Summary of Key Points Core Viewpoint - 德昌股份 (605555) has received approval from the Shanghai Stock Exchange for its application to issue shares to specific targets, pending registration from the China Securities Regulatory Commission, which introduces uncertainty regarding the final approval and timeline [1][2]. Trading Information - On November 7, 2025, 德昌股份 closed at 18.76 yuan, down 3.94%, with a turnover rate of 3.1%, a trading volume of 149,900 shares, and a transaction value of 284 million yuan [1]. - On the same day, the main funds experienced a net outflow of 33.60 million yuan, accounting for 11.82% of the total transaction value [2]. Fund Flow - Retail investors saw a net inflow of 22.46 million yuan, representing 7.9% of the total transaction value, while speculative funds had a net inflow of 11.14 million yuan, making up 3.92% of the total transaction value [1][2]. Company Announcement - The company announced that its application for issuing shares to specific targets has been approved by the Shanghai Stock Exchange, but it still requires registration approval from the China Securities Regulatory Commission [1][2].

Investment Rating - The report maintains a positive outlook on the home appliance industry, highlighting the potential for growth in the white goods sector due to low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector is experiencing a divergence between domestic and export sales, with exports generally outperforming domestic sales in the first three quarters of 2025. The domestic market is under pressure due to a sluggish real estate sector and the waning effects of policy support [5][12]. - The report identifies three main investment themes: the white goods sector, export-driven companies, and core component manufacturers, recommending specific companies within these categories for investment [6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][33]. - The refrigerator sector reported a production of 8.72 million units, a slight year-on-year decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales were 3.87 million units, down 7.35%, while exports rose to 4.47 million units, up 7.63% [4][39]. - The washing machine sector experienced a production of 9.05 million units, a year-on-year increase of 10.4%, with total sales of 8.85 million units, up 7.52%. Domestic sales were 4.06 million units, down 6.88%, while exports increased to 4.79 million units, up 23.76% [4][41]. Market Dynamics - The home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% against a 0.8% increase in the latter [5][7]. - The report notes that the overall supply chain market sentiment is higher than that of the complete machine market, with more than half of the industries maintaining year-on-year growth in the first three quarters of 2025 [12]. Key Company Developments - Midea's air conditioning factory in Thailand has been recognized as a "Supply Chain Resilience Lighthouse Factory" by the World Economic Forum, marking a significant achievement in the home appliance sector [5][13]. - The report recommends specific companies for investment based on their performance and market position, including Hisense, Midea, and Haier in the white goods sector, as well as companies like Ousheng Electric and Dechang Co. for their export capabilities [6].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the resilience of the white goods sector and the potential for growth driven by policy changes and market dynamics [3][5]. Core Insights - The home appliance sector has shown stronger export performance compared to domestic sales, with various segments experiencing differing trends in sales and production [4][12]. - The report identifies three main investment themes: white goods, export-driven companies, and core components, recommending specific companies within these categories for investment [5][6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][34]. - The refrigerator sector reported a production of 8.72 million units, a slight decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales fell by 7.35% to 3.87 million units, while exports rose by 7.63% to 4.47 million units [4][41]. - The washing machine sector experienced a production increase of 10.4% to 9.05 million units, with total sales rising by 7.52% to 8.85 million units. Domestic sales decreased by 6.88% to 4.06 million units, while exports surged by 23.76% to 4.79 million units [4][43]. Investment Themes - The white goods sector is expected to benefit from a reversal in real estate policies, with characteristics such as low valuation, high dividends, and stable growth making it attractive for investment. The report suggests that the "trade-in" policy could act as a catalyst for growth [5][6]. - For export-driven companies, the report recommends firms like Ousheng Electric and Dechang Co., which are expected to see revenue growth from large customer orders and expanding automotive parts businesses [5][6]. - In the core components segment, companies like Huaxiang Co. and Shun'an Environment are highlighted for their competitive advantages and growth potential in the context of rising demand for key components in the white goods sector [5][6]. Market Dynamics - The report notes that the overall home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% in the home appliance sector index while the CSI 300 rose by 0.8% [5][7]. - The report emphasizes the importance of emerging markets in driving export growth, particularly in regions like Africa and South America, despite challenges such as tariffs and high inventory levels [5][12].

Core Viewpoint - Dechang Co., Ltd. (605555) has experienced a decline in stock price, closing at 18.76 yuan, down 6.76% from the previous week, with a current market capitalization of 9.081 billion yuan [1] Company Announcements - Dechang Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending registration from the China Securities Regulatory Commission [1] - The Shanghai Stock Exchange has deemed that the company's application meets the conditions for issuance, listing, and information disclosure, but the final approval and timeline remain uncertain [1] - The company will fulfill its information disclosure obligations based on the progress of the registration process, advising investors to be aware of investment risks [1]

宁波德昌电机股份有限公司（以下简称"公司"）于2025年11月6日收到上 海证券交易所出具的《关于宁波德昌电机股份有限公司向特定对象发行股票的交 易所审核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和 信息披露要求。 证券代码：605555 证券简称：德昌股份 公告编号：2025-044 宁波德昌电机股份有限公司 关于向特定对象发行股票申请获得上海证券交易所审核通过的公告 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。 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简 称"中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的 决定及其时间尚存在不确定性。公司将根据上述事项的进展情况，严格按照有关 规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 宁波德昌电机股份有限公司 董事会 2025 年 11 月 8 日 ...

Core Viewpoint - Dechang Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, indicating compliance with issuance and listing conditions as well as information disclosure requirements [1] Group 1 - The company announced on November 6, 2025, that it received the review opinion from the Shanghai Stock Exchange [1] - The approval signifies that the company's application meets the necessary conditions for share issuance and listing [1] - The review also confirms that the company has adhered to the information disclosure requirements [1]

Core Viewpoint - Dechang Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, indicating compliance with issuance and listing conditions as well as information disclosure requirements [1] Summary by Relevant Sections - **Company Announcement** - Dechang Co., Ltd. announced on November 6, 2025, that it received a review opinion from the Shanghai Stock Exchange regarding its application for a specific share issuance [1]

Core Viewpoint - The company has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final registration from the China Securities Regulatory Commission [1] Group 1 - The company received the review opinion from the Shanghai Stock Exchange on November 6, 2025 [1] - The issuance of shares to specific investors is deemed to meet the conditions for issuance, listing, and information disclosure requirements [1] - The final decision and timing regarding the approval from the China Securities Regulatory Commission remain uncertain [1]

Core Viewpoint - Ningbo Dechang Motor Co., Ltd. has successfully obtained approval for a non-public stock issuance to raise funds for various projects and working capital [1]. Fundraising Details - The total amount to be raised from the issuance is not more than 154,031.30 million RMB, which will be allocated to several projects after deducting issuance costs [3]. - The projects include: - Technical transformation project for an annual production of 5.6 million automotive steering and braking system motors, with a total investment of 40,629.60 million RMB [4]. - Construction project for an annual production of 5 million home appliance products in Thailand, with a total investment of 63,799.94 million RMB [4]. - Construction project for an annual production of 3 million small home appliance products in Vietnam, with a total investment of 58,000.00 million RMB [4]. - Production project for an annual output of 1.2 million smart kitchen appliances, with a total investment of 43,554.19 million RMB [4]. - Supplementing working capital project with a total investment of 35,000.00 million RMB [4]. Issuance Structure - The type of stock to be issued is domestic listed ordinary shares (A-shares) with a par value of 1.00 RMB per share [5]. - The issuance will be conducted through a non-public offering to no more than 35 specific investors, including various financial institutions and qualified foreign institutional investors [5]. - The maximum number of shares to be issued will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 145,220,712 shares [5]. Pricing and Control - The pricing benchmark for the issuance will be set on the first day of the issuance period, with the price not lower than 80% of the average trading price over the previous 20 trading days [6]. - The actual control of the company will remain unchanged post-issuance, with the current controlling shareholders holding significant stakes [6]. - The sponsor for this issuance is CITIC Securities Co., Ltd. [6].

Group 1 - The core point of the article is that Dechang Co., Ltd. (605555) has received approval for its application to issue shares to specific targets, indicating a positive development in its fundraising efforts [2] - The company plans to raise approximately 1.54 billion yuan through this issuance [2] - The underwriting institution for this issuance is CITIC Securities Co., Ltd., which is a notable player in the investment banking sector [2]