Investment Rating - The report maintains a "Recommend" rating for the home appliance industry [1] Core Insights - The industry is at a turning point, with expectations for improved performance in 2026 as domestic demand stabilizes and export orders recover [35] - The report highlights the resilience of leading companies in the white goods sector, with a focus on their ability to navigate through challenging market conditions [7][10] - The overall market dynamics indicate a potential for growth in emerging markets, alongside innovation and product expansion in domestic markets [35] Summary by Sections 1. White Goods - External sales are recovering steadily, while internal sales are expected to remain stable in Q4 2025. Leading companies are well-positioned to benefit from favorable demand and cost environments [7][10] - Q4 2025 internal sales for air conditioners, refrigerators, and washing machines are projected to decline by 31%, 11%, and 6% respectively, due to high base effects from the previous year [10] - External sales for refrigerators and washing machines are expected to show modest growth, with a 3% increase for refrigerators and a 9% increase for washing machines [10] 2. Black Goods - The report indicates that the color TV market is under pressure, with internal sales declining significantly due to high base effects from previous subsidies [15] - External sales remain relatively stable, with a slight decline of 2% expected in Q4 2025 [15][16] - Leading brands are expected to improve their profitability through product innovation and market share gains [15] 3. Cleaning Appliances - External sales continue to grow, while internal sales face challenges due to high base effects from previous subsidies [19] - The report notes a decline in retail sales for floor cleaning machines and washing machines, with internal sales dropping by 25% and 8% respectively [20] - The external market shows strong growth, particularly in Europe and Asia-Pacific, although competition remains intense [21] 4. Small Appliances - Domestic prices are rising, but external demand remains weak, with overall growth in retail sales expected to be between 0-10% [30] - The report highlights structural improvements in pricing and product upgrades, which may support profit margins in the domestic market [30] - External sales are under pressure due to overall weak demand in international markets [30] 5. Post-Cycle - The report indicates a downturn in demand for major kitchen appliances, with significant declines in retail sales across various categories [33] - The real estate market remains sluggish, impacting demand for kitchen appliances, and the report anticipates continued pressure on sales [33] - The upcoming subsidy policies are expected to have limited coverage, which may further affect market dynamics [33] 6. Industry Views and Investment Recommendations - The report suggests that the home appliance sector is poised for recovery in 2026, with expectations for improved fundamentals and potential surprises in export performance [35] - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances, as well as TV manufacturers like Hisense Visual and TCL Electronics [35]

Core Viewpoint - The Qingdao New Display Industry Park is projected to achieve a revenue of 52 billion yuan by 2025, accounting for approximately 32.6% of the city's new generation information technology industry revenue [1]. Group 1: Industry Overview - The Qingdao New Display Industry Park is one of the ten emerging industrial parks planned in Qingdao, covering three main areas: module panel area (5,754 acres), materials and equipment area (7,650 acres), and terminal application area (900 acres) [1]. - Since its establishment in 2022, the park has advanced the construction of over 14,000 acres and attracted several key industry players, including Hisense, BOE, and Wanda Optoelectronics [2]. Group 2: Industry Structure and Development - The park has formed a dual-chain structure led by Hisense (terminal application) and BOE (module panel), with material and equipment companies developing in coordination [2]. - The local supply rate for BOE's backlight sources has reached 100%, while the local supply rate for Hisense's metal back panels and diffusion plates is nearly 80% [2]. Group 3: Investment and Future Plans - A total of 17 projects have been put into operation with a total investment of 35.6 billion yuan, and there are 28 projects under discussion with a cumulative investment of 174.9 billion yuan [2]. - By 2025, the park is expected to have attracted 37 key projects with a total investment exceeding 70 billion yuan [2]. - According to the Qingdao Economic Development Zone's "2.0 version of the New Display Industry Park Construction Implementation Plan (2025-2030)," the park aims to strengthen its liquid crystal display sector, actively cultivate MLED micro-displays, and make breakthroughs in OLED displays, targeting a scale of 55 billion yuan by 2026 and 70 billion yuan by 2030 [2].

基于产品全生命周期碳足迹理念，海信构建了覆盖研供产销回的全链条绿色发展体系。制造端已打造3 家全球领先"灯塔工厂"、4座零碳工厂、17座国家级绿色工厂，国内制造园区实现能碳数字化平台全覆 盖，可精准核算组织碳与产品碳足迹。产业链端将50%核心供应商纳入碳排放管控，推动40%供应商制 定减碳目标，下游构建"线上+线下"一体化回收网络，实现电子废弃物100%规范再利用；产品端家电类 一、二级能耗产品占比超90%，目前已实现显示、商空在产机型碳足迹在线核算，29个重点产品碳足迹 经第三方认证，6个产品获碳标签认证，主导参与130余项绿色低碳国家/行业/团体标准制修订。 （大众新闻记者 杨成） 据了解，海信是海外营收占比接近50%的外向型企业。上月17日，欧盟发布碳边境调节机制（CBAM） 提案，将碳关税覆盖范围从6种原材料拓展至180种下游产品（含冰箱、洗衣机等家电），2028年起逐步 实施。本次发布的《行动方案》通过健全碳足迹管理体系，为家电企业应对绿色贸易壁垒筑牢政策支 撑。 1月14日，省政府新闻办举行省政府政策例行吹风会，解读近期出台的《关于推进绿色转型健全碳足迹 管理体系的行动方案》（以下简称《行动方案》 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [4][11]. Core Insights - The report highlights that the domestic market's consumption potential is expected to be activated by the continuation of national subsidies, despite a marginal slowdown in their impact. The "Two New" policies are anticipated to further stimulate demand in the home appliance sector [3]. - The report emphasizes the acceleration of AI applications in the home appliance industry, with significant developments expected from AI models and smart hardware products [2][6]. Summary by Sections Domestic Market Outlook - The report notes that the leading companies in the white goods sector have a higher proportion of first-level energy-efficient products and more mature management processes for trade-in programs, positioning them to benefit more significantly from the evolving market dynamics [3]. - The first quarter of 2026 is projected to see stable production schedules for white goods, aligning with domestic market expectations [5]. International Expansion - The report identifies international expansion as a long-term strategy, with companies that diversify their production capacity being favored. A valuation shift is anticipated by 2026 [3]. AI Integration - The report discusses the rapid iteration of AI models and their broad application in the home appliance sector, suggesting that smart hardware products integrated with AI services are becoming a key trend. Companies like Yingzi Network are highlighted for their deep engagement in smart home segments [6].

Group 1 - The media sector has shown strong performance, with the index reaching 1033.55 points and a daily increase of 3.42%, indicating a significant upward trend in stock prices [1] - Several companies, including Tianlong Group, People’s Daily, and Inertia Media, have experienced stock price surges, with Inertia Media achieving six limit-up days within seven trading sessions [1] - Companies like Yidian Tianxia and Zhongwen Online have reported significant stock price deviations, with Yidian Tianxia's stock price increasing over 30% and Zhongwen Online's stock price deviating by 32% over three consecutive trading days, while both companies stated that their operational conditions remain stable [1] Group 2 - The rise of the media sector is primarily supported by AI developments, with companies like Yue Media implementing AI technologies in advertising and content creation, leading to cost reductions and efficiency improvements [2] - The commercialization of AI technology is seen as a fundamental support for the media sector's growth, with companies transitioning from technology development to scalable monetization, thus changing market profitability expectations [2] - Policy measures, including regulations and support for digital content export, are strengthening the foundation for the media industry's development, providing new growth opportunities for companies [2] Group 3 - The dual regulatory approach is reshaping the competitive landscape of the media industry, with regulations aimed at eliminating low-quality productions and promoting resource concentration among compliant and capable companies [3] - The cultural export policy is providing additional market opportunities for media companies, particularly for AI-enhanced digital content, which is expected to have improved efficiency and commercial value in overseas markets [3] - Technological breakthroughs in display technology, such as Hisense's new RGB-Mini LED technology, are providing hardware support for media content presentation, further enhancing the industry's capabilities [3] Group 4 - The integration of AI technology across the media industry is expected to be a core development theme in the long term, optimizing production efficiency in various content areas and shifting production models from human-driven to technology-driven [4] - The sustainability of the media sector's performance will depend on companies' ability to convert AI technology into continuous profit growth [4]

截至目前，上合示范区已常态化开行22条国际班列线路，通达上合组织和共建"一带一路"23个国 家、54个城市，构建起东联日韩、西接欧亚、北达蒙俄、南至东盟的国际物流通道，累计到发中欧班列 超5400列，常态化开行家电、轮胎、商品车、粮食等特色专列，并为海尔、海信、玲珑、奇瑞等企业开 行定制化供应链专列，服务外贸企业超7000家。 为支持上合示范区中欧班列高质量发展，青岛海关推出十二条措施，创新"上合快通"模式，推动码 头功能向上合国际枢纽港延伸，实现"班列+港口"联动，进一步缩减货物通关时间，助力企业降本增 效。 为构建高效跨境物流贸易体系，上合示范区不断拓展境内外物流节点布局，助力山东高速集团在中 亚、中东欧、俄罗斯、东南亚设立海外集结中心，深化重点区域合作。其中，俄罗斯莫斯科集结中心 2025年启用以来，已联动叶卡捷琳堡、新西伯利亚州、远东地区以及白俄罗斯中白工业园等区域，建立 了出口配件至海尔俄罗斯工厂、返程搭载鞑靼石油焦的循环班列线路，为企业进一步压缩海外物流仓储 成本。 上合示范区党工委委员、管委会副主任付忠华表示，将持续深化国际物流大通道建设，通过开通精 品线路、提升多元化服务能力，不断提升中欧班列 ...

Core Viewpoint - Hisense has achieved a generational leap in display technology with its new RGB-Mini LED evo technology, showcased at CES 2026, winning 17 international awards, including the "CES 2026 Honor Award" and "Best Product" from prestigious organizations [1][2] Group 1: Technology Advancements - The new RGB-Mini LED evo technology features the world's first 4-chip true color backlight and an upgraded AI image quality chip, achieving a color gamut peak of 110% BT.2020 and a color precision of 134 bits [1] - The transition from "can display" to "can breathe" in picture quality represents a significant qualitative change in display technology [1] Group 2: Market Position and Recognition - Hisense's 116UX model, the world's first with the new backlight technology, has received high praise from global media and won multiple awards, including the "CES 2026 Best Innovation Award" for its 163-inch four-color Micro LED [1][2] - Within just one year, Hisense has established a robust RGB-Mini LED product lineup, covering mainstream sizes from 75 to 116 inches, and has captured a 90% market share in the high-end segment during the 2025 Double 11 shopping festival [2]

Group 1 - The core viewpoint of the article emphasizes the growing importance of ESG (Environmental, Social, and Governance) as a key metric for high-quality corporate development and a vital link between corporate value and social value [1][2] - The "2025 China ESG Top 100" list was released by Sina Finance, evaluating over 5,000 A-share listed companies and mainland companies listed in Hong Kong using 18 industry ESG evaluation models and over 150 ESG indicators [1][2] - The list serves as a benchmark for industry development and provides valuable decision-making references for investors [1][2] Group 2 - Hisense Visual Technology was recognized for its outstanding ESG performance, ranking 25th on the "2025 China ESG Top 100" list [2][6] - The release of the list is seen as an authoritative recognition of the sustainable development practices of the listed companies and promotes the core values of ESG across the industry [2][6] - Companies are encouraged to integrate ESG principles into their strategic planning, operations, and supply chain collaboration to achieve a symbiotic relationship between commercial and social value [2][6] Group 3 - The Sina Finance ESG Rating Center is the first Chinese professional information and rating aggregation platform focused on ESG, aiming to promote sustainable development and responsible investment [11] - The center is dedicated to establishing ESG evaluation standards suitable for China's characteristics and advancing the development of ESG investment in the Chinese asset management industry [11]

Core Viewpoint - The black home appliance sector experienced a significant increase of 5.52% on January 12, with Sichuan Changhong leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1]. - Key stocks in the black home appliance sector showed notable price increases, with Sichuan Changhong rising by 9.96% to a closing price of 10.38 [1]. Group 2: Stock Performance Details - Sichuan Changhong (600839) led the sector with a trading volume of 4.0153 million shares and a transaction value of 399.8 million yuan [1]. - Other notable performers included Zhaochi Co. (002429) with a 7.23% increase, closing at 8.31, and Hisense Visual (600060) with a 4.32% increase, closing at 25.35 [1]. Group 3: Capital Flow Analysis - The black home appliance sector saw a net inflow of 882 million yuan from institutional investors, while retail investors experienced a net outflow of 298 million yuan [1]. - The capital flow data indicates that Sichuan Changhong had a net inflow of 1.06 billion yuan from institutional investors, representing 26.51% of its total trading volume [2].

银河证券研报指出，海信视像是乾照光电第一大股东。公司此前投入16.05亿元于2023年1月完成对乾照 光电的控股，截至目前持股比例达26.19%，并将其纳入合并范围。乾照光电作为海信视像在上游领域 的战略布局，间接为海信视像供应背光芯片产品；并在新型显示领域实现深度产业协同，成功实现 RGB-Mini LED背光与Micro LED芯片技术的产业化突破；海信光模块业务与乾照光电的VCSEL技术形 成潜在协同。看好全球商业航天的快速发展，尤其是中国市场的潜力。预计2026年中国卫星发射量将快 速增长，进一步带动对砷化镓太阳能电池的需求，乾照光电有望核心受益。子公司乾照光电在商业航天 领域表现亮眼，海信视像目前是商业航天估值最低的公司。维持"推荐"评级。 ...