Core Viewpoint - Hisense has introduced a new generation of RGB Mini LED backlight technology, set to launch in March 2026 in China, featuring significant upgrades in light source, chip, and color management compared to 2025 products [1][2]. Group 1: Technology Upgrades - The new RGB Mini LED technology incorporates a unique "Linglong" four-core architecture, enhancing the RGB color emission with the addition of a cyan LED chip, achieving a color gamut of 110% BT.2020, marking the first time the traditional triangular color space has expanded to a quadrilateral [2]. - Compared to the highest configurations of QD-Mini LED, the new RGB Mini LED offers a 10% increase in color gamut, and an 18% increase compared to QD-OLED, with a color volume reaching an industry-leading 100% [2]. - Hisense has addressed key challenges in RGB Mini LED backlighting, such as color bleeding, color deviation, and color fringing, through its innovative packaging technology and color separation algorithms [2]. Group 2: Chip and Color Management - The new technology utilizes Hisense's self-developed AI picture quality chip, H7, which enhances color control precision to 134 bits, managing thousands of light control zones and distinguishing trillions of color variations [6]. - The RGB Mini LED technology significantly reduces harmful blue light by 60% compared to QD-OLED and by 75% compared to traditional QD-Mini LED, while also lowering energy consumption by 30% [6]. Group 3: Market Performance - Hisense's RGB Mini LED televisions gained substantial market traction during major promotional events in 2025, capturing 50% of the high-end large-screen market, with Hisense accounting for nearly 90% of that share [10].

Core Viewpoint - Hisense has launched a new generation of RGB-Mini LED display technology, achieving a color gamut of 110% BT.2020 and setting a new industry standard for color accuracy and management [1][2]. Group 1: Technology Advancements - The RGB-Mini LED technology integrates a new cyan light-emitting chip, creating a unique 4-chip architecture that expands the color gamut beyond traditional limits, achieving a 10% improvement over QD-Mini LED and an 18% improvement over QD-OLED [2]. - The self-developed H7 AI picture quality chip enhances color control precision to 134 bits, capable of distinguishing trillions of color variations, thus improving color saturation and detail in both dark and bright scenes [2][3]. Group 2: Color Management System - Hisense has developed a comprehensive end-to-end color management system utilizing professional-grade 3D LUT technology, allowing for accurate color reproduction that meets the intentions of content creators [3]. - The RGB-Mini LED technology aims to transform the viewing experience, making it feel immersive, akin to being at a live event, while providing professional-grade color presentation in consumer televisions [3]. Group 3: Market Position and Growth - As a pioneer in RGB-Mini LED technology, Hisense has rapidly established a strong product lineup, including the flagship UX series, and has captured nearly 90% of the high-end RGB-Mini LED market share during the Double Eleven shopping festival [4]. - The global shipment of RGB-Mini LED televisions is projected to reach 500,000 units in 2026, indicating significant growth potential in the market [4].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Rising raw material prices have led some brands to initiate price increases, with leading companies demonstrating stronger pricing power and higher profit certainty. The upcoming CES event is expected to catalyze interest in smart consumer hardware [2] - The report highlights two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost-up cycles, making them preferred choices for conservative allocations. Recommended stocks include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [2] 2. International expansion remains a long-term focus, with a potential valuation shift expected in 2026. Recommended stock is Stone Technology (688169, buy) [2] Summary by Sections - **Price Increases**: Midea announced price hikes of 2% and 4% for certain models starting January 3 and January 5, 2026, respectively, due to significant increases in copper prices, which have risen by 11% over the past month and 42% over the past year. Copper is a key raw material, accounting for approximately 20% of air conditioner costs [6] - **Profitability Mechanism**: The report estimates that a 30% increase in copper prices would necessitate a 5% price increase to fully offset cost increases, while Midea's price hikes exceed 6%, indicating effective cost management strategies [6] - **CES Focus Areas**: The report identifies three main areas of interest for CES: 1. AI glasses with over 50 brands showcasing new products 2. Robotics, including new laser radar lawnmowers and advanced cleaning robots 3. Other smart consumer hardware innovations such as AI companion robots and 3D printing [6]

Core Viewpoint - Hisense has officially launched its next-generation RGB-Mini LED display technology at CES 2026, achieving a color gamut of 110% BT.2020 and setting a new industry standard for color accuracy and energy efficiency [2][4]. Group 1: Technological Advancements - The RGB-Mini LED technology features three major advancements: a new 4-chip backlight system, an AI color control chip, and a comprehensive color management system [5][11]. - The new 4-chip backlight, which includes a unique cyan chip, enhances the color gamut to 110% BT.2020, surpassing current QD-Mini LED by 10% and QD-OLED by 18% [7]. - The AI color control chip H7 achieves a color precision of 134 bits, capable of distinguishing trillions of color variations, thus improving color saturation and detail in both dark and bright scenes [9][11]. Group 2: Market Impact - Hisense's RGB-Mini LED technology has sparked a global trend, with major brands entering the market, confirming the technology's validity and forward-thinking approach [13]. - Following the introduction of RGB-Mini LED TVs, Hisense captured nearly 90% of the high-end market share during the Double 11 shopping festival, indicating strong consumer preference for this technology [14]. - Predictions suggest that RGB-Mini LED shipments will surge to 500,000 units in 2026, reflecting rapid growth in this segment [14].

1月6日，国际消费电子展(CES 2026)在美国拉斯维加斯拉开帷幕。在这场汇聚全球顶尖科技创新的盛会上，海信洗衣机旗下爆款产品海信棉花糖Ultra全家 筒，凭借模块化设计、宙斯热泵洗烘一体技术、活水洗科技以及AI智能交互等前沿科技，一举斩获CES最高荣誉"最佳创新奖"。这一里程碑式的成就不仅体 现了中国智造在全球舞台上的技术引领地位，更标志着家庭健康洗护领域正式迈入智能化、场景化的全新发展阶段。 从三筒首创到全球首台4合1热泵洗烘一体机，海信洗衣机以场景创新重塑洗护市场 从2017年研发出全球首台三筒洗衣机开始，到八年后推出全新一代三筒洗衣机，海信洗衣机做的不是简单的功能叠加，而是一场围绕真实生活场景的"体验 重构"。与此同时，海信在热泵洗烘一体技术上亦不断推进。从早期搭载冷凝式烘干、热泵式烘干的中高端机型，到2025年全面推广的以海信棉花糖Ultra全 家筒、棉花糖E8Q为代表的热泵洗烘一体机，海信洗衣机逐步将这一高能效、低温护衣且烘干效果堪比干衣机的技术推向大众市场。 据悉，海信全家筒系列凭借显著的技术创新与设计突破，上市以来接连荣获德国IFA"最佳设计奖"、奥维云网"热泵洗烘一体机线下主销价位销量第一 ...

Group 1 - The annual CES event is approaching, where Hisense will showcase advancements in RGB-Mini LED technology, reinforcing its position as a pioneer and leader in this field [1][3] - At CES 2025, Hisense launched the world's first RGB-Mini LED TV, marking a significant technological leap from "light control" to "light and color control," prompting major industry players to follow suit [3] - Hisense has developed a diverse product matrix targeting different consumer segments, including ultra-flagship UX, imaging flagship U7S Pro, and gaming flagship E8S series, covering price ranges from 10,000 to 100,000 yuan [3] Group 2 - The 2026 CES is expected to be a pivotal moment for AI in consumer electronics, transitioning from "conceptual showcase" to "everyday practicality," indicating a deeper integration of AI technology [4] - As an official sponsor of the 2026 World Cup, Hisense will present customized home appliances that integrate AI and smart hardware innovations, enhancing the viewing experience for global fans [4] - Hisense holds over 90% market share in the RGB-Mini LED TV segment, solidifying its status as the leading brand in this category [3]

Core Insights - Hisense unveiled a new generation of RGB-Mini LED technology ahead of CES 2026, featuring the "Linglong 4-core" architecture and introducing a cyan self-luminous chip that achieves 110% B.T2020 high color gamut [1] Company Developments - The new flagship television model, UX, will be the first to incorporate this advanced technology and is expected to enter mass production in China by March 2026 [1]

Core Viewpoint - Hisense has officially launched its next-generation RGB-Mini LED technology and its first ultra-flagship television model, UX, ahead of CES 2026, showcasing significant advancements in display technology [1] Group 1: Technology Advancements - The new RGB-Mini LED technology utilizes self-developed "Linglong Four-Core" to achieve a color gamut of 110% BT.2020 [1] - The harmful blue light emitted by this technology is 60% lower than that of QD-OLED displays [1] - Energy consumption is reduced by 30% compared to previous technologies [1] Group 2: Product Launch - The ultra-flagship television model UX addresses issues of color bleeding and color deviation [1] - The UX model is expected to be launched in the domestic market in March 2026 [1]

Core Insights - The 2026 home appliance national subsidy policy is expected to stimulate domestic demand and stabilize retail sales, particularly in the white goods sector [2][3][20] - The policy continues to support the replacement of old appliances with new ones, focusing on six major categories, including refrigerators, washing machines, and air conditioners, with a subsidy of 15% of the product price, capped at 1500 yuan per item [3][21][22] - The white goods production in January showed a positive trend, with a total output of 34.53 million units, representing a 6% year-on-year increase, driven by the national subsidy policy [4][24] Monthly Research Tracking and Investment Thoughts - The national subsidy policy for 2026 aims to boost the replacement demand for home appliances, which is expected to support domestic sales [20][21] - January's white goods production saw a recovery, with air conditioner production increasing by 11% year-on-year, indicating a potential stabilization in demand [4][24] - In November, the domestic sales of major appliances faced pressure due to high base effects from the previous year, but exports of refrigerators and washing machines showed good growth [5][32] Key Data Tracking - In December, the home appliance sector experienced a relative return of -1.06% compared to the Shanghai Composite Index, which rose by 2.28% [34] - The prices of raw materials such as copper and aluminum increased by 13.5% and 4.8% respectively in December, while cold-rolled steel prices decreased by 3.2% [36] - The shipping index for major routes showed a mixed performance, with the West America route down by 6.4% and the Europe route up by 4.8% [45] Key Company Announcements and Industry Dynamics - The report highlights key companies such as Midea Group, Haier Smart Home, TCL, and Gree Electric as strong performers in the white goods sector, with recommendations for investment based on their resilience and growth potential [14][15][54] - The home appliance industry is expected to face challenges due to high inflation in overseas markets and geopolitical tensions, but leading companies are adapting by enhancing local production capabilities [50][51]

Core Viewpoint - The company is actively expanding into the smart wearable sector, focusing on the development and launch of AI smart headphones and lightweight AI glasses, with the Vidda G11 smart glasses set to be officially released by October 2025 [1] Group 1: Product Development - The company is committed to advancing the research and development of smart terminal products [1] - Future product updates will be aligned with user needs and will focus on technological iterations and scenario expansions [1] Group 2: Market Positioning - The company emphasizes the importance of official communications for updates on related products [1]