Core Insights - The report emphasizes the importance of governance improvement and overseas expansion for leading companies in the home appliance industry, particularly in the white goods sector [2][11]. Group 1: White Goods - The governance improvements in leading white goods companies are expected to enhance market confidence in sustainable growth, which can lead to a higher valuation [16]. - Midea Group has experienced a significant valuation increase from a PE of 8x to over 20x due to governance reforms and market conditions, despite recent performance challenges [17]. - Haier Smart Home's privatization has led to a notable stock price increase, with a 59% rise following the announcement of its restructuring plan [22][23]. Group 2: Black Goods - Japanese brands like Sony and Samsung are facing significant challenges, with Sony's ET&S department reporting an 8.2% decline in revenue and a 22.6% drop in operating profit [47][49]. - Chinese brands are expected to continue gaining market share globally, with TCL Electronics forming a joint venture with Sony to enhance their market presence [48]. - The Mini LED segment is seeing increased penetration, with a 32.25% online market share, indicating a positive trend for domestic competition [50][56]. Group 3: Small Appliances - The robotic vacuum cleaner market has shown a 10% year-on-year increase in online sales, driven by a low base effect from the previous year and seasonal factors [7]. - The competitive landscape in the small appliance sector is improving, with leading brands like Ecovacs and Roborock increasing their market shares [7]. Group 4: Investment Recommendations - The report recommends investing in white goods companies like Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances due to their stable growth and high dividend yields [7]. - For black goods, TCL Electronics and Hisense Visual are highlighted as beneficiaries of product iteration and improved domestic competition [7]. - In the cleaning appliance sector, Ecovacs and Roborock are expected to see profit margin recovery in 2026, making them attractive investment options [7].

来源：新浪港股 TCL电子（01070）盘中涨超5%，年内累涨近24%，截至发稿，股价上涨5.04%，报12.92港元，成交额 6354.08万港元。 TCL电子近期发布业绩预告，全年经调整归母净利润约在23.3亿至25.7亿港元，同比增长45%至60%。 大幅超出市场预期。同时，与索尼达成战略合作意向，拟成立控股合资公司承接索尼家庭娱乐、技术及 服务业务，涵盖电视、家庭音响等产品的开发、制造、销售及客户服务全流程。 长江证券发布研报称，近年来TCL全球份额快速提升，其电视全球出货量市占率从2020年的10.7%提升 至2025年前三季度的14.5%，出货量规模稳居全球前三。通过合资公司，TCL有望借 助"Sony"及"BRAVIA"品牌组合切入全球高端市场，重塑品牌价值与定价能力。在市场层面，TCL可借 助索尼成熟的全球高端渠道与消费者认知，提升在欧美等关键市场的品牌形象。 ...

TCL电子(01070)午前涨超5%，年内累涨近24%，截至发稿，涨5.12%，报12.93港元，成交额5338.46万 港元。 助"Sony"及"BRAVIA"品牌组合切入全球高端市场，重塑品牌价值与定价能力。在市场层面，TCL可借 助索尼成熟的全球高端渠道与消费者认知，提升在欧美等关键市场的品牌形象。 消息面上，TCL电子近期发布业绩预告，全年经调整归母净利润约在23.3亿至25.7亿港元，同比增长 45%至60%。大幅超出市场预期。同时，与索尼达成战略合作意向，拟成立控股合资公司承接索尼家庭 娱乐、技术及服务业务，涵盖电视、家庭音响等产品的开发、制造、销售及客户服务全流程。 长江证券发布研报称，近年来TCL全球份额快速提升，其电视全球出货量市占率从2020年的10.7%提升 至2025年前三季度的14.5%，出货量规模稳居全球前三。通过合资公司，TCL有望借 ...

消息面上，TCL电子近期发布业绩预告，全年经调整归母净利润约在23.3亿至25.7亿港元，同比增长 45%至60%。大幅超出市场预期。同时，与索尼达成战略合作意向，拟成立控股合资公司承接索尼家庭 娱乐、技术及服务业务，涵盖电视、家庭音响等产品的开发、制造、销售及客户服务全流程。 长江证券发布研报称，近年来TCL全球份额快速提升，其电视全球出货量市占率从2020年的10.7%提升 至2025年前三季度的14.5%，出货量规模稳居全球前三。通过合资公司，TCL有望借 助"Sony"及"BRAVIA"品牌组合切入全球高端市场，重塑品牌价值与定价能力。在市场层面，TCL可借 助索尼成熟的全球高端渠道与消费者认知，提升在欧美等关键市场的品牌形象。 智通财经APP获悉，TCL电子(01070)午前涨超5%，年内累涨近24%，截至发稿，涨5.12%，报12.93港 元，成交额5338.46万港元。 ...

寡头格局形成，中国大陆厂商已在LCD 领域取得绝对主导地位，周期性弱化带来盈利稳定性;需求端大 尺寸化与技术迭代创造持续增长动力。2月面板价格涨幅扩大，需求侧赛事备货与存储涨价推动，供给 春节调休收窄，共同推动面板价格步入上行周期。根据迪显咨询统计，2月面板32-43吋价格涨幅1美 元，50/55吋涨幅2美元，65-75吋涨幅3美元，85吋涨幅扩大到5美元，分别对应涨幅在1-3%、2%、1- 2%、1-2%。 智通财经APP获悉，招商证券发布研报称，中国大陆厂商已在LCD 领域取得绝对主导地位，周期性弱 化带来盈利稳定性。供给端，春节面板厂年休减少供应，将进一步推波助澜，巩固面板价格步入上行周 期。下游电视看，持续看好国产品牌全球布局及技术领先实力。此外，AI端侧落地终端显示场景，也 有望激活换机迭代需求。推荐重视上游面板涨价、折旧高峰已过带来的利润弹性，关注TCL科技 (000100.SZ)/京东方A(000725.SZ);下游品牌推荐TCL电子(01070)/海信视像(600060.SH)。 下游电视：MiniLED 电视+大尺寸化，传导综合成本压力 招商证券主要观点如下： 供给端 需求端 美加墨世界杯赛 ...

25 年全球 TV 出货面积略增，26 年初面板价格小幅上行 板块景气判断：白色家电-持续承压、黑色家电-持续承压、厨卫电器-底部企稳、扫地机-持续承压。 投资建议 内销方面，龙头品牌凭借一体化优势、强大的行业定价权及深厚的蓄水池有望实现稳健的增长。外销方面，美国进入 降息周期，地产对家电的拉动效果有望增强，欧洲消费有望保持缓慢修复的态势，新兴市场在渗透率提升、人口红利 逻辑下需求延续性较强，我国企业在研产销系统本土化建设逐步完善，OBM 出海空间广阔，推荐 TCL 电子、海信视像、 美的集团、海尔智家。 风险提示 内外需修复不及预期、原材料价格及汇率等外部因素波动、海运及关税环境变化以及行业竞争加剧，均可能对板块业 绩表现带来不利影响。 据 AVC Revo，2025 年全球 TV 市场在美国关税政策及 2024 年体育赛事高基数影响下，上半年承压、下半年修复，全 年出货量同比微降 0.1%，整体维持平台期。但结构端持续优化，出货面积同比增长 1.6%，OLED TV 出货同比增长 6.9%， 平均尺寸提升至 53.6 英寸，行业由"规模驱动"逐步转向"价值驱动"。品牌层面，三星出货 35.3M，同比-1. ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

IT之家 2 月 6 日消息，今天上午，据日本经济新闻报道，从日本国内电视机市场的份额来看，"中国系"将提高至 6 成。曾席卷全球的"家电王者"—— 日本企 业的撤退显示出转换业务模式的必要性。 报道提到，中国企业在价格方面压倒日本企业。以 43 英寸 4K 液晶电视为例，TCL 在 5 万日元（IT之家注：现汇率约合 2211 元人民币）左右，索尼在 10 万日元（现汇率约合 4422 元人民币）左右。日本企业从外部采购液晶面板等核心零部件，在技术方面也难以突出优势。 调查公司 BCN 综研的数据显示，在 2025 年日本国内电视机市场份额方面，REGZA 位居首位，海信和 TCL 合起来的中国系占 5 成。今后如果索尼品牌转 移到 TCL 主导的合资公司，中国系将占到 6 成。 英国调查公司欧睿国际的数据显示，2025 年全球电视市场的首位是韩国三星电子。包括 LG 电子、海信和 TCL 在内，4 家企业掌握了全球市场份额的一半 以上。 报道提到，中国企业不仅提高成本竞争力，技术实力也在提高，"便宜没好货"的形象正在成为过去。中国企业的智能手机和电动汽车等其他面向消费者的产 品也在提高存在感。 据IT之家 ...

FF301 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: TCL電子控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01070 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]