Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Alibaba-W, Kuaishou-W, and Meituan-W leading in net inflows, while Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1][2]. Net Inflow Summary - Alibaba-W (09988) recorded a net inflow of 727 million, representing a 12.42% increase in net inflow ratio [2]. - Kuaishou-W (01024) saw a net inflow of 609 million, with a net inflow ratio of 18.27% [2]. - Meituan-W (03690) had a net inflow of 544 million, with a net inflow ratio of 12.86% [2]. - Other notable net inflows include China Shenhua (01088) with 496 million (29.48%) and InnoCare Pharma (02577) with 390 million (8.24%) [2]. Net Outflow Summary - Yingfu Fund (02800) experienced the largest net outflow of 13.767 billion, with a net outflow ratio of -43.25% [2]. - Hang Seng China Enterprises (02828) had a net outflow of 6.326 billion, with a net outflow ratio of -60.55% [2]. - Southern Hang Seng Technology (03033) recorded a net outflow of 1.648 billion, with a net outflow ratio of -18.63% [2]. - Other significant net outflows include China Mobile (00941) with 843 million (-46.52%) and Kangfang Biotech (09926) with 413 million (-21.09%) [2]. Net Inflow Ratio Summary - Prudential (02378) led the net inflow ratio with 67.02%, followed by Anjuke Food (02648) at 58.47% and TCL Electronics (01070) at 52.06% [2][3]. - Additional companies with high net inflow ratios include Anhui Wanshan Expressway at 51.91% and GX Hang Seng Technology (02837) at 51.63% [3]. Net Outflow Ratio Summary - The highest net outflow ratio was recorded by E Fund Hang Seng ESG (03039) at -100.00%, followed by China Communication Construction (03969) at -66.38% and Hang Seng China Enterprises (02828) at -60.55% [3]. - Other companies with significant net outflow ratios include Beijing Automotive (01958) at -53.68% and Kangzheng Pharmaceutical (00867) at -53.21% [3].

Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is experiencing significant growth potential in emerging markets, which account for 67% of the global population but only 32% of home appliance retail sales, indicating a substantial opportunity for growth [1][2][4] Core Insights and Arguments - **Emerging Market Growth**: Emerging markets are expected to be a key growth driver for the home appliance industry, with a notable increase in demand for air conditioners, refrigerators, and washing machines due to low penetration rates compared to developed countries [1][2][5] - **Air Conditioner Market**: The air conditioner market is growing rapidly, closely linked to GDP per capita. Countries with GDP per capita reaching $3,000 or $6,000 show significant increases in penetration rates [1][7] - **Export Recovery**: China's home appliance exports are gradually recovering from tariff impacts, with a notable increase in exports to Southeast Asia, Latin America, and the U.S. [1][8] - **Domestic Market Growth**: The domestic market is experiencing steady growth driven by the "trade-in for new" policy, with air conditioner shipments increasing by 8% and washing machines showing double-digit growth in the first five months of 2025 [1][9] Competitive Landscape - **Market Dynamics**: The competitive landscape is stabilizing, with Xiaomi's market share leveling off and major players like Midea and Gree adjusting their product structures [3][12] - **Small Appliances Growth**: The small appliance market, particularly for robotic vacuum cleaners and floor washers, continues to show high growth, with companies like Ecovacs reporting revenue and profit growth exceeding expectations [3][13] Investment Recommendations - **Focus on Dividend Stocks**: Investment strategies should focus on companies with strong dividend yields such as Gree, Midea, Haier, and Hisense, which have dividend rates exceeding 4% [3][15] - **Export Opportunities**: Companies in the export sector, particularly in small appliances and black electronics, are recommended for investment due to their growth potential in emerging markets and the U.S. [3][16][19] Additional Important Insights - **Impact of National Subsidies**: The national subsidy policy has led to structural growth in the domestic market, with significant price increases observed [1][9][14] - **Long-term Potential of Robotic Vacuums**: The robotic vacuum segment is viewed as a long-term growth area due to its strong growth potential and limited impact from domestic subsidy policies [3][17] - **Advantages of OEMs**: OEMs like New Bao and Dechang are positioned well in the global market due to scarce overseas production capacity, which enhances their competitiveness in exports to the U.S. [3][19]

Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is characterized by an oligopolistic structure, with leading companies benefiting from significant economies of scale and having substantial growth potential in overseas markets, indicating long-term investment value, particularly in cash returns [1][3] Core Insights and Arguments - The white goods sector showed weak performance in the first half of the year due to tariffs and the diminishing effects of the old-for-new policy, while the air conditioning segment performed relatively well [1][4] - The black goods sector benefited from Mini LED technology upgrades and a more favorable competitive landscape, leading to increased profit elasticity [1][4] - Investment strategies for the second half of the year should focus on high dividend yields and high ROE, with leading companies like Midea, Haier, and Gree offering dividend yields of approximately 4%, 7-8%, and 5% respectively, providing valuation support [1][6] - The competitive landscape in the white goods sector is concentrated on models priced below 2,700 yuan, with Midea initiating a price war against Xiaomi, which is adopting a defensive strategy to increase market share in the 4,000-4,500 yuan price range [1][7] - Export chain companies need to be aware of the expected differences in overseas tariffs, with Southeast Asia's production capacity performing better than expected and China's production capacity recovering well [1][10] Additional Important Insights - The competition in the black goods sector has improved, with Chinese panel manufacturers reducing costs through technology upgrades, allowing companies like Hisense and TCL to capture market share overseas [1][14] - The white goods sector's competition is expected to remain intense, particularly in the low-end market, while leading companies are leveraging brand extension and high-end product profits to mitigate impacts from low-end market pressures [1][7] - The national subsidy policy is expected to continue in the second half of 2025, but its marginal effects may weaken, particularly in certain regions where specific products may not qualify for subsidies [1][8] - The Mini LED television market is experiencing increased penetration due to declining electronic module costs and government subsidy policies narrowing the price gap between high-end and low-end products [1][18] - New consumer trends in the home appliance industry are emerging, focusing on low penetration, high explosive growth, and high scarcity, with brands like Beiding showing significant growth in the small appliance segment [1][20] - The robotic vacuum cleaner sector is currently in a phase of improving competitive dynamics, with companies like Ecovacs and Roborock showing promising profit trends [1][21] - Future investment strategies in the home appliance industry should prioritize robust assets, improving competitive landscapes, and new consumer trends, particularly in high-dividend white goods, black goods, and innovative small appliance brands [1][22]

Group 1 - The U.S. International Trade Commission (ITC) voted to initiate a Section 337 investigation into certain mobile cellular communications devices on August 4, 2025 [1] - The investigation was prompted by a complaint from South Korea's Pantech Corporation, alleging that the products exported to, imported into, and sold in the U.S. violated U.S. patent laws [1] - The patents in question include U.S. registered patent numbers 9,548,839, 11,659,503, 11,051,344, and 12,267,876, with Pantech requesting a limited exclusion order and a cease-and-desist order [1] Group 2 - The ITC is required to determine the end date of the investigation within 45 days of the case being filed [3] - Unless vetoed by the U.S. Trade Representative for policy reasons, the relief orders issued by the ITC in Section 337 cases take effect on the date of issuance and have final effect 60 days thereafter [3] Group 3 - Multiple companies are named as respondents in the investigation, including OnePlus Technology, Lenovo Group, Motorola Mobility, and various TCL entities [2]

Investment Insights - The report highlights that the subsidy for replacing old appliances is continuing as expected, which supports domestic demand in the white goods sector [6] - Leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to show strong performance due to their robust overseas production capacity and market expansion strategies [6] - The two-wheeler sector is anticipated to benefit from accelerated national subsidies, with leading companies like Yadea Holdings expected to outperform the industry [6] - The black goods segment is seeing improvements in profitability driven by the old-for-new policy and structural upgrades, with a recommendation for Hisense Visual and a watch on TCL Electronics [6] Market Review - In July, the home appliance index showed a slight increase of 0.92%, but underperformed compared to the broader market indices, indicating a challenging environment for the sector [13] - The report notes that the home appliance sector's performance has been affected by fluctuating subsidy policies and tariff expectations, leading to a mixed market sentiment [12][13] - The overall market sentiment improved in July due to expectations of fiscal easing and a focus on "anti-involution" policies, which positively impacted the sector's absolute returns [13] Key Data Tracking - The report tracks significant price movements in raw materials, noting that copper and aluminum prices increased by 3% and 8% year-on-year, respectively, while cold-rolled steel prices decreased by 6% [20] - Retail sales of air conditioners showed strong growth in June, with online and offline sales increasing by 28% and 40% year-on-year, respectively, indicating a robust demand environment [27] - The report also highlights that the average selling prices of air conditioners have seen a slight decline, suggesting a competitive pricing environment [27][30]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: TCL電子控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月4日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01070 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,520,935,155 | | 0 | | 2,520,935,155 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,520,935,155 | | 0 | ...

Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3] Core Insights - The report highlights that Ninebot achieved a significant revenue increase in Q2 2025, with total revenue reaching 11.742 billion yuan, up 76.14%, and net profit increasing by 108.45% to 1.242 billion yuan [5] - The overall performance of the home appliance sector has been mixed, with the sector index declining by 1.87% in the week of July 28 to August 1, 2025, and a year-to-date performance of -0.04%, ranking 21st among Shenwan's primary industries [7][14] - The report emphasizes the potential recovery in the white goods sector due to government policies aimed at boosting consumer confidence and the ongoing recovery in the real estate market, which is expected to benefit major players like Midea, Haier, Gree, and Hisense [9][31] Summary by Sections Company Dynamics - Ninebot's Q2 2025 revenue reached 6.630 billion yuan, a 61.54% increase, with net profit at 0.786 billion yuan, up 70.77% [5] - Biyi plans to issue up to 5.6344 million shares to raise no more than 624 million yuan for the construction of a smart kitchen appliance project [6] - Hisense reported a total revenue of 49.340 billion yuan in H1 2025, a 1.44% increase, but a decline in Q2 revenue by 2.60% [6] Market Performance Review - The home appliance sector index decreased by 1.87% during the reporting week, with notable individual stock performances from Taotao Automotive and Rongtai Health, which have seen significant gains since the beginning of 2025 [14] - The real estate market showed a decline in transaction volume, with July 2025 seeing a 11.73% drop in transaction area to 7.1951 million square meters, while transaction units increased by 1.44% [21] Investment Recommendations - The report suggests focusing on the white goods sector, which is expected to benefit from government policies and a recovering real estate market, recommending stocks like Midea, Haier, Gree, and Hisense [31] - For the black goods sector, TCL is highlighted for its strong performance in high-end large-screen products and Mini LED TV shipments [31] - Ninebot is recommended for its strong R&D capabilities and growth potential in the service robot market [31]

Market Overview - The US dollar index has shown strong performance, leading to a pullback in Bitcoin and overseas stock markets. The A-share market experienced a rise and fall, with the Every Day Brand 100 Index declining by 2.75% this week, closing at 1088.77 points [1] Top Gainers - TCL Electronics (HK 01070) saw a weekly increase of 5.95% - Transsion Holdings (SH 688036) increased by 3.81% - Agricultural Bank of China (SH 601288) rose by 2.43%, with a market value increase of 52.5 billion yuan this week [4][1] Top Losers - Li Auto (HK 02015) experienced a significant drop of 14.03% - China Power Construction (SH 601669) fell by 9.70% - Geely Automobile (HK 00175) decreased by 9.25% [5] JD.com Developments - JD's "Seven Fresh Kitchen" platform reported over 1,000 daily orders in its first week, with a repurchase rate exceeding the industry average by 220%. The recruitment for "Dish Partners" surpassed 66,000 applicants, indicating strong market trust in JD's supply chain and traffic [6][9] Li Auto Launch - Li Auto launched its first pure electric SUV, the Li i8, with a price range of 321,800 to 369,800 yuan, aligning its pricing strategy with the existing range of hybrid models [8] Meituan's Strategy - Meituan's "Raccoon Canteen" has seen a 40-fold increase in search volume since its launch, with a 60% rise in order volume. The platform emphasizes not competing with merchants, focusing instead on infrastructure support [9] Geely's Sales Target - Geely aims for an annual sales target of 3 million vehicles, with plans to launch five hybrid models in the second half of the year, targeting the mid-to-high-end hybrid market [10] Alibaba and Standard Chartered Partnership - Alibaba and Standard Chartered have signed a strategic cooperation memorandum to enhance the integration of financial services and AI technology, supporting Alibaba's global strategy [11]

Core Viewpoint - The rapid increase in MiniLED penetration is driven by cost reduction and government subsidies, leading to improved picture quality and profitability for manufacturers [1][2][3] Group 1: MiniLED Market Penetration - In 2024, China's MiniLED sales penetration is expected to reach 18%, with a significant increase during the 618 shopping festival, where the penetration rate reached 41%, up by 22.1 percentage points year-on-year [1][2] - The MiniLED technology is positioned to disrupt the competitive landscape of the television market, similar to past technological shifts that affected market shares [1][3] Group 2: Profitability and Pricing - The profit margin for MiniLED televisions is significantly higher than that of ordinary LCD TVs, with a price difference of nearly 2000 yuan for a 65-inch model, while the cost increase is less than 1000 yuan [2][3] - The narrowing price gap between MiniLED and non-MiniLED TVs is expected to drive higher penetration rates, as consumers are willing to pay for better display quality [3][4] Group 3: Future Projections - The estimated shipment volume for MiniLED TVs in China is around 20 million units, with an additional 34.3 million units projected for overseas markets [4] - The market share for MiniLED TVs in China is anticipated to reach 78% among the top three brands (Hisense, Xiaomi, TCL) by 2024, indicating a concentration of benefits among leading manufacturers [4]

Investment Rating - The report initiates coverage on TCL Electronics with a "Buy" rating [2][5]. Core Views - TCL Electronics is focusing on high-end MiniLED televisions to enhance its global brand strength, with expectations to surpass Samsung in global brand sales within three years [5]. - The company has set ambitious performance targets through stock incentive plans, aiming for significant profit growth in the coming years [5][36]. - The global black television market is shifting in favor of Chinese brands, with TCL positioned to benefit from this trend as competitors like Samsung and LG exit the LCD panel production market [5][63]. Financial Forecasts - Revenue projections for TCL Electronics are as follows: - 2024: 99,322 million HKD - 2025: 114,834 million HKD (growth of 15.6%) - 2026: 128,495 million HKD (growth of 11.9%) - 2027: 142,249 million HKD (growth of 10.7%) [2][5]. - Net profit forecasts are: - 2024: 1,759 million HKD - 2025: 2,378 million HKD (growth of 35.2%) - 2026: 2,878 million HKD (growth of 21.1%) - 2027: 3,463 million HKD (growth of 20.3%) [2][5]. Market Trends - The global television market is experiencing stable demand, with a notable increase in Mini LED technology adoption, expected to grow significantly in the coming years [49][50]. - The trend towards larger screen sizes is becoming mainstream, with a projected increase in demand for televisions over 80 inches [57]. - High refresh rate televisions are also seeing rapid growth, with expectations for significant increases in market share [60]. Competitive Landscape - The report highlights a shift in the competitive landscape, with Korean companies like Samsung and LG exiting the LCD panel market, which may benefit TCL and other Chinese brands [63][64]. - TCL's strategy of focusing on high-end products and large screens is expected to improve its market position against traditional competitors [5][63].