证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 26 年 月 日 朝闻国盛 固定收益：理财增配了什么？ 今日概览 ◼ 重磅研报 【宏观】高频半月观—开年以来二手房销售改善、新房仍弱—— 20260125 【策略研究】四季度基金调仓五大看点——2025Q4 基金仓位解析—— 20260123 【金融工程】市场或已开启新一轮上涨——20260125 【金融工程】择时雷达六面图：本周各项指标无变化——20260124 【固定收益】银行配债需求为何增加——20260125 【固定收益】理财增配了什么？——20260125 【固定收益】存单持续净偿还，1 年利率降至 1.6%——流动性和机构行 为跟踪——20260124 【固定收益】国内债市无需担忧外部利率上行——20260123 【电子】EDA 工具：贯穿芯片落地全流程，国产企业蓄势待发—— 20260123 【商贸零售】内需以新谋变，出海绽放全球——20260123 ◼ 研究视点 【有色金属】银价率先突破，看好金属牛市延续——20260125 【房地产】2026W3：2025 全年房价盘点，新房房价-3.0%，二手房价- 6.1%——2026 ...

机构：国盛证券 研究员：夏君/刘玲 在CES 2026 上，京东方精电推出HERO 2.0 智能座舱。HERO 2.0 深度融合AI 技术，围绕视听体验、交 互方式、场景应用三大维度实现全方位焕新升级，更以突破性的"域控座舱"理念，实现"车家互联""车 商互联"。 风险提示：车载显示大屏化及多屏化需求不及预期，车载显示赛道竞争超预期，面板市场价格不及预期 或成本超预期，海外订单放量不及预期，地缘政治风险。 1）视觉体验方面，MicroLED PHUD 拥有50,000nits 超高亮度、115%NTSC超广色域、0.2mm 超精细像 素尺寸配合超广视角。15.6 英寸车规级MLED背光UB Cell 中控显示屏搭载局部调光技术，实现百万级 超高对比度。2）听觉体验方面，全球首发的AI 智能车载数字功放产品，搭载全场景降噪技术与AI 音 质修复技术。3）交互方式方面，依托AI 技术的深度赋能，座舱内多款产品全面融合触控、语音、手势 等多模态交互方式，用户可以通过舱内中控系统控制车内调光天窗，调节空调温度，还可以进行外卖点 餐、远程查看家中情况等，突破性实现"车家互联""车商互联"。4）场景应用方面，座舱内搭载高 ...

证券研究报告 | 公司点评 gszqdatemark 2026 01 25 年 月 日 京东方精电（00710.HK） 持续迭代新品，拓展国际布局 在 CES 2026 上，京东方精电推出 HERO 2.0 智能座舱。HERO 2.0 深度 融合 AI 技术，围绕视听体验、交互方式、场景应用三大维度实现全方位 焕新升级，更以突破性的"域控座舱"理念，实现"车家互联""车商互联"。 1）视觉体验方面，MicroLED PHUD 拥有 50,000nits 超高亮度、115%NTSC 超广色域、0.2mm 超精细像素尺寸配合超广视角。15.6 英寸车规级 MLED 背光 UB Cell 中控显示屏搭载局部调光技术，实现百万级超高对比度。2） 听觉体验方面，全球首发的 AI 智能车载数字功放产品，搭载全场景降噪 技术与 AI 音质修复技术。3）交互方式方面，依托 AI 技术的深度赋能， 座舱内多款产品全面融合触控、语音、手势等多模态交互方式，用户可以 通过舱内中控系统控制车内调光天窗，调节空调温度，还可以进行外卖点 餐、远程查看家中情况等，突破性实现"车家互联""车商互联"。4）场景 应用方面，座舱内搭载高画质智能 ...

证券研究报告 | 公司点评 gszqdatemark 2026 01 25 年 月 日 除了产品创新，公司近期也在积极扩张产能。2025 年 11 月 23 日，京东 方精电河源制造基地三期建设项目正式奠基。该项目集车载显示智能产 线、研发中心、核心实验室等功能于一体，预计将于 2026 年 11 月完成首 期设备搬入，2026 年 12 月实现规模化量产，投入运营后预计将新增年产 能超 1000 万片。目前，公司已构建起以河源、成都、越南三大基地为支 点的全球产能支撑与供应服务体系，持续巩固公司全球车载显示出货量第 一的市场领导地位。 回购股份用于人才激励。根据公司 2026 年 1 月 12 日公告，受托人根据 股份奖励计划从市场购买合共 50 万股股份以备未来股份奖励计划所需， 占目前已发行股份总数的 0.063%，回购均价 4.9 港元。 投资建议：考虑到汽车行业激烈竞争下，供应商定价和利润空间被挤压， 我们适当调整了盈利预测。我们预计京东方精电 2025-2027 年总收入约 140/155/175 亿港元，同比+4%/+10%/+13%，归母净利润 3.7/4.7/5.5 亿港元，同比-5%/+2 ...

中国发展网讯 记者王进报道为全面贯彻落实党的二十届四中全会和中央经济工作会议精神，坚持把项 目投资作为拼经济搞建设、推动高质量发展的重要抓手。近日，四川省政府印发《关于做好2026年四川 省重点项目工作的通知》，明确提出从全面提速项目建设、做大做优储备支撑、全力做好服务保障、持 续强化协同联动等四方面着力，切实发挥好抓项目促投资的关键支撑作用，奋力实现"十五五"良好开 局。 具体来看，名单支持纳入新质生产力的重点项目超240个，2026年预计完成投资超过2000亿元，并在新 型基础设施类别中单列23个科技创新基础设施项目。比如，中国聚变能源产业创新基地、氢能航空动力 试验装置地方配套项目、成都郫都区西南交大先进制造科创园项目、西部空天产业园项目（一期）、德 阳市什邡市商业航天与高端飞行器产业园项目等。其中，总投资35亿元的青羊区航空装备制造基地建设 项目，是2026年四川省单体投资最大的低空经济领域产业项目，项目建成后将强力助推其打造世界级航 空先进制造业集群；总投资93.5亿元的龙泉驿区汽车智能制造项目，投产后每年将新增生产220万套车 用雷达，新增汽车年生产能力15万辆。 记者注意到，"十四五"时期，四川 ...

Core Insights - Chengdu is accelerating the construction of major industrial projects, including BOE's 8.6-generation AMOLED production line with a total investment of 63 billion yuan and BYD's semiconductor project with an investment of 22.1 billion yuan, both expected to be completed within the year [2][3] - The Sichuan provincial government has announced a list of key projects for 2026, with Chengdu contributing 168 projects totaling nearly 1.3 trillion yuan, representing 20.2% and 24.4% of the province's total [2][3] - The projects are categorized into four main types: industrial projects, infrastructure projects, social welfare projects, and ecological construction projects, all closely aligned with national strategies [2][3] Industrial Projects - Industrial projects account for the largest share of the key projects in Chengdu, with 48.2% in number and 37.1% in investment amount, reflecting the city's ambition to strengthen its real economy [3] - Notable projects include a 3.5 billion yuan intelligent manufacturing base for aerospace equipment and a 9.35 billion yuan intelligent manufacturing project for automobiles, which will significantly enhance Chengdu's capabilities in these sectors [3] - The BOE AMOLED production line is expected to capture over 20% of the global market and 50% of the national market for flexible displays, directly benefiting over 200 upstream and downstream enterprises [3] Infrastructure Projects - Chengdu is focusing on traditional infrastructure investments, including transportation, water conservancy, and energy, while also incorporating new infrastructure projects like the Chengdu Supercomputing Center [3] - The Chengdu-Chongqing high-speed rail integrated transportation hub project, with an investment of 23.6 billion yuan, is a key node that will transform the eastern new district of Chengdu into a transportation hub [2][3] Social Welfare Projects - Major social welfare projects include a 112.8 billion yuan housing project aimed at alleviating housing difficulties and a 8.4 billion yuan project for the development of high-quality hospitals, which will enhance medical resource distribution [3] - The city is also investing in elderly care facilities, with a project worth 2.47 billion yuan expected to provide 280,000 square meters of elderly care services [3] Ecological Projects - Environmental projects include a 4.32 billion yuan waste-to-energy plant and a 6.62 billion yuan sewage treatment capacity enhancement project, which will significantly improve the city's waste management and water quality [3] - These projects are part of Chengdu's commitment to enhancing public welfare while adhering to strict standards to prevent superficial projects and ensure compliance with national regulations [3]

Core Insights - The article highlights the significant advancements made by BOE Technology Group at CES 2026, showcasing their innovative products and technologies in the automotive display sector, particularly focusing on smart cockpit solutions and AI integration [1][20]. Group 1: Product Innovations - BOE launched the HERO2.0 smart cockpit, featuring a comprehensive array of new products that integrate display technologies, AI, and innovative applications across various scenarios [1]. - The company introduced a full range of high-end automotive display products under three major technology brands: ADS Pro, f-OLED, and α-MLED, achieving breakthroughs in image quality, form factor innovation, and scene adaptability [2][20]. - The 15.6-inch automotive-grade UB Cell display utilizes Mini LED backlighting for precise light control, offering a million-level contrast ratio and deep blacks, comparable to OLED quality [5]. - The world's first 17-inch OLED rollable terminal was unveiled, capable of expanding from a 9.5-inch to a 17-inch display, enhancing portability and large-screen experience for mobile applications [7]. - A 30,000-nit MicroLED head-up display was introduced, providing clear visibility in outdoor conditions, while dual 12.3-inch MiniLED products deliver exceptional color performance [5]. Group 2: AI Integration and Interaction - AI technology was deeply integrated into product innovation, significantly increasing the proportion of soft and hard integration systems, enhancing the interactive experience of smart cockpits [9]. - The MicroLED PHUD panoramic head-up display features 50,000 nits brightness and supports multi-modal interactions, including touch, voice, and gesture controls [9]. - The AI-powered in-car digital amplifier utilizes AI noise reduction and sound quality restoration technologies, delivering high-quality audio experiences even in adverse conditions [11]. Group 3: Smart Interaction and Functionality - The introduction of a 3D ultrasonic fingerprint recognition car key allows for precise identification in challenging environments, enhancing user interaction and personalization [13]. - A dual-axis intelligent control screen enables dynamic adjustment of display angles based on driver posture, improving the overall driving experience [15]. - The innovative dual 24-inch "sky screen" integrates high color gamut and contrast technologies, enhancing the aesthetic appeal of the automotive cockpit [17]. Group 4: Ecosystem and Future Directions - BOE aims to integrate core technological capabilities with ecological resources, focusing on innovative scene-based solutions that extend from core cockpit scenarios to broader applications [18]. - The company is expanding into smart pet care, smart cycling, smart home, and smart retail sectors, showcasing a commitment to technological innovation across various industries [18][20]. - Future strategies will continue to emphasize technological innovation to enhance intelligent experiences in application scenarios, fostering collaboration with global partners [20].

Core Insights - BOE Technology Group showcased over 22 green products at CES 2026, marking a historical high for the company [2][3] - The company emphasizes its commitment to sustainable innovation and ecological collaboration, presenting 11 collaborative products with various partners [7][12] Group 1: Green Product Innovations - The company introduced HERO2.0 smart cockpit and over 20 green technology products, highlighting its global influence in sustainable innovation [1] - In the smart mobility sector, BOE's OLED technology enhances visual clarity and driving safety while optimizing energy efficiency, with a 50% reduction in power consumption and carbon emissions for its 14.6-inch IGZO display [4] - The photovoltaic dimming curtain wall utilizes advanced perovskite photovoltaic technology, showcasing unique advantages in low-light power generation [5] Group 2: Commitment to Sustainability - BOE aims to achieve carbon neutrality in its operations by 2050, supported by a governance structure that promotes carbon accounting and energy-saving initiatives [6] - The company has established dual certification systems for energy management (ISO 50001) and environmental management (ISO 14001), extending its green development philosophy to its supply chain [6] - BOE's manufacturing bases in Chengdu and Heyuan have been recognized as provincial green factories, with Chengdu recently named a "near-zero carbon emission industrial enterprise" [6] Group 3: Ecological Collaboration - BOE partnered with various ecological partners to present 11 collaborative products across multiple fields, including smart cockpits and smart homes, demonstrating its global ecological influence [7][12] - The company has expanded its business network to cover 16 countries and regions, collaborating with nearly 600 ecological partners [9] - During CES, BOE engaged in deep discussions with over 40 partners, including top luxury automotive brands, enhancing its brand influence and technical strength in the global market [9][10]

Core Viewpoint - BOE has achieved a significant breakthrough in the research and development of medium-sized OLED technology with the successful lighting of its first product from the newly built 8.6-generation AMOLED production line in Chengdu, laying a solid foundation for future mass production and delivery [1] Investment and Production Capacity - The total investment for the new production line is 63 billion yuan, with a designed capacity of 32,000 glass substrates per month, focusing on high-end touch OLED displays for smart terminals such as laptops and tablets [1] - With the new production line, BOE will operate four AMOLED production lines, continuously enhancing its OLED production capacity [1] Technology and Efficiency - The production line utilizes FMM product technology compatible with flexible OLED and Hybrid OLED, offering significant advantages in yield, production efficiency, product quality, and luminous efficiency compared to other technological routes [1] - The adoption of low-temperature polycrystalline silicon oxide (LTPO) backplane technology and Tandem stacked light-emitting device preparation processes enables the OLED screens to achieve lower power consumption and longer lifespan, driving the iterative upgrade of downstream laptop and tablet products [1] Historical Context and Future Outlook - BOE has already established three 6th-generation flexible AMOLED production lines in Chengdu, Chongqing, and Mianyang, with a cumulative OLED display shipment exceeding 500 million units [1] - The successful lighting of this new production line and its planned mass production next year will further solidify BOE's position in the OLED market [1]

Core Viewpoint - BOE Technology Group (京东方精电) announced the purchase of a total of 500,000 shares from the market to fulfill the requirements of its current and future share incentive plans, as per the terms of the trust agreement [1] Group 1 - The share purchase is scheduled for January 12, 2026 [1] - The shares will be used for the company's share incentive plans [1]