Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][14]. Core Insights - The report highlights the rapid growth and adoption of AI models, particularly the Doubao model family, which has seen a significant increase in daily token usage, surpassing 16.4 trillion tokens by the end of May 2025, representing a growth of over 137 times since its launch [4][8]. - The Doubao model 1.6 features advanced capabilities, including multi-modal support and a context window of 256k, which enhances its reasoning and understanding abilities [4]. - The Seedance 1.0 pro video generation model has been recognized as a leader in the industry, outperforming many mainstream models in generating video content [5]. Summary by Sections Market Performance - The computer industry has shown a market performance trend with fluctuations ranging from -27% to +67% over the specified periods [3]. AI Model Developments - The Doubao model family includes various models such as Doubao-seed-1.6, which offers a unified pricing model that reduces costs by 63% for most requests [4][6]. - The Seedance 1.0 pro model is priced competitively, costing only 3.67 yuan for generating a 5-second 1080P video, significantly lower than competitors [6]. Industry Adoption - The Doubao model is being adopted by 9 out of the top 10 global smartphone manufacturers and is utilized by 70% of systemically important banks and numerous brokerage firms [8][9]. - The report emphasizes the growing integration of AI models in various sectors, including education, automotive, and finance, with notable increases in token consumption across different applications [8]. Investment Recommendations - The report suggests focusing on companies involved in AI edge computing, AI agents, multi-modal AI, and AI computing power, listing several key players in each category [10].

截至2025年6月12日 11:11，上证科创板人工智能指数(950180)下跌0.21%。成分股方面涨跌互现，中邮科技(688648)领涨13.48%，有方科技(688159)上涨 2.08%，寒武纪(688256)上涨1.66%；恒玄科技(688608)领跌2.54%，金山办公(688111)下跌2.05%，芯原股份(688521)下跌1.35%。科创AIETF(588790)多空胶 着，最新报价0.57元。流动性方面，科创AIETF盘中换手2.71%，成交9434.84万元。拉长时间看，截至6月11日，科创AIETF近1年日均成交2.68亿元，居可比 基金第一。 方正证券指出，AI应用正渗透至各硬件终端，端侧AI成为2026年重要的投资方向之一：根据我们产业链了解，AI手机/AIPC/AI玩具/AI学习机/AI眼镜等各领 域终端品牌厂商均致力于主打AI特色差异化产品，多模态大模型将文本/图像/音频等多种模态数据相结合，为端边侧设备提供更强大的智能处理能力，未 来，包含大模型推理功能的视觉终端有望实现更高效的人机交互能力，伴随硬件创新与升级，供应链将有望迎来新一轮投资机遇。 规模方面，科创AIETF近1周 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the smart glasses industry, including GoerTek, Lante Optics, Sunny Optical Technology, Espressif Technology, and others [5][6]. Core Insights - Smart glasses are identified as one of the most promising carriers for AI large models, with the potential for significant transformation in human-computer interaction due to advancements in AI capabilities [1][11]. - The market consensus on AI glasses has evolved, particularly with the launch of RayBan Meta, which combines hardware, AI functionality, and user-friendly features, achieving sales of over 1.4 million units in 2024 [2][20]. - The integration of optical display modules is crucial for the evolution of smart glasses towards augmented reality (AR) applications, with a focus on lightweight and high-performance optical components [3][23]. Summary by Sections Smart Glasses: AI First, Exploring AR - The report discusses the transition of AI from research to application, highlighting the increasing importance of multi-modal interactions, including text, images, and voice [11][13]. - Smart glasses are positioned as a suitable platform for AI applications due to their proximity to key sensory organs, enabling seamless interaction with AI [16][19]. Optical Waveguide and Micro LED as Core Bottlenecks - The report identifies the challenges in optical module manufacturing, emphasizing the need for lightweight and high-performance solutions to facilitate mass production of AR glasses [3][34]. - The combination of diffraction waveguides and Micro LED technology is seen as a potential solution for enhancing the display and user experience of AR glasses [3][39]. Investment Recommendations - The report suggests focusing on various segments within the smart glasses industry, including brands, solution providers, and optical component manufacturers, highlighting companies like Xiaomi, GoerTek, and Lante Optics as key players [4][5]. - The report emphasizes the importance of SoC processors for AI glasses and optical components for AR glasses, indicating a clear distinction in hardware requirements between the two types [26][28].

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。乐鑫信息科技（上海）股份有限公司 （以下简称"乐鑫科技"、"发行人"或"公司"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 路由器芯片研发及产业化 ...

7-2-1 关于乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票审核问询函的回复报告 天职业字[2025]29618 号 上海证券交易所： 根据贵所出具的《关于乐鑫信息科技（上海）股份有限公司向特定对象发行股票申请 文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"） 的要求，天职国际会计师事务所（特殊普通合伙）（以下简称"我们"或"申报会计师"） 作为乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"、"发行人"或"公 司"）的申报会计师，对审核问询函中涉及申报会计师的相关问题进行了逐项核实，现回 复如下，请予审核。 如无特别说明，本问询函回复中使用的简称与《关于乐鑫信息科技（上海）股份有限 公司向特定对象发行股票申请文件的审核问询函》中释义一致。 本回复所引用的财务数据和财务指标，如无特殊说明，均为合并报表口径的财务数据 和根据该类财务数据计算的财务指标。 在本问询函回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍五 入原因所致。 7-2-2 问题 2.关于融资规模与效益测算 根据申报材料，（1）公司本次拟募集资金不超过 177,787.67 万 ...

证券代码：688018 证券简称：乐鑫科技 关于 乐鑫信息科技（上海）股份有限公司 申请向特定对象发行股票的审核问询函 之 回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年六月 上海证券交易所： 贵所于 2025 年 5 月 9 日印发的《关于乐鑫信息科技（上海）股份有限公司 向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕49 号）（以下简称"审核问询函"）已收悉。乐鑫信息科技（上海）股份有限公司 （以下简称"乐鑫科技"、"发行人"或"公司"）与中信证券股份有限公司（以 下简称"中信证券"、"保荐人"）、天职国际会计师事务所（特殊普通合伙） （以下简称"会计师"、"申报会计师"）等相关方对审核问询函所列示问题进 行了逐项落实、核查。现就本次审核问询函提出的问题书面回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称与募集说明书中的释义相同； 以下回复中若出现各分项数值之和与总数尾数不符的情况，均为四舍五入原因造 成。 7-1-1 | | | 问题 1.关于本次募投项目 根据申报材料，（1）本次募投项目包括 Wi-Fi 7 ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

2025.06. 10 本文字数：1466，阅读时长大约2分钟 作者 | 第一财经 半导体板块领跌，乐鑫科技、翱捷科技跌超6%，炬芯科技、凯德石英、斯特威等跟跌。 主力资金全天净流入银行、医药生物、电力设备、公用事业、基础化工、有色金属、轻工制造等板块， 净流出计算机、电子、国防军工、汽车、机械设备、传媒、通信等板块。 具体到个股来看，乐山电力、中文在线、工商银行获净流入6.68亿元、5.38亿元、4.79亿元。 6月10日，早盘三大指数维持震荡，午后走弱。截至收盘，沪指跌0.44%，深成指跌0.86%，创业板指 跌1.17%。 | 代码 | 名称 | | 两日图 | | 现价 | 涨跌 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | | | 3384.82 c | -14.96 | | -0.44% | | 399001 | 深证成指 | | | | 10162.18 c | -87.96 | | -0.86% | | 899050 | 北证50 | | | 1427.93 c | | ...

Market Overview - The TMT sector experienced a broad adjustment, with significant declines in semiconductor, computing power, AI applications, fintech, and consumer electronics stocks [1][4][6] - The three major indices showed weakness, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.86%, and the ChiNext Index down 1.17% [2] Sector Performance - The port shipping sector led gains with an increase of 3.83%, followed by beauty care (+2.19%) and planting and forestry (+2.05%) [5] - Conversely, the semiconductor sector was the worst performer, with companies like Lexin Technology and Aojie Technology dropping over 6% [6] Capital Flow - Main capital inflows were observed in banking, pharmaceutical biology, electric equipment, public utilities, basic chemicals, non-ferrous metals, and light industry manufacturing [7] - Notable net inflows included Leshan Electric Power (6.68 billion), Zhongwen Online (5.38 billion), and Industrial and Commercial Bank of China (4.79 billion) [8] - Significant net outflows were seen in Haiguang Information, Dongfang Wealth, and Inspur Information, with sell-offs of 8.67 billion, 7.56 billion, and 5.37 billion respectively [9] Institutional Insights - Zhongtai Securities indicated that the index remains in a dense trading area, suggesting that the current volatile market conditions may continue [10] - CITIC Securities highlighted the strong clinical data for innovative drugs, maintaining an industry outlook stronger than the market [11]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 1.54% as of June 10, 2025, with mixed performance among constituent stocks [3] - Zhongyou Technology (688648) led the gains with an increase of 4.83%, while Youfang Technology (688159) experienced the largest decline at 5.87% [3] - The Sci-Tech AI ETF (588790) also fell by 1.53%, with a latest price of 0.58 yuan and a turnover rate of 2.9% during the trading session [3] Group 2 - The Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap stocks that provide foundational resources, technology, and application support for AI [4] - The latest scale of the Sci-Tech AI ETF reached 3.496 billion yuan, marking a new high since its inception, ranking it 1/6 among comparable funds [4] - The latest share count for the Sci-Tech AI ETF reached 5.956 billion shares, also a new high since inception, ranking it 1/6 among comparable funds [4] Group 3 - The Sci-Tech AI ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 147 million yuan, totaling 258 million yuan, and an average daily net inflow of 6.447 million yuan [5] - The leverage funds have been actively investing, with a financing net purchase of 15.044 million yuan on the previous trading day and a latest financing balance of 90.8835 million yuan [5] - Since its inception, the Sci-Tech AI ETF has achieved a maximum monthly return of 15.59% and an average return of 15.59% during the months it increased [5] Group 4 - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [6] - As of June 9, 2025, the tracking error for the Sci-Tech AI ETF this year is 0.406%, indicating high tracking precision compared to similar funds [6] - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index account for 70.6% of the index, with notable companies including Lanjing Technology (688008) and Cambricon Technologies (688256) [6]