Core Viewpoint - The 2025 FIFA Club World Cup has seen significant developments in Chinese football, with improvements in infrastructure, commercial environment, and youth engagement, as highlighted in the "China Football Environment and Future Development White Paper (2025)" [1][2][8] Group 1: Infrastructure Development - China's football infrastructure has rapidly improved, with the total number of football fields increasing from 117,300 in 2019 to 161,000 by 2024, a net increase of 43,700 fields, surpassing the previous policy standard of 0.9 fields per 10,000 people [3] - Sponsorship and donations from market players have enriched the infrastructure, enhancing the popularity of football [3] Group 2: Commercial Environment - The attendance for the Chinese Super League (CSL) exceeded 4.66 million in 2024, with an average of nearly 20,000 spectators per match, indicating a revival in event popularity [4] - Over 60% of respondents believe that the application of VAR technology has improved fairness in matches, with Hisense being a key player in this technological advancement [4] Group 3: Youth and Professional Development - The number of professional football players in China reached 2,740 in 2024, with a noticeable trend towards younger players, as the average age of the men's national team decreased by 2.4 years to 27.3 years [4] - The improvement in the quality of referees and coaches is also noted, contributing to a better professional environment [4] Group 4: Public Engagement and Cultural Environment - The 2023 CSL season saw a total of 4.76 million live spectators and 1.12 billion live views, making it the leading league in Asia [5] - Social media engagement has surged, with the CSL topic on Douyin accumulating over 18.3 billion views, indicating a growing interest in football among the public [5] Group 5: Technological Integration - The integration of technology in football has significantly enhanced the viewing experience, with companies like Hisense leading in display technology and AI applications [7] - Hisense's AI football smart assistant provides real-time data and analysis, improving fan engagement during matches [7] Group 6: Sponsorship Growth - The enthusiasm of Chinese sponsors for football is increasing, with Hisense being recognized as the most memorable sponsor among fans [8] - The collaboration between sponsors and football events has deepened, showcasing a model for sports marketing that benefits both parties [8]

Group 1: Company Innovations - Hisense showcased its advanced technology at CCTV's "Super Production Line," highlighting its transformation from a traditional home appliance manufacturer to a leader in smart living, especially as an official partner for the 2025 World Cup [1] - The introduction of RGB-MiniLED technology in 2025 represents a revolutionary breakthrough in television picture quality, allowing for precise color representation and high dynamic range, effectively solving common color deviation issues found in traditional TVs [3] - The RGB-MiniLED technology utilizes independent red, green, and blue backlight sources, eliminating the need for secondary color conversion, resulting in purer and more vibrant colors while achieving over 20% energy savings compared to QD-OLED and traditional MiniLED technologies [3][4] Group 2: Key Components and Features - The success of the RGB-MiniLED technology is attributed to two key components: the H7 AI picture quality chip, which synchronizes the intensity, timing, and position of RGB light, and a new RGB-Mini LED backlight chip that addresses industrial bottlenecks in efficiency, lifespan, and color purity [4] - Hisense's new air conditioning system, featuring dual-flow fresh air technology and ultra-quiet design, enhances sleep quality by improving indoor air quality and maintaining a comfortable temperature, catering to sports fans who may stay up late [6] - The Hisense vacuum refrigerator employs vacuum magnetic field preservation technology to effectively isolate external air, prolonging the freshness and taste of food, thereby reducing food waste and ensuring families can enjoy fresh ingredients at any time [8] Group 3: Home Appliance Solutions - Hisense's modular three-tub washing machine offers an efficient and convenient solution for handling various types of laundry simultaneously, optimizing load distribution for both large and small items, thus enhancing washing efficiency and user convenience [10]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expected return that is stronger than the market benchmark by more than 5% [5][20]. Core Insights - The report highlights that TV panel prices have shown signs of weakening, with expectations for continued decline in the second half of the year. Despite potential weakening in domestic demand for color TVs, the trend of price increases is expected to persist due to the rapid adoption of MiniLED technology, which will drive up the average industry price [3][7]. - Leading color TV manufacturers are anticipated to benefit from structural optimization and the price drop in panels, creating a "scissors effect" that will enhance profit margins in the second half of the year. The report specifically recommends focusing on Hisense Visual (600060, Buy) [3][7]. - The report suggests that the cyclical fluctuations in panel prices are likely to weaken, with mid-term prices expected to stabilize. This is attributed to a shift in manufacturing power from overseas to mainland China, where over 70% of panel shipments originate, and a decrease in the willingness of manufacturers to increase supply significantly [7][11]. Summary by Sections Panel Price Trends - TV panel prices have been declining for two consecutive months, with July prices expected to continue this trend. The average price for a 55-inch TV panel is $124 (down $2 from June), and for a 65-inch panel, it is $174 (also down $2). Year-on-year, the price drop for 55-inch panels has expanded to -4% [7][9]. - The report notes that the domestic subsidy policy is entering a new phase, with demand resilience but reduced momentum. Additionally, the end of the tariff buffer period in July-August may suppress overseas procurement demand [7][9]. MiniLED Technology Impact - The report anticipates that the penetration rate of MiniLED TVs will approach 20% in Q3 2024 and exceed 30% in Q4 2024. The online market share of MiniLED products during the 618 shopping festival reached 41%, a significant increase of 22.1 percentage points compared to the previous year [7][11]. - The concentration of MiniLED TV sales is expected to increase, with leading manufacturers projected to capture significant market shares, enhancing their competitive edge [7][11]. Market Dynamics - The report indicates that the global retail volume of color TVs is stabilizing around 200 million units, with a slight downward trend. The demand for larger screens is expected to maintain low-speed growth, contributing to a more stable supply-demand relationship in the panel market [7][11].

Investment Rating - The report maintains a "Positive" outlook on the home appliance industry for the mid-2025 performance forecast [3] Core Insights - The home appliance sector is expected to benefit from domestic sales policies and the "old-for-new" program, which is driving demand for major appliances and kitchen appliances [4][5] - The air conditioning industry saw a cumulative production of 101.54 million units from January to May 2025, representing an 8% year-on-year increase, while sales reached 103.49 million units, up 9% year-on-year [4][17] - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies and the "old-for-new" program are expected to catalyze growth in the white goods sector, which is characterized by low valuations, high dividends, and stable growth [5][6] 2. **Exports**: Companies like Ousheng Electric are recommended due to stable income growth driven by large customer orders, while Dechang shares are highlighted for their expanding automotive parts business [6] 3. **Core Components**: The report suggests that the demand for core components will exceed expectations due to the strong performance of white goods, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [6] Summary by Sections 1. Air Conditioning and Major Appliances - The air conditioning sector is experiencing high growth in exports, with a 11% year-on-year increase in external sales from January to May 2025 [4][17] - The "old-for-new" policy is expected to enhance the average price of white goods, with major companies like Midea and Gree projected to see revenue growth of 8% and 5% respectively in Q2 2025 [4][29] 2. Kitchen Appliances - The kitchen appliance market is recovering due to real estate policies and the "old-for-new" program, with online sales of range hoods and gas stoves increasing by 17.5% and 16.5% respectively [40] - Companies like Boss Appliances are maintaining strong market shares in the kitchen appliance sector, with expected revenue growth of 5% in Q2 2025 [41] 3. Small Appliances - The small appliance sector is benefiting from high growth in domestic sales and exports, with companies like Supor and Joyoung expected to see revenue increases of 5% and 120% respectively in Q2 2025 [4][41] - The "old-for-new" policy is set to include small appliances, which is anticipated to significantly boost sales [5][20] 4. New Displays and Lighting - The emerging display market is at a turning point, with companies like Hisense and Jimi Technology expected to see revenue growth of 5% in Q2 2025 [4][5] 5. Investment Highlights - The report emphasizes the potential for a rebound in the home appliance sector driven by favorable policies and market conditions, recommending a combination of leading companies such as Midea, Haier, and Gree for investment [5][6]

证券代码：600060 证券简称：海信视像 公告编号： 2025-028 二、离任对公司的影响 丁文华先生因个人原因辞去公司独立董事职务，辞职生效日为公司股东会选 举产生新的独立董事之日，不会导致公司董事会成员低于法定人数。在股东会选 举产生新的独立董事前，丁文华先生将继续履行独立董事和董事会专门委员会委 员职务，不会影响公司的平稳规范运作。丁文华先生正式离任后，将按照公司《董 事和高级管理人员离职管理制度》要求做好相关交接工作。 截至本公告披露日，公司董事会提名委员会已启动新的独立董事的遴选工作， 1 / 2 海信视像科技股份有限公司 关于独立董事离任的公告 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。 海信视像科技股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日收到独 立董事丁文华先生提交的辞职申请，丁文华先生因个人原因申请辞去公司第十届 董事会独立董事职务，一并辞去所担任的董事会薪酬与考核委员会、审计委员会、 提名委员会、战略委员会等专门委员会委员职务。为保障公司平稳规范运行，丁 文华先生的上述辞职申请 ...

Group 1 - The FIFA Club World Cup has intensified competition, with unexpected teams like Al Hilal advancing, disrupting traditional football hierarchies, while major clubs like Paris Saint-Germain and Real Madrid are also competing fiercely [1] - The event's heightened intensity is reflected in global consumer markets, with Hisense experiencing a significant increase in sales of 100-inch and larger televisions, showing a 109.6% year-on-year growth in the domestic market and a 66% increase in key overseas markets [3][6] - Hisense's involvement goes beyond sponsorship, as their technology was crucial in officiating key moments during matches, showcasing the brand's recognition in high-stakes environments [3] Group 2 - Hisense has invested heavily in display technology, offering over 50 models of large-screen products, including a flagship 100-inch TV equipped with an AI picture quality chip for enhanced viewing experiences [5] - Market data supports the rise of large-screen televisions, with Hisense holding a 56.71% share of the global 100-inch TV market in Q1 2025, and achieving top sales during major shopping events [6] - The demand for larger screens in the high-end consumer market is evident, as demonstrated by the sale of a 163-inch Hisense Micro LED TV for 799,900 yuan, indicating a shift towards immersive viewing experiences driven by major sporting events [6]

Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating a strong growth potential driven by domestic demand and favorable policies [7][47]. Core Insights - The 618 home appliance market in 2025 showed robust growth, with major categories experiencing increases in both retail volume and value, particularly in white goods and black goods [2][13]. - The recent US-Vietnam trade agreement is expected to boost sentiment in the Chinese home appliance export chain, providing greater policy certainty for regional export chains [3][21]. - The home appliance sector is transitioning from price-driven competition to a focus on user experience and product value, with significant upgrades in product structures [20][45]. Market Performance Tracking - The overall market is showing a recovery trend, with white goods maintaining stable prices and black goods experiencing significant growth, particularly in the TV market, which saw a 9.7% increase in volume and a 14.5% increase in value during the 618 period [2][13]. - The air conditioning segment demonstrated strong growth, with retail sales increasing over 15% both online and offline, driven by leading brands like Midea, Xiaomi, and Haier [15][20]. - The washing machine market also saw substantial growth, with online and offline retail sales increasing by 17.1% and 12.1% respectively, indicating a shift towards larger capacity and upgraded features [15][20]. Raw Material Price Tracking - Recent trends show a decrease in copper and aluminum prices, with copper down 0.69% and aluminum down 0.23% in the last week, while cold-rolled steel prices increased by 2.58% [29][34]. Exchange Rate and Shipping Price Tracking - As of July 4, 2025, the USD to RMB exchange rate was reported at 7.15, with a slight decrease of 0.01% week-on-week [35][36]. Investment Recommendations - The report highlights three main investment themes: 1) Opportunities in new product forms and industry phases 2) Quality companies with solid fundamentals focusing on robotics 3) Leading companies in the black and white goods sectors [7][47].

Core Viewpoint - The article emphasizes that going global is akin to a new era of entrepreneurship, where heavy asset investment must adhere to a long-term perspective [1] Group 1: Historical Context of Chinese Companies Going Global - 28 years ago, Haier established its first overseas factory in the Philippines, marking a milestone for Chinese manufacturing brands [2] - 10 years ago, Hisense acquired Sharp's factory in Mexico for $23.7 million, allowing for local production and significant time savings compared to shipping from China [2] - In the past 7 years, numerous Chinese e-commerce platforms like Pinduoduo and Alibaba have begun exploring overseas markets, leading to increased competition and market dynamics [2][3] Group 2: Key Drivers for Supply Chain Expansion - Geopolitical factors and tariffs significantly influence companies' decisions on where to expand internationally [7] - The demand for near-shore delivery has risen, prompting companies to locate closer to their customers to mitigate risks associated with long-distance shipping [7] - Cost considerations remain crucial, with companies seeking to optimize logistics by shipping components for local assembly rather than complete products [7] Group 3: Stages and Criteria for Going Global - Companies typically progress through three stages: product export, brand export, and manufacturing/supply chain export [10] - A threshold of $500 million in annual sales is identified as a benchmark for companies considering supply chain expansion [10] - Smaller companies are advised to start with product or sales export before attempting manufacturing abroad due to higher risks and capital requirements [10] Group 4: Changes in the Global Environment for Manufacturing - The geopolitical landscape has shifted, making it a critical factor in site selection for overseas factories [12] - Labor costs have increased in traditional low-cost regions, impacting the attractiveness of locations like Vietnam and Thailand for new factories [12] - The rising land prices and increased brand recognition of Chinese companies abroad have altered the dynamics of overseas manufacturing [13] Group 5: Challenges and Hidden Costs in Overseas Manufacturing - Companies must prepare for unexpected operational costs, such as security measures and compliance with local labor laws [20] - Low labor costs do not necessarily equate to lower overall costs due to potential inefficiencies and training expenses [21] - The complexity of compliance and legal requirements can lead to additional costs that companies must account for in their budgets [20] Group 6: Strategies for Successful Overseas Expansion - Joint ventures can reduce capital investment and help navigate local market challenges, but they may also dilute decision-making power [32] - Companies are encouraged to establish local partnerships to leverage existing networks and resources, particularly in regions with complex regulatory environments [32] - The article suggests that companies should consider existing facilities rather than building new ones to minimize initial investment risks [31]

Group 1: Core Insights - The FIFA Club World Cup showcased the growing influence of Chinese brands, particularly Hisense, on the global stage, despite the absence of Chinese teams in the tournament [1] - Hisense's 100-inch television was selected as the official choice for the FIFA Club World Cup, highlighting its market leadership, with a global share of 58.8% in 100-inch and larger TVs projected for 2024 [6][11] - The introduction of RGB-Mini LED technology by Hisense represents a significant advancement in display technology, enhancing the viewing experience with improved color accuracy and dynamic performance [7][9] Group 2: Historical Context - The relationship between football and television has evolved significantly, with FIFA adapting rules and equipment to enhance broadcast quality since the introduction of the "Telstar" ball in 1970 [3][4] - Technological advancements in broadcasting, such as the introduction of high-definition and VAR (Video Assistant Referee) systems, have transformed how football is experienced by fans [4][8] Group 3: Technological Innovations - Hisense's RGB-Mini LED technology marks a fundamental shift from traditional backlighting to RGB multi-color backlighting, improving efficiency by 15% and enhancing color purity [9][10] - The company's proprietary AI picture quality chip, H7, allows for precise control over lighting and color, significantly enhancing the viewing experience [10] Group 4: Market Positioning - Hisense's branding strategy has evolved from "China's first" to "world's first" in the context of large-screen televisions, reflecting its ambition to lead in global display technology [12][11] - The company's commitment to innovation and technology positions it as a key player in defining future display standards, moving from merely producing products to setting industry benchmarks [12][13]