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]

9月15日，TCL举办秋季新品发布会，SQD-Mini LED正式发布。同时，全球首款采用这一技术的X11L SQD-Mini LED电视以及RGB-Mini LED电视Q10M Ultra、RGB-Mini LED电视Q9M同步亮相。 据悉，TCL SQD-Mini LED是Mini LED技术的升级。基于超级蝶翼华曜屏与超级量子点两大核心技术， 它实现了100% BT.2020全局高色域，在亮度、色彩和寿命上全面超越OLED。对比普通RGB-Mini LED 97% BT.2020色域覆盖率，SQD-Mini LED显色更丰富、更纯净，避免了偏色、串色等行业问题。同 时，它在分区、亮度、外观设计等方面都实现了突破。 ...