Core Viewpoint - Hisense Visual has launched the industry's first "projection-level" home theater equipment, showcasing its commitment to innovation in the home entertainment sector [1] Product Launch Details - Hisense Visual introduced the annual new products: the Exploration X1 series and the Starlight S1 series for 2026 [1] - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the 100-inch model is priced at 49,999 yuan [1] - The Exploration X1 100-inch model has a launch price of 34,999 yuan, and the 92-inch model is priced at 21,999 yuan [1] - The Starlight S1 Pro 110-inch model is launched at a price of 35,999 yuan [1]

2025.05. 20 本文字数：2097，阅读时长大约4分钟 作者、封面 | 第一财经 王珍 5月20日，海信集团有关人士向第一财经记者确认，原美的集团副总裁、空调事业部总裁殷必彤5月 19日晚正式出任海信空气产业（筹）总裁。目前，海信空气产业在海信家电（000921.SZ、 00921.HK）下，负责海信集团与空调相关的产业和品牌。 从竞争层面看，小米集团（01810.HK）在国内空调市场的份额上升较快，去年已经跃升至国内线上 空调市场销售额的第四名。此前，美的、格力、海尔、海信在国内整体空调市场居前四位。此次请 来"外援"，折射出海信不甘心被挤出国内家用空调市场的前四。 海信欲进一步做强空调业务 "（邀请殷总加盟）目的就是把空调产业做好"，海信家电一位相关人士向第一财经记者说，海信的 商用空调、家用空调业务"都要更强"。 有意思的是，海信集团董事长贾少谦两周前率队到广东省佛山市，与美的集团董事长兼总裁方洪波及 其团队，签订战略合作协议，双方将在智慧物流、全球制造、AI应用等方面合作。 殷必彤1999年加入美的，曾任美的空调国内营销公司总经理助理和市场总监、小天鹅（美的洗衣机 业务）董事兼总经理，以及美的 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [4] Core Viewpoints - The proportion of actively managed equity funds holding home appliance stocks decreased in Q1 2025, primarily due to a temporary policy gap and consumer concerns leading to preemptive consumption [7][15] - The "old-for-new" policy is expected to expand, alleviating market concerns and boosting domestic demand for home appliances [7][15] - Leading home appliance companies are expanding into emerging markets, which is anticipated to steadily increase export revenues [7][15] - The report highlights the high dividend yield and stable operations of leading companies, indicating strong investment value in home appliance stocks [7][15] Summary by Sections Section 1: Fund Holdings in Home Appliances - The proportion of actively managed equity funds holding home appliance stocks was 5.51% in Q1 2025, down by 0.09 percentage points from the previous quarter [15] - The home appliance sector was over-allocated by 2.99%, a decrease of 0.16 percentage points [15] Section 2: Sector Allocation Changes - Funds increased their allocation to the two-wheeler and black appliance sectors, with increases of 0.39 percentage points and 0.04 percentage points, respectively [20] - Conversely, the white appliance and small appliance sectors saw reductions in allocation, with decreases of 0.53 percentage points and 0.01 percentage points [20] Section 3: Key Stocks in Focus - Funds increased their holdings in Ninebot, Yadea, Chunfeng Power, and Hisense Visual, with increases of 0.26 percentage points, 0.04 percentage points, 0.04 percentage points, and 0.05 percentage points, respectively [67][70] - The report suggests that the "old-for-new" policy will continue to stimulate demand and improve product structure in the two-wheeler sector [70] - In the white appliance sector, the report notes a decline in fund holdings for Midea Group, Gree Electric, and Haier Smart Home, with decreases of 0.30 percentage points, 0.20 percentage points, and 0.04 percentage points, respectively [68][69]

Core Viewpoint - The article discusses the advantages of 100-inch televisions over 98-inch models, emphasizing the immersive experience, superior screen quality, and market trends favoring larger screens. Group 1: Immersive Experience - The difference between 100-inch and 98-inch screens is not just 2 inches; it translates to approximately 12.3 additional iPhone 16 Pro Max display areas, enhancing the viewing experience significantly, especially for blockbuster films [3] - The 100-inch screen is considered the optimal size for 4K resolution, providing better immersion and a more engaging viewing experience [3] Group 2: Screen Quality - The 100-inch screens produced on the 8.6 generation production line offer significant quality improvements over the 98-inch screens from the 8.5 generation, including better light control, energy efficiency, and refresh rates [6] - The 100-inch screens support a native refresh rate of 165Hz, compared to 144Hz for 98-inch screens, resulting in smoother visuals for sports and gaming [8] Group 3: Market Trends - Global television shipment data shows that the growth of 98-inch models has stagnated, while 100-inch televisions are experiencing rapid growth, indicating a clear market preference [9] - The number of manufacturers producing 100-inch screens is increasing, with major brands like BOE, Huike, and others entering the market, highlighting the potential for future technological advancements and resource allocation [11] Group 4: Product Recommendations - Hisense is identified as a leading brand in the 100-inch television market, with a significant share of global sales, making it a reliable choice for consumers [12] - Two notable models highlighted are the Hisense Black Crystal Ultra and the Hisense E5Q, both offering advanced features and superior display quality [13][15]

Core Viewpoint - The 618 shopping festival this year is characterized by an extended promotional period, allowing consumers ample time to make informed purchasing decisions, particularly for large-screen televisions [1] Group 1: Market Trends - The trend of "buying big instead of small" is gaining traction among consumers, with a recommendation to opt for 100-inch televisions to enhance home entertainment experiences [1] - The market is seeing a significant focus on the quality of screens and chips, which are crucial for delivering a satisfactory viewing experience [2] Group 2: Product Recommendations - Hisense's 100-inch U8Q is highlighted as a premium choice, featuring advanced screen and chip technology, and is positioned as a high-end lifestyle product [3][5] - The 116-inch E8Q Pro is introduced as a flagship model for family entertainment, equipped with cutting-edge technology and promotional offers during the 618 event [6][8] - The 100-inch E7N Pro is recommended for budget-conscious consumers, offering a balance of performance and affordability, especially with national subsidies [9][11] - The 100-inch E5Q Pro is noted for its consistent sales performance and advanced features, making it a reliable choice for consumers [12][14] Group 3: Technical Features - The U8Q model boasts a unique black曜屏Ultra with a low reflection rate of 1.28%, enhancing viewing quality even in bright conditions [5] - The E8Q Pro features a 4K 170Hz native refresh rate and 330Hz dynamic refresh rate, providing an exceptional gaming experience [8] - The E7N Pro utilizes an upgraded AI chip for enhanced picture quality, capable of intelligent scene recognition and detail enhancement [11] - The E5Q Pro is designed with a low-reflection soft light screen, ensuring a pleasant viewing experience without the need for dimming lights [14] Group 4: Consumer Benefits - During the 618 event, consumers can enjoy various promotional benefits, including national energy-saving subsidies and additional gifts with purchases [15]

竞争激烈的中国家电&手机江湖，牌桌上的玩家们在坚守大本营之外，皆不约而同踏上了出海之路，而东亚的日本，成了它们"抢滩登陆"的第一站！ 这里不光有美的、海尔、海信、TCL等传统家电巨头，还有跨界科技巨头联想、小米和OPPO，它们究竟能从日本本土消费电子列强口中，抢到多少肉？ 出海外卷—破局最优解！ 作为离中国最近的东亚发达国家，日本一直以来都是中国科技&家电巨头们的兵家必争之地，早年间通过一系列收并购，中国多个家电巨头拿到了日本市 场的入场券； 而2019年日本《电器通信事业法》的修订，也为小米、OPPO、联想等中国手机&PC品牌提供了公平的竞争环境，坚定了它们加码投资的信心。 中国家电吃下日本半壁江山 5月14日，日经中文网报道，中国最大的智能手机企业小米在埼玉县的两个地方开设了日本首批实体店，中国第三大手机企业欧珀（OPPO）则推出了无 内置调谐器（电视信号接收器）的液晶智能电视。 释放的讯号不可谓不明显，一边是小米和OPPO这些已在日本运营多年的中国科技品牌进一步扩大业务版图，一边是像OPPO这种国内聚焦手机&IoT产品 的科技品牌也开始在日本市场开辟了新的黑电业务； 实际上，稍早前的3月下旬，东京电视台 ...

Core Viewpoint - The black home appliance industry in A-shares has shown significant performance divergence in 2024, with leading companies achieving stable growth through technological innovation and global expansion, while smaller firms struggle under cost pressures and market contraction [1][3]. Revenue and Profit Performance - The black home appliance industry achieved a total revenue of 202.938 billion yuan and a net profit attributable to shareholders of 4.961 billion yuan in 2024 [1][2]. - Major companies like Sichuan Changhong and Hisense Vision reported revenue and net profit growth, but their net profit growth lagged behind revenue growth, indicating room for improvement in profitability [3]. - Companies such as Skyworth Digital and XGIMI experienced declines in both revenue and net profit, with Skyworth's revenue down 18.20% and net profit down 58.34% [2][3]. Profitability Analysis - There is a significant disparity in profitability among companies in the black home appliance sector, with Sichuan Changhong's gross margin at only 10.02%, indicating low profitability despite high revenue [4][6]. - Companies like *ST Tongzhou and XGIMI have higher gross margins above 20%, but their net profit margins are low, suggesting reliance on non-core income to inflate profits [6][9]. Research and Development Expenditure - Over half of the companies in the black home appliance sector have reduced R&D spending, with XGIMI and Sichuan Changhong leading in sales expense ratios and absolute sales expenses [7][9]. - The R&D expense ratio for most companies is below 10%, reflecting a trend towards cost-cutting in favor of short-term profitability [9]. Operational Efficiency and Liquidity - Many companies face liquidity challenges, with over half having accounts receivable turnover days exceeding 100 days, indicating poor sales collection capabilities [10][11]. - Companies like Sichuan Jiuzhou and *ST Gaosi have extremely high accounts receivable turnover days of 226.27 and 387.60, respectively, highlighting severe cash flow issues [11][12].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The governance improvement of Hisense Group and the review of its business layout are significant for long-term development, aided by mixed ownership reform and strategic investments [1][2] - Hisense Group's diversified business layout and effective international brand strategy have led to substantial overseas revenue growth, contributing significantly to overall income [3][29] Summary by Sections Shareholders and Governance - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and management efficiency [2][16] - Recent board restructuring has introduced directors with capital and investment banking backgrounds, aiming to optimize governance and bring new strategic directions [20][22] Business Diversification and International Strategy - Hisense Group's revenue for 2024 is projected to reach 214.3 billion yuan, with significant contributions from its main subsidiaries, Hisense Visual and Hisense Home Appliances [3][29] - The international marketing subsidiary has been pivotal in expanding Hisense's brand globally, achieving 99.6 billion yuan in overseas revenue, accounting for 46.5% of total revenue in 2024 [31][35] - The group's international brand strategy has resulted in 85.6% of overseas revenue being generated from its own brands [31] Market Trends and Recommendations - The recent monetary policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand, particularly in air conditioning and cleaning appliances [4] - Recommended stocks include major players in the home appliance sector, such as Gree Electric, Midea Group, Hisense Home Appliances, and Haier Smart Home [4]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The governance improvement of Hisense Group is supported by mixed ownership reform, and the leadership's involvement in listed entities is beneficial for long-term development [1][2] - Hisense Group's diversified business layout and effective international brand strategy have shown significant results [3][26] - The group's revenue for 2024 is projected to reach 214.3 billion yuan, with substantial contributions from both listed entities, Hisense Visual and Hisense Home Appliances [3][29] - The overseas revenue for Hisense Group is expected to be 99.6 billion yuan, accounting for 46.5% of total revenue, with a strong focus on brand internationalization [3][31] Summary by Sections Shareholder Structure - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and operational efficiency [2][17] External Investment - Hisense Group operates in various sectors, including information technology services, manufacturing, wholesale and retail, real estate, leasing and business services, and finance [3][26] - The international marketing subsidiary has been pivotal in expanding Hisense's brand presence globally since the establishment of its internationalization strategy in 2006 [3][31] Financial Performance - The projected revenue for 2024 is 214.3 billion yuan, with Hisense Visual and Hisense Home Appliances contributing 58.53 billion yuan and 92.75 billion yuan, respectively [3][29] - The overseas revenue is expected to reach 99.6 billion yuan, representing 46.5% of total revenue, with a significant portion coming from the two main listed entities [3][31] Market Trends - Recent policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand in key segments like air conditioning and cleaning appliances [4]