法律意见书 北京德和衡律师事务所 关于海信家电集团股份有限公司 德和衡证见意见（2025）第146号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于海信家电集团股份有限公司 法律意见书 德和衡证见意见（2025）第146号 致：海信家电集团股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受海信家电集团股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年度股东周年大会。本所律 师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《海信家电集团股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及规范 性文件的规定，就本次股东大会的有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会议表决程序和表决结果的合法有效性等发表意见，并不对本次股 ...

Core Viewpoint - Chinese companies are increasingly investing in Brazil, recognizing its potential as the largest market in South America, particularly in the home appliance sector where penetration rates remain low [4][6]. Group 1: Investment and Market Potential - Midea Group aims for annual revenue in Brazil to exceed 10 billion RMB, driven by the local market's growth potential [4]. - TCL plans to achieve 10 billion RMB in revenue this year and aims for its television business to reach the same target next year [4]. - The export of Chinese white goods to Latin America surpassed 10 billion USD last year and is expected to increase to 15 billion USD this year [4][6]. Group 2: Local Operations and Product Development - Midea has launched four new projects in Brazil and held product launches in Peru and Argentina, focusing on high-end market segments [5]. - Midea's new factory in Brazil, with an investment exceeding 700 million RMB, is set to produce over 1 million units annually [6]. - TCL has localized its manufacturing in Brazil, producing larger television models and expanding its product range to include air conditioners [7][10]. Group 3: Competitive Landscape and Challenges - Chinese brands have increased their market share in Brazil's electronics sector, now accounting for 20% of sales, up from 16.5% in 2019 [9]. - Companies face challenges such as high tariffs, currency fluctuations, and complex tax systems in Brazil [9][10]. - Midea and TCL emphasize the importance of local partnerships and understanding cultural nuances to succeed in the Brazilian market [10][11]. Group 4: Future Outlook - The growth trajectory for Chinese white goods exports to Latin America is expected to continue, with a projected 33% increase in 2024 [6]. - Midea aims to surpass competitors in the Brazilian white goods market, currently ranked third [11]. - The potential for Chinese brands in Latin America remains significant, with many unmet consumer needs and opportunities for innovation [12].

Group 1 - The core viewpoint emphasizes the importance of patent industrialization in driving enterprise development and industrial upgrading, as exemplified by Qingdao Haier's dual washing machine technology, which increased its global market share by 3.2% and achieved an annual revenue growth of 17% from patent-intensive products [1] - Patent industrialization is defined as the process of transforming innovative achievements into productive forces, with enterprises being the main body of patent output and conversion [1] - In 2024, the effective invention patent industrialization rate for Chinese enterprises reached 53.3%, marking a steady growth over five consecutive years, with small and micro enterprises achieving new highs in their respective rates [1] Group 2 - Current challenges in patent conversion include difficulties in financing, poor matching, and the inability to assess the maturity and quality of patents, which hinder many innovations from progressing beyond the laboratory stage [1] - To bridge the gap in industrialization, companies need to establish market-oriented R&D systems, increase R&D investment, and develop a comprehensive patent value assessment system [2] - Companies should also focus on cultivating or attracting professionals who understand both technology and market needs, while exploring new financing avenues for intellectual property [2] Group 3 - The pathway from strong patents to strong enterprises is seen as essential for accelerating growth, with expectations for continued policy support to foster innovation and contribute to high-quality economic development in China [3]

Core Viewpoint - The article highlights the resilience of China's foreign trade amidst the challenges posed by unilateral tariff policies from the U.S. government, emphasizing the proactive measures taken by Chinese enterprises to adapt and seize opportunities during a designated "foreign trade window period" [1] Group 1: Impact of U.S. Tariff Policies - The U.S. government's unilateral tariff policies have significantly impacted global trade dynamics, creating a complex environment for international trade [1] - Chinese foreign trade has managed to maintain stability despite these challenges, showcasing adaptability and innovation among enterprises [1] Group 2: Response of Chinese Enterprises - Following the joint statement from the U.S. and China on May 12, a 90-day "foreign trade window period" was established, allowing Chinese companies to capitalize on this opportunity [1] - A specific example is provided of a Guangzhou-based company, historically known for producing China's first home refrigerator, which faced inventory issues due to U.S. tariffs but successfully resumed shipping during the "window period" [1] - Other foreign trade enterprises are also exploring unique product development and design to penetrate and establish a presence in emerging markets [1]

Group 1: Trade Dynamics - The U.S. government's unilateral tariff policies have impacted global trade, but China's foreign trade continues to progress steadily in a complex environment [1] - A 90-day "foreign trade window" has been established following the U.S.-China Geneva economic talks, allowing Chinese companies to adapt and innovate [1][3] - Guangzhou's Wanbao Group, which previously faced inventory issues due to U.S. tariffs, has resumed shipping products during this window [3] Group 2: Export Performance - Wanbao Group's average annual export to the U.S. is approximately 600 million RMB, accounting for 50% of its total exports [3] - Following the new round of U.S.-China tariff adjustments, U.S. clients have quickly contacted the company to restart shipments [3] - The logistics challenges include skyrocketing sea freight costs, with U.S. buyers willing to pay double the transportation costs to expedite shipments [3] Group 3: Innovation and Product Development - Wanbao Group has a history of innovation, being the first to produce China's home refrigerator and now exporting to nearly 100 countries [4] - The company has developed the world's first countertop ice ball machine, which presents significant technical challenges [6] - Innovation is deemed essential for manufacturing companies to navigate market challenges [6] Group 4: Logistics and Supply Chain Management - Logistics companies are actively addressing the challenges posed by the U.S.-China trade tensions, with many processing trade enterprises facing dual tariffs [9] - Some companies are shifting from U.S. imports to domestic suppliers to mitigate increased costs due to tariffs [9] - Logistics firms are offering bonded warehouses to help companies manage export tax refunds and adapt to market conditions [9] Group 5: Trade Volume Growth - From January to May this year, the cargo volume through Guangzhou Nansha Port reached 28.72 million tons, a year-on-year increase of 19.6% [10] - The number of foreign trade containers handled during the same period was 3.22 million, reflecting a 37.2% year-on-year growth [10] - The busy operations at the port indicate a strong demand for shipping services as companies rush to meet deadlines [11]

Group 1: Investment Strategy Overview - The report emphasizes that the stock market is at a technical support level, but volatility has reached a new low since 2024, indicating that a trend change may be imminent [5][21]. - The A-share market's trading volume reached 1.12 trillion, an increase of 54.9 billion compared to the previous trading day, with market focus on stablecoins, port shipping, and solid-state batteries [21]. - The report suggests that the probability of an upward trend in the index is low, and managing positions is the best strategy [21]. Group 2: Bond Market Insights - The bond market is expected to benefit from inflows of risk-averse capital, as the overall market remains volatile with a lack of positive news [18][8]. - The report notes that the bond market may regain upward momentum due to increased demand for safe-haven assets [8]. Group 3: Foreign Exchange Market Analysis - The onshore RMB against the USD was reported at 7.1876, an increase of 91 basis points from the previous close, indicating a potential strengthening of the RMB [33]. - Despite short-term fluctuations, the long-term trend for the USD remains bearish [33]. Group 4: Commodity Market Trends - The Wenhua Commodity Index fell by 0.13%, with strong performance in the energy sector but poor performance in agricultural and chemical products [38]. - The report advises caution for investors who have not participated at lower levels, suggesting a wait-and-see approach due to high volatility in oil and related products [38].

The provided content does not include any quantitative models or factors, as it primarily focuses on fund market performance, issuance, and ESG product tracking. There are no specific quantitative models, factor construction processes, or backtesting results mentioned in the documents.

据央视新闻最新消息，当地时间6月21日，美国总统特朗普在其社交媒体"真实社交"上发文称，美国已完成对伊朗福尔多、纳坦兹和 伊斯法罕 三处核设施 的袭击。 美国国防部长赫格塞思刚刚也转发了美国总统特朗普的相关帖文。有美国官员告诉路透社，美军B-2轰炸机参与了对伊朗核设施的袭击。 伊朗方面对此暂无回应。 6月19日，凤凰网《出海研究局》曾 邀请国际政治专栏作家、凤凰网特约撰稿人胡毓堃老师和东吴固收首席经济学家李勇老师6月19日19点一起详解"假如 美伊开战，世界经济会怎样"这一话题。 东吴证券固定收益首席分析师李勇对凤凰网《出海研究局》表示，若美国参与伊以冲突，（比如）要封锁霍尔木兹海峡，甚至美军正式参战， 那全球经 济和股市可能有10%到20的回撤。但是回撤之后，大家会觉得这对于经济的影响，（后续）可能会反弹。之后（经济）的均衡点可能没有回到之前高点， 但可能是在低点和低点之间找到一个平衡。 "从避险情绪来看，大家都说去美元化，但是美元指数还在100附近，没有出现明显崩塌。从长远来看，可能随着美国债务和通胀越来越高，全球对美国 （经济的）信心相对偏弱，但还是得看美国自身经济实力。黄金和美元都是避险资产，所以都可 ...

世界品牌实验室编制中国品牌报告已是第22个年头。2025年《中国500最具价值品牌》的总价值为 42.03万亿元，比去年增加3.46万亿元。占据榜单前五名的还有中国石油（6056.26亿元）、海尔 （5735.17亿元）、中国工商银行（5717.82亿元）、华润（5325.36亿元）。 本年度共有135个中国品牌的价值超过1000亿元，比去年增加27个，彰显了中国品牌经济的繁荣。 世界品牌实验室学术委员会主席、牛津大学营销学荣誉教授斯蒂芬·沃格博士表示："在过去的20多年 中，我目睹了中国品牌的快速成长，有的已经具有强大的世界影响力。国家电网、海尔等成为2025年度 最佳表现品牌。" 国家电网公司持续深化品牌引领行动，全面加强品牌管理，优化品牌国际化运营，做强品牌国际化 传播，打造管理先进、贡献卓越、价值引领、享誉全球的卓著品牌，以品牌强企助建品牌强国，在促 进"三个转变"中走在前、作表率。 原标题：国家电网连续十年位居中国500最具价值品牌榜首 6月18日，第二十二届世界品牌大会在北京举行，主办方世界品牌实验室发布了2025年《中国500最 具价值品牌》分析报告。国家电网以7152.58亿元的品牌价值排名榜 ...

Group 1: JD Group's Business Model and Strategy - JD Group aims to create a business model distinct from Meituan, focusing on high-quality and safe food for consumers [1][9] - The emphasis is on leveraging the fresh supply chain behind food delivery to generate profits, rather than relying solely on meal orders [9] - The core challenge lies in balancing cost efficiency through technology with the need to enhance rider welfare, testing the company's commitment to social responsibility and commercial efficiency [1] Group 2: Competition Landscape - Future competition will focus on JD's ability to implement a "30-minute delivery" capability for fresh supply chains in the restaurant delivery sector [1] - Meituan faces the challenge of balancing merchant ecosystem health with profitability pressures while countering JD's combination of quality and low prices [1] Group 3: Performance Metrics - JD's "618" sales event saw a user count increase of over 100% year-on-year, with total orders exceeding 2.2 billion [5] - The performance in categories like 3C and home appliances remains strong, with significant growth in high-margin categories such as fashion and beauty [5] Group 4: Technological Innovations - JD's focus on supply chain efficiency aims to redefine the delivery ecosystem in the competitive instant retail market [9]