二〇二五年十二月 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 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2025 年第二次临时股东会的 法律意见书 2025 年第二次临时股东会的 法律意见书 致：中科寒武纪科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中科寒武纪科技股份有限 公司（以下简称"公司"）委托，指派本所律师列席公司 2025 年第二次临时股东 会，并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-079 中科寒武纪科技股份有限公司 2025年第二次临时股东会决议公告 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 注：截至本次股东会股权登记日，公司回购专用账户中股份数为 36,600 股，不享有股东会 表决权。 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 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 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 15 日 （二） 股东会召开的地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层金 辉 6 厅 （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 | 1,430 | | --- | --- | | 普通股股东人数 | 1,430 | | 2、出席会议的股东所持有的表决权数量 | 284,399,259 | | 普通股股东所持有表决权数量 | 284,399,259 | | ...

Core Insights - A fundamental shift in artificial intelligence is occurring, transitioning from the digital world to the physical world, which is expected to create a global robotics hardware market worth up to $25 trillion by 2050 [1][3] - Morgan Stanley's latest report predicts that global robotics hardware sales will surge from approximately $100 billion in 2025 to $500 billion by 2030, reaching $9 trillion by 2040 and $25 trillion by 2050 [1][4] Market Growth Factors - Five key factors are driving exponential growth in the global robotics market, with an estimated 1.4 billion robots expected to be sold by 2050 and a total of 6.5 billion operational robots [4] - The diversity of robot forms will include industrial robots, service robots, drones, autonomous vehicles, humanoid robots, and household robots, covering various applications from manufacturing to healthcare and agriculture [7] Component Demand Surge - The explosive growth of the robotics industry will create significant opportunities for upstream component suppliers, with projections indicating the need for 5.7 billion cameras, 27 billion motors, and 4.1 billion bearings by 2050 [8][11] - The demand for edge computing capabilities is expected to increase by 40,000 times, while the need for rare earth magnets and battery capacity will also see substantial growth [8] Investment Opportunities - The demand surge will present major business opportunities for suppliers of motors, bearings, rare earth materials, cameras, sensors, AI chips, and batteries [11] - Small drones and low-altitude robotic systems are identified as the most promising investment areas, driven by ease of navigation, government prioritization due to lessons from the Ukraine conflict, and the maturation of regulatory frameworks [11] China's Competitive Advantage - China is demonstrating a clear lead in the robotics sector, particularly in manufacturing capabilities, control of rare earth materials, and policy support, with expectations of continued expansion over the next decade [3][14] - By 2050, China is projected to account for approximately 26% of global robot sales, with even higher shares in industrial robots and drones [15] - The country is expected to maintain a competitive edge in the robotics supply chain, particularly in the "body" segment of humanoid robots, where it holds a 63% market share [15]

Core Insights - As of December 15, a total of 687 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - ST Jinglan has the longest streak of net outflows, with 26 consecutive days, while Jin Gu shares follow with 20 days [1] - Tianfu Communication has the highest total net outflow amount, with 4.516 billion yuan over five days, followed by Changying Precision with 4.123 billion yuan [1] Summary by Category Net Outflow Duration - ST Jinglan: 26 days of net outflow [4] - Jin Gu shares: 20 days of net outflow [1] Total Net Outflow Amount - Tianfu Communication: 4.516 billion yuan over 5 days [1] - Changying Precision: 4.123 billion yuan over 5 days [1] - Heertai: 4.056 billion yuan over 7 days [1] - Aerospace Development: 3.937 billion yuan over 7 days [1] Proportion of Net Outflow to Transaction Amount - ST Zhengping has the highest proportion of net outflow, with a 36.95% drop over 8 days [1] - Other notable stocks with significant net outflow proportions include Heertai and Changying Precision [1] Cumulative Price Change - ST Jinglan: -4.49% [4] - Tianfu Communication: -11.52% [1] - Changying Precision: -18.64% [1] - Heertai: -24.47% [1]

Core Insights - The average stock price on the STAR Market is 40.75 yuan, with 71 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1331.90 yuan [2][3] - A total of 172 stocks increased in price while 416 stocks decreased, with the average decline for stocks over 100 yuan being 3.16% [2][3] - The premium of stocks over their issue prices averages 498.01%, with notable premiums for companies like Shunwei New Materials and Cambrian-U [2][3] Stock Performance - Cambrian-U closed at 1331.90 yuan, down 0.90%, followed by Moer Thread-U at 764.90 yuan and SourceJet Technology at 633.00 yuan [2][3] - Among the stocks priced over 100 yuan, 10 stocks saw an increase, with the largest gainers being Zhenray Technology, Haooubo, and Jingfeng Mingyuan [2][3] - The sectors with the highest concentration of stocks over 100 yuan include electronics, pharmaceuticals, and computers, with 38, 9, and 8 stocks respectively [2][3] Capital Flow - The net outflow of main funds from stocks over 100 yuan totaled 4.123 billion yuan, with Zhenray Technology, Zhongwei Company, and Anji Technology seeing the highest net inflows [3] - The total margin balance for stocks over 100 yuan is 95.915 billion yuan, with Cambrian-U, Zhongxin International, and Haiguang Information having the highest margin balances [3] Detailed Stock List - A detailed list of stocks over 100 yuan includes Cambrian-U, Moer Thread-U, and SourceJet Technology, with their respective closing prices and percentage changes [4][5]

以最新收盘价计算，A股平均股价为13.60元，其中股价超过100元的有161只，相比上一个交易日减少6 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月15 日收盘，沪指报收3867.92点，下跌0.55%，A股平均股价为13.60元，个股股价分布看，股价超过100元 的有161只，股价在50元至100元的有415只，股价在30元至50元的有735只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1426.00元，上涨0.38%，其次是寒武纪、摩尔 线程等，最新收盘价分别为1331.90元、764.90元。 市场表现方面，收盘股价超百元股中，今日平均下跌2.39%，跑输沪指1.84个百分点。今日上涨的有32 只，涨幅居前的有臻镭科技、飞沃科技等，下跌的有128只，跌幅居前的有品茗科技、芯原股份等。 追溯发现，最新百元股近一个月平均上涨6.86%，其间沪指下跌3.07%，涨幅居前的有飞沃科技、超捷 股份、德科立等，涨幅分别为135.98%、108.57%、77.99%，今年以来平均涨幅为121.28%，强于沪指 105.88%，累计涨幅居前的有上纬新材、天普 ...

Core Insights - The article discusses a fundamental shift in artificial intelligence from the digital realm to the physical world, predicting a global robotics hardware market worth $25 trillion by 2050 due to this transition [1][4]. Group 1: Market Growth Projections - Morgan Stanley's global robotics model forecasts that global robotics hardware sales will surge from approximately $100 billion in 2025 to $500 billion by 2030, reaching $9 trillion by 2040 and $25 trillion by 2050 [1][5]. - By 2050, it is estimated that 1.4 billion robots will be sold globally, with a total of 6.5 billion operational robots [5]. Group 2: Diverse Robot Types and Applications - The types of robots will be highly diverse, including industrial robots, service robots, drones, autonomous vehicles, humanoid robots, and household robots, covering various applications from manufacturing to healthcare, agriculture, transportation, defense, and space exploration [8]. Group 3: Component Demand Surge - The explosive growth in the robotics industry will create significant opportunities for upstream component suppliers, with projections indicating the need for 5.7 billion cameras, 27 billion motors, 41 billion bearings, and 1.25 million ExaFLOPS of edge computing capacity by 2050 [9]. - The demand for rare earth magnets and battery capacity will also see substantial increases, with projections of 170 million tons of rare earth magnets and 26 terawatt-hours of battery capacity required [9]. Group 4: Investment Opportunities - The demand surge will present major business opportunities for suppliers of motors, bearings, rare earth materials, cameras, sensors, AI chips, and batteries [11]. - Small drones and low-altitude robotic systems are identified as the most promising investment areas, driven by ease of navigation, lessons learned from the Russia-Ukraine conflict, and the maturation of regulatory frameworks [11]. Group 5: China's Competitive Advantage - China demonstrates a clear competitive advantage in manufacturing capabilities, control over rare earth materials, and policy support, with expectations that its leading position will continue to expand over the next decade [4][16]. - By 2025, investments in robotics and drone sectors in China are expected to exceed $30 billion, with AI-related financing reaching $260 billion, highlighting the significant role of Chinese companies in these markets [15]. - China is projected to account for approximately 26% of global robot sales by 2050, with even higher shares in industrial robots and drones [16].

Core Viewpoint - SenseTime has launched Seko 2.0, an integrated creative and multi-episode generation AI model, leveraging its self-developed Seko series models for image and video generation [1] Group 1: Product Development - Seko 2.0 is built on the SenseTime's self-developed Seko series models, including SekoIDX and SekoTalk, which form the technological foundation for multi-modal generation [1] - The Seko series models are compatible with domestic AI chips from Cambricon [1] Group 2: Strategic Partnerships - SenseTime has established a strategic partnership with Cambricon in October, focusing on the joint optimization of software and hardware [1] - The collaboration aims to enhance core model capabilities, improve computing power utilization, and increase cost efficiency [1]

Core Viewpoint - HanGuang Technology is positioned as a leading enterprise in the domestic AI chip sector, focusing on AI chip research and technological innovation [1] Company Overview - The company has developed a comprehensive product matrix covering "cloud-edge-end" scenarios, including cloud intelligent chips and acceleration cards, edge intelligent chips and acceleration cards, and terminal intelligent processor IP [1] - Key products include the Siyuan 590 and Siyuan 370, which are cloud training and inference chips designed to meet the AI application needs across various industries such as internet, finance, transportation, and energy [1] Technology and Innovation - HanGuang has established a complete technological system from instruction set architecture to chip design and basic system software [1] - The company is expected to benefit from the continuous growth in AI computing power demand, with its products being implemented in key industry application scenarios such as internet, telecommunications, and finance [1] Market Potential - The business is anticipated to achieve explosive growth due to the increasing demand for AI capabilities [1] - The initial coverage of the company has been rated as "recommended" [1]

Market Overview - The market experienced fluctuations with the Shanghai Composite Index falling by 0.55%, the Shenzhen Component down by 1.1%, and the ChiNext Index decreasing by 1.77% [1] Sector Performance - The consumer sector saw significant gains, with the liquor concept being particularly active, highlighted by Zhongrui Co., which achieved two consecutive trading limits [2] - The dairy sector surged, with Huangshi Group and Sunshine Dairy reaching their daily limits [2] - Retail stocks performed strongly, with Baida Group and Guangbai Co. also hitting their daily limits [2] - The insurance sector strengthened, with China Ping An rising nearly 5%, reaching a four-year high [3] - The commercial aerospace concept remained active, with Hualing Cable and Zhongchao Holdings achieving three consecutive trading limits [4] Declining Sectors - The film and cinema sector saw a decline, with Bona Film Group hitting the lower limit [5] - The computing hardware sector weakened, with Changfei Optical Fiber reaching the lower limit [6] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was 1.77 trillion yuan, a decrease of 318.8 billion yuan compared to the previous trading day [7] - Notable individual stock trading volumes included Zhongji Xuchuang at over 17.3 billion yuan, New Yisheng at over 16.5 billion yuan, and several others exceeding 10 billion yuan [7]