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<title>深度行研 | 重组-中科院系&海光系</title>
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<h1 class="font-title text-4xl md:text-6xl font-bold glow-text bg-clip-text text-transparent bg-gradient-to-br from-white to-sky-300">
深度行研 | 重组-中科院系&海光系
</h1>
<p class="mt-4 text-sm text-slate-400 max-w-2xl mx-auto">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现。本报告为AI合成数据不构成任何投资建议投资需谨慎。
</p>
</header>
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<h2 class="font-title text-3xl font-bold text-slate-100">核心Insight</h2>
<p class="text-slate-300 mt-1">深度、多维度的综合分析</p>
</div>
<!-- Core Insight Content -->
<div class="space-y-6 text-slate-300 text-base leading-relaxed">
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">0. 概念事件:海光信息吸收合并中科曙光</h3>
<p>该概念的核心催化事件是 <strong class="text-white">海光信息 (688041.SH) 拟换股吸收合并中科曙光 (603019.SH)</strong>。二者同属中科院计算所孵化的“曙光系”中科曙光为海光信息第一大股东持股27.96%。海光信息凭借CPU/DCU技术优势市值飙升而中科曙光传统HPC业务面临挑战内部利润分配问题凸显为重组埋下伏笔。</p>
<ul class="list-disc list-inside mt-3 space-y-2 pl-4">
<li><strong class="text-white">事件催化:</strong>2025年5月25日公告重组预案海光为吸收合并方曙光将终止上市。</li>
<li><strong class="text-white">交易细节:</strong>交易金额 <strong class="text-yellow-300">1159.67亿元</strong>换股比例为1股曙光换 <strong class="text-yellow-300">0.5525</strong> 股海光,海光总股本摊薄约 <strong class="text-yellow-300">6.87%</strong></li>
<li><strong class="text-white">时间轴:</strong>2025年5月25日公告6月10日复牌市场反应热烈后续审批有望通过“2+5+5”绿色通道加速。</li>
</ul>
</section>
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">1. 核心观点摘要</h3>
<p>本次重组是<strong class="text-white">中国信创与算力产业的里程碑事件</strong>标志着国家级科研力量从分散布局转向集中整合以打造一艘能够与国际巨头如NVIDIA和国内龙头如华为相抗衡的“算力航母”。其核心驱动力源于<strong class="text-white">外部地缘政治压力(美国制裁)与内部产业链优化的双重需求</strong>。未来,“新海光”的潜力不仅在于市场份额的扩张,更在于其能否成功构建一个开放且具备竞争力的全栈算力生态。</p>
</section>
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">2. 核心逻辑与市场认知分析</h3>
<div class="space-y-4">
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<h4 class="font-semibold text-white">核心驱动力:</h4>
<ul class="list-disc list-inside mt-2 space-y-1 pl-4">
<li><strong class="text-slate-100">战略驱动:</strong>应对美国技术封锁,打通“芯片-整机-服务”全产业链,保障国家算力安全,响应“一企一业”战略。</li>
<li><strong class="text-slate-100">产业驱动:</strong>对抗NVIDIA、华为等全栈生态实现“芯片+软件+系统”垂直一体化,提升整体竞争力。</li>
<li><strong class="text-slate-100">商业驱动:</strong>解决内部利润分配矛盾消除中间环节提升整体利润率。海光以仅6.87%的股本摊薄获得曙光356亿价值业务对双方股东均属利好。</li>
</ul>
</div>
<div>
<h4 class="font-semibold text-white">市场热度与预期差:</h4>
<p>市场情绪高度乐观普遍认为是“1+1>2”的强强联合。然而存在潜在预期差</p>
<ul class="list-disc list-inside mt-2 space-y-1 pl-4">
<li><strong class="text-red-400">技术依赖风险:</strong>市场可能高估了“自主可控”程度。海光CPU源自 <strong class="text-red-300">AMD x86授权</strong>DCU生态基于 <strong class="text-red-300">AMD ROCm</strong>,这既是短期优势(兼容性),也是长期隐患。</li>
<li><strong class="text-red-400">生态建设难度:</strong>“芯-端-云-算”生态尚处早期建设阶段与CUDA、昇腾生态差距巨大。</li>
<li><strong class="text-red-400">整合复杂性:</strong>企业文化、人员、业务流程的整合难度可能被市场低估。</li>
<li><strong class="text-red-400">股权结构变迁:</strong>合并后 <strong class="text-red-300">成都产投</strong> 将成第一大股东,公司战略重心或受地方国资影响,这是一个市场未充分讨论的变量。</li>
</ul>
</div>
</div>
</section>
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">3. 关键催化剂与未来发展路径</h3>
<div class="grid md:grid-cols-2 gap-6">
<div>
<h4 class="font-semibold text-white">近期催化剂 (3-6个月)</h4>
<ul class="list-disc list-inside mt-2 space-y-1 pl-4">
<li>重组方案正式获批。</li>
<li>海光“深算三号”GPU发布及市场反馈。</li>
<li>首份合并后财报验证协同效应。</li>
<li>“海光AI联盟”取得实质性进展。</li>
</ul>
</div>
<div>
<h4 class="font-semibold text-white">长期发展路径</h4>
<ol class="list-decimal list-inside mt-2 space-y-1 pl-4">
<li><strong class="text-slate-100">整合优化 (1-2年):</strong> 推出“芯片+整机”一体化解决方案。</li>
<li><strong class="text-slate-100">生态扩张 (2-4年):</strong> 大力发展DTK软件栈构建应用生态。</li>
<li><strong class="text-slate-100">技术自主 (5年以上):</strong> 逐步降低对外部技术授权依赖。</li>
</ol>
</div>
</div>
</section>
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">4. 潜在风险与挑战</h3>
<ul class="list-disc list-inside space-y-2 pl-4">
<li><strong class="text-white">技术风险:</strong> 核心风险在于对AMD x86授权和ROCm生态的依赖自主DTK软件栈与CUDA差距巨大。</li>
<li><strong class="text-white">商业化风险:</strong> 内部整合阵痛,以及全栈方案在与华为等成熟方案竞争中的市场接受度。</li>
<li><strong class="text-white">竞争风险:</strong> 国内面临华为昇腾/鲲鹏纯自研路线的激烈竞争。</li>
<li><strong class="text-white">认知偏差风险:</strong> 市场对“自主可控”的宏大叙事与技术依赖的现实存在显著张力,可能导致估值过高。</li>
</ul>
</section>
<section>
<h3 class="font-title text-xl font-semibold text-sky-300 mb-3">5. 综合结论与投资启示</h3>
<p>该概念已从主题炒作进入<strong class="text-white">基本面驱动的价值重估阶段</strong>。投资价值排序建议如下:</p>
<ol class="list-decimal list-inside mt-3 space-y-2 pl-4">
<li><strong class="text-white">核心标的 (存续主体海光信息):</strong> 承载所有战略意图和协同效应的最终平台,风险与收益并存。</li>
<li><strong class="text-white">“铲子”型高确定性环节 (曙光数创):</strong> AI算力竞赛中液冷需求确定性高风险相对较低。</li>
<li><strong class="text-white">生态验证型环节 (新致软件、华宇软件等):</strong> 深度绑定的下游应用商,其业绩是海光生态渗透率的最佳观察哨。</li>
</ol>
<p class="mt-4">需重点跟踪<strong class="text-white">合并后毛利率变化</strong><strong class="text-white">海光DCU出货量与市占率</strong>、以及<strong class="text-white">DTK软件栈开发者生态指标</strong>。这些是检验其长期价值的核心标准。</p>
</section>
</div>
</main>
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<h2 class="font-title text-3xl font-bold text-slate-100">中科院系&海光系 核心生态图谱</h2>
<p class="text-slate-300 mt-1">核心企业关系与产业链定位</p>
</div>
<div id="ecosystem-chart" class="w-full h-[600px]"></div>
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<!-- News Data -->
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<h2 class="font-title text-2xl font-bold text-slate-100">新闻数据摘要</h2>
<p class="text-slate-300 mt-1">关键事件与市场反应</p>
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<div class="daisy-collapse-title">核心事件:海光信息换股吸收合并中科曙光</div>
<div class="daisy-collapse-content text-slate-300 space-y-2">
<p><strong>概述:</strong>2025年5月25日宣布海光信息吸收合并方换股吸收合并中科曙光被吸收合并方。合并后曙光终止上市海光作为存续公司承继一切。构成重大资产重组但不构成重组上市。</p>
<p><strong>交易细节:</strong>成交金额1159.67亿元换股比例1:0.5525净新增股份1.58亿股。</p>
<p><strong>时间线:</strong>5月26日停牌6月10日复牌。9月6日称尽职调查仍在推进。</p>
</div>
</div>
<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50 rounded-lg">
<input type="checkbox" />
<div class="daisy-collapse-title">重组背景与深层动因</div>
<div class="daisy-collapse-content text-slate-300 space-y-2">
<p><strong>曙光侧:</strong>核心诱因是2024年中科可控退出整机业务导致其主导地位削弱。同时存在内部利润分配问题低价从海光拿卡高价卖出</p>
<p><strong>海光侧:</strong>CPU/DCU产品线成功市值达3000亿成为产业链上游核心。DCU填补英伟达禁售后的市场空缺具备整合上下游的资本和意愿。</p>
</div>
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<div class="daisy-collapse daisy-collapse-arrow bg-slate-900/50 rounded-lg">
<input type="checkbox" />
<div class="daisy-collapse-title">重组目的与预期影响</div>
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<p><strong>官方定调:</strong>我国算力产业“补短板、锻长板”的有益尝试。</p>
<p><strong>产业链整合:</strong>打造“芯-端-云-算”全产业链闭环实现“高端芯片设计”到“高端计算机整机”的协同形成对标英伟达NVL72的整体解决方案。</p>
<p><strong>市场战略:</strong>增强“海光系”竞争力抢占英伟达退出后的市场份额并尝试构建“海光AI联盟”对抗华为鲲鹏/昇腾生态。</p>
</div>
</div>
</div>
</div>
<!-- Roadshow Data -->
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<div class="border-l-4 border-amber-400 pl-4 mb-6">
<h2 class="font-title text-2xl font-bold text-slate-100">路演数据精要</h2>
<p class="text-slate-300 mt-1">机构视角与核心逻辑</p>
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<p><strong>事件定性:</strong>“中科系核心资产整合逻辑,超出市场预期”,符合国家“一企一业”战略,强化芯片与整机协同。</p>
<p><strong>协同效应:</strong>消除信息壁垒,强化系统级架构能力,降低软硬件协同成本,对标英伟达/华为集群方案。</p>
<p><strong>审批预期:</strong>预计通过“2+5+5”绿色通道快速获批。</p>
</div>
</div>
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<div class="daisy-collapse-title">海光信息:产品与市场</div>
<div class="daisy-collapse-content text-slate-300 space-y-2">
<p><strong>技术来源:</strong>依赖AMD x86授权2016年与中科院技术积累DCU生态基于AMD ROCm。</p>
<p><strong>产品迭代:</strong>CPU已迭代至海光四号DCU深算系列对标英伟达A100深算三号预计2025Q1上市。</p>
<p><strong>市场地位:</strong>信创市场占有率超50%DCU已与百度、阿里合作客户覆盖主流服务器厂商。</p>
</div>
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</div>
</div>
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<h2 class="font-title text-2xl font-bold text-slate-100">研报观点汇总</h2>
<p class="text-slate-300 mt-1">分析师共识与展望</p>
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<p><strong>产业链互补:</strong>实现“芯片-软件-系统”全链协同,打造“国产芯片+服务器整机”一体化解决方案。</p>
<p><strong>战略意义:</strong>顺应国产自主可控趋势,是科技竞争背景下产业链协同的必然需求,有利于打造国产算力+信创航母级企业。</p>
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<div class="daisy-collapse-title">"海光系"崛起与技术壁垒</div>
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<p><strong>核心观点:</strong>海光已构筑芯片软件类CUDA、系统架构CPU+GPU、产业生态的竞争壁垒“海光系”有望强势崛起。</p>
<p><strong>技术优势:</strong>国内唯一具备x86永久授权和CUDA兼容生态的厂商具备稀缺性。</p>
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<h2 class="font-title text-3xl font-bold text-slate-100">相关概念股票池</h2>
<p class="text-slate-300 mt-1">产业链核心及关联标的</p>
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<div class="overflow-x-auto">
<table class="table w-full custom-table">
<thead>
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<th>股票名称</th>
<th>股票代码</th>
<th>核心逻辑</th>
<th>所属派系/标签</th>
</tr>
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<script>
document.addEventListener('DOMContentLoaded', function () {
const stockData = [
{ "stock": "海光信息", "reason": "中科曙光持股27.96%,第一大股东。重组后为存续主体", "其他标签": "重组公司,海光系", "stock_code": "688041" },
{ "stock": "中科曙光", "reason": "中科院持股14.68%,为第一大股东。被吸收合并方", "其他标签": "重组公司,中科院系持股", "stock_code": "603019" },
{ "stock": "曙光数创", "reason": "中科曙光持股62.07%; 数据中心液冷解决方案龙头", "其他标签": "中科曙光持股,北交所", "stock_code": "920808" },
{ "stock": "中科星图", "reason": "中科曙光持股15.7%; 空天信息,航天测控/气象生态", "其他标签": "中科曙光持股", "stock_code": "688568" },
{ "stock": "星图测控", "reason": "中科曙光间接持股5.26%; 中科星图旗下,航天测控", "其他标签": "中科曙光持股,北交所", "stock_code": "920116" },
{ "stock": "新致软件", "reason": "基于海光深算系列芯片推出AI一体机产品", "其他标签": "海光系", "stock_code": "688590" },
{ "stock": "华宇软件", "reason": "联合海光发布万象公文大模型一体机", "其他标签": "海光系", "stock_code": "300271" },
{ "stock": "中国长城", "reason": "服务器产品覆盖海光等技术路线", "其他标签": "海光系", "stock_code": "000066" },
{ "stock": "思特奇", "reason": "全栈异构资源统一纳管能力,支持海光等架构", "其他标签": "海光系", "stock_code": "300608" },
{ "stock": "龙芯中科", "reason": "中科院间接持股19.32%; 自主LoongArch架构CPU", "其他标签": "中科院系持股", "stock_code": "688047" },
{ "stock": "寒武纪", "reason": "中科院持股15.73%; AI智能芯片研发", "其他标签": "中科院系持股", "stock_code": "688256" },
{ "stock": "中国科传", "reason": "中科院控股间接持有74.4%; 科技出版与知识服务", "其他标签": "中科院系持股", "stock_code": "601858" },
{ "stock": "奥普光电", "reason": "中科院长春所持股42.4%; 光刻机相关产品", "其他标签": "中科院系持股", "stock_code": "002338" },
{ "stock": "中科信息", "reason": "中科院控股持股30.53%; 智能识别与分析技术", "其他标签": "中科院系持股", "stock_code": "300678" },
{ "stock": "机器人", "reason": "中科院系持股25.18%; 工业机器人", "其他标签": "中科院系持股", "stock_code": "300024" },
{ "stock": "福晶科技", "reason": "中科院福建所持股20.58%; 光学晶体与激光器件", "其他标签": "中科院系持股", "stock_code": "002222" },
];
const tableBody = document.querySelector('.custom-table tbody');
stockData.forEach(item => {
const tags = item['其他标签'].split(',').map(tag => tag.trim());
const tagColors = {
'重组公司': 'bg-red-500/30 text-red-300 border border-red-500/50',
'海光系': 'bg-sky-500/30 text-sky-300 border border-sky-500/50',
'中科院系持股': 'bg-purple-500/30 text-purple-300 border border-purple-500/50',
'中科曙光持股': 'bg-indigo-500/30 text-indigo-300 border border-indigo-500/50',
'北交所': 'bg-amber-500/30 text-amber-300 border border-amber-500/50'
};
const tagsHtml = tags.map(tag => {
const colorClass = tagColors[tag] || 'bg-gray-500/30 text-gray-300 border border-gray-500/50';
return `<span class="badge badge-outline text-xs ${colorClass} mr-1 mb-1">${tag}</span>`;
}).join('');
const row = document.createElement('tr');
row.className = 'border-b border-slate-700/50';
row.innerHTML = `
<td class="font-bold text-white whitespace-nowrap">${item.stock}</td>
<td>
${item.stock_code && item.stock_code.length === 6 ?
`<a href="https://valuefrontier.cn/company?scode=${item.stock_code}" target="_blank" class="text-sky-400 hover:text-sky-200 transition-colors">${item.stock_code}</a>` :
`<span class="text-slate-500">${item.stock_code || 'N/A'}</span>`
}
</td>
<td class="text-slate-300 text-sm">${item.reason}</td>
<td class="whitespace-nowrap">${tagsHtml}</td>
`;
tableBody.appendChild(row);
});
// ECharts Initialization
var chartDom = document.getElementById('ecosystem-chart');
var myChart = echarts.init(chartDom, 'dark');
var option;
const nodes = [
{ id: 'root', name: '重组-中科院系&海光系', symbolSize: 100, category: '核心概念' },
{ id: 'cas', name: '中科院系', symbolSize: 80, category: '派系' },
{ id: 'hygon-sys', name: '海光系', symbolSize: 80, category: '派系' },
{ id: 'sugon', name: '中科曙光', symbolSize: 60, category: '核心公司' },
{ id: 'hygon', name: '海光信息', symbolSize: 60, category: '核心公司' },
{ id: 'sugon-dc', name: '曙光数创', symbolSize: 40, category: '中科曙光持股' },
{ id: 'geostar', name: '中科星图', symbolSize: 40, category: '中科曙光持股' },
{ id: 'geostar-mc', name: '星图测控', symbolSize: 30, category: '中科曙光持股' },
{ id: 'xinzhi', name: '新致软件', symbolSize: 30, category: '海光生态' },
{ id: 'huayu', name: '华宇软件', symbolSize: 30, category: '海光生态' },
{ id: 'cgc', name: '中国长城', symbolSize: 30, category: '海光生态' },
{ id: 'loongson', name: '龙芯中科', symbolSize: 40, category: '中科院系' },
{ id: 'cambricon', name: '寒武纪', symbolSize: 40, category: '中科院系' },
];
const links = [
{ source: 'root', target: 'cas', value: '包含' },
{ source: 'root', target: 'hygon-sys', value: '包含' },
{ source: 'cas', target: 'sugon', value: '核心企业' },
{ source: 'cas', target: 'loongson', value: '体系内企业' },
{ source: 'cas', target: 'cambricon', value: '体系内企业' },
{ source: 'hygon-sys', target: 'hygon', value: '核心企业' },
{ source: 'sugon', target: 'hygon', value: '持股27.96% (第一大股东)' },
{ source: 'hygon', target: 'sugon', value: '吸收合并' },
{ source: 'sugon', target: 'sugon-dc', value: '持股62.07%' },
{ source: 'sugon', target: 'geostar', value: '持股15.7%' },
{ source: 'geostar', target: 'geostar-mc', value: '控股' },
{ source: 'hygon', target: 'xinzhi', value: '生态合作' },
{ source: 'hygon', target: 'huayu', value: '生态合作' },
{ source: 'hygon', target: 'cgc', value: '生态合作' },
];
const categories = [
{ name: '核心概念' }, { name: '派系' }, { name: '核心公司' },
{ name: '中科曙光持股' }, { name: '海光生态' }, { name: '中科院系' }
];
option = {
backgroundColor: 'transparent',
tooltip: {
formatter: function (params) {
if (params.dataType === 'edge') {
return params.data.value;
}
return params.data.name;
}
},
legend: {
data: categories.map(a => a.name),
textStyle: { color: '#e2e8f0' },
bottom: 20
},
animationDuration: 1500,
animationEasingUpdate: 'quinticInOut',
series: [
{
type: 'graph',
layout: 'force',
data: nodes.map(node => ({
...node,
label: { show: node.symbolSize > 35, color: '#fff', fontSize: 12 },
itemStyle: {
borderRadius: 10,
}
})),
links: links.map(link => ({
...link,
lineStyle: {
width: 2,
curveness: 0.1
}
})),
categories: categories,
roam: true,
force: {
repulsion: 300,
edgeLength: [100, 200],
gravity: 0.1
},
emphasis: {
focus: 'adjacency',
lineStyle: {
width: 5
}
}
}
],
color: ['#ef4444', '#f97316', '#0ea5e9', '#8b5cf6', '#14b8a6', '#a855f7']
};
myChart.setOption(option);
window.addEventListener('resize', myChart.resize);
});
</script>
</body>
</html>