Group 1: Lexin Technology - Lexin Technology focuses on building a developer ecosystem and providing standardized development paths, with a global market share of approximately 30% in the ESP32 segment, which has a higher search interest than STM32 [1] - The company has over 400 developers participating in the ESP-IDF operating system development and aims to become the "default option" in emerging applications by offering a complete development framework [1] - Lexin's revenue is 70% from Chinese customers, with an estimated half of their business going overseas, and they maintain a gross margin of over 40% [1] Group 2: Sightway Technology - Sightway Technology has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics, ranking first in global security CIS shipments in 2024 [2] - The company's smartphone business generated revenue of 329.12 million yuan, accounting for 55.15% of total revenue, with a year-on-year growth of 269.05% [2] - Sightway plans to continue investing in R&D, with a budget of 44.74 million yuan in 2024, a 56.35% increase from the previous year [2] Group 3: Huitian Technology - Huitian Technology adopts a differentiated business model, dynamically adapting its technical capabilities and production capacity to meet long-term market demands [3] - The company expects to achieve approximately 10.09 billion yuan in revenue from the enterprise communications market in 2024, with PCB products for servers and HPC accounting for 29.48% and high-speed network products for switches and routers accounting for 38.56% [3] - Huitian's Thai factory has begun small-scale production, aiming to improve production efficiency and gradually release capacity [3] Group 4: Zhongmi Holdings - Zhongmi Holdings holds a market share of over 20% in the domestic petrochemical sector and 60%-70% in the incremental market [4] - The company faces higher requirements and longer construction cycles for overseas projects compared to domestic ones, with international market incremental business having slightly higher gross margins [4] - The domestic incremental business has low gross margins, with limited potential for further decline, indicating a market concentration towards leading enterprises [4]

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]

Core Viewpoint - The company plans to raise up to 1.778 billion yuan through a private placement to fund the development and industrialization of Wi-Fi 7 router chips, smart terminal chips, AI edge chips based on RISC-V architecture, and the construction of a research and development center in Shanghai [2][3]. Group 1: Funding Allocation - The raised funds will be allocated to Wi-Fi 7 router chip and smart terminal chip development projects, focusing on enhancing product performance and expanding product synergy to improve competitive strength [2]. - The company aims to leverage the growing market for Wi-Fi 7 technology, with commercial deployment expected between 2026 and 2027, driven by demands for 8K/VR transmission and low-latency industrial IoT [3]. Group 2: R&D Focus - The RISC-V self-developed IP AI edge chip project is another key focus, aiming to enhance algorithm processing capabilities and energy efficiency in AI chip products [3]. - The company plans to use 598 million yuan for the construction of a new R&D center in Shanghai, with a significant portion allocated for purchasing a new R&D building to expand its research and office space [4]. Group 3: Competitive Positioning - The strategic investment in Wi-Fi 7 and AI chips reflects the company's intent to capture future technological leadership amid global upgrades in communication and smart hardware industries [4]. - By increasing R&D space and personnel, the company aims to align its R&D capacity with industry standards, enhancing its competitiveness in the global IoT chip market [4].

Core Insights - The company, 乐鑫信息科技, has announced that its ESP32-C61 has entered full-scale production to meet the dual demands of high-speed connectivity and low power consumption for the next generation of smart devices [1] Group 1 - The ESP32-C61 is specifically designed to cater to the needs of new smart devices [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the smart glasses industry, including GoerTek, Lante Optics, Sunny Optical Technology, Espressif Technology, and others [5][6]. Core Insights - Smart glasses are identified as one of the most promising carriers for AI large models, with the potential for significant transformation in human-computer interaction due to advancements in AI capabilities [1][11]. - The market consensus on AI glasses has evolved, particularly with the launch of RayBan Meta, which combines hardware, AI functionality, and user-friendly features, achieving sales of over 1.4 million units in 2024 [2][20]. - The integration of optical display modules is crucial for the evolution of smart glasses towards augmented reality (AR) applications, with a focus on lightweight and high-performance optical components [3][23]. Summary by Sections Smart Glasses: AI First, Exploring AR - The report discusses the transition of AI from research to application, highlighting the increasing importance of multi-modal interactions, including text, images, and voice [11][13]. - Smart glasses are positioned as a suitable platform for AI applications due to their proximity to key sensory organs, enabling seamless interaction with AI [16][19]. Optical Waveguide and Micro LED as Core Bottlenecks - The report identifies the challenges in optical module manufacturing, emphasizing the need for lightweight and high-performance solutions to facilitate mass production of AR glasses [3][34]. - The combination of diffraction waveguides and Micro LED technology is seen as a potential solution for enhancing the display and user experience of AR glasses [3][39]. Investment Recommendations - The report suggests focusing on various segments within the smart glasses industry, including brands, solution providers, and optical component manufacturers, highlighting companies like Xiaomi, GoerTek, and Lante Optics as key players [4][5]. - The report emphasizes the importance of SoC processors for AI glasses and optical components for AR glasses, indicating a clear distinction in hardware requirements between the two types [26][28].

Core Viewpoint - Company is focusing on the development and industrialization of Wi-Fi 7 router chips, emphasizing the necessity of this investment despite the early stage of the Wi-Fi 7 market [1][2]. Group 1: Investment Projects - The fundraising project includes Wi-Fi 7 router chip R&D, Wi-Fi 7 smart terminal chip R&D, the construction of a Shanghai R&D center, and supplementary working capital [2]. - Wi-Fi 7 is expected to support throughput of up to 30 Gbps, approximately three times that of Wi-Fi 6, highlighting the performance improvements [2][3]. Group 2: Competitive Landscape - Competitors like MediaTek have already established a relatively mature layout in Wi-Fi 7 technology, prompting the company to accelerate its own development to close the gap [2][3]. Group 3: R&D Challenges - The company acknowledges potential R&D challenges, such as increased signal processing requirements and design complexity due to the upgrade of maximum channel width from 160 MHz to 320 MHz [3]. - The support for multi-link operation (MLO) necessitates stronger chip coordination capabilities, adding to the design complexity [3]. Group 4: Market Application - Currently, Wi-Fi 7 is primarily applied in high-end devices, but it is expected to become more widespread from 2026 to 2027, potentially becoming the main Wi-Fi application by 2030 [3]. Group 5: Real Estate Investment - The company plans to allocate 598 million yuan for real estate acquisition, specifically for a new R&D building in Shanghai, which will cover an area of 13,000 square meters [4]. - The current average R&D area per employee is 17.67 square meters, which is below the level of comparable companies, necessitating the new facility to support ongoing and future projects [5]. Group 6: Future Workforce and Space - After the completion of the new R&D center, the average R&D area per employee is projected to increase to 25.36 square meters, aligning with industry standards [5].

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。乐鑫信息科技（上海）股份有限公司 （以下简称"乐鑫科技"、"发行人"或"公司"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 路由器芯片研发及产业化 ...

7-2-1 关于乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票审核问询函的回复报告 天职业字[2025]29618 号 上海证券交易所： 根据贵所出具的《关于乐鑫信息科技（上海）股份有限公司向特定对象发行股票申请 文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"） 的要求，天职国际会计师事务所（特殊普通合伙）（以下简称"我们"或"申报会计师"） 作为乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"、"发行人"或"公 司"）的申报会计师，对审核问询函中涉及申报会计师的相关问题进行了逐项核实，现回 复如下，请予审核。 如无特别说明，本问询函回复中使用的简称与《关于乐鑫信息科技（上海）股份有限 公司向特定对象发行股票申请文件的审核问询函》中释义一致。 本回复所引用的财务数据和财务指标，如无特殊说明，均为合并报表口径的财务数据 和根据该类财务数据计算的财务指标。 在本问询函回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍五 入原因所致。 7-2-2 问题 2.关于融资规模与效益测算 根据申报材料，（1）公司本次拟募集资金不超过 177,787.67 万 ...

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。乐鑫信息科技（上海）股份有限公司 （以下简称"乐鑫科技"、"发行人"或"公司"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 7-1-1 | | | 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]