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 2025 年第三次临时股东大会之 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 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 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 2025 年第三次临时股东大会之 1 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 年第三次临时股东大会（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 ...

Group 1 - The core viewpoint of the news highlights the performance of the Huaxia Sci-Tech AI ETF (589010), which has shown a slight increase of 0.10% after an initial surge and subsequent pullback, indicating a stable trading environment [1] - Among the holdings, Foxit Software led with a gain of 5.08%, while companies like Hehe Information, Yuke Technology, and Kingsoft Office also saw increases of over 3%. Conversely, Stone Technology experienced a decline of 2.14%, with other companies like Star Ring Technology, Lexin Technology, and Chip Origin also falling by more than 1% [1] - The trading volume reached a turnover rate of 15.53%, with a total transaction amount of 11.64 million, reflecting a high-frequency trading style in the market [1] Group 2 - MyShell, an AI agent platform, announced a significant update to its flagship product, which is described as the world's first AI product integrating "Claude Code + Cursor + v0" and other possibilities, likened to a combination of popular applications like "Jianying + Douyin" or an AI agent version of Instagram [1] - Guolian Minsheng Securities believes that China possesses mature technology for developing AI agents, with the market potential expected to gradually be released [1] - The year 2025 is projected to be a pivotal year for the growth of AI glasses, with significant movements from domestic and international manufacturers, including the official launch of Xiaomi's AI glasses, marking the entry of the consumer-grade smart glasses market into a phase of scaled competition [1][2]

Core Viewpoint - The fifth RISC-V China Summit, hosted in Shanghai, highlights the rapid development and application of RISC-V architecture in the context of increasing demand for computing power driven by AI advancements [1][9]. Group 1: RISC-V Ecosystem Development - The summit gathered experts, scholars, and industry representatives to discuss the latest advancements in the RISC-V ecosystem and its future [1]. - Shanghai has formed a comprehensive industrial chain covering chip design, manufacturing, and application, positioning itself as a core hub for RISC-V development [1][4]. - The establishment of the Shanghai Open Processor Industry Innovation Center and the RISC-V Ecological Block signifies a commitment to fostering RISC-V innovation [1][8]. Group 2: Zhangjiang's Role - Zhangjiang is set to become a global leader in RISC-V technology innovation and application, with plans to attract more RISC-V industry players and talent [2][4]. - The Zhangjiang Integrated Circuit Industrial Park offers a smart space of 50,000 square meters with a high-power supply system tailored for RISC-V enterprises [2]. - The park is home to 600 integrated circuit design companies, including seven of the top ten global chip design firms, showcasing its significance in the semiconductor industry [5]. Group 3: Strategic Initiatives - The ecological block will focus on three key themes: openness, aggregation, and transcendence, aiming to support RISC-V enterprises throughout their lifecycle [4][5]. - Zhangjiang's strategy includes leveraging smart terminals, intelligent computing centers, and satellite internet to drive RISC-V applications [5][6]. - The initiative will also promote standardization and the establishment of a public service platform to enhance RISC-V's scalability and adaptability [8]. Group 4: Future Prospects - The collaboration with domestic universities and the establishment of a key technology platform will facilitate the development of a robust RISC-V ecosystem [8]. - Shanghai aims to capitalize on its research resources and semiconductor supply chain to seize opportunities in the RISC-V industry [9].

Group 1 - Alibaba Group's Vice President, Qi Xiaoning, announced that RISC-V high-performance computing products are accelerating towards industrial application [1] - NVIDIA is actively working on porting CUDA to the RISC-V architecture, aiming to provide complete CUDA acceleration capabilities for RISC-V platforms in the future [1] - RISC-V's open-source nature allows individuals and companies to freely design, manufacture, and sell chips and software based on its architecture, providing a cost-effective and highly customizable solution for chip developers [1] Group 2 - RISC-V architecture shows broad application prospects in various industries, including IoT, artificial intelligence, edge computing, automotive electronics, and aerospace [1] - The RISC-V chip market in China is estimated to reach approximately $1.7 billion in 2023, with projections to grow to about $25 billion by 2030, reflecting a compound annual growth rate of 47.9% [2] - The processor shipment volume based on RISC-V is expected to grow at nearly 50% annually from 2024 to 2030, with RISC-V processors projected to capture nearly a quarter of the global market by 2030 [2] Group 3 - The China RISC-V Industry Alliance is chaired by Chipone Technology, with members including Beijing Junzheng, Aojie Technology, Horizon Robotics, Fudan Microelectronics, and others [3]

Core Viewpoint - The article highlights the increasing interest of investors in high-tech companies, particularly in the fields of smart manufacturing, AI chips, and humanoid robots, as major fund companies conduct extensive research on these sectors [2][3][5][6]. Group 1: Company Research and Developments - Major fund companies, including China Europe Fund and E Fund, have been actively researching companies like Taotao Automotive, focusing on their advancements in smart manufacturing and AI technologies [2][3]. - Taotao Automotive is a high-tech enterprise specializing in electric vehicles and outdoor leisure vehicles, which is now entering the humanoid robot sector through a strategic partnership with K-Scale [3][4]. - The company has successfully launched its first humanoid robot prototype, marking a significant step in its smart manufacturing journey [4]. Group 2: Industry Trends and Market Performance - The research conducted by funds like Huatai-PB and GF Fund on companies such as 聚光科技 (Juguang Technology) indicates a focus on high-end instrument equipment and its applications across various industries, including environmental and industrial sectors [5]. - Juguang Technology reported a stronger demand for mass spectrometers in laboratory instruments, while semiconductor applications have seen a reduction in investment this year [5]. - 乐鑫科技 (Lexin Technology), a fabless semiconductor company, has seen significant interest in its AI edge chips, with revenues reaching several hundred million yuan, indicating a growing market for AI applications [6][7].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index decreased by 0.6% as of July 17, 2025, with mixed performance among constituent stocks [1] - The leading stocks included He Lin Wei Na with a rise of 3.08%, Hu Silicon Industry up by 1.12%, and Fu Chuang Precision increasing by 0.39%, while Zhongke Fei Ce fell by 1.98%, Anji Technology down by 1.92%, and Huahai Qingke decreased by 1.34% [1] - The Sci-Tech Semiconductor ETF (588170) dropped by 0.69%, with the latest price at 1.01 yuan, but showed a cumulative increase of 5.86% over the past month, ranking in the top half among comparable funds [1] Group 2 - In July, the top five companies attracting the most attention from fund companies included Zhongji Xuchuang, Lexin Technology, Taotao Automotive, Xiangyu Medical, and Juguang Technology, with 71, 49, 41, 40, and 38 fund companies respectively conducting research on them [1] - The focus of fund institutions in July has been on four major industry sectors: pharmaceutical biology, machinery equipment, automotive, and semiconductors [1] - The Sci-Tech Semiconductor ETF tracks the Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, encompassing hard-tech companies in the semiconductor equipment and materials sectors, which are crucial for domestic substitution [2] - The semiconductor equipment and materials industry has a low domestic substitution rate and a high ceiling for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution and advancements in lithography technology [2] - The Sci-Tech Semiconductor ETF experienced continuous net inflows over four days, with a maximum single-day net inflow of 16.21 million yuan, totaling 24.38 million yuan, and an average daily net inflow of 6.10 million yuan [2]

Core Viewpoint - The rapid development of new productive forces has led to increased attention from fund companies towards listed companies in smart manufacturing and high-tech industries, with significant research activity observed in various sectors [1][2][16]. Group 1: Fund Company Research Activity - In the first half of July, 238 A-share listed companies were researched by fund companies, with 16 companies receiving attention from 20 or more fund companies [4][5]. - The top five companies receiving the most attention were: Zhongji Xuchuang (71 fund companies), Lexin Technology (49), Taotao Automotive (41), Xiangyu Medical (40), and Juguang Technology (38) [1][5][8]. - Fund companies are particularly focused on the pharmaceutical, machinery, automotive, and semiconductor sectors, driven by policy support, technological breakthroughs, and market demand [2][16]. Group 2: Company-Specific Insights - Zhongji Xuchuang specializes in efficient optical module products used in cloud computing and telecommunications, while Lexin Technology focuses on AIoT hardware and software development [9]. - Taotao Automotive is exploring the robotics sector and autonomous vehicle products, indicating a strategic shift in its business model [13]. - Fund companies are interested in the performance outlook for the second half of the year, with discussions around capacity expansion and revenue projections for companies like Zhongji Xuchuang and Lexin Technology [10][11]. Group 3: Market Performance and Trends - The stock prices of Taotao Automotive, Zhongji Xuchuang, and Binglun Environment increased by 37.91%, 19.85%, and 19.90% respectively during the first half of July [15]. - Fund companies are increasingly focusing on sectors with strong growth potential, such as AI, smart manufacturing, and the automotive industry's transition to electric and autonomous vehicles [22][23].

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]

Core Viewpoint - The A-share market has surpassed 3500 points, leading to a significant increase in public fund research activities, with a total of 618 investigations conducted by 127 public fund institutions on 116 stocks, reflecting a 24.35% week-on-week growth in research activity [3][4]. Group 1: Market Performance and Research Activity - The average increase of stocks under public fund research was 2.03%, outperforming the Shanghai and Shenzhen 300 Index's 0.82% increase during the same period [4]. - The real estate sector, particularly Yuka Development, saw a remarkable increase of 51.28%, attracting attention from major public funds [5][6]. - The electronics sector, represented by Lexin Technology, was the most researched stock with 52 investigations and a weekly increase of 12.54% [5][7]. Group 2: Sector Analysis - The pharmaceutical and electronics sectors were the most favored, with the pharmaceutical sector receiving 105 investigations across 16 stocks, while the electronics sector had 103 investigations across 11 stocks [9][11]. - The machinery equipment sector also showed significant interest, with 72 investigations across 12 stocks [11]. - Other sectors like computing and electric equipment received considerable attention, with both sectors having 9 stocks investigated and over 40 total investigations [10][11]. Group 3: Fund Issuance Trends - A total of 31 new public funds were launched, maintaining a steady issuance rate of over 30 funds for three consecutive weeks, with equity funds making up 77.42% of the total [14][16]. - Among the newly launched funds, 15 were passive index funds, indicating a strong preference for this type of investment [17][19]. - The issuance of bond funds has significantly decreased, with only 3 new bond funds launched compared to 13 the previous week, reflecting a cooling interest in this area [18].

Industry Overview - The electronic industry showed a market performance increase of 0.93% last week, with the semiconductor sector rising by 1.07% and consumer electronics by 0.89% [3][4] - Notable companies in the electronic sector include Xinya Electronics, Jin'an Guoji, and Longyang Electronics, while companies like Haoshanghao and Baoming Technology lagged behind [3][4] - The electronic sector's PE (TTM) was 53.20X, a decrease of 0.57X week-on-week, while the PB (LF) was 3.64X, down by 0.04X [3][4] Key Developments in AI - The release of Grok 4 by xAI marks a significant advancement in AI capabilities, with a tenfold increase in reasoning ability compared to its predecessor Grok 3 [5][6] - Grok 4 was trained on a supercomputer cluster with over 200,000 H100 GPUs, doubling the resources used for Grok 3 [5][6] - The demand for computing power is expected to grow strongly as AI models continue to evolve and improve [6] Investment Recommendations - The report maintains a bullish outlook on the electronic industry, particularly in AI infrastructure, edge SOC, and the supply chain for foldable smartphones [6] - Specific companies to watch include Cambrian, Chipone, and Aojie Technology in the AI infrastructure sector, and Rockchip, Hengxuan Technology, and Espressif Technology in the edge SOC sector [6] Innovative Drug Industry Insights - The innovative drug industry is entering a new cycle driven by profitability, with a focus on overseas market expansion and domestic market opportunities [8][9] - The investment logic is shifting from denominator-driven to numerator-driven, indicating a potential for significant growth in the sector [8][9] - Key investment themes include Pharma companies transitioning to innovation and Biotech firms with promising overseas product registrations [8][9] Long-term Outlook for Biotech - The Biotech sector is expected to transition into a profitability cycle, with traditional Pharma companies clearing out old business models [9] - Continued support from policies is anticipated to enhance both performance and valuation in the sector, maintaining a "buy" rating for the industry [9]