Core Insights - Hisense has established itself as a significant player in the TV market, offering competitive products that balance price and performance [1] Group 1: Product Recommendations - The top recommendation for Hisense is the U8QG QLED TV, known for its bright picture and excellent contrast due to its Mini LED backlight [2][8] - For budget-conscious consumers, the U65QF QLED TV is highlighted as an affordable option that still delivers great image quality, albeit with a dimmer screen [2][21] - The best overall Hisense TV is the U8QG QLED 4K TV, while the U65QF is recognized as the best budget option [4][15] Group 2: Performance and Features - The U8QG TV impresses with brightness exceeding 5,000 nits in HDR, making it suitable for bright environments [9][10] - It features HDMI 2.1 support, low input lag, and a variable refresh rate up to 165Hz, catering to gamers [11] - The U65QF achieves a peak brightness of around 1,050 nits, providing strong HDR performance for its price range [22][23] Group 3: Design and Usability - The U8QG runs on Google TV, offering a reliable smart TV platform with smooth navigation [12] - The U65QF uses the Fire TV operating system, which is noted to be less intuitive compared to Google TV [26] - The Canvas S7N QLED TV is designed for wall mounting and features a matte screen and magnetic bezel, appealing to aesthetic-focused consumers [31][35] Group 4: Limitations - The U8QG has some color inaccuracies, particularly with reds, and only includes three HDMI ports [10][11] - The U65QF has limited viewing angles and some light bleed issues, which are common in budget TVs [24][25] - The Canvas TV lacks local dimming and has lower brightness, making it less suitable for picture quality enthusiasts [39][40]

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

文｜深观商业 开年的第一个月，传统电视行业被两份截然不同的公告彻底搅动：一边是TCL高歌猛进，将索尼这一昔 日的彩电霸主收入囊中，而另一边，曾经的"彩电大王"创维集团，却在同一天按下了暂停键——宣布拟 私有化退市，寄希望于光伏业务。 从前沿技术中找到改变电视市场低迷的突破口，一直是电视巨头们的共同战略，甚至在整个家电市场， 也是如此。 2024年3月，中国家电及消费电子博览会（AWE2024）上，AI的"龙卷风"席卷了整个家电行业，而在电 视领域，AI电视成了厂商们"秀肌肉"的重要品类。比如海信重磅发布自研星海大模型，推出全新 ULEDX全场景的AI计算画质平台以及多款旗舰新品，长虹电视则展出基于AI技术智慧研发成果的长虹 壁画+电视，其他知名电视厂商如LG、TCL、创维等，也已推出AI 电视。 当时，ChatGPT的诞生和更新持续引领AI技术热潮，Sora的问世更是惊艳全球，创造了新一轮高潮，如 何与AI融合几乎成为了各行业的必答题。所以，电视厂商拥抱新技术的热情也空前高涨，由此出现了 家电及消费电子博览会上的那一幕。 AI电视是一个新产物，它究竟会长成什么样需要行业、需要时间去定义，然而现在略显尴尬的是， ...

索尼集团将剥离电视业务，转移到中国电视巨头TCL集团主导的合资公司，从日本国内电视机市场的份 额来看，"中国系"将提高至6成。曾席卷全球的"家电王者"——日本企业的撤退显示出转换业务模式的 必要性。 1月20日，在东京都千代田区的比酷相机（Bic Camera）有乐町店，REGZA、BRAVIATM、Viera等品牌 的电视机被摆放在显眼位置。日系品牌看似大展拳脚，但从资本构成来看，情况将有所不同。 东芝形象较强的REGZA由TVS REGZA（川崎市）制造和销售，该公司95%的股份由中国家电大型企业 海信集团持有，东芝的出资比例仅为5%。 索尼集团决定2027年剥离的电视业务也将由TCL出资51%、索尼集团旗下索尼出资49%的合资公司运 营。索尼和BRAVIATM等品牌将保留下来，但实质上将被纳入中国企业旗下。 中国企业在价格方面压倒日本企业。以43英寸4K液晶电视为例，TCL在5万日元左右（约合人民币 2257.55元），索尼在10万日元左右（约合人民币4515.1元）。日本企业从外部采购液晶面板等核心零部 件，在技术方面也难以突出优势。 调查公司BCN综研（东京千代田区）的数据显示，在2025年日本国内 ...

元旦刚过，中央空调市场便迎来一波密集的涨价通知。一位经销商在朋友圈转发海信中央空调的调价函时，或许并未意识到，这仅是冰山一角——一场始于 2025年底的行业性价格调整，正全面铺开。 早在2025年12月，镁刻阳光和iCongo丨志高智能环境已率先宣布，自2026年1月1日起上调产品提货价。2026年1月初，TCL、奥克斯等品牌迅速跟进。至1月 下旬，日立、海信、约克VRF、科龙等品牌纷纷加入，另有美的、格力等品牌施行了区域性的涨价通知，形成行业性的集体调价浪潮，涨幅普遍介于3%至 10%。 鑲刻 阳光 | MEKER 铝、冷媒等大宗原材料 因铜√ 价格上涨 2026年1月1日起 镁刻阳光空调全系列价格上调 5% 2026年1月1日起 因核心原材料价格上涨 iCongo全系列产品价 RISE IN PR 0 200 8169007 总部地址:广东省佛山 iCongo 志高智能环境 # 奥克斯空调温馨提示 # 1月10日起热销机型价格上调 5%-8% 感谢理解与支持 TQ 英全中国雷值本部空间产品经营中心 关于 TCL 空调产品1 各大区战区、各经销商: 近期空调相关大来原材料价格持 且上涨趋势仍在持续。此外,其 ...

参展的中国厂商包括 TCL华星、 京东方晶芯、海信、 利亚德、洲明科技、雷曼光电、艾比森、AET 阿尔泰、青松光电、希达电子、优派科技、兆驰晶显、国星光电、Kinglight晶台、诺瓦星云、卡莱特 及凯视达等；与此同时，三星、LG、索尼、Christie、松下、夏普、达科、C SEED、巴可等国际厂商 亦同台亮相，共同呈现全球视听与显示产业的发展趋势。 据LEDinside观察，多家厂商围绕零售、商显、教育、娱乐等应用场景设置展区，展示各类创新展示产 品，其中，MIP、 COB产品进一步普及，MIP 0.9显示屏，Micro LED COB一体机等身影频现，COG产 品画质等性能表现再升级；而纹理屏、曲面屏、球形屏、双面屏、透明屏和折叠屏等创意显示屏琳琅 满目，相关展位门庭若市；另外，用户对产品的"节能"效果关注度与重视程度进一步提升。 TCL华星 TCL华星携商业显示、艺术展示、赛事直播、教育办公等多场景显示解决方案亮相。 其中，163英寸高画质MLED显示屏产品面向高端商业展示和赛事直播，采用低反射封装材料和像素级 混合驱动，实现37500:1对比度和24bit色深，大尺寸设计减少拼接缝隙，提升视觉沉浸感 ...

证券代码：600060 证券简称：海信视像 公告编号：2026-001 海信视像科技股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 海信视像科技股份有限公司（以下简称"公司"）控股子公司厦门乾照光电 股份有限公司（以下简称"乾照光电"）在前期预计额度内，为其子公司江西乾 照光电有限公司（以下简称"江西乾照"）、厦门乾照光电科技有限公司（以下简 称"乾照科技"）新增提供最高额保证担保，具体情况如下： | 被担保人 | 本次担保金额 | 实际为其提供的 担保余额（不含 | 是否在前 期预计额 | 本次担 保是否 | | --- | --- | --- | --- | --- | | 名称 | | 本次担保金额） | 度内 | 有反担 保 | | 江西乾照 | 本次乾照光电为江西乾照提供 项 1 最高额保证担保，被担保的主债权 | 35,000 万元 | 是 | 否 | | | 本金余额在债权确定期间内最高不 超过人民币 万元 10,000 | | | ...

新年将至，除旧布新的渴望不仅在屋宇，更在日常生活的每一个细节里。您是否也曾因孩子与大人的衣 物混洗而担忧?是否为昂贵娇柔的面料无处安放而焦虑?又是否为阳台永远晾不完的衣物所困扰?这些细 微的烦恼，正是生活品质可以跃升的缝隙。海信洗衣机深刻洞察当代家庭的洗护痛点，凭借"海信全家 筒"系列开创性的自由组合模式，为这些洗护烦恼提供了终结方案。这个年货节，无需再将就，"过年来 海信换台新的"，意味着换一种更从容、更健康、更自由的生活方式。 一、海信棉花糖Ultra全家筒旗舰版，高品质多口之家的洗护首选 针对追求高品质洗衣护衣的多口之家，海信棉花糖Ultra全家筒旗舰版(WH130U9Q+WV20G-H、 WH130U9Q-1+WV20W)堪称"空间魔法师"与"奢护专家"。它巧妙融合13kg大容量洗涤、9kg热泵烘干机 及两台1㎏迷你洗烘机于一体，节省空间的同时，三筒同时运行效率倍增。其搭载的海信自研宙斯集成 式热泵烘干系统，相当于把一台专业的干衣机塞进洗衣机，体积缩小一半却保持高效烘干。其搭载的三 变频技术精准控温，能实现42℃热泵低温柔烘，连娇贵的羊绒织物也能安心护理。除此之外，海信全家 筒旗舰版搭载的活水洗科技， ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating a strong performance relative to market benchmarks [5]. Core Insights - The PPI (Producer Price Index) upcycle presents opportunities for mid-to-high-end positioning, with leading companies demonstrating stronger pricing power and higher profit certainty [2][3]. - The report identifies two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost upcycles, making them preferred choices for stable allocations. Recommended stocks include Haier Smart Home (600690, not rated) and Hisense Visual (600060, increase holding) [3]. 2. International expansion remains a long-term theme, with potential valuation shifts expected by 2026. Recommended stocks include Stone Technology (688169, buy) and Lek Electric (603355, buy) [3]. Summary by Sections - **PPI Upcycle and Pricing Dynamics**: The report notes that from July 1, 2025, to January 30, 2026, LME copper prices increased by 32%, prompting home appliance brands to raise prices. For instance, Hisense announced a price increase of 5%-10% for its air conditioning products starting February 11, 2026, while Midea announced a cumulative price increase exceeding 6% [7]. - **Sales Impact and Market Concentration**: Price increases have not significantly affected overall sales volumes but have contributed to market concentration. Historical data shows that after previous raw material price hikes, leading companies have successfully increased their market share, particularly in the air conditioning and refrigerator segments [7]. - **Mid-to-High-End Market Opportunities**: The report emphasizes that the PPI upcycle is a positive signal for industrial enterprises and economic stabilization. It highlights opportunities in mid-to-high-end segments, where consumer price sensitivity is lower, allowing for better price transmission during commodity upcycles [7].

Core Viewpoint - The article emphasizes Hisense's commitment to technology-driven growth and global expansion, positioning itself as a leading provider of display solutions with a focus on large-screen, high-end, and intelligent products [4][5]. Group 1: Company Overview - Hisense is a world-class display solution provider, focusing on "multi-scenario large display" and covering home, commercial, and automotive applications [4]. - The company has a comprehensive layout in LCD, laser display, and LED technologies, making it the only domestic enterprise with such a broad scope [4]. - Projected revenue for 2024 is 58.5 billion yuan, with a net profit of 2.2 billion yuan [4]. Group 2: Market Position in China - In the first half of 2025, Hisense's online and offline retail market shares in China reached 24.1% and 29.6%, respectively, showing significant growth since 2019 [5]. - The launch of the Vidda brand in April 2019 targeted younger consumers with high-quality, cost-effective products, achieving an online retail market share of 11% by 2024 [5]. - Hisense leads the high-end market, with Mini LED TV sales growing at a CAGR of 310% from 2021 to 2024, maintaining a 73% share in the high-end price segment [5]. Group 3: Global Expansion Strategy - Hisense's international strategy, initiated in 2006, has led to overseas revenue growth from 5.8 billion yuan in 2013 to 28 billion yuan in 2024, accounting for 48% of total revenue [6]. - The global market share for Hisense TVs increased from 8.0% in 2020 to 14.9% in the first half of 2025, with a target to become the world's leading TV brand [6][7]. Group 4: Corporate Reforms and Incentives - The mixed-ownership reform in 2020 introduced strategic investors, enhancing operational flexibility and efficiency [8]. - Hisense has implemented two employee incentive plans since 2021, with the 2024 plan involving over 400 employees, aligning shareholder interests with corporate value [8].