当地时间2月23日，在德国慕尼黑举行的松下品牌大会上，创维与松下正式达成深度战略合作伙伴关 系。 这并非中国企业与日本企业在品牌电视业务上的首次战略合作。今年1月，索尼与TCL电子签署意向备 忘录，TCL将控股索尼的电视和音响业务；更早前，海信视像收购了东芝电视业务。在全球产业链加速 重构的背景下，黑电市场中日韩三国竞争格局，或许将迎来新一轮洗牌。 品牌合作模式各不相同 根据合作协议，创维将依托自身制造实力、研发资源、全球渠道与高效运营能力，全面负责松下品牌电 视在欧洲市场的生产、销售、营销及渠道拓展；松下则专注核心影像技术研发、产品定义与品质把控， 延续其一贯的高端视听标准。双方将在高端OLED机型领域开展联合开发。 创维电视总裁张洪君表示，创维与松下达成战略合作，是双方基于技术创新、品质追求与全球化发展的 高度契合，更是顺应行业变革、提升全球核心竞争力的关键布局。未来，双方将聚焦高端OLED、Mini LED、智能系统集成、画质算法等核心领域深度协同，深耕欧洲市场，坚守严苛品质标准与完善服务体 系，持续巩固松下在高端电视市场的地位，为消费者带来更具创新力与品质感的视听体验。 全球黑电市场或将洗牌 国信证券 ...

21世纪经济报道吴立洋 近日，据媒体报道，日本电子巨头松下将于今年4月将北美及欧洲的电视销售业务移交给创维集团，自 身则专注于日本本土市场销售及高端机型生产，目的是借此降低自身在人事、物流等方面的成本。 需要指出的是，松下电视业务的大规模变动早在一年前便已有所预兆。 2025年2月4日，松下召开集团经营改革说明会，松下公司社长、松下电器CEO楠见雄规在会上表示，松 下电器将在解散后重组为聚焦智能生活、元器件与解决方案领域的三家公司，各公司间相互独立。2月6 日，松下电器在官网发表声明表示，其电视业务具体变革仍在研讨中，尚未就出售或退出等相关事宜作 出决定。 而在更早之前的2024年9月，松下电视则在退出美国市场十年后，重新宣布推出OLED旗舰Z95A、次旗 舰Z85A，及MiniLED旗舰W95A三款产品，其中 Z95A采用了LG第二代 MLA OLED面板，W95A电视则 由TCL茂佳代工，三款机型均接入亚马逊Fire TV操作系统并联通亚马逊智能家居生态，三款产品尺寸 在55英寸至85英寸间，均定位在中高端市场。 但如今松下先后释出考虑出售电视业务的消息，与确认移交欧美市场销售业务，其单独重返美国市场的 ...

Supply Side - The oligopoly structure has formed, with mainland Chinese manufacturers achieving absolute dominance in the LCD sector, leading to stable profitability due to cyclical weakening [2] - The reduction in supply from panel manufacturers during the Spring Festival will further support the upward trend in panel prices [3] Demand Side - The World Cup events in North America and Mexico are driving demand, while rising storage costs are accelerating the trend towards larger TV sizes, with BOM cost for storage in TVs expected to rise from 2.5-3% to 6-7% [3] - TCL Electronics' acquisition of Sony's TV division poses a challenge to Samsung's global TV leadership, with projected shipments in 2025 showing only a 1 million unit difference between TCL+Sony and Samsung [3] Upstream Panels - Mainland China's LCD panel global market share is 72%, with TCL Huaxing and BOE holding over 50% market share [4] - The depreciation peak for TCL Huaxing's panel lines has passed, releasing profit elasticity, with overall depreciation expected to decline from 2026 onwards [4] Downstream TVs - The global shipment of MiniLED TVs is expected to exceed 20 million units by 2026, with a penetration rate surpassing 10%, which will indirectly reduce panel cost proportions [5] - The combination of MiniLED technology and larger sizes is expected to alleviate cost pressures, with TCL Electronics and Hisense Visual continuing to be favored for their global strategies and technological leadership [5]

智通财经APP获悉，中信建投发布研报称，2025年家电板块受困于关税加征扰动、以旧换新政策波动以 及下半年高基数预期，整体跑输沪深300。立足长期视角，企业的竞争力终将回归产品创新与效率优势 的本质，因此从投资视角来看，该行认为主要有两条主线，一是出海继续成为增长的最重要来源，二是 变革红利。 中信建投主要观点如下： 黑电：内需逐步承压，中国企业加速出海，高端市场地位提升 内销刺激效果减弱，外销预期改善。根据洛图科技数据，2025Q2、Q3中国电视市场品牌整机出货量分 别同比下滑2.1%、10.4%，预测Q4同比降幅达到15%以上，零售市场跌幅更大，2025年全年出货总量将 同比下降6.8%，零售销量将同比下降约10%。展望2026年，内需承压的基本面大概率延续，洛图科技认 为市场重点关注的"国补"政策无论是否延续，中国电视市场都将继续衰退，若有其它的形式来替代国 补，2026年出货总量将同比下降6.2%，若任何刺激政策不再持续，同比降幅大概率会超过10%。但是， 2026年是体育赛事大年，美加墨世界杯将刺激海外电视需求增长和更新换代，加大海外市场布局力度将 是中国电视企业的首要任务。 TCL、海信国内外份额 ...

伴随2026年新一轮以旧换新国补接力发放，各平台优化消费场景、升级服务，"焕新"消费再提速。1月 21日，南都N视频记者获悉，菜鸟联手天猫持续升级大家电送装取一体服务：将100英寸电视等难进电 梯的大型家电纳入送货上门、送装取一体服务，进一步优化体验，推动高端电器线上增长。数据显示， 目前，2026年国补实施半个多月，天猫大家电销量环比大涨超90%，物流服务对消费拉动效应显著。 据天猫电视行业负责人蔚冬介绍，2026年国补实施半个多月以来，对于消费尤其是中高端产品拉动作用 更为明显，诸如100英寸超大屏电视、壁画电视和新技术MiniLED电视成为增长主力，同比翻倍增长。 同时，智能、健康、节能等高端化、品质化的家电成为消费者追逐的热点。支持语音控制、可远程操作 的智能家电，无霜超薄零嵌节能冰箱，多分区洗烘套装、一级能效空调、冰箱等成为近期热销的爆款家 电。 海信集团显示事业部客户体验运营部总经理逄晓睿认为，随着电视产品技术的迭代和成本的降低，叠加 国补政策，100英寸电视的爆火是必然。同时，目前海信所有98英寸及以上的产品，和其他爆款产品， 已经实现了100%入菜鸟仓和送装取一体服务，提升了体验，持续拉动了销 ...

Core Viewpoint - The home appliance industry in China is expected to remain in a recovery phase in 2026, influenced by high base effects and demand being pre-consumed, while facing a new normal due to "national subsidies" and "tariffs" [1][4] Group 1: 2025 Review - The Shenwan Home Appliance Index rose by 9.1% in 2025, ranking 24th among Shenwan industries [1] - In the first half of 2025, the national subsidy policy was seamlessly extended, enhancing convenience in the online market, leading to a performance alignment with the CSI 300 [1] - In the second half of 2025, the home appliance index lagged behind the market due to a decline in domestic subsidies and uncertainties regarding export tariffs [2] Group 2: 2026 Outlook - Domestic demand is expected to be impacted by high base effects until mid-2026, but a turning point may emerge later [3] - Export-oriented home appliance companies are likely to experience valuation recovery despite uncertainties in Sino-U.S. trade relations [3] - The supply side remains stable, but overseas capacity construction may pressure domestic capacity utilization, leading to potential oversupply in 2026 [3] Group 3: Investment Themes - **Theme One: Focus on Leading Companies** Leading companies are expected to demonstrate resilience in adversity, with high dividend yields becoming attractive as competition intensifies [5][6] - **Theme Two: Focus on Overseas Expansion** Chinese home appliance companies are enhancing their global presence, with traditional markets becoming less sensitive to tariff impacts and emerging markets offering significant growth potential [7] - **Theme Three: Long-term Consumption Upgrade** The trend of consumption upgrade continues, with a focus on innovative product categories and enhanced consumer experiences, despite a temporary slowdown in economic growth [8]

Core Insights - The home appliance industry is undergoing a transformation from hardware competition to a focus on "smart ecosystems" and "green low-carbon technology" as new competitive barriers are established [1] Group 1: Industry Trends - Leading brands are shifting from single product functionality to building comprehensive smart ecosystems and emphasizing green technology [1] - The industry is moving towards a competitive phase characterized by "ecosystem collaboration + green technology + global layout" [6] - Companies are leveraging smart ecosystems to break category boundaries and are focusing on sustainable growth through low-carbon technologies and global expansion [6] Group 2: Key Players - Midea is focusing on ecosystem collaboration, with its Midea Home app connecting over 118.6 million devices as of June this year [6] - Daikin is recognized as a foreign brand leader, emphasizing low-carbon technology and global expansion, having received CDP climate change A-level certification [6] - Stone Technology, Hualing, and Haier ranked as the top three brands in the latest consumer index with comprehensive heat index scores of 1.76, 1.49, and 1.39 respectively [5] Group 3: Product Innovations - The washing and display sectors are experiencing deep integration of technological iteration and demand upgrades, with a shift towards multi-tub washing machines and Mini LED technology [7] - Haier launched a four-tub washing machine that integrates AI features for enhanced user experience, while brands like Little Swan and Xiaomi are also entering the multi-tub market [7] - TCL reported a 176.1% year-on-year increase in Mini LED TV shipments, showcasing significant advancements in display technology [7]

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].