Core Viewpoint - The article discusses the advancements in Micro LED technology, particularly focusing on the launch of the 12-inch high-brightness Micro LED vehicle display by Tianma, which is designed for HUD (Head-Up Display) systems in vehicles. This technology is expected to enhance the clarity and reliability of driving information displays in various automotive applications [2][4][5]. Group 1: Product Features and Technology - The 12-inch Micro LED display features a brightness exceeding 50,000 nits, a contrast ratio of 1,000,000:1, and a color gamut covering NTSC 110%, making it suitable for high-end HUD systems [4]. - The display utilizes a TFT backplane and optimized LED pixel structure, enhancing luminous efficiency while controlling power consumption and heat generation [4][9]. - The Micro LED screen can display navigation, driving data, safety warnings, and ADAS content, providing centralized information for drivers [4]. Group 2: Industry Trends and Competitor Activities - Other panel manufacturers, such as BOE and Innolux, are also advancing in the Micro LED HUD space, with products launched at CES 2023 featuring similar brightness levels [5][6]. - The competitive landscape is evolving, with multiple manufacturers, including Tianma, TCL Huaxing, and BOE, introducing their Micro LED products, indicating a shift towards high-value solutions in the automotive display market [6][7]. Group 3: Market Outlook and Financial Performance - Tianma's projected net profit for 2025 is between 150 million to 180 million yuan, driven by growth in its automotive and professional display segments, which account for over 50% of its revenue [8]. - The automotive supply chain is transforming, with manufacturers seeking direct communication with panel suppliers, pushing for a transition from mere panel suppliers to system-level solution providers [8]. - The completion of Tianma's Micro LED pilot line marks a significant step towards exploring the mass production feasibility of Micro LED technology [9].

Core Viewpoint - Deep Tianma A is actively managing its market value through a valuation enhancement plan and share buyback, with a commitment from the controlling shareholder not to reduce holdings. The company forecasts a net profit of 150 million to 180 million yuan for 2025, indicating a turnaround, with revenue expected to exceed 36 billion yuan [1][3]. Group 1: Market Value Management - The company has launched a valuation enhancement plan and implemented a share buyback scheme, emphasizing the importance of market value management [2]. - The controlling shareholder has committed to not reducing their shareholdings, which is expected to bolster market confidence [2]. - The company plans to continue these measures into 2026, focusing on improving operational standards, enhancing disclosure quality, and strengthening investor communication [2]. Group 2: Recent Performance - The company announced a profit forecast for 2025, expecting a net profit between 150 million and 180 million yuan, marking a return to profitability, with revenues projected to surpass 36 billion yuan [3]. - Investors are encouraged to monitor the upcoming annual report for 2025 and the company's outlook for 2026 [3]. Group 3: Business Development - Deep Tianma A maintains a leading position in global shipments in the automotive display sector, with sales in this segment growing approximately 24% year-on-year in the first three quarters of 2025 [4]. - The company acknowledges that intense market competition and pricing pressures may temporarily affect gross margins [4]. - Future growth areas include automotive electronics, new energy vehicle displays, and diversification in flexible AMOLED business for mid-size and wearable applications [4]. Group 4: Stock Performance - In early February 2026, the company's stock price experienced a consecutive decline, with significant holdings from funds such as Guotou Ruijin and CICC [5]. - The company may respond to market changes through investor communication or business developments, which could influence short-term market sentiment [5]. Group 5: Project Progress - The company is steadily advancing new projects and expanding into non-display business areas, such as Micro-LED and VR display technologies [6]. - These long-term initiatives are expected to contribute to business growth in the future, although attention should be paid to industry demand fluctuations and cost control effectiveness [6].

在新疆伊犁州西南部有一座"含马量"超高的县城——昭苏。这里自古就以盛产天马著称，马文化历史悠 久，是"中国天马之乡"。天马博物馆、天马踏雪、天马浴河、造型各异的骏马雕塑……在天山脚下的广 袤草原上，马元素随处可见，这些都是这片土地爱马、养马习惯的延续。 [ 责编：邢彬 ] ...

（来源：JSTV荔枝视频） 【#姓马的属马的都要看一看的天马#】近日，河南（发布）。怎样才能让马飞起来？你敢相信吗，一千 多年前的古人就办到了！2025年中国考古新成果日前发布，新疆吐鲁番一座唐代墓葬中，出土了迄今最 完整的唐代彩绘木棺座。棺座上绘有两匹身带翅膀的"天马"，这在新疆是首次发现。更有趣的是，考古 学者们还把它们做成了一段飞马展翅的动画。这两匹"天马"非常有特点：一匹通体蓝色，布满花斑，双 翅展开，仿佛正在腾空奔跑；另一匹则是绿色基调，白色双翼，四肢修长，充满力量感。它们和壁画中 常见的翼马不同，身上有独特的花纹。考古专家说，这些"天马""翼狮"都是古人想象中的祥瑞神兽，寄 托着对美好的向往。马年就要到了，这匹从唐代"飞来"的斑斓天马，就像一份穿越千年的专属"彩蛋"。 它独特的花纹和腾飞的姿态，或许能触动所有与"马"有缘的人——仿佛看到自己姓氏或生肖的图腾，被 古人用最浪漫的想象，画进了历史。@都市报道 转自：JSTV荔枝视频 ...

封面新闻记者对话项目负责人 在实验室考古方舱内拍摄的墓葬M20出土的木棺座 门内的彩绘"翼马"图案（2月1日摄）。 新华社发 墓主人身份如何？ 拥有如此精美的葬具，墓主人何许人也？尚玉平表示，目前墓主人身份还不能完全确定，从考古发现的 种种迹象表明，其应该是唐朝的高级别官员。 2月8日，2025年新疆考古工作汇报会在北京举行，会上公布了新疆吐鲁番巴达木东墓群考古发现成果。 其中墓葬M20出土了迄今最完整的唐代彩绘木棺座，木棺座 门内彩绘的12只带翼"瑞兽"中，包含两 匹"天马"。 "墓葬M20出土了棺床、棺座和彩棺组合，其中彩绘木棺座是此次考古工作中最重要的发现。"新疆文物 考古研究所研究馆员、新疆巴达木东墓群考古发掘项目负责人尚玉平说。 彩绘"天马"有何寓意？ 巴达木东墓群位于新疆吐鲁番市高昌区火焰山镇巴达木村东南，是一处晋唐时期的墓葬遗存。2月4日， 中国社会科学院发布6项"2025年中国考古新成果"，该墓群位于其中。 "为什么彩绘木棺座最重要？因为它保存得相对完整。"尚玉平说，彩绘木棺座南北两侧对称各分布6个 壸门，壸门内绘有带翼"瑞兽"，东西两侧绘双虎捕羊、虎捕鹿的场景。彩绘神态各不相同，造型夸张威 ...

Core Insights - The global OLED smartphone panel shipment is projected to reach approximately 890 million units in 2025, marking a year-on-year growth of 5.2%, driven by product structure upgrades, capacity expansion, cost optimization, domestic policy support, and technological advancements [1] - Flexible OLED shipments are expected to be around 690 million units, with a year-on-year increase of approximately 9.6%, while rigid OLED shipments are forecasted to decline by 7.7% to about 200 million units [1] Market Dynamics - Korean manufacturers, being core suppliers to Apple and Samsung, are expected to maintain over 50% of the OLED market share in 2025, with flexible OLED market share remaining stable at approximately 42.1% [2] - Chinese manufacturers are gaining ground, with a total OLED panel shipment share of 49.3%, an increase of 1 percentage point year-on-year, and a flexible OLED market share of 57.9% in 2025 [2] Company Performance - Samsung Display (SDC) is projected to lead the global OLED panel market with shipments of about 380 million units, a slight increase of 1.5%, while rigid OLED shipments are expected to decline by 6.6% to approximately 160 million units [5] - BOE is anticipated to ship around 150 million units, achieving a market share of 21.1%, driven by penetration in the mid-range market and breakthroughs in the high-end market [5] - Tianma is expected to see the fastest growth among OLED manufacturers, with shipments of approximately 97 million units, a year-on-year increase of 19.4%, elevating its market share to 10.8% [6] Competitive Landscape - The OLED market is characterized by significant competition, with major players focusing on capacity expansion and technological advancements to enhance competitiveness [8] - The industry is facing challenges such as weakened demand in the smartphone market and increased price competition due to rising supply [8] - Long-term strategies are shifting towards collaborative innovation and system-level performance optimization, moving beyond traditional hardware supply roles [8]

活动紧扣节日主题，推出一系列精品视听"组合拳"，涵盖"马上有好视、好愿、好景、好物、好运"的五 大系列行动，通过全方位、立体化的内容供给，点亮万家荧屏，凝聚情感共鸣。 春节期间，上新播出电视剧《生命树》《纯真年代的爱情》，网络剧《玫瑰丛生》《乡村爱情18》，微 短剧《皆大欢喜》《"发"家致富》，纪录片《中国故事·北京味儿》（第二季），动画片《毛毛镇森林 音乐课》《有兽焉》（第五季）等45部"北京大视听"精品力作，将登陆央视、地方卫视及主要视听平 台。爱奇艺、优酷、抖音等20余家平台同步开设"北京大视听——春天马上来"线上专区，其中爱奇艺、 优酷推出超高清节目限时免费观看等惠民活动。结合马年生肖文化推出主题创意短视频、公益广告及线 上互动，传递新春祝福；并联动卫生健康部门，推出健康科普短视频，倡导健康过节新风尚，丰富群众 的节日精神文化生活。 科技赋能新体验，刷新传统年俗感知 2月9日，北京市广电局主办的2026年"北京大视听 春天马上来"春节视听文化供给活动启动仪式在京举 行。 本次活动旨在立足"十五五"规划开局之年，紧扣"骏马贺新春，京彩中国年"主题，以"北京大视听"品牌 为统领，联动线上线下优质资源，为广 ...

徐悲鸿作品《群奔》。受访者供图 2月10日，"天马行川——马年徐悲鸿艺术特展暨徐悲鸿入川90年悲鸿学派纪念大展"将在位于成都市锦 江区梓潼桥正街66号的四川报业博物馆正式启幕。 徐悲鸿是中国现代美术的奠基人之一，其创作题材广泛，尤以笔下的奔马闻名于世。他将毕生精力投身 于中国的美术教育事业，其教育思想、办学理念、美学思想、教学体系对我国学院美术教育的形成和发 展产生了巨大影响。 马上来赏徐悲鸿的真迹奔马 明日启幕 针对清末民初中国画坛存在的抄袭、模仿、缺乏生活气息等问题，徐悲鸿倡导回归写实主义，强调艺术 应源于生活、反映现实，为传统绘画注入新的活力。"他重视人物画的发展，通过精准的人物造型和生 动的表情刻画，恢复了人物画在绘画中的主导地位，使人物画成为表达时代精神和人文关怀的重要载 体。"徐骥说。 在美术教育工作中，徐悲鸿强调素描是造型艺术的基础，提出"尽精微，致广大"的教学理念，注重培养 学生对自然的观察力、造型能力和艺术表现力。当今，"素描基础论"在美术教学中得以普遍贯彻实行， 各大美院以及艺术院校招生都将素描作为考核的重要内容之一。 特展明日启幕 展出徐悲鸿及其学派代表作品 "天马行川——马年徐悲鸿艺术 ...

Core Insights - The global smartphone panel shipment is projected to reach approximately 2.31 billion units in 2025, reflecting a year-on-year growth of about 3.4%, despite a slowdown in growth rate [1] - The growth is primarily driven by the continued scale expansion of a-Si LCD capacity and the ongoing penetration and shipment growth of flexible OLED models [1] Structure Insights - **a-Si LCD**: The total shipment is expected to be around 1.33 billion units in 2025, marking a year-on-year increase of 10.2%, showcasing strong resilience against economic uncertainties [3] - **LTPS LCD**: The shipment is projected to be about 87 million units, a significant decline of 51.4%, falling below 100 million units for the first time [3] - **Rigid OLED**: Shipment is estimated at 200 million units, down 7.7%, accounting for 22.4% of total AMOLED shipments [3] - **Flexible OLED**: Expected shipment is around 690 million units, with a year-on-year growth of 9.6%, driven by the penetration of mid-range smartphone models [4] Market Dynamics - The top five smartphone panel manufacturers are expected to hold a combined market share of 72.7% in 2025, an increase of 3.5 percentage points [6] - **BOE**: Maintains the largest market share at 23.8%, with total shipments of approximately 550 million units, primarily driven by a-Si LCD [6][8] - **Samsung Display (SDC)**: Holds a 16.4% market share with total shipments of about 380 million units, focusing on high-end flexible OLED [6][8] - **CSOT**: Achieves a market share of 12.3% with total shipments of around 280 million units, driven by a-Si LCD's cost advantages [7][8] Outlook Insights - The industry faces pressure from economic uncertainties and rising costs, leading to potential weakening demand for smartphone panels in 2026 [10] - Panel manufacturers are advised to optimize capacity structure, focusing on high-margin high-end models while reducing low-value mid-range capacity [10] - There is an emphasis on enhancing supply chain management and cost control to mitigate risks associated with market dependency [10]

Group 1 - The core viewpoint of the article is that Qizhong Technology's main end customers include BOE Technology Group, Huaxing Optoelectronics, Tianma Microelectronics, and Visionox [2] Group 2 - Qizhong Technology is actively engaging with investors and responding to inquiries during research sessions [2]