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。 ...

Core Insights - The global semiconductor materials market is experiencing a strong recovery, with a market size of $66.7 billion in 2023 and expected to exceed $73 billion by 2025, driven by demand from AI and wafer fab expansions [1] - China is becoming a key growth engine in the semiconductor materials market, with a sales figure of $13.1 billion in 2023, marking a year-on-year growth of 3.8% and increasing its global market share to 20% [1] Market Structure - Semiconductor materials are divided into wafer manufacturing materials and packaging materials, with wafer manufacturing materials dominating the market at 62.2% share ($41.5 billion) in 2023 [2] - Silicon wafers hold the largest share in wafer manufacturing materials at 33%, followed by electronic specialty gases (14%) and photomasks (13%) [2] - The market is highly concentrated, with major players in silicon wafers and photolithography materials predominantly from Japan and the U.S. [2] Core Material Breakthroughs - Domestic companies are making significant progress in wafer manufacturing materials, with local firms achieving breakthroughs in 12-inch silicon wafers and photolithography materials [3][4] - The domestic market for electronic specialty gases is also advancing, with companies like Huate Gas entering the TSMC supply chain [4] Packaging Materials - The global packaging materials market saw a decline of 10.1% to $25.2 billion in 2023, but advanced packaging is driving growth, with a projected increase of 19.62% [5] - Domestic companies are rapidly iterating technology in advanced packaging materials, with significant market shares in lead frames and packaging substrates [5] Import Dependency and Policy Support - China still faces significant import dependency in key categories like photolithography materials and electronic specialty gases, with over 90% reliance on imports for high-end materials below 14nm [6][8] - The government is focusing on critical areas through initiatives like the National Big Fund, aiming for 70% self-sufficiency in core materials by 2030 [6][8] Challenges and Future Outlook - Despite notable advancements, the industry faces challenges such as reliance on foreign technology for EUV-grade silicon wafers and high-end photolithography materials [7] - The advanced packaging materials market is expected to reach $39.3 billion by 2025, indicating a significant growth opportunity for domestic companies [7]

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership and investor sentiment in the market [1]. Shareholder Reductions - Hengxuan Technology: Shareholders including Ningbo Yibifu plan to reduce their holdings by up to 1.50% [1]. - Guoxin Technology: Industry fund shareholders intend to reduce their stakes by up to 2.37% [1]. - Qusleep Technology: Shareholder Kuanzhai Cultural plans to reduce holdings by no more than 1.98% [1]. - Xinwei Communication: General Manager Peng Hao aims to reduce his stake by up to 1% [1]. - Guoanda: Shareholder Hong Junlong plans to reduce his holdings by up to 1.2761% [1]. - Zhuoyue New Energy: Controlling shareholders intend to reduce their stakes by up to 3.00% [1]. - Haibo Heavy Industry: Actual controller Zhang Haibo plans to reduce his stake by up to 3% [1]. - Sanyou Medical: Shareholders Xu Nong and Liu Mingyan plan to reduce their holdings by up to 2.00% [1]. - Saifen Technology: Multiple shareholders intend to reduce their stakes by up to 6% [1]. - Fangyuan Shares: Shareholder Betterry plans to reduce holdings by no more than 510.17 million shares [1]. - Qiutian Micro: Beihai Chengyu plans to reduce holdings by up to 0.83% [1]. - Diaoda Shares: Controlling shareholders plan to reduce their stakes by up to 3% [1]. - Maidi Technology: Shareholder Weng Kang plans to reduce holdings by 520.29 million shares [1]. Other Notable Events - *ST Yanshi: The company's stock may face delisting [1]. - Jin Yi Technology: The company has terminated the issuance of shares to specific targets and signed relevant termination agreements [1].

Core Viewpoint - The LCD demand is expected to improve by 2026 due to factors such as sports events, with leading manufacturers likely to drive supply-demand balance through production control [1][2] Group 1: LCD Market Outlook - The demand for LCD is anticipated to rebound, supported by major manufacturers maintaining production control to enhance supply-demand dynamics [1] - The upcoming FIFA World Cup and the continuation of trade-in policies in China are expected to boost demand for LCD TVs [1] - The average size of TV panels is projected to continue increasing, contributing to overall demand growth [2] Group 2: Supply Dynamics - Major panel manufacturers, including BOE, TCL Huaxing, and Huike, have achieved significant market share and are expected to continue production control, including reductions during the Lunar New Year [2] - According to TrendForce, TV panel prices are forecasted to rise by $1 across various sizes in January 2026 compared to the previous month [2] Group 3: OLED Market Potential - The potential demand for mid-size OLED panels is gaining attention, with expectations for significant cost reductions and increased penetration in laptops and tablets by 2026 [3] - Major manufacturers are optimistic about market demand, as evidenced by BOE's early activation of the first 8.6-generation AMOLED production line in China [3] Group 4: Domestic Manufacturers' Breakthroughs - Domestic manufacturers are accelerating technological breakthroughs in materials and driver chips, which may benefit from improving downstream demand [4] - New products in OLED materials are entering the market, and companies like Xiahe Technology are achieving commercial production of key materials [4] Group 5: Related Companies - Key panel manufacturers include TCL Technology (000100.SZ), BOE A (000725.SZ), and Rainbow Technology (600707.SH) [5] - Notable panel materials manufacturers are Lite-On Optoelectronics (688150.SH) and Ruvi Optoelectronics (688401.SH) [5]

Group 1 - The core point of the news is that Qingyi Optoelectronics experienced a stock price increase of 5.02%, reaching 30.99 CNY per share, with a trading volume of 181 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 9.756 billion CNY [1] - Qingyi Optoelectronics, established on August 25, 1997, and listed on November 20, 2019, is primarily engaged in the research, design, production, and sales of photomasks [1] - The company's main revenue sources are quartz photomasks (93.16%), soda photomasks (6.04%), and other products (0.8%) [1] Group 2 - Dongxing Fund has one fund heavily invested in Qingyi Optoelectronics, specifically Dongxing Xingsheng Mixed A (009327), which held 16,900 shares, accounting for 1.67% of the fund's net value, making it the sixth-largest holding [2] - The fund has a total size of 20.8469 million CNY, with a year-to-date return of 2.83% and a one-year return of 43.15%, ranking 2718 out of 8083 in its category [2] - The fund managers, Li Chenhui and Li Bingwei, have both been in their positions for 9 years and 211 days, with total assets under management of 270 million CNY and 585 million CNY respectively [2]

Core Viewpoint - Qingyi Optoelectronics has shown a positive stock performance with a year-to-date increase of 26.85% and a recent uptick of 2.02% in stock price, indicating strong market interest and potential growth in the semiconductor materials sector [1][2]. Company Overview - Qingyi Optoelectronics, established on August 25, 1997, and listed on November 20, 2019, specializes in the research, design, production, and sales of photomasks, with a revenue composition of 93.16% from quartz photomasks and 6.04% from soda photomasks [1][2]. - The company operates within the electronic industry, specifically in the semiconductor materials sector, and is involved in various concept sectors including third-generation semiconductors and flexible electronics [2]. Financial Performance - For the period from January to September 2025, Qingyi Optoelectronics reported a revenue of 928 million yuan, reflecting a year-on-year growth of 12.28%, and a net profit attributable to shareholders of 144 million yuan, which is a 19.33% increase compared to the previous year [2]. - The company has distributed a total of 217 million yuan in dividends since its A-share listing, with 156 million yuan distributed over the last three years [3]. Shareholder Information - As of December 19, 2025, the number of shareholders for Qingyi Optoelectronics is 11,400, a decrease of 10.37% from the previous period, while the average number of circulating shares per shareholder has increased by 31.65% to 27,669 shares [2]. - Notable changes in institutional holdings include an increase in shares held by Hong Kong Central Clearing Limited and new entries from two funds, indicating growing institutional interest [3].

Core Viewpoint - Qingyi Optoelectronics reported that as of December 19, 2025, the total number of shareholders is 11,377 (excluding merged margin trading accounts) [1] Summary by Category Company Information - Qingyi Optoelectronics has a total of 11,377 shareholders as of December 19, 2025 [1]

Core Viewpoint - Qingyi Optoelectronics (688138.SH) is focusing on expanding its semiconductor mask business, which currently accounts for approximately 20% of its revenue, while also maintaining its leading position in the flat panel display mask market [1][5]. Group 1: Business Overview - The total investment in the Foshan production base is 3.5 billion yuan, with 2 billion yuan allocated for high-precision flat panel display mask production and 1.5 billion yuan for high-end semiconductor mask production [1]. - The company has achieved mass production of semiconductor masks for the 180nm process node and small-scale production for the 150nm process node, while also developing masks for 130nm-65nm PSM and OPC processes, as well as planning for 28nm semiconductor masks [5]. Group 2: Market Position and Strategy - Qingyi Optoelectronics aims to maintain its leading market share in the domestic flat panel display mask market and strives to rank among the top three globally, while accelerating the fulfillment of domestic substitution demands in the semiconductor mask sector [6]. - The company emphasizes the significant potential for domestic substitution in semiconductor masks, with current self-sufficiency at around 10%, and plans to enhance local supply capabilities and supply chain security through technological upgrades and capacity expansion [5][6]. Group 3: Customer Base and Future Outlook - Key customers in the semiconductor mask business include BYD Semiconductor and Chiplink Integration, with some client information restricted due to confidentiality agreements [5]. - The company believes that the increasing demand for domestic mask substitutes from local wafer fabs will lay a solid foundation for future business growth [5].

Core Viewpoint - The production base of Qingyi Optoelectronics in Foshan Nanhai has commenced operations, which is expected to enhance the overall production capacity and support the domestic supply chain for high-precision mask plates [1][5]. Group 1: Production and Capacity Expansion - The high-precision flat panel display (FPD) mask plate project is entering the final stages before mass production, focusing on 8.6 generation and below, particularly for AMOLED displays [5]. - The high-end semiconductor mask plate project is also advancing towards mass production, targeting processes from 180nm to 28nm for logic chips, driver chips, and some power devices [5]. - The establishment of the Foshan Nanhai base is anticipated to alleviate the supply pressure of high-end mask plates in China and enhance local substitution levels in critical segments of the industry [5][6]. Group 2: Market Demand and Strategic Positioning - There is a growing domestic demand for high-precision FPD mask plates and mid-to-high-end semiconductor mask plates driven by the expansion of applications in 5G communication, AI computing, and automotive displays [5]. - Qingyi Optoelectronics has a solid foundation in the mask plate business and is accelerating its expansion into high-generation lines and new display technologies while simultaneously developing its semiconductor mask plate business [5]. Group 3: Challenges and Future Outlook - The new base and projects will require processes such as technology validation, yield ramp-up, and customer onboarding before achieving full production capacity, indicating a gradual contribution to performance [6]. - The mask plate industry is significantly influenced by the investment cycles of downstream panel and wafer manufacturers, leading to uncertainties in capacity release and demand matching [6].

Core Viewpoint - The company Qingyi Optoelectronics has commenced production at its Foshan Nanhai production base, focusing on high-precision flat panel display mask plates and high-end semiconductor mask plates, addressing the growing demand in the 5G and AI era for high-definition and flexible displays [1] Group 1 - The production ceremony for the Foshan Nanhai production base was held on November 14, 2025, marking the start of mass production for high-precision flat panel display mask plates [1] - The high-precision flat panel display mask plate facility primarily produces mask plates for 8.6 generation and below, filling the domestic gap in AMOLED high-precision mask plates [1] - The high-end semiconductor mask plate facility is focused on producing mask plates for semiconductor processes ranging from 180nm to 28nm [1] Group 2 - The commencement of production at the Foshan Nanhai base will significantly expand the company's production capacity [1]