此次大会上，奥维云网以权威姿态为海信洗衣机冠上"三筒洗衣机首创者"之名，也将技术原点追溯至 2017年海信推出全球首台三筒洗衣机Master大师系列。该产品以"一机三筒"的创新架构，开创分区健康 洗护全新品类，成功解决了不同材质衣物分类洗涤的痛点，并于当年柏林IFA展斩获"产品设计创新金 奖"，成为中国制造在国际工业设计舞台上的高光时刻。 在2025年8月27日举行的奥维云网数字生态大会上，海信洗衣机凭借卓越的产品创新能力和市场表现， 成功摘得"热泵洗烘一体机主销价位销量第一"与"三筒洗衣机首创者"两项行业权威认证。这一成绩的取 得，标志着海信经过八年的技术积累和市场深耕，已然成为高端洗护领域的重要引领者。 海信棉花糖Ultra全家筒搭载自主研发的宙斯集成式热泵烘干系统，通过突破性设计将热泵模块体积压 缩至传统结构的三分之一，成功实现热泵系统在标准机身中的高效内置。不仅解决了行业长期面临的产 品安装空间难题，还实现了洗烘一体化的革命性突破，它可以以42℃低温柔烘技术，通过模拟自然风干 环境，能够细致呵护珍贵面料，避免高温导致的缩水、褪色问题。这项技术创新为用户带来了实实在在 的生活便利。对于担心高档丝绸衬衫、 ...

丨证券研究报告丨 公司研究丨点评报告丨海信视像（600060.SH） [Table_Title] 全球市场地位稳固，2025Q2 经营利润显著改善 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 272.31 亿元，同比增长 6.95%；归母净利润 10.56 亿元， 同比增长 26.63%；扣非归母净利润 8.12 亿元，同比增长 26.57%。其中，2025 年第二季度， 公司实现营收 138.55 亿元，同比增长 8.59%；归母净利润 5.02 亿元，同比增长 36.82%，扣 非归母净利润 3.60 亿元，同比增长 36.71%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信视像（600060.SH） cjzqdt11111 [Table_Title2] 全球市场地位稳固，2025Q2 经营利润显著改善 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025 年上半年，公司实现 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 海信视像系全球电视龙头，在产品升级、全球渠道扩张、面板价格趋稳回落下，发展持续向好。维持盈利预测，预计公司2025-2027年归母净利润为25.9/29.1/32.0亿，增速为15%/12%/1 Q2经营业绩加速增长，盈利能力提升。公司2025H1实现营收272.3亿/+7.0%，归母净利润10.6亿/+26.6%，扣非归母净利润8.1亿/+26.6%。其中Q2收入138.6亿/+8.6%，归母净利润5.0 电视行业销量稳定，结构升级趋势明显。2025H1全球电视出货量9457万台/+0.1%，其中国内出货1710万台/+2.4%(Omdia数据)；国内电视零售额同比增长7.5%至561亿(奥维云网数据)。电 预计公司内销量价齐增，各区域结构持续优化。2025H1公司全球市占率进一步提升，海信系全球出货量市占率14.4%/+0.6pct；国内零售额/零售量市占率30.0%/25.7%，位居国内首位。在 新显示业务增长良好。H1公司新显示新业务收入34.3亿/+7.4%，其中激光显示发布亮度1000nits的激光电视，持续开拓商用、车载场 ...

Investment Rating - The investment rating for Hisense Visual (600060.SH) is "Outperform the Market" [6][29]. Core Views - The company achieved accelerated revenue growth in Q2 2025, with a total revenue of 27.23 billion (+7.0%) and a net profit attributable to shareholders of 1.06 billion (+26.6%) for H1 2025. Q2 revenue reached 13.86 billion (+8.6%) with a net profit of 500 million (+36.8%) [1]. - The global TV industry shows stable sales with a clear trend towards structural upgrades, with global TV shipments at 94.57 million units (+0.1%) in H1 2025, and domestic shipments at 17.1 million units (+2.4%) [2]. - The company is expected to see both volume and price increases in domestic sales, with a projected improvement in market share and product structure, particularly in larger screen sizes and Mini LED products [3]. - New display business is performing well, with revenue of 3.43 billion (+7.4%) in H1 2025, driven by laser displays and commercial displays [4]. - The company maintains a positive outlook on profitability, with an expected net profit growth of 15% for 2025, 12% for 2026, and 10% for 2027, alongside a stable PE ratio [4][5]. Summary by Sections Financial Performance - In H1 2025, Hisense Visual reported a revenue of 27.23 billion (+7.0%) and a net profit of 1.06 billion (+26.6%). Q2 alone contributed 13.86 billion in revenue (+8.6%) and 500 million in net profit (+36.8%) [1]. - The gross margin improved to 16.4% (+1.0 percentage points) in H1 2025, with Q2 gross margin at 16.8% (+1.4 percentage points) [4]. Market Trends - The global TV market is experiencing a shift towards larger screens and Mini LED technology, with global shipments of Mini LED TVs increasing by 150% and over 200% in China [2]. - Hisense's market share in global shipments reached 14.4% (+0.6 percentage points), with domestic retail sales share at 30.0% and retail volume share at 25.7% [3]. Future Projections - The company forecasts net profits of 2.59 billion, 2.91 billion, and 3.20 billion for 2025, 2026, and 2027 respectively, with corresponding growth rates of 15%, 12%, and 10% [5]. - The expected PE ratios for the next three years are 11, 10, and 9 times [4][5].

Market Overview - The black home appliance sector experienced a decline of 0.99% on August 27, with Chenyi Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - Tongzhou Electronics (002052) rose by 3.45% to a closing price of 18.30 [1] - Zhaochi Co. (002429) increased by 1.43% to 5.66 [1] - ST Gauss (002848) fell by 0.36% to 8.33 [1] - Sichuan Jiuzhou (000801) decreased by 0.77% to 18.00 [1] - XGIMI Technology (688696) dropped by 0.97% to 125.18 [1] - Hisense Visual (600060) declined by 1.26% to 21.87 [1] - Skyworth Digital (000810) fell by 1.58% to 12.49 [1] - Jiulian Technology (688609) decreased by 1.92% to 11.78 [1] - Sichuan Changhong (600839) dropped by 2.70% to 11.90 [1] - Chenyi Intelligent (301578) fell by 3.19% to 37.58 [1] Capital Flow - The black home appliance sector saw a net outflow of 324 million yuan from institutional investors and 145 million yuan from retail investors, while retail investors had a net inflow of 468 million yuan [1] - Detailed capital flow for selected stocks includes: - Skyworth Digital (000810) had a net inflow of 31.72 million yuan from institutional investors [2] - Sichuan Jiuzhou (000801) saw a net inflow of 14.76 million yuan from institutional investors [2] - XGIMI Technology (688696) had a net inflow of 12.84 million yuan from institutional investors [2] - Chenyi Intelligent (301578) experienced a net outflow of 2.47 million yuan from institutional investors [2] - Hisense Visual (600060) faced a significant net outflow of 33 million yuan from institutional investors [2] - Tongzhou Electronics (002052) had a net outflow of 80.57 million yuan from institutional investors [2]

Group 1 - The core viewpoint of the news is that brokerage ratings are crucial for investors, with nearly 200 A-share listed companies receiving "buy" ratings on August 27, focusing on industries such as software development, chemical pharmaceuticals, gaming, chemical raw materials, beauty care, home appliances, and liquor [1][4]. Group 2 - Kingsoft Office received significant attention from brokerages, with eight reports in the past month, ranking first among stocks promoted by brokerages on August 27. The report from Cinda Securities highlighted a noticeable recovery in revenue growth and the positive impact of AI on efficiency [4][5]. - East China Pharmaceutical also garnered attention, with eight brokerage reports in the past month. Southwest Securities projected EPS for 2025-2027 to be 2.31 yuan, 2.48 yuan, and 2.71 yuan, maintaining a "buy" rating [4][5]. - Gigabit received multiple brokerage reports, indicating strong performance and growth potential in the gaming sector [4][5]. - Other companies such as Hualu Hengsheng, Marubi Biotechnology, Hisense Visual, Huadian Co., Ltd., Jianshiyuan, Poly Development, and Tongli Co., Ltd. also received attention from various brokerages in the past month [5].

开源证券研报指出，海信视像2025Q1/2025Q2公司营收133.75/138.55亿元（同比分别 +5.31%/+8.59%），归母净利润5.54/5.02亿元（+18.61%/+36.82%），扣非归母净利润4.5/3.6亿元 （+19.52%/+36.67%）。受益于以旧换新政策以及结构调整拉动中高端产品增长，2025Q2内销延续较好 增长态势且内外销盈利持续提升，内销高端化升级叠加海外抢占韩系市场份额，长期继续看好公司盈利 稳健增长，维持"买入"评级。展望后续，内销通过推新卖贵以及联合渠道推动产品高端化或改善国补退 坡带来的负面影响，同时继续看好外销渠道深化+赛事营销驱动规模稳步增长，抢占韩系品牌市场份 额。 ...

8月22日，由中国家电网主办的"创异破局·智启新程 2025-2026中国空调行业高峰论坛"在长春举行。奥 维云网现场发布最新数据：2025冷年，中国家用空调销售19569万台，同比增长11.5%，其中，1-7月国 内空调市场零售量、额分别同比增长16.7%和13.8%。国补政策与极端高温叠加，催生"全民空调刚 需"新周期。 在这场行业大会上，海信空调以"健康新风+睡眠场景"解决方案获得行业关注，荣获"2025-2026年度中 国空调行业健康新风领军品牌"称号，旗下新风系列产品也双双加冕，海信新风空调X7Pro荣膺"中国空 调行业母婴级空调领军产品"称号，海信新风空调X3Pro获得"中国空调行业睡眠级空调领军产品"荣誉， 以实力定义健康睡眠呼吸新标准。 政策+热浪：空调进入全民刚需时代 今年夏天的极端高温天气，使得传统凉夏地区也开始购买空调，气候异常打破了地域消费惯性，中国家 用电器协会秘书长王雷建议空调企业既要盯牢固有市场的以旧换新需求，也要不失时机拓展新的地区市 场；奥维云网白电事业部副总裁何金明认为，国补政策叠加极端高温的确是今年量额齐升的核心推手， 政策明确向绿色节能、健康、智能产品倾斜，新风、0风感 ...

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Core Insights - The report highlights the robust performance of various sectors, particularly in electric equipment, coal, and healthcare, indicating potential investment opportunities in these areas [6][9][11]. Industry Commentary Electric Equipment and New Energy - UBTECH leads the establishment of two national technical standards for humanoid robots, indicating a strong push towards innovation in robotics [6]. - The China Photovoltaic Industry Association (CPIA) emphasizes the need for self-regulation to maintain fair competition in the photovoltaic market, urging companies to adhere to legal standards and avoid price wars [6]. - The price of polysilicon remains stable, with a current average of 44.0 CNY/kg, supported by production cuts from leading companies [6][10]. Coal Industry - The trend of shrinking coal imports has slowed, with July 2025 showing a year-on-year decrease of 22.94% but a month-on-month increase of 7.78% [9][12]. - The average import price for coal is reported at 67 USD/ton, reflecting a downward trend compared to the previous year [12]. Healthcare Sector - The report on Kaineng Health indicates stable performance with significant potential in the health sector, driven by high-margin terminal services [11][13]. Machinery and Equipment - Jinxi Axle reported a significant turnaround with a net profit of 13.90 million CNY in H1 2025, driven by high growth in railway vehicle contributions [23][25]. - Hangcha Group's revenue reached 9.30 billion CNY in H1 2025, with a notable increase in both domestic and export sales of forklifts [26]. Aerospace and Defense - AVIC Shenfei's contract liabilities increased significantly, indicating strong future demand for military aircraft, particularly the J-16 and J-35 models [28][31]. Chemical Industry - LUXI Chemical reported stable revenue growth, with a focus on transitioning from single-agent to compound agents, reflecting a strategic shift in product offerings [40]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the electric equipment sector, such as Aiko and Longi Green Energy, and those involved in coal production like Huayang Co. and Jinkong Coal [8][12][26]. - In the healthcare sector, companies like Kaineng Health are recommended due to their promising growth in high-margin services [11][13].