Core Viewpoint - Lexin Technology's stock has shown a significant increase in value this year, with a year-to-date rise of 18.71% and a 40% increase over the past 60 days, despite a recent decline in trading [1][2]. Company Overview - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is based in Shanghai and specializes in the research, design, and sales of integrated circuit products [1]. - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and other products (0.64%) [1]. Financial Performance - For the first half of 2025, Lexin Technology reported a revenue of 1.246 billion yuan, representing a year-on-year growth of 35.35%, and a net profit attributable to shareholders of 261 million yuan, up 72.29% year-on-year [2]. - Since its A-share listing, Lexin Technology has distributed a total of 384 million yuan in dividends, with 145 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Lexin Technology had 16,100 shareholders, a decrease of 0.47% from the previous period, with an average of 9,733 circulating shares per shareholder, an increase of 40.32% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several investment funds, with notable increases in their holdings [3].

Market Performance - On September 11, the A-share market experienced a significant increase, with the Shanghai Composite Index rising by 1.65%, approaching previous highs. The technology growth sector surged, particularly the AI industry chain, with light modules and copper-clad boards leading the market [1] - The Huaxia Sci-Tech AI ETF (589010) rose by 4.27%, with an intraday peak increase of 4.78%, breaking through the ten-day moving average and showing a positive trend, indicating potential for a second wave of growth [1] - The total trading volume for the day reached 19.97 billion yuan, indicating a significant increase in market activity, with substantial funds entering the market [1] Strategic Collaborations - Shenzhen Huizhi Wulian and Zhifang reached a strategic cooperation agreement, with Huizhi Wulian planning to deploy over 1,000 embodied intelligent robots in Huike's global production bases over the next three years, with an order value close to 500 million yuan [2] - Ant Group launched its first humanoid robot, named R1, developed by its subsidiary Robbyant, which can perform various tasks such as guiding, sorting medications, providing medical consultations, and executing basic kitchen tasks [2] Industry Insights - China Galaxy Securities highlighted that AI chips are the core driving force of computing power, with significant advancements in architecture design, manufacturing processes, and algorithm optimization in recent years. The demand for AI chips in China is expected to continue rising, with the market projected to reach 153 billion yuan by 2025 [3] ETF Highlights - The Robot ETF (562500) is noted as the only ETF in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia Sci-Tech AI ETF (589010) is described as the "brain" of robotics, capturing the "singularity moment" of the AI industry with a 20% fluctuation range and flexibility in small and mid-cap stocks [4]

Market Performance - On September 11, the A-share market experienced a significant increase, with the Shanghai Composite Index rising by 1.65%, approaching previous highs. The technology growth sector surged, particularly the AI industry chain, with light modules and copper-clad laminates leading the market [1] - The Huaxia Sci-Tech AI ETF (589010) rose by 4.27%, with an intraday peak increase of 4.78%, breaking through the ten-day moving average and showing a positive trend, indicating potential for a second wave of growth [1] - Over 90% of the constituent stocks in the ETF closed in the green, with Star Ring Technology leading with a 17.17% increase, and major weight stock Cambricon Technologies rising by 8.96% [1] Strategic Collaborations - Shenzhen Huizhi Wulian and Zhifang reached a strategic cooperation agreement, with Huizhi Wulian planning to deploy over 1,000 embodied intelligent robots in Huike's global production bases over the next three years, with an order value close to 500 million yuan [2] - Ant Group launched its first humanoid robot, named R1, developed by its subsidiary Robbyant, which can perform various tasks such as guiding tours and sorting medications [2] AI Chip Market Outlook - China Galaxy Securities highlighted that AI chips are the core driving force of computing power, with significant advancements in architecture design, manufacturing processes, and algorithm optimization in recent years. The demand for AI chips in China is expected to continue rising, with the market projected to reach 153 billion yuan by 2025 [2] ETF Highlights - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [3] - The Huaxia Sci-Tech AI ETF (589010) is positioned as the brain of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and flexibility in small and mid-cap stocks [3]

Macro Overview - In August, the CPI decreased by 0.4% year-on-year and remained flat month-on-month, with food prices rising by 0.5% and pork prices dropping by 16.1%, contributing to a 0.24 percentage point decline in CPI [2] - In the first half of the year, the shipment volume of wearable wrist devices in mainland China reached 33.9 million units, a year-on-year increase of 36%, marking a historical high for the first half of the year [2] - In August, the average price of second-hand residential properties in 100 cities fell by 0.76% month-on-month and 7.34% year-on-year, while the top ten cities saw a month-on-month decline of 0.59% and a year-on-year decline of 4.90% [3] Industry and Company Analysis Electronics - The semiconductor sector reported a decline of 6.55% last week, with the electronic industry down by 4.57% [6] - Broadcom's Q3 financial report showed a revenue of $15.952 billion, a year-on-year increase of 22%, with AI-related revenue reaching $5.2 billion, up 63% year-on-year [8][9] - The electronic sector's PE (TTM) was 57.94X, down by 2.69X week-on-week, while the PB (LF) was 4.61X, down by 0.21X [7] New Materials - The rare earth magnetic materials industry fell by 10.58%, underperforming the benchmark by 9.77 percentage points [12] - Light rare earth ore prices continued to decline, while medium and heavy rare earth ore prices remained stable [12] - The overall supply of rare earths is tightening, with demand gradually recovering, supporting prices [15] Food and Beverage - The food and beverage sector declined by 0.98% from September 1 to September 5, underperforming the broader market [17] - A new consumption policy in Shaoxing aims to stimulate dining consumption, which is expected to boost demand for liquor [17] - Kweichow Moutai's parent company plans to increase its shareholding by investing between 3 billion and 3.3 billion RMB, indicating confidence in the company's long-term value [18]

Investment Rating - The industry investment rating is "Maintain Overweight" for the electronics sector [7]. Core Insights - The AI computing power supply chain is expected to drive future growth, with the advanced packaging market continuing to expand. Yole Group forecasts that total revenue for backend equipment will reach approximately $6.9 billion in 2025 and grow to $9.2 billion by 2030, representing a compound annual growth rate (CAGR) of 5.8% [17][37]. - The introduction of the iPhone 17 series is anticipated to lead a transformation in the consumer electronics product line, with a projected 3.5% increase in shipments compared to the iPhone 16 series [19][36]. - The development of a disruptive silicon carbide (SiC) AR waveguide by West Lake University and Mude Micro-Nano Technology Co., Ltd. is expected to create investment opportunities in the end-side technology sector [18][36]. - The concept of a "universal optoelectronic integrated wireless transceiver engine" proposed by Peking University is set to empower the 6G industry, indicating strong potential for domestic supply chain opportunities [20][21]. Summary by Sections 1. Core Insights and Investment Recommendations - The AI computing power supply chain is expected to grow significantly, with investment opportunities in areas such as computing power, advanced packaging, PCB, and liquid cooling [17][22]. - The upcoming launch of the iPhone 17 series is expected to rejuvenate the consumer electronics sector, with investment opportunities in the related supply chain [19][22]. - The introduction of the SiC AR waveguide technology is anticipated to create new investment opportunities in the end-side technology sector [18][22]. - The advancements in domestic supply chains, particularly in the context of 6G technology, are viewed positively [20][22]. 2. Market Review - The A-share Shenwan Electronics Index fell by 4.57% during the week of September 1-5, underperforming the CSI 300 Index by 3.76 percentage points [23][26]. - Among the sub-sectors, the semiconductor sector experienced the largest decline at 6.55%, while electronic chemicals II showed the least decline at 1.46% [26][29]. 3. Industry News - The iPhone 17 series is projected to see a 3.5% increase in shipments compared to the previous series, indicating a positive market response [19][36]. - The new SiC AR waveguide technology is expected to significantly enhance the capabilities of AR devices, marking a breakthrough in the industry [18][36]. - The development of a high-performance optoelectronic integrated chip by Peking University is set to revolutionize wireless communication technologies [20][21].

Core Insights - The article highlights the rising value of smaller funds in the current market, particularly in the context of the AI-driven technology sector, where smaller funds can adapt more quickly to market changes [2] - The Hui'an Growth Preferred Mixed Fund, managed by Dan Bailin, has shown exceptional performance, with a year-to-date return of 99.48% and a one-year return of 167.96%, ranking among the top five in its category [3][11] Fund Performance - As of June 30, 2023, the Hui'an Growth Preferred Mixed Fund had a total asset size of less than 300 million yuan, yet it achieved significant returns across various time frames: - 1-month return: 25.02% - 3-month return: 70.49% - 1-year return: 167.96% - Since inception return: 105.90% [2][11] Manager's Background - Dan Bailin, the fund manager, has a unique background as a former systems development engineer, which provides him with a distinct perspective on technology investments [4] - His engineering mindset allows him to analyze industries from a technical and data-driven perspective, focusing on the core drivers of growth [4][9] Investment Strategy - Bailin categorizes industry growth into three phases, focusing primarily on the "replacement growth" phase, which is characterized by performance-driven opportunities [7] - Since taking over the fund on June 19, 2023, Bailin has achieved a return of 58.98%, outperforming the benchmark return of 46.30% during the same period [4][7] Portfolio Composition - The fund maintains a concentrated portfolio, with over 60% of its net asset value in the top ten holdings, primarily in sectors like communication equipment and semiconductors [9][11] - As of mid-2025, the fund held only 22 stocks, reflecting a strategy of concentrating resources on high-potential investments [11][12] Institutional Interest - The Hui'an Growth Preferred Fund has attracted institutional investors, with their holdings increasing from 0% at the end of the previous year to 30.42% by mid-2025 [13]

Group 1 - The core viewpoint highlights the strong performance of the domestic AI industry, with the Sci-Tech Innovation AI ETF (589520) experiencing a significant intraday increase of 4.27% and a current rise of 2.91%, indicating active trading with a real-time transaction amount exceeding 430 million yuan [1] - Key stocks within the ETF, such as Cambricon, Yuntian Lifei, and Xinghuan Technology, have shown substantial gains, with Cambricon rising over 9% and others increasing by more than 6% [1] - OpenAI has signed a $300 billion agreement with Oracle for computing power over five years, leading to a 36% surge in Oracle's stock price, which resulted in a market capitalization increase of approximately $250 billion in a single day [3] Group 2 - The domestic computing power industry is experiencing significant growth, with the number of standard racks in use reaching 10.85 million and the intelligent computing power scale reaching 788 EFLOPS as of June this year [3] - The urgency for domestic computing power replacement is increasing due to U.S. restrictions on advanced chip exports to China, emphasizing the need for independent design and production of high-end AI chips in China [3] - The recent policy document on implementing the "Artificial Intelligence +" initiative is expected to catalyze the industrialization of AI, with a focus on hardware-software collaboration and the establishment of AI infrastructure [4] Group 3 - The Sci-Tech Innovation AI ETF (589520) has undergone a share split, reducing the trading threshold from approximately 120 yuan to about 60 yuan, making it more accessible for investors [4] - The ETF is positioned to benefit from the rapid advancement of AI technology, with a focus on domestic alternatives and information security amid ongoing technological tensions [5] - The top ten holdings of the ETF account for over 71.66% of its weight, with the semiconductor sector representing more than 54.1%, indicating a concentrated and aggressive investment strategy [5]

Group 1 - The AI industry chain is experiencing a significant surge, with various concept indices such as optical modules, copper-clad laminates, and servers leading the market [1] - The Huaxia Sci-Tech AI ETF (589010) rose by 4.19%, breaking through the ten-day moving average, with a maximum increase of 4.78% during trading [1] - Major holdings in the ETF saw substantial gains, with the largest weight stock, Cambricon, leading with an increase of 11.71% [1] Group 2 - According to IDC, the Chinese AI market is projected to reach 815.9 billion yuan by 2028, with a five-year CAGR of approximately 33% [2] - The AI industry is characterized by a gradient of "computing power first—model follow-up—application explosion," indicating a structured growth pattern [2] - The Huaxia Sci-Tech AI ETF (589010) closely tracks the Shanghai Stock Exchange Sci-Tech Board AI Index, covering high-quality enterprises across the entire industry chain [2]

Core Insights - The semiconductor sector is experiencing an upward demand cycle, driven primarily by AI as a core growth engine [2][4] - The demand for digital chips in AioT is surging, while the analog chip cycle has bottomed out [2][4] - The profitability of power semiconductors is improving, and manufacturing utilization rates are recovering [2][4] Semiconductor Industry - AI is becoming the main growth driver for the semiconductor industry, with significant demand for SoC chips due to lower deployment barriers from open-source models like DeepSeek [2][4] - DDR4 is experiencing a short-term shortage, with prices increasing by 18-23% quarter-on-quarter in Q2 [2] - The demand for HBM and DDR5 is also growing due to AI applications [2] Consumer Electronics - Companies like Anker Innovation and Ugreen Technology are achieving over 30% growth in revenue and net profit due to strong brand power and continuous product innovation [3] - Transsion Holdings is facing revenue and profit declines due to product launch timing and market competition, but maintains a strong position in emerging markets like Africa [3] - New consumer electronics products such as AR glasses and smart speakers are expected to drive a new wave of innovation [3] PCB Industry - The PCB sector is experiencing high growth driven by AI-related capital expenditure, with companies like Shenzhen South Circuit achieving significant order growth in AI [4] - Huada Technology's AI server and HPC-related PCB products grew by 25.34% year-on-year, while high-speed network products saw a 161.46% increase [4] - The MLCC market is also showing good growth, with companies like Sanhua Group expanding their product matrix [4] Investment Recommendations - The computing power sector remains in a performance realization phase, with moderate valuation levels, and is expected to continue performing well in the second half of the year [4] - 2026 may be a key year for the recovery of the foldable screen market, with potential new products from Apple stimulating market demand [5] - Companies to watch include Cambrian, Haiguang Information, and others involved in the semiconductor and electronic components sectors [5]

本公司及董事会全体成员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。 一、董事会会议召开情况 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-067 乐鑫信息科技（上海）股份有限公司 第三届董事会第十次会议决议公告 表决结果：同意 7 票，反对 0 票，弃权 0 票 特此公告。 乐鑫信息科技（上海）股份有限公司董事会 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 第 三届董事会第十次会议（以下简称"本次会议"）于 2025 年 9 月 10 日在公司 7 楼 会议室以现场方式召开。本次会议的通知于 2025 年 9 月 6 日通过电话及邮件方 式送达全体董事。会议应出席董事 7 人，实际到会董事 7 人，会议由公司董事长 TEO SWEE ANN 张瑞安主持。会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由公司董事长 TEO SWEE ANN 张瑞安主持，经全体董事表决，形 成决议如下： （一）审议通过《关于公司 2 ...