Core Viewpoint - The recognition of Hisense Visual as a "Best Practice Case for Corporate Governance" by the China Listed Companies Association highlights its strong governance framework and commitment to sustainable development [1][5]. Group 1: Corporate Governance - The evaluation aims to promote compliance and effective operation of corporate boards, enhancing governance efficiency and demonstrating exemplary practices in the capital market [3]. - Hisense Visual has established a robust governance system, emphasizing transparency and professionalism, which has improved its information disclosure and market understanding [3][4]. - The company integrates ESG requirements into its operational and incentive systems, creating a positive cycle between responsible governance and value growth [3]. Group 2: Financial Performance - For the first three quarters of 2025, Hisense Visual reported a revenue of 42.83 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 1.63 billion yuan, up 24.3%, indicating enhanced profitability [4]. - The company's strong performance reflects the synergy between its optimized governance structure and strategic execution [4]. Group 3: Technological Innovation - Hisense Visual has launched the world's first "RGB 3D Color Control LCD Display Technology," overcoming key technological challenges and enhancing its competitive edge in the high-end market [4]. - The U7S Pro model quickly became a top seller within six weeks of its launch, contributing to a 60.43% market share in sales during the Double Eleven shopping festival for its RGB-Mini LED TVs [4]. Group 4: Future Outlook - Moving forward, Hisense Visual plans to deepen its board operations, strengthen strategic leadership, risk supervision, and sustainable development capabilities to drive global expansion and technological innovation [5].

Core Viewpoint - Hisense is driving development through technological innovation, having launched the world's first 116-inch RGB-Mini LED TV and RGB three-dimensional color control technology, positioning itself as a leader in the display technology industry and promoting China's technological advancement [1][3][5]. Group 1: Technological Innovation - Hisense adheres to a "technology-driven enterprise" strategy, focusing on user needs and pushing for high-end and intelligent upgrades through deep research and technological breakthroughs [2][6]. - The RGB-Mini LED technology represents a generational leap in display technology, achieving independent backlighting with red, green, and blue colors, and covering 97% of the BT.2020 color gamut, surpassing QD-OLED and QD-Mini LED technologies [5][8]. - Hisense's RGB three-dimensional color control technology has been recognized as a significant breakthrough, redefining high-end display standards globally [6][10]. Group 2: Industry Chain Collaboration - Hisense has integrated its technological and resource advantages across its supply chain, leading to the development of core chips that overcome commercial application barriers for RGB three-color LEDs [7][12]. - The company has established a complete industrial chain by investing in upstream enterprises, enabling it to extend its layout into the chip sector and achieve a unique position in LCD, laser, and LED technologies [7][8]. - Hisense has facilitated the international expansion of over 40 suppliers, enhancing their capabilities and market reach through collaboration [12][14]. Group 3: Ecosystem Development - Hisense emphasizes the importance of open collaboration in driving technological innovation and has built a vibrant ecosystem that benefits all participants [13][14]. - The company is transforming its supply chain management practices to enhance flexibility and responsiveness, ensuring a tightly integrated supply chain [12][13]. - By fostering a cooperative environment, Hisense has created a model of mutual growth and innovation, contributing to the sustainable development of the display industry [12][14].

Core Viewpoint - Hisense Visual has been recognized for its governance practices by winning the "2025 Best Practice Case for Listed Company Boards" award, reflecting its strong governance system and commitment to sustainable development [1][6]. Group 1: Governance and Recognition - The award aims to promote compliance and effective operation of listed company boards, enhancing governance efficiency and serving as a model for other companies [3]. - Hisense Visual has established a robust governance framework, focusing on transparency and professionalism, which has led to improved information disclosure and strategic understanding in the market [3][6]. - The company has received multiple accolades this year, including the "Tianma Award" and "Golden Bull Award," showcasing its high-level recognition from regulatory bodies and the capital market [1]. Group 2: Financial Performance - For the first three quarters of 2025, Hisense Visual achieved a revenue of 42.83 billion yuan, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of 1.63 billion yuan, with a growth of 24.3% [2][4]. - The improvement in profitability underscores the synergy between optimized governance and effective strategic execution [2]. Group 3: Technological Innovation - Hisense Visual has launched the "RGB 3D Color Control LCD Display Technology," overcoming key technological challenges and enhancing its competitive edge in the high-end market [4]. - The company has introduced the world's first RGB light color control AI quality chip and a new generation of RGB-Mini LED light-emitting chips, marking a significant advancement in display technology [4]. - The U7S Pro model quickly became a top seller within six weeks of its launch, contributing to a market share increase of 60.43% for Hisense's RGB-Mini LED televisions during the Double Eleven shopping festival [4]. Group 4: Future Outlook - Moving forward, Hisense Visual plans to deepen its board operations, enhancing strategic leadership, risk supervision, and sustainable development capabilities to create long-term value for shareholders, customers, and society [6].

Core Points - The U.S. International Trade Commission (ITC) has voted to initiate a Section 337 investigation into certain liquid crystal devices, components, and products containing them [1] Group 1: Investigation Details - The investigation is identified by the code 337-TA-1462 [1] - The investigation targets specific liquid crystal devices and their downstream products [1] Group 2: Defendants Listed - Multiple companies are named as defendants, including: - HKC Corporation Ltd. of China - Chongqing HKC Optoelectronics Technology Co., Ltd. of China - HiSense Group Co., Ltd. of China - VIZIO Holding Corp. of the U.S. - TCL Electronics Holdings Ltd. of Hong Kong - LG Electronics, Inc. of South Korea - Westinghouse Electric Corporation of the U.S. [2]

Core Insights - Monterrey is emerging as a key node in North American supply chains, driven by a shift from "efficiency-first" to "resilience-first" strategies in global supply chains [3][5] - The rise of Monterrey is not about replacing "Made in China" but rather represents a "China Plus" strategy, positioning itself as the "North American Dongguan" [3][5] Geopolitical and Economic Factors - Geopolitical tensions and the COVID-19 pandemic have prompted companies to seek manufacturing bases outside of China, with Mexico surpassing China as the largest source of imports to the U.S. in 2023 [5][6] - U.S. imports from China fell by 20% to $427.2 billion, while imports from Mexico reached $475.6 billion [5] - The USMCA agreement has provided policy certainty for local manufacturing, requiring a 75% North American content ratio for automobiles [5][6] Industrial Ecosystem Development - Monterrey is developing an industrial ecosystem similar to that of Dongguan, focusing on automotive, electronics, and renewable energy sectors [6][8] - Major companies like Tesla are investing significantly in Monterrey, creating a "magnet effect" that attracts other businesses [8][9] Chinese Investment in Monterrey - Chinese companies are increasingly establishing a presence in Monterrey to bypass USMCA barriers, with notable investments from Hisense and Trina Solar [10][11][12] - Estimates suggest that Chinese foreign direct investment (FDI) in Mexico could exceed $10 billion from 2023 to 2025, with a significant portion in Nuevo León, where Monterrey is located [13] Comparative Advantages and Challenges - Monterrey shares similarities with Dongguan, such as industrial clusters and competitive labor costs, but faces unique challenges like infrastructure limitations and water shortages [14][15][16] - The average manufacturing wage in Monterrey is projected to rise from $3.70 in 2023 to around $6.10 by 2025, posing a challenge for companies [16] Future Outlook - The emergence of Monterrey signals a restructuring of global supply chains into major regional hubs, with potential for "three major Dongguans" in North America, Europe, and Asia [18] - Companies must adapt to new risks and manage local relationships, emphasizing the importance of ESG and community engagement [17][19]

Core Viewpoint - Hisense is showcasing its RGB-Mini LED technology in Shanghai, collaborating with Adidas to enhance the viewing experience for the upcoming 2026 FIFA World Cup, emphasizing immersive display technology and vibrant colors [1][2]. Group 1: Event Highlights - The event features a theme of "Display, Interaction, Perception of the Future," highlighting advanced display technologies such as Micro LED, RGB-Mini LED, and laser display [1]. - Hisense's RGB-Mini LED television is presented as the official TV for the World Cup, integrating the event's three main colors and connecting it with the official match ball [1]. - Attendees, including many football fans, engaged with the Hisense RGB-Mini LED giant screen, enhancing the pre-event atmosphere [1]. Group 2: Technology Features - The RGB-Mini LED technology offers precise control over the brightness of red, green, and blue light sources, allowing for vivid colors without the need for quantum dots or other fluorescent materials [2]. - Hisense's flagship 116-inch UX model and the new U7S Pro with 4K 170Hz refresh rate provide an immersive viewing experience, particularly for sports events [2]. - A visual health zone was created, featuring a 150-inch screen and laser cinema technology, enhancing the viewing experience while prioritizing eye health [2]. Group 3: Future Outlook - The year 2026 is anticipated to be significant for global sports and gaming, prompting Hisense to accelerate the global adoption of RGB-Mini LED technology for enhanced home entertainment experiences [3].

【环球网科技综合报道】近日，以"显示·交互·感知未来"为主题，突出显示技术的沉浸式闪展在上海拉开帷幕。在此次闪展中，全球显示技术领导品牌海信 与国际运动品牌adidas联手，依托Micro LED、RGB-Mini LED和激光显示构筑的三大尖端显示技术矩阵，提前点燃2026年美加墨世界杯的观赛激情，为现场 观众带来一场前所未有的视听狂欢。 此外，现场还搭建了视觉健康区，全球首款150英寸屏幕发声激光电视探索X1 Ultra、更护眼的家庭影院星光S1 Pro亮相，打造了激光影院、世界杯氛围观赛 区等多维空间。其中，由150英寸探索X1 Ultra打造的海信激光影院，借助电影院同源技术、健康护眼体验，营造了大屏观影的绝佳氛围，引来现场观众的 称赞。 2026年将迎来全球体育和游戏大年。在此背景下，海信加速推动RGB-Mini LED技术的全球普惠，让更多家庭能够享受"原生色彩革命"带来的视觉狂欢，为 家庭娱乐体验翻开全新篇章。（古雨） 为让观众更深入感受这一技术魅力，海信特别为众多"画质党"提供了全方位了解RGB-Mini LED电视的深度体验。作为行业中最能还原大自然真实色彩的液 晶显示技术，海信RGB-Mi ...

Investment Rating - The report suggests a positive outlook for the home appliance industry, particularly for leading brands that are expected to achieve stable growth due to their integrated advantages and strong pricing power [5]. Core Insights - In October, home appliance exports faced pressure, with a year-on-year decline in quantity and value of -9.2% and -13.3% respectively. However, emerging markets showed robust growth, particularly in Southeast Asia and Africa [12][14]. - The report highlights that air conditioning exports in Southeast Asia led the growth, with a year-on-year increase of 13% in October [17]. - The overall market sentiment is slightly pressured for white goods and black goods, while kitchen and bathroom appliances are stabilizing at the bottom, and vacuum cleaners maintain high prosperity [4]. Summary by Sections 1. Home Appliance Export Performance - October saw a decline in air conditioner exports by 29.3%, while washing machine exports increased by 7.7%. The total export figures for refrigerators and televisions also showed declines of 5.5% and 3.1% respectively [12]. - Southeast Asia and Africa led the growth in exports, with Southeast Asia's cold appliance export value reaching approximately 6.7 billion yuan, up 14% year-on-year [14]. - North America, the Middle East, and Europe experienced significant declines in export values, with North America down 23% and Europe down 8% [15]. 2. Market and Sector Tracking - The Shanghai and Shenzhen 300 Index fell by 3.77%, while the home appliance index decreased by 2.30% during the week [23]. - Key raw material prices showed a slight decline, with copper and aluminum prices down by 1.05% and 1.16% respectively in the week of November 17-21 [25]. - The USD to RMB exchange rate was reported at 7.09, with a weekly increase of 0.21% [30]. 3. Investment Recommendations - The report recommends leading companies such as Hisense, Midea Group, Haier, and TCL Electronics for their potential in both domestic and international markets, especially as the U.S. enters a rate-cutting cycle which may boost demand for home appliances [5][44].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Market Overview - The black home appliance sector experienced a decline of 2.93% on November 21, with Chenyi Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance, with *ST Gauss rising by 0.64% to a closing price of 7.87, while Chenyi Intelligent fell by 6.16% to 34.87 [1] - Other notable declines included Sichuan Changhong down 3.82% to 9.56 and Zhaochi Co. down 4.39% to 5.88 [1] Capital Flow - The black home appliance sector saw a net outflow of 324 million yuan from main funds, while retail investors contributed a net inflow of 340 million yuan [1] - The capital flow data indicates that major funds withdrew significantly from several stocks, including Sichuan Changhong and Zhaochi Co., while retail investors showed interest in stocks like *ST Gauss and Sichuan Jiuzhou [2]