证券代码：688018 证券简称：乐鑫科技 公告编号：2025-048 乐鑫信息科技（上海）股份有限公司 第三届监事会第六次会议决议公告 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。 一、监事会会议召开情况 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 三届监事会第六次会议（以下简称"本次会议"）于 2025 年 7 月 2 日在公司 304 会议室以现场方式召开。本次会议的通知于 2025 年 6 月 27 日通过电话及邮件方 式送达全体监事。会议应出席监事 3 人，实际到会监事 3 人，会议由监事会主席 张涵睿主持。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。 本次会议由监事会主席张涵睿女士主持，以记名投票表决方式审议通过以下 议案： （一）审议通过《关于调整 2021 年、2022 年、2023 年第二期、2023 年第 三期、2024 年、2025 年限制性股票激励计划授予价格及授予/归属数量的议案》 公司于 2025 年 3 月 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-047 乐鑫信息科技（上海）股份有限公司 第三届董事会第七次会议决议公告 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 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 三届董事会第七次会议（以下简称"本次会议"）于 2025 年 7 月 2 日在公司 304 会议室以现场方式召开。本次会议的通知于 2025 年 6 月 27 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《关于变更公司注册资本并修订公司章程的议案》 董事会同意根据公司资本公积转增股本的实际情况，将公司的注册资本由 112 ...

Group 1 - A total of 4,397 listed companies received institutional research, with 1.29 million research activities conducted in the first half of the year, involving 139,900 institutions, an increase of 154 companies compared to the same period last year [2][3] - The mechanical equipment, electronics, and pharmaceutical biology sectors emerged as the primary focus areas for institutional research, with over 400 companies in each sector being investigated [3][4] - The mechanical equipment sector had the highest attention, with 509 companies researched 1,760 times, while the electronics and pharmaceutical biology sectors followed closely with 1,465 and 1,214 research activities, respectively [3][4] Group 2 - 汇川技术 (300124.SZ) was the most favored company, attracting 1,170 institutional research participants, while 美瑞医疗 (300760.SZ) also garnered significant attention with 643 institutions participating in its research [4][5] - The recent focus remains on technology and innovative pharmaceuticals, with companies like 怡合达 (301029.SZ), 乐鑫科技 (688018.SH), and 迈威生物-U (688062.SH) drawing over 200 institutional participants each [5] - Over 70% of the companies that received institutional research in the first half of the year saw their stock prices rise, with 117 stocks experiencing a doubling in price [6] Group 3 - The market is expected to maintain a high-level oscillation pattern, with institutional investors focusing on sectors with long-term industry trends and potential for profit improvement [6][7] - The pharmaceutical sector, particularly innovative drugs, is viewed as having strong certainty and potential for growth, with ongoing recovery in valuation and fundamentals [8] - Institutions are advised to differentiate between genuine innovations and misleading claims in the pharmaceutical sector, emphasizing the importance of companies' ability to deliver on their promises [8]

根据Choice数据，6月私募参与调研的A股公司数量达到387家，累计被调研次数则达到1769次。 其中，电子、医药生物、机械设备、计算机四大行业最获私募关注，且累计被调研次数均在200 次以上！ 电子行业作为11月私募调研次数最多的行业，有多达56家上市公司获得调研。医药生物、机械设 备、计算机行业则分别有41家、52家、36家公司被私募调研。此外，基础化工、通信、环保、国 防军工、电力设备等行业也较为私募机构所关注。 | 電子 | 56 | 275 | | --- | --- | --- | | 医药生物 | 41 | 266 | | 机械设备 | 52 | 234 | | 计算机 | 36 | 213 | | 汽车 | 25 | 127 | | 基础化工 | 33 | 104 | | 通信 | 14 | ୧୫ | | 环保 | 10 | ୧3 | | 国防军工 | 1 ટ | 62 | | 电力设备 | 20 | 57 | | 纺织服饰 | 8 | 38 | | 家用电器 | 7 | 3 ર | | 建筑材料 | 5 | 31 | | 衣林牧渔 | 7 | 31 | | | 12 | 29 | | 美容 ...

Core Viewpoint - Huawei is set to launch the Pura80 series with an "AI Super Intelligent Agent" in August, aiming to enhance user interaction through natural language processing [1] Group 1: AI Integration in Smartphones - The transition to AI era shifts the core logic of super entry points from "function-driven" to "task-driven," allowing users to complete complex operations through natural language without manually operating applications [2] - Major manufacturers are upgrading their AI assistants to deeply integrate with operating systems, with Apple and Samsung leading the way in enhancing their AI capabilities [2][3] - The introduction of AI agents like AutoGLM by Zhiyuan AI can simulate human-like operations on smartphones, executing tasks such as social media interactions and online shopping with minimal user input [3] Group 2: Market Trends and Projections - IDC forecasts that the penetration rate of AI smartphones in China will rise from 5.5% in 2023 to 13.2% in 2024, with expectations of reaching 0.8 billion units by 2025 and 1.5 billion units by 2027, indicating a significant market shift [4] - The demand for AI-driven features is expected to drive hardware upgrades in smartphones, necessitating higher specifications for components like SoC, memory, and NPU [4] Group 3: Historical Performance of Key Players - Lenovo launched its first AI smartphone, the Moto X50 Ultra, in May 2024, while other brands like OPPO, Honor, and Samsung have also introduced AI smartphones, contributing to a growing market interest [5] - The AI smartphone concept has gained traction, with leading companies like Fuyuan Technology experiencing over 150% stock price increase from February to March 2024 [5] Group 4: Related Concept Stocks - The rise of AI smartphones is expected to drive systemic upgrades in smartphone hardware architecture, impacting various sectors including local computing power, storage, and thermal management [8] - Key stocks related to this trend include companies in edge computing, storage, battery technology, assembly, and component manufacturing [8]

Group 1 - The core viewpoint of the news highlights the performance of the AI-focused ETF and the significant growth in the AI IaaS market, particularly in the context of generative AI [1][2] - As of 11 AM today, the Huaxia Sci-Tech AI ETF (589010) is down 1.28%, with component stocks showing mixed performance, including Shitou Technology leading with a 1.64% increase and Hengxuan Technology declining by 3.32% [1] - According to IDC's latest report, Alibaba Cloud is projected to capture a 23% market share in the AI IaaS sector for 2024, while Huawei Cloud and Volcano Engine are expected to hold 10% and 9% respectively [1] Group 2 - The report indicates that the generative AI IaaS market in China is expected to surge by 165% year-on-year in the second half of 2024, reaching 8.74 billion yuan, marking a significant milestone where it will account for over 70% of the overall AI IaaS market [1] - Huatai Securities expresses optimism regarding the AI training and inference demand, suggesting that global tech firms are likely to increase their AI investments [2] - The outlook for the second half of 2025 includes expectations for continued iteration of large model architectures and advancements in domestic manufacturing capabilities, which may enhance the localization rate for domestic equipment manufacturers [2]

Core Viewpoint - "Hard technology" has become a strategic support for national competitiveness and a key engine for high-quality development in the context of intensified Sino-U.S. technological competition and the deep restructuring of global supply chains [1][28]. Summary by Sections Overview of the Hard Technology Sector - The "2025 China Hard Technology Listed Company Value List" was jointly launched by Hexun Financial Research Institute and ZD Insights, focusing on identifying resilient and technologically advanced companies in China's capital market [1]. - The first sub-list, the Growth Potential List, highlights the top 30 high-growth representatives from 1,326 listed companies in the information technology sector, covering key areas such as semiconductors, artificial intelligence, and IT hardware [1][28]. Growth Potential List Highlights - The top companies include: 1. Changchuan Technology - Semiconductor testing equipment supplier [4] 2. Lexin Technology - IoT chip design company [4] 3. Haitai Ruisheng - AI data service provider [5] 4. Haiguang Information - High-end processor supplier [6] 5. Hengxuan Technology - Smart audio SoC chip supplier [6] - These companies demonstrate strong performance in revenue expansion and R&D investment, representing the "future new forces" in China's hard technology sector [1]. Key Trends in the Hard Technology Sector - **Trend 1: Accelerated Progress in Semiconductor Self-Control** The domestic semiconductor industry is showing strong resilience and growth potential, with many companies in the top 30 focusing on semiconductor design, manufacturing, and packaging [29]. - **Trend 2: Continuous Increase in R&D Investment Intensity** The average R&D expense ratio for the top 30 companies is 24%, with an average growth rate of 24% in R&D investment, indicating a strong commitment to technological innovation [32][33]. - **Trend 3: Scene-Driven Technology Application Efficiency** Companies are leveraging specific application scenarios to drive technological advancements, enhancing overall industry competitiveness [36][37]. - **Trend 4: Accelerated Release of Data Element Value** Companies like Haitai Ruisheng and Kirin Xinan are capitalizing on data value, contributing to the rapid growth of China's digital economy [39][40]. - **Trend 5: Significant Regional Cluster and Industry Chain Synergy** Major cities like Shenzhen, Beijing, and Shanghai are forming high-concentration industrial belts, enhancing collaboration and growth among technology companies [41][44]. Conclusion - The growth potential list and the identified trends illustrate a shift in China's new generation of information technology from scale expansion to quality improvement, with a focus on self-reliance and innovation [28][29].

Group 1 - In June, a total of 751 private equity managers participated in A-share listed company research, covering 387 stocks across 28 Shenwan primary industries, with a total of 1,769 research instances [1] - The most researched stock in June was Maiwei Biotechnology, which received 51 research instances, attracting attention from major private equity firms [1] - The electronics and computer industries each had two stocks in the top ten most researched, with Haiguang Information and Zhongke Shuguang both receiving 39 research instances, ranking second [1][2] Group 2 - The electronics industry was the most favored by private equity research, with 56 stocks receiving a total of 275 research instances [2][3] - The pharmaceutical and biological industry followed closely, with 41 stocks receiving a total of 266 research instances [3] - The mechanical equipment industry had 52 stocks that were researched a total of 234 times, while the computer industry had 36 stocks with 213 research instances [3] Group 3 - A total of 85 private equity institutions actively participated in A-share research, with Zhengyuan Investment being the most active, conducting 35 research instances [3] - Among the top ten private equity firms, two were billion-dollar firms, with Panjing Investment and Juming Investment conducting 19 and 13 research instances, respectively [3] - In June, 31 billion-dollar private equity firms participated in A-share research, totaling 176 research instances, with several firms conducting at least ten research instances [3]

Group 1: Core Insights - The report emphasizes the long-term growth potential of computing power, exploring the latest developments in GPUs and ASICs, and identifying changes in domestic computing power and AI terminals [4][5][7] - Recent performance of AI hardware and software stocks in the US market has reached new highs, driven by Nvidia's better-than-expected earnings and the increasing demand for AI-enabled internet applications [4][20][24] - The computing power upgrade is driven by two main routes: speed and power, with advancements in PCB upgrades, server architecture changes, and the necessity of liquid cooling for increased chip power consumption [4][5][7] Group 2: Overseas Computing Power - The report highlights the rapid growth in inference demand, which is expected to create a return on investment (ROI) loop for AI investments, with Nvidia's product iterations accelerating in response to this demand [4][20][24] - Nvidia's recent earnings report showed a revenue of $44.1 billion for FY25Q3, a year-on-year increase of 69%, indicating strong market demand for AI computing power [24] - The global ASIC market is projected to grow from $6.5 billion in 2024 to $15.2 billion by 2033, with a compound annual growth rate (CAGR) of 12.8%, reflecting the increasing importance of ASICs in the computing power landscape [29][75] Group 3: Domestic Computing Power - Domestic AI models like Doubao and DeepSeek are accelerating the development of Chinese large models, with significant updates from various domestic companies since 2025 [5] - The report notes that domestic cloud computing firms are increasing their investments in computing power infrastructure, although short-term supply may not meet the rapidly growing demand [5] - The report identifies key domestic companies in the computing power ecosystem, including chip manufacturers like SMIC and Cambrian, which are making significant strides in adapting to the domestic computing power landscape [5][75] Group 4: AI Terminals - The report discusses the ongoing structural innovations in AI terminal hardware, such as smartphones and smart glasses, with a particular focus on the rising market for AI/AR glasses [7] - The interaction modes and functionalities of AI glasses are currently limited, but the integration of AR features is expected to enhance user experience significantly [7] - The report expresses optimism about the long-term narrative of the AI industry, highlighting the strong performance of Nvidia and the rise of domestic computing power breakthroughs as key investment opportunities [7] Group 5: Investment Recommendations - The report suggests focusing on specific sectors within the computing power chain, including servers, PCBs, CPOs, copper cables, and power supply systems, where domestic companies have established advantages [8] - Key companies to watch include Industrial Fulian and Huajin Technology in the server space, and Corechip and Cambrian in the computing chip sector [8] - The report also highlights the importance of supply chain partners in the ASIC market, indicating a shift towards a more competitive landscape with multiple players emerging [8][75]

其 他 报 告 2025年06月30日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3424 | -0.70 | -0.51 | | 深证成份指数 | 10379 | 0.34 | -1.16 | | 沪深300指数 | 3922 | -0.61 | -0.45 | | 创业板指数 | 2124 | 0.47 | -1.66 | | 上证国债指数 | 226 | 0.03 | 0.21 | | 上证基金指数 | 6931 | -0.03 | -0.11 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24284 | -0.17 | -1.52 | | 中国香港国企指数 | 8762 | -0.47 | -1.48 | | 中国台湾加权指数 | 22580 | 0.39 | -0.12 | | 道琼斯指数 | 4381 ...