Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies due to their low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector has shown mixed performance, with air conditioning sales declining significantly while washing machine exports continue to grow. The report emphasizes the resilience of leading brands in navigating market challenges and capitalizing on emerging opportunities [5][6]. - The report identifies three main investment themes: the undervaluation and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the strong demand for small appliances in international markets [6]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.7%. Total sales reached 10.492 million units, down 31.8%, with domestic sales falling by 39.8% and exports declining by 25.6%. Midea led the market with a 36.2% share, followed by Gree at 19.5% [2][41]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units, down 3.9% year-on-year. Sales totaled 8.0531 million units, a decrease of 2.99%. Domestic sales dropped by 15.59%, while exports increased by 10.04% [2][43]. Washing Machines - The washing machine industry experienced growth, with production reaching 8.605 million units, up 8.2% year-on-year. Sales were 8.4619 million units, an increase of 7.61%. Domestic sales fell by 5.47%, but exports surged by 23.31% [3][47]. Industry Dynamics - Notable developments include the CES debut of the G-Rover robot vacuum by Stone Technology, showcasing innovative cleaning technology, and the acquisition of subsidiaries by Kaineng Health, indicating strategic expansion efforts [5][12][13]. Component Data - In November 2025, the sales of rotary compressors decreased by 13.6%, while the sales of refrigerator compressors increased by 7.2%. The report highlights the contrasting performance of different components within the appliance sector [23][32].

公司点评 · 家用电器行业 商业航天影子龙头，控股乾照光电 2026 年 01 月 11 日 核心观点 | 主要财务指标预测 | | | | | | --- | --- | --- | --- | --- | | | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 58,530 | 61,641 | 69,213 | 75,926 | | 收入增长率% | 9.17 | 5.31 | 12.28 | 9.70 | | 归母净利润(百万元) | 2,246 | 2,677 | 2,997 | 3,413 | | 利润增长率% | 7.17 | 19.20 | 11.93 | 13.88 | | 摊薄 EPS(元) | 1.72 | 2.05 | 2.30 | 2.62 | | PE | 14.12 | 11.84 | 10.58 | 9.29 | 资料来源：公司公告，中国银河证券研究院（注：收盘价为 2026 年 1 月 9 日） 海信视像（股票代码：600060） 推荐 维持评级 分析师 何伟 ：hewei_yj@chinastock.com.cn 分析师登记编码： ...

Core Viewpoint - The article emphasizes the importance of selecting high-quality large-screen TVs, particularly highlighting the advantages of the new RGB-Mini LED technology, which offers superior color accuracy, brightness control, and energy efficiency compared to traditional technologies [1][3][4]. Group 1: RGB-Mini LED Technology - RGB-Mini LED technology is defined as a next-generation display technology that features independent backlighting for red, green, and blue colors, allowing for precise color and brightness control without secondary color conversion [1][4]. - The technology is reported to achieve a color gamut of 110% BT.2020 and a color control precision of 134 bits, significantly reducing harmful blue light by 60% compared to QD-OLED and 75% compared to traditional QD-Mini LED [4]. Group 2: Product Recommendations - The Hisense UX series is recommended as a top choice for luxury homes, featuring the world's first RGB-Mini LED TV with a peak brightness of 8000 nits and 10752 independent light control zones, priced at 25,999 yuan for 85 inches, 47,999 yuan for 100 inches, and 97,999 yuan for 116 inches [6]. - The Hisense U7S Pro is highlighted as the best choice for cinephiles, with features such as a custom black crystal screen and dual certification for color accuracy, priced at 13,999 yuan for 75 inches, 17,999 yuan for 85 inches, and 26,999 yuan for 100 inches [8]. - The Hisense E8S Pro is positioned as a gaming flagship with 9360 light control zones and a peak brightness of 6200 nits, priced at 14,599 yuan for 75 inches, 18,999 yuan for 85 inches, and 27,999 yuan for 100 inches [10]. - The Hisense E8S, a new model for 2026, features a dual-chip design for pixel-level light and color synchronization, with prices set at 9,999 yuan for 75 inches, 14,999 yuan for 85 inches, and 21,999 yuan for 100 inches [12].

Group 1 - The 2026 Consumer Electronics Show (CES) in Las Vegas will take place from January 6 to 9, showcasing "Chinese manufacturing" with higher innovation density and clearer technological pathways, advancing towards international competition [1] - Visitors at CES are interacting with various robotic technologies, highlighting the growing presence of robotics in consumer electronics [3] - Shenzhen Zhongqing Robot Technology Co., as well as other companies, are exhibiting their robotic innovations at the event, indicating a strong focus on automation and robotics in the industry [5][7] Group 2 - Attendees are experiencing various products, including ice cream robots and smart glasses, which reflect the diversity of technological advancements being presented at CES [9][11] - Companies like TCL and Hisense are showcasing their latest innovations, such as smart glasses and RGB-Mini LED large screen televisions, emphasizing the trend towards enhanced visual technology [11][13] - The presence of electric bicycles at the event indicates a growing interest in sustainable transportation solutions within the consumer electronics sector [15]

Core Insights - CES 2026 showcased over 4,112 companies from more than 150 countries, with a significant focus on technology that is tangible and experiential, particularly in the display industry [1] Group 1: Company Innovations - Hisense launched a new generation of RGB-Mini LED display technology, achieving a color gamut of 110% BT.2020 and a color precision of 134 bits, marking a significant advancement in display technology [3][6] - The introduction of the innovative "Linglong 4-chip" architecture by Hisense further enhances color range and detail, challenging the limits of display technology [4] - Hisense's RGB-Mini LED technology has captured 50% of the high-end large-screen market within eight months of its launch, with Hisense holding nearly 90% of that share [7] Group 2: Market Trends - The global shipment of RGB-Mini LED displays is expected to surge to 500,000 units in 2026, indicating a strong growth trajectory for this technology [10] - The CES 2026 highlighted a shift in the display industry, with Chinese companies, particularly Hisense, taking a leading role in technological advancements, previously dominated by overseas manufacturers [12] Group 3: Strategic Focus - Hisense emphasizes a commitment to innovation, investing 5% of its revenue annually in product technology development, and has secured 179 core patents in the display field [14] - The company is strategically expanding its product lineup across various sizes, from 75 to 116 inches, to solidify its market position in the mid-to-high-end segment [14]

Core Viewpoint - The optical imaging industry is experiencing a wave of capital operations characterized by mergers, acquisitions, and financing, driven by the promising market prospects in emerging technologies such as automotive lenses, AR/VR optics, and machine vision [2][14]. Company Summary - Hisense Visual Technology has engaged in multiple asset acquisitions and sales, primarily involving related parties within the Hisense group, without extending into new fields through external mergers [2][3]. - In 2025, Hisense Visual's revenue growth is nearly stagnant, with a year-on-year increase of only 5.36%, yet the company has made consecutive acquisitions of related party assets to expand production capacity [6][18]. - The company sold a 26% stake in its kitchen and bath business just three years after acquiring it, citing a focus on core business development [7][19]. Financial Performance - Hisense Visual's sales expense ratio has consistently exceeded 6%, significantly higher than the approximately 4% R&D expense ratio and far above comparable companies like Sichuan Changhong and TCL Technology [9][21]. - In 2023 and 2024, the company reported net profits of 2.096 billion and 2.246 billion, respectively, with approximately 42.9% and 35.2% of net profits derived from tax refunds, government subsidies, and various investment income, indicating a diminished actual profitability from core operations [11][23]. Strategic Focus - The company is accelerating the application of new business areas such as commercial displays, cloud services, and chips, while actively laying out plans in artificial intelligence and AR/VR to create new growth engines for the future [8][20].

Market Overview - The black home appliance sector increased by 1.82% on January 9, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with Tongzhou Electronics closing at 13.56, up 5.53% on a trading volume of 527,100 shares and a transaction value of 713 million [1] - Other notable performers included *ST Gauss, which rose by 5.01% to 10.27, and Jiulian Technology, which increased by 3.42% to 10.59 [1] Capital Flow - The black home appliance sector saw a net inflow of 81.44 million in main funds, while retail funds experienced a net outflow of 104 million [1] - Retail investors contributed a net inflow of 22.16 million, indicating a mixed sentiment among different investor types [1] Detailed Capital Flow Analysis - Non-Chi Holdings had a main fund net inflow of 10.9 million, but retail funds saw a significant outflow of 78.86 million [2] - Tongzhou Electronics experienced a main fund net inflow of 19.50 million, while retail funds had a net outflow of 1.20 million [2] - Hisense Visual had a main fund net inflow of 14.99 million, with retail funds showing a net inflow of 0.43 million [2]

Core Insights - "Chinese manufacturing" is making significant strides at the CES, showcasing higher innovation density and clearer technological pathways, positioning itself at the forefront of international competition [1] Group 1: Industry Participation - Over a thousand Chinese companies participated in CES, including industry leaders like TCL, Hisense, BOE, and Lenovo, as well as numerous startups [1] - Several Chinese companies received "CES Innovation Awards," highlighting global recognition of their innovative capabilities [1] Group 2: Display Technology - Chinese companies are leading in the display technology sector, shifting focus from single product parameters to AI-supported full-scene application revolutions [2] - TCL had the largest and most diverse exhibition space, showcasing innovations in television screens, electronic writing pads, and AR glasses [2] - Hisense presented next-generation large-screen display solutions, emphasizing color space enhancement and system optimization for eye protection [2] - The Chinese display industry has evolved from a technology follower to a global leader, particularly in LCD and OLED technologies [2] Group 3: Robotics Innovation - AI and robotics were major highlights at CES, with Chinese companies dominating the humanoid robot and related sectors, demonstrating rapid iteration and scalability [3] - Various robots showcased capabilities such as emotional companionship, autonomous lawn maintenance, and advanced coffee-making, emphasizing real-world application [3] - The focus has shifted from conceptual displays to tangible intelligent products that adapt to real environments [3] Group 4: Smart Home Solutions - Smart home technology has become a key area for Chinese companies to demonstrate systemic innovation and lifestyle solutions [4] - Solutions showcased include AI and IoT applications that create intelligent systems capable of perceiving, learning, and interacting [4][5] - Products like smart air conditioners and refrigerators exhibit advanced features such as dynamic energy management and food preservation [5] Group 5: Intelligent Mobility - Intelligent mobility was a focal point, with Chinese automotive companies showcasing innovations in smart cockpits and AI integration [6] - Geely's WAM model enhances understanding of complex driving scenarios, improving overall driving experiences [6] - Chinese companies are transitioning from cost and scale advantages to focusing on user experience, system integration, and technological maturity in the smart mobility sector [6] Group 6: Global Impact - CES serves as a platform for international collaboration and industry dialogue, with China recognized as a key driver of global technological advancement [6] - Chinese consumer electronics companies are accelerating their smart upgrades, becoming pioneers in global AI development [6] - "Chinese manufacturing" continues to navigate the waves of global technological change, contributing to the formation of a new international tech landscape through innovation and application [6]

Group 1: Core Themes of CES 2026 - The main theme of CES 2026 is "human-centered" AI applications, marking a shift from traditional consumer electronics to AI-centric technological transformations [1] - Chinese companies are increasingly taking center stage at CES, with 942 exhibitors, accounting for approximately 22% of the total, maintaining their position as the second-largest exhibiting nation [1] - In specific sectors, Chinese firms dominate, with 55% of humanoid robot exhibitors and nearly 70% of AI glasses brands coming from China [1] Group 2: Robotics and AI Innovations - Chinese manufacturers are expected to continue leading in cost reduction and efficiency improvements in humanoid robots, showcasing their capabilities in unstructured environments [2] - Notable products include the Unitree H1 humanoid robot with advanced sensing capabilities and the latest generation of the "绝影" series robotic dogs, which excel in indoor navigation [4][11] - The "Care-bot" humanoid robot by Fourier demonstrates embodied intelligence in real-life interaction scenarios [7] Group 3: Consumer Electronics and Smart Devices - Over 80% of global smart glasses supply chain manufacturers are from China, with 16 Chinese companies showcasing their products at CES [15] - Innovations in smart home devices include the AI-driven "安安" companion robot designed for elderly and cognitively impaired individuals [16] - Companies like Alibaba and XREAL are launching advanced AI glasses, with features such as ultra-lightweight designs and integration with various AI services [19][20] Group 4: Automotive and AI Integration - The automotive industry is transitioning from "software-defined" to "AI-defined" vehicles, with companies like Geely and Great Wall showcasing new technologies [28] - Geely's G-ASD smart driving solution and Great Wall's focus on new energy technologies highlight the industry's shift towards AI integration [30][32] - New products like the AI-driven logistics solutions from New Stone and advanced lidar technology from Hesai demonstrate the growing importance of AI in transportation [34][35] Group 5: Home Appliances and AI - Hisense introduced new RGB-Mini LED display technology and AI-controlled smart refrigerators, showcasing the integration of AI in home appliances [41] - TCL's innovations in display technology, including the world's first printed OLED car screen, reflect advancements in consumer electronics [43][44] - Companies are increasingly focusing on AI capabilities in home security and smart home management systems [51][49] Group 6: Overall Impact of AI - CES 2026 emphasizes the profound impact of AI on the consumer electronics industry, with expectations for AI user numbers to grow significantly [59] - The event serves as a platform for global tech companies to set the foundation for future technological development and transformation [59] - The integration of AI into various sectors, including robotics, automotive, and consumer electronics, indicates a trend towards deeper AI adoption in everyday life [59]

Core Insights - The CES 2026 marks a pivotal shift in AI technology from conceptual showcases to practical applications in everyday scenarios, with Hisense leading the way in display technology and AI advancements [1] - Hisense's long-term investments in AI algorithms, hardware development, and scene adaptation have positioned the company to capitalize on the current breakthroughs in embodied intelligence [1][8] - Hisense's products create a dual adaptation system between technology and scenarios, indicating a strong alignment with national strategic directions and industry trends [1] Group 1: Display Technology Innovations - Hisense unveiled the world's first 116-inch next-generation RGB-Mini LED TV at CES 2026, establishing a new standard for immersive visual experiences [2] - The company has transitioned from being a technology follower to a rule-maker in the display industry, achieving over 90% market share in the high-end 85-inch TV segment during the 2025 Double 11 shopping festival [2][3] - Hisense's RGB technology, which includes self-developed RGB light-emitting chips and AI picture quality chips, has led to significant advantages in color accuracy, brightness, and energy efficiency [2][3] Group 2: AI and Smart Ecosystem Development - Hisense is not only focusing on hardware but is also deeply exploring software ecosystems and scene experiences, evolving televisions into indispensable companions that understand user intentions [4][5] - The company is leveraging its role as the official sponsor of the 2026 FIFA World Cup to launch customized products that integrate cutting-edge technology into fans' daily lives, enhancing the overall experience [5][6] - Hisense aims to create a comprehensive smart home ecosystem powered by AI, integrating various appliances and technologies to enhance user experience across different household scenarios [6] Group 3: Embodied Intelligence and Future Growth - Hisense is actively developing embodied intelligence, showcasing robots that serve as companions in homes and efficient employees in commercial settings, marking a significant step towards practical applications of AI [7][8] - The company’s experience in display technology and home appliances provides a solid foundation for the development of embodied intelligence, emphasizing both technological advancement and practical applicability [8] - Hisense's exploration in this field positions it as a key player in the smart home and smart city sectors, opening up new avenues for future growth [8][9]