Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, specifically recommending "Buy" for Hisense Visual and TCL Electronics [9]. Core Insights - The report highlights the impact of display technology iterations on the black electrical landscape and profitability, emphasizing that Chinese companies are well-positioned to enhance their profitability and global market share during the current Mini LED technology upgrade [3][6][7]. Summary by Sections Previous Display Technology Changes - The evolution of black electrical display technology is summarized as "CRT → Rear Projection → PDP → LCD (LED Backlight) → OLED → Mini/Micro-LED." Historically, Japanese companies dominated the global black electrical industry until the late 1990s, when Korean companies like Samsung and LG began to invest heavily in LCD technology, ultimately surpassing Japanese firms by 2006 [5][27][32]. Current Mini LED Upgrade Outlook - Mini LED is identified as the next major display technology, with global shipments expected to reach 6.2 million units in 2024, a 100% increase year-on-year, capturing 2.9% of the market share. In China, Mini LED TV sales are projected to reach 5.56 million units, accounting for 18.0% of the overall TV market [6][7]. Investment Recommendations - The report suggests capitalizing on structural upgrades and profitability improvements among leading black electrical companies. It notes that the ongoing shift of panel production capacity to China, combined with continuous investment in Mini LED technology by companies like TCL and Hisense, supports the sustainable enhancement of profitability and market share for Chinese black electrical enterprises [7][9].