全球黑电市场洗牌加剧，新显示技术与AI驱动新格局

Core Insights - The global television industry is undergoing unprecedented adjustments in 2026, with significant market structural changes driven by large-screen demand, Mini LED technology proliferation, and AI integration [1] Group 1: Market Trends - Global television shipments fell below 200 million units in 2025, marking a ten-year low, with a projected further decline of 5%-7% in 2026 [2] - China's television market, as the largest consumer market, saw a shipment volume of 32.895 million units in 2025, down 8.5% year-on-year, the lowest since 2010 [2] - The first half of 2025 saw a slight increase of 1.4% in shipments due to government subsidies, but the second half experienced a significant decline of 16.9% due to policy effects waning and demand being pulled forward [4] Group 2: Regional Performance - The European market is under pressure, with Western Europe expected to decline, while Eastern Europe shows slight growth due to economic recovery [4] - North America remains relatively stable, supported by a solid consumer base and event marketing [4] - Emerging markets in Asia-Pacific, Latin America, and the Middle East and Africa still have growth potential, but rising memory chip prices may limit actual volume due to price sensitivity [4][5] Group 3: Technology and Innovation - Mini LED technology is expected to enter its popularization phase in 2026, with global shipments projected to exceed 300,000 units, becoming a new profit engine for the high-end market [7] - Chinese brands like Hisense and TCL are leading innovations in RGB-Mini LED and SQD-Mini LED technologies, with significant growth in shipments expected [7][8] - AI technology is redefining the role of televisions, with companies like Huawei and Skyworth investing heavily in AI capabilities to enhance user experience [12][13] Group 4: Competitive Landscape - The competition is shifting from price wars to a comprehensive comparison of technology, supply chain, and globalization capabilities [5] - In 2025, the top three brands—Samsung, TCL, and Hisense—held over 43% of the global market share, with Samsung leading at 35.3 million units shipped [13] - The partnership between Sony and TCL for future strategic cooperation in home entertainment is expected to further disrupt the market dynamics [14]