证券代码：000100 证券简称：TCL 科技 公告编号：2025-104 特此公告。 TCL 科技集团股份有限公司 第八届董事会第十八次会议决议公告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 TCL 科技集团股份有限公司（以下简称"公司"）第八届董事会第十八次会 议于 2025 年 12 月 23 日以邮件形式发出通知，并于 2025 年 12 月 25 日以通讯方 式召开。本次董事会应出席董事 11 人，实际出席董事 11 人。本次会议的召开符 合《中华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》的有关规 定。 一、会议以 11 票赞成，0 票弃权，0 票反对审议并通过《关于参与竞买福建 兆元光电有限公司 80%股权及相关债权项目的议案》 TCL 科技集团股份有限公司 为完善新一代显示技术领域布局，强化关键核心技术储备，构建可持续的竞 争力，公司子公司 TCL 华星光电技术有限公司（以下简称"TCL 华星"）参与竞 买福建省电子信息（集团）有限责任公司在福建省产权交易中心挂牌捆绑转让的 其持有的福建兆元光电有限公司 ...

根据深圳证券交易所债券上市的有关规定，TCL 科技集团股份有限公司 2025 年面向专业 投资者公开发行科技创新公司债券（数字经济）（第一期）（品种一）符合深圳证券交易所债券 上市条件，将于 2025 年 12 月 29 日起在深圳证券交易所上市，面向专业投资者中的机构投资 者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。债券相关要素 如下： | 债券名称 | 科技集团股份有限公司 TCL 2025 | | | | | | | 年面向专业投资者公开发行科 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 技创新公司债券（数字经济）（第一期）（品种一） | | | | | | | | | 债券简称 | 25TCLDK | | | | | | | | | 债券代码 | 524602.SZ | | | | | | | | | 信用评级 | 主体评级 AAA，债项评级 A-1 | | | | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | | | | 发行总额（亿元） | 5.00 ...

| 科技集团股份有限公司 | 年面向专业投资者公开发行科 | TCL | 2025 | 债券名称 | 技创新公司债券（数字经济）（第一期）（品种二） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25TCLK1 | 债券代码 | 524603.SZ | | | | | | | | | | | | 信用评级 | 主体评级 | AAA，债项评级 | AAA | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | | | | | 发行总额（亿元） | 15.00 | 债券期限 | 年期 | 3 | | | | | | | | | | | 票面年利率（％） | 2.24 | 利率形式 | 固定利率 | | | | | | | | | | | | 付息频率 | 按年付息 | 发行日 | 年 | 月 | 日-2025 | 年 | 月 | 日 | 2025 | 12 | 18 | 12 | 19 | | 起息日 | 年 | 月 ...

Core Viewpoint - The article emphasizes the ongoing investments by major panel manufacturers in the OLED sector to maintain competitive advantages and enhance technological capabilities, with a significant focus on high-generation OLED production lines [1][6]. Investment Overview - In the past two years, the total planned investment by the three major domestic panel manufacturers amounts to approximately 178.6 billion yuan, covering OLED, LCD, MLED, and E-paper sectors [3]. - The investment breakdown shows that OLED investments account for 55% of the total, with significant projects in the 8.6-generation AMOLED and printed OLED production lines [6]. Company-Specific Investments - BOE (京东方) has focused its investments on the 8.6-generation AMOLED production line, with a total investment of 63 billion yuan, while also consolidating its leadership in the LCD sector [1]. - TCL Huaxing (TCL华星) is investing 29.5 billion yuan in an 8.6-generation printed OLED production line and 1.5 billion yuan in a pilot verification platform for printed OLED technology [1]. - HKC (惠科) plans to invest 3 billion yuan in a new OLED R&D upgrade project in Changsha, aimed at developing OLED materials and devices [1]. Sectoral Investment Focus - The investment in the LCD sector is primarily through mergers and acquisitions, which do not significantly increase overall LCD production capacity but rather facilitate capacity transfers among manufacturers [7]. - In the MLED sector, investments include both Mini LED backlight and direct display technologies, enhancing competitiveness and technological levels, particularly in the mid-size OLED market [8]. Future Outlook - The article anticipates continued investments in OLED technology, with a potential extension into upstream materials to ensure supply chain security [8].

Core Viewpoint - The report highlights a decline in the production of room air conditioners in China, with a projected decrease of 13.5% in October 2025 compared to the previous year, indicating potential challenges in the air conditioning industry [1]. Industry Overview - According to the National Bureau of Statistics, the cumulative production of room air conditioners in China from January to October 2025 is 23,034.4 million units, reflecting a cumulative growth of 3% [1]. - The report is based on insights from Zhiyan Consulting, a leading industry consulting firm in China, which has been focused on industry research for over a decade [1]. Company Insights - The companies mentioned in the report include Gree Electric Appliances (000651), Midea Group (000333), Haier Smart Home (600690), Hisense Home Appliances (000921), TCL Technology (000100), and Harbin Air Conditioning (600202) [1].

Core Insights - The article emphasizes the need for the hotel industry to transition towards high-quality development through smart technology integration, particularly focusing on AI and personalized services [1] - It highlights the challenges faced by traditional hotels and "pseudo-smart hotels" in effectively utilizing smart devices due to a lack of system integration and management platforms [1] - The evolving consumer demand for personalized experiences and emotional connections during stays is underscored as a critical factor in hotel selection [1] Industry Challenges - Many hotels have invested in smart devices like smart TVs and locks, but these systems often operate independently, leading to increased operational costs for guests [1] - Current smart systems primarily respond to commands rather than understanding deeper guest needs, limiting their effectiveness [1] - The lack of a unified management platform complicates device maintenance and data management, hindering cost reduction and efficiency goals [1] Technological Solutions - TCL's smart hotel solution features an AI virtual assistant that allows guests to interact with hotel services through voice commands, streamlining tasks like information queries and itinerary planning [2] - The solution extends beyond guest rooms, enabling services like laundry scheduling and robot delivery, showcasing a comprehensive understanding of "full-link services" [2] - By integrating all smart device data into a unified management platform, the solution reduces maintenance costs and reliance on human labor, addressing traditional hotel pain points [2] Emotional and Experiential Aspects - The TCL smart hotel solution enhances guest experiences by creating personalized and emotionally resonant scenarios, such as festive atmospheres during holiday stays [4] - The technology fosters emotional connections and brand memories, making guests feel valued and understood [4] - The future of hotel stays is envisioned as unique and meaningful experiences, catering to various traveler needs, from business efficiency to family enjoyment [5] Industry Transformation - The article suggests that the hotel industry is on the brink of a transformation towards a more emotional, intelligent, and memorable service model, driven by technological advancements [5] - As the industry embraces smart technology, each guest's stay is expected to become a warm and memorable part of their journey [5]

Core Insights - The 17th China High-end Home Appliance Trend Release and Red Top Award Ceremony was held in Beijing, focusing on the theme "Brilliant and Extraordinary" [1] - The event highlighted the resilience of China's home appliance and manufacturing industries in global competition, supported by external demand and market vitality [2] - A report on the 2025 China high-end home appliance market indicates a significant shift towards premiumization and emotional value among consumers, with notable growth in online retail sales of high-end appliances [2] Group 1 - The Red Top Award aims to promote quality living and guide consumer trends in the high-end home appliance sector [1] - Numerous well-known home appliance brands participated in the event, showcasing the industry's collective strength [1] - The event featured a special appearance by a robot, engaging in discussions on AI topics with representatives from various brands [3] Group 2 - The report released during the event shows that from January to September, online retail sales of coffee machines, robotic vacuums, pet air purifiers, and large TVs experienced double-digit growth [2] - The event included an AI art and high-end home appliance exhibition, merging technology and art to highlight the industry's innovative spirit [3] - The Red Top Award's founder emphasized the importance of social responsibility and the commitment to enhancing the high-end appliance industry's contributions to society [3]

Core Viewpoint - The expansion of the optical industry in Guangzhou, particularly in the AR/VR and eye health product sectors, signifies a strategic move by Zeiss to establish a second growth curve, with total investment exceeding 400 million yuan [1] Group 1: Industry Growth and Investment - The optical industry in Guangzhou is undergoing significant expansion, with a total investment of over 400 million yuan in the third phase of the Zeiss optical industrial project [1] - The ultra-high-definition video and new display technology industry in Guangdong has surpassed 900 billion yuan in revenue, positioning it to become the province's tenth trillion-yuan industrial cluster [1][4] - Guangdong has successfully fostered two trillion-yuan industrial clusters in the automotive and new energy sectors over the past two years, indicating a robust industrial growth trajectory [1] Group 2: Technological Advancements - The recent 15th National Games showcased advanced display technologies, including a 2500 square meter holographic transparent screen, highlighting Guangdong's strength in ultra-high-definition video and new display industries [1][2] - The introduction of a 2mm thick 3D floating screen at the Shenzhen Bay Sports Center exemplifies China's leading position in display technology innovation [2] - The establishment of TCL's 8.6 generation printed OLED production line represents a significant breakthrough in the display industry, aiming to lead the market with advanced technology [3] Group 3: Ecosystem and Collaboration - The integration of technology and industry innovation in Guangdong is creating a "chain reaction" that accelerates the emergence of new industries, supported by financial and talent resources [1][6] - The collaboration between traditional and emerging industries in Guangdong enhances the efficiency of innovation and market responsiveness, as seen in the rapid growth of companies like Thunderbird Innovation Technology [6][7] - The establishment of national innovation centers in Guangzhou for printing and flexible display technologies provides critical support for companies in the new display sector [7]

Core Insights - In 2025, private equity firms are increasingly enthusiastic about participating in A-share private placements, with a total investment of 5.98 billion yuan, marking a 23.48% increase from 4.84 billion yuan in 2024 [1] - The overall floating profit from these placements has reached 2.72 billion yuan, with a floating profit ratio of 45.55% [1] Group 1: Private Placement Market Overview - A total of 52 private equity firms have actively engaged in the private placement market, covering 58 A-share targets [1] - The price advantage of private placements provides a natural safety cushion for private equity firms, enhancing the attractiveness of this investment strategy [1] - Continuous optimization of refinancing policies and improved project quality have bolstered confidence in holding shares during the lock-up period [1] Group 2: Individual Stock Performance - There is a high concentration of private placements, with 34 stocks receiving over 50 million yuan in allocations, led by Lexin Technology with 788 million yuan [2] - Notably, the electronics sector has shown remarkable profitability, with some stocks like Demingli achieving a floating profit ratio of 274.19% [2] - Among the 58 stocks, 54 are currently in a floating profit state, with over 90% showing profitability, and 9 stocks exceeding a floating profit ratio of 100% [2] Group 3: Industry Distribution - Private placement funds have covered 17 sectors, with the electronics industry being the primary focus, attracting 2.03 billion yuan, accounting for 33.98% of total allocations [3] - The power equipment and light manufacturing sectors follow closely, each receiving 670 million yuan [3] - The electronics sector benefits from ongoing domestic substitution and has competitive advantages in the global market, with significant growth potential expected in 2025 [3]

2025年全球TV出货与终端零售市场备货节奏有一定的错位，一季度受中国国补强预期以及北美关税政策扰动，品牌出货强劲;二季度品牌严格进行库存管 理出货同比下滑，三季度在库存管理后需求恢复正常，四季度虽终端大促表现不佳，但受世界杯备货及半导体器件价格上涨提前拉货推动出货量超预期。 根据群智咨询数据显示，2025年全球出货量预计为2.21亿台，同比下降0.7%。 展望2026年，虽然世界杯赛事拉动，北美退税季及印度消费税改对需求有一定支撑，但受存储芯片等半导体价格飙涨带来生产成本压力陡增等因素影响， 预计全球TV市场全年出货量同比下降0.6%。然而成本压力有望转化为产品结构升级的推动力，带动平均尺寸恢复增长，预计2026年全球TV出货面积同比 增长2.3%。 三星(Samsung)：供应链减负+高端创新强化竞争力 品牌策略：从"规模扩张"转向"价值提升"，差异化路径构建壁垒 面对成本上升、利润下滑的现状，全球TV市场Top10品牌群凭借供应链韧性、全球化布局、产品技术实力、品牌并购等综合优势，积极扩张市场份额，群 智咨询数据显示，全球TV市场Top10品牌群出货量有望在2026年实现同比1.7%的增长。分品牌来看： ...