Core Insights - The 138th Canton Fair showcases themes of "Advanced Manufacturing," "Quality Home," and "Beautiful Life," highlighting the integration of technology and daily living [1] - Changhong, a representative of Chinese brands, emphasizes emotional technology in its AI home appliances, aligning with the fair's core theme of creating a "Beautiful Life" [1] Group 1: AI Home Appliances - Changhong has adopted strategies of AI, high-end, and globalization, transitioning from "product output" to "technology leadership" and "emotional empowerment" in the home appliance sector [2] - The company has launched a full range of AI home appliances, including AI TVs, air conditioners, refrigerators, and washing machines, showcasing smarter, more comfortable, and greener living solutions [2] - Changhong's AI appliances have evolved from basic functionalities to emotional resonance, with the AI TV featuring generative AI technology and various interactive functions [2][3] Group 2: Panda-Themed AI Appliances - The Panda-themed AI appliances have gained global recognition, addressing user demands for functionality, aesthetics, and emotional value [4] - The AI TV features a personified intelligent agent, "Panda Xiaobai," providing 24/7 companionship, while other appliances utilize AI technology to enhance user experience [4] - Changhong's integration of emotional culture into technology aims to create a unique brand identity that resonates with global consumers [4] Group 3: Sports Marketing and Global Engagement - Changhong has partnered with top sports events to enhance its global reputation, leveraging AI as a tool and Panda culture as a unique selling point [5][6] - The company sponsors various international sports events, including the FIS Ski World Cup and tennis tournaments, to engage with diverse audiences and promote its brand [6] - By addressing quality upgrades through AI technology and emotional connections through Panda culture, Changhong has successfully transitioned from selling products to promoting a lifestyle [6] Group 4: Advanced Manufacturing and Core Competitiveness - The ultimate goal of advanced manufacturing is to enhance the quality of life, with Chinese manufacturing focusing on understanding daily life through technology [7] - Changhong's approach combines technological innovation with emotional warmth, positioning itself as a leader in the evolving landscape of smart home appliances [7]

Market Performance - The black home appliance sector rose by 0.65% on October 15, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with *ST Gauss closing at 8.62, up 2.01%, and Sichuan Changhong at 10.10, up 0.80% [1] - Other notable stocks included Chenyiy Smart at 35.58, up 1.74%, and Zhaochi Shares at 6.22, up 1.47% [1] Capital Flow - The black home appliance sector experienced a net outflow of 60.26 million yuan from institutional investors, while retail investors saw a net inflow of 60.80 million yuan [1] - Detailed capital flow data indicated that Hisense Visual had a net inflow of 6.49 million yuan from institutional investors, while Sichuan Jiuzhou faced a net outflow of 13.22 million yuan [2]

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of household air conditioning products, revealing that all 20 sampled products met quality standards [2] Group 1: Inspection Results - A total of 20 batches of air conditioning products were inspected, with no non-compliant products found [2] - The inspection included 2 batches from production, 14 batches from physical sales, and 4 batches from e-commerce sales [2] - The sampled products originated from 7 provinces and cities, with 3 batches produced in Shanghai and 17 batches from other provinces [2] Group 2: Compliance Standards - The inspection was conducted based on the SHSSXZ0033-2025 guidelines for room air conditioners in Shanghai [2] - All inspected products conformed to relevant quality standards as per the 2025 Shanghai household air conditioning product quality supervision inspection criteria [2]

制造业数字化转型促进中心是推动制造业"智改数转"的重要载体。四川首批入选名单的建设主体单位基 础条件良好、行业知识沉淀扎实。成都产业投资集团有限公司承担四川数智化绿色化发展促进中心运营 工作。该中心是全省制造业"智改数转"的核心枢纽平台和综合服务载体，统筹各行业数字化转型促进中 心。自去年9月投运以来，已初步形成一站式、全流程、智能化转型服务能力，累计开展各类专题培 训、供需对接等活动500场，征集转型需求700项，服务企业2000家。 ●四川入选的建设主体分别是成都产业投资集团有限公司、东方电气集团东方汽轮机有限公司、四川长 虹电子控股集团有限公司、四川九洲投资控股集团有限公司 本报讯（四川日报全媒体记者 文露敏）工业和信息化部近日公布首批国家级制造业数字化转型促进中 心建设主体名单，全国共62家建设主体入选。其中，四川4家建设主体入选，分别是成都产业投资集团 有限公司、东方电气集团东方汽轮机有限公司、四川长虹电子控股集团有限公司、四川九洲投资控股集 团有限公司，入选数量并列全国各省（区、市）第3位。 东方电气集团东方汽轮机有限公司是全国首批、行业内首家同时通过智能制造能力与数字化转型成熟度 四级认证的企业 ...

Market Overview - The automotive thermal management sector declined by 1.86%, ranking among the top declines in concept sectors as of the market close on October 13 [1] - Within this sector, companies such as Hengshuai Co., Zhejiang Rongtai, and Jingwei Hengrun experienced significant declines, while 18 stocks saw price increases, with Hunan Tianyan, Changying Tong, and Keda Guochuang leading with gains of 6.67%, 6.55%, and 4.51% respectively [1] Concept Sector Performance - The top-performing concept sectors included Rare Earth Permanent Magnets with a gain of 6.92%, and Military Equipment Restructuring Concept with a gain of 3.51% [2] - The automotive thermal management sector was among the laggards, with a decline of 1.86%, alongside other sectors like AI PC and Decelerators [2] Capital Flow Analysis - The automotive thermal management sector saw a net outflow of 1.94 billion yuan, with 91 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [2] - The leading stock for net outflow was Sanhua Intelligent Control, with a net outflow of 354 million yuan, followed by Top Group and Huagong Technology with outflows of 251 million yuan and 222 million yuan respectively [2] Notable Stocks in Automotive Thermal Management - Key stocks with significant net outflows included: - Sanhua Intelligent Control: -5.23% with a turnover rate of 5.92% and a net outflow of 353.60 million yuan - Top Group: -4.97% with a turnover rate of 3.39% and a net outflow of 251.08 million yuan - Huagong Technology: -3.19% with a turnover rate of 6.05% and a net outflow of 222.13 million yuan [3][4] Stocks with Positive Capital Inflows - Stocks with notable net inflows included: - Midea Group: 3.59 billion yuan - Feirongda: 57.68 million yuan - Sixuan New Materials: 53.25 million yuan [2][6]

环境社会治理（ESG）体系高质量发展实施方案（2024—2027年）》，提出了两个阶段性目标。 到2027年，北京ESG高质量发展政策体系逐步完善，生态体系加快形成，在京上市公司ESG信息 披露率力争达到70%左右；到2035年，北京ESG体系高质量发展步入法治化轨道，成为ESG发展 全国高地和国际代表性城市。上海：2024年3月，上海市商务委员会印发了《加快提升本市涉外企 业环境、社会和治理（ESG）能力三年行动方案（2024—2026年）》，是全国首个ESG区域行动 方案。方案设定目标，在2026年基本形成涉外企业ESG生态体系，初步建立企业ESG报告编制及 评价标准体系，提升涉外企业ESG能力——"力争具有涉外业务的国有控股上市公司ESG信息披露 实现全覆盖，民营上市企业ESG信息披露率明显提高"。江苏：2024年8月，江苏省国资委联合专 业机构发布全国首份省级层面的ESG价值核算报告《江苏省属企业控股上市公司ESG价值核算报 告》，通过货币化方法，将企业在环境、社会和治理领域的表现转化为可衡量的经济价值。同 年，江苏省属国资国企首次实现ESG信息披露全覆盖。2024年3月，苏州工业园区发布了《ESG产 ...

Core Viewpoint - Sichuan Changhong's subsidiary, Changhong Jiahua, is being privatized by its controlling shareholder for 709 million HKD, reflecting the liquidity challenges faced by companies in the Hong Kong stock market [1] Financial Situation - The acquisition price is set at 1.223 HKD per share for 580 million shares, representing 39.87% of Changhong Jiahua's total equity. Post-transaction, Sichuan Changhong will maintain a 77.43% control over the subsidiary [2] - In the first half of 2025, Changhong Jiahua reported revenues of 21.169 billion HKD, a year-on-year increase of 9.76%, and a net profit of 181 million HKD, up 10.16%. However, its gross margin of 3.07% decreased by 0.39 percentage points compared to the same period in 2024 [2] - As of June 30, 2025, the company's total market value was only 1.2 billion HKD, while its net assets exceeded 3 billion HKD, indicating a long-term undervaluation of its stock [2] Liquidity Challenges - Changhong Jiahua's situation is part of a broader trend, with 20 Hong Kong companies privatizing and delisting in 2025, a 33% increase from 15 companies in 2024. The company noted that since its restructuring and listing in 2013, its stock liquidity and price have remained low despite moving to the main board of the Hong Kong stock exchange [3] Strategic Implications - The privatization aims to reduce listing-related costs and leverage the controlling shareholder's resources for new development opportunities. This indicates two strategic intentions: 1. Business Integration: Changhong Jiahua's ICT services, developed over years, have a nationwide channel system and nearly 10,000 core agents, which can synergize with Sichuan Changhong's smart home and semiconductor businesses post-privatization [4] 2. A-share Return Expectations: If Changhong Jiahua returns to the A-share market, its valuation could significantly increase compared to its current market value of 1.6 billion HKD in Hong Kong [4]

Market Overview - On October 10, the black home appliance sector experienced a slight decline of 0.06% compared to the previous trading day, with Sichuan Changhong leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the black home appliance sector included: - Tongzhou Electronics (002052) with a closing price of 16.90, up 10.03% and a trading volume of 612,500 shares, totaling 1 billion yuan in transaction value [1] - ST Gauss (002848) with a closing price of 8.35, up 4.11% [1] - Skyworth Digital (000810) with a closing price of 14.04, up 3.39% [1] - Sichuan Changhong (600839) closed at 10.38, down 2.81% with a trading volume of 1,506,900 shares, totaling 1.573 billion yuan in transaction value [1] Capital Flow - The black home appliance sector saw a net inflow of 182 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 99.2 million yuan [1] - Key capital flows for selected stocks included: - Tongzhou Electronics had a net inflow of 263 million yuan from institutional investors, while retail investors saw a net outflow of approximately 97.7 million yuan [2] - Skyworth Digital recorded a net inflow of 63.6 million yuan from institutional investors, with retail investors experiencing a net outflow of about 50 million yuan [2] - Sichuan Changhong had a significant net outflow of 2.07 billion yuan from institutional investors, while retail investors had a net inflow of approximately 774.8 million yuan [2]

Core Viewpoint - Sichuan Changhong (600839.SH) has announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing shares at a specified price [1] Summary by Categories Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 206,300 shares, which represents 0.0045% of the company's total share capital as of the announcement date [1] - The repurchase price was set at RMB 9.69 per share, with a total expenditure of RMB 1,999,047 (excluding transaction fees) [1]

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： | 回购方案首次披露日 | 2025/5/9 | | --- | --- | | 回购方案实施期限 | 年 月 年 月 日 2025 6 26 日~2026 6 25 | | 预计回购金额 | 人民币 25,000万元~50,000万元 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 206,300股 | | 累计已回购股数占总股本比例 | 0.0045% | | 累计已回购金额 | 1,999,047元 | | 实际回购价格区间 | 9.69元/股~9.69元/股 | 一、回购股份的基本情况 证券代码：600839 证券简称：四川长虹 公告编号：临 2025-081 号 四川长虹电器股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 ...