技术布局的持续深化，离不开产品落地与客户合作的有力支撑。惠科股份依托多技术路线布局优势，持 续优化产品供给，同时深化与全球优质客户的战略合作，以客户需求为导向推动技术创新与产品升级。 未来，惠科股份将继续坚守半导体显示主业，持续加大新型显示技术研发投入，不断完善多技术路线协 同发展布局，优化产品结构与产线配置，推动技术水平与生产能力持续提升。同时，公司将依托完善的 技术生态与优质的产品供给，进一步深化客户合作，实现技术、产品与市场的深度融合，助力新型显示 产业高质量发展，实现企业自身的持续稳健成长。 面对不断变化的市场需求，惠科股份将多技术路线布局作为核心发展战略，注重前沿技术的储备与创 新，全力推动不同技术路线的协同发展。公司清晰认识到，未来显示行业将呈现多种技术并存共生的发 展态势，单一技术路线难以满足全场景市场需求，唯有实现多技术协同发力，才能持续保持产品更新迭 代能力与市场竞争优势。基于此，惠科股份在新型半导体显示技术领域持续发力，重点布局OLED、 Oxide、Mini LED等新型显示技术，不断加大相关技术的研发投入与产线布局力度，着力提升现有技术 水平与生产能力，推动技术成果向产业化转化。 在技 ...

TCL 电子 20260125 摘要 索尼将电视业务注入与 TCL 的合资公司，旨在利用中国供应链资源，应 对国产厂商在 Mini LED 技术上的竞争压力，并可能逐步退出电视市场 或延续 BRAVIA 品牌。 索尼在色彩科学和信号处理技术方面具有深厚积累，通过 XR 芯片等先 进处理器提升显示效果，但在全球电视销量下滑的背景下，仅靠画质技 术难以维持市场份额。 电视硬件中，面板对低价位产品画质影响最大，背光对中端产品影响更 大，而高端和旗舰产品则主要依赖芯片来提升画质，中国厂商在 Mini LED 技术上的布局旨在提升液晶电视画质。 TCL 与索尼合资后，索尼芯片技术外溢到 TCL 的可能性较低，类似海信 收购东芝后也未完全获取其图像处理技术，技术共享存在壁垒。 TCL 可向索尼开放供应链，类似于海信收购东芝后的做法，可能使索尼 生产出画质优秀且价格具有竞争力的产品，但双方在技术转移和品牌运 营上可能存在博弈。 Q&A TCL 与索尼成立合资公司的背景是什么？为何选择在此时进行合作？ 索尼自 2021 年以来，其电视业务的利润开始明显下滑。日本的家电品牌普遍 陷入与中国和韩国品牌的长期价格战中，导致其希望尽 ...

2026 年1 月18 日，公司发布公告，预计2025 年度的经调整归母净利润在23.3 亿至25.7 亿港元之间，同 比增长45%-60%。 预告下限即为此前公司股权激励的考核目标，2025 年业绩超市场预期。基于2025 年业绩达成情况超预 期的基础上，我们认为2026 年达成考核目标28.1 亿港元的可能性较大。 点评： 机构：天风证券 研究员：周嘉乐/宗艳/金昊田 事件： 各板块发展向好。公司大尺寸显示业务持续保持市场领先地位且中高端化成效显著——据奥维睿沃数 据，公司2025 年1-11 月TV 全球出货量2751万台，yoy+7%，增速位居主要品牌第一，全球份额来到 14.6%，比2024 年数据增长0.7 个百分点，同时公司25 年前三季度Mini LED 在全球范围内出货量成倍增 长，拉动海内外结构优化。此外，公司互联网业务维持高盈利水平，创新业务规模持续扩张，构成多板 块协同发展的优势局面。 锻造效率经营，实现业务高质量发展。公司持续强化自身在全球供应链及渠道的领先布局优势，增强全 球经营风险的敏捷应对能力，同时积极完善AI 数字化能力，经营效率进一步提升带动费用率有效下降 和业绩稳步释放。 ...

全球布局加码，再论黑电成长空间 20260121 这次合作对 TCL 电子和索尼分别有什么意义？ 摘要 索尼计划与 TCL 电子成立新公司，预计 2027 年 4 月投入运营，旨在优 化索尼电视业务，应对市场份额下滑和盈利压力，同时为 TCL 电子提供 赋能高端品牌的机会。 全球黑电市场三星出货量领先，中资品牌 TCL 和海信紧随其后，前十名 品牌中六家具有中资背景，表明中系品牌在全球市场已具备规模优势， 并持续提升份额。 全球黑电市场总出货量稳定在 2 亿台左右，中系品牌通过海外业务扩张 成为增长引擎。Mini LED 技术凭借性价比优势，渗透率已达 30%以上， 高端品类海外渗透机会广阔。 中系厂商加速品牌出海的关键在于提升产品结构，推广 Mini LED 等新 技术，并进入高端渠道，例如与索尼合作，有助于提升品牌形象和市场 定位，实现盈利改善。 中资品牌可利用自身产能和供应链优势，结合日系品牌的技术和渠道资 源，快速切入高端市场。海信收购东芝电视是成功案例，通过整合优势 实现目标。 Q&A TCL 电子与索尼意向成立合资公司，承接索尼家庭娱乐业务的背景和具体安排 是什么？ TCL 电子发布公告，计划与全 ...

Core Viewpoint - The Mini LED industry is entering a rapid growth phase due to technological advancements and cost reductions, with expectations of significant sales increases in the coming years [1][3]. Group 1: Market Growth and Projections - By 2025, China's Mini LED TV sales are projected to grow by 122% year-on-year, with a penetration rate exceeding 25% [1][3]. - The global Mini LED TV market is expected to see shipments surpassing 13 million units, reflecting a year-on-year growth of 70.6% [3]. - The introduction of RGB Mini LED TVs by more brands is anticipated in 2026, further enhancing market penetration [1][3]. Group 2: Technological Advancements - Mini LED technology, characterized by LED chips sized between 100-300 microns, allows for precise control of backlighting in LCD displays, improving contrast and dynamic range [2]. - The technology addresses key limitations of traditional OLED displays, such as brightness and lifespan, positioning Mini LED as a significant driver in the television industry [3]. Group 3: Competitive Landscape - Mini LED is increasingly competing with OLED in the mid-to-high-end television market, with ongoing efforts to reduce costs and improve technology [1][3]. - Despite challenges in image quality compared to OLED, Mini LED is expected to penetrate the mid-to-low-end market and other sectors like automotive and direct display [1][2].

Group 1: Strategy Observation - The report highlights that prices of cyclical resources are rising, driven by supply constraints and strong downstream demand in sectors like basic chemicals, new energy materials, and industrial metals [3] - The AI industry trend continues, with domestic electronic industry demand significantly boosted, leading to an increase in storage prices and sustained high growth in PCB exports [3][4] - Service consumption shows marginal improvement, with tourism in Hainan experiencing a price index increase due to travel demand, and pig prices stabilizing and rising towards the year-end [3] Group 2: Industry Tracking - Electronics - Mini LED technology is entering a rapid development phase, with increasing penetration in mid-to-high-end TV markets and expanding into lower-end markets and automotive applications [17] - The report anticipates that by 2025, Mini LED TV shipments in China will reach 9.23 million units, a year-on-year increase of 122%, with a penetration rate exceeding 25% [20] Group 3: Industry Monthly Report - Aviation - The Chinese aviation industry is expected to turn profitable in 2026, driven by a recovery in public and business demand, with significant growth in passenger traffic projected for 2025 [21][30] - The report suggests that the upcoming New Year holiday will see strong travel demand, with expectations for improved pricing and passenger volume [33] Group 4: Industry Deep Dive - Cultural Communication - The report emphasizes the ongoing progress of native large model companies in Hong Kong, highlighting the potential investment opportunities arising from the commercialization of AI technology [35] - Companies involved in AI algorithms and applications are recommended, including Meitu and Zhejiang Shuju, as they are well-positioned to benefit from the AI trend [35][36] Group 5: Industry Tracking - Automotive - The report notes the continuation of the "old-for-new" policy for automobiles in 2026, which includes subsidies for scrapping and replacing vehicles, aimed at boosting consumption [46][48] - The policy supports consumers who scrap their vehicles and purchase new energy or low-emission vehicles, with specific subsidy percentages outlined [49]

Core Insights - The article discusses the rapid advancements in display technology, predicting a future where displays are integrated into various environments and applications, significantly transforming human-computer interaction and creating new market opportunities [1][2]. Industry Overview - China's new display industry has evolved from catching up to leading in certain areas, now holding over 49% of the global market share and 55% of the panel market share, with a projected industry value of 740 billion yuan in 2024, a 12% increase year-on-year [2]. - The industry is transitioning from a "point model" to a "chain model," establishing a new ecosystem that promotes synergy across the supply chain [2]. Technological Advancements - OLED technology is pushing the boundaries of display capabilities, expanding from mobile devices to larger screens, with significant cost reductions expected in production [4]. - The micro-display technology is anticipated to drive a new wave of industry transformation, particularly in the XR device market, with a projected annual growth rate of 94.11% for silicon-based OLED displays from 2024 to 2030 [4][5]. Strategic Directions - The "14th Five-Year Plan" emphasizes original innovation, key technology breakthroughs, and the establishment of a modern industrial system centered on advanced manufacturing [1]. - Four strategic paths for the new display industry include enhancing top-level design, breaking through common key technologies, strengthening supply chain collaboration, and optimizing intellectual property strategies [8]. Market Dynamics - The display industry is forming clusters in regions like the Yangtze River Delta and the Pearl River Delta, with provinces like Anhui achieving significant revenue and production capacity [3]. - The integration of AI with display technology is expected to create new interactive applications, enhancing user experience and driving the evolution of human-computer interaction [7].

Group 1 - The core viewpoint of the article is that Jingce Electronics has signed deep cooperation agreements with five leading companies in various sectors, focusing on technology integration and resource sharing to enhance testing solutions for the semiconductor, display, and new energy industries [1][2][4]. Group 2 - The cooperation will cover the entire industry chain from materials, devices, and equipment to industry solutions, aiming to optimize systematic testing solutions through technological innovation and product iteration [2]. - The five partners include leading firms in their respective fields: - Shengbang Microelectronics specializes in high-performance analog and mixed-signal integrated circuits for industrial automation, new energy, and automotive electronics [2]. - Analog Devices provides data converters and sensor technologies, widely used in digital healthcare and industrial automation [2]. - Hefei Aiko Optoelectronics manufactures key components for industrial imaging, including industrial cameras and image acquisition cards [4]. - Inovance Technology operates in industrial automation control and new energy equipment, with a product line that includes servo systems and industrial robots [4]. - SMC Automation focuses on the development and manufacturing of pneumatic components, serving automation lines in the semiconductor, automotive, and electronics industries [4]. - Jingce Electronics aims to strengthen its core competitiveness and build an open industrial ecosystem through this collaboration, continuing its focus on the semiconductor and display sectors while empowering the new energy field [4].

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

Group 1 - The current domestic policy environment is in a vacuum, affecting terminal retail growth due to last year's high base from trade-in programs, but the company remains optimistic about dividend assets represented by leading white goods manufacturers [1] - In terms of external sales, driven by better-than-expected US real estate data, there is potential for stable demand in the US consumer market, with expectations for further interest rate cuts, which may sustain the heat in export chain transactions, particularly in representative export sectors like black and white goods [1] - Domestic sales showed good growth in the first half of the year due to national subsidies, but growth is gradually under pressure due to high base effects since October 2025; overall external sales performance remains strong despite disruptions from US tariffs, with emerging markets performing relatively well [1] Group 2 - Emerging markets are experiencing rapid growth and have significant potential, with the company projecting that external sales in the first half of 2026 will likely outperform domestic sales; opportunities in external markets can be analyzed from both market and product dimensions [2] - The product structure is continuously upgrading, with an increasing proportion of high-end products contributing to profit levels; the launch of new Mini LED products is expected to enhance market share and improve gross margins due to higher average selling prices [3] - The company is actively exploring new categories, with consumer demand shifting from basic functionality to new lifestyle satisfaction; innovations in niche products such as smart glasses, action cameras, drones, and UV printers are anticipated to rapidly release demand and create new growth drivers for home appliance companies [4]