Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

Market Overview - On October 10, the black home appliance sector experienced a slight decline of 0.06% compared to the previous trading day, with Sichuan Changhong leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the black home appliance sector included: - Tongzhou Electronics (002052) with a closing price of 16.90, up 10.03% and a trading volume of 612,500 shares, totaling 1 billion yuan in transaction value [1] - ST Gauss (002848) with a closing price of 8.35, up 4.11% [1] - Skyworth Digital (000810) with a closing price of 14.04, up 3.39% [1] - Sichuan Changhong (600839) closed at 10.38, down 2.81% with a trading volume of 1,506,900 shares, totaling 1.573 billion yuan in transaction value [1] Capital Flow - The black home appliance sector saw a net inflow of 182 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 99.2 million yuan [1] - Key capital flows for selected stocks included: - Tongzhou Electronics had a net inflow of 263 million yuan from institutional investors, while retail investors saw a net outflow of approximately 97.7 million yuan [2] - Skyworth Digital recorded a net inflow of 63.6 million yuan from institutional investors, with retail investors experiencing a net outflow of about 50 million yuan [2] - Sichuan Changhong had a significant net outflow of 2.07 billion yuan from institutional investors, while retail investors had a net inflow of approximately 774.8 million yuan [2]

Core Insights - The black home appliance sector experienced a 1.05% increase on October 9, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - *ST Gauss (002848) closed at 8.02, with a rise of 3.62% and a trading volume of 89,100 shares, totaling a transaction value of 69.54 million yuan [1] - Sichuan Changhong (600839) closed at 10.68, up 2.01%, with a trading volume of 1.61 million shares, totaling 1.722 billion yuan [1] - Hisense Visual (600060) closed at 24.57, increasing by 1.87%, with a trading volume of 212,600 shares, totaling 520 million yuan [1] - Sichuan Jiuzhou (000801) closed at 16.25, up 1.63%, with a trading volume of 190,900 shares, totaling 309 million yuan [1] - Other notable stocks include Zhaochi Co. (002429) at 6.68 (+0.91%), Skyworth Digital (000810) at 13.58 (+0.22%), and Jilian Technology (688609) at 10.20 (+0.20%) [1] Fund Flow Analysis - The black home appliance sector saw a net outflow of 91.98 million yuan from institutional investors, while retail investors contributed a net inflow of 125 million yuan [1] - Hisense Visual (600060) had a net inflow of 28.12 million yuan from institutional investors, but a net outflow of 14.97 million yuan from speculative funds [2] - Sichuan Changhong (600839) experienced a net outflow of 11.27 million yuan from institutional investors, while retail investors contributed a net inflow of 64.24 million yuan [2] - Other stocks like *ST Gauss (002848) and Jilian Technology (688696) also showed mixed fund flows, with significant retail inflows in some cases [2]

"萨瓦迪卡，来泰国啦！"近日，海尔集团高管在微信视频号中，透露了泰国春武里海尔空调智能工厂投 产的情况。这里一年前动工，今年9月23日智慧互联工厂已投产。 同日，海信HHA智能制造工业园开工仪式在泰国安美德春武里工业园举行，将建成海信最大的海外工 业园，项目分三期，一期投资47亿泰铢，超10亿元人民币。 不只海尔、海信，美的集团今年也进一步深化在泰国的供应链布局。而格力电器旗下的盾安环境在泰国 的基地主要做制冷配件的生产和销售，目前在手订单充足。 中国机电产品进出口商会家电分会秘书长周南向第一财经记者分析说，从泰国出口空调至美国相比从中 国直接出口目前仍有不小的税差，但关税变化的不确定性依然存在。中国与东盟已形成产业链协作，中 国家电龙头加码投资泰国等东南亚地区，旨在复杂多变的贸易环境下，通过加大全球布局来应对各种不 确定性。 打通通往全球市场的"快车道" 泰国白色家电产业链还需完善 加码泰国等东南亚地区的投资布局，稳定对外国市场的出口订单，是重要的考虑之一。空调业资深人 士、三友环境董事长肖友元向第一财经记者分析说，如果要规避外国的关税壁垒，需要满足泰国原产地 的条件，而且从泰国去外国的成本增加不能超过15 ...

Prime Big Deal Days officially starts tomorrow, and we’ve already spotted major discounts on popular TV models from Hisense, Sony and Samsung. Whether you’re looking for a design that prioritizes streaming, is built for endless hours of gaming or seamlessly considers both, there are plenty of October Prime Day TV deals to browse. Grab the cult-favorite Samsung The Frame TV for $500 less, or opt for this premium smart TV from Sony for $1,101 off.These are the best Prime Day TV deals we found from top brands ...

在今年9月的秋季新品发布会上，TCL和海信将RGB Mini LED电视作为核心新品推出，标志着该技术正逐步迈向量产阶段，也让2025年成为 RGB Mini LED电视发展的关键一年。 电视巨头发力RGB Mini LED 在这条前景广阔的新赛道上，各大电视巨头已经开始积极布局，TCL、海信和三星已相继推出RGB Mini LED背光电视系列，而索尼则展示了相关 原型机，并预告明年将正式发布产品。 | 企业 | 产品型号 | 尺寸(英寸) | 价格(元) | 时间 | | --- | --- | --- | --- | --- | | TCL | Q10M Ultra | 85/98/115 | 2.79万元-9.99万元 | 9月 | | | 09M | 65/75/85/78 | 7999-1.99万 | 9月 | | 海信 | E8S Pro | 75/85/100 | | 9月 | | | U7S Pro | 75/85/100 | 1.69万元-3.09万元 | 9月 | | | UX RGB | 85/100/116/136/163 | 2.59万-79.99万 | 3月 | | 索尼 | RG ...

Core Viewpoint - Chinese home appliance leaders are increasing investments in Thailand and Southeast Asia to navigate the complex and changing trade environment by deepening their global presence [1][3][5] Group 1: Investment and Expansion - Haier Group has launched its smart air conditioning factory in Thailand, which began construction a year ago and commenced operations on September 23 this year [3] - Hisense has initiated the construction of its largest overseas industrial park in Thailand, with an initial investment of 4.7 billion Thai Baht (over 1 billion RMB) [3][6] - Midea Group is also enhancing its supply chain layout in Thailand this year, while Gree Electric's subsidiary is focused on producing and selling refrigeration components in Thailand [3][5] Group 2: Strategic Considerations - Thailand is the second-largest air conditioning manufacturing base globally, benefiting from good Sino-Thai relations and multiple free trade agreements, which facilitate exports to the EU and the US [5][8] - The establishment of local production bases in Thailand allows Chinese companies to respond quickly to Southeast Asian market demands and mitigate tariff barriers [5][8] Group 3: Production Capacity and Technology - Haier's Thai factory covers approximately 324,000 square meters with a planned annual production capacity of 6 million units, serving both Southeast Asian and global markets [5][6] - Hisense's HHA smart manufacturing park aims for an annual production capacity of 12 million units by 2030, with an estimated annual output value of 100 billion Thai Baht (approximately 21.97 billion RMB) [6] - The trend towards "green" and "smart" manufacturing is evident, with companies adopting eco-friendly refrigerants and advanced technologies to enhance efficiency and reduce carbon emissions [6][8] Group 4: Local Supply Chain Development - There is a need to improve the local supply chain in Thailand to meet the origin requirements for exports and to keep production costs competitive [8][9] - Midea has been actively engaging with local suppliers to enhance the procurement of components, aiming to generate over 1.5 billion Thai Baht in parts sales [9] - Gree Electric is transitioning from an agency model to independent operations in Thailand, focusing on establishing a comprehensive overseas manufacturing and sales network [9][10]

转自：新华财经 9月30日，海信冰箱在青岛举行"真空真保鲜 '呲'刻好新鲜"——海信璀璨真空冰箱城市巡展暨新品发布会，正式推出 旗舰新品——海信璀璨真空头等舱650冰箱。这款2026世界杯™全球官方指定冰箱深度融合东方美学与真空磁场保鲜 技术，将为追求高品质生活的用户带来"科技与美学"融合的全新家居体验。 当下，品质用户对家电的需求已超越基础功能，更追求其文化内涵、舒适体验与审美共鸣。占据厨房C位的冰箱， 需"内外兼修"，集品位、美学、健康与便捷于一身。 在智能化浪潮中，新品亦实现了AI智感储鲜的跨越。其智能系统依托大语言模型，深度解析超过800种食材的存储特 性，能够自主决策并适配最佳保鲜方案，通过精准调控温度与真空度，为不同食材打造定制化的储鲜环境。 此次发布的海信璀璨真空头等舱650冰箱，作为"璀璨-海升明月"套系的重磅成员，从中国唐宋艺术中汲取灵感，以"海 上升明月"的诗意和"瑞璟咖"国色，定义了属于中国的高端家电美学。 海信璀璨真空头等舱650冰箱的推出，体现了海信冰箱秉持"有爱，科技也动情"的理念，通过持续创新与人文关怀， 为全球家庭提供值得信赖的高端储鲜解决方案。（永文） 编辑：王春霞 基于此洞 ...

Core Insights - Hisense has launched the U8QG, a flagship QLED 4K TV that offers one of the brightest displays on the market at a competitive price compared to brands like Samsung and Sony [1][3][33] - The U8QG features excellent backlight control, producing impressive black levels and vibrant color performance, although some color inaccuracies exist [1][2][25] - The TV is equipped with a native 165Hz refresh rate, making it suitable for gaming, but it has only three HDMI ports, which may limit connectivity options [2][11][13] Product Features - The U8QG is available in five sizes: 55, 65, 75, 85, and 100 inches, with the 65- and 85-inch models using a VA panel for better contrast [7] - The TV achieves a peak brightness of up to 5,000 nits for most sizes, with the 55-inch model reaching 3,000 nits, and has been measured at 5,759 nits in HDR mode [17][18] - The U8QG utilizes the Google TV OS, providing a user-friendly interface and access to a wide range of apps, including popular streaming services [29][30] Competitive Landscape - The U8QG competes with the TCL QM8K, which offers similar performance but has slightly better color accuracy and four HDMI inputs [35][36] - Hisense's pricing strategy often allows the U8QG to be available at a lower cost than the QM8K, making it an attractive option for consumers seeking high brightness and vibrant images [36]

实测数据有力地证明了该技术的卓越效能。针对牛肉进行为期7天的储存实验显示，在海信真空头等舱冰箱中 保存的牛肉，其挥发性盐基氮（TVB-N）值，优于国家一级鲜肉标准。取出后的牛肉依然保持弹性饱满、色泽 鲜润的良好状态，烹饪后口感柔嫩多汁。此外，对于荔枝等极易失水变质的水果，该技术也能实现7天后失重 率仅为普通冰箱的1/6，展现出全面而显著的保鲜效果。 购产品提供了客观、可信的参考依据，让"保鲜"这一核心需求变得可测量、可比较，真正惠及用户的健康生 活。 作为主要起草单位之一，海信冰箱凭借其在真空保鲜领域的领先技术，特别是其推出的真空磁场保鲜技术，为 评价规范的制定提供了重要的实践依据与技术验证。 在与此规范相关的技术验证中，海信冰箱所采用的真空磁场保鲜技术路径表现尤为突出。该技术是海信璀璨真 空头等舱冰箱的核心技术，其创新性地将恒温恒湿、低压低氧的真空环境与特定磁场环境相融合。其原理在 于，通过真空环境有效隔绝氧气，延缓食材氧化，同时利用磁场效应引导食物内部水分子有序排列，显著降低 细胞酶的活性，从而从分子层面锁定食材的原生鲜度，实现了"外部真空防氧化、内部磁场抑酶活"的双重协同 保鲜机制。 转自：新华财经 9 ...