8月19日，乐鑫科技大宗交易成交1.18万股，成交额200.93万元，占当日总成交额的0.25%，成交价170.28元，较市场收盘价170.28元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-19 | 乐鑫科技 | 688018 | 170.28 200.93 1.18 | 中信证券股份有限 公司上海分公司 | 中信证券华南股份 有限公司佛山分公 | | ...

Group 1 - A-shares opened mixed on August 19, with sectors like optical modules, optical chips, and electronic components showing significant gains [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) continued to rise, up 1.1% with a trading volume exceeding 16 million yuan, featuring stocks like Lingyun Optics and Hengxuan Technology rising over 3% [1] - The index tracked by the ETF includes 30 large-cap companies involved in providing foundational resources, technology, and application support for artificial intelligence [1] Group 2 - Xiangcai Securities noted that since 2025, the consumer electronics sector has shown a recovery trend, driven by advancements in AI technology, maintaining high demand for AI infrastructure [2] - The deployment of AI technology at the terminal level is driving hardware upgrades, particularly in end-side SOCs and thermal materials, indicating a favorable investment outlook in these areas [2] - The rapid iteration of open-source models and the expansion of the open-source ecosystem are expected to accelerate AI application development, presenting further investment opportunities in AI applications [2]

Core Viewpoint - The focus on the domestic AI industry chain is gaining momentum, with the launch of the Science and Technology Innovation Artificial Intelligence ETF (589520) showing strong market activity and premium pricing, indicating robust buying interest [1][5]. Group 1: ETF Performance - The Science and Technology Innovation Artificial Intelligence ETF (589520) saw an intraday increase of 1.25% and is currently up by 0.96%, reflecting strong market interest [1]. - Key constituent stocks such as Lingyun Optics and Hengxuan Technology rose over 4%, while Fudan Microelectronics and Lexin Technology increased by more than 2% [1]. Group 2: Investment Logic - The investment logic for the AI sector is based on three dimensions: strong national policy support, breakthroughs in key technologies, and significant domestic market demand [2][3]. - The 2025 Lujiazui Forum highlighted the establishment of a growth layer on the Science and Technology Innovation Board to support AI and other cutting-edge technology companies [2]. - China leads globally with 1,509 large models published, indicating a strong position in AI technology development [3]. Group 3: Market Demand and Growth Projections - The core AI industry in China is projected to grow from 18 billion to 600 billion yuan from 2017 to 2024, with expectations to exceed 1 trillion yuan by 2030 and reach 1.7295 trillion yuan by 2035 [3]. - The AI industry is expected to drive a new wave of industrial innovation, with "AI +" becoming a significant investment theme in the A-share market [3]. Group 4: Strategic Focus Areas - Investment strategies should focus on three main lines within the AI industry chain: AIDC and computing power infrastructure, AI cloud applications in finance and government sectors, and the development of hardware products related to edge AI [4]. - The ETF is designed to capture the growth in various segments, including application software, terminal applications, terminal chips, and cloud chips, with a strong emphasis on companies positioned well within these segments [5].

中国经济网北京8月15日讯 乐鑫科技（688018.SH）昨日晚间披露《股东及高级管理人员提前终止 减持计划暨减持股份结果公告》。 根据公告，公司于2025年5月9日公告称，股东乐鑫（香港）投资有限公司（以下简称"乐鑫香港"） 拟通过集中竞价或大宗交易方式减持所持有的公司股份不超过1,350,000股，约占公司当时总股本的 1.2032%；高级管理人员邵静博拟通过集中竞价方式减持所持有的公司股份不超过6,029股，约占公司当 时总股本的0.0054%。减持期间为2025年6月2日至2025年9月1日。2025年6月3日，因实施2024年度权益 分派，乐鑫香港拟减持股份调整为不超过1,890,000股，约占公司目前总股本的1.2061%；邵静博拟减持 股份调整为不超过8,440股，约占公司目前总股本的0.0054%。 2025年6月5日至2025年8月14日，乐鑫香港通过集中竞价方式减持1,567,027股，减持价格区间为 147.75元/股至166.00元/股；通过大宗交易方式减持245,000股，减持价格为109.04元/股。乐鑫香港合计 减持1,812,027股，根据减持价格计算，套现总金额约273,53 ...

Investment Rating - The report rates the industry as "Outperform" [1][9] Core Insights - Edge AI is reshaping the traditional cloud computing landscape, transitioning from a cloud-centric model to a hybrid architecture involving cloud, edge, and terminal collaboration [3][23] - The edge AI industry is experiencing exponential growth, with a market size projected to exceed 1.9 trillion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 58% from 2023 to 2028 [36][40] - The complete edge AI industry chain has formed, with significant contributions from chip manufacturers, algorithm optimizers, and application developers [4][26] Summary by Sections 1. Edge AI as a New Engine for IoT - Edge AI is becoming a critical component in the evolution of intelligent terminal devices, enabling real-time data processing and decision-making [3][5] - The market for edge AI is expanding rapidly, with 22.8 billion consumer devices expected by 2023, including smartphones (29.8%), smart home devices (26.3%), and PCs/PADs (17.6%) [4][36] 2. Growth Drivers for Edge AI - Hardware performance breakthroughs are anticipated, with flagship smartphones expected to reach 100 TOPS of NPU computing power by 2025 [40] - The penetration rate of AI smartphones is projected to reach 38% by 2025, with significant growth in industrial and smart city applications [40] 3. Edge AI Industry Chain - The edge AI industry encompasses a complete ecosystem, from hardware components like AI chips and sensors to software solutions for diverse applications [26] - Key players in the industry include companies like Guanghe Tong, Lexin Technology, and Rockchip, which are positioned to benefit from the growth of edge AI [6][5] 4. Applications of Edge AI - Edge AI is transforming various sectors, including consumer electronics, automotive, industrial applications, and smart home devices [5][32] - In the automotive sector, edge AI supports autonomous driving systems and enhances user experience through intelligent cockpit features [29][30] 5. Financial Data of Key Companies - Guanghe Tong: Current price 28.06, EPS forecast for 2025 is 0.89, PE ratio for 2025E is 31.46, rated as "Buy" [6] - Lexin Technology: Current price 161.26, EPS forecast for 2025 is 4.13, PE ratio for 2025E is 39.05, rated as "Hold" [6] - Rockchip: Current price 177.88, EPS forecast for 2025 is 2.37, PE ratio for 2025E is 75.02, rated as "Buy" [6]

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-060 本公司董事会、全体董事及相关股东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： ? 大股东及高级管理人员持有股份的基本情况 本次减持计划实施前，乐鑫（香港）投资有限公司（以下简称"乐鑫香港"） 持有乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 持有公司 24,118 股，占当时公司总股本的比例为 0.0215%。乐鑫香港持有股份为 其在公司首次公开发行前取得及以资本公积金转增股本方式取得的股份，邵静博 女士持有的股份为其通过股权激励取得、集中竞价交易及以资本公积金转增股本 方式取得的股份，上述股份均已上市流通。 增 4 股，乐鑫香港持有公司股份调整为 63,022,599 股，占调整后总股本的比例为 例为 0.0215%。上述股份均已上市流通。 乐鑫信息科技（上海）股份有限公司 股东及高级管理人员提前终止减持计划 暨减持股份结果公告 ? 减持计划的实施结果情况 公司于 2025 年 5 月 9 日在上海证券交易所网站 (www.sse ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-060 乐鑫信息科技（上海）股份有限公司 股东及高级管理人员提前终止减持计划 大股东及高级管理人员持有股份的基本情况 本次减持计划实施前，乐鑫（香港）投资有限公司（以下简称"乐鑫香港"） 持有乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 45,016,142 股，占当时公司总股本的比例为 40.1212%；高级管理人员邵静博女士 持有公司 24,118 股，占当时公司总股本的比例为 0.0215%。乐鑫香港持有股份为 其在公司首次公开发行前取得及以资本公积金转增股本方式取得的股份，邵静博 女士持有的股份为其通过股权激励取得、集中竞价交易及以资本公积金转增股本 方式取得的股份，上述股份均已上市流通。 2025 年 6 月 3 日，因公司实施 2024 年度权益分派，以资本公积每 10 股转 增 4 股，乐鑫香港持有公司股份调整为 63,022,599 股，占调整后总股本的比例为 40.2179%；高级管理人员邵静博女士持有公司 33,765 股，占调整后总股本的比 例为 0.0215%。上述股份均已上市流通。 减持计划的实施结 ...

Core Viewpoint - The real estate market, particularly the office space sector, is currently undergoing a "price-for-volume" adjustment, but core business districts are showing resilience through rental adaptation and industrial upgrades, with new productivity-related office demands expected to be a key factor in overcoming challenges [1][7]. Office Market Overview - According to data from DTZ, the vacancy rates for Grade A office buildings in Beijing, Shanghai, Guangzhou, and Shenzhen by Q2 2025 are 16.9%, 23.6%, 19.8%, and 27.8% respectively [3]. - Beijing has the lowest vacancy rate at 16.9%, which has improved from 18.3% at the end of 2024, attributed to no new supply in the second half of the year and ongoing inventory reduction [3]. - In contrast, Shanghai, Guangzhou, and Shenzhen have seen rising vacancy rates, with Shenzhen facing the most significant pressure at 27.8%, exacerbated by an additional 1.22 million square meters of new supply expected to enter the market [4]. Tenant Composition and Trends - Financial services remain the dominant sector in office leasing, accounting for 20% of rental transactions in the first half of 2025, with notable companies including Huaxia Fund and Aijian Securities [4][5]. - The technology and professional services sectors are tied for second place, each representing 13% of leasing activity, with tech firms focusing on hard technology fields such as semiconductors and AI [5][6]. - The Shanghai Zhonghai Center recorded a net absorption of 70,000 square meters in 2024, becoming a leading project in Shanghai's office market, emphasizing the creation of a legal service ecosystem [6]. Emerging Sectors and Future Outlook - New productivity sectors such as healthcare and retail are becoming significant growth drivers in the office leasing market, with expectations for increased leasing activity in technology, healthcare, and media sectors [7]. - The office market is anticipated to evolve towards a "diversified ecosystem," supported by policy initiatives, asset upgrades, and the introduction of emerging industries [7]. - In first-tier cities, leasing companies are primarily focused on financial, multinational pharmaceutical, and hard technology headquarters, while new first-tier cities like Chengdu and Zhuhai are attracting regional headquarters and specialized R&D centers through competitive advantages [7].

Core Viewpoint - The rapid growth of AI applications in China is reflected in the significant increase in daily Token consumption, which has surged over 300 times in a year and a half, indicating a strong market demand for AI technologies [2] Group 1: Market Performance - As of August 14, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 0.57%, with notable increases in constituent stocks such as Cambricon (688256) up 11.87% and Aerospace Dongfang (688066) up 1.34% [2] - The Sci-Tech AI ETF (588790) has seen a 2.00% increase over the past week, ranking 2nd among comparable funds [2] - The Sci-Tech AI ETF's trading volume reached 4.46 billion yuan, with a turnover rate of 6.46% [2] Group 2: Fund Growth and Performance - The Sci-Tech AI ETF experienced a significant scale increase of 53.88 million yuan over the past week, ranking 3rd among comparable funds [3] - The fund's share count grew by 999 million shares in the last two weeks, placing it 1st among comparable funds [3] - The fund has seen a net inflow of 669 million yuan over the past 10 trading days, with 8 days of net inflow [3] Group 3: Historical Returns and Risk Metrics - As of August 13, 2025, the Sci-Tech AI ETF's net value increased by 9.54% over the past six months, ranking 1st among comparable funds [4] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% [4] - The fund's Sharpe ratio for the past month was 1.21, indicating strong risk-adjusted returns [5] Group 4: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [6] - The fund's tracking error over the past month was 0.008%, the highest tracking precision among comparable funds [6] - The index tracks 30 major companies in the AI sector, with the top ten stocks accounting for 67.36% of the index [6]

Market Overview - On August 13, the Shanghai Composite Index rose by 0.48% to close at 3683.46 points, breaking the high from October 8 of the previous year and reaching a nearly four-year high [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, marking the first time in four months that it exceeded 2 trillion yuan [1] - The AI industry chain showed strong performance, with optical modules leading the market. The Huaxia AI ETF (589010) increased by 0.86% [1] - Notable stocks included Jingchen Co., which surged by 8.01%, and Lexin Technology, which rose by 5.15% [1] - The Robot ETF (562500) gained 0.96%, showing strong momentum in the afternoon session [1] - The Robot ETF's latest scale reached 16.429 billion yuan, significantly surpassing comparable funds, with a total share of 17.316 billion [1] Industry Developments - The 2025 World Humanoid Robot Games will take place from August 14 to 17 at the National Speed Skating Hall, featuring 280 teams and over 500 humanoid robots competing in 26 events and 538 competition items [1] - Apple plans to re-enter the AI field with ambitious new devices, including a desktop robot as a virtual companion, expected to launch in 2027, and a smart speaker with a display anticipated next year [2] - A new type of electroactive polymer robot has been developed by Northwestern Polytechnical University and several other universities, capable of performing tasks in extreme cold environments, indicating broad application prospects in aviation inspection and cold region operations [2] Institutional Insights - CICC forecasts that by the second half of 2025, the demand for AI hardware will grow due to enhanced capabilities of large models and the emergence of various application scenarios [2] - Key trends to watch include the definite increase in domestic and international computing power demand, the growing importance of networks in AIDC, and the accelerated deployment of AI applications like Agents [2] - The "14th Five-Year Plan" policy hints at opportunities in digital infrastructure and marine economy sectors [2] Popular ETFs - The Robot ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [2] - The Huaxia AI ETF (589010) is positioned as the "brain" of robotics, with a 20% fluctuation range and the ability to capture "singularity moments" in the AI industry [3]