郭晨凯 制图 截至目前，已有超5400家A股上市公司完成或启动取消监事会的程序——这一运行近30年的公司治 理"标配"即将正式退出历史舞台 ◎记者 高志刚 随着2026年1月1日监管大限临近，A股市场正经历一场静水深流的制度变革。 据上海证券报记者不完全统计，截至目前，已有超5400家A股上市公司完成或启动取消监事会的程序 ——这一运行近30年的公司治理"标配"即将正式退出历史舞台。 "此次调整并非简单做减法，而是一整套制度协同的深度优化。"北京京师律师事务所顾问林晓辉在接受 上海证券报记者采访时表示，"同时，市场对专业人士的履职要求显著提高，既带来了治理脱虚向实的 动力，也施加了前所未有的责任压力。" 她预计：未来一段时间将会出现一批治理成效突出的优秀范例，为全市场提供可复制、可推广的经验； 当然，在运行初期，也不可避免会出现摩擦与挑战，需要监管部门、企业和中介机构等各方共同总结完 善。 多家公司"压线"推进 12月15日晚，多家上市公司集中发布召开临时股东会的通知公告。安车检测、荃银高科、科大讯飞、三 诺生物、联创光电等至少10家上市公司集中公告，将于12月31日召开临时股东会，审议取消监事会、修 订公司 ...

Core Viewpoint - The company announced the cancellation of stock options due to the failure of 24 incentive recipients to exercise their options within the valid period [1] Group 1 - The company held its 17th meeting of the 6th Board of Directors on December 15, 2025, where the proposal to cancel certain stock options was approved [1] - A total of 167,252 stock options will be canceled as they were not exercised by the recipients within the specified timeframe [1] - The stock options in question were part of the 2021 Stock Option and Restricted Stock Incentive Plan [1]

Core Insights - Morgan Stanley predicts that by 2050, over 1 billion humanoid robots will be operational globally, with a market size exceeding $5 trillion [1] - The firm emphasizes that investing in component suppliers is crucial, labeling them as the "water sellers" in this revolution [1] - Critics argue that focusing solely on component suppliers may overlook the potential of complete humanoid robots [4] Group 1: Market Dynamics - Morgan Stanley's report suggests that while humanoid robots hold long-term promise, short-term uncertainties resemble those seen in AI, leading to a preference for investing in foundational technologies [2] - The report categorizes investment opportunities into three main sectors: AI and computing (NVIDIA, AMD, ARM), perception (Sony, Hesai Technology), and drive and power (Samsung, Texas Instruments, STMicroelectronics) [2] - The report highlights the advantages of the Chinese supply chain, with seven companies including Baidu, Alibaba, and iFlytek making the list, indicating global recognition of China's hardware manufacturing efficiency [4] Group 2: Challenges and Innovations - The current cost of a fully functional humanoid robot is approximately $200,000, with 92% of potential buyers only willing to pay under $28,000 [7] - Cost reduction pressures will inevitably impact the supply chain, making it a critical battle for component suppliers [8] - Significant cost breakthroughs in the humanoid robot industry are expected to come from system-level restructuring and innovative integration rather than simple supply chain efficiencies [9][11] Group 3: Future Perspectives - The report suggests that the ultimate value of humanoid robots lies in their ability to serve as a "universal whole," capable of performing tasks and fostering emotional connections [6][16] - The ability of companies to define how robots perceive the world and interact will be crucial for their success in the market [14] - The report concludes that while component suppliers are essential, the true innovation and value creation will come from those who can envision and realize the complete humanoid robot [16]

Core Viewpoint - The announcement from Keda Xunfei indicates a significant corporate governance decision regarding changes in registered capital and amendments to relevant proposals [2] Group 1 - Keda Xunfei's sixth board of directors held its seventeenth meeting on December 15, where the proposal for changing registered capital was approved [2] - The company is taking steps to revise its registered capital, which may impact its financial structure and future investment strategies [2]

Group 1 - The company Keda Xunfei (002230) announced that it will hold the third extraordinary general meeting of shareholders for the year 2025 on December 31, 2025 [1]

Investment Rating - The report maintains a "Recommendation" rating for the industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [39]. Core Insights - DeepSeek-V3.2 has achieved leading reasoning performance among open-source models, reaching a score of 93.1% in the AIME 2025 mathematics competition, closely following GPT-5 at 94.6% [10][14]. - The DeepSeek-V3.2-Speciale version focuses on extreme reasoning and has won gold medals in prestigious competitions such as IMO 2025 and ICPC World Finals 2025, showcasing its advanced capabilities [13][14]. - The introduction of DSA technology in DeepSeek-V3.2 significantly enhances both efficiency and performance, reducing computational complexity from O(L²) to O(Lk) [19][21]. - DeepSeek-V3.2 is the first model to integrate deep thinking with tool usage, improving its reasoning generalization ability through innovative training methods [21][25]. Summary by Sections DeepSeek-V3.2: Redefining Open-Source Model Performance - DeepSeek-V3.2 was officially released on December 1, 2025, and aims to balance reasoning ability with output length, making it suitable for everyday tasks [10]. - The model's performance in benchmark tests is comparable to that of leading proprietary models, demonstrating its competitive edge in the open-source domain [10][12]. Investment Recommendations - The report suggests focusing on specific sectors within AI, including domestic computing power and enterprise-level services, highlighting companies such as Cambricon, Alibaba, and Hikvision [27][28]. - Various application scenarios are identified, including industrial, military, medical, and legal sectors, with specific companies recommended for investment [28].

证券代码：002230 证券简称：科大讯飞 公告编号：2025-050 科大讯飞股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及其董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：科大讯飞股份有限公司（以下简称"公司"或"本公司"）2025 年 第三次临时股东会（以下简称"会议"） 2、会议的召集人：公司董事会 公司于 2025 年 12 月 15 日召开第六届董事会第十七次会议，以 10 票赞成，0 票反对， 0 票弃权，审议通过了《关于召开公司 2025 年第三次临时股东会的议案》。 3、会议召开的合法、合规性：本次会议的召集、召开符合《中华人民共和国公司法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关 规定。 4、会议的召开时间： 现场会议开始时间：2025 年 12 月 31 日 14:30； 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具体时间为 2025 年 12 月 3 ...

第六届董事会薪酬与考核委员会第十一次会议决议 一、会议召开情况 科大讯飞股份有限公司（下称"公司"或"科大讯飞"）第六届董事会薪酬与考核委 员会第十一次会议于 2025 年 12 月 5 日以书面和电子邮件形式发出会议通知，2025 年 12 月 10 日以现场表决的方式召开。应参会董事 3 人，实际参会董事 3 人，会议由薪酬与考 核委员会召集人赵锡军先生主持。 科大讯飞股份有限公司 以 3 票赞成，0 票反对，0 票弃权审议通过了《关于注销股权激励计划部分股票期权 的议案》。 经审议，薪酬与考核委员会认为： 本次注销相关期权符合《上市公司股权激励管理办法》《深圳证券交易所上市公司自 律监管指南第 1 号——业务办理第三部分：3.2 股权激励》等法律法规、部门规章、规范 性文件以及公司《2021 年股票期权与限制性股票激励计划（草案修订稿）》《2021 年股票 期权与限制性股票激励计划实施考核管理办法（修订稿）》的规定，同意提交董事会审议。 二、会议审议情况 科大讯飞股份有限公司 董事会薪酬与考核委员会 二〇二五年十二月十日 ...

证券代码：002230 证券简称：科大讯飞 公告编号：2025-048 科大讯飞股份有限公司 第六届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 科大讯飞股份有限公司（下称"公司"）第六届董事会第十七次会议于 2025 年 12 月 10 日以书面和电子邮件形式发出会议通知，2025 年 12 月 15 日以现场与视频会议相结 合的方式召开。应参会董事 10 人，实际参会董事 10 人。其中刘庆峰先生、陈洪涛先生、 赵旭东先生、赵锡军先生以通讯表决（视频会议）的方式出席会议。会议由董事长刘庆峰 先生主持，全体高级管理人员列席会议。本次会议的召开与表决程序符合《公司法》和《公 司章程》等的有关规定。 二、董事会会议审议情况 本议案需提交股东会审议。 （二）逐项审议通过了《关于修订相关公司制度的议案》。 鉴于《中华人民共和国公司法（2023 年修订）》《上市公司章程指引（2025 年修订）》 等法律法规的相关修订，股份有限公司不设监事会或者监事；同时根据《中华人民共和国 证券法》《深圳证券交易所股票上市规则》《 ...

Core Viewpoint - The company announced the cancellation of a portion of stock options from its equity incentive plan due to certain participants not exercising their options within the specified period [1] Group 1: Stock Option Cancellation - The sixth board meeting of the company approved the cancellation of 167,252 stock options from the 2021 stock option and restricted stock incentive plan [1] - The cancellation is due to 24 incentive participants failing to exercise their options during the third exercise period from November 4, 2024, to November 3, 2025 [1] - This cancellation complies with relevant regulations and does not affect the implementation of the incentive plan or the company's financial performance [1]