Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The continuation of national subsidies is expected to stimulate consumption potential on both supply and demand sides, with stable white goods production planned for Q1 2026 [2][3] - The "Two New" policy is optimized and extended, which is anticipated to activate greater consumption potential in the home appliance sector [6] Summary by Relevant Sections Domestic Sales Outlook - The effect of national subsidies is expected to improve domestic sales conditions in Q1 2026 after the arrival of subsidy funds, despite a marginal slowdown in the subsidy effect [3][6] - January 2026 white goods production data shows a total of 34.53 million units, a 6% increase year-on-year, with variations in production across different product categories [6] Investment Recommendations and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and mature overseas production layouts, which are seen as stable choices for investment [3] - Key stocks to consider include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [3] - The long-term focus on overseas expansion is highlighted, with expectations for a valuation switch in 2026, particularly for Stone Technology (688169, not rated) [3] - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology (603031, not rated), are also recommended [3]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002052 同洲电子 | | 8432.60万 | 9.23% | -3375.72万 | -3.70% | -5056.88万 | -5.54% | | 143116 688009 | | 3490.84万 | 3.52% | 91.00万 | 0.09% | -3581.84万 | -3.61% | | 688696 极米科技 | | 842.53万 | 11.52% | -14.06万 | -0.19% | -828.47万 | -11.32% | | 688609 九联科技 | | 801.13万 | 6.92% | -190.09万 | -1.64% | -611.04万 | -5.28% | | 000810 创维数字 | | 668.86万 | 3.39% | 386.02万 | 1.96% | -1054.88万 | -5.35% | | 600060 ...

Core Viewpoint - The upcoming CES 2026 will showcase Hisense's advancements in RGB-Mini LED technology, positioning the company as a leader in the high-end display market against major competitors like Samsung, Sony, and LG [1][3]. Group 1: Hisense's Innovations and Market Position - Hisense is recognized as the pioneer of RGB-Mini LED technology, having launched the first RGB-Mini LED TV, the UX, at CES 2025 [2]. - The company has developed a diverse product lineup targeting various consumer segments, including ultra-flagship models priced from 10,000 to 100,000 yuan, significantly impacting the high-end television market [2]. - During the 2025 Double 11 shopping festival, RGB-Mini LED TVs captured nearly half of the sales in the 20,000 yuan and above segment for 85-inch models, establishing a market dominance where one in two high-end TVs sold is RGB-Mini LED [2]. Group 2: Industry Trends and Competitive Landscape - The RGB-Mini LED sector is experiencing heightened competition, with major global brands now entering the fray, indicating a shift from Chinese brand leadership to a global contest [3]. - Hisense's early market entry and technological advancements are reshaping the competitive landscape in high-end displays, making RGB-Mini LED TVs a critical factor in the market [2][3]. - Predictions suggest that RGB-Mini LED TV shipments could reach 500,000 units in 2026, representing a staggering 25-fold year-on-year growth, marking the beginning of a new era for RGB-Mini LED technology [2].

Core Viewpoint - The high-end television market is witnessing a technological revolution with the emergence of RGB-Mini LED technology, which is being hailed as the ultimate standard in display technology, surpassing the previously dominant Mini LED technology [1] Group 1: RGB-Mini LED Technology - RGB-Mini LED technology represents a significant advancement over traditional QD-Mini LED, utilizing red, green, and blue light-emitting chips directly, resulting in superior color purity and vibrancy [2] - The Hisense E8S Pro achieves an industry-leading 100% BT.2020 color gamut coverage, providing users with a more authentic visual experience, especially on large screens [2] Group 2: AI Picture Quality Chip - Hisense is the only domestic brand with self-developed picture quality chip capabilities, and the E8S Pro features the XinXin® AI picture quality chip H7, which manages 9360 backlight zones in real-time [3] - The AI chip enables "light and color co-control," achieving 108 bits of precision in controlling brightness and color, significantly reducing common issues like "blooming" by 60% [5] Group 3: Screen Reflection and Viewing Experience - The Hisense E8S Pro is equipped with a black crystal Ultra screen that boasts a low reflectance of 1.28%, the lowest in the industry, ensuring clear visibility even in bright conditions [7] - With a peak brightness of 6200 nits and RGB wide viewing angle technology, the television maintains consistent color and brightness across different viewing positions, enhancing the overall viewing experience [7] Group 4: Market Positioning - The Hisense E8S Pro is positioned as a leading option for consumers seeking the forefront of LCD display technology, capable of delivering high-quality visuals for both gaming and cinematic experiences [6][7]

夜幕降临，太阳村被灯光点亮，一场温馨的文艺汇演正式拉开帷幕，唱歌、跳舞、朗诵等节目轮番上 演。稚嫩的歌声满是朝气，整齐的舞姿洋溢着活力。其中，太阳村"小明星"郭纳丽深情独唱《大山》感 动了在场所有人，气势磅礴的朗诵《天地龙鳞》展现了孩子们的精神风貌，最后全体合唱《歌唱祖国》 的歌声更是响彻夜空。 据介绍，创办于2007年的太阳村，十九年来已无偿帮扶救助了各类困境儿童和在校青少年两千余人，不 少孩子已经走入大学、顺利走上工作岗位。海信冰箱·雨辰助学自2017年启动以来，便与太阳村结下不 解之缘，已经先后四次走进太阳村，并且还邀请太阳村孩子们赴青岛参加"读书看海观世界"夏令营，以 及联合高校志愿者到太阳村开设特色课程。此次活动，是这份长达九年关怀的又一次温暖延续。 当天下午，迎新年包饺子活动率先开启，氛围格外热闹。海信冰箱·雨辰助学志愿者们与孩子们围站在 一起，手把手地教，孩子们学得认真。面粉轻轻飘散，一双双小手仔细地捏合饺皮，尽管形状各异，但 每个饺子都包裹着真挚的快乐，欢声笑语中，下午的时光满是温情。 来源：环球网 现场最热烈的莫过于互动环节。海信冰箱·雨辰助学团队的志愿者们准备了趣味小游戏和脑筋急转 弯，" ...

Investment Rating - The report maintains a "Buy" rating for the home appliance industry, expecting a price increase exceeding 15% over the next 3-6 months compared to the market [42]. Core Insights - The report highlights a rebound in air conditioner production in January 2026 due to a shift in production schedules, although end-user demand is expected to remain weak. Home air conditioner domestic production reached 7.86 million units, up 8.9% year-on-year, while export production was 10.65 million units, up 1.2% year-on-year [13][14]. - Refrigerator production showed a decline in both domestic and export markets, with domestic production at 3.52 million units, down 6.9% year-on-year, and export production at 4.4 million units, down 3.4% year-on-year. The market is experiencing regional differentiation, with emerging markets being the main growth points [16]. - Washing machine production also faced challenges, with domestic production at 3.65 million units, down 4.1% year-on-year, and export production at 4.45 million units, down 0.7% year-on-year. The "trade-in" policy's effectiveness is diminishing, and companies need to innovate to find breakthroughs [17]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.95%, while the home appliance index rose by 0.54%. Notable stock performances included Feike Electric (+24.57%), Jinhai High-Tech (+22.57%), and Tianyin Electromechanical (+17.91%) [20]. - The report tracks raw material prices, noting a 2.62% increase in copper prices and a 1.16% increase in aluminum prices, while cold-rolled steel and plastic prices saw slight declines [24]. - The exchange rate for USD to RMB was reported at 7.04, with a slight decrease of 0.02% week-on-week, and container shipping rates showed a small increase of 1.95% [27]. Real Estate Data - Real estate data for November 2025 indicates a significant decline in new construction, with a year-on-year decrease of 20% in new starts, 10% in construction, and 20.2% in completions. Sales also fell by 8.9% year-on-year, indicating ongoing pressure on the home appliance sector's long-term demand [31][32]. Investment Recommendations - The report suggests that leading brands are likely to achieve stable growth due to their integrated advantages and strong pricing power. The external market is expected to benefit from a potential recovery in the U.S. housing market and gradual improvement in European consumption. Emerging markets are anticipated to maintain strong demand due to demographic advantages [40]. Recommended companies include Hisense, Midea Group, Haier, and TCL Electronics [40].

证券日报网讯 12月26日，海信视像发布公告称，公司2025年12月26日在青岛召开第二次临时股东会， 审议通过《关于公司2026年度日常关联交易额度预计的议案》《关于公司与海信集团财务有限公司续签 金融服务协议暨关联交易的议案》《关于公司2026年度担保额度预计的议案》等多项议案。 （文章来源：证券日报） ...

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

证券代码：600060 证券简称：海信视像 公告编号：2025-058 海信视像科技股份有限公司 2025年第二次临时股东会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 12 月 26 日 （二）股东会召开的地点：山东省青岛市崂山区香港东路 88 号海信国际中 心 A 座公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： （四）表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次股东会采取现场投票和网络投票相结合的方式，会议的召集、召开及表 决方式符合《公司法》和《公司章程》等的相关规定。 本次股东会由董事长于芝涛先生主持。 （五）公司董事和董事会秘书的出席情况 1、公司在任董事8人，出席8人。其中，于芝涛、李炜、李敏华、赵曙明现 场出席；贾少谦、方雪玉、王爱国、严群线上出席。 2、董事会秘书范潇出席了会议；其他高级管理人员列席了会议。 1、议案名称：《关于公司 ...

青岛市崂山区香港东路 195 号 3 号楼 青岛上实中心 1401、1402、1403 单元 邮编：266071 电话：（86-532）6869-5000 传真：（86-532）6869-5010 北京市君合（青岛）律师事务所 关于海信视像科技股份有限公司 2025 年第二次临时股东会的法律意见书 本法律意见书仅就本次股东会的召集和召开程序、现场出席本次股东会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东会所审议的议案内 容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 本法律意见书仅供见证本次股东会相关事项合法性之目的而使用，未经本所 书面同意，任何人不得将其用作其他任何目的。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证保证本法律意见书所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不 ...