期都猛！宏景科技利润直接飙涨725%，新易盛净利润增幅超350%，连转型中的顺网科技都交 出69%的净利润增长——这哪是回暖？简直是井喷！核心逻辑就两点：一是全球AI算力投资暴增（IDC预测中国智能算力规模明年破千亿EFLOPS），二是 国产替代加速（比如DeepSeek-V3.1适配国产芯片UE8M0架构，打破海外垄断）。 但最值得玩味的是外资的动作： 外资机构根本没去追那些涨上天的热门股，反而扎堆调研5只滞涨的算力股！帮主扒了数据发现：这5只票年内涨幅跑输算力指数，却清一色被外资盯上—— 富瀚微被12家外资机构轮番调研（它所有产品都带算力模块），海光信息、中 ...

Summary of the Conference Call Company and Industry Involved - The conference call discusses the merger between **Haiguang** and **Shuguang**, focusing on the semiconductor and AI chip industry in China [2][3][7]. Core Points and Arguments - **Merger Details**: Shuguang is acquiring Haiguang at a 10% premium, with a reference to the price-to-earnings ratio for valuation. The pre-suspension market value of Shuguang was 90.5 billion yuan, which was considered undervalued [2][5]. - **Strategic Goals**: The merger aims to leverage the integration of chips, software, and systems to become a leading domestic computing power supplier, particularly in the AI chip sector, enhancing market share and shareholder returns [2][7]. - **Financial Performance**: Haiguang has benefited from AMD's authorization, with a revenue and profit compound annual growth rate exceeding 50%. The core growth drivers are CPU and DCU chip designs [2][7]. - **Market Position**: Shuguang leads in liquid cooling technology with over 60% market share and a low PUE value of 1.04. The merger is expected to create a complete industrial chain [2][3]. - **Valuation Post-Merger**: The overall valuation of the merged entity is expected to be more reasonable, with Haiguang maintaining rapid growth in the CPU sector and significant potential in domestic chip replacement [9]. Additional Important Content - **Market Trends**: There is a noticeable trend of mergers and acquisitions in the software, operating systems, and industrial software sectors, indicating a consolidation in the domestic computing power market [4][10]. - **Future Outlook**: The merged company is projected to achieve a profit scale of 10 billion yuan within three to five years, with stock prices expected to respond positively to investor expectations [9]. - **Industry Integration**: The merger reflects a broader trend of integration within the CPU computing power sector, with various architectures and chip manufacturers collaborating to enhance the industry landscape [10][12]. - **Investment Opportunities**: The call highlights potential investment opportunities in the semiconductor and AI sectors, driven by ongoing consolidation and technological advancements [11][13][14].

在万众期待中，两大算力巨头合并迎来最新进展。 6月9日晚间，海光信息和中科曙光集体公告，两家公司将于6月10日开市起复牌，且经合并双方协商最终确 定，海光信息的换股价格为143.46元/股，中科曙光的换股价格为79.26元/股，每1股中科曙光股票可以换得 0.5525股海光信息股票。 多家机构认为，战略重组后的海光信息和中科曙光有望实现算力产业链的互补和技术协同，打造"国产芯片 +服务器整机"一体化解决方案能力，国产算力全技术栈"航母"可期。 由于海光信息与中科曙光此前停牌，不少资金借道信创ETF来提前投资两家企业，引起多只信创ETF在近期规 模猛增，部分产品的基金份额增长了超10倍。 明起复牌，换股价格出炉 6月9日晚间，海光信息公告称，公司与中科曙光筹划由公司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并发行A股股票募集配套资金。公司A股股票自2025年5月26日起停牌，并于6月10 日开市起复牌。本次交易方案尚需再次审议及股东大会审议批准，并获得相应批准、核准、注册或同意后方可 正式实施。 同时，中科曙光也发布公告，公司与海光信息筹划由海光信息通过向中科曙光全体A股换股股东发行 ...

Group 1 - The core viewpoint of the report emphasizes that the rise of the intelligent computing era presents unprecedented development opportunities for the domestic computing power industry chain in China, driven by the deep integration of artificial intelligence and the digital economy [1][2]. - The report highlights that artificial intelligence has penetrated 80% of application scenarios, making intelligent computing a fundamental resource akin to water and electricity, although its scarcity and high costs remain key bottlenecks for AI development [2][3]. - The Chinese AI market spending reached $14.75 billion in 2023, with a projected compound annual growth rate (CAGR) exceeding 20% from 2021 to 2026, indicating strong demand for AI servers, which accounted for over 80% of hardware investments [2][3]. Group 2 - The report identifies three driving forces reshaping the computing power landscape, including the structural transformation of computing forms due to the prevalence of large-scale AI models, which significantly boosts demand for intelligent computing [3][4]. - In 2022, China's intelligent computing scale reached 268 EFLOPS, with expectations to exceed 1271 EFLOPS by 2026, reflecting a CAGR of 47.6% [3][4]. - The report outlines national policies supporting the development of computing infrastructure, with specific targets set for 2025, including a total computing power scale of 300 EFLOPS and an intelligent computing proportion of 35% [4][5]. Group 3 - The report discusses the rapid growth of the AI chip market, with the market size reaching 120.6 billion yuan in 2023 and expected to grow to 141.2 billion yuan in 2024, highlighting the increasing domestic market share of AI chips [6][7]. - AI servers are differentiated from traditional servers by their design, which includes multiple GPU acceleration cards and specialized cooling systems, with chip costs accounting for up to 83% of high-end server expenses [6][7]. - The report notes that service providers are evolving from basic data center leasing to offering value-added services, establishing a service system that combines wholesale and retail models [7][8]. Group 4 - The report emphasizes the importance of domestic technology breakthroughs, with companies like Huawei and Cambricon making significant advancements in AI solutions and chip technology [4][5]. - The construction of intelligent computing centers is accelerating, with over 140 projects tendered in the first seven months of 2024, indicating a trend towards large-scale development [4][5]. - The report highlights the collaborative layout of computing resources across regions, driven by initiatives like the "East Data West Computing" project, which optimizes national computing resource allocation [7][8].

Group 1 - The core viewpoint of the news is the merger between Zhongke Shuguang and Haiguang Information, which is seen as a significant step towards achieving self-sufficiency in computing power in China [2][10] - The merger will optimize the industrial layout from chips to software and systems, enhancing the synergy between the two companies and strengthening the entire information industry chain [2][7] - The transaction is expected to deepen the integration of resources among leading companies in the AI field, facilitating the development of comprehensive AI solutions [2][7] Group 2 - Haiguang Information was originally a chip design division of Zhongke Shuguang, highlighting the historical connection between the two companies [3][4] - Zhongke Shuguang currently holds 27.96% of Haiguang Information's shares, making it the largest shareholder, which reinforces their business ties [4][5] - The split and subsequent merger strategy has led to significant collaborative benefits, with Haiguang Information increasing its R&D investment to 35% of revenue, which is projected to reach 9.162 billion yuan in 2024, a 52.4% increase year-on-year [4][5] Group 3 - The merger aligns with the Chinese government's initiative to "fill short boards and strengthen long boards," aimed at enhancing the stability and competitiveness of the industrial supply chain [6][7] - Both companies aim to leverage their strengths in high-end computing and chip design to create a more integrated and competitive technology solution for the market [7][8] - The merger is expected to reduce AI training costs by 40% and inference latency by 50%, while also increasing GPU utilization by over 30% [8][10] Group 4 - This merger is the first absorption merger between listed companies following the recent amendments to the restructuring regulations by the China Securities Regulatory Commission [10][11] - The new regulations are designed to enhance the efficiency of mergers and acquisitions, which is expected to lead to a wave of consolidation in the semiconductor industry [10][11] - The semiconductor sector has already seen 10 merger and acquisition events this year, indicating a potential trend towards increased consolidation among listed companies in the industry [11][12]

Group 1 - The core viewpoint of the articles highlights the importance of continuous innovation and the market logic of "the strong survive," as evidenced by the reverse acquisition of a parent company by its subsidiary [1][2] - Recently, two A-share listed companies, Haiguang Information and Zhongke Shuguang, announced a major asset restructuring, with Haiguang Information planning to merge with Zhongke Shuguang [1] - Haiguang Information, established in 2014, has outperformed its parent company, Zhongke Shuguang, in both business development and capital market performance, with a market capitalization of 316.41 billion yuan compared to Zhongke Shuguang's 90.57 billion yuan as of May 23 [1] Group 2 - The relationship between Haiguang Information and Zhongke Shuguang is complementary, with Haiguang providing essential CPU and DCU chips that support Zhongke's servers and computing platforms [1] - The article discusses other similar cases where subsidiaries have merged with their parent companies, such as Wanhua Chemical's acquisition of Yantai Wanhua Chemical for 52.21 billion yuan, highlighting a trend in the A-share market [2] - Maintaining innovation and actively seeking new opportunities is crucial for companies to thrive, as demonstrated by the success of new business ventures that can eventually lead to significant growth [2]

Core Insights - The Sichuan provincial government is actively promoting the artificial intelligence (AI) industry as a key focus area, aiming for over 130 billion yuan in revenue by 2024, representing a year-on-year growth of over 25% [1] Group 1: AI Industry Development - Sichuan has identified the AI industry chain as one of the 15 key industrial chains for provincial development, establishing Chengdu and Mianyang as primary hubs, with 11 other cities collaborating in the development [1] - The province has initiated over 70 technology research projects targeting critical technologies in AI, with nearly 350 million yuan allocated from fiscal science and technology funds, achieving notable results such as leading liquid-cooled servers and domestically produced high-performance DCU chips [1] Group 2: Computing Power Infrastructure - Sichuan is enhancing its computing power infrastructure by encouraging both local and external operators to establish facilities, aiming to create a scheduling platform to improve the efficiency of computing resource usage [2] - The province's available computing power is currently at 13.4 E Flops, with expectations to reach 25 E Flops by the end of the year [2] Group 3: Application Scenarios and Industry Support - The government is promoting AI applications in key sectors such as industrial manufacturing, emergency rescue, and elderly care, leveraging the province's strengths and the capabilities of local AI companies [2] - A total of 34 industry-specific large models have been released and are now in practical application within these sectors [2] Group 4: Ecosystem and Policy Support - Sichuan is adopting a "1+3" model to support leading enterprises in the AI sector, which includes establishing innovation consortia, provincial innovation platforms, and industry alliances [3] - The province has identified over 1,300 AI companies, forming a comprehensive development system across foundational, technical, and application layers [3] - A policy package with a planned investment of 1.2 billion yuan over three years has been introduced to address urgent issues in technology research, application scenarios, computing power supply, and resource guarantees [3]