Core Viewpoint - Hisense Visual (600060) has launched two flagship products featuring RGB-Mini LED display technology during its 2025 Autumn New Product Launch, indicating a strategic move to enhance its product lineup in the premium television market [1] Product Launch Details - The newly launched flagship U7S Pro is available in three sizes: 75 inches priced at 15,999 yuan, 85 inches at 19,999 yuan, and 100 inches at 28,999 yuan [1] - Additional products introduced include the high-end Mini LED television E7Q, wall-mounted television A7Q, and the 3A original picture display monitor G7 Ultra, showcasing a diverse range of offerings [1]

Core Viewpoint - Hisense TV has officially launched its dual flagship products, the U7S Pro and E8S Pro, utilizing RGB-Mini LED display technology, marking a significant advancement in the global display industry towards the RGB-Mini LED color backlight era [1] Group 1: Product Launch - Hisense introduced the U7S Pro as an imaging flagship and the E8S Pro as a gaming flagship, showcasing their commitment to innovation in display technology [1] - The company also released additional high-end products including the Mini LED TV E7Q, wall-mounted TV A7Q, and the 3A original picture display monitor G7Ultra [1] Group 2: Technology Leadership - Hisense is recognized as a pioneer and ongoing leader in RGB-Mini LED technology, having established and published multi-color display grading and classification standards [1] - The core specifications for RGB-Mini LED technology are defined by Hisense as independent RGB light-emitting chips combined with independent quality control chips for color and brightness [1]

Core Viewpoint - Hisense, in collaboration with JD Electronics, launched the "2025 Hisense TV Autumn New Product Launch" event, showcasing its RGB-Mini LED flagship U7S Pro and other innovative products, emphasizing the brand's leadership in high-end television technology [1][3]. Product Launch and Features - The U7S Pro features the latest RGB-Mini LED technology, achieving 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, positioning it as a top choice for consumers [3][4]. - The U7S Pro is equipped with the AI picture quality chip H7, which offers the highest color control precision in the industry, enhancing image quality significantly [4]. - The U7S Pro supports various high-end viewing experiences, including 4K MAX streaming and Dolby Vision 2, providing users with a cinema-like experience at home [6]. Pricing and Promotions - The U7S Pro is available for pre-sale, with prices starting at 15,999 yuan for the 75-inch model, 19,999 yuan for the 85-inch model, and 28,999 yuan for the 100-inch model, along with promotional offers such as energy efficiency subsidies and VIP membership [9]. - The A7Q wall-mounted TV, promoting "life aesthetics," is priced at 11,999 yuan for the 75-inch model and 14,999 yuan for the 85-inch model, also featuring energy efficiency discounts [9]. Market Positioning and Strategy - Hisense aims to democratize RGB-Mini LED technology, making it accessible to a broader audience while continuing to innovate in high-end audio-visual experiences [9]. - The company emphasizes the integration of technology and aesthetics in its products, as seen in the A7Q model, which blends seamlessly into home decor [8].

Group 1 - The core point of the article is that Qingdao's state-owned enterprise, Haifa Group, has made a significant move by acquiring residential properties to support the local housing market, indicating government efforts to stabilize the real estate sector [3][5][20] - Haifa Group, in collaboration with Hisense Group, signed an agreement to purchase two projects, "Hisense Liyang Road No. 7" and "Hisense Zhengyang Center," totaling approximately 22,000 square meters, all designated for affordable housing [3][5] - The acquisition is part of a broader strategy by the local government to implement "stabilizing the housing market and increasing supply" through innovative financing methods, including special bonds and low-interest loans from the central bank [5][7] Group 2 - Haifa Group, a large state-owned capital operation platform with a registered capital of 10 billion and revenue exceeding 113.8 billion last year, is stepping into the housing market not as a traditional real estate player but as a government-directed investment to stabilize the market [8][10] - The selected properties for acquisition are already completed and have clear ownership, making them suitable for the government's goal of providing affordable housing [15][18] - The move by state-owned enterprises to purchase residential properties sends a strong signal to the market, potentially boosting buyer confidence and indicating a commitment from the government to support the housing sector [20]

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Hisense, Midea, and Gree [2][29]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 0.7% while the index rose by 1.1% [2][3]. - Key developments include the official launch of Haier's air conditioning industrial park in Thailand, which has an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [8][57]. - Hisense's HHA smart manufacturing industrial park has commenced construction, aiming to enhance its presence in Thailand and the ASEAN market [9][58]. - Sales data for August shows a significant increase in the sales volume and revenue of cleaning appliances like vacuum cleaners and floor washers, while sales of hair dryers and electric shavers declined [29][35]. Summary by Sections Industry Dynamics - Haier's Thailand air conditioning industrial park officially started production on September 23, with a capacity of 6 million units annually, covering various air conditioning products [8][57]. - Hisense's HHA smart manufacturing industrial park is set to be the largest overseas facility for the company, with plans for completion by 2030 [9][58]. Sales Data Observations - In August, vacuum cleaner sales increased by 45.13% year-on-year, with revenue rising by 57.96%, while the average price increased by 8.84% to 1181.00 CNY per unit [29][30]. - Floor washer sales also saw a year-on-year increase of 38.07% in volume and 43.66% in revenue, with an average price of 1443.30 CNY per unit [29][31]. - Conversely, hair dryer sales fell by 19.04% in volume and 22.79% in revenue, with an average price decrease of 4.64% to 232.3 CNY per unit [35][36]. - Electric shaver sales increased by 9.79% in volume and 13.11% in revenue, with an average price increase of 3.04% to 206.5 CNY per unit [35][36]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth, recommending stocks like Hisense and leading companies such as Midea, Haier, and Gree [2][29]. 2. Export opportunities driven by large customer orders, highlighting companies like Ousheng Electric and Dechang Shares [2][29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment [2][29].

Core Viewpoint - Hisense has officially launched its flagship 163-inch UX MicroLED television in the Central China region, showcasing advanced display technology and providing an immersive visual experience for consumers in Changsha [1][3]. Product Features - The UX 163-inch television measures 3.6 meters in length and 2.1 meters in width, equipped with 24.88 million Micro LED self-luminous chips, each capable of independent lighting, achieving microscope-level pixel control precision [3]. - The television boasts superior contrast and color reproduction, maintaining clear image details even in bright environments, with color accuracy improved by over three times compared to traditional televisions [3]. - It features a 3.2 cm ultra-thin body that can be mounted directly on the wall, resembling a giant piece of artwork, and is complemented by a 5.1.4 channel sound system developed in collaboration with French brand Devialet, providing an immersive audio-visual experience [3]. Market Strategy - The choice of Changsha as the launch site reflects the growing demand for high-end home appliances in the Hunan market, along with the capability of JD MALL as a new retail benchmark for scenario-based displays [5]. - The launch event also initiated sales consultations, aiming to enhance market awareness of ultra-large MicroLED products through offline experiences [5].

Core Insights - Hisense has launched its dual flagship products, the U7S Pro and E8S Pro, featuring RGB-Mini LED technology, marking a significant advancement in the global display industry [1][3] - The company aims to redefine global display standards with its RGB-Mini LED technology, which has been recognized as a game-changer in the industry [3][5] Product Launch and Features - The U7S Pro boasts 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, making it a top contender for the best RGB-Mini LED TV of 2025 [5][6] - The E8S Pro is designed for gamers, featuring a native 4K 170Hz refresh rate and advanced backlight technology, enhancing dynamic scene performance [8][11] Technical Innovations - The U7S Pro utilizes the world's first AI picture quality chip H7, achieving the highest color control precision in the industry with 108 bits and 3x10240 control zones [6][9] - The U7S Pro also features a custom black crystal screen with a low reflection rate of 1.28%, providing an immersive viewing experience [6][9] Pricing and Availability - The U7S Pro is available for pre-sale with prices starting at 15,999 yuan for the 75-inch model, 19,999 yuan for the 85-inch model, and 28,999 yuan for the 100-inch model [11][12] - The E8S Pro will begin pre-sale on October 14, with various promotional offers available for early buyers [11][12] Additional Product Offerings - Hisense also introduced the E7Q Mini LED TV, which features enhanced performance metrics, including peak brightness of 7000 nits and 4224 local dimming zones [12][14] - The A7Q wall-mounted TV and G7 Ultra monitor were also launched, showcasing Hisense's commitment to integrating advanced display technology across different product categories [14]

Group 1 - The company held its 2025 fifth interim board meeting on September 26, 2025, to discuss and approve several related party transactions [2][3][6] - The board approved the acquisition of a 26.0006% stake in Hisense (Guangdong) Kitchen and Bath Systems Co., Ltd. from Hisense Visual Technology Co., Ltd. for a total price of approximately RMB 94.29 million, based on an assessed value of RMB 150.50 million [6][15][21] - The board also approved the sale of non-core manufacturing assets, including the Huangdao Visual Plastic Workshop asset group, to Hisense Visual Technology for approximately RMB 140.59 million [9][24][30] Group 2 - The company aims to optimize its asset structure and improve operational efficiency by divesting non-core assets and focusing on its main business [10][31][45] - The independent directors unanimously agreed on the transactions, stating that they would not adversely affect the company's financial status or harm the interests of shareholders, particularly minority shareholders [7][32][46] - The total amount of related party transactions with Hisense Group and its subsidiaries over the past 12 months reached approximately RMB 38.79 billion [46]

（文章来源：证券日报） 证券日报网讯 9月26日晚间，海信视像发布公告称，公司第五届职工代表大会第六次会议选举李敏华先 生为职工代表董事。 ...