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].

Core Insights - Global annual TV shipments are expected to exceed 210 million units by 2026, primarily driven by FIFA World Cup promotions, but overall growth will be tempered by declining demand in China and rising TV storage prices, leading to an estimated year-on-year growth of only about 1% [1] - By 2029, global TV shipments are projected to approach 212 million units [1] Regional Growth Trends - Europe is expected to be the fastest-growing market in 2026, with Western Europe TV shipments projected to grow by 3.2% and Eastern Europe by 3.1% [2] - The North American market, as the host of the event, is also anticipated to see steady growth, with an increase of approximately 2.2% [2] Contrast with China Market - In stark contrast, China's TV shipments are expected to decline by 4.7% in 2026, influenced by the end of national subsidies, which led to a 12% year-on-year drop in Q3 2025 [5] - The weakness in Chinese TV demand is expected to have profound implications for the global market, prompting Chinese brands to actively seek growth opportunities in international markets, potentially intensifying competition during periods of high demand [5] Emerging Opportunities in India and Asia-Pacific - India is projected to become a key market for Chinese brands, driving competition and enhancing consumer choices, supporting growth in the Asia-Pacific region, which is expected to see a year-on-year increase of 2.6% in 2026 [5] - From 2025 to 2029, the compound annual growth rate (CAGR) for the Asia-Pacific region is expected to be 2.2%, making it the fastest-growing area globally [5] Mini LED Backlight Technology - Mini LED backlight technology is anticipated to be the best-performing segment, with a projected year-on-year growth of 16.9% in 2026 and a CAGR of 9.2% from 2025 to 2029 [5] - RGB Mini LED is gradually being adopted in the high-end price segment, with expectations of price declines during the forecast period, leading to rapid market penetration [5]

Core Viewpoint - The report from Industrial Securities anticipates a mixed performance in the home appliance sector, with domestic sales under pressure due to policy changes and high base effects, while export sales are expected to perform better due to easing tariff impacts and recovering demand in developed and emerging markets [1] Group 1: Home Appliance Overview - The home appliance sector is experiencing internal performance differentiation, with overall operational resilience [1] - Cost factors include rising raw material prices since 2025, while shipping costs have been decreasing, keeping overall cost impacts manageable [1] - Domestic demand is supported by ongoing national subsidies, with retail sales of home appliances significantly outperforming the broader market [1] - Export growth has faced short-term disruptions from tariffs and high base effects, but leading companies are leveraging global layouts and contributions from emerging markets to maintain resilient export performance [1] - The average dividend yield for the home appliance sector is 3.2%, ranking fourth among 31 primary industries in China, highlighting the sector's attractive dividend characteristics [1] Group 2: White Goods - Domestic sales are expected to see a decline in growth rates in the second half of 2025 due to policy impacts and high base effects, with a forecast of a low-to-high growth pattern in 2026 [2] - Continued national subsidy policies in 2026 could further enhance domestic demand and market structure [2] - Export sales are projected to outperform domestic sales in 2026, driven by easing tariffs and increased penetration in emerging markets [2] Group 3: Black Goods - The domestic TV market is undergoing structural optimization, with leading companies driving the adoption of RGB Mini LED products, which are expected to contribute to profit growth [3] - The overseas market is benefiting from sustained growth in emerging markets, with major events like the World Cup expected to boost demand for TVs [3] - Chinese brands are enhancing their marketing efforts and local channel structures to increase overseas market share [3] Group 4: Small Appliances - Domestic sales of small appliances are expected to be supported by national subsidy policies in early 2025, but demand may weaken as subsidies taper off [4] - The geopolitical situation poses risks to small appliance exports, but Chinese companies are well-positioned to manage tariff impacts due to their strong supply chain capabilities [4] Group 5: Robotic Vacuums - The demand for robotic vacuums remains strong, with the continuation of national subsidy policies in 2026 likely to enhance domestic market penetration and improve profitability [5] - Market share is expected to concentrate among leading brands, with a trend of differentiation in marketing strategies [5] - The overseas market for robotic vacuums is projected to maintain steady growth, although internal competition is intensifying [5]

Core Insights - TrendForce forecasts global TV shipments to reach approximately 49.75 million units in Q3 2025, reflecting a quarter-on-quarter increase of 6% but a year-on-year decrease of 4.9% [1] - The report anticipates a strong sales push in Q4 due to promotional peaks in Europe and the US, as well as the upcoming Double 11 and Double 12 shopping events in China, predicting a 7.3% quarter-on-quarter increase in global shipments to 53.21 million units [1] - The top five brands in terms of shipment performance in Q3 are Samsung, Hisense, TCL, LGE, and Xiaomi, collectively holding a market share of 64.3% [1] Market Share Analysis - Samsung leads the market with a share of 17.2%, followed by Hisense at 15.4%, TCL at 14.9%, LGE at 11.7%, and Xiaomi at 5.1%, while other brands account for 35.7% of the market [2] Size and Product Trends - The global TV market is experiencing a shift towards larger screen sizes, with shipments of TVs 60 inches and above expected to account for 28.2% of total shipments in 2025 [4] - Companies are shifting their sales strategies from merely increasing size to upgrading product specifications, focusing on high-end features such as RGB Mini LED, high refresh rates, and AI integration to enhance product value [4]

Core Viewpoint - The RGB Mini LED technology is gaining traction in the television market, with major players like TCL, Hisense, and Samsung actively launching products, indicating a significant shift towards mass production and a pivotal year in 2025 for this technology [2][3]. Company Summaries TCL - TCL launched the Q10M Ultra and Q9M series of RGB Mini LED TVs in September, featuring advanced color technologies and aiming to make RGB Mini LED more accessible to consumers [4][5]. - The Q10M Ultra boasts 100% BT.2020 color gamut, 91.3% color volume, and 120 bits of color control precision, addressing issues like color bleeding and fading with its "RGB万象分区" technology [5][7]. - The Q9M series is positioned as the most affordable RGB Mini LED TV on the market, with prices ranging from 79,999 to 199,900 yuan and peak brightness of 2000 nits [7]. Hisense - Hisense has introduced three models featuring RGB Mini LED technology, including the E8S Pro and U7S Pro, which focus on high refresh rates and advanced color management [9][10]. - The E8S Pro supports a refresh rate of up to 330Hz and includes 9360 local dimming zones, while the U7S Pro was showcased at the IFA [9][10]. - Hisense plans to launch the U9 series in 2026, covering sizes from 55 to 100 inches, which may accelerate the adoption of RGB Mini LED technology in the consumer market [10]. Sony - Sony presented a prototype of its RGB Mini LED TV at the IFA, featuring a peak brightness of 4000 nits and high color accuracy, with plans to release a commercial product in January 2026 [11][13]. - The prototype achieves over 99% DCI-P3 color coverage and approximately 90% BT.2020, showcasing Sony's commitment to high-end display technology [11]. Samsung - Samsung launched a 115-inch Micro RGB TV in August, priced at approximately 232,700 yuan, utilizing its proprietary Micro RGB technology for enhanced backlight control [14]. - The TV features 4K resolution and a variable refresh rate of 144Hz, with around 15,000 dimming zones for improved picture quality [14]. Industry Insights - The global TV market is projected to see a shipment of 92.5 million units in the first half of 2025, with a year-on-year growth of 2%, although challenges may arise in the second half due to high panel costs and consumer behavior [18][19]. - Major brands are focusing on technological upgrades to differentiate themselves in the high-end market, with RGB Mini LED technology emerging as a key feature for flagship models [20]. - The shift towards RGB Mini LED is seen as a response to the saturation of white Mini LED technology, providing a significant competitive edge in terms of color accuracy and overall viewing experience [20].

Group 1 - The report from China Galaxy Securities indicates that overseas television demand is expected to peak in the second half of the year, which may mitigate some impacts from domestic subsidy reductions [1] - Panel procurement is showing positive signals as global television brands prepare for the upcoming promotional seasons, with global TV panel shipments expected to reach 22.3 million units in August 2025, reflecting a year-on-year increase of 7.6% and a quarter-on-quarter increase of 4.9% [1] - The shift towards Mini LED technology is anticipated to drive global television upgrades, with a projected penetration rate of 6.6% by 2025 [2] Group 2 - Chinese brands are leading the global market in Mini LED television, with significant increases in market share; Hisense's share rose from 6.2% in 2016 to 14.4% in 2025, while TCL's share increased from 5.8% to 14.8% [2] - The competitive landscape is shifting as Chinese companies gain ground in the high-end market, causing Samsung and LG to reassess their strategies for the first time since 2015 [2][3] - The technology upgrade in the television industry has shifted from being dominated by Japanese and Korean companies to Chinese firms, with advancements in RGB Mini LED technology being led by Hisense and TCL [3] Group 3 - Retail sales of televisions in China have begun to decline due to the reduction of government subsidies, with online retail sales dropping by 34.7% and 30.5% year-on-year in the first two weeks of September [4] - The overall retail growth rates for televisions have slowed down, with online retail growth at 3.4% and 8.5%, and offline retail growth at 13.6% and 25.7% in July and August respectively [4]

Core Viewpoint - The article discusses the advancements in RGB Mini LED backlight technology, highlighting its superiority over traditional backlight solutions in terms of color purity, saturation, contrast, brightness control precision, and energy consumption. It emphasizes the competitive advantage this technology provides to TV brands, particularly TCL, which has launched new products featuring this technology in 2023, setting the stage for rapid growth in the RGB Mini LED TV market by 2025 [2][20]. Summary by Sections RGB Mini LED Technology - RGB Mini LED technology allows for independent control of light and color using three color sources, resulting in enhanced display quality compared to traditional backlighting [2]. - TCL has introduced the "RGB万象分区" technology to address common issues such as color bleeding and distortion, utilizing a comprehensive system that integrates hardware and software for improved light and color control [6][8]. TCL Product Launches - TCL's Q10M Ultra TV features the latest RGB Mini LED technology, achieving 100% BT.2020 high color gamut and 91.3% ultra-high color volume, with 120 bits of color control precision for natural and accurate color transitions [3]. - The Q10M Ultra supports up to 16,848 RGB万象分区, delivering a peak brightness of 9,000 nits, with pricing for 85, 98, and 115-inch models set at 27,999 yuan, 49,999 yuan, and 99,999 yuan respectively [8]. - The Q9M model aims to penetrate the mid-range market, being the first RGB Mini LED TV priced under 10,000 yuan, featuring 100% BT.2020 high color gamut and 87% color volume, with a brightness of 2,000 nits [9][12]. SQD-Mini LED Technology - TCL's X11L series utilizes SQD-Mini LED technology, which offers advantages over traditional quantum dot technology, including a 69% reduction in color point deviation and 10.7 billion color levels [15]. - The X11L series boasts a peak brightness of 10,000 nits and features advanced technologies such as无影均光塔 and dynamic light domain reconstruction, with pricing for 75, 85, and 98-inch models at 19,999 yuan, 34,999 yuan, and 59,999 yuan respectively [17]. Market Trends - As of September 2023, five RGB Mini LED backlight TVs have been launched, with Sony also announcing new products utilizing next-generation RGB LED backlight technology [18]. - Despite the advantages of RGB Mini LED, the white light Mini LED market remains robust and continues to grow, with 43 new white light Mini LED TV models launched by early September 2023 [20].

Core Viewpoint - The RGB-Mini LED technology is gaining traction among major display manufacturers, with Hisense leading the way in mass production and product offerings, indicating a significant shift in the display technology landscape [1][3][11]. Group 1: Hisense's Leadership - Hisense is the first global manufacturer to achieve mass production of RGB-Mini LED TVs, showcasing its 116-inch RGB-Mini LED TV UX at the IFA 2025 [1][5]. - The company plans to launch the new RGB-Mini LED TV U7S Pro by the end of September, available in sizes of 75, 85, and 100 inches [5][6]. - Hisense's RGB-Mini LED TV UX has received recognition from users and professional organizations in 20 countries within six months of its launch [5]. Group 2: Technological Advancements - The U7S Pro features advanced specifications, including 100% BT2020 color gamut, 108 bits color precision, and low blue light protection, while significantly reducing the price to 20,000-30,000 yuan [6][10]. - Hisense's self-developed AI picture quality chip, the XinXin H7, supports the highest industry partition control and addresses traditional RGB LED limitations [7][10]. - The upgraded RGB-Mini LED chip has improved brightness by 120% and energy efficiency, while also enhancing picture uniformity by 30% [10]. Group 3: Market Position and Future Outlook - Hisense anticipates that 2025 will be a pivotal year for the promotion of RGB-Mini LED technology, with expectations of a 10%-20% price reduction annually as technology matures [5][10][11]. - The company is expanding its global production capacity, with stable mass production in its Vietnam factory and plans for further expansion in regions like South America, the Middle East, and Africa [11]. - Despite competition from global giants like Samsung and Sony, Hisense maintains a leading position in the high-end display market due to its first-mover advantage and patent strategy [10][11].