（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 ...

据了解，众多企业在制造业绿色转型步伐上显著加快。联想相关负责人向记者介绍，联想已在合肥、天 津、武汉、深圳等地完成"东西南北中"的全方位供应链布局，绿色智造理念深度融入其中。其中，联想 天津零碳工厂作为ICT行业首座从零起步打造的"生态级零碳工厂"，于2023年顺利建成投产。该工厂构 建起"六位一体"零碳框架，在建筑设计、生产制程、仓储物流等九大领域实施了90个减碳举措，为制造 业响应政策号召、推进绿色转型提供了切实可行的"实操指南"。 北京商报讯（记者 和岳）1月30日，记者获悉，工业和信息化部等五部门日前联合发布《关于开展零碳 工厂建设工作的指导意见》，明确规划，至2027年，将在汽车、锂电池、光伏、电子电器等行业培育并 建设一批零碳工厂。 ...

当前，AI正在从互联网行业向千行百业渗透，从通用大模型向行业大模型发展。紫光股份的"云— 网—安—算—存—端"全栈布局，使其在赋能产业智能化浪潮中占据了有利位置。例如，在智慧城市项 目中，公司可以提供从边缘感知设备（端）、城域承载网络（网）、城市数据中心（算、存）到城市云 平台与安全体系（云、安）的整体方案。全栈能力使其不仅是产品供应商，更是客户的数字化转型合作 伙伴。 紫光股份的实践表明，中国科技企业正通过聚焦核心技术与系统级创新，在全球AI产业浪潮中积 极争夺定义未来的话语权。当然，紫光股份也面临来自国内外顶尖科技公司的全方位竞争。能否持续胜 出，取决于以下几个关键点，包括技术创新的深度与速度、海外市场的突破广度、生态构建的开放度、 运营效率的持续优化等。 人工智能的竞争，本质上是算力、算法与数据的竞争，而算力基础设施是这一切的基石。在该寒 道，紫光股份有限公司通过内生外延并举，已成功跻身国内第一梯队。 在全球科技竞争格局和国内强调科技自立自强的背景下，ICT产业链的自主可控重要性日益凸显。 紫光股份作为国内数字化解决方案的头部企业，其发展与中国数字经济的战略方向高度契合。公司持续 加大研发投入，在高端网 ...

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]

Core Viewpoint - Huawei's commitment to "not weaponizing patents" sets a benchmark in the technology sector amidst escalating patent disputes, emphasizing innovation as a fundamental principle rather than a competitive weapon [1][10]. Group 1: Patent Strength and Investment - As of the end of 2024, Huawei holds over 150,000 globally effective authorized patents, with over 90% being invention patents, covering critical areas such as 5G and WiFi6 [3]. - Huawei has invested over 1.2 trillion yuan in research and development over the past decade, with 179.7 billion yuan allocated for technological innovation in 2024, accounting for 20.8% of its annual revenue [3]. Group 2: Patent Philosophy and Licensing - Huawei's patent strategy revolves around "shared and win-win" principles, contrasting with companies that use patents to suppress competitors [5]. - The company has signed over 230 patent licensing agreements with major ICT firms globally, adhering to reasonable international standards for patent fees, such as charging no more than 50 yen per communication device for Japanese SMEs [5]. Group 3: Fairness and Compliance in Patent Operations - Huawei views patents as "stepping stones" for industry development rather than obstacles, advocating for fair negotiations to achieve technology sharing and mutual benefits [7]. - The company maintains a compliance framework throughout its patent operations, refusing to export technologies that could be used for manufacturing weapons of mass destruction or threaten regional peace [9]. Group 4: Industry Responsibility and Innovation Goals - Huawei's approach to patents reflects a commitment to responsible industry development, emphasizing that true technological leadership involves fostering collective growth within the industry [10]. - The ultimate goal of innovation, as stated by Huawei, is to bring the digital world to every individual, family, and organization, with patents serving as a bridge to achieve this vision [10].