当前的家电行业，正悄然经历一场从"硬件比拼"到"生态与科技"的升维竞争。领先品牌们已不再满足于单一产品的功能迭代，转而围绕"智慧生态协 同"与"绿色低碳科技"两大核心，构筑新的竞争壁垒。接下来，本期世研消费指数将深入解读这场变革中的关键玩家与前沿趋势。 | = | 创维 | 创维 | 1.01 | | --- | --- | --- | --- | | 12) | Panasonic | 松下 | 0.99 | | 13 | LittleSwan | 小天鹅 | 0.94 | | 14 | SUPOR 苏泊尔 | | 0.93 | | 15 | SIEMENS | 画门子 | 0.78 | | 数据周期: 2025/7-8月度数据 A C | complete the finance of the property of the control of the control of the more of the many of the many of the | | | 图源：世研大消费指数 本次监测周期内，石头科技、华凌和海尔分别以1.76、1.49和1.39的综合热度指数位列榜单Top3。 家电品牌聚焦智 ...

Core Insights - LG Electronics has appointed a new CEO, Ryu Jae-cheol, to strengthen its core competitiveness amid significant performance challenges, replacing the previous CEO, Jo Seong-jin [2] - The company is facing declining revenue and profits, with Q3 2025 revenue reported at 21.87 trillion KRW, a 1.4% decrease year-on-year, and operating profit down 8.4% to 688.9 billion KRW [2] - The Media Solutions (MS) division, responsible for TVs and displays, reported an operating loss of 302.6 billion KRW, contrasting sharply with the profitability of other divisions [2] Financial Performance - LG Electronics' overall revenue for Q3 2025 was 21.87 trillion KRW, down 1.4% from the previous year, while operating profit decreased by 8.4% to 688.9 billion KRW [2] - The MS division's losses are attributed to increased marketing expenses and one-time restructuring costs, alongside pressures from weak global demand and rising logistics costs [3] Market Position - LG Electronics' market share in the global TV segment has declined to 11.7%, ranking fourth behind Samsung, Hisense, and TCL, with a gap of 3.2 percentage points from TCL [4] - The global TV shipment volume for Q3 2025 was approximately 49.75 million units, with LG's market share significantly reduced from a peak of 18.5% in 2021 [4] Competitive Landscape - In the OLED segment, LG's growth has stagnated, with a mere 0.2% increase in OLED TV shipments to 1.3 million units in the first half of the year, while Samsung's shipments surged by 49.3% [5] - LG faces increasing competition in the MiniLED TV market, where TCL and Hisense hold over 50% market share, posing a significant challenge to LG's high-end offerings [5] - The company's presence in the Chinese consumer electronics market is diminishing, with local brands dominating and LG's mobile business already exited, leading to challenges in maintaining market share and brand visibility [5]

Market Overview - Hong Kong stocks experienced a volatile trend in November, with the index fluctuating between 25,178.63 and 27,188.81 points, failing to break the 27,000-point mark or drop below 25,000 points [1][2] - The market was initially buoyed by the anticipated end of the U.S. government shutdown and easing tensions between China and the U.S., but later faced declines due to concerns over potential interest rate cuts by the Federal Reserve and geopolitical tensions in the Taiwan Strait [1][2] Sector Performance - Bank stocks performed well, with several state-owned banks reaching historical highs, while innovative drug companies like BeiGene (06160) also saw significant gains [2] - Solid-state battery stocks showed strong performance, driven by trends in energy storage and price increases, with notable gains from companies like Longpan Technology (603906) and Weichai Power (000338) [2] Economic Indicators and Expectations - The Federal Reserve's December meeting is a key focus, with market expectations for a rate cut rising significantly, from about 30% to 80% following dovish comments from Fed officials [3] - Upcoming economic work meetings in December are expected to provide guidance on fiscal and monetary policies, with potential increases in deficit rates and special bond quotas [4] Currency and International Factors - The Chinese yuan continues to appreciate against the U.S. dollar, indicating strong domestic factors driving this trend, alongside positive sentiment from foreign investors towards Chinese assets [5] - The market is closely monitoring Japan's potential interest rate hike, which could lead to capital inflows into undervalued Hong Kong stocks [5] Investment Strategies - The investment strategy for December emphasizes following market expectations, particularly regarding policy changes and major events [7][8] - Key sectors to watch include technology, consumer goods, and innovative pharmaceuticals, with a focus on companies that are well-positioned to benefit from upcoming trends and events [8] Company Highlights - **Rongchang Bio (09995)**: Reported a revenue of 1.72 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.3%, with a gross margin of 84.27% [11] - **Leap Motor (09863)**: Achieved a revenue of 19.45 billion yuan in Q3 2025, a year-on-year increase of 97.3%, with a net profit of 150 million yuan [14] - **TCL Electronics (01070)**: Reported a 8.7% increase in TV sales revenue for the first three quarters of 2025, with a significant rise in MiniLED TV sales [16][17] - **MGM China (02282)**: Announced a net income of 8.51 billion HKD in Q3 2025, a 17% year-on-year increase, driven by strong high-end demand [28][29] - **China Gold International (02099)**: Achieved a revenue of 925 million USD in the first three quarters of 2025, nearly doubling year-on-year, with a significant increase in gold and copper production [30][31]

Investment Rating - The report suggests a positive outlook for the new consumption sector, emphasizing the importance of technology-driven consumer products and new consumption trends [2]. Core Insights - The report highlights the guidance from the 20th Central Committee's Fourth Plenary Session regarding the future development of the consumption industry, focusing on enhancing domestic demand and creating new supply through new demand [2]. - It emphasizes the rapid advancement of technology consumption in China, with certain products gaining competitive advantages in international markets, such as drones and smart home devices [2]. - The integration of AI with the consumer industry is identified as a key trend, leading to the emergence of innovative products and services [2]. - New consumption trends are driven by changing demographics and consumer preferences, with emotional consumption becoming a significant focus [2]. - Traditional consumption faces temporary pressures due to factors like housing prices and employment, but many sectors maintain strong international competitiveness [2]. Summary by Sections New Supply and Demand - The report discusses how new supply can create new demand, particularly through technological advancements in consumer products [2]. - It mentions the low penetration rates of certain tech products, indicating significant growth potential [2]. New Consumption Development - New consumption is rapidly evolving, driven by changes in population structure and consumer attitudes [2]. - Emotional consumption is highlighted as a key area, with trends in collectibles, outdoor activities, and pet-related products gaining traction [2]. Traditional Consumption Challenges - The report notes that traditional consumption is under pressure but retains strong international competitiveness [2]. - It anticipates a rebound in traditional consumption due to government subsidies in late 2024 and 2025, despite facing challenges from high export bases and tariff barriers [2]. Investment Recommendations - The report recommends specific companies across various sectors, including consumer services, food and beverage, agriculture, textiles, and technology consumption [2]. - Notable mentions include companies like Dongpeng Beverage, Anta Sports, and Roborock Technology, among others [2].

Core Viewpoint - The global television panel shipment reached 22.3 million units in August 2025, showing a year-on-year increase of 7.6% and a month-on-month increase of 4.9%, indicating a recovery in inventory demand as brands prepare for the upcoming promotional season [1][2]. Group 1: Market Trends - The upcoming promotional season in overseas markets is expected to drive positive signals in panel procurement, with brands actively stocking up for events like Black Friday and Christmas [1]. - The global MiniLED television penetration rate is projected to reach 6.6% by 2025, with Chinese brands leading the push for MiniLED technology while Korean companies focus on OLED [2][3]. Group 2: Competitive Landscape - Chinese brands are significantly increasing their global market share in the television sector, with Hisense's share rising from 6.2% in 2016 to 14.4% in 2025, and TCL's share increasing from 5.8% to 14.8% during the same period [2]. - Samsung's TV business is undergoing a comprehensive review for the first time since 2015 due to competitive pressure from Chinese brands leveraging MiniLED technology [2]. Group 3: Technological Advancements - Chinese companies are leading the upgrade in MiniLED technology, with Hisense launching the RGB MiniLED TV UX series and TCL introducing the world's first SOD MiniLED flagship product, X11L [3]. - The shift in technological leadership marks a significant change, with Japanese and Korean companies now following the advancements made by Chinese firms in the MiniLED space [3]. Group 4: Retail Performance - Retail sales of televisions in China have begun to decline due to the reduction of government subsidies, with online retail sales growth dropping to -34.7% and -30.5% in the first two weeks of September [4]. - The decline in retail performance is attributed to the high year-on-year comparison and the impact of subsidy reductions starting from September 2024 [4].

Core Insights - Sichuan Changhong reported a revenue of 56.705 billion yuan for the first half of 2025, representing a year-on-year growth of 10.28%, and a net profit attributable to shareholders of 501 million yuan, up 78.60% year-on-year [1] Group 1: Business Performance - The smart home business generated approximately 25.124 billion yuan in revenue, with a year-on-year increase of about 12.28% [3] - The television segment produced around 7.13 million units, achieving revenue of approximately 7.054 billion yuan, with significant growth in large screen and MiniLED products [3] - The air conditioning business produced about 8.8 million units, with revenue reaching approximately 11.603 billion yuan, reflecting a year-on-year growth of about 35.49% [3] - The washing machine segment produced around 1.04 million units, generating revenue of approximately 980 million yuan, up 22.79% year-on-year [4] - The ICT comprehensive service business achieved revenue of approximately 19.703 billion yuan, growing by 11.17% year-on-year [4] - The special business segment reported revenue of approximately 1.058 billion yuan, with a year-on-year increase of about 68.64% [5] Group 2: Strategic Initiatives - The company is enhancing market competitiveness through brand strategy, channel network construction, and service system upgrades [2] - There is a strong focus on integrating new information technologies with existing manufacturing capabilities to accelerate the transition to high-end, intelligent, and green operations [2] - The company increased its R&D investment to 1.12 billion yuan, maintaining growth in innovation efforts [2] - The company is leveraging AI technology to create differentiated product offerings and improve operational efficiency [2]

Investment Rating - The report maintains a "Buy" rating for Hisense Visual [5] Core Views - Hisense Visual's market share is continuously increasing, with H1 2025 revenue reaching 27.231 billion yuan, a year-on-year growth of 6.95%, and a net profit attributable to shareholders of 1.056 billion yuan, up 26.63% [1] - The company has solidified its leading position in the high-end domestic and overseas markets, with significant market shares in large-screen TVs and MiniLED products [1][2] - Profitability is on the rise, with Q2 2025 gross margin at 16.8%, a year-on-year increase of 1.4 percentage points, and a net margin of 4.39%, up 0.71 percentage points [2] Financial Performance Summary - Revenue and profit forecasts indicate continued growth, with expected net profits of 2.589 billion yuan in 2025, 2.982 billion yuan in 2026, and 3.352 billion yuan in 2027, reflecting year-on-year growth rates of 15.3%, 15.2%, and 12.4% respectively [2][4] - The company's gross margin is projected to improve gradually, reaching 17.6% by 2027 [4] - The report highlights a strong return on equity (ROE) forecast, increasing from 11.1% in 2023 to 14.1% in 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q2 2025 performance met expectations, with revenue of 13.855 billion yuan (up 8.6% year-on-year) and a net profit of 502 million yuan (up 36.8% year-on-year) [6][8] - The improvement in product structure is identified as the main driver for profit growth, with a focus on the recovery of inventory in the U.S. and the ramp-up of miniLED products [6] - The company is expected to achieve revenue of 63.3 billion yuan, 69.6 billion yuan, and 75.2 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.1%, 10.0%, and 8.0% [6][9] Revenue Analysis - The company's revenue from smart displays increased by 7% in Q2, with domestic sales growing by over 20% year-on-year, driven by government subsidies and the iteration of miniLED products [6][8] - The new display segment saw a year-on-year revenue increase of approximately 10%, supported by high growth in laser displays and commercial displays overseas [6] Profitability - The company's gross profit margin significantly improved, with a net profit margin increase of 0.7 percentage points in Q2 [6][8] - The gross margin for smart terminal displays increased by 2.3 percentage points, contributing to overall profitability improvements [6]

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry, indicating a cautious but positive outlook for investment opportunities in this sector [2]. Core Insights - The report highlights a decrease in the proportion of public funds heavily invested in the home appliance sector, with a notable shift towards black appliances and cleaning appliances, while white appliances and two-wheeled vehicles saw a reduction in allocation [2][18]. - The overall market sentiment is influenced by concerns over domestic demand due to the temporary suspension of national subsidy policies and escalating trade tensions with the U.S. [13][19]. - Despite the challenges, leading home appliance companies are expected to expand their presence in emerging markets, which may enhance their overseas revenue and provide stable growth opportunities [13][19]. Summary by Sections Section 1: Fund Heavyweight Analysis - In Q2 2025, the proportion of public funds invested in home appliances decreased to 4.74%, down by 0.77 percentage points from the previous quarter [13]. - The overweight ratio for the home appliance sector was 2.44%, reflecting a decline of 0.55 percentage points [13]. Section 2: Sector Allocation - Funds increased their allocation to black appliances and small appliances, with respective increases of 0.09 percentage points and 0.06 percentage points [18]. - Conversely, allocations to white appliances, kitchen appliances, upstream components, and two-wheeled vehicles decreased by 0.63, 0.02, 0.10, and 0.17 percentage points, respectively [18]. Section 3: Key Stocks - The report notes an increase in fund holdings for companies such as Hisense Visual and TCL Electronics, with increases of 0.03 and 0.06 percentage points, respectively [69]. - In the white appliance sector, major companies like Midea Group, Gree Electric, and Haier Smart Home saw declines in fund holdings, with decreases of 0.29, 0.15, and 0.15 percentage points, respectively [66][67][68].

Group 1 - The home appliance ETF (159996) saw a net inflow of over 0.5 billion in the last trading day [1] - The black appliance industry is experiencing an "east rising, west falling" trend, with domestic brands challenging the high-end market while Korean brands face declining performance [1] - The white appliance sector is leveraging local manufacturing advantages in the U.S. to gain market share and restore overseas profit margins [1] Group 2 - The clean appliance sector is witnessing brands expanding overseas, leading to a slowdown in industry competition and a reversal in performance [1] - The layout of smart robots is opening up valuation space in the industry [1] - Increased expectations for U.S. Federal Reserve interest rate cuts may stimulate recovery in the U.S. real estate and home appliance sectors, with consumer spending on home appliances expected to grow by 1.3% and 1.7% year-on-year in Q1/Q2 2025 [1] Group 3 - Companies benefiting from capacity layout in Vietnam are expected to gain from tariff negotiations, indicating a dual drive of structural upgrades and overseas expansion in the industry [1] - The home appliance ETF (159996) tracks the home appliance index (930697), which selects listed companies involved in the manufacturing and sales of home appliances, reflecting the overall performance of related securities [1] - The index has strong consumer attributes and cyclical characteristics, effectively representing market trends in the home appliance industry [1]