Core Viewpoint - Midea Group has launched a service initiative in response to Typhoon Haikui, offering various free services to affected customers from now until October 15 [1] Group 1: Service Initiative - The initiative includes "four free" services: free cleaning, free inspection, free relocation, and free repair for all Midea brand appliances damaged by the typhoon [1] - For products that are severely damaged and cannot be repaired, customers can enjoy a discount on new purchases through an "old for new" exchange program [1]

公司于 2025 年 9 月 5 日和 2025 年 9 月 24 日分别召开第五届董事会第十一 次会议和 2025 年第二次临时股东会，审议通过了《关于对 2022 年限制性股票激 励计划部分激励股份回购注销的议案》《关于对 2023 年限制性股票激励计划部 分激励股份回购注销的议案》。2022 年限制性股票激励计划的激励对象 8 人因离 职原因，董事会同意将其已获授但尚未解除限售的限制性股票共计 178,667 股进 行回购注销；2023 年限制性股票激励计划的激励对象 10 人因离职或职务调整原 因，董事会同意将其已获授但尚未解除限售的限制性股票共计 123,750 股进行回 购注销。 根据以上议案，公司将回购注销部分激励对象所持的限制性股票共 553,811 1 证券代码：000333 证券简称：美的集团 公告编号：2025-082 美的集团股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美的集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 6 月 12 日和 2025 年 ...

证券代码：000333 证券简称：美的集团 公告编号：2025-081 美的集团股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、重要提示 本次会议召开期间无提案的增加、变更或否决。 1 二、会议召开的情况 1．现场会议召开时间：2025 年 9 月 24 日下午 14:30 2．现场会议召开地点：美的集团股份有限公司（以下简称"公司"）08 空间 3．召开方式：现场投票与网络投票相结合 4．召集人：本公司董事会 5．主持人：董事王建国先生 6．网络投票时间：2025 年 9 月 24 日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2025 年 9 月 24 日上午 9:15—9:25，9:30－11:30，下 午 13:00－15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为： 2025 年 9 月 24 日上午 9:15－下午 15:00 的任意时间。 7．本次股东会的召集、召开程序、出席会议人员资格及表决程序符合《公司 法》及《公司章程》等有关规定。 三、会议的出席 ...

北京市嘉源律师事务所 关于美的集团股份有限公司 2025 年第二次临时股东会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：美的集团股份有限公司 北京市嘉源律师事务所 关于美的集团股份有限公司 2025 年第二次临时股东会的法律意见书 嘉源(2025)-04-706 北京市嘉源律师事务所（以下简称"本所"）接受美的集团股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《美 的集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司 2025 年第二次临时股东会（以下简称"本次股东会"）进行见证， 并依法出具本法律意见书。 为出具本法律意见书，本所指派律师见证了本次股东会，查阅了公司提供的 与本次股东会有关的文件和资料，并进行了必要的审查和验证 ...

Group 1 - Midea Group (000333) announced a share repurchase plan, intending to spend approximately 99.9934 million yuan to buy back 1.3541 million A-shares [1]

格隆汇9月24日丨美的集团(00300.HK)发布公告，2025年9月24日耗资人民币9999.34万元回购135.41万股 A股，回购价格每股72.99-74.34元。 ...

Group 1 - The company, Midea Group, announced a share buyback plan, intending to repurchase approximately 1.3541 million A-shares at a cost of about 99.9934 million yuan [1]

Group 1 - The A-share market showed a strong rebound on September 24, with the Shanghai Composite Index rising by 0.83%, the Shenzhen Component Index by 1.80%, and the ChiNext Index by 2.28% [1] - The semiconductor sector was a major driver of this growth, with significant increases in semiconductor equipment, silicon wafers, materials, and related industries [1] - The 25th China International Industry Fair highlighted the launch of demonstration platforms for mid-test in Shanghai, which is expected to accelerate the domestic production of key materials like photoresists and optical components [1] Group 2 - Alibaba announced the launch of its largest and most powerful model, Qwen3-Max, which has surpassed GPT-5-Chat in rankings [2] - Alibaba's CEO indicated plans to increase capital expenditure beyond the initial 380 billion yuan, with a projection that the energy consumption of Alibaba Cloud's global data centers will increase tenfold by 2032 [2] - Goldman Sachs raised the 12-month target price for SMIC's H-shares from 73.1 HKD to 83.5 HKD, citing a clearer long-term demand outlook for AI chips in China [2] Group 3 - Since the "9.24" market rally began last year, the A-share market has seen improvements in market capitalization, trading activity, and investor confidence, with margin trading balances also rising [3] - The current market rally is attributed to a combination of systematic policy support, recovery in earnings fundamentals, and long-term capital inflows, indicating a potential shift to a more favorable long-term market environment [3] - The CSI A500 Index saw a strong increase of 1.39%, with significant gains in key stocks such as Changchuan Technology and Huahai Qingshi [3] Group 4 - Dongguan Securities noted that despite recent market consolidation, overall risk appetite remains intact, with a mid-term bull market still in the making due to fundamental recovery and improved earnings expectations [4] - Huaxi Securities emphasized that a "slow bull" market logic remains unchanged, with Chinese companies demonstrating strong product capabilities in AI, biomedicine, and high-end manufacturing [4] - The A500 ETF is positioned to provide balanced exposure to quality leading companies across various sectors, aligning with the core assets of the A-share market [4]

Core Viewpoint - The global television panel shipment reached 22.3 million units in August 2025, showing a year-on-year increase of 7.6% and a month-on-month increase of 4.9%, indicating a recovery in inventory demand as brands prepare for the upcoming promotional season [1][2]. Group 1: Market Trends - The upcoming promotional season in overseas markets is expected to drive positive signals in panel procurement, with brands actively stocking up for events like Black Friday and Christmas [1]. - The global MiniLED television penetration rate is projected to reach 6.6% by 2025, with Chinese brands leading the push for MiniLED technology while Korean companies focus on OLED [2][3]. Group 2: Competitive Landscape - Chinese brands are significantly increasing their global market share in the television sector, with Hisense's share rising from 6.2% in 2016 to 14.4% in 2025, and TCL's share increasing from 5.8% to 14.8% during the same period [2]. - Samsung's TV business is undergoing a comprehensive review for the first time since 2015 due to competitive pressure from Chinese brands leveraging MiniLED technology [2]. Group 3: Technological Advancements - Chinese companies are leading the upgrade in MiniLED technology, with Hisense launching the RGB MiniLED TV UX series and TCL introducing the world's first SOD MiniLED flagship product, X11L [3]. - The shift in technological leadership marks a significant change, with Japanese and Korean companies now following the advancements made by Chinese firms in the MiniLED space [3]. Group 4: Retail Performance - Retail sales of televisions in China have begun to decline due to the reduction of government subsidies, with online retail sales growth dropping to -34.7% and -30.5% in the first two weeks of September [4]. - The decline in retail performance is attributed to the high year-on-year comparison and the impact of subsidy reductions starting from September 2024 [4].

Core Viewpoint - The A-share market appears bullish on the surface, but underlying currents indicate significant divergence among investment styles and logic, leading to a "purging" of weaker stocks [1] Group 1: Market Dynamics - There is an unprecedented level of divergence between sectors, with high-valued tech stocks remaining strong while blue-chip and white-horse stocks decline sharply [1] - Approximately 70% of individual stocks are either stagnant or declining, highlighting a symbolic distinction between "old stocks" and "new stocks" [1] Group 2: Performance of Key Stocks - "Old stocks" such as liquor, real estate, coal, electricity, banks, and insurance are underperforming, while "new stocks" in AI, computing power, semiconductors, and robotics are thriving [3] - For instance, stocks like Midea Group and Kweichow Moutai have seen minimal gains or losses, while companies like Shenghong Technology and Dongxin Co. have experienced significant increases of 696.45% and 407.03%, respectively [3] Group 3: Industry Challenges - The liquor industry is facing a downturn, with a 0.9% decline in revenue to 239.7 billion yuan in the first half of the year, and a 5% drop in the second quarter due to a "ban on alcohol" [6][7] - Only 6 out of 23 listed liquor companies reported positive revenue and net profit growth, indicating a severe contraction in the sector [6] Group 4: Investment Trends - Investors are increasingly shifting focus from traditional sectors to technology, with notable figures like Lin Yuan publicly acknowledging investments in AI and semiconductor companies [8][9] - The current bull market is characterized by a lack of fundamentals, with capital flows driven more by narrative and "mind monopoly" rather than earnings per share (EPS) [9] Group 5: Future Outlook - The AI and semiconductor sectors are seen as having the potential for strong customer loyalty and ecological monopolies, similar to established brands in the liquor industry [12] - However, there are concerns about the sustainability of current valuations, as many companies in these sectors may not survive the inevitable market corrections [16]