当地时间1月6日，2026年美国国际消费电子展（CES）在拉斯维加斯开幕。在这场全球科技竞技中，海信以"有爱，科技也动情"为主题亮相中央馆展 区，"RGB始终领先一代"的核心主线贯穿全场，不仅彰显了中国品牌在显示领域的技术主导权，更直观展现了中国制造在全球产业链中的话语权提升。 从全球每10台RGB-Mini LED电视就有9台来自海信的绝对优势，到第三次牵手世界杯的定制化产品矩阵，再到覆盖家庭全场景的AI智慧解决方案，海信 以技术突破与市场业绩为支撑，完成了中国科技全球化的进阶实践。 CES 2026海信展区 海信RGB成世界选择的中国科技 海信展区入口处，116英寸全新一代RGB-Mini LED电视UX凭借极致视觉效果占据核心C位。这款产品的亮相，既是海信作为RGB-Mini LED电视开创者、 引领者与普及者的技术积淀彰显，更印证其"始终领先一代"的核心竞争力。 权威数据印证其市场统治力。奥维云网监测显示，2025年双11期间，2万元以上85英寸线下高端大屏赛道中，RGB-Mini LED电视销量占比达48.7%，形 成"每两台高端大屏就有一台是RGB-Mini LED"的市场格局。其中，海信以超90 ...

自启用以来，"中国-欧洲中心"已吸引多家欧洲及"一带一路"沿线国家的办事机构入驻，成为中西部地区对欧交往合作的新窗口。记者 李向雨 摄 积极探索、大胆改革，成都高新区不断加快法治化、国际化、便利化营商环境建设—— 热聚焦 继一年前西门子工业软件全球研发中心在成都高新区落成之后，5月21日，西门子智能制造成都创新中心也在成都 高新区正式投用。而早在8年前，西门子将全球最先进的数字化工厂落子成都高新区。 如此选择，并不是偶然。市场主体是产业发展的重要推动力量，也是衡量区域发展实力和综合竞争力的重要指标 之一。作为国家级高新区，成都高新区始终致力于提升对市场主体的吸附力。 近日出炉的《成都高新区2018年度市场主体培育发展分析报告》显示：2018年，成都高新区新增企业28827户，在 全国主要高新区中位居第二，仅次于北京中关村科技园区。新增注册资本（金）超过2700亿元，在成都主城区中排名 第一。 超过2.8万户企业的选择背后，有怎样的故事？ 1 去年开业后，成都高新区环汇商业广场（悠方）成为许多市民购物、就餐的重要选择地之一。看着不断攀升的人 流量，"悠方"项目营运部经理李静莹想起了开业前的紧张，不禁再一次为成都 ...

广东珠海，一家生产储能电池的龙头企业受制于工艺堵点，广招行业精英一起攻关，推动技术创新、产 品革新；山东科技大市场从专利库"筛"出匹配项，给企业和实验室牵线做"红娘"，实现技术落地、产品 升级。 "要看'卷'什么。怕同质'卷'价格，不怕创新'卷'技术。就研发来说，和友商之间的合作远远大于竞 争。"一家企业工作人员给出的回答，颇具启示。 竞合，是市场运行的常态。从垂直细分领域来看，一些企业难免"狭路相逢"，技术上要较高下，份额上 也要争高低。但是换个角度看，在技术前沿攻关和全球市场重塑等方面，昔日的竞争对手，也可以 是"同一个战壕"里的"战友"。 这不是"一厢情愿"，恰恰是循时而动、顺势而为。在海尔、歌尔等公司的展厅，不约而同都陈列着一辆 国产新能源汽车。工作人员介绍，从智能座舱的配置，到智慧互联的应用，均指向"汽车生活场景""车 家联动生态"的行业新蓝海，这其中，几家青岛企业都在错位竞争中找到了一席之地。 今天，谁能把握大数据、人工智能等新技术发展的机遇，谁就把准了时代脉搏。赛道相近的背后，往往 蕴含"英雄所见略同"的前瞻性思考，照见方兴未艾的发展大势、行业趋势。 看"脚下的路"，势必要登高望远，眼界宽一点、 ...

Group 1: Acquisition Strategy - The acquisition of Changyi Optoelectronics is a strategic move to deepen the company's focus on its optical core business, leveraging Changyi's stable customer base in the consumer security lens market to complement its technical advantages in professional security [2][4] - The collaboration aims to enhance overall market share and profitability through the release of synergies in technology, products, and channels [3] Group 2: Capacity Expansion and Financial Planning - Post-acquisition, there are plans to expand Changyi Optoelectronics' production capacity, supported by funds raised through the issuance of shares for asset purchase [4] - The company has implemented a reasonable performance commitment and compensation mechanism to address uncertainties associated with the acquisition [5] Group 3: Research and Development Investment - High R&D expenditure is a proactive choice to maintain technological leadership and product competitiveness, focusing on advanced optical technologies in high-end security, automotive lenses, and AR/VR optics [6] - The increase in management and sales expenses is attributed to strategic expansion efforts, including market development for innovative businesses and continuous product iteration [8] Group 4: Subsidiary Operations and Challenges - The subsidiary Zhongshan United Optoelectronics Technology Co., Ltd. focuses on new display technologies, including AR/VR, AI glasses, projectors, and laser TVs [9] - The losses in the subsidiary United Automotive are due to high initial investment and certification costs in the automotive industry, alongside a strategic shift to focus on automotive optical products [10] Group 5: Future Performance and Investment Plans - The company aims to improve overall profitability through cost optimization and collaborative development across multiple business segments [12] - There are ongoing considerations for further investments or acquisitions aligned with the optical core business strategy, subject to company announcements [12]

屋漏偏逢连夜雨！最近5年以来的中国彩电市场，不只是遭遇了电视机产品的"量跌价连降"，更让众多彩电企业痛苦的是"越来 越多新老用户都在加速抛弃电视机"，选择其他的娱乐方式和产品。 最新数据显示：2025年第三季度中国彩电市场零售量615万台，同比下降12.1%；零售额252亿元，同比下降8.1%。今年前三季度 中国彩电市场零售量、零售额分别为1991万台、814亿元，同比下跌2.9%、增长2.1%。奥维云网还预测，2025年中国彩电全渠道 零售额规模预计1208亿元，同比下降5%；零售量规模预计达2892万台，同比下降6%。 不过，从前三季度不足2千万台的出货量，要在今年四季度取得近900万台的出货量，对于市场上的众多彩电厂商而言，难度不 小。这还意味着，短短几年时间，彩电在中国市场的零售量，已经从高光时期的超5千万台，一路下跌之后，如今则直接失守 3000万台，未来是否会一步步跌破2500万台、2000万台，并不意外。 电视，对于中国家庭和消费者来说，如今最大的生存困局，不只是在市场上彻底"卖不动"，关键还在于家庭里"看不上"。不管 是液晶电视、OLED电视，还是激光电视、投影电视，最终都在遭遇一个挑战：与显 ...

Summary of Hisense Visual's Conference Call Company Overview - **Company**: Hisense Visual - **Industry**: Consumer Electronics, specifically focusing on display technologies such as Mini LED and laser displays Key Points and Arguments Financial Performance and Growth Projections - Hisense Visual expects a **double-digit growth** in overall performance for 2025, targeting over **10%** growth, with a potential increase to **15%** in 2026, although these projections may be adjusted due to uncertainties in domestic and overseas markets and economic conditions [2][23] - The company anticipates that the **Mini LED TV penetration rate** in China will exceed **30%** by 2025, despite the impact of declining government subsidies [2][5] Market Dynamics - The **domestic market** faced a **double-digit decline** in sales in October due to a high base from the previous year, while the **overseas market** continued to show strong growth, achieving double-digit increases [3] - The **export volume** for the third quarter of 2025 is projected to be close to **16 million units**, with North America being the largest market, followed by Europe [2][18] Product Development and Innovation - Hisense Visual is enhancing its competitiveness through **technological innovation**, including the launch of the **RGB Mini LED TV** and the integration of **AI** in its products [4][25] - The company has seen a **30% revenue growth** in its new display business in the third quarter, driven by advancements in laser technology and commercial display solutions [12] Cost Management and Profitability - The cost of **Mini LED technology** has decreased by over **50%** in the past two to three years, with an expected annual cost reduction potential of about **10%** moving forward [6] - The company aims to improve profitability through increased **gross margins** and reduced expense ratios, focusing on high-value products like large screens and Mini LED displays [22] Market Challenges and Responses - The **geopolitical situation** has negatively impacted the Middle East market, but recovery is expected once these issues are resolved [10] - Hisense Visual is addressing the decline in domestic sales due to subsidy reductions by rapidly upgrading products and offering targeted subsidies to maintain consumer interest [12] Strategic Initiatives - The company is implementing **digital reforms** and optimizing its organizational structure to enhance operational efficiency [24] - Hisense Visual is also expanding its product line to include new display terminals such as **smart headphones** and **smart glasses**, which are expected to contribute positively to overall profitability [26] Competitive Landscape - Hisense Visual is competing effectively against international rivals like **Samsung** and **LG** by focusing on high-end product offerings and technological advancements [25] Future Outlook - The company anticipates that the **2026 World Cup** will positively influence marketing expenses and overall sales performance, with a focus on optimizing channel structures [21] Additional Important Insights - The **online sales** channel accounted for **70%** of domestic revenue, while offline sales made up **30%** in the first three quarters [17] - The **panel prices** are expected to remain stable, with minor fluctuations not significantly affecting profitability [22]

Core Viewpoint - Hisense is strategically opening over 1,300 core patents related to three-color laser technology to strengthen its industry position and expand the market scale, while also aiming to influence industry standards [2][9][10] Market Trends - The smart projection market, excluding laser TVs, saw a decline in sales volume by 3.9% year-on-year to 2.778 million units in the first half of 2025, with sales revenue dropping by 2.9% to 4.68 billion yuan [3] - The decline in the market is primarily attributed to a significant drop in low-end projector sales, as the market is undergoing a phase of clearing out low-end capacity [4] Product Performance - Despite the overall market contraction, the high-end segment, particularly laser display products, is experiencing growth, with the global laser projection market expected to reach a compound annual growth rate of 23.4% from 2020 to 2025 [4][5] - In the first half of 2025, the shipment of laser TVs over 100 inches in China increased by 177% year-on-year, indicating a shift towards high-quality display products [6] Technological Advancements - The adoption of advanced technologies such as 8K ultra-high definition and HDR Pro is expected to enhance the penetration of laser sources in emerging fields like AR/VR and automotive HUDs [6] - Hisense's three-color laser technology offers superior brightness and color range compared to traditional LED projectors, covering over 90% of the Rec. 2020 color gamut [7][8] Strategic Implications - By opening its patents, Hisense aims to create a dual-driven model of "technology output + complete machine sales," which will stabilize revenue through patent licensing while increasing market share for its products [7][9] - The move is seen as a way to avoid the pitfalls of a "patent jungle," which could hinder technological commercialization and market growth [8][9]

Core Insights - The article highlights the rapid adoption of ultra-high-definition (UHD) televisions in Shanghai, with some manufacturers reporting sales proportions as high as 95% for UHD models [1][2]. Group 1: Market Trends - The penetration rate of UHD televisions is increasing significantly, with TCL reporting a 95% sales share for UHD TVs in Shanghai as of 2025 [1]. - Hisense has sold over 150 million TVs in Shanghai, with all models 55 inches and above being 4K UHD products, indicating a shift towards larger screen sizes and enhanced clarity [2]. - The market is witnessing a transition from "parameter competition" to "experience upgrade," with consumers increasingly valuing immersive experiences over technical specifications [3]. Group 2: Sales Strategies - TCL is collaborating with local telecom operators to promote UHD TVs through bundled offers, such as "4K packages + TV" to stimulate sales [1]. - Hisense suggests enhancing UHD penetration through offline experiences and promotional campaigns that facilitate easy upgrades for consumers [2]. - Pinduoduo reports a double-digit growth in UHD TV sales this year, driven by government subsidies and the popularity of Mini LED technology [3]. Group 3: Consumer Preferences - There is a growing demand for large-screen TVs (75 inches and above) and high-refresh-rate models (120Hz and above), reflecting consumers' desire for better viewing and gaming experiences [3]. - Sales of 98-inch and larger TVs at Suning increased by 70.9% year-on-year, indicating a trend towards larger, smarter, and more diverse television options [3]. - The market is evolving to include various lifestyle applications for TVs, such as leisure, fitness, and outdoor activities, broadening the scope of consumer engagement [3].

Core Viewpoint - Hisense showcased its innovative RGB-Mini LED television and smart home appliances at the IFA in Berlin, emphasizing the deep application of AI technology in display innovation, smart home integration, and energy management [1][2]. Group 1: RGB-Mini LED Technology - Hisense has introduced the world's first mass-produced RGB-Mini LED television, marking a significant breakthrough in display technology that transitions from single-color to RGB multi-color display, which is expected to define the television industry by 2025 [2][3]. - The company has developed its own AI quality chip and high-performance RGB-Mini LED chip, overcoming global challenges in RGB color control and establishing a complete technology loop from chip design to material preparation [3]. Group 2: Smart Home Integration - Hisense's smart appliances, such as intelligent refrigerators and air conditioners, provide comprehensive services from shopping to cooking, enhancing user experience through AI-driven features [4][5]. - The company has launched five AI-driven smart categories, including AI air, AI laundry, AI cuisine, AI energy, and AI services, which have become popular attractions at the IFA [4]. Group 3: Market Performance - Hisense has seen significant sales growth in various international markets, with smart refrigerators experiencing a 2.8 times increase in sales from January to June, and laser TVs achieving over 80% sales growth in France [7]. - The brand's success reflects the strong competitiveness of Chinese smart manufacturing in the global high-end market, with Hisense leading the way in high-tech, high-value, and high-quality products [7]. Group 4: Strategic Marketing - Hisense has become the global official sponsor of the 2026 FIFA World Cup, marking its third sponsorship of the event, which has significantly enhanced its global brand recognition [8][9]. - The company's partnership with FIFA has led to a substantial increase in brand awareness, with overseas recognition rising from 30% in 2018 to 56% in 2024, and overall revenue growing by 70% during the same period [8]. Group 5: Future Innovations - Hisense is actively exploring advancements in humanoid robotics and AI, showcasing a humanoid robot at the IFA, which highlights its commitment to integrating practical and forward-looking smart experiences [10].

Group 1: Hong Kong Stock Exchange Performance - The total market capitalization of the Hong Kong Stock Exchange reached HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading volume in August 2025 was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - These positive figures indicate enhanced attractiveness of the Hong Kong Stock Exchange and increased vitality in the capital market, suggesting a favorable outlook for future market development [1] Group 2: Goldman Sachs Target Price Adjustment - Goldman Sachs raised the target price for Hong Kong Stock Exchange from HKD 509 to HKD 524, maintaining a "Buy" rating [2] - The firm noted that the exchange is improving market efficiency and aligning with international standards through simplified trading and settlement fee structures [2] - Despite lowering the forecast for margin income due to anticipated changes in interbank lending rates, Goldman Sachs increased its earnings per share estimates for the exchange [2] Group 3: Company Listings and Developments - Guangdong Jinsheng New Energy Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, marking its second attempt after a previous application expired in December 2024 [3] - Jinsheng New Energy is a leading provider of lithium battery recycling solutions, ranking second globally and first in third-party recycling [3] - The company has faced losses due to declining product prices, but a successful listing could provide necessary capital to expand its operations and alleviate financial pressures [3] Group 4: XGIMI Technology's IPO Plans - XGIMI Technology announced plans to issue shares overseas (H-shares) and apply for a listing on the main board of the Hong Kong Stock Exchange [4] - Founded in 2013, XGIMI specializes in new display technologies, focusing on smart projectors and laser TVs, with multiple core technologies and capabilities [4] - The move to list in Hong Kong is expected to facilitate the company's expansion into overseas markets and support its development in the automotive sector [4] Group 5: Hong Kong Stock Market Indices - The Hang Seng Index closed at 25,058.51, down 1.12% on September 4 [5] - The Hang Seng Tech Index fell by 1.85% to 5,578.86 [5] - The National Enterprises Index decreased by 1.25%, closing at 8,937.09 [5]