Core Viewpoint - The lighting equipment sector experienced a decline of 0.74% on October 13, with Hengtai Lighting leading the drop. The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1]. Summary by Category Market Performance - The lighting equipment sector's stocks showed mixed performance, with notable declines in several companies, including Hengtai Lighting, which fell by 2.37% to a closing price of 9.90 [2]. - The overall market saw a net outflow of 10.48 million yuan from the lighting equipment sector, with retail investors contributing a net inflow of 16.63 million yuan [2][3]. Individual Stock Performance - Grier (格利尔) saw the highest increase, closing at 22.40 with a rise of 4.19%, while Hengtai Lighting led the decline [1]. - Other notable declines included Sunshine Lighting (阳光照明) down 1.64% to 3.60, and Foshan Lighting (佛山照明) down 1.09% to 6.33 [2]. Capital Flow Analysis - Major funds experienced a net outflow in several stocks, including Sunshine Lighting and Kinsun (勤上股份), while retail investors showed positive net inflows in stocks like Grier and Kinsun [3]. - The capital flow data indicates that retail investors are more active in the sector, with significant net inflows in certain stocks despite the overall negative trend in major funds [3].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for the white goods sector, indicating a "Buy" recommendation for key players like Midea, Haier, and Gree [4][8]. Core Insights - The home appliance sector is benefiting from real estate policies and the "trade-in" program, leading to a sustained growth trend in domestic sales [6][14]. - The report highlights three main investment themes: white goods, export opportunities, and core components, with a focus on companies that are expected to outperform in these areas [8][17]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning industry produced 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [6][14]. - The refrigerator and washing machine sectors also saw domestic sales growth of 4% and 6%, respectively, during the same period [6][14]. 2. White Goods and Components - The report notes that the average price of white goods is increasing due to the trade-in program, with air conditioning prices expected to rise further [27]. - Key companies are projected to show varied performance in Q3 2025, with Midea expected to see a 3% revenue increase and an 8% rise in profits, while Gree anticipates flat revenue and profit [28][29]. 3. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with significant growth in online sales for range hoods and gas stoves [6][14]. - Major players like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profits [6][14]. 4. Small Appliances - The small appliance sector is benefiting from domestic trade-in policies, with companies like Supor and Joyoung expected to see revenue growth of 3% and a profit turnaround, respectively [6][14]. - The report highlights significant growth for companies like Stone Technology, which anticipates an 80% revenue increase [6][14]. 5. New Displays and Lighting - The emerging display sector is at a turning point, with companies like Hisense and Xiaomi expected to report revenue growth of 8% and 15%, respectively [6][14]. - The lighting industry is anticipated to see gradual improvements as market conditions stabilize [6][14]. 6. Investment Highlights - The report emphasizes the attractiveness of the white goods sector due to its low valuation, high dividends, and stable growth potential, recommending a combination of leading companies [8][17]. - Export opportunities are highlighted for companies like Ousheng Electric and Dechang, which are expected to benefit from increased orders and stable profitability [8][17]. 7. Trade-in Policy Impact - The trade-in policy has been expanded to include 12 categories of appliances, significantly boosting sales and consumer interest [17][18]. - The report notes that the trade-in program has already led to over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [17][18].

Core Insights - The lighting equipment sector experienced a slight increase of 0.16% on October 9, with Lianyu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Lianyu Co., Ltd. saw a significant rise of 10.01%, closing at 52.22, with a trading volume of 33,000 shares and a transaction value of 168 million [1] - Other notable performers included: - Chufangyu: up 3.11% to 7.63 with a trading volume of 146,300 shares [1] - Lidaxin: up 1.39% to 15.35 with a trading volume of 30,400 shares [1] - Foshanzhaoming: up 0.95% to 6.39 with a trading volume of 112,500 shares [1] Capital Flow - The lighting equipment sector saw a net outflow of 21.34 million from institutional investors, while retail investors experienced a net outflow of 24.96 million [2] - Conversely, speculative funds recorded a net inflow of 46.30 million [2] Individual Stock Capital Flow - Qinsong Co., Ltd. had a net inflow of 22.87 million from institutional investors, but a net outflow of 1.02 million from speculative funds [3] - Lianyu Co., Ltd. experienced a net inflow of 6.25 million from institutional investors, with a net outflow of 646,880 from speculative funds [3] - Sunshine Lighting had a net inflow of 6.11 million from speculative funds, but a net outflow of 641,040 from retail investors [3]

Core Viewpoint - The stock price of Minbao Optoelectronics (301362.SZ) has declined by 4.90%, closing at 42.11 yuan, indicating it is currently in a state of underperformance since its IPO [1] Group 1: IPO Details - Minbao Optoelectronics was listed on the Shenzhen Stock Exchange's ChiNext board on August 4, 2023, with an issuance of 26.17 million shares at a price of 51.05 yuan per share [1] - The total funds raised from the IPO amounted to 1.34 billion yuan, with a net amount of 1.24 billion yuan after deducting issuance costs, exceeding the original plan by 141.27 million yuan [1] - The company planned to use the raised funds for projects including LED lighting automation expansion, construction of headquarters and R&D center, and to supplement working capital [1] Group 2: Issuance Costs - The total issuance costs for the IPO were 92.99 million yuan, with underwriting fees accounting for 68.07 million yuan [1]

Company Overview - Shenzhen Minbao Optoelectronics Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on March 5, 2010. The company went public on August 4, 2023. Its main business involves the research, production, and sales of LED lighting fixtures [1]. Business Segmentation - The revenue composition of Minbao Optoelectronics is as follows: Commercial lighting accounts for 57.09%, Industrial lighting for 36.75%, Special lighting for 6.08%, and Other (supplementary) for 0.08% [1]. Stock Performance - On September 30, Minbao Optoelectronics' stock fell by 5.06%, closing at 42.04 CNY per share, with a trading volume of 74.82 million CNY and a turnover rate of 5.89%. The total market capitalization is 4.4 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Minbao Optoelectronics, a fund under Dazhong Fund is included. The Dazhong CSI 360 Internet+ Index A (002236) entered the top ten circulating shareholders in the second quarter, holding 366,900 shares, which represents 1.24% of the circulating shares. The estimated floating loss today is approximately 821,800 CNY [2]. Fund Performance - The Dazhong CSI 360 Internet+ Index A (002236) was established on February 3, 2016, with a latest scale of 698 million CNY. Year-to-date, it has achieved a return of 34.3%, ranking 1529 out of 4220 in its category. Over the past year, the return is 69.94%, ranking 711 out of 3846. Since inception, the return is 216.74% [2]. Fund Management - The fund manager of Dazhong CSI 360 Internet+ Index A is Xia Gao, who has a cumulative tenure of 10 years and 302 days. The total asset scale of the fund is 2.26 billion CNY. The best fund return during his tenure is 215.19%, while the worst return is -71.74% [3].

证券代码：301362 证券简称：民爆光电 公告编号：2025-050 深圳民爆光电股份有限公司 2025 年第三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。 特别提示： 1、本次股东会没有否决、补充或修改提案的情况。 2、本次股东会未涉及变更以往股东会已经通过的决议。 一、会议召开情况 1、现场会议召开时间：2025 年 9 月 29 日（星期一）下午 14:45。 2、会议召集人：公司董事会 3、会议主持人：公司董事长谢祖华先生 4、现场会议地点：深圳市宝安区福永街道（福园一路西侧）润恒工业厂区 2# 厂房 5 楼大会议室。 5、网络投票时间：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 29 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为：2025 年 9 月 29 日上午 9:15—下午 15:00 期间的任何时间。 6、会议召开方式：本次会议采取现场投票与网络投票相结合的方式。 通过现场和网络投票的股东 59 人 ...

北京市金杜（深圳）律师事务所 关于深圳民爆光电股份有限公司 2025 年第三次临时股东会的 法律意见书 致：深圳民爆光电股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳民爆光电股份有 限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共 和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行 政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、 规范性文件和现行有效的《深圳民爆光电股份有限公司章程》（以下简称《公司 章程》）的规定，指派律师出席了公司于 2025 年 9 月 29 日召开的 2025 年第 三次临时股东会（以下简称本次股东会），并就本次股东会的相关事项出具本法 律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2025 年第二次临时股东大会审议通过的《公司章程》； 2．公司 2025 年 9 月 13 日刊登于巨潮资讯网及深圳证券交易所网 ...

Core Insights - The lighting equipment sector experienced a 1.09% increase on September 29, with Lida Xin leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Lida Xin (605365) closed at 15.39, up 4.27% with a trading volume of 57,100 shares and a transaction value of 87.31 million yuan [1] - Minbao Optoelectronics (301362) closed at 44.28, up 3.94% with a trading volume of 14,400 shares [1] - Qinsong Co. (002638) closed at 2.53, up 2.85% with a trading volume of 429,200 shares [1] - Xiaosong Co. (002723) closed at 9.48, up 2.60% with a trading volume of 188,100 shares [1] - Sanxiong Aurora (300625) closed at 12.18, up 1.67% with a trading volume of 22,300 shares [1] - ST Xingguang (002076) closed at 1.86, up 1.09% with a trading volume of 226,100 shares [1] - Lianyu Co. (001326) closed at 47.08, up 0.86% with a trading volume of 18,200 shares [1] - Debang Lighting (603303) closed at 13.30, up 0.83% with a trading volume of 15,700 shares [1] - OPPLE Lighting (603515) closed at 17.37, up 0.52% with a trading volume of 9,706 shares [1] - Foshan Lighting (000541) closed at 6.33, up 0.16% with a trading volume of 152,300 shares [1] Capital Flow - The lighting equipment sector saw a net inflow of 6.71 million yuan from institutional investors, while retail investors contributed a net inflow of 10.16 million yuan [2] - Speculative funds experienced a net outflow of 16.87 million yuan [2] Individual Stock Capital Flow - Lida Xin (605365) had a net inflow of 14.57 million yuan from institutional investors, but a net outflow of 8.13 million yuan from speculative funds [3] - Qinsong Co. (002638) saw a net inflow of 5.85 million yuan from institutional investors, with a net outflow of 7.57 million yuan from speculative funds [3] - Xiaosong Co. (002723) had a net inflow of 4.42 million yuan from institutional investors, while speculative funds experienced a net outflow of 9.27 million yuan [3] - Sanxiong Aurora (300625) had a net inflow of 2.31 million yuan from institutional investors, with a minor net outflow from speculative funds [3] - OPPLE Lighting (603515) had a net inflow of 0.83 million yuan from institutional investors, with a net outflow from speculative funds [3] - Minbao Optoelectronics (301362) experienced a slight net outflow from institutional investors, but a net inflow from speculative funds [3] - Debang Lighting (603303) had a net outflow from both institutional and speculative funds, but a net inflow from retail investors [3] - Foshan Lighting (000541) and ST Xingguang (002076) both saw net outflows from institutional investors, with retail investors providing some support [3] - Lianyu Co. (001326) had a net outflow from institutional investors, but a net inflow from speculative funds [3]

Market Overview - The lighting equipment sector experienced a decline of 1.49% on September 25, with Lianyu Co. leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Xiaolan Co. (002723) closed at 9.40, up 1.08% with a trading volume of 207,000 shares and a turnover of 193 million yuan [1] - Sanxiong Aurora (300625) closed at 11.97, down 0.58% with a trading volume of 15,400 shares and a turnover of 18.51 million yuan [1] - OPPLE Lighting (603515) closed at 17.25, down 0.81% with a trading volume of 9,974 shares and a turnover of 17.32 million yuan [1] - ST Xingguang (002076) closed at 1.81, down 1.09% with a trading volume of 122,210 shares and a turnover of 40.41 million yuan [1] - Lida Xin (605365) closed at 14.93, down 1.45% with a trading volume of 21,300 shares and a turnover of 32.02 million yuan [1] - Ocean King (002724) closed at 7.37, down 1.60% with a trading volume of 57,900 shares and a turnover of 43.02 million yuan [1] - Foshan Lighting (000541) closed at 6.37, down 1.70% with a trading volume of 142,700 shares and a turnover of 91.34 million yuan [1] - Min Explosive Optoelectronics (301362) closed at 43.31, down 1.79% with a trading volume of 9,603 shares and a turnover of 41.98 million yuan [1] - Debang Lighting (603303) closed at 13.19, down 2.01% with a trading volume of 13,100 shares and a turnover of 17.48 million yuan [1] - Sunshine Lighting (600261) closed at 3.77, down 2.08% with a trading volume of 546,400 shares and a turnover of 208 million yuan [1] Capital Flow Analysis - The lighting equipment sector saw a net outflow of 107 million yuan from institutional investors, while retail investors experienced a net inflow of 76.26 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow by Stock - Sanxiong Aurora (300625) had a net inflow of 2.74 million yuan from institutional investors, while retail investors saw a net outflow of 1.02 million yuan [3] - Min Explosive Optoelectronics (301362) had a net inflow of 0.86 million yuan from institutional investors, with a net inflow of 0.40 million yuan from retail investors [3] - OPPLE Lighting (603515) experienced a net outflow of 0.44 million yuan from institutional investors, while retail investors had a net inflow of 0.11 million yuan [3] - Debang Lighting (603303) faced a net outflow of 1.46 million yuan from institutional investors, but retail investors had a net inflow of 2.44 million yuan [3] - Ocean King (002724) had a significant net outflow of 3.50 million yuan from institutional investors, with retail investors seeing a net inflow of 2.06 million yuan [3] - Lida Xin (605365) experienced a net outflow of 5.54 million yuan from institutional investors, while retail investors had a net inflow of 3.14 million yuan [3] - ST Xingguang (002076) faced a net outflow of 9.30 million yuan from institutional investors, with retail investors seeing a net inflow of 4.36 million yuan [3] - Foshan Lighting (000541) had a net outflow of 10.19 million yuan from institutional investors, while retail investors had a net inflow of 5.93 million yuan [3] - Qingshang Co. (002638) experienced a net outflow of 10.79 million yuan from institutional investors, with a net inflow of 19.18 million yuan from retail investors [3] - Xiaolan Co. (002723) faced a net outflow of 17.98 million yuan from institutional investors, while retail investors had a net inflow of 3.27 million yuan [3]

Market Overview - On September 22, the lighting equipment sector rose by 0.38% compared to the previous trading day, with Greely leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Greely (831641) closed at 23.26, with a significant increase of 9.67% and a trading volume of 76,700 shares, amounting to a transaction value of 170 million yuan [1] - Other notable performers included: - Qingshang Co. (002638) at 2.70, up 6.30% with a volume of 1.6048 million shares [1] - Hengtai Lighting (873339) at 10.89, up 5.01% with a volume of 30,700 shares [1] - Sunshine Lighting (600261) at 3.66, up 3.39% with a volume of 705,700 shares [1] Capital Flow - The lighting equipment sector saw a net inflow of 49.65 million yuan from institutional investors, while retail investors experienced a net outflow of 92.69 million yuan [2][3] - The breakdown of capital flow for selected stocks showed: - Qingshang Co. had a net inflow of 65.48 million yuan from institutional investors [3] - Lianhe Co. (001326) had a net inflow of 7.75 million yuan from institutional investors [3] - Sunshine Lighting experienced a net outflow of 4.57 million yuan from retail investors [3]