东方证券发布研报称，电子行业面板厂商控产策略持续，叠加世界杯等赛事备货需求，大尺寸面板涨价 有望延续。同时，行业大规模资本开支周期已近尾声，头部厂商未来支出将显著下降，聚焦利润提升。 手机OLED面板虽短期承压，但渗透率提升与降价空间收窄有望缓冲影响，行业格局趋于稳定。 东方证券主要观点如下： 事件 投资建议与投资标的 供需关系向好，大尺寸面板涨价有望持续。相关标的：面板制造厂商TCL科技、京东方A、深天马A、 彩虹股份（600707）、维信诺（002387）、和辉光电等；面板材料厂商路维光电、清溢光电、莱特光 电、沃格光电（603773）、三利谱（002876）、深纺织A等；显示驱动芯片厂商天德钰等；面板模组厂 商京东方精电等。 风险提示：下游需求不及预期，降本进程不及预期，国产化进展不及预期。 部分投资者担忧行业供需关系难以好转。该行认为，电视面板整体需求仍然保持稳定，面板厂商持续推 动控产下大尺寸面板涨价有望持续。从供给侧来看，中大尺寸LCD的供应高度集中，对于涨价策略有望 趋于一致；春节期间大陆面板厂放假控产也有望进一步降低供给产出。从需求侧来看，2026年FIFA世 界杯等运动赛事有望带动备货需求。 ...

智通财经APP获悉，群智咨询发文称，2025年平板面板出货近3.0亿片，同比增13.9%，平板电脑、类平板双重场景驱动。进入2026年，存储成本上行正在 加速平板市场的结构性调整进程。存储价格上涨已从阶段性成本扰动，逐步演变为影响产业节奏与竞争格局的重要结构性变量。 Oxide加速替代LTPS主导中端主流，OLED聚焦头部品牌高端及小屏旗舰战略 a-Si LCD仍牢牢主导低端平板电脑、白牌产品及类平板市场； LTPS LCD：群智咨询数据显示，2025年全球LTPS LCD平板面板出货约2410万片，同比增加约31.6%。高速增长主要源于国家补贴政策对终端消费者的直 接激励——用户在获得购机优惠后，更倾向于选择价格略高但体验更优的中高端机型，从而显著拓宽了 LTPS 技术的应用空间。其中2000～3500 元价位段 是 LTPS 面板的核心战场，也是国补政策的主要受益区间； Oxide LCD(不含苹果)主要应用于 1500～2500 元价位段的机型，主力规格集中在 2.5K～3K 分辨率，与 LTPS 在分辨率区间上存在重叠。2025年，全球 Oxide LCD平板面板出货约1970万片，同比增加约30.6 ...

Core Viewpoint - Sunic System has experienced explosive growth in performance due to a significant contract with China's BOE for the supply of 8.6-generation OLED evaporation equipment, marking a historic achievement for the company [1][3]. Financial Performance - In 2025, Sunic System achieved record revenue of 515.7 billion KRW (approximately 27.14 billion RMB), a year-on-year increase of 356.7%, and an operating profit of 111.5 billion KRW (approximately 5.87 billion RMB), up 1312.5% [2]. - The fourth quarter of 2025 saw a remarkable revenue of 221.0 billion KRW (approximately 11.63 billion RMB), a year-on-year growth of 450.6%, with an operating profit of 53.5 billion KRW (approximately 2.82 billion RMB), recovering from a loss of 9.2 billion KRW in the previous year [2]. Key Drivers of Growth - The primary driver of Sunic System's growth is the investment in BOE's 8.6-generation OLED production line [3]. - A contract worth 379.7 billion KRW (approximately 19.98 billion RMB) for the supply of OLED evaporation equipment was signed with BOE in June 2024, contributing significantly to the company's performance [5]. Future Outlook - Sunic System's order backlog as of the end of 2024 was 528.0 billion KRW (approximately 27.79 billion RMB), with an expected recovery in backlog levels due to the upcoming signing of the second phase project with BOE [5][6]. - The company anticipates additional orders for 8.6-generation OLED equipment this year, alongside a growing demand for OLEDoS equipment from Chinese panel manufacturers, with large-scale production expected by 2028 [6].

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 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: 京東方精電有限公司 呈交日期: 2026年2月2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) | 00710 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.25 | HKD | | 1,250,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.25 | HKD | | 1,250,000,000 | 本月底法定 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (00710.HK) [5] Core Insights - BOE Technology Group is actively expanding its product offerings and international presence, recently launching the HERO 2.0 smart cockpit at CES 2026, which integrates AI technology to enhance audio-visual experiences, interaction methods, and application scenarios [1] - The company is also expanding its production capacity with the construction of the third phase of its Heyuan manufacturing base, expected to add over 10 million units of annual production capacity upon completion in December 2026 [2] - Revenue projections for 2025-2027 are approximately HKD 14 billion, HKD 15.5 billion, and HKD 17.5 billion, reflecting year-on-year growth of 4%, 10%, and 13% respectively, while net profit is expected to be HKD 3.7 billion, HKD 4.7 billion, and HKD 5.5 billion, with a slight decline in 2025 followed by growth in subsequent years [3][4] Financial Summary - For the fiscal year 2023, the company reported revenue of HKD 10.76 billion, with a projected increase to HKD 13.45 billion in 2024, and further growth to HKD 14.00 billion in 2025, representing a 0% growth in 2023 and 25% in 2024 [4][12] - The net profit for 2023 was HKD 475 million, with expectations of HKD 391 million in 2024 and a slight recovery to HKD 373 million in 2025, indicating a net profit margin of 4.4% in 2023, declining to 2.9% in 2024, and stabilizing around 3.0% in 2026 and 3.1% in 2027 [4][12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 10.5x, 8.4x, and 7.2x respectively, indicating a favorable valuation trend [3][4]

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]