" 在产业链国产化突破与消费场景深度重构的双重驱动下，2025年中国消费级XR市场实现结构性跃升。 CINNO Re s e a r c h监测数据显示，全年消费级总销量达64.5万台，同比增长13%，AR以48万台销量首 次超越VR。 " CINNO Research 简评 二、技术趋势：显示、光学与交互的全面革新 • AR 显示与光学方案 迭代： Micro OLED 占据 78% 市场份额，索尼以 60% 份额主导，但视涯科 技通过与雷鸟深度合作份额提升至 39% ，完成 20 亿元 IPO 融资标志国产供应链崛起。单绿色 Micro LED 在提示类 AR 眼镜渗透提速，销量同比增 203% ， Rok id Glas ses 热销成主要推动 力。 Birdbath 方案虽份额收缩仍以 75% 领先，雷鸟、 XREAL 在性价比与体验上持续突破。光波导 仍然是以衍射光波导为主，为了寻求低成本方案，一拖二光机方案成为目前不二之选。 • VR 显示与光学方案演进： Fas t LCD 以 90% 份额主导， 5,000 元以上价格段 Micro OLED 渗 透率提升至 62% 。光学方案中， Panca ...

Core Viewpoint - The global AMOLED smartphone panel market is projected to reach approximately 920 million units in 2025, representing a year-on-year growth of 4.7%, marking a new historical high despite a slowdown in growth rate compared to previous years [2]. Market Growth - The growth in the AMOLED smartphone panel market is driven by sustained demand for high refresh rates, flexible displays, and low-power screens in high-end smartphones, along with the continued adoption of AMOLED technology in mid-range models [2]. - The slowdown in growth is attributed to the increasing penetration of AMOLED in smartphones, particularly in the mid-to-high-end market, which has reached saturation, thereby narrowing the space for new demand [2]. Cost Pressures - Rising costs of core components, such as memory chips, are increasing the overall BOM (Bill of Materials) cost pressure, leading manufacturers to control costs more strictly. Some brands are delaying the introduction of flexible AMOLED in mid-range models, which suppresses further expansion of AMOLED panel shipments [2]. Regional Market Share - In 2025, Korean manufacturers hold 49.4% of the global AMOLED smartphone panel market, while domestic manufacturers account for 50.6%, marking a 1.3 percentage point increase year-on-year and achieving a historic milestone of surpassing 50% for the first time [5]. Company Performance - Samsung Display's (SDC) AMOLED panel shipments are expected to grow by 0.7% year-on-year, with market share declining from 43.2% to 41.5%, primarily due to shrinking demand for rigid AMOLED panels and increased loss of orders for mid-to-low-end flexible screens [6]. - BOE's performance is notable, with a year-on-year shipment growth of 9.0%, securing a 16.3% market share, and maintaining its position as the leading domestic manufacturer, driven by penetration in the mid-range market and breakthroughs in the high-end market, especially in the foldable screen sector [6]. - Visionox's shipments are projected to grow by 3.3% year-on-year, with a market share of 11.1%, despite a slight decline of 0.2 percentage points, indicating stable development supported by solid technical competitiveness and customer collaboration in the mid-range market [6]. Fourth Quarter Insights - In the fourth quarter of 2025, the AMOLED smartphone panel market is expected to maintain strong demand due to domestic and international promotional activities and the release of new models, with shipments projected at approximately 260 million units, reflecting a year-on-year growth of 6.1% and a quarter-on-quarter growth of 4.2% [9]. - In the fourth quarter, Korean manufacturers are expected to hold a 49.2% market share, while domestic manufacturers will account for 50.8%, marking a 2.6 percentage point increase year-on-year, indicating an accelerated trend of domestic substitution [9]. Company Dynamics in Q4 - Samsung Display's AMOLED panel shipments are expected to grow by 7.0% year-on-year, with a market share of 40.7%, showing a slight year-on-year increase of 0.3 percentage points, although its market dominance continues to weaken [10]. - BOE's AMOLED panel shipments are projected to grow by 2.8% quarter-on-quarter, maintaining a stable market share of 15.5%, supported by accelerated technology iteration and optimized customer structure [10]. - Tianma's AMOLED panel shipments are expected to grow by 20.0% year-on-year, with a market share increase of 1.3 percentage points to 11.6%, benefiting from stable orders from key customers and well-matched capacity release [10].

" 伴随着中尺寸AMOLE D显示产品需求的预期增长，全球G8.6 AMOLE D面板产线建设及量产进入加速 期 。 2025 年 12 月 30 日 ， 京 东 方 G8.6 AMOLE D 生 产 线 首 款 产 品 提 前 5 个 月 成 功 点 亮 ；2026 年 1 月 15 日，三星显示正式启动其G8.6 AMOLE D面板的量产。G8.6 AMOLE D面板产线全球扩容，直接驱动核 心耗材精密金属掩膜版（FMM）市场进入快速发展通道。在此背景下，国内FMM龙头企业寰采星近期于 宁波望春工业园区新增取得41亩工业用地，规划再加码投建一条G6与一条G8. x FMM产线，进一步完善 全世代产品矩阵，抢抓行业增长红利。 " 金属掩膜版是 AMOLED 蒸镀制程中的核心工具，在蒸镀工艺中覆盖于衬底上方，可以使得蒸镀材料沉 积在基板上的指定区域。 AMOLED 蒸镀制程中所用到的金属掩膜版分为两类：一类是 FMM （ Fine Metal Mas k ，精密金属掩膜版），用于蒸镀红绿蓝子像素点的发光材料，因此要求其孔洞结构十分精 细 ， FMM 的 结 构 精 细 程 度 直 接 决 定 了 AMOLED ...

期数： 2026年1月刊 分类： 会员服务—显示面板产业月度市场发展趋势概况 主题： 2025 国内TFT-LCD面板厂平均稼动率为81.6%，同比增长1.6个百分点 概要： 内容涵盖中国大陆TFT-LCD面板厂2025年第四季度平均稼动率及主要面板厂稼动率变 化状况，并对2025年全年稼动率进行总结和对2026年第一季度全球及中国大陆稼动率进行预 测。 大纲： 1. 中国G4.5~G6 LCD面板量产线最新产能列表 2. 中国G8.5~G11 LCD面板量产线最新产能列表 3. Q4'25 中国大陆LCD产线平均稼动率统计 4. Q4'25 LTPS LCD面板产线稼动率统计 5. Q4'25 BOE京东方LCD面板产线稼动率统计 6. Q4'25 CSOT华星光电LCD面板产线稼动率统计 7. Q4'25 TM天马LCD面板产线稼动率统计 8. Q4'25 HK C惠科LCD面板产线稼动率统计 9. Q4'25 CHOT咸阳彩虹LCD面板产线稼动率统计 10. Q4'25 和2025全球及中国大陆LCD面板厂稼动率及 Q1'26 预测 温馨提示： * 请 会 员 单 位 通 过 会 员 登 陆 平 台 下 ...

Core Viewpoint - The mobile display panel market is entering a traditional off-season in January 2026, with upstream storage prices rising for several months, leading terminal brands to reduce shipment targets to manage operational risks, resulting in a significant decline in overall demand for mobile panels [4]. Group 1: Market Overview - The overall demand for mobile panels is weakening due to insufficient terminal pull, causing upstream panel manufacturers to face pressure on utilization rates and further exacerbating price decline [4]. - The a-Si panel market is experiencing a significant reduction in order visibility due to the contraction in overall terminal demand, coupled with the release of new production lines, leading to increased supply pressure and intensified competition [4]. - The LTPS panel segment, while still supported by demand in non-mobile applications like automotive displays and laptops, is facing pressure in specific areas such as laptops and tablets, leading to an overall contraction in LTPS panel demand [4]. Group 2: Price Trends - The prices of a-Si modules and LTPS panels are expected to continue their downward trend in January and February 2026, with flexible AMOLED panel prices also anticipated to remain in a declining channel [5]. - The price for 6.5" LCD panels (HD+) is projected to decrease from $6.4 to $6.3, while 6.5" FHD+ LCD LTPS panels are expected to drop from $9.3 to $9.2, indicating a general trend of price reduction across various panel types [3].

Core Viewpoint - The article highlights the recovery of demand in the TV display panel market due to the impact of U.S. tariff policies and domestic subsidy measures, leading to a stabilization and potential increase in panel prices in early 2023 [5][6]. Demand Side Summary - In late 2022, demand for TV panels increased as brands prepared for international events like the World Cup, resulting in a narrowing of price declines for 32" to 85" panels, while prices for 98"/100" panels continued to decline due to weak demand [6]. - In January 2023, the continuation of the domestic subsidy policy for consumer electronics, particularly for energy-efficient products, is expected to support the market and lead to a gradual price recovery for 32" to 65" panels [6][9]. Supply Side Summary - Panel manufacturers are responding to the increased demand by raising production capacity utilization rates, with global high-generation line utilization reaching an estimated 82.4% in December 2022, a significant year-on-year increase of over 5 percentage points [7]. - In January 2023, the average utilization rate is expected to remain above 82%, driven by the need to fulfill concentrated orders and prepare inventory ahead of the upcoming Chinese New Year [8]. Price Dynamics Summary - In January 2023, the overall price of LCD TV panels is expected to stabilize and rise slightly, with most mainstream sizes projected to increase by $1, while prices for 75" and 85" panels are expected to remain stable at $218 and $285, respectively [9]. - The price for 98"/100" panels is anticipated to decrease further, but the decline is expected to narrow to $5, bringing the price down to $425 [9].

Group 1 - The core viewpoint of the article is that the entry of Apple's foldable iPhone is expected to drive a 45% year-on-year increase in domestic foldable phone sales in China in 2026 [4][5] Group 2 - Analysis of the penetration rate trend of foldable phones in the Chinese market from 2018 to 2025 [4] - Trend analysis of foldable phone sales and year-on-year growth rate in the Chinese market from Q1 2021 to Q3 2025 [4] - Ranking analysis of brand foldable phone sales in the Chinese market from Q1 to Q3 2025 [4] - Market share analysis of brand foldable phone sales in the Chinese market from Q1 to Q3 2025 [4] - Price range trend analysis of foldable phones in the Chinese market from Q1 2021 to Q3 2025 [4] - Analysis of cover glass types (CPI/UTG) for foldable phones in the Chinese market from Q1 2021 to Q3 2025 [4] - Trend analysis of AI proportion in foldable phones in the Chinese market from Q1 2021 to Q3 2025 [4] - Development trend analysis of foldable phone folding forms in the Chinese market from Q1 2021 to Q3 2025 [4] - Comparative analysis of the advantages and disadvantages of Samsung's first tri-fold phone and Huawei's tri-fold phone [4] - Latest progress analysis of Apple's foldable iPhone [4] - Conservative and optimistic sales forecasts for the Chinese foldable phone market after Apple's entry in 2026 [5]

Core Viewpoint - The wholesale sales of passenger cars in the Chinese market are expected to approach 30.1 million units in 2025, representing a year-on-year growth of 11% [2]. Group 1: Production and Sales Trends - From Q1 2025 to Q3 2025, the production of passenger cars in China is projected to show a year-on-year increase [2]. - The export volume of passenger cars from Q1 2025 to Q3 2025 is also expected to rise year-on-year [2]. - Retail sales of passenger cars in China during Q1 2025 to Q3 2025 are anticipated to grow compared to the same period last year [2]. - The wholesale sales volume of passenger cars in China for Q1 2025 to Q3 2025 is forecasted to increase year-on-year [2]. Group 2: New Energy Vehicle Trends - The sales trend for new energy vehicles (BEV/PHEV) in China from Q1 2025 to Q3 2025 is expected to show significant growth [2]. Group 3: Market Composition - The market share trends for various types of passenger cars in China from Q1 2025 to Q3 2025 will be analyzed [2]. - The market share trends for different brands in the passenger car sector from Q1 2025 to Q3 2025 will be assessed [2]. - The distribution of passenger cars by starting price ranges in China from Q1 2025 to Q3 2025 will be examined [2]. Group 4: Manufacturer Rankings - The top 10 manufacturers by delivery volume of passenger cars in China for Q1 2025 to Q3 2025 will be ranked [2]. - The top 10 manufacturers by delivery volume of new energy passenger cars in China for Q1 2025 to Q3 2025 will be ranked [2]. - The delivery volume trends of new force brands in the passenger car market from Q1 2025 to Q3 2025 will be analyzed [2]. Group 5: Future Sales Forecast - The sales forecast for passenger cars in China for the years 2025-2026 will be provided [3].

Core Viewpoint - The mobile display panel market is experiencing structural differentiation despite high overall operating rates as the year-end promotional season approaches its end [2][3]. Group 1: a-Si Panels - a-Si panels maintain stable demand in the low-end mobile and repair markets, with main production lines operating at full capacity [3]. - Prices for a-Si modules are expected to remain stable until the end of the year, but may face downward pressure in early 2026 due to increased supply from new production lines [3][4]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in non-mobile applications such as automotive, laptops, and tablets, maintaining high operating rates [2][3]. - Prices for LTPS panels are expected to remain stable in December, but new project prices may see a decline in 2026 due to competitive bidding [3][4]. Group 3: AMOLED Panels - Rigid AMOLED panels are facing demand shrinkage due to competition from flexible technology, leading to stable but low prices [3]. - Flexible AMOLED manufacturers are experiencing slight declines in operating rates, with aggressive pricing strategies being adopted to secure orders for the upcoming year [3]. - Prices for flexible AMOLED panels are projected to continue a downward trend into December and January 2026 [4].

Group 1 - The conference titled "Embracing the Transformation of Vision, Building the Future of Near-Eye Display" was held in Fuzhou High-tech Zone, focusing on the near-eye display industry and its future developments [2][4] - The event was organized by several institutions including Fuzhou University and various industry associations, gathering over 300 participants from academia and industry to discuss key themes such as high pixel density displays and optical modules [4][6] - Fuzhou University has established a comprehensive innovation system in the new display field, achieving significant breakthroughs in areas like Micro-LED and quantum dot displays, and aims to address industry challenges through collaboration [6][8] Group 2 - The Fujian Provincial Science and Technology Department emphasized that near-eye display technology is a critical area for systemic innovation and is essential for developing a modern industrial system in the province [8] - The Fuzhou High-tech Zone is well-positioned for the near-eye display industry due to its rich innovation resources and favorable policy environment, aiming to strengthen cooperation between academia and industry [10] - Industry representatives highlighted the importance of collaboration among government, universities, and enterprises to enhance policy, technology, and market integration, thereby improving overall competitiveness [21] Group 3 - Keynote speakers at the conference included academicians and industry leaders who discussed various topics such as XR development trends, low-power OLED materials, and the intersection of AI and Micro-OLED technologies [13] - A session focused on the structural changes in the near-eye display market, noting that while VR demand is under pressure, AR devices are experiencing growth due to their lightweight and practical advantages, particularly in the Chinese market [17] - The conference featured sub-forums on Micro-LED, optical technologies, and system integration, promoting technology alignment and industry collaboration [17]