原标题：海信RGB-Mini LED电视上海"闪展"，预演2026世界杯视觉狂欢 近日，以"显示·交互·感知未来"为主题，突出显示技术的沉浸式闪展在上海拉开帷幕。在此次闪展 中，海信与运动品牌adidas联手，依托Micro LED、RGB-Mini LED和激光显示构筑的三大尖端显示技术 矩阵，提前点燃2026年美加墨世界杯的观赛激情，为现场观众带来一场视听狂欢。 此次海信电视与adidas展开品牌跨界联合，融合2026年美加墨世界杯的三大主题色，将世界杯官方 指定电视与官方指定用球"三重浪"进行串联，展现RGB-Mini LED电视"三生万色"的独特魅力。在"极致 色彩"主题展区，不少闻讯赶来的球迷手持三色吉祥物玩偶，驻足海信RGB-Mini LED电视巨幕前互动打 卡，提前感受赛事氛围。 为让观众更深入感受这一技术魅力，海信特别为众多"画质党"提供了全方位了解RGB-Mini LED电 视的深度体验。作为行业中最能还原大自然真实色彩的液晶显示技术，海信RGB-Mini LED在传统空 间、亮度二维分区控光的基础上，创新性地增加了色度维度的精准控制，可以独立控制红、绿、蓝三色 独立光源的发光亮度，直接产生 ...

Market Overview - US stock market decline impacts Hong Kong and A-shares, with Hang Seng Index closing down 1.85% [1] - October non-farm payroll report expected to be released, but will lack unemployment rate data, leading to incomplete labor market assessments [1] - Disagreement within the Federal Reserve regarding interest rate cuts, with December rate cut expectations dropping below 50% [1] Technology Sector - Japanese storage giant Kioxia reports a 60% drop in adjusted net profit for Q2, causing a collective decline in US storage stocks and affecting A-shares [3] - Despite strong Q3 results from Tencent, the stock did not perform well due to lower-than-expected capital expenditure guidance for 2025 [3] - Alibaba's entry into the C-end market against ChatGPT did not boost its stock, which fell over 4% [3] Energy Sector - National Energy Administration releases guidelines to promote the integration of renewable energy, focusing on green hydrogen and ammonia [4] - Shandong Province plans to promote over 2,000 hydrogen vehicles and build 38 hydrogen refueling stations [4] - Heavy increase in revenue for Reformed Energy in fuel cell systems, with overseas revenue surging 360% [4] Hydrogen Energy Developments - Guofu Hydrogen Energy's Qilu liquid hydrogen project successfully achieves 10 tons/day production, marking a significant technological advancement [5] - CIMC Group strengthens its position in the energy storage container market, with recent share buybacks leading to a stock increase of over 14% [5] Pharmaceutical Sector - Gilead Sciences announces clinical development of ASC36 and ASC35, with a projected FDA submission in Q2 2026, leading to a stock increase of over 15% [6] - Kingsray Biotech reports strong growth in CARVYKTI, with significant market demand and treatment center coverage expansion [6] Weather Impact on Energy Demand - Upcoming cold wave expected to increase heating demand, benefiting natural gas operators like China Gas and New Hope Energy [7] TCL Electronics Performance - TCL Electronics reports a 20.4% revenue growth in H1 2025, with significant increases in overseas sales and market share in AI/AR glasses [8][9] - The company’s global strategy and product optimization contribute to a 5.3% increase in global TV shipments [9]

Group 1 - Starbucks announced a strategic partnership with Boyu Capital to establish a joint venture, selling 60% of its China business for an enterprise value of approximately $4 billion, aiming to expand the number of stores in China from 8,000 to 20,000 [1] - OpenAI's CEO Sam Altman denied rumors of an IPO in 2024, stating that there is no specific date for going public [2] - Weima Automobile hinted at an upcoming event related to new products and services, indicating a recovery in its operations [2] Group 2 - Autohome launched an e-commerce platform to provide a full-service experience for car buyers, integrating online and offline resources [4] - The founder of Quan Guo Fund, Wang Guobin, passed away unexpectedly, having significant contributions to the asset management industry [4] - Didi announced an upgrade to its membership program, enhancing user experience with new benefits [4] Group 3 - Microsoft CEO Satya Nadella indicated the possibility of resuming hiring, contingent on employees acquiring skills to collaborate with AI [5] - Apple delayed the launch of its AI feature "Apple Intelligence" in China, facing technical challenges [7] - Xiaopeng Motors' CEO expressed ambitions to mass-produce robots by 2026, comparing the current state of robotics to early electric vehicles [7] Group 4 - Alphabet plans to issue at least €3 billion in bonds to finance its AI expansion efforts [9] - Apple is set to enhance Siri with Google's Gemini AI, marking a rare collaboration between the two companies [10] - Anshi Semiconductor's factory in Dongguan continues normal operations despite external challenges, with significant orders from clients [12] Group 5 - Changan Ford's chairman Zhu Huarong has stepped down, with Zhao Fei taking over the position [12] - Zhou Dasheng reported a net closure of 560 stores in the past year, primarily affecting franchise locations [13] - Kade Investment is rumored to be considering a merger with Frasers Property, but has not confirmed any details [13] Group 6 - Chipmaker Xinzhenwei completed a multi-hundred million yuan Series A financing round [14] - Kuaishou's subsidiary increased its registered capital significantly, indicating growth in its operations [14] - AI medical imaging company Shukun Technology is preparing for an IPO, aiming to capitalize on favorable market conditions [15] Group 7 - Yujian Robotics launched the Rover X1 home robot, featuring advanced technology for versatile applications [16] - Xingji Power introduced its first humanoid robot, with plans for mass production by 2026 [18] - Huawei's Mate70 Air smartphone was leaked, showcasing its design and features [21] Group 8 - The China Road Transport Association announced that major logistics platforms have implemented real-name registration for freight owners [23] - Global TV shipments fell below 50 million units for the first time in history, with a projected recovery in the fourth quarter [24]

Group 1 - The core observation indicates a divergence in panel procurement strategies between Chinese and Korean television manufacturers, with Chinese manufacturers actively expanding their procurement while Korean manufacturers show weaker demand [1] - Chinese television manufacturers are expected to reduce their panel procurement by approximately 9% in Q4 2025 due to financial pressures and weak demand, despite a significant increase in procurement in Q3 2025 [1][3] - Korean television manufacturers have raised their procurement plans for Q4 2025, reflecting a strategy to increase shipment volumes in response to fierce competition from Chinese brands [1][7] Group 2 - In Q3 2025, Chinese television manufacturers increased their panel procurement by 35% quarter-on-quarter and 13% year-on-year, but they anticipate a 12% decrease in Q4 2025 procurement [3][4] - The upcoming major sales events, such as "Double 11" and "Black Friday," are expected to underperform, leading to concerns about demand and pricing strategies among Chinese brands [1][3] - Korean manufacturers, while facing a 9% decline in Q3 2025 procurement, plan a 7% increase in Q4 2025, indicating a shift in strategy to counteract competitive pressures [7] Group 3 - Chinese manufacturers are looking to secure more competitive pricing from panel suppliers to mitigate losses from whole machine sales and to address conservative shipment expectations [2][4] - The end of the Chinese government's "trade-in" subsidy policy in Q4 2025 raises concerns about domestic market demand, prompting manufacturers to adjust their procurement strategies [4] - Korean manufacturers are prioritizing profit and inventory control while seeking price concessions from panel suppliers to enhance their procurement volumes if prices are competitive [7]

Core Insights - The company reported a stable revenue growth with a total revenue of 42.83 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 5.36% [1] - The net profit attributable to shareholders reached 1.63 billion yuan, up 24.27% year-on-year, with a non-recurring net profit of 1.21 billion yuan, increasing by 22.17% [1] - The company maintains its leading position in the domestic television market, with significant sales performance from sub-brands [1] Revenue Performance - In Q3 2025, the company achieved a revenue of 15.60 billion yuan, a year-on-year increase of 2.70%, with core business revenue at 15.07 billion yuan, up 6.71% [1] - The online and offline sales performance of the company's brands showed varied results, with Hisense's online sales down 5.70% while Toshiba's increased by 86.71% [1] - The market share for Hisense televisions in Q3 2025 was 27.08% online and 35.96% offline, indicating a strong competitive position [1] Profitability Metrics - The gross margin for Q3 2025 was 14.44%, a slight decrease of 0.03 percentage points year-on-year [2] - The company achieved a net profit margin of 4.29%, an increase of 0.88 percentage points year-on-year, due to a reduction in various expense ratios [2] - The net profit attributable to shareholders for Q3 2025 was 573 million yuan, up 20.25% year-on-year, with a non-recurring net profit of 394 million yuan, increasing by 14.07% [2] Strategic Focus - The company is focusing on enhancing mini LED penetration and expanding its overseas market presence [2] - The strategy includes a commitment to large-screen, high-end, and global market approaches, with ongoing investments in technology such as RGB 3D color control and micro LED [2] - The company has announced its sponsorship for the 2026 World Cup in North America, which is expected to boost its global brand recognition [2] Future Projections - Revenue forecasts for 2025-2027 are projected at 60.43 billion, 63.86 billion, and 69.04 billion yuan, with year-on-year growth rates of 3.25%, 5.68%, and 8.11% respectively [3] - Expected net profits for the same period are 2.54 billion, 2.81 billion, and 3.08 billion yuan, with growth rates of 13.04%, 10.59%, and 9.53% respectively [3] - The projected price-to-earnings ratios for 2025-2027 are 12.46, 11.27, and 10.29 times [3]

Core Viewpoint - Hisense Visual Technology Co., Ltd. reported a revenue of 39.989 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 5.65%, with a net profit of 1.629 billion yuan, up 24.27% year-on-year [1] Group 1: Financial Performance - In Q3 2025, Hisense achieved a revenue of 15.066 billion yuan and a net profit of 573 million yuan, representing year-on-year growth of 6.71% and 20.15% respectively [1] - For the first three quarters of 2025, Hisense's revenue from the 98-inch and above large-screen TV market increased by over 64% globally and 59% in China [1] - The global shipment of Hisense's Mini LED TVs grew by 76%, with sales in the Chinese market increasing by over 200% [1] Group 2: Market Position - Hisense maintained the leading position in both sales volume and sales revenue in the domestic TV market for the first three quarters of 2025 [2] - The company continues to hold a dominant advantage in high-end large-screen segments such as Mini LED and 100-inch+ TVs [2] Group 3: Technological Innovation - Hisense is focusing on three core display technologies: LCD, laser, and Micro LED, achieving significant breakthroughs in high-end display technology [3] - The company has developed the RGB color control AI quality chip H7 and high-performance RGB-Mini LED backlight chip, marking a major advancement in display technology [3] - Hisense launched the world's first 116-inch RGB-Mini LED TV and other flagship products, expanding its market presence to over 20 countries [3] Group 4: New Business Growth - Hisense is expanding into new display and business areas, including commercial displays, cloud services, and AI, with commercial display revenue increasing by over 149% [5] - The company is innovating in product design, with significant sales growth in art TVs, monitors, and mobile smart screens, achieving year-on-year increases of over 52%, 86%, and 199% respectively [5] Group 5: AI and Robotics Development - Hisense is establishing an integrated AI capability system and has released new AI products, including the V11 ear-clip headphones and G11 smart glasses [6] - The company is collaborating with Fujian Fuyao Technology University to create a joint innovation center for smart manufacturing and robotics [6] Group 6: Market Recognition - Major securities firms, including CITIC Securities and Guotai Junan Securities, have issued research reports recognizing Hisense's innovation strength and growth potential, with ratings such as "outperforming the industry" and "strongly recommended" [7]

Core Viewpoint - The article emphasizes the importance of not just focusing on the size of 100-inch televisions during the Double Eleven shopping festival, but rather on the quality of the display technology that can effectively manage the larger screen size [1][10]. Group 1: Display Technology - The "iron triangle" for managing a 100-inch screen includes top-notch light control hardware, AI computing power, and anti-interference screens [3]. - The Hisense U8Q features the XinChip® AI picture quality chip H7, which utilizes "light and color co-control" technology to enhance image quality by analyzing and adjusting light and color simultaneously [3]. - The XinChip® AI picture quality chip H7 offers "15680-point high-precision color" calibration, significantly exceeding industry standards, allowing for accurate reproduction of complex skin tones [5]. Group 2: Screen Performance - The Hisense U8 employs a black crystal screen that reduces reflectivity to an impressive 1.28%, far below the industry average of around 5%, ensuring optimal viewing conditions regardless of ambient light [6]. - The U8's 100-inch version features 6144 MiniLED zones for precise light control, enhancing the viewing experience by preventing light leakage and ensuring deep blacks [8]. Group 3: Immersive Experience - The combination of advanced chip technology and superior screen performance establishes a high-quality viewing experience, complemented by a custom sound system that enhances immersion [8]. - The design of the U8, with a thickness of only 40mm, allows it to blend seamlessly into home decor, transforming it into a piece of art [8]. Group 4: Consumer Guidance - The article advises consumers to invest in immersive experiences rather than merely focusing on screen size, suggesting that a high-quality 100-inch television should transport viewers to a new world rather than magnifying flaws [10].

Core Viewpoint - Hisense Visual (600060) has launched two flagship products featuring RGB-Mini LED display technology during its 2025 Autumn New Product Launch, indicating a strategic move to enhance its product lineup in the premium television market [1] Product Launch Details - The newly launched flagship U7S Pro is available in three sizes: 75 inches priced at 15,999 yuan, 85 inches at 19,999 yuan, and 100 inches at 28,999 yuan [1] - Additional products introduced include the high-end Mini LED television E7Q, wall-mounted television A7Q, and the 3A original picture display monitor G7 Ultra, showcasing a diverse range of offerings [1]

Core Viewpoint - Hisense, in collaboration with JD Electronics, launched the "2025 Hisense TV Autumn New Product Launch" event, showcasing its RGB-Mini LED flagship U7S Pro and other innovative products, emphasizing the brand's leadership in high-end television technology [1][3]. Product Launch and Features - The U7S Pro features the latest RGB-Mini LED technology, achieving 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, positioning it as a top choice for consumers [3][4]. - The U7S Pro is equipped with the AI picture quality chip H7, which offers the highest color control precision in the industry, enhancing image quality significantly [4]. - The U7S Pro supports various high-end viewing experiences, including 4K MAX streaming and Dolby Vision 2, providing users with a cinema-like experience at home [6]. Pricing and Promotions - The U7S Pro is available for pre-sale, with prices starting at 15,999 yuan for the 75-inch model, 19,999 yuan for the 85-inch model, and 28,999 yuan for the 100-inch model, along with promotional offers such as energy efficiency subsidies and VIP membership [9]. - The A7Q wall-mounted TV, promoting "life aesthetics," is priced at 11,999 yuan for the 75-inch model and 14,999 yuan for the 85-inch model, also featuring energy efficiency discounts [9]. Market Positioning and Strategy - Hisense aims to democratize RGB-Mini LED technology, making it accessible to a broader audience while continuing to innovate in high-end audio-visual experiences [9]. - The company emphasizes the integration of technology and aesthetics in its products, as seen in the A7Q model, which blends seamlessly into home decor [8].

Core Insights - Hisense has launched its dual flagship products, the U7S Pro and E8S Pro, featuring RGB-Mini LED technology, marking a significant advancement in the global display industry [1][3] - The company aims to redefine global display standards with its RGB-Mini LED technology, which has been recognized as a game-changer in the industry [3][5] Product Launch and Features - The U7S Pro boasts 100% BT.2020 high color gamut, ultra-high color purity, high brightness, wide viewing angles, and low energy consumption, making it a top contender for the best RGB-Mini LED TV of 2025 [5][6] - The E8S Pro is designed for gamers, featuring a native 4K 170Hz refresh rate and advanced backlight technology, enhancing dynamic scene performance [8][11] Technical Innovations - The U7S Pro utilizes the world's first AI picture quality chip H7, achieving the highest color control precision in the industry with 108 bits and 3x10240 control zones [6][9] - The U7S Pro also features a custom black crystal screen with a low reflection rate of 1.28%, providing an immersive viewing experience [6][9] Pricing and Availability - The U7S Pro is available for pre-sale with prices starting at 15,999 yuan for the 75-inch model, 19,999 yuan for the 85-inch model, and 28,999 yuan for the 100-inch model [11][12] - The E8S Pro will begin pre-sale on October 14, with various promotional offers available for early buyers [11][12] Additional Product Offerings - Hisense also introduced the E7Q Mini LED TV, which features enhanced performance metrics, including peak brightness of 7000 nits and 4224 local dimming zones [12][14] - The A7Q wall-mounted TV and G7 Ultra monitor were also launched, showcasing Hisense's commitment to integrating advanced display technology across different product categories [14]