定焦One . 深度影响创新。 来源 | 定焦One 作者 | 李唐 编辑 | 魏佳 商业世界的反转，永远都来得猝不及防。 日前，松下控股在一场面向媒体、投资者和分析师的经营改革说明会上宣布进行重大战略调整，计划解散旗下家电子公司"松下电器株式会社"，并将电视 机业务列为"问题业务"考虑出售或退出。消息一出，"松下官宣放弃电视机业务"相关词条冲上微博热搜，引发大量关注。也许是因为舆论发酵程度远超想 象，松下很快便发布公告澄清"解散"实为"重组"，并表示对于电视机业务是出售或退出尚未做出任何决定。 以下文章来源于定焦One ，作者定焦One团队 根据知名市场机构TrendForce的最新报告，去年三季度三星以17.6%的占有率排名全球电视机市场第一，紧随其后的是TCL、海信、LG和小米，整体上 呈"中韩双雄争霸"的格局，榜单前列早已看不到松下等日系品牌的身影。 近期，市场研究公司Omdia的数据显示，2024年中国三大电视品牌TCL、海信和小米的出货量份额之和达到了31.3%，超过了三星电子和LG电子的28.4%。 这是中国电视制造商首次在市场份额上超过韩国。特别是在75英寸及以上的大屏电视市场，中国品牌的出货 ...

Core Viewpoint - The article highlights the significant impact of Chinese manufacturers on the Japanese television market, particularly in the large-size LCD segment, where they dominate sales due to competitive pricing and changing consumer preferences [1][2]. Group 1: Market Trends - In 2024, Chinese manufacturers accounted for over 50% of sales in Japan for LCD TVs larger than 50 inches, with brands like Hisense and TCL leading the market [2][3]. - The average global price for a 55-inch LCD TV is projected to be $442 in 2024, a 15% decrease from 2022, with similar price drops observed for larger sizes: 65 inches at $616 (down 16%), 75 inches at $874 (down 19%), and 85 inches at $1416 (down 30%) [2][3]. - The trend of larger TVs becoming more affordable is driven by the mass production of large-size panels, which helps manufacturers maintain production efficiency [3][5]. Group 2: Consumer Behavior - There is a growing preference among Japanese consumers, especially the younger generation, for cost-effective Chinese products, with many opting for larger models without increasing their budgets [1][2]. - The demand for TVs larger than 60 inches is increasing, particularly among families with two or more members aged 40 and above [4]. - The narrowing of bezels on TVs has led consumers to feel that they need to upgrade to larger sizes, further driving the trend towards bigger screens [5]. Group 3: Industry Dynamics - The homogenization of large LCD TVs is intensifying price competition, as manufacturers focus on producing larger models to enhance profit margins [2][3]. - The production of LCD panels, which account for 40-60% of TV prices, is shifting towards larger sizes to keep factories operational [3]. - The traditional perception of "TV = Japanese-made" is changing, with companies like Sharp and Funai facing significant operational challenges, including factory closures and bankruptcy proceedings [5].

Core Viewpoint - The article discusses historical investment patterns in the Chinese stock market, highlighting how certain stocks, despite strong initial performance and logical reasoning, often fail to sustain their growth in the long term, leading to significant declines during market downturns [4][6][10]. Group 1: Historical Examples - The case of Sichuan Changhong in the 1990s illustrates how a stock can be perceived as a blue-chip due to the rising demand for televisions, yet it ultimately underperformed during subsequent market downturns [3][4]. - In 2007, the belief in China's infrastructure growth led to optimism for stocks like Baosteel and Jidong Cement, but these stocks also failed to maintain their highs in the long run [5][6]. Group 2: Market Behavior Patterns - The article outlines a cyclical pattern where an industry experiences a boom, followed by a significant downturn, leading to prolonged periods of low performance for stocks within that sector [10][12]. - Stocks that do not adapt to new market conditions or fail to capitalize on emerging trends often remain in a state of wide fluctuations without reaching new highs [13][14]. Group 3: Sector Analysis - The rise and fall of stocks like China CRRC and Longi Green Energy exemplify how initial strong performance can lead to severe declines when market conditions change, such as overcapacity in the industry [8][9]. - The healthcare sector, despite being viewed as a growth area due to aging demographics, has also seen stocks underperform, indicating that not all perceived growth sectors guarantee long-term success [11]. Group 4: Investment Strategy - The article suggests that rather than focusing on historically burdened indices, investors may find better opportunities in emerging sectors like the Sci-Tech Innovation Board, which may offer more potential for growth [15].