Core Viewpoint - TCL Technology is enhancing its employee rights protection system while also focusing on supply chain responsibility, aiming to create a safe, fair, and respectful working environment across its supply chain, which is seen as a foundation for sustainable competitive advantage [1][4] Group 1: Supply Chain Responsibility - TCL Technology is actively guiding and promoting its supply chain partners to fulfill social responsibilities, establishing a comprehensive mechanism that includes supplier agreements, certifications, assessments, and management to identify risks from the source [1][3] - In 2024, TCL Technology's subsidiaries successfully helped 46 key suppliers obtain Responsible Business Alliance (RBA) certification, marking significant progress in supply chain responsibility [1] - The company has implemented a systematic risk assessment for production suppliers, achieving a 74.4% participation rate in CSR risk assessments in 2024, with 54.4% of suppliers completing CSR audits [3][4] Group 2: Labor Rights Management - TCL Huaxing has strengthened its supply chain labor ecosystem management, with 83.3% of raw material suppliers signing a corporate social responsibility declaration in 2024 [1][2] - The newly released TCL Huaxing Supplier Social Responsibility Code outlines higher responsibility requirements for suppliers, including respect for human rights, prohibition of child labor, and ensuring safe working conditions [2] - The company emphasizes the importance of compliance with applicable laws regarding working hours, minimum wage, and the right to collective bargaining, establishing a contractual basis for a fair human rights protection system [2][4] Group 3: Transparency and Audit Mechanisms - TCL Huaxing ensures transparency by requiring potential suppliers to register and complete a detailed Information Request Form (RFI), focusing on their ESG certifications and compliance [3] - The audit process includes a self-assessment by suppliers, with TCL Huaxing determining the need for written or on-site audits based on self-assessment results, leading to a 100% rectification rate for suppliers scoring below 85 in CSR preliminary assessments in 2024 [4] - The company’s high-standard, systematic supply chain responsibility management system aims to elevate labor rights protection from corporate responsibility to industry consensus, reinforcing the protection of employee dignity and rights [4]

Group 1: Industrial Internet Development - The 2023 World Manufacturing Conference will introduce the "Antelope 3.0" platform, the first industrial internet platform with large model capabilities, along with industrial large models and "digital craftsman" application scenarios [1] - In 2022, the added value of China's industrial internet industry accounted for 3.64% of GDP [1] - The industrial internet industry in China has surpassed 1.2 trillion yuan, with over 240 influential platforms and services provided to more than 260,000 enterprises [2] Group 2: Market Growth and Projections - IDC projects that by 2025, the market for industrial internet platforms and application solutions in China will reach approximately 56.1 billion USD (about 361.6 billion yuan), with a compound annual growth rate of 29.6% from 2021 to 2025 [2] - There are over 160 concept stocks related to industrial internet in the A-share market, with companies like Dingjie Software and Industrial Fulian enhancing their business layouts in smart manufacturing and industrial internet [2] Group 3: Company Innovations - Changhong Meiling's industrial internet platform emphasizes openness and scalability, leveraging AI and big data to enhance consumer experience in the home appliance sector [3] - Dongtu Technology has developed an industrial operating system and software tools, promoting software-defined control technology in the industrial field [3] Group 4: Investment Opportunities - In September, several stocks related to industrial internet saw significant investment from northbound funds, with eight stocks receiving over 100 million yuan in net purchases [4] - A total of 35 stocks are expected to have a net profit growth rate exceeding 30% in the next two years, with 13 stocks projected to double their net profit growth rate [4] - Notable stocks with significant upside potential include Nandu Power, with an expected increase of 93.71% according to Minsheng Securities [5]

Investment Rating - The report maintains a recommendation for the home appliance industry [2] Core Viewpoints - The report analyzes the impact of the USMCA (United States-Mexico-Canada Agreement) and the potential risks posed by the U.S. government's tariff policies on Chinese home appliance companies operating in Mexico [6][8] - It emphasizes that the concerns regarding the USMCA's risks are primarily focused on two aspects: the potential for the U.S. government to invoke national security clauses and the upcoming review of the agreement in 2026 [6][8] - The report suggests that the short-term impact of the USMCA's implementation is limited, as many leading Chinese home appliance companies have already established significant production capacities in Mexico that comply with the agreement's rules [6][7] Summary by Sections Industry Basic Data - The home appliance industry consists of 80 listed companies with a total market value of 185.1 billion yuan and a circulating market value of 165.1 billion yuan [2] Relative Index Performance - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 0.3%, 1.1%, and 21.4% respectively, while the relative performance is -3.2%, -5.6%, and 3.0% [3] USMCA Agreement Analysis - The USMCA is designed to encourage regional production and supply chain integration, with specific rules for determining the origin of products [12][14] - The agreement provides trade benefits only to goods certified as originating from the USMCA region [12][14] - The report outlines two potential scenarios for the future of the USMCA: the continuation of the current tariff framework and the tightening of origin certification rules [55][58] Company Strategies - Leading Chinese home appliance companies like Haier, Midea, Hisense, and TCL have established substantial production capacities in Mexico, which allows them to mitigate tariff risks effectively [6][7][56] - The report highlights that these companies have the capability to meet the USMCA's origin certification requirements, thus reducing potential tariff impacts [6][7][57] - The white goods sector, particularly Haier, is expected to strengthen its market position in North America due to its localized production and supply chain flexibility [7][60] Market Dynamics - The report notes that while black goods manufacturers face challenges due to the concentration of LCD panel supply chains in Asia, they can still expand their market share through product upgrades [7][61] - The overall competitive landscape for Chinese home appliance companies has shifted from relying on cost advantages to focusing on brand development, operational efficiency, and product innovation [60]

将"一块好屏"，从一个模糊的消费者概念，变为一个清晰的、 产业约定俗成的"行业标准"，TCL华星的探索还在继续。 作者： 郑晨烨 封图：图片资料室 在一个以残酷周期性和价格战为特征的行业，一家上游企业，究竟是如何摆脱 "供应商"的宿命，将自己的技术，经营成了一个所有顶级品牌都无法绕 开的"行业标准"与"基础设施"？ 一个现象 8 月 1 日， ChinaJoy 开幕首日 ， 在三星的展 区 中心，一块首次公开亮相的屏幕成为全场的焦点之一。 这是三星最新的玄龙骑士 G90XF 裸眼 3D 电竞显示器 ， 在现场演示中，这块 27 英寸的屏幕无需用户佩戴特制眼镜，通过其内置的光场显示技术， 便将游戏画面以三维形态呈现。 2025 年 8 月 4 日，创下 41 万人次观众纪录的第二十二届中国国际数码互动娱乐展览会（ ChinaJoy ）在上海落幕 ， 作为全球数字娱乐产业的核 心舞台之一，这里历来是消费电子品牌激烈角逐的场所。 但在今年的硬件展区， 却有 一个 值得注意的 反常现象 ， 三星的 "玄龙骑士"、联想的"拯救者"、华硕的"玩家国度"等在市场上激烈竞争的旗舰产 品线，罕见地围绕着同一个上游供应商—— T ...

Core Insights - The integration of AI and display technology is reshaping the consumer electronics industry, with a focus on enhancing user experience through improved display capabilities [1][2] - TCL Technology's strategy involves a "dual integration" approach, emphasizing both AI for display and display for AI, highlighting the interdependent relationship between the two [2] Industry Trends - By 2025, global AI PC shipments are expected to exceed 80 million units, with AI smartphones achieving a penetration rate of over 60% [1] - AI glasses are evolving from voice interaction to augmented reality (AR) forms, necessitating advancements in display technology to meet consumer demands for immersive experiences [1][4] Technical Challenges - The power consumption of display panels poses a significant challenge, accounting for 20%-40% of energy use in wearable devices, and over 50% in some lightweight laptops and AR glasses [4][5] - As the demand for computational power increases, addressing power consumption in displays is critical to maintaining device battery life and overall AI experience [5] Company Strategy - TCL Huaxing is focusing on low-power technology as a core strategy to address the challenges of AI integration across various product categories, including smartphones, tablets, and monitors [5] - The "Star Intelligence Model," launched by TCL Huaxing, aims to enhance efficiency in research and manufacturing processes, achieving a 20% improvement in product mechanism analysis and a 30% reduction in new material development cycles [6] Future Exploration - TCL Huaxing is exploring new application scenarios for AI in the display field, although specific details remain undisclosed as this area is still in a "fuzzy exploration phase" [6] - There is potential for displays to evolve into "intelligent interaction hubs," integrating sensors and AI algorithms to enhance user interaction and experience [7]

Core Viewpoint - The integration of AI and display technology is reshaping the consumer electronics industry, with a focus on enhancing local computing power, extending battery life, and providing immersive visual interactions [1][6]. Group 1: Industry Trends - The global AI PC shipment is expected to exceed 80 million units by 2025, with AI smartphones penetrating over 60% of the market [1]. - AI glasses are evolving from voice interaction to augmented reality (AR) forms, highlighting the need for display capabilities [1][6]. Group 2: Company Strategy - TCL Huaxing's strategy is defined as "dual integration": AI for Display and Display for AI, emphasizing the interdependent relationship between AI and display technology [2]. - The company is focusing on low-power technology as a core strategy to address the power consumption challenges posed by AI devices [6]. Group 3: Technological Innovations - The "Star Intelligence Model" developed by TCL Huaxing has improved efficiency in R&D and manufacturing, achieving a 20% increase in problem-solving efficiency and a 30% reduction in new material development cycles [7]. - The AI-driven inspection system has enhanced panel yield rates, positioning TCL Huaxing as a leader in the display industry [7]. Group 4: Future Exploration - TCL Huaxing is exploring new application scenarios for AI in the display field, aiming to redefine the role of display panels from mere output devices to intelligent interaction hubs [8].

Core Viewpoint - The ChinaJoy 2025 event in Shanghai showcased TCL's advancements in the esports display sector and smart terminal products, emphasizing its commitment to building an esports ecosystem and driving global esports industry development [1][4]. Group 1: Esports Display Solutions - TCL Huaxing presented a comprehensive range of esports display solutions, including a 116" 2.5K 240Hz printed OLED laptop display and a 27" 4K 120Hz printed OLED monitor, highlighting their capabilities in delivering high-quality visuals and immersive experiences [1][4]. - The company introduced new display technologies such as HVA Fast, HVA Black, and HFS Shoot, tailored to meet the demands of various gaming genres [4]. Group 2: Smart Terminal Products - TCL's smart terminal products, like the TCL Cold Pudding ultra-thin ice-making refrigerator, can produce ice in just 60 minutes, catering to gamers' needs for instant refreshment [2]. - The TCL AI Super Drum washing and drying machine features an industry-leading 1.31 cleaning ratio and utilizes AI technology to provide personalized washing solutions [2]. Group 3: Technological Innovations - TCL Huaxing has achieved mass production of a 21.6-inch printed OLED medical display, showcasing advantages in color gamut, low power consumption, and high resolution [3]. - The company holds a total of 65,319 global patent applications, with 24,060 patents granted, leading the world in available invention patents in the printed OLED field [3]. Group 4: Industry Collaboration and Standards - TCL is actively involved in industry standards, having led the release of 21 standards and participated in 118, demonstrating its commitment to shaping the future of display technology [3]. - The company collaborates with major brands like Samsung, Lenovo, and ASUS to create an interactive customer exhibition area, enhancing the esports experience [4].

Core Insights - The 22nd ChinaJoy showcased a notable collaboration among leading brands like Samsung, Lenovo, and ASUS, all utilizing TCL Huaxing as a common upstream supplier for their flagship gaming products [2][4] - TCL Huaxing has established itself as a dominant player in the gaming monitor panel market, holding the top global market share for three consecutive years, with one in three gaming monitors using its screens [2][4] - The company has shifted from being a passive supplier to actively defining market standards and addressing gamer experience pain points through collaborative innovation with downstream brands [10][11] Market Dynamics - The gaming display market is evolving from a performance-driven focus to a comprehensive experience-oriented approach, with players seeking improved visual quality, comfort, and energy efficiency [7][8] - TCL Huaxing's technology offerings, such as HVA Black, HFS Shoot, and HVA Fast, cater to these new user demands by enhancing contrast, refresh rates, and response times [5][8] Strategic Moves - In 2019, TCL Huaxing recognized the need to escape the cyclical nature of the display industry and identified the gaming sector as a strategic growth area [9][10] - The company transitioned from an order-driven model to a proactive market-defining approach, engaging directly with gamers to identify and address unmet needs [10][11] Technological Advancements - The acquisition of Samsung's 8.5-generation LCD panel production line in 2020 allowed TCL Huaxing to rapidly enhance its production capabilities and establish itself as a reliable industry standard [15] - The company is leveraging AI technologies to optimize manufacturing processes and reduce costs, while also focusing on developing low-power display technologies to meet the demands of AI-driven devices [19][24] Future Outlook - TCL Huaxing aims to position itself as a key enabler for top brands in the gaming market, embedding its technology into high-performance products to set industry standards [25] - The company is exploring new possibilities at the intersection of AI and display technology, indicating a forward-looking strategy to remain relevant in an evolving tech landscape [25]

Group 1: Investment Trends in Guangdong - Private investment is a significant indicator of development expectations and confidence in Guangdong's economy [1] - The province is implementing policies to stimulate private investment, focusing on new demand creation and industry expectations [1][2] - There is a notable increase in investment in sectors like chips and robotics, with private capital actively seeking opportunities [2] Group 2: Market Dynamics - The private investment growth rate in Guangdong showed fluctuations in the first half of the year, reflecting a cautious approach from private real estate companies [1][2] - New consumption sectors have seen a rise in financing events, indicating a shift towards health foods, pet consumption, and smart living [3] - The real estate sector is adapting to new regulations, with increased transaction volumes in specific housing types, suggesting strong demand for upgrades [3][4] Group 3: Policy Support and Economic Outlook - Central government meetings have emphasized urban renewal and consumption, which are expected to drive a positive cycle of investment and consumption [3][4] - Guangdong has introduced 26 measures to deepen investment and financing reforms, targeting key sectors like railways and advanced manufacturing [6] - The province has recommended 104 key private investment projects with a total planned investment of 215.8 billion yuan [6] Group 4: Mergers and Acquisitions Activity - There is a surge in mergers and acquisitions in Guangdong, with 41 completed transactions in the first half of the year, amounting to 37.594 billion yuan [7][8] - Companies like Songfa Co. and TCL Technology are leveraging acquisitions to diversify and strengthen their market positions [7] - The provincial government is actively supporting the M&A market through various initiatives, enhancing the capital market's role in the economy [8]

Core Viewpoint - The DIC EXPO 2025 showcased innovative display technologies and applications from various companies, highlighting advancements in display panels, materials, and equipment across multiple sectors including consumer electronics, medical, and automotive [1][140]. Panel Companies - BOE introduced the UB Cell display technology, which enhances image quality and power efficiency through AI integration, applicable in TVs, monitors, and notebooks [2]. - BOE's 31.5-inch 4K medical display meets DICOM800 standards with over 100% NTSC color coverage and a contrast ratio of 2000:1 [4]. - TCL Huaxing presented the world's first mass-produced under-screen camera OLED laptop display with a 98% screen-to-body ratio and 4K resolution [15]. - TCL Huaxing's 27-inch 4K 120Hz printed OLED monitor features a peak brightness of 600 nits and a DCI-P3 color gamut of 99% [17]. - HKC showcased the world's first 800Hz ultra-high refresh rate display [22]. Display Materials and Equipment - Corning displayed advanced glass solutions, including a 57-inch 8K curved gaming screen with a 240Hz refresh rate [76]. - North Huachuang presented magnetic sputtering coating equipment for LCD and touch screens, essential for transparent conductive films [57]. - Koyun Laser introduced precision repair equipment for LCD and OLED displays, enhancing production quality [60]. Emerging Technologies - Visionox exhibited a flexible AMOLED solution with high efficiency and color purity, marking a significant advancement in display technology [31]. - Tianma Microelectronics showcased a 16-inch 480Hz gaming panel, pushing the boundaries of refresh rates in laptops [47]. - Longteng Optoelectronics presented a 14-inch AI dynamic privacy display, allowing users to switch between wide and narrow viewing angles [48]. Conclusion - The DIC 2025 highlighted the latest developments in display technology, showcasing innovations in high refresh rates, high resolutions, and flexible displays, indicating a new phase of growth in the display industry [140].