Core Viewpoint - The optical imaging industry is experiencing a wave of capital operations characterized by mergers, acquisitions, and financing, driven by the promising market prospects in emerging technologies such as automotive lenses, AR/VR optics, and machine vision [2][14]. Company Summary - Hisense Visual Technology has engaged in multiple asset acquisitions and sales, primarily involving related parties within the Hisense group, without extending into new fields through external mergers [2][3]. - In 2025, Hisense Visual's revenue growth is nearly stagnant, with a year-on-year increase of only 5.36%, yet the company has made consecutive acquisitions of related party assets to expand production capacity [6][18]. - The company sold a 26% stake in its kitchen and bath business just three years after acquiring it, citing a focus on core business development [7][19]. Financial Performance - Hisense Visual's sales expense ratio has consistently exceeded 6%, significantly higher than the approximately 4% R&D expense ratio and far above comparable companies like Sichuan Changhong and TCL Technology [9][21]. - In 2023 and 2024, the company reported net profits of 2.096 billion and 2.246 billion, respectively, with approximately 42.9% and 35.2% of net profits derived from tax refunds, government subsidies, and various investment income, indicating a diminished actual profitability from core operations [11][23]. Strategic Focus - The company is accelerating the application of new business areas such as commercial displays, cloud services, and chips, while actively laying out plans in artificial intelligence and AR/VR to create new growth engines for the future [8][20].

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002429 | 非驰股份 | 1.09 Z | 9.95% | -2977.63万 | -2.73% | -7885.79万 | -7.22% | | 002052 | 同洲电子 | 1949.56万 | 2.73% | -754.30万 | -1.06% | -1195.27万 | -1.68% | | 600060 | 海信视像 | 1499.30万 | 5.20% | -1933.64万 | -6.70% | 434.34万 | 1.51% | | 688696 极米科技 | | 1415.35万 | 10.68% | -1668.66万 | -12.59% | 253.32万 | 1.91% | | 600839 四川长虹 | | 775.49万 | 0.68% | 629.67万 | 0.55% | -1405.16万 | -1.23% | | 68860 ...

Core Insights - "Chinese manufacturing" is making significant strides at the CES, showcasing higher innovation density and clearer technological pathways, positioning itself at the forefront of international competition [1] Group 1: Industry Participation - Over a thousand Chinese companies participated in CES, including industry leaders like TCL, Hisense, BOE, and Lenovo, as well as numerous startups [1] - Several Chinese companies received "CES Innovation Awards," highlighting global recognition of their innovative capabilities [1] Group 2: Display Technology - Chinese companies are leading in the display technology sector, shifting focus from single product parameters to AI-supported full-scene application revolutions [2] - TCL had the largest and most diverse exhibition space, showcasing innovations in television screens, electronic writing pads, and AR glasses [2] - Hisense presented next-generation large-screen display solutions, emphasizing color space enhancement and system optimization for eye protection [2] - The Chinese display industry has evolved from a technology follower to a global leader, particularly in LCD and OLED technologies [2] Group 3: Robotics Innovation - AI and robotics were major highlights at CES, with Chinese companies dominating the humanoid robot and related sectors, demonstrating rapid iteration and scalability [3] - Various robots showcased capabilities such as emotional companionship, autonomous lawn maintenance, and advanced coffee-making, emphasizing real-world application [3] - The focus has shifted from conceptual displays to tangible intelligent products that adapt to real environments [3] Group 4: Smart Home Solutions - Smart home technology has become a key area for Chinese companies to demonstrate systemic innovation and lifestyle solutions [4] - Solutions showcased include AI and IoT applications that create intelligent systems capable of perceiving, learning, and interacting [4][5] - Products like smart air conditioners and refrigerators exhibit advanced features such as dynamic energy management and food preservation [5] Group 5: Intelligent Mobility - Intelligent mobility was a focal point, with Chinese automotive companies showcasing innovations in smart cockpits and AI integration [6] - Geely's WAM model enhances understanding of complex driving scenarios, improving overall driving experiences [6] - Chinese companies are transitioning from cost and scale advantages to focusing on user experience, system integration, and technological maturity in the smart mobility sector [6] Group 6: Global Impact - CES serves as a platform for international collaboration and industry dialogue, with China recognized as a key driver of global technological advancement [6] - Chinese consumer electronics companies are accelerating their smart upgrades, becoming pioneers in global AI development [6] - "Chinese manufacturing" continues to navigate the waves of global technological change, contributing to the formation of a new international tech landscape through innovation and application [6]

Group 1: Core Themes of CES 2026 - The main theme of CES 2026 is "human-centered" AI applications, marking a shift from traditional consumer electronics to AI-centric technological transformations [1] - Chinese companies are increasingly taking center stage at CES, with 942 exhibitors, accounting for approximately 22% of the total, maintaining their position as the second-largest exhibiting nation [1] - In specific sectors, Chinese firms dominate, with 55% of humanoid robot exhibitors and nearly 70% of AI glasses brands coming from China [1] Group 2: Robotics and AI Innovations - Chinese manufacturers are expected to continue leading in cost reduction and efficiency improvements in humanoid robots, showcasing their capabilities in unstructured environments [2] - Notable products include the Unitree H1 humanoid robot with advanced sensing capabilities and the latest generation of the "绝影" series robotic dogs, which excel in indoor navigation [4][11] - The "Care-bot" humanoid robot by Fourier demonstrates embodied intelligence in real-life interaction scenarios [7] Group 3: Consumer Electronics and Smart Devices - Over 80% of global smart glasses supply chain manufacturers are from China, with 16 Chinese companies showcasing their products at CES [15] - Innovations in smart home devices include the AI-driven "安安" companion robot designed for elderly and cognitively impaired individuals [16] - Companies like Alibaba and XREAL are launching advanced AI glasses, with features such as ultra-lightweight designs and integration with various AI services [19][20] Group 4: Automotive and AI Integration - The automotive industry is transitioning from "software-defined" to "AI-defined" vehicles, with companies like Geely and Great Wall showcasing new technologies [28] - Geely's G-ASD smart driving solution and Great Wall's focus on new energy technologies highlight the industry's shift towards AI integration [30][32] - New products like the AI-driven logistics solutions from New Stone and advanced lidar technology from Hesai demonstrate the growing importance of AI in transportation [34][35] Group 5: Home Appliances and AI - Hisense introduced new RGB-Mini LED display technology and AI-controlled smart refrigerators, showcasing the integration of AI in home appliances [41] - TCL's innovations in display technology, including the world's first printed OLED car screen, reflect advancements in consumer electronics [43][44] - Companies are increasingly focusing on AI capabilities in home security and smart home management systems [51][49] Group 6: Overall Impact of AI - CES 2026 emphasizes the profound impact of AI on the consumer electronics industry, with expectations for AI user numbers to grow significantly [59] - The event serves as a platform for global tech companies to set the foundation for future technological development and transformation [59] - The integration of AI into various sectors, including robotics, automotive, and consumer electronics, indicates a trend towards deeper AI adoption in everyday life [59]

Core Insights - The CES 2026 marks a pivotal shift in AI technology from conceptual showcases to practical applications in everyday scenarios, with Hisense leading the way in display technology and AI advancements [1] - Hisense's long-term investments in AI algorithms, hardware development, and scene adaptation have positioned the company to capitalize on the current breakthroughs in embodied intelligence [1][8] - Hisense's products create a dual adaptation system between technology and scenarios, indicating a strong alignment with national strategic directions and industry trends [1] Group 1: Display Technology Innovations - Hisense unveiled the world's first 116-inch next-generation RGB-Mini LED TV at CES 2026, establishing a new standard for immersive visual experiences [2] - The company has transitioned from being a technology follower to a rule-maker in the display industry, achieving over 90% market share in the high-end 85-inch TV segment during the 2025 Double 11 shopping festival [2][3] - Hisense's RGB technology, which includes self-developed RGB light-emitting chips and AI picture quality chips, has led to significant advantages in color accuracy, brightness, and energy efficiency [2][3] Group 2: AI and Smart Ecosystem Development - Hisense is not only focusing on hardware but is also deeply exploring software ecosystems and scene experiences, evolving televisions into indispensable companions that understand user intentions [4][5] - The company is leveraging its role as the official sponsor of the 2026 FIFA World Cup to launch customized products that integrate cutting-edge technology into fans' daily lives, enhancing the overall experience [5][6] - Hisense aims to create a comprehensive smart home ecosystem powered by AI, integrating various appliances and technologies to enhance user experience across different household scenarios [6] Group 3: Embodied Intelligence and Future Growth - Hisense is actively developing embodied intelligence, showcasing robots that serve as companions in homes and efficient employees in commercial settings, marking a significant step towards practical applications of AI [7][8] - The company’s experience in display technology and home appliances provides a solid foundation for the development of embodied intelligence, emphasizing both technological advancement and practical applicability [8] - Hisense's exploration in this field positions it as a key player in the smart home and smart city sectors, opening up new avenues for future growth [8][9]

Core Viewpoint - Hisense showcases its technological leadership in the display sector at CES 2026, emphasizing its dominance in the RGB-Mini LED television market and its role in the globalization of Chinese technology [1][3][13] Group 1: Market Position and Product Innovation - Hisense holds over 90% market share in the RGB-Mini LED television segment, with 9 out of every 10 RGB-Mini LED TVs sold globally being from Hisense [3][5] - The new 116-inch RGB-Mini LED television UX highlights Hisense's technological advancements and competitive edge in the market [3][4] - Hisense has applied for 179 patents related to RGB-Mini LED technology, reinforcing its innovation capabilities [3] Group 2: Technological Advancements - The latest RGB-Mini LED televisions feature a self-developed RGB light-emitting chip and an AI image quality chip, achieving high precision and color accuracy [4] - Hisense's RGB technology encompasses a full technical matrix, including RGB-Mini LED, RGB-Micro LED, and RGB three-color laser displays [5] - The company predicts a 25-fold increase in global RGB-Mini LED television shipments in 2026, reaching 500,000 units [4] Group 3: Strategic Partnerships and Marketing - Hisense has been an official sponsor of the FIFA World Cup for the third time, enhancing its brand visibility and market presence [5][6] - The company's sports marketing strategy has led to a 70% increase in overall revenue and a 156% rise in brand value since 2018 [6] - Customized products for the World Cup, including RGB-Mini LED TVs and AI-enabled appliances, enhance the viewing experience for fans [6][9] Group 4: AI and Smart Home Integration - Hisense has developed an integrated AI capability system that connects various home devices, enhancing user experience and interaction [10][11] - The company’s AI solutions include smart air conditioning and washing machines that adapt to user needs, showcasing the evolution of home technology [11] - The projected growth of the AI market from 321.9 billion yuan in 2025 to 1.22 trillion yuan by 2029 indicates a significant opportunity for Hisense in this sector [13] Group 5: Globalization and Future Outlook - Hisense's advancements in RGB technology and AI solutions position it as a leader in the high-end consumer electronics market [13] - The company's evolution from a participant in global events to a provider of high-end viewing experiences reflects its commitment to innovation and market leadership [13] - The ongoing development of RGB technology and AI ecosystems is expected to drive further growth for Chinese brands on the global stage [13]

Group 1: CES Overview - Las Vegas hosts over 22,000 commercial events annually, contributing more than $10 billion in revenue and attracting over 6 million visitors, accounting for one-seventh of the city's annual visitors [2][26] - The International Consumer Electronics Show (CES) is the most significant event, showcasing technological trends and industry shifts for nearly 60 years [2][26] Group 2: Technological Trends - The evolution of CES has followed a technology maturity curve, with significant trends including the rise of ultrabooks, consumer drones, smart home devices, and AI voice assistants [3][27] - The focus has shifted to embodied AI and humanoid robots, indicating a transition from novelty to serious commercial discussions [3][28] Group 3: Rise of Chinese Companies - Chinese exhibitors have dramatically increased their presence at CES, moving from peripheral areas to central exhibition halls, with over 1,300 companies participating this year [5][29] - In 2019, Chinese exhibitors peaked at approximately 30% of total participants, and despite pandemic interruptions, they have regained their status as the largest overseas group at CES [5][29] Group 4: Quality of Exhibits - Chinese companies won over 40% of the CES 2026 Innovation Awards, showcasing advancements in optical systems, AI algorithms, and materials science, reflecting a shift from assembly to core technology output [7][31] - The trajectory of Chinese exhibitors illustrates a transition from "manufacturing" to "defining" industry standards, emphasizing integrated hardware and software capabilities [7][31] Group 5: Lenovo's Tech World - Lenovo hosted its Tech World event at the Sphere, marking a significant moment in showcasing its industry position and technological strength [9][34] - The event featured prominent leaders from major tech companies, highlighting Lenovo's role in the global consumer electronics landscape [9][34] Group 6: Sponsorship and Marketing - FIFA President Gianni Infantino attended CES to support Lenovo and Hisense as official sponsors for the upcoming World Cups, emphasizing the integration of AI and technology in enhancing fan experiences [13][39] - Both companies are leveraging their sponsorships to elevate brand recognition and align with global sports marketing strategies [16][42] Group 7: Robotics Industry - Humanoid robots emerged as a key focus at CES 2026, showcasing advancements in AI and commercial viability, with costs reaching a threshold of $20,000 [17][45] - The competition in the robotics sector is intensifying among China, the U.S., and South Korea, with Chinese companies demonstrating a robust presence and commercial readiness [18][47] Group 8: Commercialization of Robotics - Chinese robotics firms are transitioning from showcasing prototypes to presenting commercially viable products, with 21 out of 38 exhibitors at CES being Chinese [20][47] - The industry is shifting focus from mere functionality to long-term operational capabilities, with significant government contracts indicating market validation [21][48]

Group 1 - The 2026 CES in Las Vegas showcased numerous Chinese companies with leading technologies, highlighting "Chinese manufacturing" [1] - TCL participated for the 33rd time, becoming the largest Chinese brand by exhibition area, focusing on "screen universe" and "AI life" [1] - TCL aims to enhance R&D in AI applications and next-generation display technologies, exploring foundational and cutting-edge technology [1] Group 2 - Hisense, as the global official sponsor of the 2026 World Cup, presented customized products and showcased breakthroughs in AI and smart hardware [1] - Hisense unveiled its first commercial humanoid robot, Harley, which interacts with visitors and explains the advantages of its "black technology" products [1] - BOE exhibited over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO2.0 smart cockpit" [2] Group 3 - New Stone, a leader in unmanned delivery, introduced AI-driven next-generation logistics solutions and showcased its RoboVan product line [2] - New Stone aims to accelerate global development, targeting over 50,000 overseas deliveries of unmanned vehicles by 2027 [2] - CES is recognized as one of the largest consumer technology events globally, featuring over 4,100 exhibitors from more than 150 countries, focusing on AI, digital health, energy technology, and robotics [2]

本届CES以"AI落地赋能消费电子"为核心趋势，海信冰箱参展的智慧大屏冰箱精准呼应这一主题，更成为2026世界杯联名套系的核心亮点。该款冰箱搭载双 高清屏幕，21英寸大屏负责内容展示与家居应用交互，小屏聚焦冰箱核心功能调控，操作便捷且直观。 近日，被誉为"科技春晚"的CES 2026在拉斯维加斯正式拉开帷幕。 作为2026年世界杯全球官方指定冰箱，海信冰箱以AI落地应用为焦点，展示了其在智能交互与全场景互联领域的前沿成果。集中展示中国智造的硬核实 力，成为本届CES智能家居领域的焦点。 智慧大屏+星海大模型，响应AI落地核心趋势 产品设计上，海信全球首创的磁吸光幕门板成为一大亮点。该门板通过特种技术在玻璃内层植入磁性介质，既保留通透质感与隔热性能，又具备强大磁吸能 力，可吸附各类冰箱贴与备忘便条，兼顾美学与实用性，更斩获2025国际CMF设计奖，彰显中国家电设计的国际认可度。 创新结硕果，国内外市场双丰收 持续的技术与产品创新，为海信冰箱赢得了市场与荣誉的双重认可。在国内市场，奥维云网数据显示，海信冰箱稳居真空保鲜冰箱细分市场销量第一，成为 该领域绝对领军者。同时，其凭借硬核实力斩获奥维云网"云鼎奖"、AWE ...

Core Viewpoint - CES 2026 marks a pivotal moment in the integration of AI technology into consumer electronics, transitioning from concept to practical applications in daily life, with the year being dubbed the "Year of AI Technology Integration and Industrialization" [1]. Group 1: AI Technology and Product Development - Hisense showcased its commitment to AI technology with three main themes: "AI YOUR VISION," "AI YOUR PASSION," and "AI YOUR HOME," highlighting advancements across various product categories [1]. - The RGB-Mini LED technology was introduced as a new high-end display standard, emphasizing Hisense's leadership in display technology and its global market presence [2][4]. - Hisense's RGB-Mini LED technology features significant advancements, including a custom "Linglong True Color Backlight" system and an upgraded AI picture quality chip, enhancing color purity and brightness control [4][5]. Group 2: Market Position and Sales Performance - Hisense dominates the global RGB-Mini LED television market, accounting for nearly 90% of sales and revenue, indicating strong consumer preference for its products [11]. - The RGB-Mini LED technology has become the preferred choice in the high-end television market, with Hisense achieving over 90% market share in the segment of 85-inch TVs priced above 20,000 yuan during the 2025 Double 11 shopping festival [11]. - Predictions indicate that global RGB-Mini LED television shipments could surge to 500,000 units in 2026, representing a 25-fold year-on-year increase, as major brands like Samsung and Sony enter the market [11]. Group 3: AI Integration in Daily Life - Hisense is integrating AI technology into various aspects of home life, including AI washing machines that create customized washing plans based on user input and smart energy management systems that optimize energy use [10]. - The company is also launching AI-powered products for the 2026 FIFA World Cup, enhancing the viewing experience with features like AI sports mode and smart food management in refrigerators [9][10]. - Hisense's second-generation humanoid robot, Harley, and the family companion robot, Beta, showcase the company's commitment to AI in enhancing user interaction and home safety [10]. Group 4: Long-term Strategy and Innovation - Hisense's strong performance at CES 2026 reflects its long-term focus on technological innovation, high-end product development, and global market expansion [11][12]. - The company has filed 179 patents related to RGB-Mini LED technology, demonstrating its commitment to advancing the display industry and contributing to a global display revolution [11]. - Hisense's achievements in display technology, including winning the CES 2026 Best Innovation Award for its 163-inch four-color Micro LED television, highlight its innovative capabilities and market leadership [11].