Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFlytek, as well as AI hardware companies like Yingshi Network, Hongsoft Technology, and Hesai Technology, indicating a positive investment outlook for these sectors [3]. Core Insights - The AI industry is expected to see significant growth, particularly in the second half of the year, with advancements in AI applications, smart driving, domestic substitution, and overseas expansion showing promising trends [5][12]. - The report highlights the performance of the AI computing sector, which is expected to maintain high growth, while AI applications are accelerating upward [11][13]. - The report anticipates that the overall revenue for the sector may be flat, but profit margins are expected to improve due to cost savings from AI integration and efficiency gains [5][12]. Summary by Sections Current Week's Insights - The report discusses the recent advancements in AI, including the release of the GR-3 model by ByteDance's Seed team, which demonstrates superior capabilities in real-world scenarios [5][12]. - The report notes that the AI industry chain, smart driving, and domestic substitution are expected to maintain good momentum, with a focus on AI applications showing accelerated growth [12]. Sector Performance - The report categorizes various sectors within the computer industry based on their growth potential, with AI computing and lidar maintaining high growth, while sectors like industrial software and medical IT are under pressure [11][13]. - The report indicates that the software outsourcing sector is stable, with new growth drivers emerging from AI, overseas expansion, and domestic substitution [13]. Market Review - From July 18 to July 25, 2025, the computer industry index rose by 1.71%, outperforming the CSI 300 index by 0.02 percentage points, indicating a positive market sentiment [14][19]. - The report highlights the top-performing companies in the computer sector during this period, showcasing significant gains for several firms [19]. Upcoming Events - The report mentions key upcoming events, including the second AI glasses industry innovation application summit and the 2025 World Artificial Intelligence Conference, which are expected to present opportunities within the industry [27][28].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 嘉亨家化股份有限公司（以下简称"公司"或"嘉亨家化"）于 2025 年 4 月 21 日分别召开第三届董事会第二次会议和第三届监事会第二次会议、于 2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度公司及全资子 公司申请综合授信、提供担保额度预计的议案》，同意 2025 年度公司及全资子 公司预计向银行等金融机构申请不超过人民币 9.8 亿元（包括新增及原授信到期 后续期）的综合授信额度，公司对全资子公司授信预计提供合计不超过人民币 8.1 亿元的担保额度，其中为资产负债率大于等于 70%的子公司提供担保额度不 超过人民币 6.1 亿元，为资产负债率小于 70%的子公司提供担保额度不超过人民 币 2.0 亿元。授信额度有效期为自公司 2024 年年度股东大会审议通过之日起至 2026 年度授信及担保方案经公司股东大会审议批准之日止，授信期限内，授信 额度可循环使用。具体内容详见公司于 2025 年 4 月 23 日在巨潮资讯网 （www.cninfo. ...

Market Overview - As of July 23, the Shanghai Composite Index closed at 3582.30 points, with a slight increase of 0.44 points, representing a change of 0.01% [1] - The Shenzhen Component Index closed at 11059.04 points, down by 40.79 points, a decrease of 0.37% [1] - The ChiNext Index closed at 2310.67 points, with a minor decline of 0.19 points, or 0.01% [1] Trading Activity - A total of 101 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notably, C Shanda and C Jiyuan had turnover rates above 50%, with 82.89% and 80.75% respectively, indicating a high level of liquidity and interest in these stocks [1] Top Stocks by Turnover Rate - C Shanda (301609) closed at 66.85 CNY, with a turnover rate of 82.89% and a remarkable increase of 356.00% [1] - C Jiyuan (603262) closed at 40.75 CNY, with a turnover rate of 80.75% and a significant rise of 274.54% [1] - Other notable stocks with high turnover rates include: - Guanlong Energy (301151) at 24.11 CNY, turnover rate of 72.29%, down by 5.67% [1] - Weiman Sealing (301161) at 29.81 CNY, turnover rate of 66.12%, down by 16.05% [1] - Southern Road Machinery (603280) at 34.75 CNY, turnover rate of 64.76%, up by 10.00% [1] Additional Noteworthy Stocks - Other stocks with notable trading activity include: - Sichuan Jinding (600678) at 11.15 CNY, turnover rate of 51.91%, down by 4.21% [1] - Baijia Technology (835857) at 9.56 CNY, turnover rate of 47.74%, up by 17.16% [1] - Jindun Co. (300411) at 15.77 CNY, turnover rate of 43.27%, down by 1.93% [1]

证券代码：300955 证券简称：嘉亨家化 公告编号：2025-021 嘉亨家化股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 嘉亨家化股份有限公司（以下简称"公司"）2024 年年度权益分派方案已获 2025 年 5 月 14 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公 告如下： 一、股东大会审议通过权益分派方案情况 1、公司于 2025 年 5 月 14 日召开了 2024 年年度股东大会，审议通过了《关 于公司 2024 年度利润分配预案的议案》，分配方案的具体内容为：以公司现有 总股本 100,800,000 股为基数，向全体在册股东按每 10 股派发现金股利 2.8 元（含 税），共计分配 28,224,000.00 元（含税），剩余未分配利润结转以后年度分配， 本年度不送红股，不进行资本公积金转增股本。如公司在实施权益分派的股权登 记日前公司总股本发生变动，将按照分配总额不变的原则对分配比例进行相应调 整。 2、自 2024 年年度权益分派方案披露至实施期间，公司股本总额未发生变化 ...

Market Overview - The Shanghai Composite Index fell by 0.04% on June 17, with 14 out of the 28 sectors rising, led by coal and public utilities, which increased by 0.89% and 0.82% respectively [1] - The pharmaceutical and beauty care sectors experienced the largest declines, with drops of 1.44% and 1.24% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 25.316 billion yuan, with 8 sectors seeing net inflows [1] - The transportation sector had the highest net inflow of 800.2 million yuan, while the power equipment sector saw a net inflow of 540 million yuan [1] - A total of 23 sectors experienced net capital outflows, with the media sector leading at 4.548 billion yuan, followed by the pharmaceutical sector at 4.278 billion yuan [1] Beauty Care Sector Insights - The beauty care sector declined by 1.24% with a net capital outflow of 14.7 million yuan, comprising 31 stocks, of which 5 rose and 26 fell [2] - The top three stocks with the highest net inflow in the beauty care sector were Furuida (32.89 million yuan), Proya (29.76 million yuan), and Lafang (17.81 million yuan) [2] - The stocks with the largest net outflows included Qingdao Kingking (47.32 million yuan), Shuiyang (34.79 million yuan), and Haoyue Care (24.31 million yuan) [2] Individual Stock Performance - Notable declines in the beauty care sector included Huaye Fragrance (-8.23%), Qingdao Kingking (-1.31%), and Haoyue Care (-6.11%) [3] - Conversely, Furuida and Proya saw slight increases of 0.92% and 0.13% respectively, indicating some resilience amidst the overall sector decline [3]

Group 1 - The cosmetics sector is experiencing a rise, with companies such as Lafang Home (603630) and Huaye Fragrance (300886) hitting the daily limit up [1] - Other companies in the sector, including Jiaheng Home (300955), Shuiyang Co. (300740), Kesi Co. (300856), Qingsong Co. (300132), and Fulejia (301371), are also seeing significant increases in their stock prices [1] - There is a notable influx of dark pool capital into these stocks, indicating strong investor interest [1]

Core Insights - The analysis focuses on the financial performance of 17 representative listed companies in the daily chemical skincare industry, highlighting the significant disparity between sales gross margin and net profit margin [1][2]. Group 1: Financial Performance - In 2024, nearly 80% of the selected companies reported a sales gross margin exceeding 50%, with some companies achieving gross margins over 75% [1][2]. - The industry shows a trend of high gross margins but low net profit margins, with 70% of companies having net profit margins below 15% [1][2]. - The top three companies in terms of sales gross margin are Jinbo Biological (92.02%), Juzhi Biological (82.09%), and Fulejia (81.73%) [2]. Group 2: Sales Net Margin Analysis - The leading companies in sales net margin are Jinbo Biological (50.68%), Juzhi Biological (37.22%), and Fulejia (32.78%) [4]. - Companies such as Jiaheng Household Chemicals (-2.57%), Shanghai Household Chemicals (-14.67%), and Yixian E-commerce (-20.9%) exhibit significantly low net profit margins [4]. Group 3: Industry Challenges - The high sales expenses in the daily chemical skincare industry are identified as a primary reason for the low net profit margins, as substantial marketing costs erode profits [2]. - Qing Song Co. has the lowest sales gross margin at 17.42%, attributed to its positioning as an OEM, facing intense competition from thousands of domestic cosmetic OEMs [6]. - Yixian E-commerce's negative net profit margin of -20.9% is linked to ongoing losses and high marketing expenditures [6].

Group 1 - The A-share cosmetics sector experienced a significant rise in the afternoon, with Huaye Fragrance hitting the daily limit up [1] - Furuida, Lafang Home, and Bawi Co. previously reached their daily limit, while Qingsong Co. surged over 10% [1] - Other companies such as Shanghai Jahwa, Proya, Jiaheng Home, Jinsong New Materials, and Beitaini also saw increases [1]

北京德恒（深圳）律师事务所 关于嘉亨家化股份有限公司 2024 年年度股东大会的 关于嘉亨家化股份有限公司 2024 年年度股东大会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话:0755-88286488 传真:0755-88286499 邮编:518026 北京德恒（深圳）律师事务所 关于嘉亨家化股份有限公司 2024 年年度股东大会的法律意见 北京德恒（深圳）律师事务所 法律意见 德恒 06G20240218-00005 号 致：嘉亨家化股份有限公司 嘉亨家化股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"本次会议"）于 2025 年 5 月 14 日（星期三）召开。北京德恒（深圳）律 师事务所（以下简称"德恒"）受公司委托，指派李晖律师、鲁墉律师（以下简 称"德恒律师"）出席了本次会议。根据《中华人民共和国证券法》（以下简称 "《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《嘉亨家化股份有 限公司章程》（以下简称"《公司章程》"）的规定，德恒律师就本次会议的召 集、召开程 ...

证券代码：300955 证券简称：嘉亨家化 公告编号：2025-020 嘉亨家化股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1．本次股东大会未出现否决议案的情形。 2．本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况和出席情况 （一）会议召开情况 1．会议召开方式：以现场会议与网络投票相结合的方式 2．会议召开时间： (1) 现场会议召开时间：2025 年 5 月 14 日 14:30。 (2) 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 14 日 9:15-9:25、9:30-11:30 及 13:00-15:00；通过深圳证券交易所互 联网投票系统进行网络投票的时间为 2025 年 5 月 14 日 9:15-15:00 期间的任意时 间。 3．现场会议召开地点：福建省泉州市鲤城区火炬工业区嘉亨家化股份有限 公司（以下简称"公司"）一楼会议室。 4．会议召集人：公司董事会 5．会议主持人：董事长曾焕彬先生 6．会议召开的合法性及合规性： ...