Core Insights - The offshore photovoltaic industry is transitioning from demonstration to large-scale development, driven by supportive policies and the need to address land resource constraints [1][2][3] - The cumulative installed capacity of offshore photovoltaic in China is expected to exceed 60 million kilowatts by 2027, highlighting the rapid growth of this sector [3] - The integration of offshore photovoltaic with other industries such as wind power and aquaculture is becoming a key strategy for promoting the "Marine Power Nation" initiative [1][2] Industry Development - The offshore photovoltaic sector is gaining momentum due to increasing policy support and market interest, with a collaborative investment landscape involving state-owned enterprises and private companies [3][6] - Major state-owned enterprises like China Energy Investment Corporation and China Huaneng Group are leading large-scale project developments, while private firms like LONGi Green Energy and TCL Zhonghuan are focusing on equipment manufacturing and technological innovation [3][6] Economic and Technical Challenges - Despite its potential, the offshore photovoltaic industry faces significant challenges related to economic viability and construction costs due to harsh marine environments [4][5] - The need for improved system efficiency, safety, and reliability in offshore conditions is critical, necessitating long-term empirical testing and validation [4][5] Technological Innovations - Companies are actively pursuing technological breakthroughs to reduce costs and enhance the durability of offshore photovoltaic systems [6][7] - For instance, LONGi Green Energy's BC2.0 components can significantly reduce sea area usage and initial investment costs for offshore projects [6] - The introduction of the first 110 kV offshore photovoltaic transformer station by TBEA marks a significant advancement in the industry, enhancing energy collection and transmission efficiency [7][8] Operational Efficiency - The industry is exploring "minimal human, unmanned" smart management to lower lifecycle operation and maintenance costs [9] - Innovative integration models, such as "photovoltaic + wind power" and "photovoltaic + aquaculture," are enhancing the economic viability of offshore photovoltaic projects [9]

Core Insights - Offshore photovoltaic (PV) development is accelerating towards large-scale implementation, driven by supportive policies and the need to address land resource constraints in onshore PV projects [1][2][3] Industry Trends - The transition from onshore to offshore PV is becoming a new path for the industry, addressing issues such as land scarcity and increasing electricity consumption pressure [2] - By 2027, the cumulative installed capacity of offshore PV in China is expected to exceed 60 million kilowatts, highlighting the rapid growth of this sector [3] Market Dynamics - The investment landscape is evolving with a mix of state-owned enterprises and private companies participating in offshore PV projects, creating a collaborative investment environment [3] - Major state-owned enterprises like China Energy Investment Corporation and China Huaneng Group are leading large-scale project developments, while private firms like LONGi Green Energy and TCL Zhonghuan are focusing on equipment manufacturing and technological innovation [3] Technological Challenges - Offshore PV faces significant economic and technical challenges, including harsh marine environments that demand high durability and reliability from components [4][7] - The industry is still in its early stages, requiring advancements in system efficiency, safety, and operational maintenance capabilities [4][5] Innovations and Solutions - Companies are actively pursuing technological breakthroughs to reduce costs and improve the economic viability of offshore PV projects [6][9] - For instance, LONGi Green Energy's BC2.0 components can significantly reduce sea area usage and initial investment costs for offshore projects [6] Collaborative Development - The integration of offshore PV with other industries, such as wind power and aquaculture, is enhancing economic efficiency and resource utilization [9][10] - Innovative construction methods and smart management solutions are being explored to lower operational costs and improve project efficiency [8][9] Regional Developments - Coastal regions like Shandong, Jiangsu, Zhejiang, and Shanghai are accelerating their offshore PV initiatives, indicating a growing regional focus on this sector [10] Future Outlook - The offshore PV industry is entering a new phase characterized by technological maturity, market-driven cost structures, and diversified applications [11]

Group 1 - TCL Zhonghuan announced the convening of its 17th meeting of the 7th Board of Directors on December 1, 2025, via communication methods, to review the proposal for the appointment of senior management personnel [1] - As of the report, TCL Zhonghuan has a market capitalization of 37.5 billion yuan [1] Group 2 - The innovative drug industry is facing challenges, with a significant price increase of 30% over two months, and a single experimental monkey priced at 120,000 yuan, leading to a supply shortage of approximately 10,000 monkeys annually in the domestic market [1]

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].