据悉，截至报告披露日，张长旭持有上市公司股票18.74万股，占公司总股本的0.0046%；杨帆未持有上 市公司股票。 北京商报讯（记者 马换换 李佳雪）12月1日晚间，TCL中环（002129）披露公告称，公司聘任张长旭为 公司SVP（高级副总裁），聘任杨帆为公司CFO（首席财务官）。 TCL中环表示，公司于12月1日召开第七届董事会第十七次会议，审议通过了《关于聘任公司高级管理 人员的议案》。根据《公司法》《公司章程》等有关规定，同意聘任张长旭为公司 SVP（高级副总 裁），聘任杨帆为公司 CFO（首席财务官） 公告显示，TCL中环董事会于近日收到张长旭提交的辞去公司CFO（首席财务官）职务的书面申请，将 继续担任公司董事、并自本次董事会审议通过之日起担任公司SVP（高级副总裁）职务，聚焦电站业 务、以及协助CEO管理重点战略项目的相关工作，支持公司长期业务发展和战略实施。根据规定，该辞 任自送达公司董事会之日起生效。 ...

公司12月1日召开董事会会议，同意聘任张长旭为公司SVP(高级副总裁)，聘任杨帆为公司CFO(首席财 务官)。 人民财讯12月1日电，TCL中环（002129）12月1日公告，公司董事会近日收到张长旭提交的辞去公司 CFO(首席财务官)职务的书面申请，张长旭将继续担任公司董事、并自此次董事会审议通过之日起担任 公司SVP(高级副总裁)职务，聚焦电站业务以及协助CEO管理重点战略项目的相关工作。 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2025-033 2025 年 12 月 1 日 附件： （一）张长旭女士简历：出生于 1975 年，山西财经大学企业管理学士，同济大学软件工程研究 生，高级工程师。现任公司董事、SVP（高级副总裁），曾任公司 CFO（首席财务官）、COO（首席 运营官）。 截至本报告披露日，张长旭女士持有公司股票 187,397 股，占公司总股本的 0.0046%，与持有 百分之五以上股份的股东、公司其他董事和高级管理人员不存在关联关系；不属于失信被执行人； 未受过中国证监会及其他有关部门的处罚和证券交易所纪律处分；不涉及因涉嫌犯罪被司法机关立 案侦查或者涉嫌违法违规被中国证监会立案稽查，尚未有明确结论情形；不存在不得提名为上市公 司高级管理人员的情形；其任职资格符合《公司法》等相关法律法规、规范性文件、《深圳证券交 易所股票上市规则》及深交所其他相关规定等要求的任职条件。 （二）杨帆女士简历：中国国籍，1983 年出生，会计学学士学位，本科学历。现任公司 CFO（首 席财务官），曾任 TCL 财务共享中心总经理、TCL 科技财务运营部副部长、华友钴业新能源产业集 ...

表决票 9 票，赞成票 9 票，反对票 0 票，弃权票 0 票。 二、备查文件 证券代码：002129 证券简称：TCL 中环 公告编号：2025-032 TCL 中环新能源科技股份有限公司 第七届董事会第十七次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 TCL 中环新能源科技股份有限公司（以下简称"公司"）第七届董事会第十七次会 议于 2025 年 12 月 1 日以通讯方式召开。会议通知及会议文件以电子邮件送达各位董 事。董事应参会 9 人，实际参会 9 人。会议的召开符合《中华人民共和国公司法》《TCL 中环新能源科技股份有限公司章程》和《TCL 中环新能源科技股份有限公司董事会议事 规则》等规范性文件的有关规定。会议表决以董事填写《表决票》的记名表决及传真、 邮件方式进行，本次会议决议如下： 一、审议通过《关于聘任公司高级管理人员的议案》 董事会同意聘任张长旭女士为公司 SVP（高级副总裁），聘任杨帆女士为公司 CFO （首席财务官），任期自本次董事会审议通过之日起至公司第七届董事会届满之日止。 详见与本决议公告同日发布在指定披露媒 ...

Core Viewpoint - TCL Zhonghuan announced the resignation of CFO Zhang Changxu, effective immediately upon delivery, while she will continue to serve as a director [1] Group 1 - The company's board approved the appointment of Zhang Changxu as SVP focusing on power station business, effective from December 1, 2025 [1] - Yang Fan has been appointed as the new CFO, and he does not hold any shares in the company [1] - Zhang Changxu holds 187,397 shares, representing 0.0046% of the total share capital [1]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Core Viewpoint - The solar power generation industry in China is experiencing significant growth, with a notable increase in production and capacity in recent years, as highlighted by the data from the National Bureau of Statistics and the report from Zhiyan Consulting [1]. Industry Summary - In September 2025, China's solar power generation reached 46.5 billion kilowatt-hours, marking a year-on-year increase of 21.1% [1]. - From January to September 2025, the cumulative solar power generation in China was 436.28 billion kilowatt-hours, reflecting a cumulative growth of 24.2% [1]. - The report by Zhiyan Consulting provides insights into the market trends and investment prospects for the solar power station industry in China from 2025 to 2031 [1]. Company Summary - Key listed companies in the solar power sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar Technology, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power Supply [1].

Core Viewpoint - The global photovoltaic industry is experiencing rapid expansion, but currently faces overcapacity, subsidy reductions, and trade barriers, leading to industry-wide losses. A recovery is anticipated by 2025, but third-quarter financial reports do not confirm a reversal yet. Despite this, A-share related stocks have shown more gains than losses in 2025 [5][11]. Group 1: Industry Overview - The photovoltaic industry is projected to reach 2000 GW of installed capacity by 2030, surpassing thermal power as the largest energy source [5]. - The three major companies in the industry—LONGi Green Energy, Tongwei, and TCL Zhonghuan—are navigating through challenging times, with varying strategies of integration and specialization [6][8]. Group 2: Financial Performance - In 2022, revenues for Tongwei, LONGi, and TCL Zhonghuan were 142.2 billion, 129 billion, and 67 billion respectively. By 2023, revenues showed slight declines, with LONGi being the most resilient [8][9]. - For the first three quarters of 2025, revenues continued to decline, but the rate of decline is expected to stabilize [11]. - In terms of net profit, TCL Zhonghuan faced the most significant drop, with a net profit of only 25.7 billion in 2023, down from 64.8 billion in 2022 [12][14]. Group 3: Business Strategies - LONGi has adopted an integrated strategy, significantly increasing its downstream component and battery business, which now constitutes a larger portion of its revenue compared to upstream silicon products [28][30]. - TCL Zhonghuan has been more reluctant to embrace integration, focusing primarily on its silicon wafer business, which has led to substantial losses in recent years [19][26]. - Tongwei has successfully expanded into the component business, achieving significant revenue growth, but still faces challenges in maintaining profitability due to declining prices [42][46]. Group 4: Market Dynamics - The photovoltaic industry is divided into five segments: silicon materials, silicon wafers, cells, modules, and power generation. The silicon wafer segment has the highest technical barriers [18]. - The debate between integration and specialization continues, with evidence suggesting that integrated companies may have better resilience during downturns compared to specialized firms [50].

证券日报网讯 TCL科技11月27日在互动平台回答投资者提问时表示，TCL中环经营所处阶段受到宏观环 境、行业周期、技术迭代、企业战略、经营策略等影响。 （文章来源：证券日报） ...

Core Insights - The photovoltaic equipment sector experienced a decline of 2.59% on November 20, with Daqo Energy leading the drop [1][2] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers included: - *ST Quangang: Closed at 15.42, up 18.07% with a trading volume of 187,300 shares [1] - Yongshou Co.: Closed at 22.00, up 5.57% with a trading volume of 157,700 shares [1] - Major decliners included: - Daqo Energy: Closed at 28.42, down 6.70% with a trading volume of 172,800 shares [2] - Longi Green Energy: Closed at 20.10, down 5.19% with a trading volume of 2,338,800 shares [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 1.965 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.747 billion yuan [2][3] - The capital flow for key stocks showed: - Sunshine Power: Net inflow of 391 million yuan from institutional investors [3] - Junda Co.: Net outflow of 329 million yuan from retail investors [3]