1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

证券代码：603986 证券简称：兆易创新 公告编号：2025-036 兆易创新科技集团股份有限公司 第五届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）第五届董事会第四次 会议的会议通知和材料已于 2025 年 7 月 17 日以电子邮件方式发出，会议于 2025 年 7 月 22 日以通讯方式召开。本次会议由董事长朱一明先生主持，会议应出席 董事 9 名，实际出席董事 9 名；公司部分高级管理人员列席了本次会议。本次会 议的召集和召开程序符合《中华人民共和国公司法》等有关法律、行政法规、部 门规章、规范性文件和《公司章程》的有关规定。 经与会董事认真审议，以记名投票表决方式一致通过以下议案： 一、关于调整 2020 年股票期权与限制性股票激励计划相关事项的议案 鉴于公司 2024 年年度权益分派方案已经实施完毕，根据《上市公司股权激 励管理办法》以及《公司 2020 年股票期权与限制性股票激励计划（草案）》的 相关规定，对股票期权行权价格及限制性股 ...

Core Viewpoint - The legal opinion letter from Beijing Zhonglun (Shenzhen) Law Firm addresses the adjustments related to the stock option and restricted stock incentive plans of Zhaoyi Innovation Technology Group Co., Ltd. for the years 2020, 2021, 2023, and 2024, confirming that necessary approvals and authorizations have been obtained for these adjustments [2][15]. Summary by Sections Legal Framework - The law firm has acted as a special legal advisor for Zhaoyi Innovation regarding the implementation of the 2020, 2021, 2023, and 2024 incentive plans, in accordance with relevant laws and regulations including the Company Law and Securities Law of the People's Republic of China [3][4]. Adjustments to Incentive Plans - The adjustments to the incentive plans are based on the company's profit distribution proposal for 2024, which includes a cash dividend of 3.40 yuan per 10 shares (tax included) without capital reserve transfers or stock bonuses [7]. - Following the adjustments, the exercise prices for the stock options and repurchase prices for restricted stocks have been set as follows: - 2020 Plan: Exercise price adjusted to 141.73 yuan/share, repurchase price to 69.659 yuan/share [7][9]. - 2021 Plan: Exercise price adjusted to 185.94 yuan/share, repurchase price to 91.96 yuan/share [9]. - 2023 Plan: Exercise price adjusted to 86.13 yuan/share [9]. - 2024 Plan: Exercise price adjusted to 58.84 yuan/share [9]. Approval and Authorization - The adjustments have been approved by the company's board of directors, in compliance with the Management Measures and the company's articles of association [15]. - The board has been authorized to make necessary adjustments to the stock option exercise prices and repurchase prices in response to events such as profit distribution and capital reserve transfers [10][13].

北京市中伦（深圳）律师事务所认为，公司本次股权激励计划的调整相关事 项已取得现阶段必要的批准和授权，符合《管理办法》《公司章程》及《激励计 划》的相关规定。 特此公告。 兆易创新科技集团股份有限公司董事会 证券代码：603986 证券简称：兆易创新 公告编号：2025-038 兆易创新科技集团股份有限公司 关于调整2021年股票期权与限制性股票激励计划相 关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开第五届董事会第四次会议，审议通过了《关于调整 2021 年股票期权与限 制性股票激励计划相关事项的议案》，现将有关事项说明如下： 一、2021 年股票期权与限制性股票激励计划已履行的相关审批程序 <北京兆易创新科技股份有限公司 ensp="ensp" 年股票期权与限制性股票激励计划="年股票期权与限制性股票激励计划" 草="草"> 案）>及其摘要的议案》《关于 <北京兆易创新科技股份有限公司 ensp="ensp" 年股票期="年 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-039 兆易创新科技集团股份有限公司 关于调整 2023 年股票期权激励计划相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开的第五届董事会第四次会议审议通过《关于调整 2023 年股票期权激励计 划相关事项的议案》，现将有关事项说明如下： 一、2023 年股票期权激励计划已履行的相关审批程序 3．2023 年 7 月 20 日，公司第四届董事会第十一次会议和第四届监事会第 十次会议审议通过了《关于调整 2023 年股票期权激励计划相关事项的议案》《关 于向激励对象授予股票期权的议案》。公司独立董事对此发表了独立意见，认为 激励对象主体资格确认办法合法有效，确定的授予日符合相关规定。 1．2023 年 7 月 4 日，公司第四届董事会第十次会议审议通过了《关于<兆 易创新科技集团股份有限公司 2023 年股票期权激励计划（草案）>及其摘要的议 案》《关于<兆易创新科 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 证券代码：603986 证券简称：兆易创新 公告编号：2025-037 兆易创新科技集团股份有限公司 关于调整2020年股票期权与限制性股票激励计划相 关事项的公告 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开第五届董事会第四次会议，审议通过了《关于调整 2020 年股票期权与限 制性股票激励计划相关事项的议案》，现将有关事项说明如下： 一、2020 年股票期权与限制性股票激励计划已履行的相关审批程序 1．2020 年 12 月 28 日，公司第三届董事会第二十次会议审议通过了《关于 <北京兆易创新科技股份有限公司 2020 年股票期权与限制性股票激励计划（草 案）>及其摘要的议案》《关于<北京兆易创新科技股份有限公司 2020 年股票期 权与限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权 董事会办理股权激励相关事宜的议案》。公司第三届监事会第十八次会议审议通 过相关议案。公司独立董事就本次股权激励计划是否有利于公司的 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-040 兆易创新科技集团股份有限公司 关于调整 2024 年股票期权激励计划相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开的第五届董事会第四次会议审议通过《关于调整 2024 年股票期权激励计 划相关事项的议案》，现将有关事项说明如下： 一、2024 年股票期权激励计划已履行的相关审批程序 1．2024 年 4 月 18 日，公司第四届董事会第十八次会议审议通过了《关于< 兆易创新科技集团股份有限公司 2024 年股票期权激励计划（草案）>及其摘要的 议案》《关于<兆易创新科技集团股份有限公司 2024 年股票期权激励计划实施考 核管理办法>的议案》《关于提请股东大会授权董事会办理 2024 年股票期权激励 计划相关事宜的议案》。公司第四届监事会第十五次会议审议通过相关议案。公 司已对激励对象名单在公司内部进行了公示，公示期满后，监事会对本次股权激 励计划激励对 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开第五届董事会第四次会议，审议通过了《关于调整 2021 年股票期权与限 制性股票激励计划相关事项的议案》，现将有关事项说明如下： 一、2021 年股票期权与限制性股票激励计划已履行的相关审批程序 证券代码：603986 证券简称：兆易创新 公告编号：2025-038 1．2021 年 7 月 9 日，公司第三届董事会第二十六次会议审议通过了《关于 <北京兆易创新科技股份有限公司 2021 年股票期权与限制性股票激励计划（草 案）>及其摘要的议案》《关于<北京兆易创新科技股份有限公司 2021 年股票期 权与限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权 董事会办理股权激励相关事宜的议案》。公司第三届监事会第二十四次会议审议 通过相关议案。公司独立董事就本次股权激励计划是否有利于公司的持续发展及 是否存在损害公司及全体股东利益的情形发表独立意见。公司已对激励对象名单 在公司内部 ...

北京市中伦（深圳）律师事务所 关于兆易创新科技集团股份有限公司 2020 年股票期权与限制性股票激励计划、 2021 年股票期权与限制性股票激励计划、 2023 年股票期权激励计划及 2024 年股票期权激励计划 调整相关事项的 法律意见书 二〇二五年七月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于兆易创新科技集团股份有限公司 2020 年股票期权与限制性股票激励计划、 2021 年股票期权与限制性股票激励计划、 2023 年股票期权激励计划及 2024 年股票 ...

第五届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 证券代码：603986 证券简称：兆易创新 公告编号：2025-036 兆易创新科技集团股份有限公司 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）第五届董事会第四次 会议的会议通知和材料已于 2025 年 7 月 17 日以电子邮件方式发出，会议于 2025 年 7 月 22 日以通讯方式召开。本次会议由董事长朱一明先生主持，会议应出席 董事 9 名，实际出席董事 9 名；公司部分高级管理人员列席了本次会议。本次会 议的召集和召开程序符合《中华人民共和国公司法》等有关法律、行政法规、部 门规章、规范性文件和《公司章程》的有关规定。 经与会董事认真审议，以记名投票表决方式一致通过以下议案： 一、关于调整 2020 年股票期权与限制性股票激励计划相关事项的议案 鉴于公司 2024 年年度权益分派方案已经实施完毕，根据《上市公司股权激 励管理办法》以及《公司 2020 年股票期权与限制性股票激励计划（草案）》的 相关规定，对股票期权行权价格及限制性股 ...