Core Viewpoint - Hisense Refrigerator has become the global official partner for the 2025 FIFA World Cup, aiming to leverage the event for brand exposure and to promote its core technology of "vacuum preservation" [1][3]. Group 1: Company Strategy - Hisense has a history of engaging in high-profile football sponsorships, starting from being the first Chinese top sponsor of the European Championship in 2016, showcasing its innovative capabilities and ambition [3]. - The marketing strategy has evolved from simple advertising to conveying core technological concepts through visual symbols, effectively reaching global football fans [4]. Group 2: Technology and Innovation - The vacuum magnetic preservation technology developed by Hisense represents a significant advancement over traditional refrigeration methods, effectively delaying oxidation and preserving the moisture and nutrients of food [3]. - Hisense positions itself as a leader in the industry by being a standard setter for "Vacuum Preservation Chambers for Refrigerators," highlighting its technological prowess [3]. Group 3: Marketing Impact - The brand aims to make the concept of "vacuum preservation" resonate with audiences during the World Cup, using innovative marketing tactics to enhance brand recognition [4]. - Hisense's participation in the World Cup is seen as a strategic move to showcase Chinese manufacturing intelligence on a global stage [4].

Core Viewpoint - Hisense has achieved a leading position in the global market for 100-inch televisions, with a market share of 56.71% in the first quarter of 2025, indicating strong brand recognition and sales performance in this segment [1] Group 1 - Hisense is the first official partner of the 2025 FIFA Club World Cup, enhancing its visibility and brand association with a major global sporting event [1] - The company promotes its 100-inch television as the "Global No.1" during the tournament, emphasizing its market leadership [1] - Omdia's data shows that Hisense holds a 56.69% market share for televisions 100 inches and above, reinforcing its dominance in the large-screen segment [1]

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% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].

Core Viewpoint - The article discusses the resurgence of nostalgia for old appliances in China, highlighting the emotional connection consumers have with durable products like air conditioners, which have stood the test of time and technological advancements [2][3][4]. Group 1: Market Dynamics - The air conditioning market is experiencing intense competition, with significant price reductions observed. For instance, the average online retail price of air conditioners dropped by 1.9% year-on-year in Q1 2025, with some individual products seeing price declines exceeding 10% [7][8]. - The 1.5-horsepower wall-mounted air conditioners accounted for 54% of online retail sales, with a year-on-year price drop of 5% [8]. - The trend of "price wars" has led some manufacturers to compromise on quality, resulting in a potential "trust crisis" among consumers regarding the air conditioning industry [8]. Group 2: Technological Advancements - Hisense is focusing on technological upgrades rather than engaging in price wars, emphasizing the importance of quality and innovation in the air conditioning sector [9][21]. - The introduction of the "Chinese Variable Frequency Chip" marks a significant technological advancement, showcasing Hisense's commitment to self-research and development in core technologies [12][16]. - Hisense has developed a fully self-researched variable frequency architecture, which includes proprietary chips and algorithms, ensuring independence from foreign imports [13][14][16]. Group 3: Product Features and Benefits - Hisense's new air conditioning systems feature advanced technologies such as the "Xinxin Ice Vein System," which allows stable operation even at high temperatures of 68 degrees Celsius [17]. - The "King Kong Cabin" outdoor unit promises durability with a 10-year guarantee against leaks and rust [18]. - Energy-saving capabilities are enhanced with AI algorithms, allowing for up to 53% energy savings during operation, significantly reducing electricity costs for consumers [19][20]. Group 4: Historical Context and Industry Impact - Hisense has a long history in the variable frequency air conditioning market, having established the first production line in China in 1996 and launching the first variable frequency air conditioner in 1997 [23][24]. - Over 29 years, Hisense has evolved its technology through multiple generations, establishing itself as a leader in the industry and pushing for a shift from price competition to quality competition [24][32]. - The recent launch of the variable frequency architecture is seen as a culmination of Hisense's technological efforts and is expected to set new standards in the global air conditioning market [27][34].

Core Viewpoint - The article highlights Hisense's significant role as the global official partner for the 2025 FIFA Club World Cup, showcasing its 100-inch flagship screen technology and marking a breakthrough for Chinese technology in the global sports industry [1][6]. Group 1: Hisense's Product Features - Hisense's 100-inch U8Q screen is recognized as the world's best-selling large screen, providing an immersive viewing experience that transforms living rooms into VIP stadium seats [3][8]. - The U8Q features the first AI picture quality chip, enabling superior color control and clarity, enhancing the viewing experience even in challenging lighting conditions [3][4]. - The screen boasts a 330Hz refresh rate, ensuring zero latency and smooth motion, which is crucial for fast-paced sports viewing [3][4]. Group 2: Market Position and Strategy - Hisense holds a dominant position in the global 100-inch TV market, with one in every two sold being a Hisense product, reflecting the company's strong market presence [8]. - The partnership with FIFA represents a strategic evolution for Hisense, transitioning from a mere event exhibitor to a key technology provider in the global football industry [6][8]. - The ongoing promotional campaign, "百吋风暴 此刻是WALL," aims to encourage consumers to upgrade to Hisense's large screens, further solidifying its market leadership [8].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The home appliance industry is witnessing a strategic upgrade with the creation of executive "IP" by leading companies like Haier and Midea, enhancing direct interaction with consumers through social media platforms [2][4][26] - This approach allows for a restructured market research process in product design, providing consumers with a greater sense of participation and improving brand recognition through the personal charisma of executives [2][4][26] Summary by Sections Executive "IP" Development - Haier and Midea are actively developing executive "IP" to enhance brand influence, with executives engaging on social media platforms to connect with consumers [4][16] - The strategy aims to create a more relatable corporate image, allowing consumers to better understand the company's culture and values [4][26] Capturing Consumer Demand - In the current market, home appliance companies face higher demands for product innovation and consumer engagement, with social media providing a platform for direct communication [5][27] - The example of Haier's three-tub washing machine illustrates how consumer feedback can lead to rapid product development, achieving over 88,000 pre-orders within a week of launch [5][30] Brand Image and Trust - The creation of executive "IP" enhances brand image and fosters emotional connections with consumers, breaking down barriers between executives and the public [6][38] - Executives' personal engagement on social media can significantly boost brand recognition and consumer trust, as seen with Haier's CEO gaining popularity through relatable content [6][38] Investment Recommendations - In light of potential uncertainties, the report suggests focusing on companies with lower exposure to U.S. tariffs and strong domestic sales supported by government subsidies, such as Gree Electric, Hisense Home Appliances, and Midea Group [7][41] - Companies with significant domestic production capacity and compliance with trade agreements are also highlighted as strong investment opportunities [7][41]

Group 1 - The core logic of Hisense's strategy is to capture user demand and lead consumption upgrades through high-end products in a rapidly changing market [1] - Consumers are increasingly seeking higher quality, experience, and technological integration in their products, moving from basic functionality to a desire for smart and durable solutions [1] - Hisense has established a multi-dimensional user insight system to accurately capture user needs through big data analysis, user surveys, and experiential feedback [1] Group 2 - Hisense leverages over 50 years of technological expertise in display technology, refrigeration, and smart interaction to drive innovation [1] - The company integrates advanced technologies, such as AI picture quality chips and vacuum magnetic preservation technology, to enhance user experience and add value to high-end appliances [1] - Hisense aims to create a "smart home" ecosystem by connecting various products like TVs, refrigerators, air conditioners, and kitchen appliances, enhancing the overall high-end experience [2] Group 3 - The future vision of Hisense is to continue focusing on user needs and technological innovation to create a high-end consumption upgrade circle, allowing more users to enjoy a high-quality lifestyle [2]

搬进了新房，张先生看着旧家电总是"不顺眼"，冰箱、空调、洗衣机功能单一、能耗高，外观与新家装 修风格不相符。 家住山东济南莱芜区的张先生是一位个体店主，今年换了房，赶上"以旧换新"政策，想换一套更好的家 电。 一家人来到家电卖场，一边逛一边看，一套淡雅的乳白色智能家电进入视野。"有东方审美韵味，和家 里的装修风格也很搭。"张先生心动了。 让张先生一家驻足的，是海信集团推出的高端家电璀璨套系，在功能、舒适度、外观、智能化方面有了 全面升级。 "近年来，国内消费者对生活品质的追求不断提升，家电需求也在持续升级。"海信中国区营销总部助理 副总裁李龙说，以电视为例，过去一年，31万中国家庭选择了百英寸电视，环比增长近3倍。 "越来越多的消费者不仅要求产品功能强大，而且要有情感连接。高端消费需求旺盛，如果国内家电品 牌无法跟上这部分需求，消费者只能将目光投向进口品牌。"李龙说。 在青岛海信视像智能工厂内，一台台电视正沿全自动生产线流转。机械臂将灯条精确摆放到背板上，六 轴机器人灵活将面板与背光卡合，高精度色彩分析仪对产品逐一进行画质调试，AI语音实时播报生产 进度，装配、检验、自校……穿梭之间，自动化生产线"吐"出一台 ...

Core Insights - The smart home industry is accelerating towards intelligence, greenness, and globalization, driven by AI technology [1][3] Group 1: AI Empowerment Across Industries - The smart terminal industry is undergoing a profound transformation driven by AI technology, with companies like Hisense leading the way in integrating display technology and AI interaction [3] - Hisense has developed RGB Mini LED liquid crystal modules and AI quality chips, enhancing color coverage and reducing energy consumption [3] - Rongtai Health integrates AI throughout its health services, using AI algorithms in massage chairs to create personalized experiences and improving production efficiency through AI industrial systems [3] - Sichuan Changhong is implementing AI across product development, manufacturing, and management, enhancing operational efficiency and reducing costs [4] - Jinhai High-Tech is advancing digital transformation through a comprehensive digital workshop management system and predictive maintenance using IoT technology [4] - Wanlong Magnetic Plastic is embracing the transformation in the home appliance industry by increasing R&D investment to enhance innovation capabilities [4] Group 2: Global Expansion Strategies - The globalization of China's home appliance industry presents opportunities for suppliers with international layouts, as highlighted by Wanlong Magnetic Plastic's expansion into 10 countries with 16 production bases by the end of 2024 [5] - Rongtai Health is enhancing global supply chain resilience with a new factory in Thailand expected to be operational by the end of 2025, while also strengthening partnerships with clients in the U.S. and other regions [5] - Sichuan Changhong has established R&D bases in the U.S., Spain, and the Czech Republic, and manufacturing bases in Mexico and Vietnam, aiming for coordinated development across the entire value chain [5] - Jinhai High-Tech has set up R&D and marketing centers in Thailand and Japan, achieving overseas revenue of 459 million yuan in 2024, a year-on-year increase of 16.99% [6] - Hisense is advancing its global strategy by enhancing product quality and brand influence through major sporting events and collaborations with various brands [6]

Core Insights - The 75,052nd China-Europe Railway Express train departed from Qingdao, marking a significant milestone with over 110,000 trains operated and a total cargo value exceeding $450 billion [2][4] - Shandong province has established itself as a key node in the Belt and Road Initiative, with the China-Europe Railway Express serving as a vital international logistics channel connecting Northeast Asia with Europe and Central Asia [2][3] Summary by Sections Train Operations - The latest train carried goods worth nearly 20 million yuan, including LCD displays and refrigerators, and is expected to reach Europe in 17 days [2] - Since October 2018, Shandong has implemented a coordinated operation model for the China-Europe Railway Express, increasing the annual train count from fewer than 200 to a projected 2,200 by 2024 [2][3] Network Development - Shandong has built a "2+4+N" domestic and international service network, with two domestic consolidation centers in Jinan and Qingdao, and four overseas consolidation centers in Kazakhstan, Serbia, Russia, and Laos [3] - The international operation routes of the Shandong China-Europe Railway Express have reached 56, connecting 59 cities in 27 Belt and Road countries [3] Logistics Services - The railway has enhanced its logistics services by introducing cold chain trains to export fresh vegetables and seafood, with regular operations established from cities like Qingdao and Jinan [3] - New business models such as "train + cross-border e-commerce" and "train + supply chain finance" have been launched, serving over 20,000 foreign trade enterprises and achieving an export-import value exceeding 120 billion yuan [3][4] Return Train Operations - The return train operations have significantly increased, with the number of return trains rising from 93 in 2019 to 1,058 by 2024, and the proportion of return trains increasing from 9.4% to 47.7% [4] - The types of goods transported on return trains have expanded from initial products like boards and cotton yarn to include paper, grains, petroleum coke, and coal [4]