Core Viewpoint - The stock of Tianma Microelectronics Co., Ltd. (深天马A) has experienced fluctuations, with a recent decline of 2.05% and a total market capitalization of 22.34 billion yuan. The company has shown a modest year-to-date stock price increase of 0.66% but has faced declines over various short-term periods [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 26.66 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders was 313 million yuan, marking a significant increase of 166.25% compared to the previous year [2]. Shareholder Information - As of November 10, 2025, the number of shareholders for 深天马A reached 72,700, an increase of 1.08% from the previous period. The average number of circulating shares per shareholder decreased by 1.07% to 33,805 shares [2]. Dividend Distribution - Since its listing, 深天马A has cumulatively distributed dividends amounting to 1.43 billion yuan. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 110 million shares, which is an increase of 55 million shares from the previous period [3].

Group 1 - The core viewpoint of the article highlights the performance of the motorcycle industry in China, particularly focusing on the production and sales data of Guangzhou Tianma Group's Tianma Motorcycle Co., Ltd. [1] - In September 2025, Tianma Motorcycle produced 30,000 units, marking a year-on-year increase of 42.67% [1] - The sales volume for the same period was 25,220 units, which represents a year-on-year decline of 7.3% [1] - The production and sales rate stood at 84.07%, with an inventory backlog of 4,780 units [1] Group 2 - The article references a comprehensive market assessment and development strategy report for the motorcycle industry in China, covering the period from 2026 to 2032 [1] - It mentions several listed companies in the motorcycle sector, including Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, and others [1] - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, organized by Zhiyan Consulting [1]

Core Insights - The article highlights the rapid growth and competitive advantages of Guangdong's smart wearable industry, particularly centered around the Huaqiangbei market, which has become a global hub for smart wearable products [1][2][4]. Industry Overview - In the first three quarters of this year, the number of registered smart wearable products in China reached 181,000, a 91.4% increase from September 2020, with Guangdong accounting for 158,400 of these products [1]. - The smart wearable industry in Guangdong is characterized by a complete supply chain from research and design to manufacturing and marketing, enabling rapid product development and market responsiveness [2][4]. Competitive Advantages - The smart wearable products in Huaqiangbei exhibit three core competitive advantages: market sensitivity, rapid response capabilities, and high cost-performance ratio [2]. - Guangdong's smart wearable industry benefits from a multi-layered, three-dimensional structure, with leading companies showcasing strong product definition and technological innovation [3][4]. Policy Support - The growth of the smart wearable industry is supported by a series of government policies aimed at fostering research, innovation, and talent acquisition [4][5]. - As of October 2025, there are over 18,000 wearable device-related companies in China, with Guangdong housing more than 13,000, representing 70.54% of the national total [4]. Future Trends - The global consumer-grade smart wearable market is projected to reach $36.273 billion by 2025 and $97.371 billion by 2032, with a compound annual growth rate of 15.15% [5]. - Future developments in smart wearables are expected to focus on higher precision sensors for specialized applications in education and healthcare, as well as integrating large models for personalized services [5]. Transformation of the Industry - Guangdong's smart wearable industry has transitioned from a focus on low-end markets to becoming a leader in innovation, particularly in the smart glasses sector, where it produces over 50% of the country's smart glasses [6][7]. - The industry has shifted from being a follower in technology to becoming a leader, with companies developing new technologies and standards for smart glasses and other wearable devices [7].

11月18日，省委常委、市委书记、市长盛阅春会见天马微电子股份有限公司党委书记、 董事长成为。 市领导曾晟、沈悦、李湛，东湖高新区管委会主任余松参加会见。 编辑：王冲 盛阅春对成为一行来汉表示欢迎，对2025年天马全球创新大会在汉召开表示祝贺。他 说，武汉东湖高新区在光电子信息产业领域独树一帜，历经三十多年发展，形成覆盖"光芯 屏端网"的全产业链布局，离不开天马微电子等广大创新型企业的大力支持。当前，全市上 下正深入学习贯彻党的二十届四中全会精神和习近平总书记考察湖北重要讲话精神，认真落 实省委、省政府部署要求，抢抓新一轮科技革命和产业变革机遇，全力打造国家科技创新中 心，推动科技创新和产业创新深度融合，加快发展新兴产业和未来产业，构建体现武汉优势 的现代化产业体系。希望天马微电子以此次大会召开为契机，进一步深化双方务实合作，持 续加大在汉投资力度，带动产业链上下游在汉聚集，助力武汉打造世界级光电子信息产业集 群，推动"中国光谷"加速迈向"世界光谷"。我们将营造一流营商环境和良好创新生态，全力 支持广大企业在汉做大做强。 成为对武汉市长期以来的大力支持表示感谢，并介绍了企业战略发展和在汉布局情况。 他说，武汉 ...

Core Viewpoint - Tianma Microelectronics launched the Tianxuan screen, a 49.6-inch ultra-curved display designed to enhance driving safety and redefine future smart cockpit experiences [1] Group 1: Product Features - The Tianxuan screen features a pixel-level dimming technology, achieving a contrast ratio of 1,000,000:1, ensuring visibility even under direct sunlight [1] - It integrates dynamic rearview mirror capabilities and effectively suppresses reflections, contributing to improved driving safety [1] - The screen boasts an impressive brightness of 12,000 nits while maintaining a low power consumption of only 6W, overcoming previous limitations in AR-HUD brightness and power consumption [1]

Core Viewpoint - Tianma Microelectronics has launched the world's first intelligent screen, the All-Domain Light-Sensing Tian Gong Screen, which integrates large-area under-screen fingerprint recognition, ambient color temperature sensing, and OLED lifespan monitoring, marking a significant advancement in display technology [1] Group 1 - The All-Domain Light-Sensing Tian Gong Screen is designed to actively sense the environment and intelligently adjust, moving from passive display to active perception [1] - This innovation aims to enhance user experience by making unlocking more convenient and viewing more comfortable, addressing concerns related to screen burn-in [1] - The product is positioned to lead the evolution of display technology towards more interactive and responsive interfaces [1]

证券日报网讯 深天马A11月17日在互动平台回答投资者提问时表示，公司分红方案遵守规则的要求，综 合公司经营情况、未来发展规划等因素后作出。未来，公司将在具备分红条件的前提下结合公司的经营 发展规划，积极分红回报投资者。 ...

Group 1 - The company, Deep Tianma A, reported that as of November 10, 2025, the number of shareholders is 72,702, including margin accounts [2]

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Core Insights - The Micro-LED industry in China is entering a significant window of opportunity, with companies like Tianma Microelectronics showcasing innovative products at the China International Import Expo [2] - The global Micro-LED display market is projected to reach approximately $800 million by 2028, indicating strong growth potential [2] - The industry is recognized as a key area for strategic development in China's "14th Five-Year Plan," aligning with national goals for innovation in emerging industries [2] Industry Overview - Micro-LED technology is a capital-intensive industry that integrates various advanced manufacturing processes, with China currently leading in the epitaxial chip sector [3] - Despite the advancements, the industry faces challenges primarily related to costs, which are influenced by manufacturing processes and yield rates [3] - The market has seen breakthroughs in applications such as AI/AR glasses and smartwatches, suggesting a pivotal moment for Micro-LED technology [3] Technical Challenges - Micro-LED technology has been in development for over 20 years but has faced slow commercialization due to challenges in epitaxy, chip production, mass transfer, and driving technologies [4] - Mass transfer technology, which involves transferring numerous Micro-LED chips from a source substrate to a target substrate, remains a critical bottleneck for mass production [4][5] - The industry is also grappling with the complexities of achieving full-color displays, with various methods still in experimental stages [5] Innovations and Developments - Tianma has developed customized automated mass transfer and bonding equipment, significantly improving transfer efficiency to 40 million chips per hour [5] - The company is focusing on high PPI, high transparency, and high brightness technologies, aiming to establish a fully controllable production process [7] - Recent advancements in high-precision projection exposure machines have enabled significant cost reductions while achieving high resolution and precision [9] Market Dynamics - The Micro-LED sector is experiencing increased investment interest, particularly in the AR market, with several companies securing substantial funding for technology innovation [10] - The competition in the large-screen market includes Mini LED technology, while Micro-LED shows advantages in small-screen applications like AR/AI glasses [9][10] - Companies are optimistic about reducing costs as production scales up, with expectations to achieve cost parity with OLED technology within 3 to 5 years [11]