Core Insights - The launch of the Kimi K2 AI model in China has generated significant attention, marking a pivotal moment in the AI industry, similar to the "DeepSeek moment" [3] - The AI sector is characterized by a ten-year cycle of innovation, creating new demand through supply-side advancements, necessitating investors to stay attuned to technological evolution [4] Group 1: AI Industry Developments - The Kimi K2 model is designed as "Agentic AI," capable of understanding complex instructions and autonomously executing multi-step tasks, positioning it as a digital employee rather than just a chatbot [3] - The recent announcements from NVIDIA and AMD regarding the resumption of chip supplies to China indicate a positive trend in the AI hardware market, supporting local innovation [3] Group 2: Investment Opportunities - The Huabao AI ETF (589520) focuses on the domestic AI industry chain, showcasing strong characteristics of domestic substitution, with a balanced allocation across application software, terminal applications, and cloud chips [4] - The Huabao AI ETF has seen a remarkable performance, with the Sci-Tech Innovation Board AI Index rising by 90.90% since September 24, significantly outperforming other indices [5]

上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 法律意见书 致：乐鑫信息科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受乐鑫信息科技（上海） 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《乐鑫信 息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 就公司召开 2025 年第三次临时股东大会（以下简称"本次股东大会"）的有关 事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合法律、法规及《公司章程》的规定 以及表决结果是否合法有效发表意见，并不对本次 ...

| 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-053 | | | | | | | --- | --- | --- | --- | --- | --- | | 乐鑫信息科技（上海）股份有限公司 | | | | | | | 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 | | | | | | | 重要内容提示： | | | | | | | 本次会议是否有被否决议案：无 | | | | | ? | | 会议召开和出席情况 | | | | | 一、 | | 股东大会召开的时间：2025 年 7 18 日 | 月 | | | | （一） | | 690 2 101 股东大会召开的地点：上海市浦东新区碧波路 号 号楼 室 | | | | | （二） | | 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | | （三） | | 其持有表决权数量的情况： | | | | | | | 普通股股东人数 133 | | | | | | | 普通股股东所持有表决权数量 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-053 乐鑫信息科技（上海）股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 （一） 股东大会召开的时间：2025 年 7 月 18 日 （二） 股东大会召开的地点：上海市浦东新区碧波路 690 号 2 号楼 101 室 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 133 | | --- | --- | | 普通股股东人数 | 133 | | 2、出席会议的股东所持有的表决权数量 | 69,346,852 | | 普通股股东所持有表决权数量 | 69,346,852 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 44.5221 | | 普通股股东所持有表决 ...

上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 2025 年第三次临时股东大会之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 2025 年第三次临时股东大会之 1 法律意见书 致：乐鑫信息科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受乐鑫信息科技（上海） 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《乐鑫信 息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 就公司召开 2025 年第三次临时股东大会（以下简称"本次股东大会"）的有关 事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合法律 ...

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]

Core Viewpoint - The A-share market has surpassed 3500 points, leading to a significant increase in public fund research activities, with a total of 618 investigations conducted by 127 public fund institutions on 116 stocks, reflecting a 24.35% week-on-week growth in research activity [3][4]. Group 1: Market Performance and Research Activity - The average increase of stocks under public fund research was 2.03%, outperforming the Shanghai and Shenzhen 300 Index's 0.82% increase during the same period [4]. - The real estate sector, particularly Yuka Development, saw a remarkable increase of 51.28%, attracting attention from major public funds [5][6]. - The electronics sector, represented by Lexin Technology, was the most researched stock with 52 investigations and a weekly increase of 12.54% [5][7]. Group 2: Sector Analysis - The pharmaceutical and electronics sectors were the most favored, with the pharmaceutical sector receiving 105 investigations across 16 stocks, while the electronics sector had 103 investigations across 11 stocks [9][11]. - The machinery equipment sector also showed significant interest, with 72 investigations across 12 stocks [11]. - Other sectors like computing and electric equipment received considerable attention, with both sectors having 9 stocks investigated and over 40 total investigations [10][11]. Group 3: Fund Issuance Trends - A total of 31 new public funds were launched, maintaining a steady issuance rate of over 30 funds for three consecutive weeks, with equity funds making up 77.42% of the total [14][16]. - Among the newly launched funds, 15 were passive index funds, indicating a strong preference for this type of investment [17][19]. - The issuance of bond funds has significantly decreased, with only 3 new bond funds launched compared to 13 the previous week, reflecting a cooling interest in this area [18].

Core Viewpoint - The future movements of high-tech companies continue to attract investor attention, particularly in the fields of smart manufacturing, AI chips, and humanoid robots [1][2]. Group 1: Company Research - Leading public funds such as China Europe Fund, E Fund, and Huatai-PB Fund have recently conducted intensive research on companies like Taotao Automotive, Juguang Technology, and Lexin Technology, focusing on their advancements in cutting-edge fields [2]. - Taotao Automotive, a high-tech enterprise specializing in electric vehicles and related products, is entering the humanoid robot industry to support its smart transformation [3][4]. - Juguang Technology, established in 2002, provides high-end analytical instruments and solutions across various industries, with a focus on the demand for mass spectrometers and the impact of "dual carbon" policies [5][6]. - Lexin Technology, a global fabless semiconductor company, has seen significant interest in its AI edge chips, which have generated revenues in the hundreds of millions, and emphasizes a diversified product strategy [7][8][9]. Group 2: Industry Trends - The investment community is particularly interested in the technological upgrade paths, policy implementation timelines, and the commercialization potential of new businesses in the high-tech sector [2]. - Companies are committed to steadily advancing their strategies while focusing on long-term technological accumulation and industry collaboration [2].

Group 1 - The A-share market has successfully broken through the 3500-point mark, leading to increased enthusiasm among investors and a rise in public fund research activities [1] - A total of 127 public fund institutions participated in A-share research activities last week, covering 116 stocks across 25 Shenwan primary industries, with a total of 618 research instances, representing a 24.35% increase from the previous week [1][2] - The electronics sector, particularly Lexin Technology, received significant attention, being researched 52 times, making it the most focused stock by public funds last week [1][2] Group 2 - The top ten stocks researched by public funds last week were concentrated in specific industries, with notable representation from the electronics, computer, and machinery equipment sectors [1][2] - The computer industry saw Shengshi Technology researched 24 times, ranking fourth, while Yuxin Technology was researched 13 times, ranking tenth [1][2] - The machinery equipment sector included three stocks in the top ten: Aopute, Noli Co., and Liugong, with research instances of 21, 15, and 15 respectively [1][2] Group 3 - The pharmaceutical and electronics industries led in research instances, with the pharmaceutical sector being researched 105 times across 16 stocks, including notable performers like Nami Technology and Kefu Medical [3] - The electronics sector was researched 103 times, covering 11 stocks, including Lexin Technology and Rijiu Optoelectronics, which also showed good performance [3] - The machinery equipment industry had 12 stocks researched a total of 72 times, including Aopute and Noli Co., which performed well in the market [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing robust growth driven by AIoT, industrial control, and automotive electronics, with significant revenue increases reported by key players such as Rockchip (H1 revenue up 64% YoY, net profit up 185%-195% YoY), Espressif (net profit up 65%-78% YoY), and Tailing Micro (net profit up 267% YoY) [2][13][18] - The storage sector is witnessing a recovery with Demingli reporting H1 revenue of 3.8-4.2 billion yuan, reflecting a YoY increase of 75%-93%, and a narrowing of losses in Q2, indicating a potential turning point for profitability [2][20][28] - Price forecasts for Q3 indicate a significant increase in DRAM prices, with expectations of a 15%-20% rise, and NAND Flash prices expected to increase by 5%-10%, driven by strong demand from AI investments and enterprise-level storage needs [3][14][29][30] Summary by Sections 1. Performance Forecasts - The design sector is seeing comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [2][18] - The equipment and materials sector is also on a steady upward trend, with domestic equipment manufacturers like Changchuan Technology and Yitang Co. benefiting from domestic substitution and successful customer expansion [2][19] 2. Storage Price Outlook - Q3 price forecasts for DRAM show a comprehensive increase, with Consumer DDR4 expected to rise by 40%-45% and Server DDR4 by 28%-33% [3][30] - NAND Flash prices are also expected to rise, with enterprise SSDs projected to increase by 5%-10% and 3D NAND wafers by 8%-13% [3][14][30] 3. Recommended Stocks - Key stock recommendations in the storage sector include Jiangbolong, which is expected to benefit from price increases and domestic substitution, with a projected revenue growth of 200% YoY by Q1 2025 [4][15] - Other recommended companies span various segments, including design (e.g., Rockchip, Espressif), equipment (e.g., Changchuan Technology), and materials (e.g., Dinglong Technology) [6][16]