Core Opinion - The departure of core technical personnel, specifically Mr. Jin Jingyang, will not have a substantial impact on the company's core competitiveness and ongoing operational capabilities [3][4]. Departure Details - Mr. Jin Jingyang resigned for personal reasons and has completed the necessary departure procedures. He no longer holds any position within the company [1]. - Mr. Jin Jingyang was involved in the company's technology research and development during his tenure, and all work handovers have been completed [2]. R&D and Patent Involvement - During his time at the company, Mr. Jin Jingyang participated in the development and application of patents, all of which are considered work-related and owned by the company. There are no disputes regarding intellectual property [2]. - The company has a robust R&D team, with personnel numbers increasing from 1,232 in 2022 to 1,463 projected by the end of 2024, indicating a strong capacity for innovation [2]. Company Measures - The company has ensured that all R&D projects are proceeding normally and that the existing team structure is intact, with sufficient backup personnel to support ongoing and future projects [3]. - The company emphasizes continuous improvement in R&D management and talent acquisition to enhance sustainable innovation capabilities [3]. Underwriter's Verification - The underwriter has verified that Mr. Jin Jingyang's departure will not affect the company's technology development or production operations, confirming that the company's R&D activities remain on track [4].

中国国际金融股份有限公司 核心技术人员离职的核查意见 关于杭州萤石网络股份有限公司 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为杭州萤石网 络股份有限公司（以下简称"萤石网络"或"公司"）首次公开发行股票并在科创板上市项 目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法（试行）》及《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的规定，对公司核心 技术人员离职的事项进行了核查，具体核查情况及核查意见如下： （一）核心技术人员具体情况 金静阳先生，1978 年 4 月出生，中国国籍，无境外永久居留权，哈尔滨工业大学 计算机科学与技术本科学历。金静阳先生于 2016 年 1 月至 2017 年 12 月，任杭州萤石 网络有限公司研发总监；2018 年 1 月至今，任杭州萤石软件有限公司研发总监。 截至本核查意见出具日，金静阳先生未直接或间接持有公司股份。 （二）参与的研发项目及专利情况 金静阳先生在职期间参与了公司的技术研发工作，目前已完成工作交接，公司的产 品与技术研发工作均正常 ...

证券代码：688475 证券简称：萤石网络 公告编号：2025-020 杭州萤石网络股份有限公司 关于核心技术人员离职的公告 本公司董事会及全体董事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。 重要内容提示： 一、 核心技术人员离职的具体情况 金静阳先生因个人原因辞去所任职务，并于近日办理完毕离职手续。离职后， 金静阳先生不再担任公司任何职务。公司对金静阳先生在任职期间为公司发展所 做出的努力和贡献表示衷心感谢。 （一）核心技术人员具体情况 杭州萤石网络股份有限公司（以下简称"萤石网络"或"公司"）核心 技术人员金静阳先生因个人原因辞去所任职务，并于近日办理完毕离 职手续。离职后，金静阳先生不再担任公司任何职务。 金静阳先生与公司签有《保密协议》《竞业禁止承诺》，不存在涉及专 利等知识产权的纠纷或潜在纠纷，也不存在影响公司知识产权完整性 的情况。 金静阳先生已完成工作交接，公司的产品与技术研发工作均正常进行， 本次核心技术人员离职不会对公司核心竞争力及持续经营能力产生实 质性影响。 金静阳先生，1978 年 4 月出生，中国国籍，无境外永久居 ...

Group 1 - The A-share market experienced a significant rise on June 24, with AI-themed stocks showing strong performance, particularly in the Sci-Tech Innovation Board where stocks like Cambricon Technologies surged over 7% [1] - The Sci-Tech Innovation Board AI ETF (588930) saw a net inflow of over 50 million yuan in the past 20 trading days, indicating high market enthusiasm for AI investments [1] - A recent tender announcement for the "Xinjiang Jiangsu Wan Card Hub Intelligent Computing Center Project" aims to build facilities for intelligent manufacturing and AI training, utilizing 4,500 domestically produced Ascend 910C-2 servers to support AI inference training needs [1] Group 2 - According to Minsheng Securities, the AI sector is at a critical turning point in its development, showcasing significant investment value as AI agents lead a software revolution [2] - The widespread application of AI technology is reshaping traditional industries such as fintech, education, smart vehicles, and intelligent manufacturing, enhancing efficiency and optimizing processes [2] - Policy support is strengthening, with the central bank's eight financial opening measures announced at the 2025 Lujiazui Forum, which include initiatives for digital currency and blockchain, creating a favorable environment for digital financial innovation [2]

Group 1 - The ChiNext Index rose over 1% on June 24, with the Shanghai Composite Index increasing by 0.22% and the Shenzhen Component Index rising by 0.71% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) experienced a morning surge, increasing by 1.48%, with significant gains in constituent stocks such as Cambricon Technologies (up over 5%) and others [1] - The ETF has seen a net inflow of over 20 million yuan in the past two days, indicating strong investor interest [1] Group 2 - According to Dongfang Securities, ongoing policy uncertainty is expected to drive the localization of supply chains, benefiting companies in semiconductor equipment, materials, and EDA sectors [2] - Domestic wafer manufacturers and memory chip producers are likely to increase their procurement of localized products to ensure supply chain security and capacity construction [2] - Industrial growth in the AI sector is highlighted by the emergence of innovative applications such as HarmonyOS intelligent agents and Agentic AI, with significant advancements in chip production expected by 2025 [2]

Investment Rating - The report suggests a focus on leading domestic generative model companies such as iFlytek, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network and Hongsoft Technology [2] Core Insights - The report indicates that AI-related functionalities can enhance user engagement and payment rates in consumer applications, recommending attention to companies like Kingsoft Office and Wanjing Technology [2] - The current market is characterized by a chaotic fundamental environment, with some high-frequency data showing resilience, while investor sentiment remains cautious about future expectations [11][12] - The report anticipates that the second half of the year may yield better operational performance due to base effects, new technology/product launches, and policy implementations [11][12] Summary by Sections Industry Perspective - The report notes that OpenAI has received a contract worth up to $200 million from the U.S. Department of Defense to develop advanced AI capabilities [11] - MiniMax has launched several innovations, including the MiniMax-M1 model and the MiniMaxAgent, which have garnered industry attention for their cost-effectiveness and capabilities [11] - The report emphasizes the importance of risk appetite in influencing market valuations, with a potential shift towards theme-based investments [11] Subsector Insights - High-growth sectors identified for 2025 include AI computing power and LiDAR, while accelerating sectors include AI applications [10][12] - Stable growth sectors encompass software outsourcing, financial IT, and the Huawei supply chain, with upward trends expected in quantum computing and data elements [12] - The report highlights that the education IT and cybersecurity sectors are at an inflection point for growth, while industrial software and medical IT face some pressure [12] Market Review - From June 16 to June 20, 2025, the computer industry index (Shenwan) fell by 1.83%, underperforming the CSI 300 index by 1.37 percentage points [13] - The report notes that the computer sector's performance was in the middle range among 31 Shenwan primary industry indices during this period [13] Upcoming Events - Key upcoming events include the Huawei Developer Conference and the Shenzhen International Consumer Electronics Show, which may present opportunities in related industries [25]

截至2025年6月18日 09:59，上证科创板人工智能指数(950180)下跌0.04%。成分股方面涨跌互现，奥比中光(688322)领涨1.80%，有方科技(688159)上涨 1.73%，复旦微电(688385)上涨1.57%；优刻得(688158)领跌2.76%，当虹科技(688039)下跌1.46%，萤石网络(688475)下跌1.34%。科创AIETF(588790)上涨 0.18%，最新价报0.56元。流动性方面，科创AIETF盘中换手0.72%，成交2489.79万元。拉长时间看，截至6月17日，科创AIETF近1年日均成交2.64亿元，居 可比基金第一。 6月17日，MiniMax宣布将连续五天发布重要更新，第一弹是开源首个推理模型MiniMax-M1，其多项基准测试比肩DeepSeek-R1、Qwen3等开源模型，接近 海外的最领先模型，但算力成本仅约53万美元。 海通国际持续强调之前的观点，即"科技自立自强已经成为目前我国科技的主旋律"，而从AI的发展来看，我国AI研发能力和应用落地能力均达到世界先进水 平，未来对计算机板块促进作用或持续加大。持续看好计算机板块。 从收益能力看，截至20 ...

Core Viewpoint - The recent launch of the second batch of "5-minute shuttle buses" in Hangzhou aims to enhance commuting convenience for citizens, focusing on improving existing routes rather than just covering underserved areas [1][2] Group 1: New Shuttle Bus Lines - The new lines include the 1506M route starting on June 16 and the 7173M route on June 17, both part of the second batch of "5-minute shuttle buses" [1] - The 7173M route merges two existing lines, reducing the bus frequency from every 10 minutes to every 5 minutes during peak hours, addressing the "last mile" commuting challenge [1] Group 2: Route Design and Connectivity - The design of the new shuttle bus lines focuses on "commuting to and from work," with the 7173M route connecting over 10 key business parks, including initial data buildings and technology hubs [1] - The 7173M route is strategically linked to the Jiangling Road subway station, facilitating transfers between subway lines 1 and 6, thus improving overall connectivity for commuters [2] Group 3: Enhanced Commuting Experience - The 7173M route is designed to eliminate long waiting times and transfer hassles, providing a "point-to-point" connection for commuters [2] - Key stops along the 7173M route are strategically placed around high-frequency commuting points, ensuring comprehensive coverage for daily commuters [2]

Group 1 - The core viewpoint of the news highlights the successful launch of a digital human live streaming event by "Jiao Ge Peng You" on Baidu's e-commerce platform, attracting over 13 million viewers and achieving a total transaction volume (GMV) exceeding 55 million yuan, setting a record in the digital human live streaming industry [1] - The live stream utilized AI to access its knowledge base 13,000 times and generated 97,000 words of professional commentary in real-time, showcasing the capabilities of AI in enhancing live commerce [1] - The A-share market showed volatility on June 17, with significant movements in artificial intelligence-related stocks, particularly in the STAR Market, where several AI stocks saw gains of over 1% to 3% [1] Group 2 - Guohai Securities indicated that the domestic AI sector possesses significant investment value, particularly with the recent launch of the world's first fully automated design system for AI-based processors, named "Qimen," which automates the entire design process from hardware to software [2] - The "Qimen 1" completed the full front-end design of a 32-bit RISC-V CPU in 5 hours, achieving performance levels comparable to Intel 486, while "Qimen 2" is the first internationally to fully automate the design of a superscalar processor core, matching the performance of ARM Cortex A53 [2] Group 3 - Related product: STAR Market Artificial Intelligence ETF (588930) [3]

Group 1: Banking Industry Insights - The overall growth of social financing (社融) in May 2025 was supported by proactive fiscal policies, with a year-on-year increase of 8.7% [2][3] - The increase in social financing was primarily driven by government bond issuance, which net financed 1.46 trillion yuan, reflecting a positive fiscal stance [3] - Credit demand remains weak, with a year-on-year decrease in new RMB loans by 3.3 billion yuan in May, indicating a need for further stimulation of credit demand [4][6] Group 2: Loan Structure and Trends - In May, short-term loans for enterprises increased by 2.3 billion yuan year-on-year, while medium and long-term loans decreased by 1.7 billion yuan, influenced by debt replacement policies [4] - The residential loan sector showed a slight increase, with new loans of 540 million yuan, but short-term loans decreased, indicating weak consumer credit demand [4][6] - The weighted average interest rate for new loans remained stable at approximately 3.2% for enterprises and 3.1% for personal housing loans [6] Group 3: Market Outlook and Investment Strategy - The banking sector is expected to maintain stable growth due to the issuance of special government bonds and a shift in local government focus towards economic recovery [7][8] - The net interest margin is anticipated to narrow gradually, but the impact on profitability is expected to be manageable due to declining deposit rates [7] - The report suggests a focus on high-dividend stocks within the banking sector, particularly state-owned banks and regional banks with growth potential [8] Group 4: A-Share Market and Economic Recovery - The A-share market is positioned for a long-term slow bull phase, driven by structural economic changes and improved asset quality [9][10] - The report highlights the importance of manufacturing and the potential for growth in sectors such as semiconductors and high-end manufacturing [10][11] - The anticipated gradual economic recovery is expected to reflect positively on the stock market, with a focus on mid-cap and growth stocks [12][13] Group 5: Electronic Industry Trends - The electronic industry is entering a new development phase driven by AI advancements, with significant growth expected in wafer foundry, SoC, and thermal management materials [20][21] - The global semiconductor sales are projected to exceed 1 trillion USD by 2030, with a strong demand for chips driven by AI applications [20] - The SoC market is expected to grow at a CAGR of 8.3% from 2024 to 2029, fueled by the increasing demand for AI-optimized solutions [21] Group 6: Photovoltaic Industry Developments - The photovoltaic industry is focusing on supply-side optimization through self-regulation and technological innovation, with a recovery in Q1 2025 performance [23][24] - The report emphasizes the importance of silicon materials and battery cells in optimizing the supply structure, with a focus on reducing costs through new technologies [25][26] - The demand for energy storage solutions is expected to rise, particularly in the context of distributed energy projects [26] Group 7: Lithium Battery Industry Insights - The lithium battery sector is experiencing a recovery in demand, with solid-state and sodium batteries poised for significant growth [27][28] - The report highlights the potential for profitability improvements in the battery segment, driven by new applications and technological advancements [27] - Solid-state battery technology is expected to accelerate commercialization, benefiting companies with early-stage advantages [29]