Group 1 - The article discusses the historical significance of horses in human culture, emphasizing their loyalty, diligence, and spiritual qualities as companions throughout history [1] - The domestication of horses dates back approximately 5,500 years, with evidence found in Kazakhstan and China, indicating the spread of horse breeding techniques [1][2] - The early horses in China were smaller and shorter compared to later breeds, as evidenced by artifacts from the Zhou Dynasty [2][4] Group 2 - The introduction of the "Heavenly Horse" from the Western Regions during the Han Dynasty significantly improved the local horse breeds, enhancing the military capabilities of the Han army [4][5] - The "Heavenly Horse" was not only a military asset but also held spiritual significance, reflecting the cultural beliefs of the Han Dynasty [6][7] - Artistic representations of horses during the Han Dynasty showcased their importance in various aspects of life, including warfare, hunting, and daily activities [9][10][12] Group 3 - Horses served multiple functions in daily life, including transportation and as hunting mounts, reflecting their integral role in agricultural society [12][18] - The Han Dynasty's emphasis on horses was linked to political power and ceremonial significance, showcasing the grandeur of the empire [12][39] - The mythical representations of horses, such as the "Heavenly Horse," illustrate the blending of cultural beliefs and artistic expression in ancient China [22][36]

证券代码：000050 证券简称：深天马A 公告编号：2025-078 天马微电子股份有限公司 关于全资子公司之间吸收合并的进展公告 三、本次吸收合并对公司的影响 第 1 页 共 2 页 本次吸收合并有利于进一步优化公司管理架构，提高运营效率， 符合公司未来发展需要。上海天马、天马有机发光均为公司的全资子 公司，两家公司的财务报表已纳入公司合并报表范围。本次吸收合并 不会对公司的正常经营和财务状况产生重大影响，不会损害公司及全 体股东的利益。 特此公告。 天马微电子股份有限公司董事会 二〇二五年十二月三日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、吸收合并基本情况 天马微电子股份有限公司（以下简称"公司"）于2024年12月30 日召开第十届董事会第二十四次会议，审议通过《关于全资子公司之 间吸收合并的议案》，同意公司全资子公司上海天马微电子有限公司 （以下简称"上海天马"）吸收合并公司全资子公司上海天马有机发 光显示技术有限公司（以下简称"天马有机发光"）。本次吸收合并 完成后，上海天马继续存续，天马有机发光依法注销，天马有机发光 的全部资产、负债 ...

Core Viewpoint - The company, Deep Tianma A, has confirmed that its display products and technologies can be applied in various fields, including commercial aerospace, responding to investor inquiries about potential applications in this sector [1] Group 1: Company Applications - The company's display products are utilized in multiple sectors such as civil aviation, medical, industrial handheld devices, human-machine interaction, two-wheeled vehicles, and white goods [1]

Core Insights - The electronic paper industry is experiencing significant growth, transitioning from niche applications to becoming a core component in IoT display terminals, driven by increasing demand in retail and other sectors [1][2] - The A-share electronic paper index saw a daily increase of 3.36% on November 25, and a year-to-date increase of 56.58% as of November 28 [1] - Major manufacturers are consolidating their market positions, with the top five companies expected to hold approximately 86% of the global market share by 2024 [2][8] Industry Trends - The "dual carbon" goals in China are providing implicit support for low-power electronic products, creating long-term certainty for electronic paper companies [2] - The demand for electronic price tags and other applications is accelerating, with the industry entering a phase of synchronized acceleration in technology, market, and application [2][7] - The electronic paper technology has advanced with breakthroughs in color and flexibility, expanding applications from black-and-white static displays to full-color dynamic displays [5][6] Market Dynamics - The global electronic paper market is projected to exceed $14.2 billion, with significant growth expected in the e-book segment, which is anticipated to reach 18.8 million units by 2025 [8][9] - The domestic electronic paper industry has formed a complete layout, with strong downstream demand driving the expansion of upstream materials and midstream module production capacity [7] - The industry is characterized by a high growth rate and low base, with a compound annual growth rate of over 20% expected for global electronic paper terminals [9][10] Competitive Landscape - Major players in the electronic paper market include E Ink Holdings, HeLiTai, and Yasi Optoelectronics, with E Ink holding over 90% of the electronic ink film market [5][6] - The domestic market is seeing increased competition, with companies like Hanwang Technology and others capturing significant market shares [6][7] - The industry is facing challenges in scaling up production and reducing costs, particularly in high-end color electronic paper, which still relies on imported core materials [10]

2025年1至6月份，深天马Ａ的营业收入构成为：电子器件制造业占比99.05%，其他业务占比0.95%。 每经AI快讯，深天马A12月1日晚间发布公告称，截至2025年11月30日，公司通过回购专用证券账户， 以集中竞价方式实施回购公司股份，累计回购股份数量约为1634万股，约占公司目前总股本的 0.6648%，最高成交价为10.07元/股，最低成交价为8.65元/股，支付总金额约为1.54亿元。 截至发稿，深天马Ａ市值为229亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 王晓波） ...

天马微电子股份有限公司（以下简称"公司"）分别于2025年4 月15日和2025年7月2日召开第十届董事会第二十八次会议和2025年 第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司以集中竞价交易方式回购部分公司股份，回购的股份将用于 减少公司注册资本，拟回购股份的种类为公司发行的人民币普通股（A 股），拟用于回购的资金总额为不低于人民币1.5亿元且不超过人民 币2亿元，回购股份价格不超过人民币12.43元/股，具体回购数量以 回购期限届满时实际回购的股份数量为准，回购股份的实施期限为自 公司股东大会审议通过本次回购方案之日起12个月内。 以上具体内容请见公司分别于2025年4月16日、2025年7月3日、 2025年7月11日在《证券时报》和巨潮资讯网上披露的《第十届董事 会第二十八次会议决议公告》（公告编号：2025-021）、《关于回 购公司股份方案的公告》（公告编号：2025-022）、《2025年第二次 临时股东大会决议公告》（公告编号：2025-040）、《关于回购公司 股份的回购报告书》（公告编号：2025-044）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司 ...

Group 1 - The company announced a share repurchase plan approved at the shareholders' meeting on July 2, 2025, aimed at reducing registered capital with a budget of 150-200 million yuan [1] - The repurchase price will not exceed 12.43 yuan per share, and the implementation period is set for 12 months [1] - As of November 30, the company has repurchased a total of 16.3391 million shares, accounting for approximately 0.6648% of the total share capital, with a total payment of 154 million yuan (excluding transaction fees) [1] Group 2 - The highest transaction price during the repurchase was 10.07 yuan per share, while the lowest was 8.65 yuan per share [1] - The company plans to continue the repurchase and will disclose information in accordance with regulations [1]

Core Viewpoint - Deep Tianma A's stock has shown mixed performance in recent trading, with a slight increase of 2.03% on November 28, 2023, and a total market capitalization of 22.267 billion yuan. The company has reported significant revenue growth and profit increases in recent financial results [1][2]. Financial Performance - For the period from January to September 2025, Deep Tianma A achieved a revenue of 26.663 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders reached 313 million yuan, marking a substantial increase of 166.25% compared to the previous year [2]. - The company has cumulatively distributed 1.429 billion yuan in dividends since its listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of November 28, 2023, Deep Tianma A's stock price was 9.06 yuan per share, with a trading volume of 71.4812 million yuan and a turnover rate of 0.32%. The stock has seen a year-to-date increase of 0.33%, a 4.62% rise over the last five trading days, but a decline of 6.69% over the past 20 days and 11.87% over the last 60 days [1]. - The number of shareholders as of November 20, 2023, was 72,700, with an average of 33,791 shares held per shareholder, showing a slight increase in shareholder count but a decrease in average shares held [2]. Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 110 million shares, an increase of 5.5005 million shares from the previous period [3].

Group 1 - The core viewpoint is that China has become the largest panel production base globally due to continuous technological advancements and capacity releases by domestic display panel companies [2] - The company, as a leading enterprise in the new display industry, will continue to focus on enhancing its competitive strength in key segments of the industry chain [2] - The company aims to continuously expand its advantages in various fields [2]

Core Viewpoint - The company, Deep Tianma A, reported that its net profit from the AMOLED production line in Wuhan improved by over 30% year-on-year in the first three quarters of 2025, indicating continuous operational efficiency improvements [1] Company Summary - The company plans to enhance its production line management by optimizing product structure and implementing cost reduction strategies [1] - The company operates in a capital-intensive, technology-intensive, and complex process industry, which has long construction cycles [1] - The company will carefully plan its capacity layout by considering its strategic development direction, macroeconomic trends, and industry technology iteration trends to promote steady and high-quality long-term development [1] Industry Summary - The display industry is characterized by high capital and technology requirements, complex processes, and lengthy construction periods [1]