Core Insights - The report by TrendForce highlights the competitive landscape of AR glasses display technologies, particularly focusing on the growth opportunities for LEDoS (Micro LED on silicon) and LCoS technologies, with projected penetration rates of 37% and 7% by 2025, respectively, and further growth to 65% and 11% by 2030 [2][3]. Group 1: AR Glasses Market Dynamics - Major brands like Meta, Apple, Amazon, and RayNeo are intensifying their investments in AR glasses, leading to increased competition in display technology [2]. - Chinese brands dominate the AR glasses shipment market, initially focusing on viewing applications where brightness specifications are less critical, making the mature and cost-effective OLEDoS solution the mainstream display technology [2]. - As the industry evolves, the demand for brightness and light transmittance in AR glasses is rising, prompting brands to shift resources away from viewing products, with OLEDoS technology expected to reach a 53% penetration rate by 2025 before declining [2]. Group 2: Technology Penetration and Development - The short-term market for AI-assisted information display glasses is heating up, with various players, including Chinese cloud service providers and traditional consumer electronics brands, entering the AR terminal market and investing in LEDoS technology [3]. - The penetration rate of LEDoS technology is anticipated to rise to 37% by 2025, driven by rapid product development and supply chain collaboration [3]. - International brands are focusing on full-color LEDoS development, which may result in longer development timelines, but once products from Apple, Meta, and Google are mass-produced, they are expected to boost LEDoS penetration to 65% by 2030 [4]. Group 3: LCoS Technology Outlook - LCoS technology is favored by Meta due to its mature technology and cost-effectiveness, with expected penetration reaching 7% by 2025, although it faces challenges in high brightness and contrast performance [4]. - Chinese brands are less competitive in establishing LCoS technology barriers and have heavily invested in LEDoS, leading to a slowdown in LCoS growth, projected to reach 11% by 2030 [4].

Core Viewpoint - The article highlights the groundbreaking ceremony for the third phase of BOE's manufacturing base in Heyuan, Guangdong, which aims to enhance the company's capacity in the automotive display sector and support its global operations [1][4]. Group 1: Project Overview - The third phase project will establish an intelligent production line for automotive displays, a research and development center, and core laboratories, creating a manufacturing platform that integrates R&D and mass production [4]. - The project is expected to complete the first phase of equipment installation by November 2026 and achieve large-scale production by December 2026, with an anticipated annual production capacity exceeding 10 million units [4]. Group 2: Financial Performance - In the first half of this year, BOE's automotive display business generated revenue of HKD 6.245 billion, reflecting a year-on-year increase of approximately 9% [4]. - For 2024, BOE's overall revenue is projected to be around HKD 13.449 billion, with the automotive business accounting for 94% of this revenue, representing a year-on-year growth of 25% [4]. Group 3: Manufacturing Base Expansion - BOE has established three major manufacturing bases in Heyuan, Chengdu, and Vietnam to support its global automotive display business [4]. - The ongoing project in Vietnam is significant as it is BOE's first overseas self-built smart factory, with an investment exceeding RMB 300 million, focusing on high-end automotive display products [6]. Group 4: Project Milestones - In September, the Vietnam automotive display base successfully lit its first full-process product, with a designed capacity of 50,000 modules per month [6]. - The Vietnam base has secured major projects from leading Korean automotive companies and is expected to achieve large-scale production by the end of the year [6].

图片来源：桐力光电 11月21日，苏州桐力光电股份有限公司（下文简称"桐力光电"）发文称，历经近两年的联合研 发，在一年一度的全球显示盛会"上海色之美"现场，公司与维信诺共同发布了车规级柔性OCA技 术。该技术结合维信诺最新的柔性OLED屏幕，首次实现了极致无边框双联屏柔性折叠的创新应 用。 资料显示，苏州桐力光电股份有限公司成立于2012年，注册资本8178.4359万元，专注于光电领 域的纳米新材料研发及应用。公司提供涵盖光电显示产业一体化触控显示解决方案，包括自主研 发的全贴合纳米有机硅胶粘剂、全贴合加工工艺、全自动生产设备等。（来源：桐力光电、集邦D isplay整理） 【集邦Display显示产业交流群】 ! . 00 i ▶ 关于集邦 桐力光电表示，当前，手机行业的折叠OCA尚在攻克-15℃的低温折叠难题，而车规级OCA则面 临-35℃的严苛低温环境与更长使用寿命的双重挑战。过去几年，受限于OCA材料性能，众多主 机厂在推进柔性OLED的创新应用时屡屡受阻。 面对上述问题，桐力光电与维信诺通过战略合作，从核心树脂的全面国产化入手，实现了超低温 光学胶粘剂的突破。新材料在满足主机厂对低温耐受性与耐久 ...

11月20日，由德力西集团投资、晶智铱锘运营的光学膜材项目在江门市正式开工。 图片来源： 德力西集团 据介绍，本次在江门落地的光学膜材产线，将率先投产新一代高透光防窥膜、高清投影幕布、高 性能增亮膜等产品。这些产品不仅在透过率、视角控制、光损耗等关键指标上达到业内领先水 平，更在材料配方、表面微结构设计、涂布与复合工艺上实现全流程自主可控。 项目一期工程预计于2026年一季度建成投产，达产后可生产30万平方米膜材/年。在完成初期产 能布局后，该项目还将进一步向车载光控（前装）产品延展。 德力西集团表示，此前旗下另一家上市公司已切入锂电池裁切精密模具、切刀等业务，选择车载 光学膜材作为新的产业落脚点，将为集团新能源相关业务开辟新的细分赛道。未来，德力西将根 据产业发展和市场需要，积极推进江门项目二期建设。 11月24日，合肥新站高端光学膜生产基地项目完成竣工验收工作。 该 项目位占地面积约70亩， 总建筑面积约7.6万平方米，主要建设内容为7栋多层厂房及1栋综合配套楼。 项目以战略性新兴 产业"高端光学膜"生产制造为主导，积极延伸光学膜上下游产业，实现膜材料企业加快集聚，增 强产业链供应链韧性。（集邦Displ ...

Core Viewpoint - The restructuring process of Shanshan Group has made new progress, with Fangda Carbon announcing its intention to participate in the substantive merger restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [1][4] Group 1: Shanshan Group Restructuring - Fangda Carbon's participation in the restructuring does not constitute a related transaction or major asset restructuring, and there remains uncertainty about whether it will become a formal restructuring investor [1][4] - Shanshan Co., Ltd. focuses on lithium battery anode materials and polarizers, achieving an operating revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 284 million yuan, a year-on-year increase of 1121.72% in the first three quarters of 2025 [4] - The core assets of the restructuring include a 23.32% stake in Shanshan Co., Ltd., most of which is pledged or judicially frozen, along with shares in Huishang Bank, Shanshan Medical Investment, real estate, and approximately 9.598 billion yuan in receivables [4] Group 2: Previous Investment Attempts - In September, TCL Technology planned to participate in the merger bankruptcy restructuring through a consortium but the restructuring plan proposed by the consortium was not approved by the creditors' meeting, leading to the termination of the investment agreement [4] - On November 7, the restructuring manager announced the termination of the original investment agreement and continued to publicly recruit interested investors [4] Group 3: Fangda Carbon's Strategy - Fangda Carbon, part of the "Fangda system," aims to participate in the restructuring as an industrial synergy partner to accelerate its anode industry layout, achieve integration of the industrial chain, stabilize the supply chain, and enhance its profitability and core competitiveness [5]

Core Insights - Samsung Display plans to start mass production of 8.4-inch OLED panels for iPad mini around July next year, marking the first use of OLED technology in this product line [1] - The OLED panel will utilize a single-layer light-emitting structure and low-temperature polycrystalline silicon (LTPS) TFT technology, which is a cost-effective solution compared to the iPad Pro's OLED panels [1][3] - The expected annual production capacity for these panels is approximately 3 million units, with the iPad mini featuring OLED screens likely to launch in Q3 or Q4 of next year [1] Group 1 - The transition to OLED technology in iPad mini is seen as a significant step for Apple towards adopting OLED screens across its tablet product line [3] - The iPad mini is positioned as an entry-level product with a smaller screen and lower price point compared to the high-end iPad Pro, which may enhance its market appeal [3][4] - Apple is also planning to launch its first OLED-screen MacBook Pro next year, with a release date expected to be close to that of the iPad mini [4] Group 2 - The iPad Air is expected to adopt OLED displays starting in 2028, indicating a broader trend towards OLED technology in Apple's product lineup [4] - Despite the high demand for OLED in the iPad Pro, its higher price point has led to lower-than-expected actual demand, suggesting that the iPad mini's price adjustment may facilitate a quicker transition to OLED technology [4]

Core Viewpoint - Huawei officially launched the Mate 80 series smartphones, which include Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS, on November 25 [1]. Display Features - The Huawei Mate 80/Pro features a 6.75-inch OLED display with a resolution of 2832x1280 [2]. - The Mate 80 Pro Max introduces the Linglong screen, boasting a peak brightness of 8000 nits, making it the "brightest smartphone screen in the industry." The screen's peak brightness has increased by 80%, and its lifespan has improved by 40% [4]. Performance Enhancements - The Mate 80 series is equipped with the Ark graphics engine, resulting in a 45% improvement in operational smoothness and a 34% increase in loading speed compared to the Mate 70 series. It also supports 3DGS rendering acceleration, which is 33% faster than the previous series [6]. - The series features the second-generation Hongfeng imaging technology, with the Mate 80 Pro Max's camera allowing for a 96% increase in light intake and a 300% enhancement in high dynamic range [6]. Communication Capabilities - The Mate 80 series supports satellite communication, including Tiantong and Beidou messaging, and is the first to offer 700MHz emergency communication without a network, capable of connecting up to 13 kilometers away [6]. Additional Features - All models in the Mate 80 series are rated IP68 for dust and water resistance and support 50W wireless fast charging. They also run on the HarmonyOS 6 operating system [6]. Pricing Information - Pricing for the new models is as follows: - HUAWEI Mate 80: 12GB+256GB for 4699 yuan; 12GB+512GB for 5199 yuan; 16GB+512GB for 5499 yuan - HUAWEI Mate 80 Pro: 12GB+256GB for 5999 yuan; 12GB+512GB for 6499 yuan; 16GB+512GB for 6999 yuan; 16GB+1TB for 7999 yuan - HUAWEI Mate 80 Pro Max: 16GB+512GB for 7999 yuan; 16GB+1TB for 8999 yuan - HUAWEI Mate 80 RS: 20GB+512GB for 11999 yuan; 20GB+1TB for 12999 yuan [7].

Core Viewpoint - The partnership between Hanbo High-Tech and LG Display marks a significant milestone in the company's internationalization strategy, enhancing its presence in the high-end display module market and improving its global supply chain system [5][6]. Group 1: Company Overview - Hanbo High-Tech is a comprehensive solution provider for semiconductor display panel backlight modules and key components, with products including backlight display modules, light guide plates, precision structural parts, and optical materials [4]. - The company's products are widely applicable in various end-user fields such as laptops, tablets, desktop displays, automotive displays, medical monitors, industrial control displays, and VR [4]. Group 2: Production Capacity - Hanbo High-Tech's subsidiary in Vietnam, Hanwei Technology (Vietnam) Co., Ltd., officially opened in September 2023, with plans for phased construction, aiming for full automation certification and mass production of backlight sources and LCM products by 2025 [4]. - The company also initiated the construction of a precision structural parts base in Ho Chi Minh City in July 2023, expected to be operational by the end of 2025, focusing on precision stamping, injection molding, and in-mold injection production [4]. Group 3: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.424 billion yuan, a year-on-year increase of 44.06%, with a net profit attributable to shareholders of -8.7869 million yuan [4]. - In the third quarter, the operating revenue reached 870 million yuan, up 33.34% year-on-year, with a net profit attributable to shareholders of 17.6625 million yuan, reflecting a significant year-on-year growth of 153.33% [4].

Core Viewpoint - TCL Huaxing Optoelectronics Technology Co., Ltd. has signed an agreement to build a pilot verification platform for printed OLEDs in Donghu High-tech Zone, with an investment of approximately 1.5 billion yuan, aimed at enhancing China's innovation capability and global competitiveness in the new display sector [1]. Group 1 - The printed OLED pilot verification platform project will increase monthly production capacity from 3,000 to 9,000 large panels, focusing on upstream materials and equipment verification to accelerate the industrialization of printed OLEDs [1]. - Since its establishment in Wuhan in 2014, TCL Huaxing has invested over 80 billion yuan and created more than 17,000 jobs, developing a comprehensive industrial base that integrates R&D, manufacturing, and sales [2]. - In the first three quarters of 2025, TCL Huaxing achieved a revenue of 78.01 billion yuan, a year-on-year increase of 17.5%, and a net profit of 6.1 billion yuan, up 53.5% year-on-year [2].

Core Viewpoint - The article highlights significant investments and developments by Huike in the Mini-LED and optical film sectors, indicating a strong commitment to expanding production capabilities and enhancing the supply chain in the display materials industry [1][2][3][4]. Group 1: Mini-LED Projects - Huike's Mini-LED backlight and direct display module project in Liuyang, Hunan, has a total investment of 9 billion yuan and is expected to complete its main structure by January next year [2]. - In addition to the Liuyang project, Huike is advancing Mini-LED projects in Mianyang and Nanchong, Sichuan, with a 5 billion yuan investment in Mianyang for 12 backlight module production lines and 8 direct display module production lines, projected to generate an annual output value of 7 billion yuan [3]. - A 10 billion yuan full-color M-LED chip base project in Nanchong is also underway, with an initial capacity of 150,000 pieces per month, aimed at bolstering the local display chip industry [3]. Group 2: Optical Film Production - The high-end optical film production base project in Hefei has completed acceptance checks, marking a significant milestone in the establishment of advanced manufacturing capabilities in this sector [4]. - The Hefei project covers an area of approximately 70 acres and includes the construction of multiple factory buildings, focusing on the production of high-end optical films to enhance the resilience of the supply chain [6]. - A related investment of 4 billion yuan is planned for an OLED new materials project, which will include four production lines for core materials used in optoelectronic displays [6].