春节将至，很多人的购物车里又塞满了按摩仪、羊绒衫或是昂贵的补品。但你有没有想过，这些礼物最 后是不是都变成了储物间里的积灰大户？ 其实，观察一下父母的日常生活你会发现，他们真正的高频刚需只有一个——电视。 但矛盾的是，现在的除夕夜，往往是电视开着当背景音，全家人却各自低头刷短视频。为什么？因为家 里那是台"老古董"，画面灰暗、声音单薄，完全撑不起一家人的注意力。 今年春节，如果想送一份真正能让全家"哇"出来的礼物，海信百吋电视绝对是当之无愧的C位。但在下 单之前，你可能还有几个顾虑。今天，我们就来一场"百吋电视真相局"，帮你彻底扫清选购障碍。 QA1：也没住别墅，百吋巨幕真能装得下吗？ 【真相】：只要客厅开间有3米，你就大胆入。 这是最大的误区。很多人觉得百吋是豪宅标配，但根据视听协会的标准，4K/8K时代的最佳观看距离大 大缩短了。只要沙发到墙面的距离达到3米，百吋电视带来的不是压迫感，而是"进入感"。那种被画面 包裹的沉浸视界，会让父母看新闻联播都有一种身处演播厅的错觉。相信我，电视这种东西，只有买小 了会后悔，从来没有买大了会后悔的。 QA2：屏幕越大越伤眼？白天反光看不清？ 【真相】：选对面板技术，大 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Investment Rating - The report does not explicitly provide an investment rating for the smart home appliance industry. Core Insights - The Chinese home appliance market is transitioning from scale expansion to quality upgrades, with a focus on deep competition driven by changing demand structures [3] - Generation Z is becoming the new consumer driving force, shifting the consumption logic towards emotional value, personalization, and aesthetic appeal [4] - Consumers are moving from external display to internal experience, emphasizing the need for brands to innovate based on local user demands [5] - Companies need to build a forward-looking insight system to identify future opportunities amidst market changes [5] - The focus on sustainable growth and core competitiveness is essential, guiding product innovation and brand communication [6] Summary by Sections Market Trends - The market is experiencing a "micro-segmentation" wave, moving away from universal big-ticket items to innovative product categories that match the evolving lifestyle and spatial needs of Chinese consumers [9][19] - The demand for personalized appliances is increasing, with a significant portion of consumers willing to invest in products that cater to individual preferences [26] Design and Aesthetics - Home appliance design is undergoing a revolution towards "de-industrialization," aiming for seamless integration with home environments and visual subtlety [11][35] - Aesthetic appeal is becoming a key factor in purchasing decisions, with 84% of consumers considering appearance and 69% willing to pay more for aesthetically pleasing products [36] Functionality and User Experience - Functionality remains a critical consideration for consumers, but its definition is evolving to include emotional and experiential aspects [12][86] - The demand for "zero-maintenance" solutions is rising, with consumers seeking appliances that require minimal user intervention [99][101] Health and Wellness - Health has become a core value in home appliances, with consumers increasingly focused on products that enhance both physical and mental well-being [111][113] - There is a growing expectation for appliances to provide proactive health management solutions, moving beyond basic functionality [113] Smart Home Integration - The shift from isolated smart devices to interconnected home ecosystems is a significant trend, with consumers desiring seamless, intuitive interactions [135][138] - AI is expected to play a crucial role in enhancing user experience by predicting needs and providing personalized services [140]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by over 5% [4]. Core Insights - The report highlights that while the domestic subsidy effect is slowing, the "Two New" policy is expected to stimulate greater consumer potential in the home appliance sector. Leading white goods companies with higher energy efficiency product ratios and mature trade-in management processes are likely to benefit more significantly [3]. - The long-term strategy of expanding overseas production capacity remains a key focus, with companies that diversify their production locations expected to outperform. The report anticipates a valuation shift in 2026, particularly for companies like Roborock Technology and Lek Electric [3]. - The report emphasizes the importance of stable performance in core businesses and the potential for developing secondary growth avenues, with companies like Anfu Technology being highlighted for their strong cash flow and manufacturing capabilities [3]. Summary by Sections Domestic Market Insights - The report notes that the domestic market is experiencing a marginal slowdown in subsidy effects, but ongoing policy optimizations are expected to unlock more consumer potential [3]. Overseas Expansion - Companies are increasingly focusing on overseas production as a long-term strategy, with expectations of accelerated price increases starting in Q1 2026 due to tariff impacts and rising raw material costs [3]. Investment Recommendations - Key investment themes include: - Leading companies with higher operational efficiency and stable dividend yields are recommended for conservative allocation, with Haier Smart Home and Hisense Visual Technology as notable mentions [3]. - Companies with a focus on international expansion are expected to see valuation shifts, with Roborock Technology and Lek Electric recommended for buying [3]. - Companies with stable core business performance and potential for secondary growth avenues, such as Anfu Technology, are also highlighted [3].

对于辛苦打拼了一年的"打工人"来说，什么是最好的自我奖励？也许不是名牌包表，而是在深夜回到 家，打开电视，沉浸在《黑神话：悟空》的世界里，或者是享受一部4K HDR的高码率电影。 在这个时间节点做年底电视推荐，我不想聊那些平庸的大路货。今天要聊的，是能够代表目前显示技术 巅峰水准的产品——海信E8S。如果你是追求极致体验的玩家，这台RGB-MiniLed电视可能会刷新你对 电视的认知。 拒绝光晕，RGB才是画质的终点 懂行的朋友都知道，玩游戏或者看暗黑风格的电影(比如《权力的游戏》夜戏)，最怕的就是"光晕"。明 明是漆黑的夜空，月亮周围却泛着一圈灰白色的雾，瞬间出戏。这是传统MiniLed单色背光的通病。 但海信E8S作为RGB-MiniLed电视，用了一种极其"奢侈"的方案解决了这个问题：它采用了RGB三原色 芯片。这不仅仅是亮度的提升，更是控光的革命。它的AI自然光晕消融技术，能让背光颜色跟着画面 变——画面是红的，背光就是红的；画面是绿的，背光就是绿的。 结果就是，光晕减少了60%，色彩可视角度提升了50%。当你用海信100吋电视E8S玩3A大作时，那种 黑得深邃、亮得通透的画面，没有任何杂光干扰，沉浸 ...

寡头格局形成，中国大陆厂商已在LCD 领域取得绝对主导地位，周期性弱化带来盈利稳定性;需求端大 尺寸化与技术迭代创造持续增长动力。2月面板价格涨幅扩大，需求侧赛事备货与存储涨价推动，供给 春节调休收窄，共同推动面板价格步入上行周期。根据迪显咨询统计，2月面板32-43吋价格涨幅1美 元，50/55吋涨幅2美元，65-75吋涨幅3美元，85吋涨幅扩大到5美元，分别对应涨幅在1-3%、2%、1- 2%、1-2%。 智通财经APP获悉，招商证券发布研报称，中国大陆厂商已在LCD 领域取得绝对主导地位，周期性弱 化带来盈利稳定性。供给端，春节面板厂年休减少供应，将进一步推波助澜，巩固面板价格步入上行周 期。下游电视看，持续看好国产品牌全球布局及技术领先实力。此外，AI端侧落地终端显示场景，也 有望激活换机迭代需求。推荐重视上游面板涨价、折旧高峰已过带来的利润弹性，关注TCL科技 (000100.SZ)/京东方A(000725.SZ);下游品牌推荐TCL电子(01070)/海信视像(600060.SH)。 下游电视：MiniLED 电视+大尺寸化，传导综合成本压力 招商证券主要观点如下： 供给端 需求端 美加墨世界杯赛 ...

Investment Rating - The report suggests a "Buy" rating for the industry, anticipating a price increase exceeding 15% over the next 3-6 months [55]. Core Insights - The global TV market is expected to experience a slight decline in total shipments by 0.5% in 2026, despite a 1.6% increase in shipment area in 2025, driven by structural improvements and a shift from scale-driven to value-driven growth [11][15]. - The average TV size has increased to 53.6 inches, with OLED TV shipments growing by 6.9% year-on-year, indicating a trend towards higher-end products [11][12]. - The market is seeing a significant regional disparity, with emerging markets like Latin America, Middle East & Africa, and Asia-Pacific showing growth rates of 5.8%, 3.0%, and 2.3% respectively, while the Chinese market has declined by 8.8% [15]. - TV panel prices have seen a slight increase in early 2026, with demand from top brands rising by 5% in January, although a 7% decline was noted in February due to seasonal factors [17][18]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.98%, while the home appliance index rose by 2.11% during the week [22]. - Notable stock performances included Sichuan Changhong (+22.33%), Skyworth Digital (+17.52%), and Ecovacs (+17.40%), while Galaxy Electronics (-6.73%) and *ST Tongzhou (-5.18%) saw declines [22]. Raw Material Prices - Copper prices decreased by 1.13%, while aluminum prices increased by 0.10% during the week of February 2-6, 2026 [28]. - Year-to-date, copper prices have risen by 2.14%, and aluminum prices by 1.98%, indicating fluctuating raw material costs that could impact the industry [28]. Real Estate Data - In December 2025, new residential construction, construction in progress, completions, and sales all showed significant year-on-year declines of -19.9%, -10.4%, -20.3%, and -10.0% respectively, indicating ongoing pressure on the home appliance sector [37][43]. Investment Recommendations - Leading brands are expected to achieve stable growth due to their integrated advantages and strong pricing power. The report recommends TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home as key investment opportunities [53].

索尼剥离电视业务后，日本仍以独立路线维持电视整机制造的主要企业只剩松下控股。但松下也已将低 价机型生产外包，只有高端机型保持自己制造。业内人士指出，销量缩小将压缩研发的投入空间，未来 恐怕也会卷入产业整合。 电视制造业只是缩影。冰箱、洗衣机等传统白色家电领域，日企同样在经历业务出售或与海外企业重 组。而且随着中国企业成本控制与技术水平的提升，中国产品正在逐渐摆脱"价廉质低"的印象。 在东京一些电器大卖场，TCL、海信等中国制造的电视机已经开始出现在比较显眼的位置。最显眼的位 置仍是"REGZA""BRAVIA""VIERA"等日系品牌，但这些品牌背后的资本结构已发生变化。 以"REGZA"为例，该公司95%的股权由海信集团持有，东芝出资比例仅为5%。索尼电视业务将转入由 TCL集团持股51%的合资公司运营。虽然"索尼""BRAVIA"等品牌仍将保留，但在资本与运营层面，已 纳入中资体系。 报道提及，中国企业在价格方面有明显优势。在43英寸4K液晶电视这一主流规格上，中国产品价格约 为5万日元（约合2210元人民币），而日本厂商产品多在10万日元左右。同时，日企的液晶面板等关键 部件早就开始外购，技术上也难以凸 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快速厘清投资"点线面"！ 2025年我国制造业出海进程如何？——《见微知著》系列第二十九篇 总量研究 2 0 2 5年我国对外直接投资规模提升，更多中小企业出海。轻工制造、家用电器 海外营收占比高。轻工制造、汽车等对外敞口高行业股价表现相对更优。海内 外毛利率差与营收结构正相关,海外毛利率上升带动海外业务扩张。出海早期行 业为机械设备、基础化工、电力设备/家用电器等。出海加速期行业为电子、轻 工制造、汽车。出海不必然导致出口增速回落，结构性有利于上游设备出口和 投资。 摘 自 ： 2 0 2 5 年 我 国 制 造 ...

在全球市场，日企存在感也日益减弱。英国市场调查公司的数据显示，2025年全球电视市场排名第一的 是韩国三星电子，第二至第四位分别是LG电子、海信和TCL。这4家公司共占有全球市场过半的份额。 索尼剥离电视业务后，日本仍以独立路线维持电视整机制造的主要企业只剩松下控股。但松下也已将低 价机型生产外包，只有高端机型保持自己制造。业内人士指出，销量缩小将压缩研发的投入空间，未来 恐怕也会卷入产业整合。 电视制造业只是缩影。冰箱、洗衣机等传统白色家电领域，日企同样在经历业务出售或与海外企业重 组。而且随着中国企业成本控制与技术水平的提升，中国产品正在逐渐摆脱"价廉质低"的印象。 在东京一些电器大卖场，TCL、海信等中国制造的电视机已经开始出现在比较显眼的位置。最显眼的位 置仍是"REGZA""BRAVIA""VIERA"等日系品牌，但这些品牌背后的资本结构已发生变化。 以"REGZA"为例，该公司95%的股权由海信集团持有，东芝出资比例仅为5%。索尼电视业务将转入由 TCL集团持股51%的合资公司运营。虽然"索尼""BRAVIA"等品牌仍将保留，但在资本与运营层面，已 纳入中资体系。 报道提及，中国企业在价格方面有明 ...