报告导读： 前面几年 Mini LED 行业发展缓慢，伴随技术的不断迭代、成本下降，预计 2025 年中国 Mini LED 电视的销量将同比增长 122% ，渗透率超过 25% ，且 2026E 将有更多品牌厂商推出 RGB Mini LED 电视，此外 Mini LED 在车载、直显等领域也将迎 来发展，我们认为未来几年 Mini LED 技术的渗透率将有望不断提升。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： Mini LED技术的渗透率预计将不断提升；报告日期：2025.12.31 报告作者： 舒迪（分析师），登记编号：S0880521070002 肖隽翀（分析师），登记编号：S0880525040064 重要提醒 投 资建议。 Mini LED 显示技术经历了过去几年的起起伏伏，如今正进入快速发展阶段。我们认为主要是因为：①、随着我国逐渐掌握液晶面板的话语权， 为 Mini LED 背光技术带来更稳定的保障；②、整个 Mini LED 产业链不断努力、技术迭代，带来成本的下降。 Mini LED 得以在中高端电视领域与 OLED 正面竞争，并不断提升渗透率；与此同时， M ...

每日报告精选（2025-12-30 09:00——2025-12-31 15:00） | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-12-30 09:00——2025-12-31 15:00） 2 | | |  | 策略观察：《周期资源品价格上涨，科技硬件景气延续》2025-12-31 | 2 | |  | 海外策略研究：《圣诞行情下全球周期板块领涨》2025-12-30 | 3 | |  | 资产配置月报：《新年初迎配置窗口，建议超配风险资产》2025-12-30 | 3 | |  | 行业跟踪报告：电子元器件《Mini LED 技术的渗透率预计将不断提升》2025-12-31 | 4 | |  | 行业月报：航空《预计元旦假期出游旺盛，12 月量价将好于预期》2025-12-30 | 5 | |  | 行业月报：公用事业《国泰海通公用事业月度电力数据库_20251230》2025-12-30 | 5 | |  | 行业双周报：基础化工《宏川智慧下修转股价》2025-12-30 | 6 | |  | 行业专题研究：航空《2025 年或行业扭亏 ...

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].

综合家电内外销情况看，该行认为1H2026年外销表现或仍将好于内销。外销市场的机会可分为市场和 产品两个维度考虑。分地区看，新兴市场增速较好，市场空间潜力大。分品类看，自有品牌出海增速 快，将影响力逐渐提升。 智通财经APP获悉，财通证券发布研报称，当前为国内政策的真空期，终端零售增速仍受到去年以旧换 新的基数影响，该行仍然看好以白电龙头为代表的红利属性资产。外销方面，在美国地产数据超预期的 带动下，该行认为或将带来美国消费市场需求稳定，且后续有进一步降息预期，则出口链交易的热度可 能延续，继续看好如黑电、白电等有代表性的出口板块。 财通证券主要观点如下： 家电行业情况回顾 内销方面，上半年内销在国补带动下增长较好，2025年10月以来在国补高基数下增长逐渐承压;外销方 面，虽然有美国关税对出口订单的扰动，整体外销增长表现较好，分地区看，新兴市场表现相对较好。 新兴市场增长快潜力大，自有品牌影响力增强 随消费者对沉浸自由式体验、个性化记录与表达、效率与便捷提升的不断追求，家电新品类将从基础的 功能性需求转化为全新生活方式的满足，细分场景的产品创新如智能眼镜、运动相机、无人机、UV打 印机等新品类的需求将会快速 ...

Core Viewpoint - AUO (友达光电) is undergoing a significant transformation from a traditional display panel manufacturer to a vertically integrated solution provider, focusing on three pillars: Display Technology, Mobility Solutions, and Vertical Solutions, driven by AI and sustainability initiatives [3][4][8]. Group 1: Business Transformation - The display business is expected to decrease to less than 50% of total revenue as AUO diversifies its operations into automotive and other sectors [3][11]. - AUO has optimized its product structure internally and expanded externally through acquisitions, such as the purchase of automotive parts manufacturer BHTC, to enhance its business scope [4][19]. - The company has established three subsidiaries focusing on different areas: AUO Display +, AUO Mobility Solutions Corporation, and ADTTech, to drive strategic development [4][8]. Group 2: Product Innovations - At the "Smart AUO Exhibition," the company showcased a range of innovative display products utilizing LTPS, Mini LED, and Micro LED technologies, including various specialized displays for medical and automotive applications [6][10]. - The smart mobility business, which includes in-car displays and control systems, is projected to grow by 20% in revenue in 2024, supported by strong customer demand and new projects [8][19]. Group 3: Market Position and Strategy - AUO's revenue from smart mobility and vertical solutions has reached 44% of total revenue, with a target to exceed 50% by 2027 [11]. - The company is leveraging its existing strengths in semiconductor manufacturing and automation to gain a competitive edge in the Micro LED market, focusing on niche applications in automotive and healthcare [12][14]. - AUO's acquisition of BHTC is aimed at enhancing its service capabilities in the European and American automotive markets, with expectations of significant revenue growth from this segment [19][23]. Group 4: Technological Advancements - Micro LED costs are expected to decrease by 50% every two years, driven by advancements in chip size reduction and manufacturing processes [18]. - AUO has achieved a 95% equipment connectivity rate and a 90% data cloud coverage in its smart manufacturing initiatives, significantly improving production efficiency [26][28]. Group 5: Sustainability Efforts - AUO is committed to building a green and resilient industrial ecosystem, having received national recognition for its digital and green development achievements [28].

面板专家交流 20251207 摘要 受 2026 年美加墨世界杯拉动，面板厂提前备货致面板价格短期上涨， 但需求前置可能削弱后续支撑，需警惕价格回落风险。 中国市场受外部不确定性、中日关系及房地产市场影响，预计 2026 年 电视市场规模将下降，国补政策对高能效产品补贴力度有限。 欧洲市场受俄乌冲突和消费者信心影响，需求难以显著提振；东南亚市 场预计小幅增长，印度市场有望受益于 GST 税改刺激。 面板厂商策略趋于稳定，如京东方和 TCL 华星更注重市占率和盈利能力， 通过控制产能维持价格稳定，实现盈利目标。 2025 年第四季度面板厂与整机厂采购量增加，部分代理商囤积面板以 期未来涨价获利，但头部品牌库存压力仍然较大。 北美市场对中国品牌如 TCL 影响显著，沃尔玛扩大自有品牌规模并下单 备货，同时美加墨世界杯也推动零售商提前备货。 OLED 在大尺寸电视领域发展受限，Mini LED 凭借成本优势和性能提升， 更具竞争力；OLED 在 IT 市场的中小尺寸应用仍有潜力。 Q&A 目前全球面板市场的供需情况如何？未来价格走势如何？ 当前全球面板市场的产能相对稳定，主要是需求在影响价格走势。以电视为例， 预 ...

Core Insights - The article discusses pivotal moments in the technology industry that shape the fate of companies, highlighting TCL's current strategic choices in the display industry [1][2][3]. Group 1: Industry Context - The display industry is experiencing high volatility due to fluctuations in panel cycles and technological shifts, creating a high-entropy environment [4]. - The transition from CRT to LCD and now to OLED illustrates the industry's rapid evolution and the importance of strategic choices [6][8]. - The display industry is characterized by significant capital investment and long-term commitments, making strategic decisions critical for survival [5]. Group 2: TCL's Strategic Choices - TCL's recent decisions can be summarized as "stability, competition, and gamble," reflecting its approach to navigating the current market [9]. - The acquisition of LGD's 8.5-generation line is seen as a move to capitalize on existing LCD demand while others hesitate to invest [9]. - TCL is also focusing on Mini LED technology as a way to enhance LCD performance, positioning itself against the OLED trend [11][12]. Group 3: Challenges and Risks - Mini LED technology, while improving LCD capabilities, faces challenges such as increased power consumption, which may limit its application in mobile devices [14][15]. - The article highlights the risks associated with TCL's investment in printing OLED technology, which is still in its developmental stages and faces technical hurdles [18][20]. - The competitive landscape is shifting, with major players like Samsung and Canon maintaining strong positions in OLED, while TCL seeks to carve out its niche [26][27]. Group 4: Future Outlook - The future of the display industry may hinge on the successful development of MicroLED technology, which could redefine market dynamics [29][32]. - TCL's cautious approach to MicroLED reflects a balance between innovation and the need to solidify its current market position [32][33]. - The article concludes that while TCL is not fully committing to any single technology, its diversified strategy may provide resilience in navigating future industry challenges [33].

家电行业 2026 年度策略：经营韧性，出海红利，左侧成 长 20251201 摘要 家电企业海外市场份额持续提升，欧美市场需求预计 2026 年下半年显 著回升，尤其美国降息及房地产需求将推动家电需求增长，利好相关企 业业绩。 出口链公司 2025 年业绩受海外产能爬坡影响，预计 2026 年修复。中 国家电企业在新兴市场抢占日韩份额，欧美市场增长潜力大，龙头企业 通过全球产能弹性应对关税影响。 黑电行业竞争格局改善，面板周期性减弱，国内面板产能接近垄断，成 本压力减轻，小米等竞争对手放缓竞争，中国黑电企业有望提升全球份 额和利润率。 2025 年双十一黑电行业整体下滑，但 Mini LED 渗透率提升至 47%， 均价提升 14%，表明高端产品需求稳健，预计 2026 年 Mini LED 与 LCD 价差收窄将继续推动渗透率提高。 北美市场库存趋于合理化，美国消费需求有望在降息周期下逐步恢复， 推动黑电行业复苏，欧洲市场价格竞争预计 2026 年放缓，利好中国黑 电龙头企业利润率稳定。 Q&A 2026 年家电行业的年度策略展望是什么？ 2026 年的家电行业投资策略主要围绕四条主线展开：经营韧性、出海 ...