Group 1 - The core point of the article is the establishment of a new company, Wuxi Ruiwo Zhixing Technology Co., Ltd., which is fully owned by Transsion Holdings and focuses on IoT business and technology development [1] Group 2 - The new company will engage in various activities including IoT technology research and development, software development, and the research and development of motors and their control systems [1] - The company is also involved in import and export of goods, indicating a broader operational scope beyond just technology [1]

Group 1 - A new company, Wuxi Ruiwo Zhixing Technology Co., Ltd., has been established, focusing on IoT technology research and development, software development, motor and control system research, and import-export activities [1] - The company is wholly owned by Transsion Holdings (688036) through indirect ownership [1]

Group 1 - The company has received a notice from its sponsor, CITIC Securities, regarding the change of the designated representative for ongoing supervision [1] - CITIC Securities has been the continuous sponsor for the company since its initial public offering on the Sci-Tech Innovation Board, with the supervision period ending on December 31, 2022 [1] - Due to the unutilized funds from the fundraising, CITIC Securities will continue its supervisory duties, with the new representatives being Zhou Peng and Cao Wenwei, following the departure of Xiao Shaochun [1] Group 2 - Cao Wenwei holds a master's degree and has been with CITIC Securities since 2016, participating in various IPO projects and financial advisory roles [2] - His experience includes involvement in IPO projects for companies such as Stone Technology and Aima Technology, as well as other significant financial advisory projects [2] - The company expresses gratitude to Xiao Shaochun for his contributions during his tenure as the designated representative [1]

Core Insights - The Middle East and Africa's share of the global smartphone market has increased from 10.7% in 2017 to 13.5% in 2024, indicating a dual-track structure of feature phone dominance and smartphone growth in emerging markets [1] - Omdia forecasts a significant rebound in the Middle East smartphone market (excluding Turkey) in Q3 2025, with a 23% year-on-year increase in shipments, reaching 15.1 million units, driven by rising demand for mid-range 4G and budget 5G smartphones [1] - Major brands are leveraging high-cost performance products to accelerate their presence in the Middle East market, with Samsung, Transsion, Xiaomi, Honor, and Apple leading in market share [1] Market Dynamics - Transsion's TECNO brand has seen a 47% year-on-year increase in shipments, while Xiaomi's shipments grew by 35% due to improved channel relationships and regional investments [2] - Honor has experienced a remarkable 128% year-on-year growth, attributed to product portfolio expansion and stronger partnerships with operators and retailers [2] - Chinese brands like Transsion, Xiaomi, and Honor are rapidly localizing their strategies and leveraging high-cost performance products to capture market share [2] Future Outlook - Omdia predicts that growth in the Middle East smartphone market may slow down in 2026 due to rising storage costs impacting the low-end market, which could lead brands to reduce production of low-end phones or increase retail prices, potentially suppressing sales momentum [2] - Industry analysts suggest that domestic manufacturers should enhance supply chain resilience and diversify procurement strategies to mitigate reliance on single suppliers or regions, while also optimizing product structures and enhancing value [3]

Core Points - The company, Transsion Holdings, announced a change in its sponsor representative from CITIC Securities due to the work relocation of the previous representative [1] - CITIC Securities has been the continuous sponsor for the company since its initial public offering and listing on the Sci-Tech Innovation Board, with the continuous supervision period ending on December 31, 2022 [1] - As the company has not fully utilized the raised funds, CITIC Securities will continue to fulfill its supervisory obligations regarding the unspent funds [1] Summary by Sections - **Company Announcement** - Transsion Holdings received a letter from CITIC Securities regarding the change of its sponsor representative [1] - The new representative, Mr. Cao Wenwei, will replace Mr. Xiao Shaochun to ensure orderly supervision [1] - **Sponsorship Details** - CITIC Securities has been responsible for the continuous supervision since the company's IPO [1] - The continuous supervision period concluded at the end of 2022, but CITIC Securities remains involved due to unspent raised funds [1]

Core Viewpoint - The A-share market experienced significant fluctuations, with the Shanghai Composite Index dropping over 2% and the ChiNext Index falling over 4%, while nearly 5,100 stocks declined. However, the AI application sector showed resilience, with several stocks hitting the daily limit up [2]. Group 1: Market Performance - The A-share market saw a broad decline, with the Shanghai Composite Index down more than 2% and the ChiNext Index down over 4% [2]. - Approximately 5,100 stocks in the market experienced a decline [2]. Group 2: AI Sector Insights - The AI application concept performed well against the market trend, with stocks like Yidian Tianxia and Vision China hitting the daily limit up [2]. - Bohai Securities noted that the compatibility between domestic large models and domestic accelerated computing chips is continuously improving, creating a synergistic advantage between algorithms and hardware, which lays a solid foundation for large-scale implementation across various industries [2]. - The global AI industry infrastructure is experiencing strong growth, with NVIDIA's performance in Q3 of fiscal year 2026 being particularly impressive, injecting sustained growth momentum into the global AI sector [2]. - The ongoing commercialization of AI applications is driven by the dual forces of accelerated technological implementation and the release of scenario demands, leading to a positive outlook for the AI application sector [2].

证券代码：688036 证券简称：传音控股 公告编号：2025-043 深圳传音控股股份有限公司 关于更换保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳传音控股股份有限公司（以下简称"公司"）于近日收到保荐机构中信 证券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》， 公司持续督导的保荐代表人发生变更。具体情况如下： 中信证券作为公司首次公开发行股票并在科创板上市后的持续督导保荐机 构，对公司的持续督导期已于 2022 年 12 月 31 日届满。因前述期限届满后公司 募集资金尚未使用完毕，中信证券继续就未使用完毕的募集资金相关情况履行持 续督导义务，该项目持续督导的保荐代表人为周鹏先生和肖少春先生。现由于肖 少春先生工作变动，不再继续担任公司持续督导保荐代表人。为保证持续督导工 作的有序进行，中信证券现委派曹文伟先生（简历见附件）接替肖少春先生担任 公司持续督导的保荐代表人，履行后续的持续督导职责。 此次变更后，公司持续督导的保荐代表人为周鹏先生和曹文伟先生。公司董 事会对肖 ...

Core Viewpoint - The consumer electronics sector experienced a significant decline of 5.4% on November 21, with notable losses in individual stocks, particularly in the context of broader market downturns reflected in the Shanghai Composite Index and Shenzhen Component Index [1][3]. Market Performance - On November 21, the Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1]. - The consumer electronics sector saw a net outflow of 6.286 billion yuan from major funds, while retail investors contributed a net inflow of 4.712 billion yuan [3][4]. Individual Stock Performance - Notable gainers included: - Transsion Holdings (688036) with a closing price of 65.19, up 6.26% on a trading volume of 318,000 shares and a transaction value of 2.053 billion yuan [1]. - Furuon Technology (603327) closed at 6.59, up 4.69% with a transaction value of 285 million yuan [1]. - Significant decliners included: - Xian De Technology (301067) with a closing price of 34.40, down 10.07% [3]. - Xie Chuang Data (300857) closed at 130.01, down 9.40% with a transaction value of 2.470 billion yuan [3]. Fund Flow Analysis - The main funds showed a net outflow from several stocks, including: - Changying Precision (300115) with a net outflow of 2.54 million yuan [4]. - Furuon Technology (603327) with a net outflow of 72.09 million yuan from retail investors [4]. - Conversely, some stocks like Yingqu Technology (002925) saw a net inflow of 2.889 million yuan from major funds [4]. ETF Overview - The Consumer Electronics ETF (product code: 159732) tracking the Guozheng Consumer Electronics Theme Index reported a decline of 4.88% over the past five days, with a price-to-earnings ratio of 40.78 times [6].

Group 1 - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 1.56% during the session [1] - The agriculture, forestry, animal husbandry, and banking sectors showed positive performance, while non-ferrous metals and comprehensive sectors faced significant declines [1] - The Consumer Electronics ETF (159732.SZ) fell by 2.63%, with mixed performances among its constituent stocks, including notable gains from Transsion Holdings (+4.11%) and Amlogic (+2.86%), while companies like Bawoo Storage and Dongshan Precision saw declines of -8.86% and -5.79% respectively [1] Group 2 - Nvidia has decided to switch memory types for AI servers from DDR5 to LPDDR to reduce power costs, which is expected to significantly boost industry demand [3] - With Nvidia's increased demand for LPDDR in the server sector, memory prices are anticipated to rise, potentially impacting the supply of consumer-grade memory as well [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, primarily in electronic manufacturing and optical electronics sectors [3]

Core Viewpoint - Transsion Holdings (68036.SH) has announced a deep collaboration with Google Cloud to integrate AI technology into its smart devices and services, resulting in the development of several user-friendly features [1] Group 1: AI Integration and Features - The collaboration has led to the creation of features such as one-click screen inquiry, smart screen recognition, AI search, call summaries, and AI writing, which are well-received by users [1] - Transsion's brands, TECNO AI and Infinix AI, have widely implemented AI in areas like image enhancement, voice assistance, and AI writing, continuously iterating to enhance the overall AI capabilities of their systems [1] - The use of AI agents is aimed at improving the mobile experience for users of smart devices [1]