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 ...

Market Overview - The black home appliance sector increased by 0.28% on December 26, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Zhao Chi Co., Ltd. (002429) closed at 7.81, with a rise of 4.27% and a trading volume of 1.6376 million shares [1] - Sichuan Jiuzhou (000801) closed at 17.44, up 0.75%, with a trading volume of 442,300 shares [1] - Chuangwei Digital (000810) closed at 11.61, up 0.17%, with a trading volume of 102,300 shares [1] - Other notable stocks include Jiu Lian Technology (688609) down 0.20% and Sichuan Changhong (600839) down 0.44% [1] Capital Flow - The black home appliance sector experienced a net outflow of 160 million yuan from institutional investors, while retail investors saw a net inflow of 166.7 million yuan [1] - Detailed capital flow for key stocks shows Zhao Chi Co., Ltd. with a net inflow of 14.5567 million yuan from institutional investors [2] - Sichuan Changhong had a significant net outflow of 44.1126 million yuan from institutional investors, but a net inflow of 46.6045 million yuan from retail investors [2]

12月26日，海信视像盘中下跌2.01%，截至13:10，报23.83元/股，成交1.52亿元，换手率0.49%，总市值 310.97亿元。 分红方面，海信视像A股上市后累计派现69.70亿元。近三年，累计派现30.39亿元。 资金流向方面，主力资金净流出3137.22万元，特大单买入0.00元，占比0.00%，卖出1260.26万元，占比 8.29%；大单买入2164.31万元，占比14.23%，卖出4041.26万元，占比26.57%。 机构持仓方面，截止2025年9月30日，海信视像十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7577.56万股，相比上期增加1907.11万股。南方中证500ETF（510500）位居第八大流通股 东，持股1142.23万股，相比上期减少17.55万股。嘉实价值长青混合A（010273）位居第九大流通股 东，持股1123.82万股，持股数量较上期不变。嘉实价值精选股票A（005267）退出十大流通股东之列。 海信视像今年以来股价涨25.03%，近5个交易日跌4.83%，近20日跌8.03%，近60日跌5.17%。 责任编辑：小浪快报 资料显示，海信视像科 ...

Core Viewpoint - The refrigerator market is evolving from merely being a "cold storage container" to a "fresh storage management tool" with advanced technologies like vacuum preservation and independent cooling systems becoming key metrics for high cost-performance refrigerators [1] Group 1: Product Recommendations - Hisense Little Durian 500 Refrigerator (Price: 5359.2 yuan) features a vacuum magic box for independent sealing, preventing odor transfer between foods, and supports vacuum marinating, achieving three times the efficiency of ordinary refrigerators [2] - Hisense Brilliant Vacuum First Class 650 Refrigerator (Price: 19999 yuan) utilizes vacuum magnetic preservation technology to prevent food oxidation and has a dual preservation system, achieving a TVB-N value of 7.57mg/100g for stored beef, surpassing national standards [4] - Hisense Brilliant Vacuum First Class 503 Refrigerator (Price: 7998.4 yuan) offers a complete experience of vacuum preservation, odor removal, and no odor transfer, featuring a DBD ion active sterilization system with a 99.9999% sterilization rate [5] Group 2: Market Trends - The differentiation in the refrigerator market is not based on flashy parameters but on practical solutions that address everyday issues, such as effective food storage and management, which enhances the overall user experience [6]

2025年全球TV出货与终端零售市场备货节奏有一定的错位，一季度受中国国补强预期以及北美关税政策扰动，品牌出货强劲;二季度品牌严格进行库存管 理出货同比下滑，三季度在库存管理后需求恢复正常，四季度虽终端大促表现不佳，但受世界杯备货及半导体器件价格上涨提前拉货推动出货量超预期。 根据群智咨询数据显示，2025年全球出货量预计为2.21亿台，同比下降0.7%。 展望2026年，虽然世界杯赛事拉动，北美退税季及印度消费税改对需求有一定支撑，但受存储芯片等半导体价格飙涨带来生产成本压力陡增等因素影响， 预计全球TV市场全年出货量同比下降0.6%。然而成本压力有望转化为产品结构升级的推动力，带动平均尺寸恢复增长，预计2026年全球TV出货面积同比 增长2.3%。 三星(Samsung)：供应链减负+高端创新强化竞争力 品牌策略：从"规模扩张"转向"价值提升"，差异化路径构建壁垒 面对成本上升、利润下滑的现状，全球TV市场Top10品牌群凭借供应链韧性、全球化布局、产品技术实力、品牌并购等综合优势，积极扩张市场份额，群 智咨询数据显示，全球TV市场Top10品牌群出货量有望在2026年实现同比1.7%的增长。分品牌来看： ...

Core Insights - The report by Ipsos indicates that Chinese brands have seen a significant increase in global net trust, rising by 12 percentage points year-on-year, with Hisense Group maintaining its position as the leader in the smart home appliance sector [1][3]. Company Performance - Hisense has been globalizing for 30 years, establishing 30 R&D centers and 37 industrial parks worldwide. By 2024, overseas revenue is expected to account for nearly half of Hisense's total revenue, with its own brand contributing 85.6% [5]. - Hisense has been actively engaging in sports marketing, sponsoring major events like the UEFA European Championship and the FIFA World Cup, enhancing its global brand presence [5]. - The company has achieved high sales recognition globally, with Hisense TVs leading in market share in China, Japan, Australia, South Africa, and Slovenia, while its refrigerators have excelled in 12 countries [6]. Technological Innovation - Hisense is advancing in the high-end segments of the industry and value chain, with a significant share in the global market for 100-inch televisions, where one in every two sold is a Hisense product [6]. - Sales of refrigerators priced over $1,000 increased by 28% year-on-year, while sales of televisions in the same price range grew by 32% from January to November this year [6].

Group 1 - The core viewpoint of the report is that Chinese brands have seen a significant increase in global trust, with a net trust level rising by 12 percentage points compared to the previous year, and Hisense has maintained its position as the leader in the smart home appliance industry [1][5][3] - The Ipsos report has been tracking the global trust performance of Chinese brands since 2019, covering 20 major overseas markets and 11 sectors, indicating a historic shift in the global brand trust landscape [3][5] - Hisense's globalization efforts have spanned 30 years, with 30 R&D centers and 37 industrial parks worldwide, and overseas revenue now accounts for nearly half of its total revenue, with 85.6% coming from its own brand [5][7] Group 2 - Hisense has leveraged sports marketing to accelerate its global brand presence, sponsoring major events like the UEFA European Championship and the FIFA World Cup, enhancing its brand recognition and consumer trust [7][8] - The report highlights that 67% of consumers prefer brands that align with their personal values, and 77% trust familiar brands for new products, shifting brand building from technical competition to emotional connection [8] - Hisense aims to focus on user-centered approaches and enhance consumer experiences through "human-centered technology" and "exquisite quality" in the global market [8]