Core Viewpoint - The investment value of the domestic AI sector is highlighted, with a shift in growth dynamics from "training" to "inference" in the intelligent computing center market, indicating a stable growth phase despite a slowdown in market growth [3]. Group 1: Market Performance - As of May 26, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 0.73%, with mixed performance among constituent stocks [2]. - The Sci-Tech AI ETF (588790) also fell by 0.70%, with a latest price of 0.57 yuan and a turnover rate of 3.37%, totaling a transaction volume of 1.03 billion yuan [2]. - Over the past year, the average daily transaction volume of the Sci-Tech AI ETF reached 2.78 billion yuan, ranking first among comparable funds [2]. Group 2: Company Developments - Kunlun Wanwei launched the Skywork SuperAgents product globally on May 22, 2025, which utilizes AI agent architecture and deep research technology to generate various types of content [2]. - The product ranks first on the GAIA list, showcasing its strong deep research capabilities [2]. Group 3: Fund Performance - The Sci-Tech AI ETF saw a significant increase in scale, growing by 1.50 million yuan over the past week, ranking first among comparable funds [3]. - The fund's shares increased by 3.15 million shares in the same period, also ranking first among comparable funds [3]. - The fund experienced a net outflow of 29.38 million yuan recently, but had a total inflow of 184 million yuan over the last five trading days [3]. Group 4: Leverage and Returns - Leveraged funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 12.64 million yuan on the highest single day, bringing the latest financing balance to 72.73 million yuan [4]. - Since its inception, the Sci-Tech AI ETF has achieved a maximum monthly return of 15.59%, with an average monthly return of 15.59% and a winning probability of 60.81% [4]. Group 5: Risk and Fees - The fund's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The tracking error of the Sci-Tech AI ETF over the past three months is 0.014%, indicating high tracking precision compared to similar funds [5]. Group 6: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Sci-Tech AI ETF is 119.64, which is below 80.57% of the time over the past year, indicating a historical low valuation [5]. - The top ten weighted stocks in the index account for 70.68% of the total index weight, with notable companies including Lanqi Technology and Cambricon Technologies [5][7].

Core Viewpoint - The recent news highlights the performance of the Sci-Tech Innovation Board AI Index and the implications of new policies aimed at enhancing financial support for technological innovation in China [3][4]. Group 1: Market Performance - As of May 23, 2025, the Sci-Tech Innovation Board AI Index (950180) decreased by 0.68%, with mixed performance among constituent stocks [3]. - Leading gainers included Haitai Ruisheng (688787) up 4.74%, Tianzhun Technology (688003) up 4.64%, and Aobi Zhongguang (688322) up 2.61% [3]. - The largest decliners were Hengxuan Technology (688608) down 11.11%, Zhongyou Technology (688648) down 5.92%, and Lexin Technology (688018) down 4.12% [3]. Group 2: Policy Insights - The National New Office's press conference on May 22 provided detailed insights into the policy measures aimed at building a robust technology finance system to support high-level technological self-reliance [4]. - The policy measures are designed to address financial support issues faced by major technological tasks and tech-oriented SMEs, promoting a dual approach from both supply and demand sides [4]. Group 3: Fund Performance - The Sci-Tech AI ETF (588790) closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap companies providing resources and technology for AI [4]. - The ETF saw a significant increase in scale, growing by 229 million yuan over the past week, ranking first among comparable funds [4]. - In terms of shares, the ETF's shares increased by 36.6 million over the past week, also ranking first among comparable funds [5]. Group 4: Capital Inflows - Over the last five trading days, the Sci-Tech AI ETF attracted a total of 199 million yuan in capital inflows, indicating strong interest from leveraged funds [6]. - The net purchase amount for financing this month reached 1.4956 million yuan, with the latest financing balance at 69.559 million yuan [6]. Group 5: Historical Performance - Since its inception, the Sci-Tech AI ETF has achieved a maximum monthly return of 15.59%, with an average return of 15.59% during rising months and an 81.48% probability of profit over three months [6]. - As of May 22, 2025, the ETF's relative benchmark drawdown was 0.40% since inception [6]. Group 6: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [7]. - The tracking error over the past three months was 0.014%, indicating high tracking precision compared to similar funds [7]. Group 7: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board AI Index accounted for 70.68% of the index, with notable companies including Lanjing Technology (688008) and Cambricon (688256) [7][8].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index decreased by 0.33% as of May 23, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Shanghai Hejing up 3.05%, Huahai Qingke up 1.23%, and Gekewei up 0.92%, while Hengxuan Technology led the decline [1] - The Sci-Tech Chip ETF (588200) underwent a downward adjustment [1] Group 2 - The Sci-Tech Chip ETF had a turnover rate of 1.76% and a transaction volume of 433 million yuan, with an average daily transaction volume of 2.231 billion yuan over the past year, ranking first among comparable funds [3] - The ETF's scale increased by 54.88 million yuan in the past week, also ranking first among comparable funds, with the latest share count reaching 16.477 billion, a new high for the year [3] - The ETF experienced continuous net inflows over the past three days, with a peak single-day net inflow of 122 million yuan, totaling 190 million yuan [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index accounted for 58.53%, including SMIC, Haiguang Information, and Cambrian [3] - Xiaomi Group's chairman Lei Jun announced that the self-developed 3nm flagship chip, Xiaomi Xuanjie O1, has begun mass production [3] - Huaxi Securities noted that domestic wafer fabs are expected to expand capacity significantly, with four leading fabs projected to exceed 800,000 pieces per month in future capacity expansion [3] Group 4 - Financial Credit Securities indicated that the U.S. Department of Commerce's adjustment of AI chip export policies will strengthen the demand for a self-controlled domestic semiconductor industry chain, particularly in domestic equipment and chip design [4] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [4]

（原标题：语音技术概念上涨0.11%，6股主力资金净流入超3000万元） 截至5月22日收盘，语音技术概念上涨0.11%，位居概念板块涨幅第7，板块内，22股上涨，盛视科技涨停，综艺股份、天键股份、盛通股份等涨 幅居前，分别上涨9.77%、5.66%、5.57%。跌幅居前的有瑞德智能、*ST国化、南天信息等，分别下跌4.07%、3.19%、2.82%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 手机游戏 | | 0.33 环氧丙烷 | -3.41 | | 太赫兹 | | 0.32 石墨电极 | -2.91 | | Sora概念(文生视频) | | 0.31 代糖概念 | -2.86 | | 智能音箱 | 0.18 钠离子电池 | | -2.83 | | 军工信息化 | 0.14 | 转基因 | -2.81 | | 无线充电 | 0.11 | 光刻胶 | -2.76 | | 语音技术 | 0.11 | 草甘膦 | -2.73 | | 多模态AI | -0.04 固态电池 | | -2.56 | | 网约车 ...

沪深两市全天主力资金净流出330.98亿元，其中，科创板主力资金净流出20.24亿元，主力资金净流入的 有217只股，主力资金净流出的有370只股。 证券时报•数据宝统计显示，今日科创板个股上涨的有116只，涨停的有三生国健等1只，下跌的有464 只。其中，上市5日内的有汉邦科技等，今日涨幅较高的有汉邦科技，涨幅为6.81%。 资金流向方面，今日主力资金净流入的科创板股共有217只，其中，3只个股主力资金净流入超5000万 元，航天南湖主力资金净流入1.15亿元，净流入资金居首；乐鑫科技、凌云光紧随其后，全天净流入资 金分别为8043.53万元、6530.31万元。主力资金净流出的有370只，净流出资金最多的是寒武纪，该股今 日下跌0.72%，全天主力资金净流出1.59亿元，其次是海光信息、中芯国际，主力资金净流出分别为 1.37亿元、1.13亿元。 上市5日内的资金净流出较多的是汉邦科技，今日主力资金净流出563.88万元。 从主力资金连续性进行观察，共有53只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是特宝生物，该股已连续11个交易日净流入；连续净流入天数较多的还有和达科技、南模生物等 ...

Core Insights - The valuation adjustment of commercial real estate in core cities has led to increased interest in high-quality properties, with many publicly listed companies accelerating the acquisition of office buildings and R&D spaces to optimize asset structures and reduce long-term operational costs [1] Group 1: Company Acquisitions - Several listed companies have announced the purchase of office buildings and R&D spaces this year, primarily in first-tier and key second-tier cities such as Shenzhen, Shanghai, Beijing, and Zhuhai [1] - Aier Eye Hospital announced the acquisition of a 60% stake in Shenzhen Guangsheng Digital Technology Co., including the "Guangsheng Science and Technology Innovation Building" for approximately 650 million yuan, to be used as a long-term medical facility [2] - Lexin Technology plans to purchase a technology office building in Shanghai for about 436 million yuan to expand its R&D center, addressing space constraints and rising rental costs [2] - Founder Securities acquired an office property in Shanghai for over 100 million yuan to enhance its market penetration in East China [3] - Light Media announced a 1.22 billion yuan investment to acquire a 100% stake in a company to secure office space in Beijing, aligning with its strategic growth plans [3] Group 2: Market Trends - The current period of commercial real estate valuation adjustment has led to a decline in rental and sale prices for high-quality properties in core cities, making it more feasible for companies to upgrade their self-owned office properties [4] - The trend of companies purchasing properties is concentrated in core business districts or emerging industrial parks, indicating a rational approach to asset allocation with a focus on long-term usage value [4] - The stable operation of core businesses and sufficient cash flow support the strategic acquisition of office buildings, signaling a positive outlook for the market [5] - With the continuous decline in domestic benchmark interest rates, many properties are providing stable cash flows, making them more attractive than various financial products [5]

Key Points - The company plans to distribute a cash dividend of 6 yuan per 10 shares for the fiscal year 2024, with the total cash dividend amount adjusted from 65,969,290.80 yuan to 66,753,437.40 yuan [1] - The company will also increase its capital reserve by converting 4 shares for every 10 shares held, with the total number of shares to be increased adjusted from 43,979,527 shares to 44,502,291 shares [1] - The adjustments are due to the completion of stock vesting for employees, resulting in a reduction of shares in the company's repurchase account from 2,251,613 shares to 944,702 shares [2] - After the adjustments, the total number of remaining shares will be 111,255,729 shares, leading to a total share capital of 156,702,722 shares post-conversion [3]

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-044 乐鑫信息科技（上海）股份有限公司 关于调整 2024 年度利润分配现金分红总额及资本公 积转增股本总额的公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 重要内容提示： 现金分红总额：乐鑫信息科技（上海）股份有限公司（以下简称"公 司"）2024 年度利润分配拟每 10 股派发现金红利 6 元（含税）不变，派发现金 红利的总额由 65,969,290.80 元（含税）调整为 66,753,437.40 元（含税）。 资本公积转增股份总额：公司 2024 年度拟向全体股东每 10 股以公积 金转增 4 股不变，转增股本的数量由 43,979,527 股调整为 44,502,291 股（最终以 中国证券登记结算有限责任公司上海分公司登记结果为准）。 本次调整原因：员工于 2025 年 4 月 23 日至 5 月 7 日之间完成股权激 励股票归属共计 1,306,911 股，股票来源于公司回购专用证券账户回购的股票。 上述事项导致公司回购专用证券账户中股份数 ...

Core Insights - A-share overall profitability shows structural differentiation, with traditional industries accelerating transformation and emerging industries continuing to thrive, reflecting the deep logic of China's economic transition and upgrade [1] Group 1: A-share Financial Performance - Over 5,000 A-share listed companies reported their annual results, with 4,033 companies achieving profitability, accounting for 80% of the total [2] - The overall revenue growth rate for non-financial A-shares stabilized, while ROE continued to decline due to turnover and leverage issues, extending the downward trend since Q2 2021 [1][2] - The structural characteristics of the 2024 A-share financial reports highlight significant differences between traditional and emerging sectors, with technology, upstream resources, and products benefiting from subsidies showing notable performance [1] Group 2: Sector Performance - The Sci-Tech Innovation Board led with a revenue growth rate of 19.9%, while the ChiNext Board's growth slowed to 5.57% due to the impact of new energy [2] - The non-ferrous metals industry achieved a revenue of 3.47 trillion yuan, a year-on-year increase of 5.86%, with a net profit of 138.4 billion yuan, up 1.78% [4] - The consumer sector showed a weak recovery, with the A-share consumer sector's revenue growing by 8.2% and net profit by 5.6%, although still below 2019 levels [8] Group 3: Emerging Industries - The semiconductor sector experienced a recovery, with companies like Cambrian Technology and others reporting significant profit growth due to the AI industry's demand for computing power [3] - The overseas revenue growth for A-shares increased to 9.4%, with 27 out of 33 industries reporting positive growth in overseas revenue [6][7] - In the gaming industry, companies like Century Huatong and 37 Interactive Entertainment reported substantial overseas revenue, indicating a shift towards global market engagement [7] Group 4: Real Estate Sector - The real estate sector faced significant challenges, with total sales of new commercial housing dropping by 17.1% year-on-year, leading to a net profit loss of 371.9 billion yuan for the sector [10] - Major real estate companies like China Resources Land reported stable performance through strategic differentiation, while Vanke continued to face losses [10] - The overall decline in the real estate sector's profitability is attributed to reduced gross margins and increased impairment provisions [10]

Core Viewpoint - The commercial real estate market in China is experiencing a surge in large-scale transactions, particularly in first-tier cities, driven by various buyers including tech companies, local state-owned enterprises, and leaders in niche medical sectors [3][10]. Group 1: Market Activity - As of April 2025, the total listing price for large commercial properties in 32 cities in mainland China reached approximately 3.49 trillion yuan, reflecting a 3.9% increase month-on-month and an 84% increase year-on-year [3][11]. - The number of large asset listings continues to rise, with significant transactions occurring in major cities like Beijing, Shanghai, and Shenzhen [3][10]. - In the first quarter of 2025, Shanghai recorded 24 asset transactions totaling 11.46 billion yuan, marking a 20% increase from the previous quarter [12]. Group 2: Notable Transactions - The Silicon Valley SOHO-2 building in Beijing was sold for 215 million yuan, with a unit price of 9,880 yuan per square meter, representing a 64% discount from its assessed value [4][5]. - In Shanghai, the Zhongjun Tianyue Fangyu apartment was sold for approximately 200 million yuan, reflecting a one-third discount from its previous listing price of 300 million yuan [5][6]. - Aier Eye Hospital acquired a 60% stake in Guangsheng Digital Technology for 650 million yuan, intending to use the asset for long-term medical purposes [7][8]. Group 3: Buyer Motivations - Buyers are motivated by the need for self-use and to hedge against market volatility, with many local state-owned enterprises actively purchasing core office assets in first-tier cities [10][11]. - Tech companies like Lexin Technology are also purchasing properties to accommodate future business expansion and mitigate rental risks [8][9]. - The demand for long-term rental apartments is increasing, with significant investments from both domestic and international players in this sector [13][14]. Group 4: Market Trends - The commercial real estate market is seeing a shift towards long-term rental apartments, which accounted for 34% of transaction volume in Shanghai in the first quarter of 2025, surpassing office assets for the first time [14]. - The core office assets in first-tier cities remain scarce and are considered to have high investment value, driven by companies' rental cost considerations [14]. - The combination of proactive fiscal policies and moderately loose monetary policies is expected to enhance market liquidity and stimulate internal market dynamics [14].