Core Viewpoint - Hisense has launched its flagship monitor GX, integrating advanced technologies from its high-end TVs to enhance user experience and performance in the display market [2] Group 1: Product Features - The Hisense GX monitor features a low-reflective black screen that minimizes environmental light interference, achieving a reflection rate as low as 1.8%, ensuring clear visuals even in bright conditions [4] - It utilizes a STW visual compensation film that allows for a 178° viewing angle without loss of brightness or color, providing an optimal viewing experience from various angles [6] - The monitor is powered by the MT9655 chip with 4GB RAM and 64GB storage, enabling rapid system response and advanced image processing capabilities [7] - The U+Mini LED backlight system offers precise local dimming with 2304 independent zones, enhancing contrast and detail in bright and dark scenes [10] - With a peak brightness of XDR2000 nits and 98% DCI-P3 color coverage, the monitor delivers rich color and shadow details, accurately reflecting the creators' intentions in 3A games [13] Group 2: Versatility and User Experience - The Hisense GX supports dual modes of UHD@160Hz and FHD@320Hz, catering to both high-quality gaming and competitive gaming needs [14] - It features a built-in smart TV system, allowing users to access streaming services and high-bitrate local video playback without needing an external console [16] - The monitor incorporates health-focused technologies, including DC dimming to reduce flicker, low blue light certification, and AI ambient light sensing for automatic brightness adjustment [17] - The design includes an ergonomic stand for adjustable angles and a unique GaN power adapter for compactness and efficiency [19] Group 3: Market Positioning - The launch of the Hisense GX monitor demonstrates the company's strategy to leverage its established TV technology in the display sector, providing a high-performance solution for both entertainment and professional use [19]

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects, despite significant benefits from the "old-for-new" policy in 2025. Leading companies are anticipated to outperform the industry due to their channel and brand advantages. Long-term growth in overseas sales is also expected to remain stable, supported by an increase in global market share [1][2]. Summary by Sections 2025 Review - The home appliance sector has shown a cumulative increase of 8.1% year-to-date as of November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 index by 10.4 percentage points [2]. - The performance of various segments includes: home appliance components (+64.7%), black appliances (+12.6%), lighting equipment (+11.9%), small appliances (+9.5%), kitchen appliances (-0.7%), and white appliances (-1.1%) [2]. - Retail sales of home appliances from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, although growth slowed in September and October due to high base effects. Exports in the same period decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily due to the impact of the US-China trade war, but the decline was manageable, indicating resilience and global competitiveness [2]. 2026 Outlook - Domestic demand is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages. For external sales, companies have adapted to trade policy fluctuations since 2018-2019, and long-term growth in overseas sales is anticipated [3]. - Profitability is expected to remain stable, with manageable cost pressures as copper prices have risen, shipping costs have returned to normal levels, and the exchange rate has shown slight appreciation [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016. The proportion of public funds heavily invested in the home appliance sector decreased to 2.5%, down 1.8 percentage points from the previous quarter, marking a continuous decline over three quarters [3]. 2026 Sub-industry Outlook - White Appliances: Expected to face a slowdown in growth due to high base effects from national subsidies, but overseas sales are projected to remain resilient, benefiting from emerging market demand [4]. - Small Appliances: Continued policy support is expected to improve average prices in kitchen small appliances, with significant growth potential in the overseas market for robotic vacuum cleaners [4]. - Black Appliances: Product structure upgrades are anticipated to enhance average prices and profitability, with continued growth in overseas market share [5]. - Two-Wheelers: The implementation of new regulations in 2026 is expected to sustain industry growth, with leading companies likely to increase their market share as smaller competitors exit the market, and significant opportunities in overseas markets [5].

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages [1][3]. 2025 Review - The overall performance of the home appliance sector has lagged behind, with the Shenyin Wanguo Home Appliance Index showing a cumulative increase of 8.1% from January 1 to November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 Index by 10.4 percentage points [2]. - The home appliance retail sales from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, but growth rates slowed in September and October due to high base effects [2]. - Home appliance export values from January to October 2025 decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily impacted by the US-China trade war, yet the decline was manageable, reflecting resilience and global competitiveness [2]. 2026 Outlook - On the demand side, the home appliance industry is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are anticipated to leverage their channel and brand advantages to outperform the market [3]. - The profitability outlook remains stable, with only copper prices rising recently, while shipping costs have returned to normal levels and exchange rates have shown slight appreciation, keeping overall cost pressures manageable [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016 [3]. 2026 Sub-industry Outlook - In the white goods sector, growth may slow due to high base effects from national subsidies, but exports are expected to remain resilient, supported by emerging markets, leading to stable growth for leading companies [4]. - The small appliance segment is likely to see continued improvement in average prices due to ongoing policy support, with the vacuum cleaner industry expected to gain market share overseas, indicating significant long-term growth potential [4]. - In the black goods sector, product structure upgrades are anticipated to drive price increases and improve profitability, with overseas market share expected to continue rising [5]. - The two-wheeler industry is projected to maintain growth in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to increase their market share, particularly in overseas markets [5].

12月2日，，由中国企业联合会、中国企业家协会主办的第十六届全国企业文化年会在青岛举行。"伟大 公司的成功，往往源于背后强大的文化。"海信集团董事长贾少谦表示，中国企业已经具备以文化软实 力走向全球的硬实力，坚信对质量的敬畏和坚守，在喧嚣背后守住良心的企业，才是中国高质量发展的 底气和未来。 贾少谦表示，文化是一个企业最底层的经营逻辑和发展动力，只有文化无法复制，只有文化能创造出永 恒的差异性。海信在不断跨越周期的实践中一再笃定，企业文化是海信拥有稳健驾驭能力的核心，是一 代代海信人砥砺前行的动力，更是海信面对困难和混沌时的终极解答，是不确定性中的最大确定性。 当天，备受瞩目的"第十六届全国企业文化成果"揭晓，海信集团《以东方管理文化驱动企业全球化发 展》案例荣获特等奖最高荣誉。该奖项是在企业自愿申报及各地方企联、行业协会、有关企业集团推荐 的基础上，经过了初审、复审和终审等严格程序评定出来的。以特等成果为代表的13项企业文化成果， 充分彰显了各自的企业文化建设特色及内涵。 （文章来源：中国新闻网） 结合海信56年的发展历史，贾少谦介绍了推动海信从优秀走向卓越的四个关键文化：视质量为生命的质 量文化、敢为天下 ...

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]