根据修订后的《公司章程》《董事会议事规则》的规定，公司第四届董事会由七 名董事组成，其中职工代表董事一名；职工代表董事通过职工代表大会、职工大会或 者其他形式民主选举产生，无需提交股东会审议。 公司于 2026 年 1 月 27 日召开职工代表大会，选举耿琦先生为公司第四届董事会 职工代表董事，任期自本次职工代表大会审议通过之日起至第四届董事会任期届满之 日止。耿琦先生的简历详见附件。 特此公告。 上海新致软件股份有限公司董事会 2026 年 1 月 28 日 | 证券代码：688590 | 证券简称：新致软件 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：118021 | 转债简称：新致转债 | | 上海新致软件股份有限公司 关于公司选举第四届董事会职工代表董事的公告 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。 上海新致软件股份有限公司（以下简称"公司"、"新致软件"）于 2025 年 12 月 16 日召开 2025 年第二次临时股东大会，审议通过了《关于取消监事会、变更 ...

证券代码：688590 证券简称：新致软件 公告编号：2026-005 上海新致软件股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 113 | | --- | --- | | 普通股股东人数 | 113 | | 2、出席会议的股东所持有的表决权数量 | 84,140,854 | | 普通股股东所持有表决权数量 | 84,140,854 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 32.0773 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 32.0773 | 一、 会议召开和出席情况 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等 （一） 股东会召开的时间：2026 年 1 月 27 日 （二） 股东会召开 ...

上海市锦天城律师事务所 关于上海新致软件股份有限公司 2026 年第一次临时股东会的 法律意见书 上海市锦天城律师事务所 关于上海新致软件股份有限公司 2026 年第一次临时股东会的 法律意见书 致：上海新致软件股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海新致软件股份有限公 司（以下简称"公司"）委托，就公司召开 2026 年第一次临时股东会（以下简称"本 次股东会"）的有关事宜，根据《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》等法律、法规和其他规范性文件以及《上海新致软件股 份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 为出具本法律意见书，本所律师对本次股东会所涉及的相关事项进行了必要 的核查和验证，审查了本所律师认为出具本法律意见书所需审查的相关文件、资 料。 鉴此，本所律师根据上述法律、法规及规范性文件的要求，按照律师行业公 认的业务标准、道 ...

Core Viewpoint - Alibaba Group is planning to restructure its semiconductor design unit, Pingtouge Semiconductor, into an independent entity partially owned by employees, with a potential IPO on the horizon. This plan is still in the preliminary stages, and no official response has been provided by Alibaba as of the report's publication [1][12][13]. Company Developments - The push for Pingtouge's IPO is driven by the progress of its products in external markets, particularly the new self-developed AI accelerator chip, PPU, which is expected to be used internally by Alibaba Cloud in 2024 and to perform well in external sales by 2025, especially in the smart driving sector [1][14]. - Pingtouge's PPU chip features key specifications such as 96GB HBM2e memory, 700GB/s interconnect bandwidth, PCIe 5.0 ×16 interface, and a power consumption of under 400W, positioning it competitively against mid-range products like A800 and even Nvidia's H20 [1][14]. Market Context - The AI computing market is experiencing explosive demand, with significant opportunities for domestic high-performance AI chips, particularly in inference markets driven by large model applications [2][14]. - The timing for Pingtouge's IPO preparation is seen as reasonable given the current market environment, where there is high enthusiasm for quality semiconductor assets, as evidenced by the substantial first-day gains of other domestic GPU manufacturers listed recently [9][21]. Product Development - Pingtouge has developed a comprehensive product series that includes data center chips, processor IP licensing, and IoT chips, achieving full coverage of the chip design chain [4][15]. - The SSD controller chip, Zhenyue 510, has been deployed at scale in Alibaba Cloud's EBS storage solutions, with several storage manufacturers already utilizing this chip [4][16]. Business Model - Pingtouge's revenue is closely tied to Alibaba Cloud, making it challenging for external observers to assess its independent profitability [7][19]. - As part of its IPO strategy, Pingtouge aims to accelerate its market expansion and external sales, responding to market expectations with announcements about the deployment of its Zhenyue 510 chip in various AI and storage applications [20]. Future Challenges - Despite the IPO plans, there are concerns regarding the timeline, with analysts expressing skepticism about the likelihood of completing the IPO by 2026. Key challenges include expanding external customer bases, establishing independent governance, and clarifying pricing mechanisms with Alibaba [10][22].

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].

2026 年 1 月 27 日 1 / 6 证券代码：688590 证券简称：新致软件 上海新致软件股份有限公司 2026 年第一次临时股东会 会议资料 | 股东会须知 . | | --- | | 股东会议程 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 | 股东会须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的 顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司股东会规则》以及《上海新致软件股 份有限公司章程》（以下简称"《公司章程》"）《上海新致软件股份有限公司股东会议 事规则》等相关规定，特制定本须知： 一、为保证本次会议的严肃性和正常秩序，切实维护与会股东（或股东代理人） 的合法权益，除出席会议的股东（或股东代理人）、公司董事、高级管理人员、见证 律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。为确认出席 会议的股 ...

Group 1: Space and Aerospace Industry - Shenzhou 20 spacecraft successfully landed, confirming the mission's success, while Shenzhou 23 has arrived at the launch center [1] - Beijing's Fengtai District aims to exceed a trillion yuan in industrial scale by 2030, focusing on aerospace and other key sectors [2] - York Space Systems plans to raise $512 million through an IPO, pricing shares between $30 and $34, with a listing on the NYSE under the ticker "YSS" [3] - Guojin Securities recommends attention to companies involved in 3D printing for commercial aerospace, highlighting its potential as a final processing solution [4] Group 2: Economic and Industrial Growth - By 2025, China's annual production and sales of new energy vehicles are expected to surpass 16 million units, reflecting growth in the clean energy sector [6] - China's GDP is projected to exceed 140 trillion yuan in 2025, with a growth rate of 5.0%, driven by various industrial sectors [7] - The high-tech manufacturing sector is anticipated to grow by 9.4% in 2025, with significant contributions from industries like integrated circuits and aircraft manufacturing [8] Group 3: Financial Market Developments - The number of private equity firms with over 10 billion yuan in assets has reached 114, with new entrants and some exits in the sector [5] - The A-share market has seen a record high of 222 stocks priced over 100 yuan, indicating a concentration of technology companies among the top performers [9] Group 4: Green Energy Initiatives - Five government departments have issued guidelines to accelerate the transition to a green and low-carbon energy structure, promoting zero-carbon factories and renewable energy utilization [9]

Market Performance - The internet insurance sector declined by 1.50%, ranking among the top losers in the concept sector, with major declines seen in companies like Focus Technology, iFlytek, and Weining Health [1] - Among the concept sectors, flexible DC transmission led with a gain of 5.14%, while WiFi 6 saw a decline of 1.79% [1] Fund Flow Analysis - The internet insurance sector experienced a net outflow of 2.237 billion yuan, with 12 stocks seeing net outflows, and 5 stocks exceeding 50 million yuan in outflows [1] - The largest net outflow was from Dongfang Caifu, totaling 1.168 billion yuan, followed by iFlytek, Weining Health, and New China Life with outflows of 716 million yuan, 215 million yuan, and 121 million yuan respectively [1] - Conversely, the stocks with the highest net inflows included China Ping An, China Life, and Tianli Technology, with inflows of 136 million yuan, 18.72 million yuan, and 13.16 million yuan respectively [1] Individual Stock Performance - Dongfang Caifu saw a decline of 1.63% with a turnover rate of 2.24% and a net outflow of approximately 1.168 billion yuan [2] - iFlytek dropped by 4.16% with a turnover rate of 6.81% and a net outflow of about 715 million yuan [2] - Weining Health decreased by 3.64% with a turnover rate of 9.46% and a net outflow of approximately 214 million yuan [2] - New China Life fell by 1.68% with a turnover rate of 1.15% and a net outflow of about 121 million yuan [2] - Seven Wolves increased by 1.76% with a net inflow of approximately 1.225 million yuan [3] - Tianli Technology rose by 0.97% with a net inflow of about 1.316 million yuan [3] - China Life remained stable at 0.00% with a net inflow of approximately 18.72 million yuan [3] - China Ping An slightly decreased by 0.05% with a significant net inflow of approximately 1.361 billion yuan [3]

Core Viewpoint - Alibaba has established a strong position in the AI application sector through various products, including health assistant "Antifufu," general-purpose assistant "Lingguang," and personal life assistant "Qianwen," suggesting continued investment opportunities in AI applications [1] Group 1: Qianwen App Integration - The Qianwen App has fully integrated into Alibaba's ecosystem, functioning as a super agent that allows users to order food, shop, and book flights through various Alibaba services [2] - It features "Alipay AI Payment" for seamless transactions and has incorporated 50 public service functions, enhancing its utility in daily life [2] - The app's capabilities include human-like understanding and multi-step task execution, positioning it as a significant traffic entry point in the AI era [2] Group 2: Antifufu Health Assistant - Antifufu, launched in June 2025, is an AI health manager that offers over a hundred functions, including health education, consultation, report interpretation, and health record management [3] - As of January 2026, the app has over 30 million monthly active users, with daily inquiries exceeding 10 million, 55% of which come from third-tier cities and below [3] Group 3: Lingguang General-Purpose AI Assistant - Lingguang, introduced in November 2025, is a multi-modal AI assistant that can generate small applications in 30 seconds using natural language [4] - It is the first AI assistant capable of generating multi-modal content, including 3D models, audio, icons, animations, and maps, enhancing communication efficiency [4] - The assistant has launched three main features: "Lingguang Dialogue," "Lingguang Flash Applications," and "Lingguang Open Eye," available on both Android and iOS [4] Group 4: Investment Recommendations - Beneficiary companies in the industry chain include Shiji Information, Jinqiao Information, Boyan Technology, and others [5] - Continued focus on investment opportunities in AI applications is recommended, with specific companies highlighted such as Kingsoft Office, Hehe Information, and others [5] - Additional beneficiary companies include Zhiyun, Minimax, and various software and technology firms, indicating a broad spectrum of investment potential in the AI sector [5]

Investment Rating - The report assigns an "Increase" rating for the financial technology sector, indicating a positive outlook compared to the benchmark index [5][34]. Core Insights - The acceleration of AI applications is driving growth in the financial technology sector, with significant increases in stock prices observed during the reporting period [2][8]. - The financial technology index rose by 7.4% from January 4 to January 16, 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.2% [8][12]. - Key segments within the financial technology sector, such as financial IT and financial information services, have shown remarkable performance due to the positive impact of AI applications [9][12]. Summary by Relevant Sections AI Applications and Financial Technology Growth - The financial technology sector has seen a surge in stock prices, with notable increases in financial IT and financial information services, attributed to the recent advancements in AI applications [9][12]. - The financial IT segment experienced a growth of 10.59%, while financial information services grew by 13.06% during the reporting period [12]. Financial IT Upgrades and Market Stability - Collaborations between financial institutions and technology companies are enhancing operational efficiency and service delivery, such as the partnership between UnionPay and Industrial and Commercial Bank of China to utilize digital RMB for elder care services [13][14]. - The introduction of AI-driven operational frameworks is transforming financial operations, exemplified by the collaboration between Huawei and Bank of Communications [14]. Regulatory Developments in Financial Information Services - Recent regulatory changes, including the adjustment of margin requirements for financing transactions, aim to mitigate leverage risks in the market [15]. - The tightening of regulations in the financial information services sector is expected to enhance market stability and investor confidence [15][17]. Third-Party Payment and Compliance Enhancements - The People's Bank of China has introduced new anti-money laundering regulations that will significantly impact compliance processes within financial institutions [17]. - Adjustments in transaction fees by payment platforms aim to improve user experience while adhering to regulatory requirements [18]. Consumer Finance Sector Developments - A notable case of regulatory action was taken against a bank for imprudent loan practices, marking a significant enforcement action in the consumer finance sector [19]. Individual Company News and Announcements - Key developments include the completion of a cross-border acquisition by Jiufang Zhitu and the implementation of share reduction plans by executives at Dongfang Caifu [20][22]. - Innovations in AI assessment benchmarks and data management platforms have been introduced by companies like Qifu Technology and Changliang Technology, enhancing their competitive positioning in the market [20][21]. Investment Recommendations - The report highlights several companies poised to benefit from the ongoing digital RMB initiatives and AI advancements, including Changliang Technology, Yuxin Technology, and Jiufang Zhitu [26]. - The potential for growth in the consumer finance sector is also noted, with recommendations for companies focusing on intelligent customer service and marketing solutions [26].