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]

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]