Group 1 - Hisense Air Conditioning has won the "Nanshan Award" for four consecutive years, making it the only air conditioning brand to receive this honor [1][3] - The Hisense Fresh Air Conditioner X7Pro was recognized as a "Technology Innovation Product" for its dual-flow fresh air exchange and 360° air control system [1][3] - Hisense Air Conditioning Co., Ltd. was rated as a 2025 "AAAAA" enterprise for integrity, brand, quality, management, and service [1][3] Group 2 - Hisense pioneered the fresh air conditioning market by launching the first domestic fresh air conditioner in 2008 [1][3] - From January to October this year, Hisense's fresh air conditioner has achieved a market share of 44.47% in total sales across all channels, maintaining its position as the industry leader [1][3]

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]

Industry Overview - The domestic consumption market is transitioning from scale growth to value upgrading, with quality and high-end products becoming the core demands of household consumption [1] - New display technologies, particularly RGB-Mini LED, are emerging strongly this year, reshaping the high-end television market and setting new technical standards [1] Market Data - In the offline market for 85-inch televisions priced above 20,000 yuan, RGB-Mini LED televisions accounted for 43.68% of sales revenue and 48.73% of sales volume during the W40 to W47 period, indicating a significant market presence [1] - This data suggests that for every two high-end large-screen televisions sold, one is an RGB-Mini LED product, establishing its position as a mainstream high-end television format [1] Company Performance - Hisense demonstrates a dominant leadership in the RGB-Mini LED television segment, with an overall sales volume share of 95.67% and a sales revenue share of 93.35% during the W40 to W47 period [2] - In the ultra-large size market (above 98 inches and priced over 25,000 yuan), Hisense maintains a strong advantage, with both online and offline sales volume shares exceeding 90% [2] Technological Innovation - Hisense's RGB-Mini LED technology features significant advancements, utilizing RGB three-color light-emitting chips for direct color output, which enhances color precision and overall picture quality [2][3] - The company has introduced the "King Bomb Dual Chip" technology, which includes the H7 AI picture quality chip and a new generation of multi-crystal RGB-Mini LED chips, improving stability and energy efficiency while enhancing picture quality [3] Product Launches - Hisense launched the world's first RGB-Mini LED television, UX, in March, marking the beginning of a native color revolution [3] - The flagship models E8S Pro and U7S Pro, released in September, have accelerated the adoption of RGB-Mini LED technology, with E8S Pro topping e-commerce sales charts and U7S Pro quickly entering the top 20 best-selling models in offline channels [3]

Group 1 - TCL Smart Home announced that on December 2, 2025, it will accept investor research from Huachuang Securities and other investors, with the company’s board secretary and investor relations manager participating in the reception and addressing investor questions [1] Group 2 - The stock market saw a situation where a shareholder's post requesting a main force to push the stock to the limit was realized the next day, indicating potential market manipulation and platform review loopholes in the case of Xiangyang Bearing [1]

Core Viewpoint - The domestic consumer market is transitioning from scale growth to value upgrading, with quality and high-end products becoming the core demands of family consumption. The technological iteration of televisions is synchronizing with this upgrade in consumer demand, particularly with the rise of RGB-Mini LED technology, which is reshaping high-end television standards and market dynamics [1]. Market Performance - In the offline market for high-end televisions priced above 20,000 yuan, RGB-Mini LED televisions accounted for 43.68% of sales revenue and 48.73% of sales volume during the W40 to W47 period, indicating that nearly one in two high-end large-screen televisions sold is an RGB-Mini LED product [3]. - Hisense has demonstrated a dominant market position in the RGB-Mini LED segment, with a sales volume share of 95.67% and a sales revenue share of 93.35% during the same period. In the ultra-large size market (above 25,000 yuan and 98 inches), Hisense's sales volume share exceeds 90% both online and offline [3]. Technological Advantages - The success of Hisense's RGB-Mini LED televisions is attributed to the cross-generational advantages of the technology and systematic innovation. Unlike traditional LCDs that rely on white light sources, RGB-Mini LED uses RGB chips for direct color output, significantly enhancing picture quality and being recognized as a leading direction for LCD display technology in the next decade [5]. - Hisense's RGB-Mini LED televisions feature the "King Bomb Dual Chip," which includes the H7 AI picture quality chip with the highest industry partition control of 3×10240 and 108 bits color precision, surpassing QD-OLED in color performance. The new generation multi-crystal RGB-Mini LED chip addresses lifespan and color deviation issues, improving picture uniformity by 30% and reducing energy consumption by over 40% compared to QD-OLED [7]. Product Launch and Market Expansion - Hisense launched the world's first RGB-Mini LED television, UX, in March, initiating a revolution in native color technology. The flagship models E8S Pro and U7S Pro, released in September, further accelerated the adoption of RGB-Mini LED technology, with E8S Pro topping e-commerce platforms for five consecutive days and U7S Pro quickly entering the top 20 bestsellers in offline channels within four weeks [9]. - The transformation has extended globally, with Hisense's RGB-Mini LED televisions entering over 20 countries and regions by Q3 2025, with a quarter-on-quarter shipment growth exceeding 300%. The year 2026 is anticipated to be significant for sports and gaming, allowing Hisense to leverage its technological advantages to promote RGB-Mini LED globally, reinforcing its leading position in high-end displays and showcasing the strength of Chinese brands in the global high-end display market [10].

Core Insights - The domestic consumer market is transitioning from scale growth to value upgrading, with quality and high-end products becoming the core demands of family consumption [1] - The emergence of new display technologies, particularly RGB-Mini LED, is reshaping the high-end television market and setting new technical standards [1] Market Performance - In the offline market for high-end televisions priced above 20,000 yuan, RGB-Mini LED televisions accounted for 43.68% of sales revenue and 48.73% of sales volume during the W40 to W47 period, indicating a strong market presence [4] - Hisense has a dominant position in the RGB-Mini LED segment, with a sales revenue share of 93.35% and a sales volume share of 95.67% [4] - In the ultra-large size market (above 25,000 yuan and 98 inches), Hisense maintains a strong advantage with online and offline sales volume shares of 90.93% and 99.04%, respectively [4] Technological Advancements - RGB-Mini LED technology offers significant advantages over traditional LCDs by using RGB light source chips, allowing for direct color output and enhanced picture quality [6] - The technology includes precise color control, leading to exponential improvements in picture quality and is viewed as a promising direction for LCD display technology over the next decade [7] Product Launches and Global Expansion - Hisense launched the world's first RGB-Mini LED television in March and has since introduced flagship models that have gained significant market traction [9] - By Q3 2025, Hisense's RGB-Mini LED televisions are expected to be available in over 20 countries, with a quarterly shipment growth exceeding 300% [9] - The anticipated global demand for high-end televisions, particularly during major events like the World Cup and gaming releases in 2026, is expected to further solidify Hisense's market leadership [9] Competitive Edge - Hisense's competitive advantage stems from continuous technological breakthroughs, including the introduction of advanced AI picture quality chips and new multi-crystal RGB-Mini LED light source chips [10] - These innovations enhance color accuracy and stability while reducing energy consumption by over 40% compared to QD-OLED, positioning Hisense as a leader in the high-end display market [10]

Core Viewpoint - The Shandong Provincial Department of Industry and Information Technology announced the second batch of "Shandong Manufacturing · Qilu Quality" products for 2025, highlighting 40 products including Hisense's "RGB 3D Color Control Backlight TV" to enhance brand building and industrial competitiveness [1]. Group 1: Announcement Details - The selection process involved voluntary applications from companies, preliminary reviews by cities, and expert evaluations [1]. - The public notice period for the selected products is from December 1 to December 5, 2025, allowing for feedback on the listed products [1]. Group 2: Objectives and Significance - The initiative aims to select products that are clear in ownership, energy-efficient, innovative, of high quality, and have significant economic and social benefits [1]. - The program supports the enhancement of the "Shandong Manufacturing" brand influence and core competitiveness [1]. Group 3: Selected Products - Notable products include: - Hisense's "RGB 3D Color Control Backlight TV" [2][3]. - A range of innovative equipment such as 3D visual control heavy-load handling robots and advanced medical imaging diagnostic devices [2][3][4]. - The list includes products from various categories such as equipment, information technology, new materials, chemicals, and pharmaceuticals [2][3][4].

Core Viewpoint - Hisense Visual's stock price has shown significant growth this year, with a notable increase in revenue and net profit, indicating a positive financial performance and investor interest [2][3]. Group 1: Stock Performance - As of December 2, Hisense Visual's stock rose by 2.01%, reaching 26.44 CNY per share, with a trading volume of 35.42 million CNY and a turnover rate of 0.10% [1]. - The stock has increased by 38.72% year-to-date, with a 2.92% rise over the last five trading days, 8.14% over the last 20 days, and 19.91% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Hisense Visual reported a revenue of 42.83 billion CNY, representing a year-on-year growth of 5.36%, and a net profit attributable to shareholders of 1.63 billion CNY, up 24.28% year-on-year [2]. - The company has distributed a total of 6.97 billion CNY in dividends since its A-share listing, with 3.04 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hisense Visual was 34,600, an increase of 5.38% from the previous period, with an average of 37,614 circulating shares per person, down 4.73% [2]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 75.78 million shares, an increase of 19.07 million shares from the previous period [3].

Core Insights - The black home appliance sector experienced a rise of 0.71% on December 1, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - *ST Gauss (002848) closed at 8.40, with a gain of 5.00% and a trading volume of 128,200 shares, amounting to a transaction value of 107 million yuan [1] - Sichuan Jiuzhou (000801) closed at 16.50, up 1.66%, with a trading volume of 364,400 shares and a transaction value of 601 million yuan [1] - Non-Chi Co., Ltd. (002429) closed at 6.49, up 1.25%, with a trading volume of 536,800 shares and a transaction value of 347 million yuan [1] - Sichuan Changhong (600839) closed at 9.57, up 1.16%, with a trading volume of 735,800 shares and a transaction value of 700 million yuan [1] - Other notable stocks include Cheny Intelligent (301578) at 66.55 (+0.87%), and Hisense Visual (600060) at 25.92 (+0.04%) [1] Capital Flow - The black home appliance sector saw a net inflow of 2.1 million yuan from institutional investors, while retail investors contributed a net inflow of 5.57 million yuan [1] - However, there was a net outflow of 57.85 million yuan from speculative funds [1] Individual Stock Capital Flow - Sichuan Changhong (600839) had a net inflow of 57.79 million yuan from institutional investors, but a net outflow of 38.90 million yuan from speculative funds [2] - *ST Gauss (002848) experienced a net inflow of 11.90 million yuan from institutional investors, with a net outflow of 6.17 million yuan from speculative funds [2] - Other stocks like Extreme Technology (688696) and Sichuan Jiuzhou (000801) also showed varied capital flows, with significant net outflows from speculative funds [2]

Core Insights - Cyber Monday presents significant discounts on TVs, particularly from brands like Samsung, LG, TCL, Sony, and Hisense, making it an ideal time for consumers to upgrade their home entertainment systems [1][4][49]. Group 1: Samsung TV Deals - Samsung is offering discounts of up to 36% on its OLED and QLED TVs, including the S90F and S95F models, which are noted for their impressive performance [4][9]. - The Samsung S90F 65-inch model is priced at $1,398, recognized for its excellent contrast and color accuracy, while the 55-inch TCL QM6K is available for $398, appealing to budget-conscious consumers [2][4]. - The Samsung Frame Pro QLED TV is discounted to $1,597.99 from $2,097.99, providing a stylish option for design-focused buyers [14][17]. Group 2: TCL TV Deals - TCL's Mini LED models are heavily discounted, with the 98-inch QM8K QLED TV priced at $2,997.99, down from $4,999.99, showcasing significant savings [24][27]. - The TCL QM6K 55-inch model is available for $397.99, offering a strong performance for its price point, making it a great value option [32][35]. - TCL is recognized for providing exceptional performance at competitive prices, often challenging higher-end brands [24]. Group 3: LG TV Deals - LG's G5 OLED TV is discounted to $1,996.99 from $2,996.99, noted for its high-end image quality and design [49][52]. - The LG B5 OLED TV is available for $996.99, making it an affordable option for consumers seeking OLED technology [56][59]. - LG's offerings are highlighted for their superior OLED technology, particularly in brightness and contrast [49]. Group 4: Sony TV Deals - Sony's flagship Bravia 8 II OLED TV is priced at $2,298, down from $3,499.99, recognized for its exceptional image performance [65][66]. - The Bravia 7 Mini LED QLED TV is available for $1,298, offering solid contrast control and brightness [70][73]. - Sony TVs are positioned as premium options, often commanding higher prices due to their superior picture accuracy [63]. Group 5: Hisense TV Deals - Hisense's U8QG LED 4K TV is priced at $697.99, down from $997.99, noted for its high brightness and excellent contrast [79][80]. - Hisense is positioned as a value brand, competing effectively with TCL for performance at lower price points [76]. - The Hisense Canvas S7N QLED TV offers a stylish alternative to premium models, priced competitively [82]. Group 6: General Market Insights - Cyber Monday is highlighted as a prime opportunity for consumers to purchase TVs at significantly reduced prices, with many deals comparable to Black Friday [110]. - The article emphasizes the importance of considering size and features when selecting a TV, with 65 inches being the recommended size for most living rooms [106][108].