Group 1 - The report from China Galaxy Securities indicates that overseas television demand is expected to peak in the second half of the year, which may mitigate some impacts from domestic subsidy reductions [1] - Panel procurement is showing positive signals as global television brands prepare for the upcoming promotional seasons, with global TV panel shipments expected to reach 22.3 million units in August 2025, reflecting a year-on-year increase of 7.6% and a quarter-on-quarter increase of 4.9% [1] - The shift towards Mini LED technology is anticipated to drive global television upgrades, with a projected penetration rate of 6.6% by 2025 [2] Group 2 - Chinese brands are leading the global market in Mini LED television, with significant increases in market share; Hisense's share rose from 6.2% in 2016 to 14.4% in 2025, while TCL's share increased from 5.8% to 14.8% [2] - The competitive landscape is shifting as Chinese companies gain ground in the high-end market, causing Samsung and LG to reassess their strategies for the first time since 2015 [2][3] - The technology upgrade in the television industry has shifted from being dominated by Japanese and Korean companies to Chinese firms, with advancements in RGB Mini LED technology being led by Hisense and TCL [3] Group 3 - Retail sales of televisions in China have begun to decline due to the reduction of government subsidies, with online retail sales dropping by 34.7% and 30.5% year-on-year in the first two weeks of September [4] - The overall retail growth rates for televisions have slowed down, with online retail growth at 3.4% and 8.5%, and offline retail growth at 13.6% and 25.7% in July and August respectively [4]

Core Viewpoint - TCL has officially launched its SQD-Mini LED technology, showcasing its advancements in display technology with the introduction of the X11L SQD-Mini LED TV and other models, highlighting significant improvements over traditional OLED displays [1] Group 1: Product Launch - On September 15, TCL held its autumn product launch event, unveiling the SQD-Mini LED technology [1] - The X11L SQD-Mini LED TV is the world's first to utilize this new technology, alongside the RGB-Mini LED TV models Q10M Ultra and Q9M [1] Group 2: Technology Advancements - The SQD-Mini LED represents an upgrade in Mini LED technology, incorporating the Super Butterfly Huayao screen and Super Quantum Dot core technologies [1] - It achieves 100% BT.2020 global high color gamut, surpassing OLED in brightness, color, and lifespan [1] - Compared to the standard RGB-Mini LED, which has a 97% BT.2020 color gamut coverage, the SQD-Mini LED offers richer and purer color representation, addressing industry issues such as color deviation and color bleeding [1] Group 3: Design and Performance Improvements - The SQD-Mini LED technology has made breakthroughs in partitioning, brightness, and overall design [1]