Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) increased by 0.30% as of June 26, 2025, with notable gains from companies such as Fang Technology (688159) up 3.88% and Stone Technology (688169) up 3.20% [3] - The latest scale of the Sci-Tech AI ETF reached 40.81 billion yuan, marking a new high since its inception, ranking it 1/6 among comparable funds [4] - The number of shares for the Sci-Tech AI ETF also hit a new high at 70.18 billion shares, ranking it 1/6 among comparable funds [4] Group 2: Fund Inflows and Performance - The Sci-Tech AI ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 400 million yuan, totaling 550 million yuan in net inflows [4] - The fund has seen a daily average net inflow of 137 million yuan [4] - The highest monthly return since inception for the Sci-Tech AI ETF was 15.59%, with an average return of 15.59% during the months it increased [4] Group 3: Robotaxi Market Development - Tesla officially launched its Robotaxi pilot service in Austin, Texas, on June 22, 2025, with an initial fleet of 10 to 20 modified Model Y vehicles [3] - Huachuang Securities believes that as technology matures and the market expands, Robotaxi is likely to become a mainstream transportation method, intensifying competition and prompting technological advancements among competitors [3] Group 4: Index Composition - The Sci-Tech Innovation Board Artificial Intelligence Index comprises 30 large-cap companies that provide foundational resources, technology, and application support for artificial intelligence [5] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 70.6% of the total index weight, including companies like Lanke Technology (688008) and Cambricon (688256) [5]

| A 股证券代码：688385 | | 证券简称：复旦微电 | 公告编号：2025-025 | | --- | --- | --- | --- | | 港股证券代码： | 01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/7/2 | 2025/7/3 | 2025/7/3 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 18 日的2024年度股东周年大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本公司 H 股股东的现金红利发放不适用本公告，具体可参阅本公司 2025 年 6 月 ...

Group 1: AI Industry Trends - The domestic AI industry is experiencing a surge, with the Huabao Science and Technology Artificial Intelligence ETF (589520) seeing a price increase of 1.42% [1] - Key stocks in the ETF, such as AsiaInfo Security and Lexin Technology, have risen over 5%, indicating strong market interest [1] - The AI glasses market is expanding, with Xiaomi set to launch its AI glasses featuring first-person shooting capabilities, enhancing user interaction through AI [3] Group 2: Investment Opportunities - The Huabao Science and Technology Artificial Intelligence ETF is strategically positioned to benefit from the acceleration of AI integration in various sectors, including application software and terminal chips [5] - The Huabao ETF's associated fund is currently open for subscription, providing a low-cost investment option for retail investors [5] - The electronic ETF (515260) focuses on semiconductor and consumer electronics sectors, covering popular industries such as AI chips and cloud computing [6] Group 3: Technological Advancements - AI technology is increasingly being integrated into consumer electronics, including smart glasses, headphones, and smart speakers, enhancing user experience [4] - The development of AI glasses by companies like Meta and Oakley showcases the potential for AI applications in sports and outdoor activities [3] - The convergence of AI and AR technologies is anticipated to create the next generation of mobile smart devices, following smartphones [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the Science and Technology Innovation Information Technology ETF Morgan (588770), which has seen a 2.02% increase, marking its third consecutive rise, with a trading volume of 5.2522 million yuan [1] - The underlying index, the Shanghai Stock Exchange Science and Technology Innovation Board New Generation Information Technology Index (000682), has also shown robust growth, increasing by 2.16% [1] - Notable individual stocks within the index include Wealth Trend (688318) rising by 17.83%, Shengke Communication (688702) up by 8.21%, and Naxin Micro (688052) increasing by 7.18% [1] Group 2 - Over the past week, the Science and Technology Innovation Information Technology ETF Morgan (588770) has accumulated a 2.29% increase, ranking in the top third among comparable funds [2] - The Lujiazui Forum has introduced the "Science and Technology Innovation Board 1+6" reform package, which is expected to enhance the capital market reform efforts [2] - There is an anticipated increase in support for private science and technology enterprises in terms of financing and mergers and acquisitions, which is expected to catalyze leading technology companies with financing or investment needs [2] Group 3 - The Science and Technology Innovation Information Technology Index comprises 50 large-cap companies from sectors such as next-generation information networks, electronic core, emerging software, and new information technology services [2] - The rise of AI is driving a new wave of technological advancements, prompting Morgan Asset Management to integrate its "Global Vision Investment Technology" product line to help investors capitalize on quality technology companies globally [2] - Various actively managed funds focus on emerging industry trends, AI opportunities, and sectors like new energy vehicles and humanoid robots, while passive investment options include ETFs targeting technology assets in Hong Kong and innovative pharmaceutical companies in China [3]

Group 1 - Chip stocks experienced a significant rally in the afternoon trading session, with notable increases in share prices [1] - Taiji Co., Ltd. saw a rise of over 15%, indicating strong market interest [1] - Other companies such as Dazzle Semiconductor, Lexin Technology, and Juchip Technology reported gains of over 5% [1] Group 2 - Additional companies including Fudan Microelectronics, Guomai Technology, SMIC, Rockchip, and Chipsea Technology also experienced upward movement in their stock prices [1]

Group 1 - The core focus is on the active development of the domestic AI industry chain, with the Huabao AI ETF (589520) showing a price increase of over 1.4% at one point, currently up 0.47%, indicating a positive market sentiment [1] - Key stocks in the AI sector include Stone Technology, which rose over 4%, and Lexin Technology, which increased by more than 2%, along with Daotong Technology, Lingyun Light, and Fudan Microelectronics, all rising over 1% [1] - The People's Bank of China and six other departments issued guidelines to enhance financial support for consumption, aiming to stimulate high-quality consumption supply and meet diverse financing needs [3] Group 2 - The semiconductor industry is expected to maintain high growth, with May's integrated circuit production and export volumes increasing, and Q2 retail sales of communication equipment showing sustained growth [3] - The emergence of the Harmony Smart Body Framework (HMAF) enhances the native support capabilities of Harmony OS, promoting the integration of AI capabilities into operating systems and driving upgrades in edge AI applications [3] - Investment opportunities are recommended in the Huawei terminal industry chain due to the anticipated growth in AI applications and hardware upgrades [3] Group 3 - Guojin Securities suggests focusing on sectors with confirmed growth in the first half of the year, including AI-PCB, computing power hardware, and the semiconductor industry [4] - The Huabao AI ETF (589520) is positioned to benefit from the acceleration of AI integration in edge chips and software, with a balanced index covering application software, terminal applications, terminal chips, and cloud chips [5] - The electronic ETF (515260) tracks the electronic 50 index, heavily investing in the semiconductor and consumer electronics sectors, covering popular industries such as AI chips, automotive electronics, 5G, and cloud computing [6]

Core Viewpoint - The domestic AI investment landscape is experiencing a mismatch between short-term and long-term strategies, presenting a favorable opportunity for investment in the second half of the year [3] Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 1.09%, with notable increases in constituent stocks such as Stone Technology (688169) up by 4.57% and Youfang Technology (688159) up by 4.10% [3] - The Sci-Tech AI ETF (588790) increased by 1.06%, with a latest price of 0.57 yuan, and a turnover rate of 3.01% during the trading session, amounting to a transaction volume of 1.08 billion yuan [3] - Over the past year, the average daily transaction volume of the Sci-Tech AI ETF reached 2.60 billion yuan, ranking first among comparable funds [3] Group 2: Fund Size and Inflows - The latest size of the Sci-Tech AI ETF reached 3.568 billion yuan, marking a new high since its inception, and ranking 1/6 among comparable funds [4] - The fund's latest share count reached 6.322 billion shares, also a new high since inception [4] - The Sci-Tech AI ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 72.79 million yuan, totaling 150 million yuan in net inflows [4] Group 3: Fund Performance Metrics - Since its inception, the Sci-Tech AI ETF has recorded a highest monthly return of 15.59%, with the longest consecutive months of increase being 2 months and a maximum increase of 26.17% [4] - The fund's relative benchmark drawdown since inception is 0.40% [4] - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [4] - The tracking error for the Sci-Tech AI ETF year-to-date is 0.386%, indicating high tracking precision among comparable funds [4] Group 4: Index Composition - 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 the AI sector [5] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 70.6% of the total index weight, including companies like Lanjing Technology (688008) and Cambricon (688256) [5][7]

Group 1 - The A-share market experienced a rise and subsequent decline on June 23, with a notable performance in artificial intelligence (AI) themed stocks, particularly in the STAR Market AI Index [1] - The STAR Market AI ETF (588930) has seen an average daily trading volume exceeding 60 million yuan over the past 20 trading days, indicating high market interest [1] - Huawei announced the full launch of its next-generation Ascend AI cloud service based on CloudMatrix384 super nodes during its developer conference [1] Group 2 - The investment value of the AI sector is highlighted in the context of active technological innovation, with new applications like HarmonyOS intelligent agents and Agentic AI emerging [2] - Major companies such as Meta and Google are accelerating their development of ASIC chips, with expected shipments exceeding one million units by 2025, and a significant reduction in computing costs by 280 times over two years, facilitating large-scale AI deployment [2] - The advancements in AI technology indicate a rapid acceleration towards commercialization, with strong growth momentum across various segments of the industry chain, from educational hardware to cloud computing infrastructure [2]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - Affected by factors such as weakened upward momentum and overseas disturbances, the equity market declined. With non - banking convertible bonds intensively proposing downward revisions, the large - cap convertible bond market performed better than the small - cap one. Sectors like non - banking, public utilities, banks, and power equipment led the gains, and the underlying positions performed well. The market sentiment remained high, and the convertible bond valuation broke through a key point upwards [1][6]. - From May to June 20, 2025, 11 convertible bonds had their ratings downgraded (13 in the same period of 2024). Although the downgraded par - bond - type convertible bonds generally performed poorly, the parity level and default expectation were better than last year, so the credit risk expectation did not spread significantly. Photovoltaic convertible bonds fluctuated strongly [1][6]. - In the expected stock - bond volatile market, convertible bond assets with strong valuation support are expected to achieve good relative returns. It is recommended to maintain a neutral position, trade frequently, and accumulate small gains. In terms of allocation, it is advisable to focus on high - dividend large - cap par - bond convertible bonds, combined with a balanced and stock - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - This week, the equity and convertible bond markets declined slightly, but the convertible bond valuation continued to rise. The 100 - yuan premium rate rose to the key point of 30%. The overall market's 100 - yuan premium rate was 30%, with a slight weekly increase of 0.29%. The latest quantile level was at the 78.60% percentile since 2017. There was a slight differentiation in the valuations of high - and low - rated convertible bonds, with low - rated ones performing relatively strongly [5][7]. - This week, convertible bonds followed the decline of the underlying stocks, and the yield to maturity increased slightly. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 49.07%, 25.45%, and - 2.59% respectively, with changes of + 2.11%, - 0.87%, and + 0.17% compared to last week. Their current quantile levels were at the 78.00, 30.80, and 12.60 percentiles since 2017 [5][11]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Jindan Convertible Bond and Tianyang Convertible Bond issued early redemption announcements. Currently, there are 7 convertible bonds that have issued early redemption or maturity redemption announcements but have not yet delisted. Among the non - delisted convertible bonds, the potential maturity or conversion balance of redeemable and maturing bonds is 6.3 billion yuan. There are currently 37 convertible bonds in the redemption process, and 8 are expected to meet the redemption conditions next week. Five convertible bonds issued non - redemption announcements this week [5][14][20]. 3.2.2 Downward Revision - One convertible bond announced a downward revision this week but did not revise to the bottom. Bonds such as Lanfan, Qibin, Jiali, Ruida, and Caitong proposed downward revisions. As of the latest, 158 convertible bonds are in the non - downward - revision period, 2 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 48 are accumulating downward - revision days, and 6 have issued downward - revision board preliminary plans but have not yet been submitted to the general meeting of shareholders [5][22][24]. 3.2.3 Put Option - No convertible bond issued a put - option announcement this week. As of the latest, 3 convertible bonds are in the put - option process, and 8 are accumulating put - option trigger days. Among them, 4 are in the downward - revision process, 3 are in the non - downward - revision period, and 1 has proposed a downward revision [5][27]. 3.3 Primary Issuance - Four convertible bonds issued issuance announcements this week. According to the latest announcement, no convertible bonds are scheduled to be listed next week. As of the latest, there are 6 convertible bonds in the approval - registration process, with a to - be - issued scale of 13.4 billion yuan, and 4 in the listing - committee - approved process, with a to - be - issued scale of 2.9 billion yuan [5][30].

Group 1 - The core viewpoint of the news highlights the significant integration of AI capabilities in global applications, with 90% of the Top 100 applications incorporating AI, leading to over 1.2 billion monthly active users in AI applications [1] - The shift in mobile terminals from an app-centric model to an agent-centric model is emphasized, predicting nearly 10 billion personal AI agents by 2030, which will transform user interaction experiences [1] - The A-share market experienced a slight decline, but certain AI-related stocks showed resilience, with notable increases in companies like Chipone Technology and others, indicating a high market interest in AI themes [1] Group 2 - Open Source Securities indicates that the investment value in the AI sector is becoming increasingly evident, driven by the rapid iteration and performance enhancement of AI large model technologies [2] - The practical application of AIGC technology is being reinforced, particularly in education, coding, and gaming, supported by recent policies in Beijing that incentivize game companies to enhance R&D efficiency through AI [2] - The demand for AI computing power is being driven by low-latency applications such as AI video calls and online gaming, which are boosting the overall demand for domestic AI computing power [2]