Core Viewpoint - Lexin Technology's stock has experienced fluctuations, with a year-to-date increase of 18.32% but a recent decline of 14.80% over the past five trading days [1] Company Overview - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is based in Shanghai and specializes in the research, design, and sales of integrated circuit products [1] - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and others (0.64%) [1] Financial Performance - For the first half of 2025, Lexin Technology reported revenue of 1.246 billion yuan, a year-on-year increase of 35.35%, and a net profit attributable to shareholders of 261 million yuan, up 72.29% [2] - Since its A-share listing, Lexin Technology has distributed a total of 384 million yuan in dividends, with 145 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Lexin Technology was 16,100, a decrease of 0.47% from the previous period, with an average of 9,733 circulating shares per person, an increase of 40.32% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 5.1822 million shares, and other notable shareholders include 嘉实上证科创板芯片ETF and 申万宏源证券有限公司, both of which increased their holdings [3] Market Activity - On October 16, Lexin Technology's stock price fell by 2.16% to 184.18 yuan per share, with a trading volume of 118 million yuan and a turnover rate of 0.40% [1] - The stock has appeared on the龙虎榜 once this year, with a net purchase of 92.5144 million yuan on August 27 [1]

Core Points - The China Securities 1000 Growth ETF (562520) opened down 1.92% at 1.275 yuan [1] - The ETF's performance benchmark is the China Securities Selected 1000 Growth Innovation Strategy Index return [1] - The fund manager is Huaxia Fund Management Co., Ltd., and the fund manager is Zhang Jinzhi [1] Performance Summary - Since its establishment on March 8, 2022, the ETF has returned 30.03% [1] - The ETF has achieved a return of 2.14% over the past month [1] Top Holdings Performance - Daotong Technology opened up 2.77% [1] - Huatu Shanding increased by 1.03% [1] - Tiande Yu fell by 0.67% [1] - Lexin Technology decreased by 0.67% [1] - Hongsoft Technology dropped by 0.19% [1] - Taicheng Light fell by 0.64% [1] - Bluelight Optical rose by 0.61% [1] - Craft Home decreased by 0.42% [1] - Dahao Technology increased by 0.12% [1] - Huabao New Energy fell by 0.47% [1]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Core Insights - AI SoC is optimized for AI tasks, providing efficient parallel computing capabilities, particularly suitable for machine learning and deep learning applications [1][5] - The global AI SoC shipment volume is projected to grow from 949 million units in 2020 to 1.565 billion units in 2024, achieving a compound annual growth rate (CAGR) of 13.3% [1][11] - The demand for edge AI SoC is driven by advancements in large language models and multimodal models, leading to a surge in edge-side inference requirements [1][11] AI SoC Industry Overview - AI SoC integrates specialized functional modules for AI computation on top of traditional SoC, distinguishing itself with AI accelerators like NPUs [1][5] - The AI SoC industry consists of upstream software suppliers, IP providers, raw material suppliers, and equipment suppliers, with a focus on design, manufacturing, and testing in the midstream [1][5][6] Market Trends - The visual AI SoC segment is growing, with shipments expected to reach 246 million units in 2024, a year-on-year increase of 52.9%, accounting for 15.7% of total AI SoC shipments [1][13] - In China, the AI SoC market is projected to reach approximately 280 million units by 2024, supported by government policies promoting AI integration across various sectors [1][14] Future Projections - AI SoC shipment volumes are expected to continue growing, with projections indicating over 4.5 billion units by 2030 due to increasing demands for high-performance computing and AI inference capabilities [1][16] - The product categories within the AI SoC market are anticipated to diversify, focusing on AI processing capabilities and addressing varying requirements across different devices [1][16]

Group 1 - The core point of the news is that Lexin Technology's stock price dropped by 5.01% to 189.50 CNY per share, with a trading volume of 355 million CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 29.695 billion CNY [1] - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is primarily engaged in the research, design, and sales of integrated circuit products [1] - The main revenue composition of Lexin Technology includes modules and development kits at 60.47%, chips at 38.89%, and other sources at 0.64% [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan has heavily invested in Lexin Technology, specifically the Shenwan Hongyuan CSI 1000 Index Enhanced A fund, which increased its holdings by 52 shares to a total of 8,582 shares, accounting for 0.89% of the fund's net value [2] - The Shenwan Hongyuan CSI 1000 Index Enhanced A fund was established on February 14, 2023, with a latest scale of 87.4876 million CNY, achieving a year-to-date return of 30.8% and a one-year return of 40.61% [2] - The fund manager Liu Dun has a tenure of 8 years and 6 days, with a total asset scale of 3.457 billion CNY, while the other manager Xia Xiangquan has a tenure of 4 years and 359 days, managing assets of 922 million CNY [2]

乐鑫信息科技（上海）股份有限公司 2025年度向特定对象发行A股股票 发行情况报告书 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 二〇二五年九月 发行人董事、董事会审计委员会委员及高级管理人员声明 本公司董事、董事会审计委员会委员及高级管理人员承诺本发行情况报告书 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 相应的法律责任。 全体董事： TEO SWEE ANN 张瑞安 NG PEI CHI 黄佩琪 王 珏 TEO TECK LEONG 张德隆 CHEN MYN 陈敏 LEE KIAN SOON 李建顺 1 LEONG FOO LENG 梁富棱 乐鑫信息科技（上海）股份有限公司 年 月 日 发行人董事、董事会审计委员会委员及高级管理人员声明 本公司董事、董事会审计委员会委员及高级管理人员承诺本发行情况报告书 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 相应的法律责任。 董事会审计委员会委员： CHEN MYN 陈敏 NG PEI CHI 黄佩琪 LEE KIAN SOON 李建顺 乐鑫信息科技（上海）股份有限公司 年 ...

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关于 2025 年度向特定对象发行 A 股股票 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-068 乐鑫信息科技（上海）股份有限公司 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）本次向特定对象 发行 A 股股票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交 易所备案通过，公司将尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日在上海证券交易所网站(www.sse.com.cn) 披露的《乐鑫信息科技（上海）股份有限公司 2025 年度向特定对象发行 A 股股 票发行情况报告书》等相关文件。 特此公告。 乐鑫信息科技（上海）股份有限公司董事会 2025 年 10 月 1 日 发行情况报告书披露的提示性公告 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。 1 ...