基本面120ETF嘉实（159910）业绩比较基准为深证基本面120指数，管理人为嘉实基金管理有限公司， 基金经理为李直，成立（2011-08-01）以来回报为145.57%，近一个月回报为2.89%。 来源：新浪基金∞工作室 2月4日，基本面120ETF嘉实（159910）开盘涨0.37%，报2.461元。基本面120ETF嘉实（159910）重仓 股方面，宁德时代开盘涨0.88%，美的集团涨0.24%，格力电器跌0.26%，京东方A跌0.23%，平安银行 涨0.09%，立讯精密跌0.86%，万科A跌0.43%，TCL科技跌0.63%，五粮液跌0.73%，潍柴动力涨 0.49%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

All 4K TVs deliver a sharp picture, but resolution alone doesn't guarantee a great-looking image. Contrast, color accuracy, and brightness play a huge role in how a TV performs, whether you're watching movies in a dark room or sports during the day. The best 4K TVs balance all these picture-quality elements while also delivering easy-to-use software.I've been covering home entertainment gear for more than a decade, and I've reviewed a wide range of TVs firsthand. Together with my team, I put today's top mod ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -24% -15% -6% 3% 12% 21% 30% 39% 48% 57% 66% TCL科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 l 投资要点 盈利增速彰显强劲增长动能。2025 年前三季度，公司实现营业 收入 1360.65 亿元，同比增加 10.50%；实现归母净利润 30.47 亿元， 同比增加 99.75%；实现扣非归母净利润 24.29 亿元，同比增加 233.33%。2025 年三季度单季，公司实现营业收入 504.03 亿元，同比 增加 17.69%；实现归母净利润 11.63 亿元，同比增加 119.44%；扣非 后归属母公司股东的净利润为 8.70 亿元，同比增加 412.11%。 半导体显示业务多点突破，韧性与增长潜力凸显。半导体显示业 务呈现"大尺寸稳中有进、中小尺寸高速增长、新兴领域全面开花"的 良好格局。第三季度，TV 及商用显示等大尺寸业务持续巩固竞争优势， 市场份额同比提升 5 个百分点 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -24% -15% -6% 3% 12% 21% 30% 39% 48% 57% 66% TCL科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 4.75 | | | --- | --- | | 总股本/流通股本（亿股）208.01 | / 180.97 | | 总市值/流通市值（亿元）988 | / 860 | | 52 周内最高/最低价 5.10 | / 3.85 | | 资产负债率(%) 64.9% | | | 市盈率 56.41 | | | 李东生及宁波九天联成 | | | 第一大股东 | 股权投资合伙企业(有 | | 限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com TCL 科技(000100 ...

从郑州惠科新型显示基地日交付显示终端超万台、订单排满，到芜湖长信科技攻克大面积动态X射线成 像传感器"卡脖子"难题；从翰博高新完成越南"双基地"布局，到星宇股份向港交所递交上市申请……开 年以来，产业链上下游捷报频传。与此同时，AI与显示技术深度融合趋势在国际消费电子展等国际舞 台上加速显现，产业智能化、场景化演进不断拓宽价值边界。在供需改善、技术迭代与场景创新的多重 驱动下，"一块屏"正成为催生新质生产力、赋能中国经济"向新向优"发展的重要力量。 ◎记者 邹传科 进入"十五五"开局之年，新型显示产业作为国家明确的新兴支柱产业，正以蓬勃的创新活力与扎实的产 业韧性，开启"技术大年"新征程。 场景之变：显示让AI更加"可感知" 驾车出行时，导航箭头实时叠映在前挡风玻璃上；回到家中，电视会感知你的情绪切换画面；走在街 上，户外广告屏捕捉到你的注视调整显示内容……这些场景并非科幻，进入2026年，"会思考"的显示 屏，正加速走出原有的场景，融入车窗、镜片、家居乃至整座城市，构建更智慧的生活场景。 "人工智能的'智能性'需要通过具象化的交互界面触达用户，而新型显示技术凭借其高清化、柔性化、 场景化特性，恰恰能成为人工 ...

Group 1 - The core viewpoint of the article highlights a significant decline in the sales of traditional large-screen televisions and projectors in China, indicating a shift in consumer preferences towards smaller screens and alternative entertainment formats [1][2][3][4][6][12] - In 2025, the domestic color TV market is projected to see a shipment volume of 32.895 million units, a year-on-year decline of 8.5%, marking the lowest level in nearly 16 years [1][3] - The projector market is also facing challenges, with an expected total sales volume of 5.203 million units in 2025, down 13.9% year-on-year, and a sales revenue of 8.36 billion yuan, a decrease of 16.5% [2][6] Group 2 - Domestic brands such as Hisense, TCL, Xiaomi, and Skyworth dominate the TV market, accounting for 77.8% of the market share, despite a 9.2% year-on-year decline in their combined shipment volume [3][4] - Foreign brands like Samsung, Sony, Philips, and Sharp have seen their combined shipment volume drop below 1 million units in 2025, leading to strategic shifts such as Panasonic's plan to sell its TV business [4][5] - The market concentration remains high, with the top 10 manufacturers accounting for 66.5% of total sales revenue, indicating that smaller brands may struggle to survive in the shrinking market [7] Group 3 - The rise of micro-short dramas and short videos has shifted consumer entertainment preferences, with the micro-short drama market expected to reach a value of 100 billion yuan in 2025, nearly double that of the national film box office [8][9][10] - The "girlfriend machine," a new category of mobile smart screens, has shown significant growth, with a 45.4% year-on-year increase in sales volume in the first half of 2025, suggesting a potential threat to traditional TVs and projectors [11][12] Group 4 - Predictions for 2026 indicate continued declines in both the TV and projector markets, with TV shipments expected to drop to 30.12 million units, a decrease of 8.4% year-on-year [13][14] - The upcoming 2026 World Cup may provide a temporary boost to large-screen usage, as past events have shown significant marketing success for Chinese brands [14][15] - Chinese TV brands are gaining ground in international markets, with a combined global market share of 31.3% for TCL, Hisense, and Xiaomi, surpassing South Korean competitors [16]

（全球TMT2026年2月2日讯）近期，百度、爱奇艺、TCL科技、360、康佳、同方股份、TikTok、苹果、Meta、英伟达、xAI、OpenAI、 Anthropic、迪士尼、派拉蒙天舞、华纳音乐、Hark、Soitec、Black Box、软银、默克、夏普、Digital Turbine等公司高管变动。 中国 百度设个人超级智能事业群由王颖负责 深康佳公告透露，康佳董事、总裁曹士平因工作安排原因而请求辞职，辞职后他继续在康佳任职。曹士平系原康佳高管团队核心人物，曾任康佳 多媒体事业本部总经理、副总裁、总裁、CEO等职务。近期，康佳副总裁杨波也请辞，华润背景的董钢被聘任为康佳副总裁。 同方股份原总裁、董事长陆致成因病去世 百度文库、百度网盘已重组成新事业群（BG）。该事业群由百度副总裁、文库事业部和网盘事业部负责人王颖负责，王颖直接汇报给百度董事长 兼首席执行官李彦宏。新事业群为个人超级智能事业群组。此次调整将有助于充分整合人才、技术等核心要素，进一步强化百度在AI应用方面的 整体协同创新能力。 汪骏辞任爱奇艺CFO 爱奇艺发布公告，汪骏因个人原因辞去公司首席财务官职务，后续将作为顾问继续服务至2026年 ...

消息面上，国家发展改革委、国家能源局发布《关于完善发电侧容量电价机制的通知》。其中提到，可 靠容量补偿机制的总体要求。可靠容量是指机组在全年系统顶峰时段能够持续稳定供电的容量。电力现 货市场连续运行后，省级价格主管部门会同相关部门适时建立可靠容量补偿机制，对机组可靠容量按统 一原则进行补偿。补偿标准以弥补市场边际机组在电能量和辅助服务市场不能回收的固定成本为基础， 统筹考虑电力供需关系、用户承受能力、电力市场建设进展等因素合理确定，并适时调整。新能源装机 占比高、可靠容量需求大的地区，应加快建立可靠容量补偿机制。在国家指导下，具备条件的地区可结 合电力市场建设情况适时通过容量市场等方式形成容量电价。 光伏ETF基金(516180)，场外联接(平安中证光伏产业ETF联接发起式A：026720；平安中证光伏产业 ETF联接发起式C：026721)，相关指数基金(平安中证光伏产业指数A：012722；平安中证光伏产业指数 C：012723；平安中证光伏产业指数E：024618)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益 ...

消费大组联合：布局消费反转！20260130 摘要 白酒板块春节前表现强劲，茅台动销超预期，机构持仓低位。头部企业 如茅台、五粮液估值具吸引力，股息率 4%以上。茅台批价底部已现， 供需缺口改善，春节前价格预计上行，全年价格底部在 1,500 元以上。 首推茅台，其次是五粮液和汾酒。 海大集团国内饲料业务预计未来 5-10 年复合增长 10%-15%，海外市 场增速超 40%，单吨盈利显著高于国内。公司计划减少资本开支，降低 单吨折旧成本，释放利润。目前估值已回到历史最低位。 生猪养殖板块关注能繁母猪存栏量对猪价影响。母猪产能缩减，1 月生 猪供给压力缓解，价格反弹接近尾声。二季度后产能调整，猪价预计回 升。成本控制能力强、出栏体量大的牧原股份和温氏股份具备优势。 医药行业多点分散发展，创新药、AI 医疗等领域前景良好。医药消费相 关板块长期处于底部，市场信心恢复。九部门鼓励药店行业高质量发展， 基药目录酝酿发酵，中药板块或迎来提振机会。零售药店龙头有望实现 10%-15%的增速。 Q&A 当前市场风格是否发生了切换，特别是在消费板块的表现上？ 无论市场风格是否切换，增加消费板块尤其是重点行业的持仓是必要的。 ...

Core Viewpoint - The article discusses the strategic evolution of TCL under the leadership of Li Dongsheng, highlighting key management changes and the company's transition into a new phase with a focus on long-term strategic direction and operational execution. Group 1: Management Transition - On January 19, 2026, TCL Technology announced that Li Dongsheng would step down as CEO, with COO Wang Cheng taking over, while Li continues as Chairman to focus on long-term strategy [1] - This management change signifies a shift to a model where the Chairman sets strategy and the CEO manages execution, indicating a mature corporate governance structure [1] Group 2: Strategic Upgrades - TCL has undergone four major strategic upgrades: global mergers and acquisitions (2001-2007), upward industry chain breakthroughs (2007-2015), business structure reorganization (2015-2020), and diversification into new energy (2020-2025) [4] - The global merger phase included the acquisition of Thomson's global TV business and Alcatel's mobile business, which, despite initial setbacks, laid the groundwork for TCL's international expansion [4] - The upward industry chain breakthrough involved a significant investment of 24.5 billion yuan in the Huaxing Optoelectronics project to address the "chip shortage" issue in the Chinese TV industry [5] Group 3: Business Structure Reorganization - In 2019, TCL underwent a major asset restructuring, splitting into TCL Technology and TCL Industry to focus on specialized operations [6] - TCL Technology concentrated on semiconductor displays and new energy, while TCL Industry focused on smart terminal products, enhancing operational efficiency [6] Group 4: New Energy Ventures - In 2020, TCL invested 12.5 billion yuan to acquire Tianjin Zhonghuan, marking its entry into the photovoltaic sector, which complements its semiconductor display business [6][8] - This strategic move aims to create a dual-core industry structure of "semiconductor display + new energy," enhancing TCL's competitive edge [8] Group 5: Globalization Efforts - TCL has made significant strides in international markets, with overseas sales accounting for 60% of its smart terminal business, driven by double-digit growth [13] - The company aims to establish a global manufacturing supply chain to enhance brand influence and commercial value [13] Group 6: Industry Context - The semiconductor display industry is characterized by rapid technological changes and intense competition, particularly among China, Japan, and South Korea [14] - TCL's strategic decisions, such as the establishment of Huaxing Optoelectronics, were driven by the need for stronger upstream capabilities in the display sector [15][16]