【解剖大盘】 国内也需要刺激，财政部部长在《人民日报》发表署名文章：发挥积极财政政策作用。这意味着年底财 政这块会提速。相关基建工程建材等今天表现还不错，如三一重工(06031)、中国联塑(02128)、中联重 科(01157)等。 市场已经在提前交易美联储降息，美国银行全球研究表示，目前预计美联储将在 12 月会议降息 25 个基 点，理由是劳动力市场状况和决策者最近的言论暗示将提前降息。港股今天高开，但之后回补缺口整顿 整理，收盘微涨 0.24%。 美欧的经济数据均不理想，美国供应管理协会(ISM)表示，11月美国制造业采购经理人指数(PMI)从10月 的48.7降至48.2。欧元区11月制造业活动再次陷入萎缩区间，由标普全球编制的HCOB欧元区11月采购 经理人指数(PMI)从10月的50.0降至49.6，创五个月低点，略低于初值49.7。这种数据只能降息来对冲。 大摩力挺广汽(02238)：近期上涨来自以下三项利好，包括管理层最新表态将于2026年量产搭载全固态 电池的车型；大幅增加对与华为合作品牌Qijing的资讯披露；宣布与京东开展营销合作。虽然上述三项 举措仍需时间放量，对盈利的实质贡献短期内有 ...

Core Viewpoint - TCL Electronics' stock rose over 6%, reaching HKD 10.34, with a trading volume of HKD 109 million, driven by strong TV shipment growth and innovative product launches [1] Group 1: Shipment and Sales Performance - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to a total of 21.08 million units for the first three quarters, representing a year-on-year growth of 5.3% [1] - TCL's Mini LED TV shipments saw a significant year-on-year increase of 153.3%, totaling 2.24 million units in the first three quarters [1] - The optimization of product structure led to a sales revenue growth of 8.7% for TCL TVs in the first three quarters, outpacing shipment growth [1] Group 2: Product Innovation - In September, TCL launched the world's first TV with an integrated Google AI assistant, Gemini, which features a self-developed AI image quality chip for enhanced picture detail, color performance, and dynamic effects [1] - The new product also offers active AI services, acting as a smart home control center, supporting schedule displays, news summaries, and device interconnectivity [1] Group 3: Market Position and Future Outlook - Pacific Securities highlighted TCL Electronics as a leading player in the global TV industry, with increasing market share in smart screens and mid-to-high-end large screen products, alongside robust profitability in its internet business [1] - The company is experiencing rapid growth in innovative sectors such as solar energy and comprehensive marketing, while its brand strength continues to improve [1] - According to招商证券, the long-term outlook for TCL is positive, with expectations for continued growth in global high-end market share, advantages in global supply chain layout, and expansion in innovative business areas [1]

Core Viewpoint - TCL Electronics has shown significant growth in TV shipments and sales, driven by product innovation and market expansion, particularly in the high-end segment [1][2]. Group 1: Financial Performance - As of the latest report, TCL's global TV shipments reached 7.61 million units in Q3 2025, contributing to a total of 21.08 million units for the first three quarters, marking a year-on-year increase of 5.3% [1]. - The global shipment of TCL Mini LED TVs surged by 153.3% year-on-year to 2.24 million units in the same period [1]. - The sales revenue growth for TCL TVs outpaced shipment growth, increasing by 8.7% year-on-year due to product mix optimization [1]. Group 2: Product Innovation - In September, TCL launched the world's first TV with an integrated Google AI assistant, Gemini, which features a self-developed AI picture quality chip for enhanced image detail, color performance, and dynamic effects [1]. - The new product also offers active AI services, acting as a smart home control center, supporting schedule displays, news summaries, and device interconnectivity [1]. Group 3: Market Position and Strategy - TCL is recognized as a leading player in the global TV industry, with increasing market share in smart screens and high-end large-screen products [2]. - The company is experiencing robust profitability in its internet business, alongside rapid growth in innovative sectors such as solar energy and comprehensive marketing strategies [2]. - TCL's strategic investments in AI hardware, including smart glasses and companion robots, are expected to enhance long-term business development [2].

Core Viewpoint - TCL Electronics has reported a significant increase in TV shipments and sales for the first three quarters of 2025, driven by a focus on high-end and large-screen products, particularly Mini LED TVs, which saw a remarkable growth in global shipments. Group 1: Shipment and Sales Performance - In Q3 2025, TCL's global TV shipments reached 7.61 million units, contributing to a total of 21.08 million units for the first three quarters, representing a year-on-year increase of 5.3% [1] - The sales revenue for TCL TVs grew by 8.7% year-on-year in the first three quarters, outpacing the shipment growth [1] - Mini LED TV shipments surged by 153.3% year-on-year to 2.24 million units in the first three quarters [1][3] Group 2: Product Strategy and Market Positioning - The "mid-to-high-end + large-screen" strategy has led to an increase in the proportion of large-screen products, with shipments of 65-inch and above TVs growing by 25.8% year-on-year [2] - The average size of TCL TVs increased by 1.6 inches to 53.6 inches, and the average selling price rose by 3.2% year-on-year [2] - TCL's Mini LED TV accounted for 11.4% of total shipments, up 6.7 percentage points year-on-year [3] Group 3: International Market Expansion - TCL's international TV shipments grew by 7.9% year-on-year in the first three quarters, with significant increases in large-screen and mid-to-high-end segments [4] - In the international market, shipments of 65-inch and above TVs increased by 44.6%, while 75-inch and above TVs saw a growth of 61.8% [4] - The introduction of the TCL QM9K, featuring built-in Google AI, enhances the product ecosystem and positions TCL as a leader in smart TV technology [4] Group 4: Regional Performance - In Europe, TCL TV shipments increased by 20.0% year-on-year, with significant growth in the mid-to-high-end segment [5] - North America saw a notable improvement in shipment structure, with 65-inch and above TV shipments growing by 29.1% and Mini LED TV shipments increasing by 384.5% [6] - In China, despite a 4.1% decline in overall shipments, Mini LED TV shipments grew by 80.6%, indicating strong demand for high-end products [7] Group 5: Future Outlook - The company aims to continue its dual strategy of "mid-to-high-end + globalization," enhancing brand strength and increasing R&D investment to solidify its position in the high-end market [7]