Investment Rating - The report maintains a strong buy recommendation for Hisense, TCL Electronics, and Zhao Chi shares, highlighting their potential in the MiniLED market [2]. Core Insights - The report indicates that the MiniLED TV market is experiencing accelerated penetration due to national subsidies, leading to improved profitability for domestic brands. The market share of leading brands is increasing, while Korean brands are losing their competitive edge [1][6]. - The report emphasizes that the MiniLED penetration rate has significantly increased, with sales during the 618 shopping festival rising from 16% to over 40% year-on-year [6][15]. - The report suggests that the overall market for MiniLED TVs is expected to double in 2025, with a projected shipment of 16 million units globally [6]. Summary by Sections Competition: Market Concentration and MiniLED Penetration - The report notes that the domestic TV industry is entering a growth phase post-subsidy, with online retail sales increasing by 35% in Q4 2024 and 15% in H1 2025 [11]. - The concentration of the top four manufacturers (Hisense, TCL, Xiaomi, and Skyworth) has increased, with their combined market share rising from 82% to 87% post-subsidy [19][21]. Cost: Panel Price Stability - The report highlights that the panel price volatility has decreased, with major manufacturers controlling production to stabilize prices. The market share of domestic panel manufacturers has increased to nearly 70% [25][26]. - The cost structure is shifting, with the cost of panels decreasing as MiniLED technology becomes more prevalent, allowing brands to improve profitability [26]. Product: National Subsidies Driving MiniLED Growth - The report states that MiniLED TV shipments in 2024 are expected to reach 4.16 million units, a 352% increase year-on-year, with penetration rates rising from 2.5% to 11.6% [31]. - The report discusses the impact of national subsidies on MiniLED penetration, with rates expected to exceed 41% during the 2025 618 shopping festival [37]. Overseas: Domestic Brands Targeting High-End Market - The report indicates that domestic brands are making significant inroads into the high-end TV market, with Hisense and TCL increasing their market shares significantly in Q1 2025 [6]. - The report notes that the global high-end TV shipment volume increased by 44% year-on-year, with domestic brands surpassing Korean competitors [6].