Core Viewpoint - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn injects growth momentum into the panel industry [1][3]. Group 1: Esports Market Growth - The global esports monitor retail market is expected to grow by 34% year-on-year this year, while the gaming laptop retail market is projected to increase by 15% in the first half of the year [1]. - In Q1 of this year, China's esports monitor shipments reached 2.58 million units, a year-on-year increase of 56%, with high-end 4K esports monitors seeing a shipment growth of 71.5% [3]. Group 2: Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is still undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [6]. - Starting from Q3, the panel industry is expected to see improved demand, with TV panel shipments projected to increase by 3% to 4% compared to Q2, driven by traditional sales peaks and domestic policies [6]. Group 3: Technological Advancements and Market Opportunities - TCL Huaxing is optimizing its mid-size production lines and accelerating the development of mid-size OLED technology, viewing it as a significant industrial opportunity for the coming years [4]. - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate of about 6.6% until 2035 [4]. Group 4: Supply Chain and Production Strategies - The company emphasizes the importance of maintaining flexibility in technology, supply chain, and product structure to remain competitive in the industry [1]. - TCL Huaxing has achieved over 50% localization in its supply chain materials and aims to strengthen both domestic and global supply chain capabilities [7].

近日，在全球数字娱乐盛会ChinaJoy2025期间，英特尔中国区客户端与平台销售业务部总经理宗晔在与华尔街见闻的独家对话中提到，英特尔希望与包括 TCL华星在内的广泛生态伙伴开展合作，以满足电竞玩家的需求，同时也将进一步增强英特尔在电竞市场的投入、开拓在电竞市场的布局。 作者 | 黄昱 编辑 | 王小娟 电竞显示器需求大涨的背景下，产业链巨头正在联合发力。一个典型案例是，去年以来，国际芯片巨头英特尔（Intel）与显示面板龙头TCL华星，在电竞显 示方面的合作不断加深。 宗晔指出，这并不是产业链上某一家公司就能把整个体验都能提上去的，需要整个产业链，包括显示器、内存、主板、GPU、CPU、散热等整个体系一同做 整个系统的优化，而这正是电竞显示器进一步提升用户体验的一个难点。 事实上，过去二十多年来，英特尔一直坚持对电竞市场的投入，提出整体解决方案提升用户体验。 在如今电竞产业高速发展的背景下，英特尔也显示出进一步加强在电竞市场投入的决心，而之所以选择和TCL华星合作，宗晔指出，TCL华星已经连续三年 电竞MNT（显示器）显示市占率&出货量全球第一，英特尔与其合作能够进一步提升英特尔在电竞产业链的影响力。 此 ...

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [2][4] - Major panel manufacturers are focusing on esports and high-end displays, with TCL's CEO highlighting a significant growth in the retail market for esports monitors and gaming laptops [2][4] - The esports monitor retail market is expected to grow by 34% year-on-year, while the gaming laptop market is projected to grow by 15% in the first half of the year [2][4] Market Trends - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [4] - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate (CAGR) of about 6.6% until 2035 [5] Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [7] - The third quarter is expected to see a rebound in demand, driven by traditional sales peaks and government policies, with a projected 3-4% increase in TV panel shipments compared to Q2 [7] - The industry is witnessing a healthy inventory level, which, along with recovering demand, is anticipated to stabilize panel prices [7] Technological Innovations - The trend towards larger sizes and technological innovations, such as Mini LED TVs, is expected to drive growth, with a projected 4.2% increase in global large-size panel shipment area by 2025 [8] - The introduction of high-refresh-rate OLED monitors by brands like ASUS and MSI indicates a strong consumer demand for high-end products [4] Supply Chain Strategy - The company emphasizes a dual approach to supply chain management, balancing domestic and global partnerships to enhance resilience [9] - The current domestic material localization rate exceeds 50%, with a strategy to strengthen both domestic and global supply chain capabilities [9]

Core Viewpoint - TCL Huaxing has made significant advancements in gaming display technology, showcasing its new MNT display technologies at the 2025 ChinaJoy exhibition, emphasizing the importance of player experience and evolving demands in the gaming industry [1][4]. Group 1: Technology Innovations - TCL Huaxing introduced the HVA Fast, HVA Black, and HFS Shoot display technologies, which cater to different gaming needs, achieving a response time of 1ms and offering a wide range of screen sizes from 34 inches to 57 inches [3]. - The HVA Black technology boasts an industry-leading native contrast ratio of 5000:1, providing cinematic-level color and light reproduction, and supports refresh rates of up to 500Hz [3]. - HFS Shoot technology combines high resolution, high refresh rate, and high image quality, addressing the needs of various FPS gamers while allowing for easy switching between 2D and 3D displays [3]. Group 2: Market Trends and Player Demands - The gaming display market is shifting from performance-driven to experience-oriented demands, with players seeking personalized features such as image quality, eye protection, and eco-friendliness [6]. - TCL Huaxing's APEX brand focuses on enhancing visual experiences, ensuring visual health, promoting sustainability, and fostering future innovations in display technology [6][7]. - The company aims to leverage its technological advantages in image quality, eye care, and green initiatives to meet the evolving needs of gamers and stimulate growth in the gaming display industry [7]. Group 3: Partnerships and Collaborations - TCL Huaxing collaborated with major brands like Samsung, Lenovo, ASUS, and others to showcase a variety of gaming products at ChinaJoy, highlighting the integration of its display technologies [1][6]. - The partnership with Samsung introduced new models in the Gyeonggi series, which utilize TCL Huaxing's display solutions, further solidifying its position in the gaming display market [6].

8月1日-4日，第二十二届中国国际数码互动娱乐展览会（下称"ChinaJoy2025"）开幕，作为为数不多硬 件展商之一，TCL华星携手三星、联想、华硕、TCL、AOC、飞利浦、iQOO、Acer、MSI、LG、雷鸟 等品牌合作伙伴亮相，并在展会期间发布TCL华星电竞MNT显示技术，通过分享在电竞显示技术领域 的最新突破和品牌明星电竞产品，带来"屏宇宙3.0"沉浸式体验，成为此次展会焦点之一。 HVA Fast：快响速度可以轻松实现1ms；打造34吋、40吋甚至57吋极致宽屏，结合1000R的高曲率，更 符合人眼舒适度需求，满足玩家对响应速度需求以及对视野和场景逼真的要求。 HVA Black：实现5000:1行业最高原生对比度，打造影视级逼真还原效果，准确还原每一个色彩和光 影；搭配240Hz、300Hz甚至500Hz超高刷方案，兼具细腻画质和丝滑流畅双重优势。 HFS Shoot：通过光配向工艺可同时实现高分辨率+高刷新率+高画质的"三高"优势，全面覆盖FPS游戏 各类型玩家的需求；兼顾"竞技+影音娱乐+美学设计"多维需求，一键切换高刷双模；支持一键切换 2D/3D显示，在柱透镜裸眼3D技术加持下，沉浸畅 ...

Core Viewpoint - The global esports display market continues to grow despite macroeconomic uncertainties, with TCL Huaxing leading in the esports MNT display segment, capturing a significant market share and focusing on expanding into full-scene esports displays [1][3][19]. Group 1: Market Growth and Trends - The global LCD esports monitor panel shipment is expected to reach 32.42 million units in 2024, a year-on-year increase of 12%, with TCL Huaxing's shipments projected to grow by approximately 40% [1]. - The demand for esports displays is evolving from a focus on hardware performance to a multi-dimensional approach that includes immersive experiences, eye health, and low-carbon solutions [3][19]. Group 2: Technological Advancements - TCL Huaxing's rise in the esports MNT sector is attributed to its foresight in market trends and deep understanding of user needs, having identified the potential of esports users as early as 2019 [3][5]. - The introduction of HVA technology has significantly improved response times and contrast ratios, addressing issues like motion blur and high latency in traditional displays [4][5]. Group 3: Product Innovations - During ChinaJoy 2025, TCL Huaxing unveiled new esports MNT display technologies, including HVA Fast, HVA Black, and HFS Shoot, tailored to different gaming scenarios [7][8]. - The company also showcased advancements in printed OLED technology, which offers low blue light and precise color reproduction, aimed at reducing visual fatigue for gamers [9][13]. Group 4: Strategic Vision - TCL Huaxing aims to extend its leadership beyond esports MNT displays to encompass a full ecosystem of esports display technologies across various devices, including mobile phones, tablets, and gaming TVs [11][19]. - The company is committed to maintaining a competitive edge through continuous technological upgrades and collaborative partnerships within the esports ecosystem [16][18].

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [1][2] - Major panel manufacturers are actively investing in technology and capacity focused on esports and high-end displays [1][2] Group 1: Market Growth and Demand - The global esports display market is expected to grow by 34% year-on-year in retail sales this year, with gaming laptop sales projected to increase by 15% [1] - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [2] - By 2025, the global esports display market size is projected to be approximately $11.35 billion, with a compound annual growth rate (CAGR) of about 6.6% expected to reach $21.51 billion by 2035 [3] Group 2: Technological Advancements and Product Strategy - TCL Huaxing has maintained the largest global market share in esports MNT displays for three consecutive years, with one in three esports monitors using TCL Huaxing screens [2] - The company is optimizing its mid-size production lines and has completed the acquisition of LGD's Guangzhou factory, enhancing its capacity across various mainstream technologies [2] - TCL Huaxing is accelerating its development of mid-size OLED technology, focusing on printed OLED as a strategic initiative for future product commercialization [2] Group 3: Panel Pricing and Supply Chain Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [4][5] - The third quarter is expected to see a rebound in panel prices and demand, driven by traditional sales peaks and government policies [4][5] - The company anticipates a 4.2% year-on-year increase in global large-size panel shipment area by 2025, with Mini LED TV shipments expected to exceed 10 million units for the first time [5] Group 4: Strategic Outlook and Supply Chain Management - The company emphasizes the importance of flexibility in technology, supply chain, and product structure to maintain competitiveness in the market [1][5] - TCL Huaxing is pursuing a dual strategy of domestic and global supply chain collaboration, with over 50% of its material sourcing being localized [5]

Core Insights - The esports market is experiencing rapid growth, significantly impacting the demand for esports monitors, which have a penetration rate of 62% in the online display market [2] - The shipment volume of esports monitors is projected to reach 2.58 million units in Q1 2025, representing a year-on-year increase of 56% [2] - Domestic manufacturers, particularly TCL Huaxing, are gaining prominence in the esports monitor sector, contributing to technological advancements and market penetration [2][5] Market Performance - In H1 2025, the total sales volume of the online retail market for displays in mainland China is expected to reach 6.42 million units, a year-on-year growth of 29.7% [3] - The sales penetration rate of esports products in traditional e-commerce channels has reached 63%, with 3.75 million units sold, marking a 40% increase [3] - The retail market for global esports monitors is anticipated to grow by 34% year-on-year this year, while the gaming laptop market is expected to grow by 15% in H1 [5] Technological Advancements - TCL Huaxing has become the global market leader in esports MNT displays, with one in three esports monitors utilizing its screens [8] - The company has introduced various display technologies, such as HVA Fast, HVA Black, and HFS Shoot, to cater to different gaming needs, enhancing performance metrics like response time and color accuracy [9][11] - The acquisition of advanced production lines has enabled TCL Huaxing to scale up production across multiple display technologies, including HVA, HFS, and IPS [13] Consumer Trends - The demand for esports monitors is shifting from performance-driven to experience-oriented, with consumers seeking personalized features such as eye care and low carbon emissions [8] - The esports display market is adapting to a wider range of applications beyond gaming, driven by technological advancements and competitive pricing [13] - The competitive landscape is intensifying, leading to a focus on performance and user experience rather than solely on price [13]

电竞需求，已成为拉动整个显示器市场的核心引擎。国际数据公司(IDC)在其报告中指出，消费市场结 构的持续升级以及电竞显示器在普通办公市场中的加速渗透，是显示器市场增长的核心驱动力，并预计 2025年中国电竞显示器市场将继续保持12.4%的同比增长。 上海ChinaJoy现场，玩家在体验一款电竞显示器(资料图)。IC供图 8月1日，第二十二届中国国际数码互动娱乐展览会(ChinaJoy)在上海开幕。南都湾财社记者现场获悉， 作为全球数字娱乐领域最具影响力的年度盛会之一，本届展会吸引了超700家企业参展，覆盖游戏、动 漫、电竞硬件等多个领域。 在众多展出的电竞硬件中，作为玩家最直接的"视窗"，高性能电竞显示器成为各大厂商竞逐的焦点。火 热的展会背后，上游的电竞显示器产业正呈现显著的分化趋势:一方面，市场规模高速增长。TCL科技 高级副总裁、TCL华星CEO赵军在接受湾财社记者等采访时表示，预计2025全年全球电竞显示器零售市 场同比增长将达34%，而上半年游戏本零售市场增幅也达到了15%。 具体到国内线上市场，据洛图科技(RUNTO)数据，2025上半年电竞显示器销量激增40%，OLED等新技 术产品增速甚至超过 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]