今日AI板块出现回调，截至9点42分，科创人工智能ETF华夏（589010）下跌1.35%。持仓股方面，有方 科技下跌7.34%领跌，乐鑫科技下跌4.45%、金山办公下跌4.05%跌幅靠前。 消息面上，苏州市人工智能行业协会计划征集人工智能技术赋能苏州足球队的创新产品及解决方案，促 进提升训练水平和竞技表现，助力苏州足球队在2025年江苏省城市足球联赛中争创佳绩。国家体育总局 科教司相关负责人表示，"推进人工智能在体育行业应用"是科教司今年的重点工作方向之一。 华泰证券认为，从AI落地节奏来看，ToC场景因其需求简单、幻觉容忍度高等原因，推进速度更快，如 AI大模型在游戏、电商、广告等领域进展加速。ToB场景中，AI在营销和销售领域的应用已从技术探索 阶段迈入到规模化应用。营销和销售领域成为AI大模型落地最快的场景之一，我们认为，其核心原因 在于其数据驱动的本质、业务目标的可量化性、流程的标准化特征与AI技术特性高度契合，在这些环 节AI应用有望迎来率先放量。 估值方面，科创人工智能ETF华夏（589010）跟踪的科创人工智能指数最新市盈率TTM为120.69倍，仅 位于23.56%分位点，低于近一年76.4 ...

【市场复盘】 周一(6月9日)，科创人工智能ETF华夏(589010)上涨0.49%，持仓股海天瑞声上涨7.79%领涨，中邮科技 上涨6.14%，乐鑫科技上涨5.23%涨幅靠前；机器人ETF(562500)上涨0.36%，持仓股博众精工上涨4.89% 领涨，禾川科技上涨4.09%，南网科技上涨4.08%涨幅靠前。当日交易金额5.17亿元，居相同标的ETF首 位，换手率3.89%，市场成交活跃。当日资金净流入1.06亿元，连续三个交易日资金"吸金"。 【热点要闻】 1、《北京市时尚产业高质量发展实施方案(2025—2027年)》印发，提出支持一批机器人在教育、医 疗、养老等场景首试首用，加速产品研发迭代，拓展机器人后服务市场。 2、OpenAI的"年化经常性收入"突破100亿美元，去年全年约为55亿美元，增长近80%；此外，OpenAI 上周宣布，其目前拥有300万付费商业用户，高于2月份报告的200万。 3、6月11日~12日，火山引擎将在北京举行2025原动力大会。据火山引擎透露，此次大会上，豆包家族 将全线升级。从议程来看，大会主论坛主要包括三部分：新品发布、AI Coding与AI Agent。 机器人 ...

Core Insights - The commercial real estate market is currently dominated by small to medium-sized transactions, with ongoing challenges such as investment contraction, weak demand, and high inventory levels in the office market [2][5][10] - Short-term recovery is contingent on macroeconomic improvement and restoration of corporate confidence, while long-term recovery will require industry upgrades, asset optimization, and innovative business models [2] Office Rental Market - In April 2025, the average office rental price in eight key cities was 2.78 yuan per square meter per day, showing a month-on-month increase of 1% but a year-on-year decrease of 10.88% [4] - Beijing's office rental price led the market with a month-on-month increase of 6.86% to 4.83 yuan per square meter per day [4] - Other cities like Shanghai and Guangzhou also saw month-on-month increases in rental prices, while cities such as Shenzhen, Hangzhou, Chengdu, Nanjing, and Wuhan experienced declines [4] - The overall office rental market remains under pressure due to economic changes, continuous new supply, and the normalization of remote work [4] Transaction Market Overview - A total of six commercial asset transactions occurred during the reporting period, with a total transaction value of 1.657 billion yuan, indicating an increase in the number of transactions but a decrease in total value compared to the previous period [5][10] - Transactions ranged from 0.79 billion to 6.5 billion yuan, with the majority concentrated in the 1-4 billion yuan range, indicating a preference for stable investments [7][10] Notable Transactions - The largest transaction involved Aier Eye Hospital Group acquiring a 60% stake in the Shenzhen Guangsheng Science and Technology Building for 650 million yuan, aimed at enhancing its medical service network in the Guangdong-Hong Kong-Macao Greater Bay Area [7][8] - New Huangpu's acquisition of the Silicon Valley SOHO-2 building in Beijing for 215 million yuan was significantly below the regional market price, allowing for potential future profitability through asset transformation [8][9] Buyer Dynamics - The primary buyers in the commercial asset market include companies from the technology, finance, and healthcare sectors, with a focus on high-density industrial areas to leverage talent and policy benefits [8] - Over half of the transactions were driven by self-use demand, with companies like Thunder God Technology and Lexin Technology purchasing properties for office use [8] Market Outlook - The commercial real estate market is expected to gradually recover through structural adjustments, with a focus on high-quality assets in core cities and properties with transformation potential [10] - The ongoing trend of asset transformation and the presence of distressed asset sales provide new growth opportunities for investors [10]

消息面上，继深圳市设立两只人工智能产业基金之后，山东省印发《关于支持人工智能全产业链创新发 展的若干政策措施》，要求发挥省新旧动能转换基金引领带动作用，吸引社会资本共同构建人工智能产 业基金群，以"全生命周期基金"体系，拓展人工智能企业市场化融资渠道。山东人工智能产业保持年均 30%以上高速增长，集聚骨干企业近1000家，带动相关产业规模超千亿元。 相关产品：科创板人工智能ETF（588930） 6月9日，A股市场震荡上行，人工智能板块走势积极。科创板人工智能指数成份股中，海天瑞声涨超 9%，虹软科技、乐鑫科技、金山办公涨超3%，中邮科技、中科星图、道通科技、有方科技涨超2%。科 创板人工智能ETF（588930）现涨0.52%，实时成交额突破5000万元，过去20个交易日资金净流入超 7000万元，市场热度较高。 （文章来源：每日经济新闻） 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI产业 链上游算力芯片、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设备、家 电、通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更 ...

Investment Rating - Industry investment rating: Overweight [1] Core Insights - The upcoming WWDC25 and ByteDance's Volcano Engine Conference are significant events, with a focus on innovative hardware products [5][6] - The electronic industry index showed a weekly increase of 3.60%, outperforming major indices like the Shanghai Composite and Shenzhen Component [4][28] - The DRAM industry revenue for Q1 2025 was reported at $27.01 billion, reflecting a quarter-over-quarter decrease of 5.5% [14] - Anticipated price increases for Server and PC DDR4 modules in Q2 2025 are projected to be between 18-23% and 13-18%, respectively [15][16] - The OLED display market is expected to see an 80.6% year-on-year increase in shipments in 2025, with a market penetration rate projected to rise to 2% [17] Summary by Sections Industry News - The DRAM industry faced a revenue decline due to falling contract prices and inventory adjustments, with major players like SK Hynix and Samsung experiencing revenue drops [14] - The demand for mid-size displays is growing, driven by consumer preferences for high-quality visuals, creating new market opportunities [17][19] Market Performance Review - The electronic industry index outperformed other indices, with the best-performing sector being printed circuit boards, which saw a 9.89% increase [4][28] - The top five performing stocks in the electronic sector for the week included Shengyi Technology and Ruikeda, while Feikai Materials and Xuguang Electronics lagged [43][44]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The upcoming WWDC25 and ByteDance's Volcano Engine Conference are significant events, with a focus on innovative hardware products [5][6] - The electronic industry index showed a weekly increase of 3.60%, outperforming major indices like the Shanghai Composite and Shenzhen Component [4][28] - The DRAM industry revenue for Q1 2025 was reported at $27.01 billion, reflecting a quarter-over-quarter decrease of 5.5% [14] - Anticipated price increases for Server and PC DDR4 modules in Q2 2025 are expected to be between 18-23% and 13-18%, respectively [15][16] Summary by Sections Market Performance Review - The Shanghai Composite Index increased by 1.13%, while the Shenzhen Component rose by 1.42% during the week of June 2 to June 6, 2025 [4][28] - The best-performing sector was printed circuit boards, with a rise of 9.89%, while semiconductor materials lagged with a 0.73% increase [4][28] Key Industry News - The DRAM industry is facing challenges with a revenue drop due to falling contract prices and inventory adjustments [14] - OLED technology is expanding in the mid-size display market, with a projected annual growth of 80.6% in OLED shipments for 2025 [17][18] - Apple is testing more advanced AI models, with parameters ranging from 3 billion to 150 billion, although expectations for AI updates at WWDC25 are low [21][22] Company Performance - The top five performing stocks for the week included Shengyi Technology, Ruikeda, and Huati Technology, while Feikai Materials and Xuguang Electronics showed weaker performance [43][44] - Year-to-date, Shenghong Technology and Xunjie Technology have been the best performers, while Guoxing Optoelectronics and Longtu Photomask have struggled [43][44]

Core Insights - The introduction of the "light asset, high R&D investment" recognition standard has led to a significant increase in the number of companies applying for refinancing on the Sci-Tech Innovation Board, with 9 companies submitting applications totaling 24.796 billion yuan [1][2] - This policy effectively addresses the financing bottleneck for "light asset, high R&D investment" enterprises, promoting resource allocation towards technological innovation [1][2] - The policy is expected to further establish the Sci-Tech Innovation Board as a core platform for nurturing new productive forces and supporting technological self-reliance [1] Group 1: Company Actions - Cambrian Technology announced a plan to raise 4.98 billion yuan through a specific issuance of A-shares, with over 30% of the funds allocated for non-capital expenditures related to R&D [1][2] - The company indicated that 87.25% of the raised funds would be used for personnel salaries and product trial costs, emphasizing its commitment to R&D [2] - Dize Pharmaceutical became the first company to complete refinancing under the new standard, adjusting its financing scale to focus on core projects, thereby accelerating its clinical and industrialization processes [3] Group 2: Industry Impact - The "light asset, high R&D investment" standard enhances the financing convenience for tech-driven companies, allowing them to increase R&D investments and improve their R&D capabilities [2][4] - The policy has improved the transparency and efficiency of refinancing reviews, providing greater flexibility for companies in need of funding [4] - It is estimated that over a hundred companies on the Sci-Tech Innovation Board may meet the "light asset, high R&D investment" criteria, although only a few have submitted refinancing applications so far [4] Group 3: Recommendations - Industry experts suggest that regulatory bodies should continue to strengthen policy promotion and provide operational guidance to help companies and intermediaries better understand and apply the new standards [5]

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Eight Measures") released by the China Securities Regulatory Commission marks the beginning of a new round of reforms aimed at supporting technological innovation and new productivity development in the past year [1] Group 1: Reform Implementation and Impact - The implementation of the "light asset, high R&D investment" recognition standard has led to a surge in refinancing activities among companies on the Sci-Tech Innovation Board, with nine companies applying for refinancing totaling nearly 25 billion yuan since the standard was introduced [1][2] - The standard allows companies to use funds more flexibly, as they are no longer restricted by the previous 30% limit on supplementary working capital and debt repayment ratios [2][4] - Companies such as Cambrian and Dize Pharmaceutical have initiated significant projects in semiconductor and biopharmaceutical sectors, showcasing the vibrant innovation activity spurred by the new standard [1][2] Group 2: Company-Specific Financing Activities - Cambrian's recent fundraising of 4.98 billion yuan is the largest in its five-year history, aimed at developing chip platforms and software projects [2] - Dize Pharmaceutical's fundraising of 1.796 billion yuan is directed towards core product development and international standard innovative drug industrialization projects, with a significant portion allocated to high-uncertainty R&D expenditures [3][4] - Chip Origin's refinancing is focused on IP development, with a high percentage of funds allocated to uncertain R&D expenses, aligning with the company's strategy of maintaining high R&D investment in semiconductor technology [3][4] Group 3: Market Trends and Future Outlook - The overall market for refinancing applications has seen a notable increase since 2025, indicating a positive cycle of policy benefits leading to more active market participation [6] - The recognition standard is expected to effectively alleviate financing bottlenecks for light asset companies, enabling them to focus more on technological innovation and core competencies [6] - Over a hundred companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only nine have actively pursued refinancing under the new regulations, suggesting a gradual adaptation to the new policy [6]

6月4日，寒武纪再融资申请获得上交所受理，这是又一家适用"轻资产、高研发投入"企业认定标准的再 融资案例。证券时报记者获悉，自去年10月11日上交所发布《发行上市审核规则适用指引第6号——轻 资产、高研发投入认定标准（试行）》（以下简称《指引》）以来，已有9家科创板公司按照"轻资产、 高研发投入"认定标准申请再融资，合计拟融资247.96亿元， 科创板公司再融资便利度大幅提升 "轻资产、高研发投入"认定标准的适用，有效提升了科创板公司再融资的便利度，进一步支持科技型企 业加大研发投入和提升研发水平。 此前，《证券期货法律适用意见第18号》等相关规定中虽对"轻资产、高研发投入"特点的企业做出"可 以突破补充流动资金和偿还债务比例限制"的规定，但具体认定标准未明确，实际中以个案方式推进。 《指引》对"轻资产、高研发投入"特点企业的认定标准进行了细化，符合"轻资产、高研发投入"认定标 准的企业可直接适用相关标准规划募投项目并申报再融资，进一步提高了透明度和可预期性。 此举得益于《指引》对"轻资产、高研发投入"特点企业的认定标准进行了量化。《指引》指出，具有轻 资产特点的企业，要求公司最近一年末固定资产、在建工程、土 ...

截至2025年6月6日 13:02，上证科创板人工智能指数(950180)上涨0.37%，成分股优刻得(688158)上涨12.36%，麒麟信安(688152)上涨5.56%，云天励飞 (688343)上涨2.83%，安恒信息(688023)上涨2.51%，恒玄科技(688608)上涨2.41%。科创AIETF(588790)上涨0.34%， 冲击4连涨。流动性方面，科创AIETF盘 中换手3.64%，成交1.24亿元。拉长时间看，截至6月5日，科创AIETF近1年日均成交2.72亿元，居可比基金第一。 交银国际表示，抓住确定性——AI和国产替代双主线。1H25，全球市场科技股波动性增大。展望2H25，我们建议投资者聚焦不确定环境下的确定性，即人 工智能技术和市场的发展及半导体产业链国产替代的持续深化。我们认为半导体设计公司或仍是人工智能基础设施建设的最大受益者。 科创AIETF紧密跟踪上证科创板人工智能指数，上证科创板人工智能指数从科创板市场中选取30只市值较大的为人工智能提供基础资源、技术以及应用支持 的上市公司证券作为指数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 规模方面，科创A ...