Group 1: Core Insights - The report from Guolian Minsheng Securities indicates that the domestic sales of air conditioners, refrigerators, and washing machines are expected to grow by +5%, -1%, and remain flat year-on-year in Q3 2025, respectively, showing a decrease compared to Q2 [1] - The online retail sales of robotic vacuum cleaners are projected to increase by +73% year-on-year in July-August 2025, driven by provincial subsidies and the introduction of new products [3] - The overall performance of the white goods sector is expected to show steady growth in domestic sales, while external sales are showing marginal improvement, particularly for leading brands like Haier [2] Group 2: Market Trends - The average selling prices for air conditioners, refrigerators, and washing machines in July-August 2025 are expected to change by -1%, +1%, and +2% year-on-year, indicating a stable pricing environment [1] - The global market for robotic vacuum cleaners is experiencing significant growth, attributed to the combination of high-end Chinese brands lowering prices and consumers upgrading their products [3] - The TV market is seeing a decline in sales, with internal and external volumes down by -7% and -6% year-on-year, but there is an improvement in product structure with a rise in high-end MiniLED products [4] Group 3: Future Outlook - The resilience of leading brands is expected to exceed expectations, with a projected return to mid-single-digit growth rates after short-term fluctuations [5] - The cleaning appliance sector is anticipated to achieve high double-digit revenue growth in Q3 2025, supported by the performance of leading companies like Roborock and Ecovacs [3] - The overall valuation of the sector has declined to near historical lows, with expectations for improved shareholder returns and increased dividend rates [5] Group 4: Recommended Stocks - The report recommends continued investment in white goods companies such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric, as well as black goods company Hisense Visual and cleaning appliance companies Roborock and Ecovacs [6]

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the home appliance industry is experiencing a positive shift in domestic demand, with a focus on the white goods sector, which is expected to benefit from improved pricing strategies and a favorable cost environment [1][2]. Group 1: Home Appliance Industry Overview - The home appliance sector has shown a slight increase of 0.1% from the beginning of the year to June 5, 2025, outperforming the CSI 300 index by 1.6 percentage points, ranking 17th among primary industries [1]. - The overall performance of the home appliance sector has historically shown a high success rate, with 16 out of the past 20 years outperforming the CSI 300 index during the same period [1]. Group 2: White Goods Sector - The white goods sector is expected to see improved domestic demand, with a lower base for shipments and a potential upward trend [2]. - The usage of funds for the old-for-new policy has accelerated in May, although the impact of elastic marginal reduction and funding constraints may be concentrated in Q4 2025 [2]. - Major players in the white goods sector have adopted aggressive online pricing strategies, leading to significant market share elasticity, while the cost environment has improved, suggesting minimal impact on profitability [2]. Group 3: Black Goods Sector - The overall demand for TVs has shown a weak recovery since 2025, with MiniLED backlight TVs becoming a key driver for domestic product upgrades [3]. - Domestic brands like TCL and Hisense have performed strongly, with Hisense rapidly increasing its market share in MiniLED backlight TVs [3]. - The profitability of leading brands is expected to improve due to product structure upgrades and stable panel prices, with an anticipated increase in industry concentration and ongoing technological advancements [3]. Group 4: Emerging Small Appliances - The demand for emerging small appliances, particularly robotic vacuum cleaners, has seen significant growth since 2025, driven by subsidies and product innovation [4]. - Competition in the domestic and international markets is expected to diverge, with companies like Roborock performing well domestically while facing challenges abroad [4]. Group 5: Kitchen Appliances - The kitchen small appliance sector is showing signs of stabilization after a prolonged adjustment, with domestic sales rebounding due to low bases, reduced competition, and new product launches [5]. - The demand for large kitchen appliances is gradually improving, but recovery is still dependent on the real estate market, transitioning from new home-driven demand to replacement-driven demand [5]. Group 6: Investment Recommendations - The report suggests a positive outlook for the home appliance industry, with a focus on high-quality, high-dividend leading companies such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances [6][7]. - It also highlights the potential of leading TV brands like Hisense Vision and TCL Electronics, as well as emerging consumer brands benefiting from promotional events [7].

以下文章来源于TrendForce集邦 ，作者TrendForce TrendForce集邦 . TrendForce集邦咨询是一家全球高科技产业研究机构，研究领域横跨存储器、AI服务器、集成电路与半导体、晶圆代工、显示面板、LED、AR/VR、新能 源（含太阳能光伏、储能和电池）、AI机器人及汽车科技等，提供前瞻性行业研究报告、产业分析 【TrendForce 】 乐金显示广州LCD 8.5代线今日 （4月 1日 ） 正式交割至TCL华星，并改名为t11。 至此，TCL华星将拥有2条6代、4条8.5代、1条 8.6代和2条10.5代LCD产线。 TrendForce集邦咨询指出，今年TCL华星借由并购案的完成和t9 8.6代线产能的提升，预计在全球LCD大世代线（5代含以上）的产能面积占比将成 长3.6个百分点，达到22.9%。 图片来源：TCL华星 此外，由于t11主要用于生产电视和PID面板，正式交割后，前三大面板厂京东方、TCL华星及惠科的供应市占率预估将进一步提升至66%。 TCL华星在正式接手t11后，初期将会进行厂区的细部调整，因此仅会以150k sheet大板的产能进行营运，并依照需求生产。T ...

Core Viewpoint - TCL Huaxing has officially taken over the LCD 8.5 generation line (t11) from LG Display, enhancing its production capacity and market share in the LCD panel industry [1]. Group 1: Company Developments - TCL Huaxing now owns a total of 2 6th generation, 4 8.5 generation, 1 8.6 generation, and 2 10.5 generation LCD production lines, positioning itself as a major player in the market [1]. - The acquisition of t11 is expected to increase TCL Huaxing's global LCD production capacity share by 3.6 percentage points to 22.9% [1]. - The combined market share of the top three panel manufacturers, BOE, TCL Huaxing, and Huike, is projected to rise to 66% following the acquisition [1]. Group 2: Market Trends and Strategies - TCL Huaxing plans to expand its production capacity for large-sized TVs, particularly those 80 inches and above, to maintain its competitive edge in the 55-inch segment [2]. - The company may also consider incorporating monitor panel production into t11, given the increasing demand for IT panels [2]. - The implementation of a subsidy policy in China since August last year is expected to double the penetration rate of MiniLED backlit TVs to 4.1% in 2024, driven by energy-saving features [2]. Group 3: Supply and Demand Dynamics - The demand for LCD panels, especially for TVs 85 inches and above, is expected to grow, necessitating increased production capacity to meet this rising demand [3]. - The concentration of supply in the TV panel market is anticipated to help balance supply and demand, contributing to price stability for TV panels in the future [3].