Core Insights - HaiTian RuiSheng has been collaborating with Alibaba for over ten years, providing essential training data products and solutions in key AI fields such as intelligent voice, computer vision, and natural language processing [1] Group 1 - Alibaba has significantly increased its investment in high-quality, multilingual training data to support its AI strategy [1] - HaiTian RuiSheng has become an important data supplier for Alibaba due to its comprehensive advantages in multilingual data resources, specialized data processing technology, and high-standard quality systems [1]

Group 1 - The core theme of the "Phoenix Bay Area Finance Forum 2025" is "New Pattern, New Path," focusing on insights into changing dynamics and exploring new development opportunities [1] - Haotian Ruisheng reported a remarkable net profit growth of 813.65% year-on-year in its semi-annual report, attributed to the global demand for data driven by large models like DeepSeek [1] - The CEO of Haotian Ruisheng highlighted the company's dual market growth in both domestic and international sectors, particularly in the fields of Chain-of-Thought and multimodal data [1] Group 2 - The transition of large models from the digital world to the physical world is seen as a significant next step for AI, with "embodied intelligence" being a key focus area [1] - Haotian Ruisheng is proactively preparing for the unique data challenges posed by embodied intelligence, which are more complex than those in autonomous driving [1] - The company is establishing a diverse and heterogeneous "embodied intelligence data training ground" to collect data through interactions among different robots in the same environment [1] Group 3 - The CEO predicts that the entry of humanoid robots into household settings will take an estimated 5 to 10 years due to the unstructured nature of home environments and the highly personalized demands [2]

Core Viewpoint - The company, Haitan Ruisheng (688787.SH), announced a significant reduction in shareholding by major shareholders, indicating a shift in ownership dynamics and potential implications for investor sentiment [1] Shareholding Changes - On September 25, 2025, shareholder He Lin reduced his stake by 179,000 shares, representing 0.30% of the total share capital [1] - From August 27 to September 25, 2025, Zhongyi An sold 116,710 shares through centralized bidding, accounting for 0.19% of the total share capital [1] - Between September 11 and September 25, 2025, Zhongyi An further reduced its holdings by 421,000 shares via block trading, which is 0.70% of the total share capital [1] - The total reduction by He Lin and Zhongyi An amounted to 716,710 shares, or 1.19% of the total share capital, decreasing their combined ownership from 30.00% to 28.81% [1]

持股 5%以上股东权益变动触及 1%刻度的提示性公告 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)保证向本公司提供 的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.身份类别 北京海天瑞声科技股份有限公司关于 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 证券代码：688787 证券简称：海天瑞声 公告编号：2025-034 一、 信息披露义务人及其一致行动人的基本信息 三、 其他说明 1、本次权益变动为公司股东贺琳及一致行动人中毅安履行此前披露的股份 减持计划所致，不触及要约收购。 2、本次权益变动不存在违反《中华人民共和国证券法》《上市公司收购管 理办法》等法律法规、上海证券交易所业务规则等相关规定情形及信息披露义务 人相关承诺的情况。 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | ...

Group 1 - The stock of Beijing Haitai Ruisheng Technology Co., Ltd. fell by 5.04% on September 26, trading at 120.29 CNY per share with a transaction volume of 177 million CNY and a turnover rate of 2.39%, resulting in a total market capitalization of 7.257 billion CNY [1] - The company, established on May 11, 2005, and listed on August 13, 2021, specializes in the research, design, production, and sales of AI training data. Its main business revenue composition includes: intelligent voice at 44.13%, computer vision at 40.02%, natural language at 13.90%, and application services at 1.95% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Xinda Australia has a significant holding in Haitai Ruisheng. The Xinao Ju You Zhi Xuan Mixed A Fund (017648) held 9,314 shares in the second quarter, accounting for 3.39% of the fund's net value, ranking as the tenth largest heavy stock [2] - The Xinao Ju You Zhi Xuan Mixed A Fund (017648) was established on January 19, 2023, with a latest scale of 12.7066 million CNY. Year-to-date returns are 31.71%, ranking 3049 out of 8171 in its category; the one-year return is 89.27%, ranking 838 out of 8004; and since inception, the return is 23.69% [2] - The fund manager, Xu Cong, has been in position for 2 years and 318 days, with total assets under management of 716 million CNY. The best fund return during his tenure is 19.28%, while the worst is 3.19% [2]

Core Insights - The overall AI penetration rate in China remains relatively low, indicating significant growth potential for the industry as policies are implemented and model capabilities continue to evolve [5] - The current market focus is on AI-related hardware, with a lack of explosive products and clear business models in the downstream applications, leading to insufficient visibility in company performance [5] - The Sci-Tech Innovation AI ETF (588790) has shown significant growth in both scale and shares, reflecting strong investor interest in the AI sector [6][6] Event Updates - JD.com has entered the "mass production phase" of AI applications, launching three major AI products and showcasing four application scenarios at its global technology conference [4] - China has added three U.S. companies to its export control list and another three to its unreliable entity list, indicating ongoing regulatory tensions [4] ETF Performance - The Sci-Tech Innovation AI ETF has seen a recent decline of 1.72%, with a weekly increase of 4.19% as of September 25, 2025 [3] - The ETF has a turnover rate of 2.43% and a transaction volume of 171 million yuan, ranking first among comparable funds in terms of average monthly trading volume [3] Industry Developments - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, covering a wide range of sectors including electricity, oil, and coal [4] - Intel showcased its next-generation Xeon processors at the 2025 Cloud Summit, utilizing new manufacturing processes and advanced packaging technologies to enhance performance and efficiency [4] Market Composition - The top ten weighted stocks in the Sci-Tech Innovation AI Index account for 71.66% of the index, with companies like Cambricon and Lanke Technology leading the list [7] - The ETF closely tracks the Sci-Tech Innovation AI Index, which includes 30 large-cap companies providing essential resources and technology for the AI industry [6]

Summary of Key Points Core Viewpoint - The recent large-scale trading activity of Haitai Ruisheng indicates significant institutional interest, with a notable discount on the trading price compared to the market closing price, suggesting potential investment opportunities [2][3]. Trading Activity - On September 25, Haitai Ruisheng recorded 12 large transactions on the trading platform, totaling 361,500 shares and a transaction value of 37.23 million yuan, with a trading price of 103.00 yuan, reflecting an 18.69% discount from the closing price [2]. - Over the past three months, the stock has seen a total of 44 large transactions, amounting to 179 million yuan [3]. Market Performance - The closing price of Haitai Ruisheng on the same day was 126.68 yuan, marking a 3.65% increase, with a daily turnover rate of 6.69% and a total transaction volume of 513 million yuan [3]. - The stock has experienced a cumulative increase of 2.28% over the past five days, despite a net outflow of 14.57 million yuan in funds during the same period [3]. Financing Data - The latest margin financing balance for Haitai Ruisheng stands at 319 million yuan, showing a decrease of 7.21 million yuan, or 2.21%, over the past five days [4].

Summary of Key Points Group 1: Market Activity - A total of 21 stocks on the Sci-Tech Innovation Board experienced block trading on September 25, with a cumulative transaction amount of 352 million yuan [1] - The highest transaction amount was for Dameng Data, with a volume of 200,000 shares and a transaction value of 43 million yuan [1] - The average price of block trades for the stocks involved showed significant discounts compared to their closing prices, with Dameng Data at a discount rate of 20.37% [1][2] Group 2: Institutional Participation - Among the block trades, 16 transactions involved institutional buyers or sellers, with the highest buying amounts for Haiguang Information, Artis, and Rongzhi Rixin, totaling 39.26 million yuan, 11.39 million yuan, and 10.04 million yuan respectively [2] - Ten stocks saw net inflows of funds, with the highest net inflows for Artis, Haiguang Information, and Haitan Ruisheng, amounting to 225 million yuan, 211 million yuan, and 43.69 million yuan respectively [2] Group 3: Stock Performance - The Sci-Tech 50 Index rose by 1.24% on the same day, with 237 stocks (40.24%) on the Sci-Tech Innovation Board experiencing price increases [1] - Among the stocks involved in block trading, the average increase was 0.43%, with the highest gains seen in Fuzhi Environmental, Yaxin Security, and Haitan Ruisheng, with increases of 5.20%, 4.50%, and 3.65% respectively [1][2]

Core Insights - The AI corpus concept index rose by 1.09%, ranking 9th among concept sectors, with 30 stocks increasing in value, led by Mango Super Media, Kunlun Wanwei, and Yanshan Technology, which saw gains of 8.47%, 7.40%, and 5.67% respectively [1] - The AI corpus sector experienced a net inflow of 239 million yuan from main funds, with 24 stocks receiving net inflows, and 7 stocks exceeding 30 million yuan in net inflow, with Yanshan Technology leading at 258 million yuan [1][2] Sector Performance - The top-performing concept sectors included China AI 50 with a 2.36% increase, while the South Korea-China Free Trade Zone saw a decline of 1.87% [1] - Other notable sectors with positive performance included controllable nuclear fusion (1.39%), Kuaishou concept (1.36%), and copper cable high-speed connection (1.26%) [1] Fund Flow Analysis - The stocks with the highest net inflow ratios included Century Tianhong (11.08%), Tuolisi (8.91%), and Haitan Ruisheng (8.51%) [2] - Yanshan Technology had a trading volume of 25.79 million yuan and a net inflow ratio of 4.19%, while Chinese Online and Tuolisi followed with net inflow ratios of 7.79% and 8.91% respectively [2][3] Stock Performance - The top gainers in the AI corpus sector included Yanshan Technology (5.67%), Chinese Online (4.11%), and Tuolisi (4.75%) [2] - Conversely, the stocks with the largest declines included Kaipu Cloud (-5.71%), Jiadu Technology (-2.20%), and Shenzhen Ruijie (-2.12%) [1][3]

Core Insights - On September 25, Haitan Ruisheng executed a block trade of 361,500 shares, amounting to 37.2345 million yuan, which represented 6.76% of the total trading volume for the day. The transaction price was 103 yuan, reflecting an 18.69% discount compared to the market closing price of 126.68 yuan [1]. Summary by Category - **Transaction Details** - The block trade involved 361,500 shares at a price of 103 yuan per share [1]. - The total transaction value was 37.2345 million yuan [1]. - This trade accounted for 6.76% of the total trading volume on that day [1]. - The transaction price was at an 18.69% discount to the market closing price of 126.68 yuan [1]. - **Trading Activity** - Multiple transactions were recorded on the same date for Haitan Ruisheng, with varying amounts and prices, all at 103 yuan [2]. - The trading volume and amounts varied across different buying and selling departments, indicating active trading interest [2].