Industry Overview - The public utility sector saw a weekly increase of 1.89%, underperforming the broader market by 2.29 percentage points, ranking 23rd among the primary sectors [2] - The coal price in Qinhuangdao rose to 704 RMB/ton, a weekly increase of 0.86%, while coal inventory increased by 2.46% to 5.84 million tons [3] - Domestic natural gas prices fell by 1.75% to 4099 RMB/ton, and U.S. natural gas futures dropped by 7.9% to 2.69 USD/mmbtu [5] - As of July, the cumulative installed power generation capacity reached 3.67 billion kilowatts, a year-on-year increase of 18.2%, with solar and wind power installations growing by 50.8% and 22.1% respectively [6] Investment Recommendations - The report suggests focusing on three main lines: hydropower assets benefiting from the unified electricity market, thermal power assets with improving performance due to cost reductions, and green energy projects transitioning smoothly to profitability [7][8] - Specific stock recommendations include Yangtze Power, Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co. [8] Banking Sector Insights - Recent adjustments in deposit rates by small and medium banks indicate a continued downward trend in deposit costs, with reductions of 10 to 20 basis points [10] - The net interest margin for commercial banks was reported at 1.42%, with expectations for a further decline in deposit costs by over 20 basis points this year [11][12] - The report recommends focusing on high-dividend and regionally growing bank stocks, including major state-owned banks and select regional banks with growth potential [12] Innovation Drug Sector Analysis - The innovation drug sector is entering a pivotal phase with a shift from capital-driven to profit-driven growth, supported by favorable policies and market conditions [14][16] - Key performance indicators show that several leading overseas pharmaceutical companies reported significant revenue growth, with Eli Lilly's revenue increasing by 38% and Novo Nordisk's by 15% [15] - The report emphasizes the importance of clinical demand, technological platforms, and product strength in stock selection, recommending companies like 3SBio and Aosaikang [17] Medical Consumables Sector Performance - Huatai Medical reported a 21.26% increase in revenue to 1.214 billion RMB, driven by strong performance in electrophysiology products [24] - Maipu Medical achieved a 29.28% revenue growth, benefiting from its competitive position in neurosurgery repair products [25] - The report suggests monitoring companies in the high-value consumables sector for performance recovery and innovation product approvals [27][28] Electronics Sector Developments - The AI industry index saw a significant increase of 14.28%, reflecting strong market performance [30][31] - Google's launch of the Pixel 10 series, featuring advanced AI capabilities, is expected to drive further innovation in edge AI applications [33][34] - Investment opportunities are highlighted in AI infrastructure and edge SOC components, with a recommendation to focus on companies like Cambricon and Rockchip [36]

天眼查商业履历信息显示，乐鑫信息科技(上海)股份有限公司，成立于2008年，位于上海市，是一家以 从事软件和信息技术服务业为主的企业。企业注册资本15670.2722万人民币，实缴资本11220.0431万人 民币。公司法定代表人为TEO SWEE ANN。 通过天眼查大数据分析，乐鑫信息科技(上海)股份有限公司共对外投资了11家企业，参与招投标项目6 次，知识产权方面有商标信息130条，专利信息207条，此外企业还拥有行政许可16个。 来源：金融界 金融界消息 截至2025年8月25日收盘，乐鑫科技（688018）报收于184.93元，下跌0.57%，换手率 4.29%，成交量6.73万手，成交金额12.56亿元。 资金流向方面，今日主力资金净流出6861.66万元，占比成交额5.47%。其中，超大单净流出4845.85万 元、占成交额3.86%，大单净流出2015.81万元、占成交额1.61%，中单净流出流入219.38万元、占成交 额0.17%，小单净流入6642.29万元、占成交额5.29%。 乐鑫科技最新一期业绩显示，截至2025一季报，公司营业总收入5.58亿元、同比增长44.08%，归属净利 润 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-063 乐鑫信息科技（上海）股份有限公司 关于召开 2025 年半年报投资者说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： （二） 会议召开地点： "乐鑫董办"微信视频号（扫描下方二 投资者可于 2025 年 8 月 22 日（星期五）至 9 月 1 日（星期一）19:30 前在"乐鑫董办"微信公众号最新推文底部留言栏留言/后台私信或 通过公司邮箱 ir@espressif.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 乐鑫信息科技（上海）股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告。为便于广大投资者 更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计 划于 2025 年 9 月 1 日晚上 19:30-20:15 举行 2025 年半年报投资者说 明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以微信视频号视频直播和 ...

上海市锦天城律师事务所 上海市锦天城律师事务所 关于乐鑫信息科技（上海）股份有限公司 法律意见书 致：乐鑫信息科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受乐鑫信息科技（上海） 股份有限公司（以下简称"公司"）委托，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》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《乐鑫信 息科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 就公司召开 2025 年第四次临时股东大会（以下简称"本次股东大会"）的有关 事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合法律、法规及《公司章程》的规定 以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案内容以 及该等议案所表述的相关事实的真实性、准确性或合法性发表意见。 为出具本法律意见书，本所委派沈诚律师和朱怡静律师（以下简称"本所律 师"）列席了本次股东大会。本所律师严格履行了法定职责，遵循了勤勉尽责和 诚实信用原 ...

| 证券代码：688018 证券简称：乐鑫科技 公告编号：2025-061 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 乐鑫信息科技（上海）股份有限公司 | | | | | | | | 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 | | | | | | | | 一、 会议召开和出席情况 | | | | | | | | （一） 股东大会召开的时间：2025 年 8 月 日 | 20 | | | | | | | 690 （二） 股东大会召开的地点：上海市浦东新区碧波路 号 | | | 2 | 202 号楼 | 室 | | | （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： | | | | | | | | 普通股股东人数 | | ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-062 乐鑫信息科技（上海）股份有限公司 关于选举职工董事的公告 本公司及监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。 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"） 根据《中华人民共和国公司法》（以下简称《公司法》）、修订后的《乐鑫信息 科技（上海）股份有限公司章程》（以下简称《公司章程》）等有关规定，于 决策的有关规定，会议经民主讨论、表决，全体职工代表一致审议通过了《关于 选举职工董事的议案》，同意选举 NG PEI CHI 黄佩琪女士（简历详见附件）为 公司职工董事。 根据《公司法》和《公司章程》的有关规定，公司董事会成员中应包含一名 职工董事。会议一致同意选举 NG PEI CHI 黄佩琪女士为公司职工董事，任期自 本次职工代表大会审议通过之日起至公司第三届董事会任期届满之日止。 NG PEI CHI 黄佩琪女士原为第三届董事会非职工董事，本次选举完成后， 其变更为公司第三届董事会职工董事，董事会构成人员不变。 本次选举职工董事工作完成 ...

Group 1 - The A-share AI sector experienced a strong rebound on August 20, with notable stocks like Cambricon becoming the second stock to reach a thousand yuan, and others like Chipone and Lexin Technology also seeing significant gains [1][2] - The Sci-Tech Innovation AI ETF (589520) recorded a rise of over 4.2%, marking four consecutive days of gains [1] - The commercial breakthrough of AI agents, such as the launch of AutoGLM2.0 by Zhipu, signifies a shift in AI from a "tool" to a "productivity" enhancer, allowing users to operate over 40 high-frequency applications with simple commands [2] Group 2 - The Shanghai "AI + Manufacturing" policy aims to promote the intelligent application of 3,000 manufacturing enterprises within three years, benefiting AI industrial software and edge computing chips [3] - Upcoming events like Apple's fall conference and the National AI Industry Development Conference are expected to boost market sentiment towards AI hardware [3] - The Shanghai Stock Exchange is hosting an international roadshow to introduce investment opportunities in the Sci-Tech Innovation Board, which may leverage the AI trend for growth [3] Group 3 - The 25-year performance forecast for the Sci-Tech Innovation AI ETF component stocks shows promising growth, with three companies expected to exceed 100% growth [5] - Cambricon, Obit, and Amlogic have relatively low PE percentiles, indicating potential for investment [5] Group 4 - The Chinese AI chip market is projected to grow significantly, with sales expected to rise from $21 billion last year to $38 billion this year, and domestic chip sales increasing from $6 billion to $16 billion, capturing 42% of the market share [8] - The market is witnessing a shift towards domestic chip manufacturers like Huawei Ascend, Cambricon, and Haiguang Information due to concerns over security vulnerabilities with foreign chips [8] Group 5 - The Sci-Tech Innovation AI index focuses more on sectors like semiconductors, integrated circuits, and computers, with a high electronic weight of 51% [10] - In contrast, the ChiNext AI index has a broader distribution across various sectors, with a significant focus on communication [11] Group 6 - The performance of the ChiNext AI index has shown higher elasticity, with a year-to-date increase of 51.4%, while the Sci-Tech Innovation AI index is also gaining traction with lower volatility [13] - Investors are advised to choose between the ChiNext AI index for long-term stability and the Sci-Tech Innovation AI index for a focus on self-sufficiency and cautious geopolitical considerations [15] Group 7 - Both the ChiNext AI ETF (159363) and the Sci-Tech Innovation AI ETF (589520) have reached new highs in scale, indicating a clear intent for capital allocation in the market [17]

Core Viewpoint - The domestic AI industry chain is experiencing an independent rally despite the decline of major US tech stocks, with significant gains in stocks like Cambricon and Corechip [1][3]. Group 1: Market Performance - Cambricon's stock price surpassed 1,000 yuan, making it the second "thousand-yuan stock" in A-shares, with a net inflow of 2.234 billion yuan from main funds [1]. - The Sci-Tech Innovation Artificial Intelligence ETF (589520) reached a maximum price increase of 4.47%, closing up 4.28%, marking four consecutive days of gains and setting a new high since its listing [1]. - The index of the Sci-Tech Innovation Artificial Intelligence ETF has risen 43.45% since its low point on April 8, significantly outperforming other indices like the Sci-Tech 50 (24.24%) and the Sci-Tech Composite Index (41.38%) [3][4]. Group 2: Investment Logic - Market leaders often initiate a second wave of growth after completing an adjustment phase, and AI has met the conditions for a renewed mainline focus due to low crowding and ongoing long-term logic [5]. - The integration of AI with various industries is emphasized at the national level, indicating that AI is a crucial driver for economic transformation, with expectations for a rebound in the Sci-Tech board [6]. - Concerns over security vulnerabilities are leading domestic clients to reconsider purchasing NVIDIA chips, suggesting a potential shift towards domestic chip manufacturers like Huawei and Cambricon [7]. - The evolution of edge AI from auxiliary tools to autonomous intelligent entities is anticipated to create a trillion-dollar market, with significant developments expected in 2025 [8]. - The AI industry is projected to grow significantly, with the core industry size in China expected to increase from 18 billion yuan in 2017 to 600 billion yuan by 2024, and potentially surpassing 1 trillion yuan by 2030 [9]. - The semiconductor industry is in an upward cycle, driven by strong AI demand and the acceleration of domestic chip manufacturing, with expectations for significant benefits for Chinese semiconductor firms [10].

Market Overview - On August 20, the Shanghai Composite Index rose by 1.04% to 3766.21 points, marking a near 10-year high, with the technology sector being a significant driver of the market's rebound [1] - The Huaxia Sci-Tech Artificial Intelligence ETF (589010) surged by 4.78%, achieving a 10.70% increase over the past five trading days, indicating a trend of upward momentum [1] - Key stocks included Chipmaker Cambricon, which rose by 15.52%, and other notable performers like Lexin Technology and Aerospace Hongtu, both gaining over 9% [1] - The total trading volume reached 18.45 billion yuan, reflecting active market participation [1] Key Events - On August 21, Zhiyuan Robotics will hold its first partner conference, showcasing over a hundred robots and emphasizing its intelligent service capabilities across seven scenarios [2] - Cambricon's stock price surpassed 1000 yuan, driven by narratives of "domestic substitution" and the expansive potential of the "AI wave," with future revenue and profit generation being critical for its development [2] - Taobao is accelerating the implementation of AI technology in consumer scenarios, testing a new feature called "AI Universal Search," which allows users to interact in a conversational manner to receive comprehensive product information [2] Institutional Insights - According to CICC, the demand for computing power is increasing due to the iterative updates of AI models and their applications, with liquid cooling technology expected to replace air cooling as the mainstream solution by 2026, potentially reaching a global market size of $8.6 billion [3] Popular ETFs - 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 [4] - The Huaxia Sci-Tech Artificial Intelligence ETF (589010) is positioned as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% price fluctuation range and flexibility in small and mid-cap stocks [5]

Market Performance - The A-share market demonstrated strong momentum, with the Shanghai Composite Index reaching a ten-year high, closing at 3766.21 points, up 1.04% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, marking the sixth consecutive trading day exceeding 2 trillion yuan [1] Core Asset Focus - There is a noticeable trend of capital concentrating on core assets, particularly within the technology sector, with significant gains in AI-related stocks [1] - The semiconductor index surged by 3.55%, the largest single-day increase in six months, with large-cap stocks outperforming small-cap stocks [2] - The "SHS Artificial Intelligence 50" index, which tracks high-market-cap AI companies, rose by 2.09%, outperforming major broad-based indices [2] Economic Recovery and Investment Strategy - The market has shifted from a "barbell strategy" to a focus on core assets, driven by economic recovery and increased capital inflow [3] - Institutions are recommending a return to core assets, particularly high-performing growth stocks, as a strategy for potential excess returns [3] Consumer Sector Revival - The consumer sector is experiencing a resurgence, with the liquor industry leading the charge, as evidenced by a 1.51% increase in the liquor index [3] - The liquor industry is undergoing a destocking cycle, with major companies adjusting their channel structures to enhance market capabilities [3] Gaming Sector Activity - The gaming sector has shown increased activity, particularly following the announcement of a new game in the "Black Myth" series, with significant gains in related stocks [4] - Investors are beginning to focus on fundamental pricing, particularly in growth sectors with clear industry trends [4]