TCL 电子 20260125 摘要 索尼将电视业务注入与 TCL 的合资公司，旨在利用中国供应链资源，应 对国产厂商在 Mini LED 技术上的竞争压力，并可能逐步退出电视市场 或延续 BRAVIA 品牌。 索尼在色彩科学和信号处理技术方面具有深厚积累，通过 XR 芯片等先 进处理器提升显示效果，但在全球电视销量下滑的背景下，仅靠画质技 术难以维持市场份额。 电视硬件中，面板对低价位产品画质影响最大，背光对中端产品影响更 大，而高端和旗舰产品则主要依赖芯片来提升画质，中国厂商在 Mini LED 技术上的布局旨在提升液晶电视画质。 TCL 与索尼合资后，索尼芯片技术外溢到 TCL 的可能性较低，类似海信 收购东芝后也未完全获取其图像处理技术，技术共享存在壁垒。 TCL 可向索尼开放供应链，类似于海信收购东芝后的做法，可能使索尼 生产出画质优秀且价格具有竞争力的产品，但双方在技术转移和品牌运 营上可能存在博弈。 Q&A TCL 与索尼成立合资公司的背景是什么？为何选择在此时进行合作？ 索尼自 2021 年以来，其电视业务的利润开始明显下滑。日本的家电品牌普遍 陷入与中国和韩国品牌的长期价格战中，导致其希望尽 ...

出品I下海fallsea 撰文I胡不知 当索尼将电视业务的控制权交给TCL，不仅是一家企业的战略取舍，更是一个时代的谢幕——日本电子 产业用半个世纪登顶全球，再用二十年完成一场漫长的退场。而索尼的"断臂求生"，早已超越企业自 救，成为传统巨头在技术浪潮中重构生死逻辑的标杆。 2026年1月20日，东京银座索尼大厦的发布会现场，没有新品亮相的欢呼，只有一纸合资协议的静默。 索尼宣布与TCL成立合资公司，将电视及家庭音响业务的研发、制造、运营全链条移交，TCL以51%持 股实现控股，索尼仅保留品牌、XR芯片及音视频算法等核心技术授权权。当天，东京电子股板块小幅 波动，索尼股价微涨0.3%，市场用平淡反应接纳了这场"终局"——作为最后一个独立运营的日本电视品 牌，索尼的退场，宣告着曾经统治全球的日本电视"四大天王"（索尼、夏普、松下、东芝）尽数折戟， 全球电视市场正式进入中韩争霸时代，而这只是索尼长达20年业务大剥离的最后一笔。 从1946年东京通信工业株式会社诞生，到如今横跨游戏、音乐、影视、半导体的娱乐科技巨头，索尼的 80年发展史，一半是"创造感动"的辉煌——特丽珑电视、Walkman随身听、PS主机定义了一 ...

2026年1月20日，TCL电子(01070)和Sony同时发布公告，TCL电子与Sony Corporation(索尼)签订了意向备忘录。根据群智咨询 (Sigmaintell)统计数据，如2027年合资公司成立并顺利投入运营，则TCL和Sony的合并市占率有望达到16.7%，或将超过三星电子的 16.2%夺得全球第一，彻底改写数十年来的全球电视品牌竞争格局，也将是中国品牌首次冲击全球电视市场桂冠。 根据TCL电子和Sony双方新闻稿整理的主要内容如下： 1.将可能成立一家承接Sony家庭娱乐业务的合资公司，并在全球范围内开展包括电视机和家庭音响等产品在内的，从产品开发、设 计、制造、销售、物流到客户服务的一体化业务运营，合资公司将由TCL电子持股51%及索尼持股49%。2.合资公司与索尼，以及合 资公司与TCL电子未来在专利、技术及品牌的授权安排。3.合资公司以签订合同和取得相关当局许可等为条件，预计将于2027年4月 开始运营。 群智咨询(Sigmaintell)认为，如合资公司顺利推进且TCL电子获得Sony电视控股权，则此次并购是近二十年来为数不多的全球电视市 场一线品牌间的并购案，将对全球电视市场 ...

Qualcomm Conference Call Summary Industry Overview - Qualcomm is focusing on expanding its presence beyond handsets into various edge devices, including automotive, industrial, augmented reality (AR), virtual reality (VR), and robotics [3][4][5] - The company aims for a revenue split of approximately 50% from handsets and 50% from non-handsets by the end of the decade [5] Key Areas of Focus Automotive Market - The automotive industry is undergoing a significant transformation, with a shift towards connected cars and advanced driver-assistance systems (ADAS) [16][18] - Qualcomm is experiencing growth in automotive silicon, with an annual growth rate exceeding 15-20% due to increased digitization [18] - The company has established a strong position in wireless connectivity and digital cockpit technologies [19] - Qualcomm has set a financial target of approximately $8 billion in automotive revenue by fiscal 2029 [23] Data Center Market - Qualcomm is entering the data center market with a focus on AI and low-power, high-performance computing [6][7][9] - The acquisition of AlphaWave is aimed at enhancing Qualcomm's technology portfolio with wired connectivity solutions [9][10] - The company believes in a hybrid AI model that combines device and cloud computing [7][13] Industrial Market - Qualcomm targets $4 billion in revenue from the industrial market, which is expected to transition from microcontrollers to AI and wireless connectivity [49] - The company sees significant opportunities in robotics and AI applications within industrial settings [55] PC Market - Qualcomm holds approximately 9% market share in the consumer PC market in the U.S. and Western Europe, with a target of 12% share in the next few years [32][33] - The company believes the transition to ARM architecture will benefit its position in the PC market [32] Augmented and Virtual Reality - Qualcomm is a leader in the chip market for AR and VR devices, collaborating with major OEMs [40] - The company envisions AR glasses becoming personal computing devices that integrate AI capabilities [48] Handset Market Dynamics - Despite a mature handset market, Qualcomm has seen growth due to a shift towards more expensive devices and increased gaming usage [61][62] - The Android ecosystem is gaining market share against Apple, which is beneficial for Qualcomm [63] - The company remains confident in its competitive position against Samsung and other players, emphasizing the importance of product performance [66][67] Competitive Landscape - Qualcomm has maintained its leadership position in the chip market, with only two major merchant chip companies remaining: Qualcomm and MediaTek [66] - The company is focused on delivering superior products to sustain its competitive edge [67] Conclusion - Qualcomm is strategically positioned to capitalize on growth opportunities across various sectors, including automotive, data centers, industrial applications, and augmented reality, while maintaining a strong presence in the handset market. The company's focus on innovation and technology integration will be key to its future success.