Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].

Group 1 - The FIFA Club World Cup 2025 has opened in the United States, with Hisense as the first official global partner, showcasing its 100-inch TV technology and providing support for VAR technology [1][2] - Hisense's 100-inch TV has achieved a global market share of 56.71% in Q1 2025, reflecting significant growth and innovation in the Chinese smart home appliance industry [1][4] - The trend towards larger screen sizes in televisions is driven by consumer demand for enhanced viewing experiences, with 100-inch TVs becoming increasingly popular [2][3] Group 2 - The global shipment of TVs larger than 80 inches is expected to exceed 9 million units by 2025, with a compound annual growth rate of 10.5% over the next three years [3] - In the North American and European markets, there is a growing demand for large-screen TVs due to larger living spaces and increased home entertainment needs [3] - Hisense has positioned itself as a leader in the 100-inch TV market, with a year-on-year sales increase of 179.30% in Q1 2025, significantly outpacing industry growth [4][5] Group 3 - Hisense's success in the 100-inch TV segment is attributed to its deep understanding of consumer needs, technological innovation, and comprehensive product offerings [5][6] - The company has made significant advancements in RGB-Mini LED technology, achieving breakthroughs in color control and display quality [6][7] - Hisense's innovations in display technology have positioned it as a leader in the global market, marking a shift from being a follower to a definitional player in the industry [7][8]

北京时间6月16日,2025 FIFA世俱杯B组小组赛迎来一场焦点对决,"欧冠新王"巴黎圣日耳曼对阵"西甲劲 旅"马德里竞技。在这场备受瞩目的比赛中,本届赛事首个通过VAR判罚而被吹掉的进球诞生。 比赛进行到下半场第58分钟,马竞球员亚历克西斯·阿尔瓦雷斯推射破门,但VAR裁判组通过海信专用显示 设备进行视频回放时,精准捕捉到进球发起前,马竞球员科克存在蹬踏对手脚踝的隐蔽犯规动作。主裁判 经现场回看后,最终判定进球无效。 从"海信100吋,世界第一"广告口号再度刷屏,到显示技术助力VAR精准判罚,海信深度绑定顶级体育赛事 的策略成效显著。数据显示,从欧洲杯到世界杯再到本届世俱杯,海信的全球营收实现翻番,海外收入增长 3倍;更重要的是,海信自主品牌在海外市场的占比从51.8%大幅跃升至85.6%,实现了从"产品出海"到"品牌 出海"再到"技术标准出海"的关键跨越。 此次助力世俱杯裁判做出关键判罚的,是世俱杯历史首个VAR显示官方合作伙伴——海信电视。这是继 2024年欧洲杯为VAR裁判总部提供核心显示技术支持后,海信再度深度参与世界顶级足球赛事的裁判判 罚环节,代表着其显示实力获得了国际足联的权威认可。海信的角 ...

主持人丨张涛 制片人|李念雪 当电视行业面临新挑战，海信以激光显示、RGB-Mini LED、AI大模型破局，全球出货量份额剑指第一，海信如何用技术创新向高端市场跃升？显示行业正 在发生哪些变革？凤凰网财经《封面》与海信视像科技总裁李炜就海信的跨界举动及显示产品应用展开对话。 出品|凤凰网财经《封面》 以下内容整理自采访实录： 凤凰网财经《封面》：我看到海信视像其实有很多跨界举动，包括在产品上往体育领域延伸。 李炜：显示产品其实一直在尝试给用户提供客厅以外的价值。有了AI技术之后，这种跨界变得越来越有可能。大家可能觉得显示企业就只提供客厅用的电 视，但其实我们也在用VR眼镜配合工业场景。比如工厂里焊接有一定安全隐患，我们用VR眼镜做虚拟培训，用户戴上眼镜就像进入焊接环境，手里拿个操 作柄就像焊枪。 再比如，我们还用VR眼镜给煤矿工人做安全培训，告诉他们进入矿井后要注意哪些事项、哪些装置不能动，遇到危险该怎么做。 凤凰网财经《封面》：效率也提升了。 李炜：对。而且我们的显示产品还和医疗结合，能给医疗专家资源稀缺的乡镇城市提供远程诊疗服务，让这些地方的患者能享受和大城市一样的专家医疗资 源。这些都是我们可以去想象 ...

Core Viewpoint - The television industry is facing new challenges, but Hisense is leveraging technological innovations such as laser display, RGB-Mini LED, and AI models to enhance its market position and target high-end markets [2][3]. Group 1: Market Trends and Consumer Behavior - The global display industry has entered a phase of stock competition, with market size stabilizing and competition shifting from technical parameters to user scenarios and ecosystem value [3]. - Hisense's sales of co-branded products related to the game "Black Myth: Wukong" surged by 56% month-on-month, and transaction volume on JD.com increased by 13% year-on-year, indicating a strong consumer demand for high-quality visual experiences [2][4]. - The shipment of 100-inch televisions has skyrocketed by 400%, reflecting a growing consumer preference for larger screens [2][4]. Group 2: Product Innovation and Strategy - Hisense aims to redefine user interaction with screens through a comprehensive innovation matrix that includes display technology, chips, cloud services, and operating systems [3][6]. - The company has introduced solutions for various scenarios, such as kitchen displays and heads-up displays (HUD) in vehicles, emphasizing the concept of "display everywhere" [6][7]. - Hisense's laser display products are energy-efficient, consuming only about one-third more power than traditional LCD TVs, making them suitable for energy-conscious applications in electric vehicles [8][9]. Group 3: Future Directions - The company is committed to continuous product development and innovation in display technology to meet the evolving needs of consumers across different environments, including home, commercial, and automotive [10].

Core Viewpoint - The article discusses how Hisense is leveraging technological innovation, such as laser display and AI models, to enhance its position in the high-end market and aims for the top global market share in the display industry [2]. Group 1: Globalization and Localization - Hisense emphasizes the importance of local talent development in its global operations, with over 80% of engineers in its Mexican factory being local hires, while only 1.5% of the workforce is from China [2][3]. - The company believes that a global brand must have a global manufacturing layout to effectively respond to diverse regional market demands and consumer needs [2][3]. - Hisense has established manufacturing bases in countries like Mexico, Slovenia, and South Africa, integrating production, sales, and research to adapt to local market dynamics [3][4]. Group 2: Long-term Strategy and Commitment - The company highlights the necessity of having a long-term strategic goal and positioning for sustainable development in foreign markets [4]. - Building trust with local teams is crucial, as demonstrated by Hisense's efforts to integrate with the local workforce in Mexico after acquiring a factory from Sharp [4][5]. - Hisense stresses the importance of localizing the supply chain and enhancing regional manufacturing competitiveness to ensure better growth prospects [5].

Core Viewpoint - The television consumption has entered an era where the size of the screen should match the size of the wall, indicating a shift in consumer preferences towards larger screens and high-quality visual experiences [2][5][6]. Group 1: Market Trends and Performance - In 2024, the global television market is expected to reach 208 million units, with a year-on-year growth of 3.48%, driven by major sports events [1]. - Hisense's market share in the global display sector has surpassed 30%, with the company maintaining a strong position as the second-largest player globally [1][3]. - The sales of 100-inch televisions have surged by 400%, reflecting a growing consumer demand for larger screens [5][6]. Group 2: Technological Innovations - Hisense has introduced the world's first RGB-Mini LED television, showcasing its commitment to technological differentiation and innovation [4]. - The company has achieved a significant market share in laser display products, holding nearly half of the market [4]. - Hisense is focusing on user-centered solutions, addressing consumer pain points through products like mobile smart screens and laser projectors [4]. Group 3: Marketing and Brand Positioning - Hisense leverages sports marketing by sponsoring major events like the World Cup and European Cup to enhance its global brand presence [1][2]. - Collaborations with popular games and esports have led to a 56% increase in sales for co-branded products, indicating effective engagement with younger audiences [5][6]. Group 4: Future Directions and Sustainability - The company is committed to integrating display technology into various environments, including homes, businesses, and vehicles, promoting a vision of "display everywhere" [6][7]. - Hisense has established a zero-carbon factory, with 100% of its energy sourced from green electricity, reflecting its commitment to sustainable manufacturing practices [20][22]. - The company aims to enhance its competitive edge through digital transformation and automation in manufacturing processes [20][22].

凤凰网财经《封面》：所以您认为未来，比如五年、十年，理想中的电视产品需要具备哪些特点？ 李炜：我觉得未来5到10年，首先从尺寸上来讲，要尽可能大，因为大尺寸能提供临场感、沉浸感。就像我们在电影院观影时，能深入到故事情节里，这首 先要求电视能提供高画质、高音质和足够大的显示形态。 第二，我觉得它必须具备一定的智能交互能力，可以解决用户除观影之外的其他生活需求。 第三，我觉得未来的产品形态可能不受限制。很多年轻人甚至不需要装电视墙，那产品形态会变成什么样呢？除了刚才我们讲到的移动智慧屏不需要电视 墙，我们的三色智能投影也是想搬哪就搬哪，不需要的时候就收纳进去，家里没有电视也不突兀，还能作为家居化的装饰产品。所以未来产品形态的创新非 常具有可实现性。 出品|凤凰网财经《封面》 主持人丨张涛 制片人|李念雪 当电视行业面临新挑战，海信以激光显示、RGB-Mini LED、AI大模型破局，全球出货量份额剑指第一，海信如何用技术创新向高端市场跃升？显示行业正 在发生哪些变革？本期凤凰网财经《封面》访谈，海信视像科技总裁李炜解码显示产业的"中国突围"。 (以下对话选自采访实录) 在屏幕不断创新的过程中，像海信这样的品牌厂商 ...

Core Insights - The article highlights Hisense's significant role as the first official partner of FIFA in China, showcasing Chinese display technology on a global stage [1] - The rapid growth in the sales of large-screen televisions, particularly 100-inch models, reflects a shift in consumer preferences towards immersive viewing experiences [3][4] - Hisense's market leadership in the 100-inch television segment is underscored by its 56.71% global market share, indicating its dominance in this category [4] Industry Trends - The average size of televisions in the Chinese market has increased to 63.5 inches, marking the transition into the era of large screens [3] - The global shipment of 100-inch televisions has surged over 100 times in the past three years, driven by advancements in 4K/8K content and gaming technology [3] - The demand for larger screens is not only prevalent in China but also in North America and Europe, where sports events are driving upgrades [3] Company Developments - Hisense's technological advancements include the RGB-Mini LED technology, which enhances picture quality and positions the company as a leader in display technology [6] - The integration of AI capabilities into Hisense televisions is transforming them into smart home hubs, enhancing user interaction and experience [7][8] - Hisense's commitment to high-end product development and display technology is reshaping consumer expectations and industry standards [9][10] Market Position - Hisense's success is indicative of a broader trend in the Chinese display industry, moving from low-cost manufacturing to high-value innovation [9] - The company's extensive product matrix of over 50 models in the 100-inch category caters to diverse global market needs, reinforcing its competitive edge [9] - Hisense's participation in high-profile events like the FIFA World Cup serves to elevate its brand recognition and showcase its technological prowess [10]

Core Viewpoint - Hisense has become the first official VAR display partner for the 2025 FIFA Club World Cup, marking a significant milestone for Chinese display technology on the global sports stage, supported by its 56.71% market share in the 100-inch TV segment as of Q1 2025 [1]. Group 1: Technological Innovation - Hisense has pioneered RGB three-dimensional color control technology, surpassing traditional backlight methods, and has set new benchmarks in DCI-P3 color gamut coverage and peak brightness [3]. - The company has established a comprehensive technology matrix that includes Mini LED, laser TVs, and MicroLED, allowing for modular customization and a wide range of products [3]. Group 2: User Experience Enhancement - Hisense aims to not only manufacture 100-inch TVs but also to provide the best picture quality and user experience, leading to significant sales growth in markets like Germany through localized product strategies [8]. - The company has integrated AI technology to enhance viewing experiences, such as real-time optimization for sports and improved visual angles for movie enthusiasts [8]. Group 3: Global Presence and Strategy - Hisense's global reach is evidenced by its technology support for the FIFA event in Miami, laser TV experience zones in Dubai, and high-end ULED X series in Paris, showcasing its "R&D-manufacturing-marketing" global system [11]. - The company has transformed the perception of 100-inch TVs from luxury items to standard configurations in 310,000 households globally, reflecting a significant shift in consumer behavior and industrial innovation [13].