Group 1 - The core point of the news is that shareholders of Haitai Ruisheng (688787.SH) plan to reduce their holdings due to personal funding needs and operational requirements, with a total reduction not exceeding 1,780,857 shares, which is 2.9521% of the company's total shares [1] - Shareholder He Lin and his concerted action party Zhongyi An plan to reduce their holdings through centralized bidding and block trading, with a maximum of 603,251 shares (1.0000% of total shares) through centralized bidding and 1,206,503 shares (2.0000% of total shares) through block trading [1] - Shareholder Ningbo Fengwan plans to reduce holdings of 603,251 shares (1.0000% of total shares) through centralized bidding due to partner funding needs, with the reduction period starting three trading days after the announcement [1] Group 2 - Shareholder Qingde Investment also plans to reduce holdings of 603,251 shares (1.0000% of total shares) through centralized bidding due to partner funding needs, with the reduction period starting three trading days after the announcement [1] - Other shareholders, including Li Ke, Lu Siyao, Huang Yukai, Hao Yufeng, and Zhang Zhe, have also announced plans to reduce their holdings through centralized bidding, with reductions ranging from 361 shares (0.0006% of total shares) to 10,361 shares (0.0172% of total shares) [2] - The reduction period for these shareholders will begin 15 trading days after the announcement and will last for three months [2]

股东、董事及高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688787 证券简称：海天瑞声 公告编号：2026-002 北京海天瑞声科技股份有限公司 重要内容提示： 股东、董事及高级管理人员持股的基本情况 截至本次公告披露日，北京海天瑞声科技股份有限公司（以下简称"公司"） 控股股东、实际控制人贺琳及其一致行动人宁波中毅安创业投资合伙企业(有限 合伙)（以下简称"中毅安"）分别持有公司股份 11,773,784 股、5,522,229 股， 分别占公司股份总数的 19.5172%、9.1541%。贺琳和中毅安具有一致行动关系， 合计持有公司股份 17,296,013 股，占公司股份总数的 28.6713%。上述股份来源 为公司首次公开发行前取得及公司实施资本公积转增股本，已于 2024 年 8 月 13 日全部上市流通。 宁波丰琬创业投资合伙企业（有限合伙）（以下简称"宁波丰琬"）持有公司 股份 827,072 股，占公司股份总数的 1.3710%。上述股份来源为公司首 ...

Group 1 - The controlling shareholder, He Lin, and his action-in-concert party, Ningbo Zhongyi An Venture Capital Partnership, hold approximately 11.77 million shares (19.52%) and 5.52 million shares (9.15%) respectively, totaling about 17.3 million shares (28.67%) of the company [1] - Shares held by He Lin and Ningbo Zhongyi An are sourced from pre-IPO acquisitions and capital reserve conversion, which will be fully tradable by August 13, 2024 [1] - Other shareholders include Ningbo Fengwan Venture Capital Partnership with approximately 830,000 shares (1.371%), and Beijing Qingde Investment Center with about 2.82 million shares (4.68%), both sourced similarly and fully tradable since August 15, 2022 [1] Group 2 - Company executives Li Ke, Lv Siyao, Huang Yukai, and others hold minor shares ranging from 0.0024% to 0.0687% of the total shares, with all shares sourced from equity incentives and capital reserve conversion, fully tradable since May 30, 2023 [2] - He Lin and Ningbo Zhongyi An plan to reduce their holdings by up to approximately 178,090 shares (2.95%) through centralized bidding and block trading, with a reduction period starting 15 trading days after the announcement [2] - Other shareholders, including Ningbo Fengwan and Qingde Investment, also plan to reduce their holdings by up to approximately 60,330 shares (1%) each through centralized bidding within three months following the announcement [3]

人民财讯1月22日电，海天瑞声(688787)1月22日公告，股东贺琳及其一致行动人中毅安计划减持公司股 份合计不超过178.09万股，合计不超过公司股份总数的2.9521%；股东宁波丰琬计划减持公司股份合计 不超过60.33万股，合计不超过公司股份总数的1%；股东清德投资计划减持公司股份合计不超过60.33万 股，合计不超过公司股份总数的1%；公司董事、高级管理人员李科、吕思遥等5人拟合计减持不超 0.048%公司股份。 ...

南财智讯1月22日电，海天瑞声公告，控股股东、实际控制人贺琳及其一致行动人中毅安因自身资金需 求、经营需要，计划通过集中竞价及大宗交易方式合计减持不超过178.09万股，即不超过公司总股本的 2.9521%。其中集中竞价减持不超过60.33万股，大宗交易减持不超过120.65万股，减持期间为2026年2 月24日至2026年5月23日。宁波丰琬因合伙人资金需求，计划通过集中竞价方式减持不超过60.33万股， 占公司总股本比例不超过1.0000%，减持期间为2026年1月29日至2026年4月28日。清德投资因合伙人资 金需求，拟通过集中竞价方式减持不超过60.33万股，占公司总股本比例不超过1.0000%，减持期间同为 2026年1月29日至2026年4月28日。此外，公司董事、高级管理人员李科拟减持1.04万股，吕思遥拟减持 6096股，黄宇凯拟减持1.01万股，郝玉峰拟减持361股，张哲拟减持1968股，均通过集中竞价方式实 施，减持原因均为个人资金需求，减持期间为2026年2月24日至2026年5月23日。上述减持主体所持股份 来源包括首次公开发行前取得及资本公积转增股本或股权激励获得。本次减持不会导致 ...

Investment Rating - The report maintains a positive outlook on the industry, specifically highlighting the potential for effective control of AI model hallucinations by 2026 [2]. Core Insights - The report emphasizes that while hallucinations in AI models are inevitable, advancements in algorithms, data quality, and engineering practices can significantly reduce their occurrence. The top 25 global models have achieved a hallucination rate below 8% [5][6]. - The report identifies three key areas for investment: mature AI applications, marketing AI that is less sensitive to hallucinations, and data plus AI infrastructure [6]. Summary by Sections 1. Hallucinations - The Lower Bound of Model Capability - The report defines hallucinations as overconfident errors produced by language models, which can include fabrications, factual inaccuracies, contextual misunderstandings, and logical fallacies. For instance, GPT-3.5 had a hallucination rate of approximately 40%, while GPT-4's rate was 28.6% [14][15]. 2. Sources of Hallucinations - Hallucinations arise from several factors, including model architecture, toxic data, lack of accuracy in reward objectives, and context window limitations. Addressing these factors is crucial for controlling hallucinations [7][8]. 3. Reducing Hallucinations: From Models, Data, Engineering, and Agents - The report discusses various strategies to mitigate hallucinations, such as using larger training datasets, extending context windows, and incorporating human feedback through reinforcement learning (RLHF) [25][26]. - Engineering practices like Retrieval-Augmented Generation (RAG) are becoming standard, with Gartner predicting a 68% adoption rate by 2025 [56][57]. 4. 2B Application Penetration and Evolution - The report notes that the control of hallucinations in mainstream models has made significant progress, with the top 25 models in the Vectara HHEM ranking achieving hallucination rates below 8%. For example, the Finix model developed by Ant Group has a hallucination rate of only 1.8% [72].

基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。1.22日共有16位基金经理发生任职变动。 根据巨灵统计的数据，近30天（12.23-1.22）共有595只基金产品的基金经理发生离职。其中今天（1.22）日有18只基金产 品发布基金经理离职公告，涉及8名基金经理。从变动原因上来看，有5位基金经理是由于工作变动而从管理的7只基金产品 中离职。有1位基金经理是由于产品到期而从管理的1只基金产品中离职。有1位基金经理是由于辞职而从管理的2只基金产 品中离职。有1位基金经理是由于个人原因而从管理的8只基金产品中离职。 | | | 基金代码 | 公告日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | ■開切/し | | 005607 | 2026/1/22 | 20: | | | | | 华宝中证500增强C | 005608 | 2 ...

Market Performance - On January 21, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.08% to 4116.94 points, the Shenzhen Component Index rising by 0.7% to 14255.13 points, and the ChiNext Index up by 0.54% to 3295.52 points [1] Fund Manager Changes - On January 21, there were 25 fund manager changes, with 23 fund products announcing departures of fund managers, involving 11 managers. In the past 30 days (December 22 to January 21), 587 fund products experienced manager changes [3] - The reasons for the changes included 9 managers leaving due to job changes and 2 due to product expiration [3] New Fund Managers - On January 21, 32 fund products announced new fund manager appointments, involving 14 managers. Notably, Xu Chengcheng from Industrial Bank has managed funds totaling 2.169 billion yuan, with the highest return of 758.05% from the Guotai Guozheng Food and Beverage Industry Fund [5] Fund Research Activity - In the past month (December 22 to January 21), Huaxia Fund conducted the most company research, engaging with 54 listed companies, followed by Bosera Fund with 45 and Southern Fund with 39 [6][7] - The automotive parts industry was the most researched sector, with 173 instances, followed by the chemical products industry with 149 [6][7] Recent Company Focus - In the last week (January 14 to January 21), the most researched company was Naipu Mining, with 41 fund institutions participating in the research. Other notable companies included Tiancheng Technology and Dike Co., with 36 and 31 fund institutions respectively [8][9]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 207 companies were investigated by institutions, with notable interest in companies like Haitai Ruisheng, Naipu Mining, and Meihao Medical, indicating a trend of concentrated institutional research activity in specific sectors [1]. Group 1: Institutional Research Activity - 85.51% of the companies investigated had participation from securities firms, with 177 companies being researched by them [1]. - Fund companies conducted research on 160 companies, while private equity firms investigated 91 companies, showing a diverse range of institutional interest [1]. - Haitai Ruisheng received the highest attention with 204 institutions participating in its research, followed by Naipu Mining with 132 institutions [1]. Group 2: Research Frequency and Fund Flow - Tianlu Technology was the most frequently researched company, receiving four institutional investigations, while Suzhou Bank and Binglun Environment were each investigated three times [1]. - Among the stocks with over 20 institutions involved, 15 saw net capital inflows in the past five days, with Hangzhou Bank attracting the most significant net inflow of 508 million yuan [1]. Group 3: Market Performance - Out of the stocks investigated, 31 experienced price increases, with the highest gains seen in Aiko Optoelectronics (34.13%), Dike Co. (26.44%), and Tietuo Machinery (23.29%) [2]. - Conversely, 17 stocks saw declines, with the largest drops in Olin Biology (-13.20%), Aipeng Medical (-12.19%), and Meihao Medical (-11.89%) [2]. Group 4: Earnings Forecasts - Among the stocks investigated, seven companies released earnings forecasts, with four expecting profit increases. Runfeng Co. projected the highest net profit of 1.1 billion yuan, reflecting a year-on-year increase of 144.40% [2].

Group 1 - The A-share market has seen structural investment opportunities emerge since 2026, particularly in sectors like brain-computer interfaces, commercial aerospace, and embodied intelligence [1][2] - Companies such as Xiangyu Medical and Haitan Ruisheng have become popular among institutional investors, with Xiangyu Medical receiving 208 institutional visits, the highest in its category [1][2] - Haitan Ruisheng is optimistic about the embodied intelligence data sector and has formed a dedicated team to develop related business, collaborating with various robotics manufacturers and tech giants [3] Group 2 - The commercial aerospace sector is also attracting attention, with Chaojie Co. receiving nearly 130 institutional visits in a short period, focusing on its rocket structural components and production capacity [3] - The overall situation shows that 373 listed companies have received institutional research since the beginning of 2026, with electronics and machinery equipment industries being the most popular [4] - Despite recent market adjustments, industry analysts believe that policy support and technological breakthroughs will continue to drive growth in sectors like brain-computer interfaces and commercial aerospace [4][5]