证券代码：000100 证券简称：TCL 科技 公告编号：2025-015 TCL 科技集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金申请文件 获得深圳证券交易所受理的公告 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"）拟发行股份及支付现金购 买深圳市重大产业发展一期基金有限公司持有的深圳市华星光电半导体显示技 术有限公司 21.5311%股权，并拟向不超过 35 名（含）符合条件的特定对象发行 股份募集配套资金（以下简称"本次交易"）。 公司于 2025 年 4 月 6 日收到深圳证券交易所（以下简称"深交所"）出具的 《关于受理 TCL 科技集团股份有限公司发行股份购买资产并募集配套资金申请 文件的通知》（深证上审〔2025〕44 号）。深交所根据相关规定对公司报送的发行 股份购买资产并募集配套资金申请文件进行了核对，认为申请文件齐备，决定予 以受理。 本次交易尚需通过深交所审核并取得中国证券监督管理委员会同意注册的 批复，最终能否通过审核、取得注册，以及最终通过审核、取 ...

Core Viewpoint - The AI Fund Guotou UBS Core Enterprise Mixed Fund (121003) reported a profit of 13.44 million yuan for 2024, with a weighted average profit per fund share of 0.0126 yuan, and a net asset value growth rate of 2.09% for the reporting period [3][17]. Fund Performance - As of April 3, the fund's unit net value was 0.769 yuan, with a recent one-year return of -2.83%, ranking 230 out of 256 comparable funds [3][6]. - The fund's three-month return was 2.26%, ranking 209 out of 256, while the six-month return was -6.04%, ranking 217 out of 256 [6]. - Over the past three years, the fund's return was -17.20%, ranking 134 out of 236 [6]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0032, ranking 157 out of 238 [11]. - The maximum drawdown over the past three years was 35.86%, with the largest single-quarter drawdown occurring in Q2 2018 at 21.13% [13]. Fund Holdings and Structure - As of December 31, 2024, the fund had a total scale of 780 million yuan and 38,300 holders, with individual investors holding 85.77% of the shares [17][20]. - The fund's top ten holdings include companies such as CATL, BYD, Midea Group, and others [25]. Investment Strategy - The fund manager maintains an optimistic outlook for the A-share equity market in 2025, believing that opportunities outweigh risks, supported by a higher dividend yield from the CSI 300 compared to the 10-year government bond yield [3]. - The fund will continue to focus on high-quality companies with competitive advantages across various sectors, including home appliances, automotive, telecommunications, resources, and electronics, while also seeking opportunities in technology and consumer sectors [3].

Core Viewpoint - The private economy is a crucial driver for China's modernization and high-quality development, with a strong emphasis on innovation and global competitiveness [1][8]. Group 1: Private Economy and Government Support - The government has highlighted the importance of the private economy in its 2025 work report, focusing on promoting healthy and high-quality development [1]. - A recent meeting emphasized strong support for the growth of private enterprises, signaling a commitment to fostering a conducive environment for their development [8]. Group 2: Globalization and Innovation - Globalization is viewed as an essential strategy for companies, with TCL's founder emphasizing the need for industry upgrades through independent innovation [3][4]. - TCL has established a global manufacturing network and has made significant strides in technology innovation, holding 110,000 patents, including 18,000 PCT patents [4]. Group 3: AI Integration in Manufacturing - The integration of AI in manufacturing has shown promising results, with TCL's AI applications generating over 500 million yuan in economic benefits, significantly exceeding the company's investment in AI [5]. - The launch of the X-Intelligence model has improved R&D efficiency, reducing product development cycles by 1-2 months [5]. Group 4: Long-term Investment and Market Environment - The technology manufacturing sector requires substantial investment and a long-term perspective, with a typical return period of at least three years [8]. - Recommendations have been made to enhance the financing environment for leading technology manufacturing companies through innovative capital market services and relaxed equity financing restrictions [8].

Core Viewpoint - The competitive landscape of the global television market reveals that while Chinese brands dominate in terms of unit sales, they still lag behind Japanese and Korean brands in terms of sales revenue, indicating a need for improvement in product value and pricing strategy [1][9]. Global Television Market Overview - In 2024, global television sales are projected to reach 208 million units, reflecting a modest growth of approximately 3.5% [1]. - The top five brands in the global television market are Samsung, TCL, Hisense, LG, and Xiaomi, with market shares of 17.6%, 13.9%, 12.3%, 10.8%, and 5.1% respectively [11]. Brand Performance - **Samsung**: Holds the largest market share at 17.6%, with sales exceeding 36.6 million units [7]. - **TCL**: Ranks second with a market share of 13.9%, selling nearly 29 million units [6]. - **Hisense**: Comes in third with a market share of 12.3% and over 25 million units sold [5]. - **LG**: Fourth place with a market share of 10.8% and sales of over 22 million units [4]. - **Xiaomi**: Fifth place with a market share of 5.1%, selling over 10 million units [3]. Revenue Comparison - In terms of sales revenue, Samsung leads with 28.3%, followed by LG at 16.1%, while TCL and Hisense have 12.4% and 10.5% respectively [9]. - Despite higher unit sales, Chinese brands like TCL and Hisense do not match LG's revenue, indicating a disparity in pricing and product value [9]. Market Trends - The trend shows that while Chinese television brands are on an upward trajectory in terms of sales volume, Japanese and Korean brands are experiencing a decline [9]. - This suggests potential for future growth in the Chinese television market, with the possibility of a shift in market dynamics over the next five years [9].

Group 1 - The core viewpoint of the article highlights a significant increase in China's M&A market activity in Q1 2025, with a total of 1,647 disclosed M&A events, representing a year-on-year increase of 0.98%, and a transaction scale of approximately 7,779 billion RMB, up about 115.30% year-on-year [1][3][6]. Group 2 - In terms of regional distribution, Beijing led the M&A market with a transaction scale of 5,467 billion RMB, a year-on-year increase of 629.29%. Shanghai followed with 1,638 billion RMB, up 92.30%, while Guangdong experienced a decline of 22.97% with a transaction scale of 619 billion RMB [6]. - The banking sector dominated the industry distribution, with a transaction scale of 5,048 billion RMB, reflecting a staggering year-on-year increase of 3,725.95%. The materials industry and capital goods sector followed with 495 billion RMB and 308 billion RMB, increasing by 64.48% and 67.32% respectively [9]. - The method of acquisition showed that new stock issuance acquisitions led with a scale of 5,073 billion RMB, accounting for 64.33% of the total. Agreement acquisitions and capital increase acquisitions followed with 1,449 billion RMB and 409 billion RMB, representing 18.38% and 5.19% of the total respectively [11][13]. Group 3 - The top three purposes of M&A transactions were horizontal integration, asset adjustment, and diversification strategy, with transaction scales of 456 billion RMB, 439 billion RMB, and 116 billion RMB respectively [15][17]. - M&A transactions exceeding 100 billion RMB accounted for the highest proportion, making up 71.27% of the total transaction amount, while those between 10 billion and 100 billion RMB accounted for 16.05% [18]. Group 4 - The top three M&A transactions by scale in Q1 2025 were: 1. China Bank's 8.48% equity change with a transaction amount of 1,650 billion RMB 2. Postal Savings Bank's 15.54% equity change at 1,175.80 billion RMB 3. Bank of Communications' 10.92% equity change at 1,124.20 billion RMB [20][24]. Group 5 - In terms of financial advisory rankings, Guotai Junan led with a transaction scale of 1,124.20 billion RMB, followed by Guotou Securities and Shenwan Hongyuan with 162.47 billion RMB and 158.96 billion RMB respectively [26][28]. - For completed M&A transactions, Dongfang Securities ranked first with 980.31 billion RMB, while Jialin Capital and Zhongyin Securities both had 976.15 billion RMB [29]. Group 6 - The leading law firm in M&A transactions was King & Wood Mallesons with a transaction scale of 1,186.32 billion RMB, followed by JY Law Firm and Zhong Lun Law Firm with 115.62 billion RMB and 55.36 billion RMB respectively [32][34]. - In accounting firms, Ernst & Young ranked first with 169.94 billion RMB, followed by Rongcheng with 132.76 billion RMB and Xinyong Zhonghe with 42.66 billion RMB [35][37]. Group 7 - The top asset appraisal institution was Zhonglian Asset Appraisal with 207.29 billion RMB, followed by Guozhonglian and Zhuoxin Dahua with 133.57 billion RMB and 108.33 billion RMB respectively [38][40].

Core Viewpoint - TCL launched the T7L and Q9L series of QD-Mini LED TVs at the 2025 product release event, featuring advanced technologies and competitive pricing starting at 3499 yuan [1]. Product Features - The T7L and Q9L series have upgraded panel, backlight control, color technology, sound, and design. High-end technologies are now applied to mainstream products to enhance cost-effectiveness [1]. - The T7L Pro series features the Butterfly Wing Starry Screen with a contrast ratio of 7000:1 and a reduced screen reflectivity of 1.8% [1]. - The Q9L Pro series supports up to 3456 zones, while the T7L Pro series supports up to 1056 zones, optimizing light-emitting chips and algorithms for improved picture quality [1]. Performance Enhancements - The peak brightness of the T7L Pro series increased from 1600 nits to 2200 nits, while the Q9L Pro series rose from 2400 nits to 4500 nits, with extended brightness duration [2]. - The Quantum Dot Pro 2025 technology enhances color reproduction capabilities, and the TVs are equipped with a 5-channel sound system and upgraded SOC chip [2]. Pricing Information - The T7L series starts at 2799 yuan after national subsidies, with various sizes priced accordingly. The T7L Pro series starts at 3839 yuan, and the Q9L Pro series has a maximum price of 14999 yuan for the 98-inch model [3][6].

Core Viewpoint - TCL has launched the T7L and Q9L series QD-Mini LED TVs, featuring significant advancements in display technology, particularly in contrast enhancement, to provide a superior audio-visual experience for consumers [1][3]. Product Launch and Market Response - The release of the T7L and Q9L series is a direct response to consumer demand for upgraded models, maintaining TCL's position as a leader in quality-price ratio in the competitive Mini LED TV market [1][3]. - TCL's commitment to enhancing quality-price ratio is evident in the upgrades made to the new models, which include advanced display and sound technologies [3]. Technological Advancements - The T7L Pro series features a new "Butterfly Starry Screen" with a contrast ratio of 7000:1, significantly improving dark and bright image quality [4]. - The "Wanshang Partition" technology allows for up to 1056 partitions in the T7L Pro series and 3456 in the Q9L Pro series, greatly enhancing light control and image quality compared to standard backlight TVs [6]. - Peak brightness has been upgraded to 2200 nits for the T7L Pro and 4500 nits for the Q9L Pro, improving the display of real-world brightness [8]. Audio and Software Enhancements - The audio system has been upgraded to a 5-channel Hi-Fi standard, and the main chip has been updated to MTK 9655 PLUS, enhancing overall performance [10]. - The operating system has been upgraded to the Ling Control System 3.0, providing a more immersive viewing experience [10]. Pricing Strategy - The pricing for the T7L and Q9L series has been strategically set to remain competitive, with various models priced to appeal to a wide range of consumers [12][13]. - The new Z100 wireless soundbar is priced at 1499 yuan, undercutting competitors while offering advanced features [12].

Core Viewpoint - TCL Industrial and Brilliance China have initiated a joint venture to establish an intelligent cockpit production base in Shenyang, with a total investment of 1.4 billion RMB, aiming to enhance the automotive electronics sector and contribute to regional industrial upgrades [3]. Group 1 - The joint venture will produce automotive electronic products, including in-car display assemblies, intelligent cockpit systems, and intelligent driving domain controllers, targeting both domestic and international mainstream manufacturers [3]. - The project is expected to generate a cumulative output value exceeding 10 billion RMB within five years, indicating significant growth potential for the region's automotive industry [3]. - The partnership is based on a joint venture agreement signed on December 31, 2024, with both parties holding a 50% stake in the new company [3]. Group 2 - TCL Industrial's CEO highlighted the project's milestone significance for the company's development and its strategic importance for the intelligent automotive business in Northeast China [3]. - The joint venture will leverage the existing industrial foundation in Northeast China to explore innovative paths and support the intelligent upgrade of Shenyang's automotive industry [3].

Core Viewpoint - The LCD TV panel prices are expected to continue rising in March 2025, driven by stable demand and the impact of China's trade-in policy [3][10]. Group 1: Market Overview - From February 2025 to the present, the panel index has increased by 2.24%, underperforming compared to major indices like the Shanghai Composite and Shenzhen Component [3][8]. - As of March 13, 2025, the total market capitalization of the A-share panel industry is 562.467 billion yuan, with an overall price-to-book ratio of 1.61x, which is at the 61.0% percentile of the past five years [3][8]. Group 2: Price & Cost - In February 2025, the prices for various sizes of LCD TV panels were as follows: 32-inch at $38, 43-inch at $64, 50-inch at $103, 55-inch at $129, and 65-inch at $177, with month-on-month increases of 2.7%, 1.6%, 1.0%, 0.8%, and 1.1% respectively [10]. - The prices for IT panels in February 2025 remained stable for most sizes, with a slight increase for the 23.8-inch panel [10]. Group 3: Supply & Demand - In January 2025, the global shipment area for large-size LCD panels increased by 7.34% year-on-year, with a total shipment of 71.494 million units, reflecting a 12.42% year-on-year growth [14][17]. - The average size of LCD TVs is projected to increase, contributing to the growth in demand for LCD panels [20]. Group 4: Performance Review - In January 2025, the global revenue for large-size LCD panels was $5.426 billion, showing a year-on-year increase of 6.85% [37]. - Major LCD manufacturers in China reported a total revenue of 510.133 billion yuan in 2023, with a slight year-on-year growth of 0.94% [42]. Group 5: Investment Recommendations - The report recommends focusing on key players in the LCD panel supply chain, particularly BOE Technology Group [7].

点击 关注我们 报告发布日期：2025年3月20日 报告名称:《LCD行业月报- 预计3月LCD TV面板价格延续增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 LCD行业月报-预计3月LCD TV面板价格延 续揭长 2025-03-20 | 胡剑 胡慧 叶子 张大为 连欣然 行情&业绩回顾：2025年2月至今面板(申万)指数 上涨2.24%,3Q24中国主要LCD厂商平均毛利率同环比下 滑行情回顾:2025年2月至今面板(申万)指数上涨2.24% ，跑输上证指数、深证成指、沪深300指数1.09pct、3.4 8pct、0.24pct;其中深天马A、龙腾光电分别上涨1.07% 、1.35%，京东方A、TCL科技、彩虹股份分别下跌3.36 %、6.39%、8.14%。估值方面,截至3月13日A股面板行 业总市值5624.67亿元,整体PB (LF) 为1.61 ...