Core Viewpoint - The tariff policy will act as a persistent structural variable, forcing the industry to transition towards a "multi-centered supply chain paradigm" [2][19]. Group 1: Tariff Policy Impact - The recent U.S.-China tariff agreement has temporarily alleviated short-term cost pressures, catalyzing growth in China's new energy component exports, particularly in technology-intensive products such as intelligent driving, lightweight materials, and high-pressure fast-charging modules [2]. - Major affected global automakers include Toyota, Hyundai, General Motors, Honda, and Nissan, while Chinese component manufacturers face relatively minor direct impacts [2][3]. Group 2: U.S. Automotive Market Trends - In 2024, U.S. automotive sales are projected to increase by 3% to 16.03 million units, with imports accounting for 50% of total sales, and Mexico being the largest source of imported vehicles at 18% [5][6]. - The number of vehicles imported from China is expected to surge by 55% to 116,000 units in 2024, although this still represents only 1.8% of China's total automotive exports [8]. Group 3: Import and Export Dynamics - The import value of vehicles from Mexico is projected to rise by 13% to $78.5 billion in 2024, while the import value from China remains significantly lower, ranking tenth [6]. - U.S. exports of vehicles to China are expected to decline by 22% to approximately 100,000 units, with Mercedes accounting for half of this volume [13]. Group 4: Component Trade - The U.S. maintains a steady import value of around $18 billion for components from China, while exports to China have been decreasing [15][17]. - In 2024, the leading markets for U.S. component exports are Mexico and Canada, with Mexico's market showing a 5% increase to $38.8 billion [16]. Group 5: Industry Response Strategies - The tariff impacts are driving the industry to adopt three typical response paths: price transmission, trade avoidance, and capacity restructuring, which may increase short-term supply chain volatility and market competition stratification [19]. - Companies are encouraged to establish a "tariff elasticity coefficient" monitoring system to dynamically assess policy impacts and incorporate geopolitical risks into strategic planning [19].

Core Viewpoint - The domestic display industry is continuously upgrading towards high-end fields, driven by policy support and technological iteration, leading to significant growth in the upstream equipment market [2] Group 1: Market Performance - In Q1 2025, BOE's revenue reached 50.6 billion yuan, a year-on-year increase of 10.3%, with net profit rising 64.1% to 1.61 billion yuan [3] - TCL Technology reported a revenue of 40.1 billion yuan, with net profit soaring 322% to 1.01 billion yuan in the same period [3] Group 2: Capacity and Production - By 2024, Chinese manufacturers' LCD capacity accounted for nearly 70% of the global total, making China the largest LCD producer [4] - Chinese manufacturers' OLED capacity reached nearly 30% of the global total in 2024, with ongoing expansions in OLED production lines [4] Group 3: Investment in Equipment - Equipment investment in panel production lines can account for up to 80% of total project costs, with BOE's G8.6 AMOLED project costing 63 billion yuan, of which over 50 billion yuan was for equipment [5][6] - The continuous investment in production lines and equipment is providing substantial market demand for the upstream equipment industry, establishing a solid foundation for long-term growth [6] Group 4: Domestic Equipment Development - Domestic display process equipment has gradually advanced from non-critical areas, achieving over 85% localization in the Module segment [8] - In the Cell segment, localization rates are below 50%, while the Array segment remains below 20% due to its complexity and high investment costs [11][12] Group 5: Competitive Landscape - Domestic companies like Zhongdao Optoelectronics have captured over 70% of the Array AOI market share in 2024, significantly reducing the market share of foreign competitors like Orbotech [17] - The shift towards domestic equipment has been accelerated by the emphasis on supply chain security amid geopolitical tensions [15][16] Group 6: Future Outlook - The display industry is expected to continue its growth trajectory, with a focus on semiconductor detection as a new area for domestic equipment manufacturers [19] - The global TFT-LCD and AMOLED panel market value is projected to reach $120 billion in 2024, with Chinese manufacturers accounting for approximately $57.5 billion, representing 48% of the global market share [19]

Core Viewpoint - The domestic consumer-grade AI/AR glasses market is experiencing significant growth, with sales reaching 96,000 units in Q1 2025, a year-on-year increase of 45%, indicating a shift from novelty to necessity in smart living hardware [2] Market Overview - The market for consumer-grade AI/AR glasses is characterized by a structural differentiation, with screen-based AR glasses accounting for 80% of the market share and non-screen AI glasses making up 20% [2] - The growth is driven by three main factors: the benchmark effect from overseas products, technological iterations leading to replacement demand, and government subsidies supporting market vitality [2] Key Drivers of Growth - Benchmark Effect: The success of Ray-Ban Stories smart glasses has activated domestic demand for AI glasses through its "hardware + ecosystem" model [2] - Technological Iteration: The Birdbath + Micro OLED solution holds 85% of the AR glasses market, but lack of innovation is pushing consumers towards lightweight AI glasses with real-time translation and voice interaction features [2] - Government Support: Subsidies are energizing the market, particularly for non-screen AI glasses priced under 1,000 yuan and screen-based AR glasses priced between 1,000 to 4,000 yuan [2] Competitive Landscape - Leading brand Ray-Ban Innovation holds a dominant 45% market share, showcasing strong vertical integration of hardware, algorithms, and ecosystem [4][6] - XREAL follows with an 18% market share, leveraging its self-developed X1 spatial computing chip for enhanced user experiences [8] - Starry Meizu ranks third with a 14% market share, utilizing its smartphone brand influence to penetrate the AR glasses market [9] Product Innovations - Ray-Ban Innovation's flagship products, including the V3 AI shooting glasses, have rapidly gained market share, achieving 80% in the AI glasses segment [7] - XREAL's XREAL One glasses provide immersive AR experiences, while Starry Meizu's products benefit from cross-device synergy with its Flyme AIOS operating system [8][9] Future Outlook - The AI/AR glasses market is on the brink of a breakthrough, transitioning from niche products to essential tools for productivity, reshaping human-computer interaction [15] - The next three years are expected to see a significant evolution in the market, with AI/AR glasses becoming a key component of smart living [15]

Core Viewpoint - The article discusses the differentiated trends in mobile display panel prices as of May, highlighting the performance of a-Si panels due to a recovery in the smart terminal market, while LTPS production lines maintain high utilization rates driven by growing demand in automotive displays. However, some flexible AMOLED production lines have seen a slight decrease in utilization due to U.S. tariff policies and price reduction requests from terminal manufacturers [2][3][4]. Summary by Sections a-Si Panels - Demand for a-Si panels continues to grow, supported by strong demand from tablet and laptop products, with main production lines operating at full capacity. In the South China market, manufacturers have slightly increased mobile product prices to capture capacity, but module prices offered to brands have not risen, indicating strict cost control by brand clients [3][4]. LTPS Panels - The sustained growth in automotive display demand has kept major manufacturers like BOE and Tianma's LTPS production lines fully loaded, with Tianma's LTPS lines expected to remain at full capacity until the end of the year [4]. AMOLED Panels - Due to adjustments in product strategies by domestic mobile brands, demand for rigid AMOLED has been shrinking, leading manufacturers to accelerate the shift towards flexible AMOLED. Some flexible AMOLED production lines have experienced a slight decrease in utilization, and terminal manufacturers are requesting price reductions due to U.S. tariff impacts. To maintain production line utilization and secure more orders, some flexible AMOLED products (like LTPO types) have seen slight price reductions, although the lowest-priced products have not further decreased in price to protect profit margins [4][5]. Price Forecast - CINNO Research predicts that in May and June 2025, a-Si panel module prices will remain stable, LTPS panel prices will also stay stable in the short term, and rigid AMOLED panel prices are expected to remain stable. However, prices for some flexible AMOLED products may decrease slightly, while overall prices are expected to remain relatively stable [4].

Core Viewpoint - The article discusses the impact of U.S. tariff policies and changing market dynamics on the panel industry, indicating a shift from aggressive inventory strategies to more conservative approaches due to declining demand and high inventory levels [2][4][5]. Group 1: Market Demand - In April, U.S. tariff policies entered a transitional phase, leading to a slowdown in inventory buildup among brands, with procurement strategies shifting from aggressive to cautious [4]. - Domestic market demand has started to decline, influenced by the diminishing effects of the "national subsidy" policy and high inventory levels from the first quarter [5][6]. - The global TV market demand showed signs of weakening in May, driven by reduced urgency for inventory buildup and high existing stock levels [6][7]. Group 2: Pricing Trends - Panel prices are expected to stabilize in the second quarter, with no significant changes in prices for mainstream panel sizes from April to May [8]. - The average operating rate of high-generation panel manufacturers is projected to drop to 80% in the second quarter, with further reductions expected in May [7]. - The price of LCD TV panels is anticipated to remain flat, with prices for sizes ranging from 32" to 85" holding steady at $35, $67, $97, $121, $173, $231, and $312 respectively [8]. Group 3: Supply-Side Adjustments - Panel manufacturers are implementing production control measures to stabilize prices, with expected reductions in output rates due to weakened demand [7]. - The average operating rate may further decline to 75% in May, with a projected year-on-year decrease in LCD TV panel shipments by 8% [7]. - The supply-demand relationship is expected to maintain a balanced state, contributing to a stable pricing environment in the near term [8].

Core Viewpoint - The Q1 2025 report indicates a release of demand for smartphone replacements due to national subsidy policies, resulting in a 4% year-on-year increase in domestic smartphone sales in China [3]. Group 1: Smartphone Sales Trends - The report covers the sales volume and year-on-year trends of smartphones in the Chinese market from Q1 2022 to Q1 2025 [3]. - It highlights the price segment trends of smartphones in the Chinese market during the same period [3]. - The sales volume and month-on-month trends of foldable smartphones in China from Q1 2022 to Q1 2025 are analyzed [3]. Group 2: Brand-Specific Sales Trends - The report details the sales volume and price segment trends for Huawei smartphones in the Chinese market from Q1 2023 to Q1 2025 [3]. - It also provides insights into the sales volume and price segment trends for Xiaomi smartphones during the same timeframe [3]. - The sales volume and price segment trends for Vivo smartphones in the Chinese market from Q1 2023 to Q1 2025 are included [3]. - The report discusses the sales volume and price segment trends for OPPO smartphones in the same period [3]. - It covers the sales volume and price segment trends for Apple smartphones in the Chinese market from Q1 2023 to Q1 2025 [3]. - The sales volume and price segment trends for Honor smartphones are also analyzed for the same timeframe [3]. Group 3: Panel Price Trends - The report presents the price trends for a-Si LCD smartphone panels from January 2023 to May 2025 [3]. - It includes the price trends for LTPS LCD smartphone panels during the same period [3]. - The price trends for rigid OLED smartphone panels from January 2023 to May 2025 are discussed [3]. - The report also covers the price trends for flexible OLED smartphone panels for the same timeframe [3].

Core Viewpoint - The domestic TV market in China experienced growth in both volume and price in Q1 2025, with Mini LED TV penetration reaching 25.0% [1]. Group 1: Global LCD TV Panel Shipment Trends - The report outlines the trend of global LCD TV panel shipments from Q1 2022 to Q2 2025 (E) [2]. Group 2: LCD TV Panel Price Monthly Changes - It details the monthly price changes of LCD TV panels from April 2024 to April 2025 (E) [2]. Group 3: Domestic OLED TV Sales - The sales situation of domestic OLED TVs from Q1 2023 to Q1 2025 is analyzed [2]. Group 4: Quarterly Sales Volume Trends - The report provides insights into the quarterly sales volume trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 5: Quarterly Sales Revenue Trends - It discusses the quarterly sales revenue trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 6: Monthly Average Price Trends - The report covers the monthly average price trends of the domestic TV market from January 2024 to March 2025 [2]. Group 7: Brand Sales Volume Ranking - The sales volume ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are presented [2]. Group 8: Brand Sales Revenue Ranking - The sales revenue ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are included [2]. Group 9: Sales Volume Share by Size - The report analyzes the sales volume share trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 10: Average Price Trends by Size - It discusses the average price trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 11: Mini LED TV Sales Situation - The sales situation of Mini LED TVs in the domestic market is detailed [2].

2025年第一季度，尽管面临春节假期影响和传统淡季的双重挑战，但在"国补"政策和各大品牌 促销活动的共同推动下，智能手机终端市场仍呈现上扬态势，AMOLED智能手机面板需求持续 旺盛。根据CINNO Research统计数据显示，2025年第一季度全球市场AMOLED智能手机面 板出货量约2.1亿片，同比增长7.5%，但受季节性因素影响，环比出现14.2%的正常性下滑。 CINNO Re s e a rch 简评 01 分地区来看，2025年第一季度全球AMOLED智能手机面板市场韩国地区占据了49.2%的份额； 而国内厂商出货量份额50.8%，超越五成，虽同比下降2.6个百分点，但环比上升2.6个百分点， 继2024年第一季度首次突破50%后再次突破五成大关，显示出国内厂商持续向上的发展韧性； " 根据CINNO Re s e a r c h统计数据显示，2025年第一季度全球市场AMOLE D智能手机面板出货 量约2.1亿片，同比增长7.5%。" 02 数 据 来 源 ： C I N N O Q u a rt e rly M o b i l e P h o n e P a n e l V a l u e ...

期数： 2025年4月刊 1. Q1'23-Q1'25 中国消费级AR/VR市场销量趋势 2. Q1'23-Q1'25 中国消费级AR/VR市场形态趋势 3. Q1'23-Q1'25 中国消费级AR/VR市场价格段趋势 4. Q1'23-Q1'25 中国消费级AR/VR市场品牌趋势 5. Q1'23-Q1'25 中国消费级AR/VR市场屏幕显示趋势 6. Q1'23-Q1'25 中国消费级AR/VR市场光学技术趋势 7. Q1'25 中国消费级AR市场Top排名 8. Q1'25 中国消费级VR市场Top排名 9. 2025年4月XR上游产业及新品资讯信息 10.2025年4月投融资情况 温馨提示： * 请 会 员 单 位 通 过 会 员 登 陆 平 台 下 载 或 邮 件 接 收 此 份 报 告 。 * 如 需 了 解 更 多 相 关 信 息 ， 请 订 阅 C I N N O Re s e a r c h 《 消 费 级 AR/ VR 产 品 市 场 发 展 趋 势 分 析 报 告 》 。 联系我们 马女士 Ms . Ceres TEL：（+86）137-7604-9049 Emai l：CeresMa@ ...

以下文章来源于IC Research ，作者CINNO IC Research . IC Research是CINNO旗下专注半导体产业研究子品牌。基于多年深度观察与数据积累，提供专业的产业咨询与定制报告，为企业未来发展规划、战略布 局、投资并购、IPO咨询等提供全方位服务，陪伴企业成长的全周期。 截 至 4 / 2 7 号 中 美 关 税 最 新 进 展 情 况 ， 来 源 ： 公 开 资 料 整 理 | 豁免产品 | 豁免产品综合税率 | | --- | --- | | 晶片/SMT原件/Semiconductor device | 70% | | 路由器/交换机 | 45% | | 伺服器 | 45% | | 平板电脑主板 | 45% | | 微型电脑主板/笔记本电脑主板/微型电脑一体机主板 | 45% | | 微型电脑主机 | 45% | | 其他网通产品 | 27.5% | | 智能手表 | 27.5% | | 微型电脑一体机 | 27.5% | | 键盘 | 20% | | 平板电脑/笔记本电脑 | 20% | | 智能手机 | 20% | 部 分 对 华 豁 免 产 品 及综 合 税 率 清单 ...