证券之星消息，11月13日黑色家电板块较上一交易日下跌0.28%，海信视像领跌。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600060 | 海信视像 | 1435.15万 | 3.69% | 2497.01万 | 6.42% | -3932.16万 | -10.11% | | 301578 辰奕智能 | | 336.48万 | 11.77% | -203.90万 | -7.13% | -132.57万 | -4.64% | | 688696 极米科技 | | 129.80万 | 0.61% | 363.39万 | 1.72% | - - 493.19万 | -2.33% | | 002848 | *ST高斯 | -261.14万 | -8.20% | -98.37万 | -3.09% ...

近日，工业和信息化部公示第九批制造业单项冠军企业名单，海信视像科技股份有限公司凭借高清液晶电视产品入选。由此，海信集团旗下已有5家国家制 造业单项冠军企业，展现出发力智能制造和先进制造的行业领先优势。 国家级制造业单项冠军自2016年由工业和信息化部组织认定，是中国制造业的最高荣誉之一，旨在表彰在细分领域长期深耕、掌握核心技术、市场占有率居 国内或全球前列的企业。 海信深耕液晶显示领域20多年，先后推出我国首款自主数字视频处理芯片，建成国内首条液晶电视模组生产线，今年自主研发的RGB三维控色液晶显示技 术，打破国外品牌在高端市场的垄断，带动我国液晶显示产业实现了从"跟跑"到"领跑"的跨越。 近年来，海信将"引领以智能化为核心的先进制造"写入企业使命，持续深化人工智能等新技术与制造业融合创新，建有2家灯塔工厂、4家零碳工厂、4家国 家5G工厂、17家国家级绿色工厂，自主研发的AI机器视觉技术覆盖全球六大生产基地，使AOI检测效率提升240%，一次性交付率提升25%。截至目前已有 海信激光、乾照光电、海信日立等5家制造业单项冠军企业，分别代表了中国制造业在细分领域的领头羊水准。 ...

Market Overview - The black home appliance sector experienced a slight increase of 0.02% on November 12, with Hisense leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Hisense Visual (600060) closed at 26.46, up 3.76% with a trading volume of 214,300 shares and a turnover of 562 million yuan [1] - Other notable stocks include: - XGIMI Technology (688696) at 117.80, up 3.44% [1] - Skyworth Digital (000810) at 12.54, down 0.71% [1] - Sichuan Changhong (600839) at 9.96, down 0.80% [1] Capital Flow - The black home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 127 million yuan [1] - The detailed capital flow for key stocks includes: - Hisense Visual had a net outflow of 46.48 million yuan from institutional investors [2] - XGIMI Technology experienced a net outflow of 24.99 million yuan from institutional investors [2] - Sichuan Changhong faced a significant net outflow of 102 million yuan from institutional investors [2]

Core Insights - Hisense refrigerators play a crucial role in the "AI-Powered Dream Transformation" event, showcasing customized fresh food solutions for diverse family structures and living scenarios [2][5] - The company demonstrates its ability to address the varied needs of Chinese families through innovative technology and design [5] Group 1: Product Features - The Hisense DBD Ion Active Sterilization technology achieves a sterilization rate of up to 99.9999%, ensuring food safety and preventing odor mixing [2] - The Hisense Vacuum 510 refrigerator utilizes original vacuum freezing technology to maintain food freshness for up to seven days, addressing the issue of flavor mixing with its independent vacuum compartments [3] Group 2: Market Positioning - Hisense refrigerators are designed to meet the evolving demands of modern families, from basic food storage to advanced preservation and nutritional retention [5] - The company emphasizes the integration of technology with emotional and social needs, redefining the standards of fresh food living for contemporary households [5]

Core Insights - The home appliance industry shows resilient growth with a 3.6% year-on-year revenue increase in Q3, totaling 366.3 billion yuan, despite external pressures from reduced government subsidies and high export bases [13][14][22] - The overall net profit for the industry increased by 4.4% year-on-year, reaching 30.1 billion yuan, with a slight improvement in net profit margin by 0.1 percentage points [13][14][22] Segment Analysis White Goods - The white goods segment reported a revenue of 268.7 billion yuan in Q3, reflecting a 5.0% year-on-year growth, with a net profit margin of 9.5% [30][31] - Major players like Midea and Haier showed strong performance, with Midea's revenue growing by 9.9% and Haier's by 9.5% [33][34] Kitchen Appliances - The kitchen appliance segment experienced a revenue decline of 4.8% in Q3, totaling 5.96 billion yuan, with a net profit margin of 8.4% [37][44] - Traditional kitchen appliance companies like Boss and Vanward maintained relatively stable performance, while integrated stove manufacturers faced significant pressure [43][44] Black Goods - The black goods segment saw a revenue decrease of 3.6% in Q3, amounting to 47.29 billion yuan, but net profit increased by 41.9% to 1.4 billion yuan [45][53] - Companies like Hisense maintained stable growth, benefiting from balanced domestic and international operations [52][53] Small Appliances - The small appliance segment achieved a revenue growth of 6.3% in Q3, reaching 30.62 billion yuan, with a net profit margin of 6.7% [54][59] - Emerging categories within small appliances, such as robotic vacuum cleaners, contributed significantly to revenue growth [59] Lighting and Components - The lighting and components segment reported stable revenue of 13.73 billion yuan, with a slight year-on-year increase of 0.1%, but faced profit pressure with a net profit margin of 4.6% [3][28]

Market Overview - On November 11, the black home appliance sector experienced a slight decline of 0.04% compared to the previous trading day, with *ST Gauss leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the black home appliance sector included: - Jiulian Technology (688609) with a closing price of 10.18, up 3.35% [1] - Sichuan Jiuzhou (000801) with a closing price of 16.30, up 2.52% [1] - Conversely, *ST Gauss (002848) closed at 7.71, down 1.41%, marking a significant decline [1] Capital Flow - The black home appliance sector saw a net outflow of 206 million yuan from institutional investors, while retail investors contributed a net inflow of 60.79 million yuan [1] - Specific stock capital flows included: - Sichuan Jiuzhou (000801) with a net inflow of 43.59 million yuan from institutional investors [2] - Jiulian Technology (688609) with a net inflow of 29.86 million yuan from institutional investors [2] - *ST Gauss (002848) experienced a net outflow of 5.23 million yuan from institutional investors [2]

Core Insights - Hisense is actively breaking down competitive barriers and seeking collaboration opportunities with former rivals, including a recent partnership with Xiaomi and Alibaba to establish a joint venture, Zhejiang Zhiping Vision Technology Co., Ltd [1][2] - The collaboration signifies a shift in the competitive landscape of the display industry, emphasizing a strategy of prioritizing interests and cooperation over rivalry [1] - The joint venture aims to integrate resources and enhance competitiveness in the OTT (Over The Top) market, which is becoming increasingly important in the television industry [8][20] Company Collaboration - Zhejiang Zhiping was established on October 30, 2025, with a registered capital of 50 million yuan, focusing on technology services, AI software development, and computer hardware wholesale [2] - The ownership structure includes three main stakeholders: Hangzhou Zhiping Technology Co., Ltd. (67% - Alibaba), Hanxing Venture Capital Co., Ltd. (18% - Xiaomi), and Juhua Technology Co., Ltd. (15% - Hisense) [2][4] - The management team includes key figures from Alibaba and Xiaomi, indicating a strategic alignment of interests among the three companies [6][8] Market Dynamics - The Chinese television market is characterized by a competitive landscape involving IPTV, traditional cable, and OTT services, with OTT gaining traction due to its open nature and user base [9][10] - As of mid-2025, the user base for internet television (including IPTV and OTT) reached 411 million, with OTT platforms showing a slight increase in interactive viewing share [9] - The collaboration aims to enhance the integration of systems, content, and marketing strategies, potentially leading to a more competitive position in the OTT market [8][20] Strategic Implications - The partnership reflects a strategic complementarity: Xiaomi seeks to strengthen its position in the large-screen domain, Hisense aims to solidify its market presence, and Alibaba looks to deepen its exploration of large-screen e-commerce [17][20] - The focus on software services over hardware sales indicates a shift in revenue generation strategies amid a saturated market [17] - The potential for a unified OTT application or platform could emerge from this collaboration, although specific product directions have yet to be disclosed [20] Future Considerations - The joint venture may lead to a significant transformation in the large-screen OTT market, especially with the integration of AI technologies and e-commerce capabilities [21] - The real demand for large-screen e-commerce remains a critical question, given the saturation of mobile shopping platforms [21]

Core Insights - The home appliance industry shows resilient growth with a 3.6% year-on-year revenue increase in Q3, totaling 366.3 billion yuan, despite a slowdown due to the reduction of national subsidies and high export bases [13][14][22] - The overall net profit for the industry increased by 4.4% year-on-year, reaching 30.1 billion yuan, with a slight improvement in net profit margin by 0.1 percentage points [13][14][22] Segment Analysis White Goods - The white goods segment reported a revenue of 268.7 billion yuan in Q3, reflecting a 5.0% year-on-year growth, with a net profit margin of 9.5% [30][31] - Major players like Midea and Haier showed strong performance, with Midea's revenue growing by 9.9% and Haier's by 9.5% [33][34] Kitchen Appliances - The kitchen appliance segment experienced a revenue decline of 4.8% in Q3, totaling 5.96 billion yuan, with a net profit margin of 8.4% [37][44] - Traditional kitchen appliance companies like Boss and Vanward maintained relatively stable performance, while integrated stove companies faced significant pressure [43][44] Black Goods - The black goods segment saw a revenue decrease of 3.6% in Q3, amounting to 47.29 billion yuan, but net profit increased by 41.9% to 1.4 billion yuan [45][53] - Companies like Hisense maintained stable growth, benefiting from balanced domestic and international operations [52][53] Small Appliances - The small appliance segment achieved a revenue growth of 6.3% in Q3, reaching 30.62 billion yuan, with a net profit margin of 6.7% [54][59] - Emerging categories within small appliances contributed significantly to revenue growth, with companies like Roborock and Xiaobear showing strong performance [59] Lighting and Components - The lighting and components segment reported stable revenue of 13.73 billion yuan in Q3, with a slight decline in net profit margin to 4.6% [3][28] - The segment faced challenges due to declining downstream demand and tariff impacts [3][28] Investment Recommendations - Recommended stocks include Midea Group, Haier, TCL, and Gree in the white goods sector, while Hisense is suggested for black goods, and Roborock and Xiaobear for small appliances [4][5] Key Data Tracking - The home appliance sector's relative return in October was +0.70%, indicating positive market performance [3][4] - Raw material prices showed increases in October, with copper and aluminum prices rising by 5.7% and 7.6% respectively [3][4]

Core Insights - Qingdao is leveraging its unique regional advantages and forward-looking industrial layout to develop its economy in the era of artificial intelligence [1][3] Group 1: AI and Marine Industry Integration - Qingdao's distinctive feature is the integration of "AI + Marine," with the city accounting for 25% of the national marine data and cultivating 70% of the country's marine large models [1] - The "Wenhai" forecasting model can complete a 15-day global marine environment forecast in just 90 seconds [1] - Qingdao Port has launched the world's first port large model and is recognized as the only national-level AI application pilot base in the port industry [1] Group 2: Industrial Foundation and Innovation - Qingdao's strong industrial base has allowed its appliance and manufacturing sectors to lead in embodied intelligence [2] - The city has implemented an innovative model of "1 public training ground + N training sites," with Haier and Hisense approved to establish provincial-level innovation centers for service and humanoid robots [2] - Haier's exoskeleton robot ranks among the top three in the industry, and Guohua's intelligent joint module products have entered Xiaomi's robot supply chain [1] Group 3: Infrastructure and Data Capabilities - Qingdao has nearly 100,000 standard racks in use across its data centers, with a computing power scale of 5771P, and has established 46,000 5G base stations, ranking third nationally in per capita base station count [2] - The establishment of the National Industrial Internet Big Data Shandong Branch and the launch of industrial data asset registration in Qingdao are set to enhance the city's data capabilities [2] - Qingdao Data Group has initiated public data operation trials, aggregating over 310 billion public data entries and forming 159 usable data sets to fuel AI innovation [2] Group 4: Industrial Ecosystem and Growth - The continuous optimization of the industrial ecosystem in Qingdao has led to the establishment of a 10 billion yuan industrial fund, with an annual investment of 100 million yuan to support the construction of large AI industrial parks [2] - The city has six key pilot platforms for industrial and information technology, with over 50 breakthroughs in common key technologies, facilitating the transition from technology to industry [2] - Over 500 AI companies have gathered in Qingdao, with total revenue expected to reach 70 billion yuan from January to October, reflecting a growth rate exceeding 20% [2]

Core Insights - Hisense Visual Technology Co., Ltd. experienced a stock price increase of 5.05%, reaching 25.37 CNY per share, with a trading volume of 472 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 33.107 billion CNY [1] Company Overview - Hisense Visual Technology was established on April 17, 1997, and listed on April 22, 1997. The company is located in Qingdao Economic and Technological Development Zone, Shandong Province [1] - The main business activities include manufacturing and sales of televisions, broadcasting equipment, refrigerators, communication products, information technology products, and both household and commercial electrical appliances [1] - The revenue composition is as follows: smart display terminals account for 79.68%, new display businesses 11.57%, other supplementary businesses 7.88%, and other categories 0.88% [1] Fund Holdings - According to data, a fund under Zhongtai Securities Asset Management holds a significant position in Hisense Visual Technology. The Zhongtai Hongli Quantitative Stock Selection Fund A (021167) held 22,500 shares in the third quarter, representing 3.89% of the fund's net value, making it the sixth-largest holding [2] - The fund was established on June 4, 2024, with a latest scale of 12.5481 million CNY. Year-to-date returns are 10.59%, ranking 3591 out of 4217 in its category, while the one-year return is 9.02%, ranking 3040 out of 3918 [2] Fund Manager Profile - The fund manager of Zhongtai Hongli Quantitative Stock Selection Fund A is Zou Wei, who has been in the position for 5 years and 337 days. The total asset size of the fund is 1.041 billion CNY [3] - During Zou Wei's tenure, the best fund return was 70.16%, while the worst return was -2.82% [3]