Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

Market Overview - The black home appliance sector increased by 0.12% on February 4, with Hisense Visual leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up by 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1] Stock Performance - Hisense Visual (600060) closed at 24.10, with a rise of 2.42% and a trading volume of 132,900 shares, amounting to a transaction value of 315 million [1] - Other notable stocks include: - XGIMI Technology (688696) at 92.75, up by 1.55% [1] - Sichuan Jiuzhou (000801) at 15.84, up by 0.44% [1] - Skyworth Digital (000810) at 11.69, up by 0.09% [1] - Zhaochi Co. (002429) at 9.64, down by 0.62% [1] Capital Flow - The black home appliance sector experienced a net outflow of 234 million from institutional investors, while retail investors saw a net inflow of 196 million [1] - The detailed capital flow for key stocks includes: - Hisense Visual with a net inflow of 4.14 million from institutional investors [2] - XGIMI Technology with a net inflow of 3.77 million from institutional investors [2] - Sichuan Changhong (600839) faced a significant net outflow of 1.19 billion from institutional investors [2]

Investment Rating - The report assigns a "Buy" rating to Hisense Visual Technology with a target price of 29.87 CNY, based on its strong market position and growth potential [5][7][15]. Core Insights - Hisense Visual Technology is a leading global provider of display solutions, focusing on high-end markets and technological innovation. The company aims to enhance its global market share through a multi-scenario display strategy, covering home, commercial, and automotive applications [1][3][24]. - The company has achieved significant growth in both domestic and international markets, with a projected revenue of 58.5 billion CNY and a net profit of 2.2 billion CNY for 2024. Its global TV shipment market share is expected to reach 14.9% by mid-2025 [1][3][5]. Summary by Sections Company Overview - Hisense Visual Technology is a top-tier display technology provider, focusing on innovation in LCD, laser display, and LED technologies. The company has a comprehensive product range, including TVs and commercial displays, and is expanding into next-generation technologies like 8K and Mini/Micro LED [24][25]. Competitive 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. The launch of the Vidda brand has targeted younger consumers, contributing to a 11% market share in online retail by 2024 [2][3][5]. Global Expansion Strategy - Hisense's international revenue has grown from 5.8 billion CNY in 2013 to 28 billion CNY in 2024, accounting for 48% of total revenue. The company aims to become the world's leading TV brand, with a market share of 14.9% in global shipments by mid-2025 [3][5][24]. Business Model and Governance - The company underwent a mixed-ownership reform in 2020, introducing strategic investors to enhance operational efficiency. The implementation of employee stock ownership plans aims to align employee interests with company performance [4][6][24]. Financial Performance and Projections - Hisense's revenue is projected to grow from 53.6 billion CNY in 2023 to 74.3 billion CNY by 2027, with a compound annual growth rate (CAGR) of 8.43%. The net profit is expected to increase from 2.1 billion CNY in 2023 to 3 billion CNY in 2027 [6][15][5]. Valuation and Investment Thesis - The report concludes that Hisense's strong brand influence and continuous technological advancements justify a target price of 29.87 CNY, supported by both relative and absolute valuation methods [5][15].

Market Overview - The black home appliance sector increased by 2.14% on February 3, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Notable stock performances in the black home appliance sector include: - Beichi Co., Ltd. (002429) closed at 9.70, up 4.30% with a trading volume of 1.0521 million shares and a transaction value of 1.02 billion [1] - Sichuan Changhong (600839) closed at 9.81, up 2.72% with a trading volume of 1.0189 million shares and a transaction value of 0.991 billion [1] - Other companies like Chenyiy Smart (301578) and Sichuan Jiuzhou (000801) also showed positive growth [1] Capital Flow - The black home appliance sector saw a net inflow of 123 million in main funds, while retail funds experienced a net outflow of 141 million [1] - Retail investors contributed a net inflow of 17.67 million [1] Individual Stock Capital Flow - Zhao Chi Co., Ltd. (002429) had a main fund net inflow of 103 million, but retail funds saw a net outflow of 35.24 million [2] - Sichuan Changhong (600839) experienced a main fund net inflow of 49.56 million, with retail funds showing a net outflow of 24.08 million [2] - Sichuan Jiuzhou (000801) had a main fund net inflow of 21.44 million, while retail funds saw a net outflow of 11.41 million [2]

转自：中国质量报 【编者按】 质量不仅是制造业的生命线，更是企业在全球化竞争中占据主动、赢得未来的重要支撑。企业如何超越将质量视为单一管理指标的固化认知，将其内化为驱 动自身持续成长的文化基因，形成战略优势？这既是时代之问，也是每一家志在长远的企业必须直面的课题。 始于信 成于质 终于信 —— 探究海信的"信"循环：质量将信仰转化为信任 □ 本报记者 朱文达 在推动中国制造向中国创造转变、中国速度向中国质量转变、中国产品向中国品牌转变的时代浪潮中，如何将"质量"从一个管理目标，升华为驱动企业永续 发展的核心信仰与竞争优势？近日，记者走进海信国际中心大楼，一幅挂在墙上的图给出了答案——画面中央是一枚清晰的指纹，而在指纹的核心处，巧妙 地嵌着一个汉字"信"。 海信集团控股股份有限公司（以下简称"海信"）为这一问题提供了清晰而有力的回应：以"信"为内核驱动质量，以质量为行动兑现信任，最终在用户信任与 品牌信念的共鸣中，实现"信信相生"的飞轮加速。这条路径，不仅是海信基业长青的密码，也为中国制造业的高质量发展提供了一份可资借鉴的生动范本。 以信立质： 为了探寻这一课题的答案，海信已求索多年。海信的实践，不仅为其自身发 ...

转自：中国质量报 【论道】 在海信，质量就是人品，是道德，是价值观。2002年，海信把质量理念具体化为"质量7条军规"，将"质 量就是人品""质量不能使企业一荣俱荣，却足以使企业一损俱损"等理念上升为企业道德价值观，让质 量意识深植每一位员工心中。半个多世纪以来，"技术立企、质量为先、用户至上"始终是海信不变的发 展哲学，这份坚守也让海信获得多项权威认可——2025年，海信视像科技股份有限公司、海信日立空调 系统有限公司入选工业和信息化部首批质量管理能力高等级企业，成为彩电行业唯一获此殊荣的品牌。 全球化战略为海信的质量理念插上了传播的翅膀。1996年，海信以南非为起点开启国际化征程，近30年 来稳扎稳打，在当地建立销售公司、产业园、研发中心，凭借"四心"策略（用心对消费者、渠道商、当 地员工及社区负责），构建起超越商业交易的情感连接与品牌信任，电视、冰箱、冷柜产品均稳居南非 市场销量榜首。海信在南非的成功实践，不仅成为中南务实合作的典范，更被联合国遴选为"南南合 作"典型案例，让中国质量标准走向全球。 步入AI时代，海信再度抓住技术机遇，推动质量管理从传统模式向智能化生态体系跨越。过去，芯片 晶粒检测依赖设 ...

转自：中国质量报 这个转变始于一个简单的疑问：人检得再快再准，总有极限，为什么不让机器学会自己检，让数据学会 自己判断？这个看似直白的问题，却引领QC小组走上了一条充满挑战的革新之路。 海信QC小组重筑制造质量防线引领智能检验新浪潮 QC小组并未满足于对现有流程的优化。他们与产品研发端紧密协同，共同研究推出了"主动式质量检 验"新模式。这一模式颠覆了"一刀切"式的检测标准，实现了根据不同类型、不同系列产品的独特技术 特点，自定义专属的检测方案与参数。这意味着，质量检验不再是一个被动验证的终点，而是深度融入 产品设计链条的主动环节，从源头上确保产品性能得到最优展现，实现质量保障能力的又一次维度提 升。 □ 本报记者 朱文达 在制造业的生产流程中，质量检验常常被视为产品流向市场前的最后一道关卡，关乎企业的生命与声 誉。而这一环节依赖人工操作与经验判断，效率受限、数据孤岛成为常态。在海信，有这样一个团队 ——空气产业黄岛工厂质量管理（QC）小组（以下简称"QC小组"），正通过技术创新重新定义这一环 节，将传统依赖人工的检验模式，改造为自动化、智能化的新型检测体系。 "我们不是简单地解决技术问题。"QC小组组长在接受 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

Group 1 - The core viewpoint of the article highlights a significant decline in the sales of traditional large-screen televisions and projectors in China, indicating a shift in consumer preferences towards smaller screens and alternative entertainment formats [1][2][3][4][6][12] - In 2025, the domestic color TV market is projected to see a shipment volume of 32.895 million units, a year-on-year decline of 8.5%, marking the lowest level in nearly 16 years [1][3] - The projector market is also facing challenges, with an expected total sales volume of 5.203 million units in 2025, down 13.9% year-on-year, and a sales revenue of 8.36 billion yuan, a decrease of 16.5% [2][6] Group 2 - Domestic brands such as Hisense, TCL, Xiaomi, and Skyworth dominate the TV market, accounting for 77.8% of the market share, despite a 9.2% year-on-year decline in their combined shipment volume [3][4] - Foreign brands like Samsung, Sony, Philips, and Sharp have seen their combined shipment volume drop below 1 million units in 2025, leading to strategic shifts such as Panasonic's plan to sell its TV business [4][5] - The market concentration remains high, with the top 10 manufacturers accounting for 66.5% of total sales revenue, indicating that smaller brands may struggle to survive in the shrinking market [7] Group 3 - The rise of micro-short dramas and short videos has shifted consumer entertainment preferences, with the micro-short drama market expected to reach a value of 100 billion yuan in 2025, nearly double that of the national film box office [8][9][10] - The "girlfriend machine," a new category of mobile smart screens, has shown significant growth, with a 45.4% year-on-year increase in sales volume in the first half of 2025, suggesting a potential threat to traditional TVs and projectors [11][12] Group 4 - Predictions for 2026 indicate continued declines in both the TV and projector markets, with TV shipments expected to drop to 30.12 million units, a decrease of 8.4% year-on-year [13][14] - The upcoming 2026 World Cup may provide a temporary boost to large-screen usage, as past events have shown significant marketing success for Chinese brands [14][15] - Chinese TV brands are gaining ground in international markets, with a combined global market share of 31.3% for TCL, Hisense, and Xiaomi, surpassing South Korean competitors [16]