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Core Viewpoint - Hisense Visual's stock has shown a significant increase this year, with a 32.11% rise, despite a recent decline in the last five trading days [1][2]. Financial Performance - For the period from January to September 2025, Hisense Visual achieved a revenue of 42.83 billion yuan, representing a year-on-year growth of 5.36% [2]. - The net profit attributable to shareholders for the same period was 1.63 billion yuan, reflecting a year-on-year increase of 24.28% [2]. Stock Market Activity - As of November 20, Hisense Visual's stock price was 25.18 yuan per share, with a market capitalization of 32.86 billion yuan [1]. - The stock experienced a trading volume of 165 million yuan and a turnover rate of 0.51% on the same day [1]. - The net inflow of main funds was 6.44 million yuan, with significant buying and selling activities recorded [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 34,600, up by 5.38% from the previous period [2][3]. - The average number of circulating shares per shareholder decreased by 4.73% to 37,614 shares [2]. Dividend Distribution - Since its A-share listing, Hisense Visual has distributed a total of 6.97 billion yuan in dividends, with 3.04 billion yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 75.78 million shares, an increase of 19.07 million shares from the previous period [3]. - Southern CSI 500 ETF and other funds have shown varying changes in their holdings among the top ten circulating shareholders [3].

Core Viewpoint - Hisense Visual's stock price has shown a year-to-date increase of 32.90%, but it has recently experienced a slight decline in the short term, indicating potential volatility in the market [2]. Financial Performance - For the period from January to September 2025, Hisense Visual achieved a revenue of 42.83 billion yuan, representing a year-on-year growth of 5.36%. The net profit attributable to shareholders was 1.63 billion yuan, reflecting a year-on-year increase of 24.28% [2]. - Cumulative cash dividends since the A-share listing amount to 6.97 billion yuan, with 3.04 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 17, Hisense Visual's stock price was 25.33 yuan per share, with a market capitalization of 33.06 billion yuan. The stock experienced a decline of 2.05% during the trading session [1]. - The trading volume indicated a net outflow of 9.07 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 5.38% to 34,600, with an average of 37,614 circulating shares per person, a decrease of 4.73% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 75.78 million shares, an increase of 19.07 million shares from the previous period [3].

Core Viewpoint - The competition in the home appliance market is intensifying as traditional companies like Midea, Gree, Haier, and Hisense seek new growth through AI technology, product line expansion, and internationalization, while tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to increase competition [2][3]. Group 1: Market Dynamics - Traditional home appliance companies are exploring new growth points through AI technology and expanding product lines [2][3]. - Tech companies are intensifying competition in the home appliance market by leveraging their smart ecosystem advantages [2][3]. - The shift towards a fully smart home environment is becoming evident, with consumers increasingly interested in integrated smart solutions [12]. Group 2: Consumer Behavior - Consumers are showing a preference for smart appliances, with features like AI voice control being particularly appealing to families with children and elderly members [6]. - There is a noticeable shift in consumer purchasing habits, with many moving from foreign brands to domestic brands due to the increasing expectations for smart features [6][7]. - Consumers are facing challenges with compatibility between different brands' smart systems, which complicates the integration of smart home devices [7]. Group 3: Technological Advancements - Home appliances are evolving from "single product intelligence" to "whole home intelligence," with systems like Midea's "Xiao Mei AI" integrating various smart functions [9][10]. - The interaction between vehicles and home systems is being developed, allowing for seamless integration and control of home environments from vehicles [11]. - The trend towards smart home integration is expected to continue, with significant growth projected in the smart home market over the next few years [12]. Group 4: Industry Trends - Major players in the home appliance sector, including Gree, Midea, Haier, and Hisense, are adapting to the blurred lines between home appliances and broader home ecosystems [14]. - The retail landscape is shifting, with smart home products being prominently displayed alongside traditional appliances to attract consumer interest [14]. - The release of technological potential in the home appliance sector is expected to reshape global competition, allowing Chinese companies to gain a more advantageous position in the market [15].

责任编辑：小浪快报 海信视像所属申万行业为：家用电器-黑色家电-彩电。所属概念板块包括：QLED、青岛、世界杯、社 保重仓、家用电器等。 截至9月30日，海信视像股东户数3.46万，较上期增加5.38%；人均流通股37614股，较上期减少4.73%。 2025年1月-9月，海信视像实现营业收入428.30亿元，同比增长5.36%；归母净利润16.29亿元，同比增长 24.28%。 分红方面，海信视像A股上市后累计派现69.70亿元。近三年，累计派现30.39亿元。 机构持仓方面，截止2025年9月30日，海信视像十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7577.56万股，相比上期增加1907.11万股。南方中证500ETF（510500）位居第八大流通股 东，持股1142.23万股，相比上期减少17.55万股。嘉实价值长青混合A（010273）位居第九大流通股 东，持股1123.82万股，持股数量较上期不变。嘉实价值精选股票A（005267）退出十大流通股东之列。 11月14日，海信视像盘中上涨2.00%，截至10:29，报26.49元/股，成交1.41亿元，换手率0.41%，总市值 3 ...

Core Insights - The article discusses the evolving consumer behavior during the "Double Eleven" shopping festival, highlighting a shift towards more rational purchasing decisions and increased scrutiny of pricing practices [1][30] - It emphasizes the prevalence of pricing tactics such as "price hikes followed by discounts," leading to consumer confusion and dissatisfaction [30] Pricing Dynamics - Consumers are increasingly aware of price fluctuations, with many reporting that items in their shopping carts have increased in price before the event [3][21] - The phenomenon of "price hikes followed by discounts" is likened to a roller coaster, where the final price often depends on luck [3][30] - E-commerce platforms have been criticized for inadequate price regulation, allowing merchants to manipulate prices before major sales events [30] Consumer Experience - Many consumers express anxiety over missing out on the best deals, leading to a constant comparison of prices across platforms [1][30] - Complex coupon systems contribute to confusion, with some consumers finding that using multiple coupons can result in higher final prices [16][20] Merchant Strategies - Merchants often adjust prices strategically before sales events, sometimes raising prices to create the illusion of discounts during promotions [13][30] - Small and medium-sized businesses face challenges in competing with larger retailers during these sales, often leading to unsustainable pricing practices [26][30] Recommendations for Platforms - Experts suggest that e-commerce platforms should take more responsibility for pricing transparency and simplify coupon usage to enhance consumer trust [2][30] - There is a call for platforms to implement clearer pricing regulations and to provide consumers with historical price data to aid in their purchasing decisions [30][31]

Core Insights - Hisense Visual Technology Co., Ltd. experienced a stock price increase of 5.05%, reaching 25.37 CNY per share, with a trading volume of 472 million CNY and a turnover rate of 1.47%, resulting in a total market capitalization of 33.107 billion CNY [1] Company Overview - Hisense Visual Technology was established on April 17, 1997, and listed on April 22, 1997. The company is located in Qingdao Economic and Technological Development Zone, Shandong Province [1] - The main business activities include manufacturing and sales of televisions, broadcasting equipment, refrigerators, communication products, information technology products, and both household and commercial electrical appliances [1] - The revenue composition is as follows: smart display terminals account for 79.68%, new display businesses 11.57%, other supplementary businesses 7.88%, and other categories 0.88% [1] Fund Holdings - According to data, a fund under Zhongtai Securities Asset Management holds a significant position in Hisense Visual Technology. The Zhongtai Hongli Quantitative Stock Selection Fund A (021167) held 22,500 shares in the third quarter, representing 3.89% of the fund's net value, making it the sixth-largest holding [2] - The fund was established on June 4, 2024, with a latest scale of 12.5481 million CNY. Year-to-date returns are 10.59%, ranking 3591 out of 4217 in its category, while the one-year return is 9.02%, ranking 3040 out of 3918 [2] Fund Manager Profile - The fund manager of Zhongtai Hongli Quantitative Stock Selection Fund A is Zou Wei, who has been in the position for 5 years and 337 days. The total asset size of the fund is 1.041 billion CNY [3] - During Zou Wei's tenure, the best fund return was 70.16%, while the worst return was -2.82% [3]

Group 1 - Hisense Visual Technology Co., Ltd. experienced a stock price increase of 5.05%, reaching 25.37 CNY per share, with a trading volume of 469 million CNY and a turnover rate of 1.46%, resulting in a total market capitalization of 33.107 billion CNY [1] - The company, established on April 17, 1997, and listed on April 22, 1997, is located in Qingdao, Shandong Province, and primarily engages in the manufacturing, sales, and service of televisions, broadcasting equipment, refrigerators, communication products, and various electronic products [1] - The revenue composition of Hisense includes smart display terminals at 79.68%, new display businesses at 11.57%, and other segments at 7.88% and 0.88% [1] Group 2 - According to data, the Bank of China Fund has one fund heavily invested in Hisense Visual, specifically the Bank of China China Mixed (LOF) A (163801), which held 908,600 shares in the third quarter, accounting for 3.16% of the fund's net value, making it the eighth largest holding [2] - The Bank of China China Mixed (LOF) A (163801) was established on January 4, 2005, with a latest scale of 693 million CNY, achieving a year-to-date return of 7.29% and a one-year loss of 2.58% [2] - The fund manager, Yang Yiran, has been in charge for 3 years and 145 days, with the fund's total asset size at 902 million CNY, achieving a best return of 11.66% and a worst return of 0.9% during his tenure [3]

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's home appliance stocks, driven by government initiatives to stimulate consumer spending in Guangdong province [1] - TCL Electronics, Haier Smart Home, Midea Group, JS Global Lifestyle, and Hisense Home Appliances all experienced notable stock increases, with TCL Electronics rising by 2.2% and Midea Group by 2% [1] - The Guangdong government has launched a consumption season activity, distributing "Guangdong Quality Purchase" vouchers for consumers purchasing various home appliances and vehicles, which is expected to boost sales in the sector [1] Group 2 - The integration of AI, 5G, and IoT technologies, along with policy support and upgraded consumer demand, indicates that the smart home industry is entering a phase of scaled development [1] - According to authoritative research institutions, the global smart home market is valued at hundreds of billions of dollars, reflecting strong growth potential in the industry [1]

数据来源：中国海关，智研咨询整理 数据来源：中国海关，智研咨询整理 近一年中国电视机出口情况统计图 相关报告：智研咨询发布的《2026-2032年中国智能电视行业市场现状分析及未来前景规划报告》 根据中国海关数据显示：2025年9月中国电视机进口数量为1万台，同比下降42.2%，进口金额为0.07亿 美元，同比下降49.2%，2025年9月中国电视机出口数量为947万台，同比下降8.4%，出口金额为13.47亿 美元，同比下降13.1%。 近一年中国电视机进口情况统计图 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...