Core Insights - Hisense AI Life Butler, which includes the AI Food Butler, AI Cleaning Butler, and AI Air Butler, won the "Annual Smart Appliance Innovation Case" award at the "2025 Smart Life Annual List Award Ceremony" for its innovative smart technology and proactive service scenarios [1] Group 1 - Hisense AI Food Butler enhances the Hisense refrigerator by providing a full-chain smart service from ingredient storage management to cooking and meal planning [2] - The AI Food Butler utilizes advanced image recognition and natural language interaction technology to intelligently identify over 800 common ingredients, offering personalized preservation solutions through simple voice or interface commands [2] - The AI Food Butler records the storage time and condition of ingredients, proactively reminding users before expiration to effectively reduce food waste [2] Group 2 - The AI Food Butler features over 200,000 recipes and can recommend seasonal healthy recipes and shopping suggestions based on existing ingredients, seasonal availability, and regional taste preferences, shifting from "people seeking services" to "services serving people" [2] - This award reflects Hisense's long-term commitment to a "technology-driven enterprise" strategy, promoting the deep integration of AIoT technology with the home appliance industry [2] - Innovations like the AI Food Butler provide consumers with a more convenient, healthy, and personalized smart kitchen experience, aiding in the quality upgrade of family dining and serving as a transformation model for the home appliance industry from single product intelligence to scenario and ecological intelligence [2]

1月31日，海信正式推出全新产品——海信璀璨大冻梨冰箱。新款冰箱旨在系统性解决中国家庭在食材冷冻存储中长 期面临的容积不足、冷冻效果差等核心痛点，将行业竞争从"容积参数"引向"用户体验"。 转自：新华财经 长期以来，冰箱冷冻空间小、食材堆积杂乱、大块肉类冻不透、化冻后口感劣化等问题，困扰着无数中国家庭。尽管 用户需求清晰，但受限于传统设计定式、对"总容积"这一市场显性指标的盲目追逐以及技术突破难度，行业整体解决 方案进展缓慢。 在整机606升容积内，海信璀璨大冻梨冰箱"腾挪"出267升的超大冷冻空间，相当于"一台冰箱加一台冷柜"的复合能 力，满足家庭大批量、长周期存储需求。为提升使用便利性，其还采用98厘米高腰线设计，并将冷冻空间科学划分 为"3+3+1"精储分区，配备可平放整条羊腿或整扇排骨MAX超大抽屉。 （海信璀璨大冻梨冰箱，海信冰箱供图） 海信璀璨大冻梨冰箱在细节上也有创新考量。该产品采用特种玻璃与创新SMI磁性复合工艺，实现了玻璃质感与磁吸 功能的结合，在满足家居美学质感需求的同时，也能稳固吸附各类冰箱贴，承载家庭生活美好记忆。 业内观察人士指出，海信璀璨大冻梨冰箱的推出，说明头部企业主动跳出同质化 ...

Core Insights - The new "National Subsidy" policy for home appliances has significantly boosted the market, with major appliances seeing a nearly 30% year-on-year increase in consumption and a nearly 90% month-on-month surge [1][4] - The policy has led to a structural shift in consumer preferences towards high-end products, such as 100-inch televisions and energy-efficient refrigerators, indicating a trend of consumption upgrading [1][6] Group 1: Market Trends - The implementation of the new subsidy policy has resulted in a clear structural change in the home appliance market, with a focus on larger and higher-quality products [5][6] - High-end products, including smart and energy-efficient appliances, are driving innovation and sales, reflecting a shift in consumer demand towards quality and experience [6][7] - The market is experiencing a polarization effect, where leading brands with core technologies and comprehensive high-end product lines are gaining market share, while low-cost competitors may struggle [7][9] Group 2: Delivery and Service Challenges - The rise of 100-inch televisions has highlighted significant delivery and installation challenges, as only about 5% of elevators can accommodate these large products without removing packaging [9][10] - To address these challenges, logistics companies have developed integrated delivery and installation services, improving the success rate of home delivery for large appliances to over 95% [10][13] - The integration of delivery, installation, and old appliance recycling services is becoming a key competitive advantage for brands and platforms, enhancing customer satisfaction [13][14] Group 3: Future Outlook - The home appliance market is expected to see the emergence of new product categories that cater to specific consumer needs, driven by ongoing consumption upgrades and technological innovations [14] - The focus is shifting from merely selling products to providing comprehensive service experiences, which will shape the future landscape of the home appliance industry [14]

Group 1 - The State Intellectual Property Office of China has granted a patent to Hisense Group Co., Ltd. and Guiyang Hisense Network Technology Co., Ltd. for a method of encrypted communication for vehicle-road collaboration and devices with encrypted communication functions, with the announcement number CN115119178B and application date in March 2021 [1] - Hisense Group Co., Ltd. was established in 2001 and is located in Qingdao, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 2,453.941254 million RMB [1] - Hisense Group has invested in 25 companies, participated in 44 bidding projects, holds 22 trademark records, 965 patent records, and has 9 administrative licenses [1] Group 2 - Guiyang Hisense Network Technology Co., Ltd. was established in 2015 and is located in Guiyang, primarily engaged in internet and related services, with a registered capital of 100 million RMB [1] - Guiyang Hisense has invested in 1 company, participated in 84 bidding projects, holds 12 patent records, and has 4 administrative licenses [1]

图片来源：世界知识产权组织（WIPO） 证券之星消息，根据企查查数据显示海信视像（600060）公布了一项国际专利申请，专利名为"一种显 示设备及用于显示设备的媒资播放方法"，专利申请号为PCT/CN2025/109650，国际公布日为2026年1月 29日。 专利详情如下： 今年以来海信视像已公布的国际专利申请13个，较去年同期增加了116.67%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了12.1亿元，同比增8.1%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

今年以来海信视像已公布的国际专利申请13个，较去年同期增加了116.67%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了12.1亿元，同比增8.1%。 证券之星消息，根据企查查数据显示海信视像（600060）公布了一项国际专利申请，专利名为"视频表 示方法、视频重建方法及装置"，专利申请号为PCT/CN2025/080085，国际公布日为2026年1月29日。 数据来源：企查查 专利详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 图片来源：世界知识产权组织（WIPO） ...

Core Insights - The article highlights a widespread "storage crisis" in Chinese households regarding frozen food, leading to issues such as difficulty in accessing stored items, inadequate temperature control, and loss of food quality [1][2] - Hisense's launch of the "Hisense Brilliant Big Frozen Pear" refrigerator aims to systematically address these industry pain points, reflecting a strategic innovation approach by leading companies in a mature market [1][5] Industry Challenges - The refrigerator industry has been trapped in an innovation inertia, focusing heavily on quantifiable metrics like total volume and energy efficiency, which compromises user experience [2] - Increasing frozen space often results in a decrease in total volume, creating marketing disadvantages, while redesigning freezing systems involves complex refrigeration chain reconstruction [2] User-Centric Innovations - Hisense is attempting to reshape industry standards by leading the formulation of the "Refrigerator Freezing Performance Evaluation Standard," which includes measurable indicators for freezing capacity, volume, and deep-freezing temperature [5] - The Hisense Brilliant Big Frozen Pear refrigerator features a total volume of 606L with 267L dedicated to freezing, effectively combining the functionality of a refrigerator and a freezer [5] Technological Advancements - The refrigerator employs -36℃ extreme freezing technology, which accelerates the freezing process by 125%, preserving food quality and nutritional value [6] - It boasts a freezing capacity of 13.5kg/12h, which is a 90% improvement over traditional models, allowing for rapid and uniform freezing of large quantities of food [6] Design Innovations - Hisense introduced the industry's first magnetic glass door panel, merging aesthetic appeal with practical functionality, allowing for the display of magnets while maintaining a sleek design [7] - This design not only enhances the visual quality of the refrigerator but also incorporates practical features such as fingerprint resistance and scratch durability [7] Health and Safety Features - The refrigerator includes an automatic protection system with DBD ion active sterilization technology, achieving a 99.9999% sterilization rate and addressing various health concerns [10] - A specialized cold catalyst module is developed to inhibit the growth of cold-loving bacteria, ensuring a fresh and healthy low-temperature environment [10] Strategic Direction - Hisense's approach reflects a commitment to user-centered research and development, focusing on solving fundamental issues rather than merely competing on short-term metrics [10] - This strategy indicates a shift in the home appliance industry towards deeper understanding of user needs and systematic problem-solving as key competitive factors [10]

Core Viewpoint - The recent surge in precious metal prices has led to significant price increases across nearly 40 companies in the LED display industry, with adjustments ranging from 3% to 25% [1][2][9]. Group 1: Price Increases - Starting from December 2025, over 30 LED display-related companies have announced price hikes due to rising costs of raw materials [3]. - Specific companies such as Yongming Electronics and Guangdong Jiantao have raised prices by 10%-20% and 5%-10% respectively [3]. - The price adjustments are a response to the unprecedented increases in the costs of precious metals, wafers, and other key materials [2][11]. Group 2: Material Cost Increases - In January 2026, gold prices increased by over 20%, silver by more than 60%, and copper by nearly 50% compared to early 2025 [2]. - Companies like Tian Dian Optoelectronics reported a 102% increase in precious metal costs, leading to significant losses and necessitating price adjustments [9]. - The overall cost of materials has escalated to a point where existing pricing structures are no longer sustainable for many firms [2][18]. Group 3: Industry Dynamics - The current price increase trend reflects a heightened sensitivity of the LED display industry to raw material costs, with a notable synchronization in price adjustments across companies [38]. - Larger firms may leverage their supply chain advantages to mitigate cost pressures, while smaller companies face challenges in maintaining competitive pricing [38]. - The ongoing price adjustments may lead to increased industry consolidation as companies adapt to the changing market landscape [38].

Investment Rating - The report maintains a recommendation for the home appliance industry, specifically for white goods, black goods, and two-wheeled vehicles [1]. Core Insights - The proportion of actively managed equity funds holding home appliance stocks has slightly increased, with a Q4 holding ratio of 3.14%, up by 0.04 percentage points from the previous quarter. The over-allocation ratio for home appliances is 0.74%, an increase of 0.15 percentage points [10][9]. - The report anticipates that the continuation of national subsidy policies in 2026 will support domestic sales, while leading home appliance companies are expected to accelerate penetration into emerging markets such as Europe, the Middle East, and Latin America, leading to steady growth in export revenues [10][9]. - The white goods sector has seen an increase in fund holdings, with a Q4 market value accounting for 1.58% of total fund holdings, up by 0.23 percentage points. The number of funds holding white goods stocks has increased by 79 [18][17]. - The report suggests that leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to benefit from stable performance and high dividend yields, making them attractive investment options [63][64][65]. Summary by Sections Home Appliance Sector - The report indicates a slight recovery in the proportion of actively managed equity funds holding home appliance stocks, with a Q4 holding ratio of 3.14% and an over-allocation ratio of 0.74% [10][9]. - The white goods sector has seen a recovery in fund holdings, with a market value of 1.58% of total fund holdings, and an increase in the number of funds holding these stocks [18][17]. - The black goods sector has also experienced a slight increase in fund holdings, with a market value of 0.22%, up by 0.03 percentage points [28][29]. - The two-wheeled vehicle sector has seen an increase in fund holdings, with a market value of 0.74%, up by 0.08 percentage points [32][35]. Investment Recommendations - For white goods, the report recommends Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong performance and high dividend yields [63]. - In the black goods sector, companies like Hisense Visual and TCL Technology are highlighted for their technological leadership in the MiniLED field [63]. - For two-wheeled vehicles, the report suggests focusing on Ninebot, Aima Technology, and Yadea Holdings, as market demand is expected to concentrate on leading companies [63]. - In the kitchen small appliances sector, companies like Supor, Bear Electric, and Beiding Co. are recommended for their growth potential through brand expansion [63]. - The report also highlights electric tools companies such as Techtronic Industries and Greebo for their expected order growth due to rising market demand [63].

Core Insights - China's GDP reached 140,187.9 billion yuan in the previous year, marking a 5.0% year-on-year growth at constant prices, with overseas contributions from Chinese enterprises accounting for approximately 10% to 15% of GDP [1] - The trend of Chinese companies going global is becoming a necessity, with a shift from merely exporting goods to providing services [3][15] - The CES event showcased a significant presence of Chinese brands, with TCL and Hisense leading in various product categories, indicating a shift in the global consumer electronics landscape [2][8] Industry Trends - The CES attracted over 4,000 companies and 140,000 attendees, highlighting the importance of networking and collaboration among Chinese enterprises [3] - Chinese brands are increasingly dominating the CES, with TCL and Hisense occupying key exhibition spaces, showcasing a range of products from AI robots to home appliances [3][8] - The AI sector is witnessing rapid advancements, with Chinese companies leading in robotics and AI applications, as evidenced by the positive reception of their products at CES [4][5] Market Dynamics - Shenzhen's startups are focusing on understanding Western consumer needs and leveraging local hardware advantages to penetrate overseas markets [7] - The food industry is adopting a different approach, with established products being introduced directly to the U.S. market, emphasizing local production to meet regulatory standards [12] - The overall participation of Chinese companies at CES reflects a strategic long-term investment in global branding and market presence [14] Future Directions - There is a growing emphasis on service capabilities alongside product exports, with companies like Xcotton providing cross-border e-commerce insurance services [15] - The U.S. manufacturing revival presents significant opportunities for Chinese enterprises, with many already establishing local operations to enhance competitiveness [13][15] - The disparity in innovation mechanisms between the U.S. and China highlights the need for improved support for scientific research and commercialization in China [16]