Core Viewpoint - Hisense launched the world's largest and most advanced 116-inch RGB MiniLED TV in Dar es Salaam, Tanzania, showcasing its leadership in global technology and smart home solutions [1][2]. Group 1: Product Launch - The 116UX TV is the first large-sized television equipped with an RGB MiniLED backlight system, representing cutting-edge display technology [1]. - The TV features Hisense's seventh-generation self-developed image processing chip, Hi-View AI Engine X, which utilizes AI perception algorithms and 3D light color coordination to enhance color reproduction, brightness contrast, and energy efficiency [1]. Group 2: Strategic Goals - Hisense aims to become the number one home appliance brand in the Middle East and Africa by 2027, leveraging its advanced display and AI technologies to provide high-quality digital living experiences [1]. - The company emphasizes its commitment to long-term technological accumulation and continuous innovation to meet the needs of African users [1]. Group 3: Regional Development - Since entering the South African market in 1996, Hisense has established a manufacturing base in South Africa and plans to set up its first regional R&D center in Dubai by 2024 [2]. - Hisense's ConnectLife smart home platform integrates AI and IoT to enable interconnectivity among various home appliances, enhancing the smart living experience for African families [2]. Group 4: Corporate Philosophy - Hisense's approach in Africa focuses on a people-oriented strategy, emphasizing product quality, customer care, employee welfare, and social responsibility [2]. - The company aims to create shared value and benefit the Southern African society through its commitment to integrity and high-quality service [2].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry [6] Core Viewpoints - The first quarter results for home appliances generally exceeded expectations, with domestic sales expected to benefit from policy support. There is a notable performance differentiation in high-end positioning and cost-effectiveness. The air conditioning peak season is anticipated to benefit from higher temperatures and lower inventory levels, making the demand for home appliances in the second quarter promising [4][9] - In April, the export of white goods showed steady growth, indicating potential in emerging markets. The disruptions in exports to the U.S. are also expected to ease [4][9] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on quality white goods leaders that benefit from ongoing domestic policies and proactive overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [4] - It recommends companies that are reshaping their market share in mature overseas markets and have short-term global supply chain advantages, such as Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [4] - The report also highlights small appliance companies that are expected to benefit from national subsidy policies in the short term and enjoy demand dividends from emerging appliance categories in the medium to long term, recommending Stone Technology (688169, Buy) and Bear Electric (002959, Overweight) [4] Market Trends - Since May, many regions have experienced average maximum temperatures higher than in previous years, positively impacting air conditioning sales. The demand for air conditioning is closely related to temperature, with a significant increase in sales expected during the peak season from April to July [9] - In April, air conditioning exports reached 7.51 million units, a year-on-year increase of 12.1%, while washing machine exports grew by 10.9%. The export of refrigerators saw a slight decline [9][20] - The report indicates that the risk of a price war in the air conditioning market is manageable, with efficiency improvements and high-end upgrades occurring simultaneously. The average prices for air conditioners in April were 2,609 yuan online and 4,418 yuan offline, showing a slight decrease and increase respectively [9]

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Insights - The pool cleaning robot market is experiencing rapid growth, transitioning from the introduction phase to a fast-growing phase, with a projected global penetration rate of 28% by 2026 [2][16] - The global pool count is expected to increase from 28.88 million in 2021 to 36.92 million by 2026, with a compound annual growth rate (CAGR) of 5% [1][16] - The market size for pool cleaning robots is projected to reach approximately $3.1 billion by 2026, based on an estimated demand of 10.34 million units at an average price of $300 [2][16] Summary by Sections Market Growth - The demand for pool cleaning robots is driven by the increasing number of pools globally, particularly in the U.S., where the number of pools rose from 10.6 million in 2021 to over 19 million in 2022 [1][15] - The U.S. market is expected to lead in penetration rates, with projections of 39% by 2026 [2][16] Competitive Landscape - The market is highly concentrated, with the top 10 brands holding over 80% market share as of 2023, primarily dominated by brands like Dolphin, Polaris, BWT, and Hayward [3][19] - Chinese brands have gained significant market share, increasing from 15.9% in 2022 to 31% in 2023 on major platforms [3][19] Product Challenges - Current products face high levels of homogeneity, with common issues such as a lack of sensors and low levels of automation, which presents opportunities for innovation [4][22] - The leading manufacturer, Maytronics, has reported a double-digit revenue decline for the first time in five years, indicating a shift in the competitive landscape [4][25] Investment Recommendations - Recommended stocks include major appliance manufacturers such as Gree Electric, Midea Group, Hisense, and Haier, as well as smaller appliance companies like Ecovacs and Roborock [5]

Core Viewpoint - Hisense has been recognized for four consecutive years in the Fortune China ESG Impact List due to its outstanding performance in environmental improvement, employee protection, and community support [1] Group 1: ESG Commitment - Hisense has elevated ESG to a group strategy, establishing an ESG committee to oversee its implementation and has committed to achieving peak carbon emissions by 2026 and carbon neutrality by 2050 [1] - The company emphasizes long-termism in its operations, focusing on product quality, employee welfare, and social responsibility [1] Group 2: Green Innovation and Technology - Hisense prioritizes research and development of green technologies, integrating AI algorithms to enhance energy efficiency, with over 70% of its smart home appliances achieving first-level energy efficiency [2] - The company is expanding into smart buildings, energy management, and automotive electronics, contributing to a 30% reduction in energy consumption for ECO-B smart buildings [2] Group 3: Sustainable Manufacturing - Hisense has implemented measures to enhance environmental management and optimize production processes, resulting in a 17.3% reduction in comprehensive energy consumption per unit of output since 2020 [3] - The company has established a global "lighthouse factory," four zero-carbon factories, and 17 national-level green factories, with 21% of energy in domestic manufacturing bases coming from green electricity [3] Group 4: Circular Economy and Recycling - Hisense actively promotes green consumption through its appliance recycling program, conducting over 40,000 exchange events in 2024 and recovering approximately 2.21 million old appliances [3] - The company collaborates with over 30 recyclers to ensure resource reuse and lifecycle management of old appliances [3] Group 5: Supply Chain Collaboration - As a leading enterprise, Hisense encourages its suppliers to set carbon reduction targets, aiming to include 50% of suppliers in carbon emission management by 2025 [4] - The company is focused on the research and application of recycled and bio-based materials in collaboration with its suppliers [4] Group 6: Social Responsibility and Community Engagement - Hisense has invested over 400 million yuan in social welfare and donations, supporting educational initiatives and community development [4] - The company has established "Hisense Global Charity Day" on October 19, where employees participate in charitable activities [5] Group 7: Global Presence and Impact - Hisense operates 36 industrial parks and production bases globally, with 31 R&D institutions and 66 overseas offices, actively engaging in community development [5] - The company collaborates with local communities, such as opening a cultural museum in South Africa to enhance understanding of China [5]

Core Insights - Hisense is entering a period of explosive growth with advancements in RGB three-color backlight technology, AI image quality chips, and strategic collaborations with competitors like Midea Group in AI applications and smart logistics [1] - The launch of the new laser television, the Exploration X1, aims to bring cinema-level projection technology into homes, featuring high-end components typically found in expensive cinema equipment [1] - Hisense has developed the Nano Spectrum Selective Screen Pro, achieving a stable brightness of 1000 nits and an environmental light blocking rate of 87%, significantly outperforming traditional LCD TVs [3] Product Developments - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the base model, Exploration X1 92-inch, starts at 21,999 yuan, with additional discounts available [3] - Hisense plans to release larger versions of the Exploration X1, including 139-inch and 150-inch models, with the latter being comparable in size to half a standard badminton court [3] Market Positioning - Hisense emphasizes emotional connections in its marketing, promoting the idea that its laser televisions can create a warm and memorable family environment [4] - The company's television activation rate is 1.43 times the industry average, and the engagement with movie content is 1.81 times higher than the industry average [5]

Core Viewpoint - Hisense has launched the 2026 models of its laser TVs, focusing on enhancing the home cinema experience by integrating professional cinema-level technology into home environments [1][5]. Group 1: Product Features - The Exploration X1 series incorporates four major innovations, utilizing core components from professional cinemas, with the flagship model featuring dual MCL39 laser engines and a 14.5° SST architecture DMD chip, achieving cinema-standard picture quality and improved dynamic performance [2]. - The Nano Spectrum Selection Screen Pro, developed over five years, offers a stable brightness of 1000 nits and an environmental light blocking rate of 87%, with a foldable design for easy installation [2]. - The Exploration X1 Ultra introduces a 9.1.4 channel sound system and screen sound technology, enhancing the audio experience with Hi-Res Audio certification and support for multiple formats including HDR10+ and Dolby Vision [3]. Group 2: Health and Design - The Starry S1 series emphasizes a balance between eye health and cinema-quality visuals, featuring three models with a design that enhances product aesthetics and allows for easy integration into high-end home environments [4]. - The Starry S1 Pro model uses MCL39 laser engines and SST architecture DMD chips, achieving 110% BT.2020 color coverage and meeting five health standards for prolonged viewing [4]. Group 3: Market Position and Future Plans - Hisense's laser TVs have an operating rate 1.5 times higher than the industry average, indicating strong consumer demand for home cinema solutions [5]. - The company plans to drive industry technology iterations with larger sizes, higher quality, and lower energy consumption to meet the ongoing pursuit of immersive viewing experiences by consumers [5].

Group 1: Company Name Change - The shopping mall "胖都来" has been renamed to "盈都来" due to a decision made in a recent meeting, with the name change linked to the parent company "盈中控股" [1] Group 2: Gree Live Stream - Gree confirmed that Chairman Dong Mingzhu will co-host a live stream with her former secretary Meng Yutong on May 23, potentially featuring Gree products [2][4] Group 3: Nestlé's Response to Controversy - Nestlé China stated that all its bottled water products sold in China comply with local laws and regulations, following a report alleging consumer fraud related to "巴黎水" [5] Group 4: Apple WWDC Announcement - Apple announced its annual Worldwide Developers Conference (WWDC) will take place from June 9 to June 13, focusing on new tools and technologies for developers [6] Group 5: Nvidia's New Office in Shanghai - Nvidia is renting a new office space in Shanghai for its existing employees, indicating its ongoing commitment to the Chinese market [8] Group 6: Highsun Retail Financial Results - Highsun Retail reported a revenue of 71.552 billion yuan and a net profit of 386 million yuan for the fiscal year ending March 31, marking a turnaround from losses in the previous year [12] Group 7: Alibaba's Investment in Meitu - Alibaba signed a $250 million convertible bond agreement with Meitu, which includes strategic cooperation in e-commerce, AI technology, and cloud computing [15] Group 8: Xiaomi and Qualcomm Partnership - Qualcomm and Xiaomi celebrated their 15-year partnership by signing a multi-year agreement, with Xiaomi set to be among the first to use the next-generation Snapdragon 8 series processors [25]

Group 1 - The report from Runto Technology indicates a significant year-on-year increase of 45.4% in the shipment volume of ultra-large LCD TV panels measuring 75 inches and above in Q1 2025, with a market share increase of 2.6 percentage points to reach 11.2% [1] - The shipment volume of "hundred-inch" products, including 98-inch, 100-inch, 115-inch, and 116-inch models, has seen a remarkable year-on-year growth of 63.8%, with this growth trend expected to continue [1] - Hisense has launched its annual flagship products, the Explore X1 series and Star S1 series for 2026, which integrate cinema-level projection technology with home scenarios, redefining the immersive viewing standard for living rooms [1] Group 2 - The Explore X1 Ultra features innovations such as dual MCL39 laser sources and a 14.5° SST architecture DMD chip, achieving a stable brightness of 1000 nits and an environmental light blocking rate of 87%, delivering cinema-level picture quality regardless of the time of day [1] - The Star S1 series emphasizes "eye health and cinema-level quality," featuring the industry's only "zero harmful blue light" technology and cinema-grade sound quality at an affordable price [3] - The pricing for the Explore X1 Ultra 120-inch model is set at 69,999 yuan, while the Star S1 Pro 110-inch model is priced at 35,999 yuan, with all products featuring first-class energy efficiency and eligible for a maximum government subsidy of 2,000 yuan [5]

Group 1 - The automotive industry is currently facing challenges, with dealers struggling to profit from selling new energy vehicles, leading to a reduction in players in the market [4][5] - Zero Run's strategy focuses on cost reduction and efficiency improvement, with a shift from traditional inventory models to order-based inventory management [4][5] - The high-end positioning of Chinese car brands is hindered by a lack of cultural identity and brand value, as stated by Great Wall Motors' chairman [9][10] Group 2 - Qualcomm announced its entry into the data center market, emphasizing its ongoing partnership with Xiaomi for flagship devices [11][12] - Xiaomi's upcoming product, the Xiaomi 15S Pro, is expected to incur significant R&D costs without recovering them, as it features extensive upgrades [13] - Hisense has appointed a former executive from Midea to strengthen its air conditioning business, indicating a strategic move to enhance competitiveness [14] Group 3 - NIO's founder addressed rumors about his death, emphasizing the challenges of dispelling false information in the entrepreneurial landscape [19] - CATL's recent IPO on the Hong Kong Stock Exchange saw its stock price rise by 12.55%, reflecting strong market interest [18] - A major restructuring at FAW-Volkswagen aims to enhance user service and product marketing capabilities in preparation for the launch of next-generation electric vehicles [16][17] Group 4 - Intel's CEO shared insights on cultural differences in business practices during a recent event in Taiwan, highlighting the importance of local customs [24] - NVIDIA's CEO criticized U.S. restrictions on AI technology, arguing that they could hinder the country's competitive edge in the field [25] - Foxconn plans to invest $1.5 billion in India to expand its manufacturing capabilities, particularly for iPhone assembly [27][28] Group 5 - OpenAI faces challenges in attracting investors due to its non-profit structure, which complicates its funding efforts [28] - Apple is internally testing its AI chatbot, aiming to compete with ChatGPT, with significant advancements reported [29] - Intel is considering divesting its Network and Edge Computing business to focus on PC and data center chips, reflecting a strategic shift [30]

Group 1 - The purchasing logic for television sizes is changing, shifting from distance-based considerations to wall size-based decisions, reflecting a trend towards larger screens for immersive experiences [1] - The demand for large-screen televisions, particularly those 75 inches and above, is accelerating due to strong market demand and policy incentives, making this segment a competitive focus for global brands [1] - According to a report by RUNTO, the shipment volume of ultra-large LCD TV panels (75 inches and above) increased by 45.4% year-on-year in Q1 2025, with market share rising by 2.6 percentage points to 11.2% [1] Group 2 - The sales and revenue of high-efficiency television products are rapidly growing, providing manufacturers with new opportunities to break through existing market constraints [2] - The introduction of large models and generative AI is accelerating innovation in display terminals, presenting unprecedented opportunities for the television industry [2]