Core Insights - TCL CSOT has successfully acquired an 80% stake in Zhaoyuan Optoelectronics for 490 million RMB (70 million USD), marking its entry into the LED chip sector and completing its supply chain layout from upstream chips to downstream Mini LED display applications [2][5] - TrendForce estimates that the global LED chip external sales market will reach a total value of 2.841 billion USD by 2025, with Zhaoyuan Optoelectronics ranked ninth in the market, primarily generating revenue from lighting, backlighting, and Mini LED display applications [2][3] Industry Trends - The trend of vertical integration in the LED chip industry is being driven by brands and panel manufacturers, significantly reducing the coordination costs between product applications and chip supply [3][5] - Major companies like Samsung, AUO, Hisense, BOE, Innolux, and HKC have been pursuing similar mergers or investments since 2018 to deepen this vertical integration trend [2][5] Competitive Landscape - TCL CSOT's Mini LED display production line in Suzhou is expected to achieve a monthly capacity of 6,000 square meters by 2025, enhancing its competitive edge in the market [5] - The competitive landscape includes significant investments and acquisitions by other major players, such as Samsung's investment in PlayNitride and AUO's investments in Ennostar and PlayNitride, which have led to the production of Micro LED products [5][6]

记者丨倪雨晴 编辑丨骆一帆 蒂华纳位于美墨边境线上，是全球制造产业链的一个特殊枢纽。依托毗邻美国加州的区位优势，这座城市长期承担着跨境制造与贸 易的关键角色，形成了以电子、汽车、医疗设备为代表的密集型产业带。 在今年的实地走访中，记者看到越来越多的全球化企业在蒂华纳布局生产基地，包括TCL等一众国内科技企业。随着全球供应链重 组，墨西哥逐渐成为中国企业出海的重要落点之一。 而蒂华纳延绵的制造带，既是全球化版图重塑下的一个典型样本，也是经济体之间新型贸易生态的一个缩影。在规则调整、地缘博 弈与产业安全考量交织的环境下，跨国制造生态正在发生深刻演变。 在这样的背景下，TCL创始人、董事长李东生接受21世纪经济报道记者专访时谈道："全球化演变进程中，带来的利益分配并不均 衡，导致地区发展失衡，全球化受到广泛质疑。当下，全球经贸格局在经历深度调整期，但历史已经无数次证明，任何暂时的波 折，都无法阻挡全球化洪流奔涌向前。" 李东生。资料图 全球化的"新周期" 在全球化路径上，TCL的选择并非简单的市场扩张，而是围绕产业能力与组织结构展开长期布局。近几年，TCL在本土化基础上继 续深入推进，将海外业务进一步划分为北美、拉 ...

Group 1 - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing top global tech companies [1] - TCL will have the largest exhibition space among Chinese companies at CES 2026, occupying 2453 square meters and being the first Chinese exhibitor in the core exhibition area [1] - This marks TCL's 33rd participation in CES, where it will focus on two main themes: "Screen Universe" and "AI Life," highlighting innovations in display technology and artificial intelligence [1] Group 2 - TCL will showcase a range of AI smart terminal products, including AI/AR glasses, companion robots, AI air conditioners, refrigerators, washing machines, smart locks, and projectors [2] - The company aims to deepen its global presence and strengthen its industry depth, guided by the goal of "recreating five TCLs overseas" set by its founder and chairman, Li Dongsheng [2] - TCL's North American regional operating center is becoming a strategic hub for expanding into high-end global markets and upgrading its brand [2]

Core Viewpoint - The article emphasizes that 2026 is expected to be a year of significant harvest for domestic hard technology in the electronics industry, driven by advancements in AI and a consensus on performance trends within the AI industry chain [3][7]. Group 1: AI Industry Trends - The AI industry is transitioning from divergence to consensus in performance trends, with a notable recovery since the second half of 2023, marked by the return of Huawei's Mate series [3][7]. - The electronics sector has experienced a significant valuation expansion, aided by the rapid growth of passive funds and the resonance of macro policy, inventory cycles, and AI innovation cycles [3][7]. - As of December 16, 2025, the electronics sector has risen by 40.22%, ranking third among all industries [7][16]. Group 2: AI Model Evolution - The evolution of AI models is characterized by innovations in architecture, such as the mixture of experts (MoE) framework, which enhances efficiency by reducing computational load [27]. - The emergence of large models, like OpenAI's GPT-4, showcases the correlation between model size and performance, leading to significant advancements in understanding and reasoning capabilities [27]. - The demand for improved model efficiency has led to innovations in attention mechanisms, which lower computational complexity and memory requirements [27][28]. Group 3: Computing Power and Storage - The domestic chip industry is actively updating and iterating, with companies like Huawei planning to launch new chips in 2026, while the storage sector is expected to face shortages and price increases throughout the year [9]. - The demand for AI-driven storage solutions is projected to increase, with DRAM bit demand expected to rise by 26% year-on-year in 2026, driven by AI applications [9]. Group 4: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a critical breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to reach $21.2 billion by 2030 [11]. - The increasing power consumption of data center chips necessitates advancements in power supply architectures, with a shift towards high-density power solutions [11]. Group 5: Semiconductor Industry - The semiconductor sector is anticipated to benefit from a recovery in demand, with a focus on domestic manufacturing and the rise of analog chips, which are expected to see increased adoption due to their potential for localization [12]. - The global semiconductor market is projected to achieve double-digit growth for three consecutive years from 2024 to 2026, driven by advancements in AI and domestic chip design [12][14].

Core Viewpoint - The Chinese home appliance industry is at a critical juncture, with the theme for 2026 being "going overseas" as domestic market saturation and overcapacity issues become more pronounced. This shift represents a "second entrepreneurship" for companies like Haier, Midea, Hisense, and TCL, marking a decisive battle for the next decade [2]. Group 1: Market Overview - The global home appliance market is nearly 4.5 trillion yuan, indicating significant overseas market potential [4]. - Midea and Haier are projected to generate around 270 billion yuan in revenue each in 2024, translating to a global market share of only about 6% [5]. - Domestic brands struggle to exceed 10% market share in most overseas regions, while leading competitors like Samsung and LG dominate [8]. Group 2: Historical Context and Challenges - Chinese home appliance companies have historically relied on capacity export and brand acquisitions for overseas expansion, but this growth model is becoming less effective [9]. - The gap between global manufacturing share (over 45%) and retail share (less than 20%) highlights a significant challenge in value creation and brand premium [9]. - Haier and Midea's overseas revenue share has stagnated around 50% and 42% respectively over the past five years, indicating a lack of growth [9]. Group 3: Brand and Channel Development - The need for a "second entrepreneurship" in brand and channel development is emphasized, as domestic brands face challenges in replicating their successful domestic strategies in international markets [15]. - Building brand recognition and effective distribution channels in overseas markets is crucial, as traditional strategies may not apply [16][20]. - The complexity of overseas channels, dominated by large retailers, poses significant barriers for Chinese companies [20]. Group 4: Opportunities and Strategies - Technological innovation is seen as a key to overcoming brand premium challenges, with Chinese companies making strides in areas like AI and smart home technology [22]. - Emerging markets such as Southeast Asia and Latin America present significant growth opportunities due to low penetration rates and less established competition [29]. - E-commerce is becoming a vital channel for market entry, allowing brands to reach consumers without heavy investment in physical stores [34]. Group 5: Future Outlook - The transition to a full value chain operation by 2026 signifies a shift from manufacturing management to comprehensive brand and channel strategies [36]. - Success in this transformation is critical for elevating Chinese manufacturing from a "global factory" to a "global brand," enhancing competitiveness in the global market [36].

Group 1 - The article discusses the new global positioning of China, emphasizing the competitive landscape and the opportunities for Chinese companies to expand internationally [1] - Key leaders from various industries, such as TCL and GCL Group, highlight the importance of leveraging China's manufacturing advantages to break through domestic competition and achieve global influence [1] - The article also mentions the awakening of consumer demand in China, with experts suggesting measures to stabilize income growth and boost consumption [1] Group 2 - The article outlines the transformation of traditional and emerging industries in China, with leaders from companies like UBTECH and CloudWalk discussing advancements in robotics and technology [1] - It highlights the anticipated growth in commercial aerospace and the automotive market, indicating a shift away from previous trends [1] - The focus on innovation in the pharmaceutical sector is noted, with a transition from explosive growth to sustained development in authorized drug transactions [2]

Core Viewpoint - Tijuana, located on the US-Mexico border, is emerging as a key hub for cross-border manufacturing and trade, particularly for electronics, automotive, and medical devices, as global supply chains are being restructured [1][2] Group 1: Globalization and Local Strategy - TCL's approach to globalization is not merely market expansion but involves a long-term layout around industrial capabilities and organizational structure [3][4] - The company aims to establish five regional centers globally, enhancing its operational system and brand influence while supporting global business expansion [3][4] - TCL emphasizes a localization strategy by building local supply chains and integrating with local resources and development needs, aiming for mutual benefits [4][5] Group 2: Challenges and New Cycles - The company identifies two overlapping challenges: a new cycle in global economic and trade patterns and a new cycle of technological transformation [5][6] - The shift towards localization and regionalization in global trade is seen as both an opportunity and a challenge for Chinese enterprises [5][6] Group 3: Industrial Capability Building - The logic of overseas expansion is shifting from "factory production" to "capability co-construction," focusing on building comprehensive supply chain systems and R&D capabilities [6][7] - TCL's manufacturing base in Mexico, the MOKA factory, has expanded its annual production capacity from 500,000-700,000 units to approximately 3 million units [7] - The MASA factory in Mexico has resumed operations, focusing on producing large-screen televisions for the North American market, with 30%-40% of its capacity serving the local market [7][8] Group 4: New Trade Ecosystem - The global manufacturing system is characterized by interdependence among industries and economies, which is being reshaped by recent trade environment changes [8][9] - Chinese companies, including TCL, play a crucial role in the development of industrial clusters in Mexico and Vietnam, driven by tariff considerations and geopolitical factors [9][10] Group 5: Competitive Landscape and Opportunities - Chinese enterprises are increasingly competing with multinational companies in global markets, with significant opportunities for growth outside of domestic markets [9][10] - The necessity for Chinese companies to engage in international competition is highlighted as a pathway to overcoming domestic market challenges and achieving global leadership [10][11]

Group 1 - The report indicates that China is entering a period of prosperity similar to Japan in 1978, driven by high industrial value added and export ratios, along with continued trade surpluses and wage growth [1][11] - The cash flow statements of the real economy in China have been damaged from 2022 to 2024 due to the Fed's interest rate hikes and a decline in real estate prices, leading to capital outflows and reduced cash flow [2][12] - The resumption of the Fed's interest rate cuts is expected to reverse the outflow of cross-border capital, thereby repairing the cash flow statements of enterprises and households [3][13] Group 2 - The report emphasizes the necessity of debt restructuring in China, drawing parallels with Japan's experience in the 1990s, where failure to act led to prolonged economic stagnation [4][14] - The potential for the Fed's quantitative easing (QE) to provide the necessary liquidity for China's central bank to undertake debt restructuring is highlighted, which could alleviate external constraints on the yuan [4][14] - The year 2026 is projected to mark the beginning of a new prosperity phase for China's economy, with a cyclical shift expected in manufacturing and consumption sectors [6][15] Group 3 - The report recommends a selection of stocks for January 2026, including Huafeng Aluminum, Zijin Mining, and TCL Technology, among others, indicating a focus on sectors poised for growth [9][10] - The automotive sector is highlighted, with Great Wall Motors and Leap Motor being noted for their strategic positioning in high-end and global markets [32][38] - In the chemical sector, Dongfang Tower is recognized for its growth potential driven by increasing potassium and phosphorus production [41][43]

Core Viewpoint - TCL Huaxing (CSOT) is expected to supply OLED panels for Samsung Electronics' Galaxy A57, marking a shift from Samsung Display's exclusive supply for the A5 series [1][5]. Group 1: Supply Chain Dynamics - Samsung Electronics is considering a dual-supplier model for the Galaxy A57, involving both Samsung Display and TCL Huaxing, to enhance product specifications and control costs [3][8]. - The OLED panels for the Galaxy A57 are likely to be used in both the Galaxy A57 and Galaxy S FE models, with preparations underway by multiple suppliers to provide components to TCL Huaxing [3][7]. Group 2: Product Specifications - Samsung plans to transition from rigid OLED to flexible OLED for the Galaxy A57, which allows for greater design flexibility and reduced bezel size, although the production process is more complex and costly [4][8]. - The goal is to implement flexible OLED technology while minimizing cost increases, especially in light of rising prices for memory semiconductors and other components [4][8]. Group 3: Market Impact - The Galaxy A5 series is a significant mid-range product for Samsung, with a projected total shipment of approximately 20 million units for the A series, including around 10 million units for the A57 [9]. - Securing supply orders for the A5 series is crucial for component suppliers, as it can significantly impact the distribution of fixed costs [9].

Core Viewpoint - The strategic investment agreement between Fujian Electronic Information Group and TCL Huaxing Optoelectronics marks a significant step in the deep cooperation within the semiconductor display industry, aiming to enhance the core competitiveness of Zhaoyuan Optoelectronics in the LED chip sector [4][5]. Group 1: Strategic Partnership - The signing of the agreement indicates a deep collaboration between Zhaoyuan Optoelectronics, a key player in LED chip manufacturing in Fujian, and TCL Huaxing, a leading global semiconductor display company [4]. - The partnership will focus on technology iteration, capacity synergy, and market expansion to support Zhaoyuan Optoelectronics in entering a new development phase [4]. Group 2: Financial Details - TCL Technology announced that its subsidiary TCL Huaxing successfully acquired 80% equity and related debt of Zhaoyuan Optoelectronics for a total transaction price of 490 million yuan [4]. - Zhaoyuan Optoelectronics, established in March 2011 with a registered capital of 1.437 billion yuan, reported projected revenues of 880 million yuan for 2024, with a net loss of 389 million yuan [4]. - For the period from January to October 2025, Zhaoyuan Optoelectronics achieved revenues of 710 million yuan and a net loss of 299 million yuan [4]. Group 3: Industry Implications - The introduction of a strategic investor is expected to enhance Zhaoyuan Optoelectronics' core competitiveness in the LED chip field and accelerate its industrial upgrade, paving the way for leapfrog development [5].