用8年把SQD X11L推向天花板，TCL做对了什么。 成为引领者，用Mini LED改写LCD的故事走向；还是在对OLED的追随中陷入被动，重复历史的宿命？ 这是一代中国显示人，用了近十年时间，回答的终极命题。 故事的开始，发生在2017年的拉斯维加斯CES展，那一年，对OLED的崇拜甚嚣尘上。 LG展台前，10款最新OLED电视一字排开，占据了核心目光。W系列77英寸LG SIGNATURE OLED电 视，凭借壁画式设计，斩获了2017 CES最佳创新奖。 转身不远处，则是已经把LCD产线尽数甩卖提上日程的三星。借助其最新发布的折叠屏手机以及苹果手 机OLED供应商的身份，三星精准卡位了小尺寸OLED。 参展的一众终端电视厂商的研发负责人，扎堆围在韩企展台，笔记本中记满了OLED的技术参数。 但一时看好的，就是正确的吗？ 至少对TCL来说，答案是否定的。 与OLED狂热形成鲜明对比：同一时间的TCL，选择延续LCD的路线深耕Mini LED，并在这个无人区里 打造属于TCL的一代机皇产品。 因为，Mini LED无论技术上限、成本控制，乃至尺寸大小整体表现优于OLED。而唯一的不足则是，做 出这个满足所 ...

用8年把SQD X11L推向天花板， TCL做对了什么。 成为引领者，用Mini LED改写LCD的故事走向；还是在对OLED的追随中陷入被动，重复历史的宿命？ 这是一代中国显示人，用了近十年时间，回答的终极命题。 故事的开始，发生在2017年的拉斯维加斯CES展，那一年，对OLED的崇拜甚嚣尘上。 LG展台前，10款最新OLED电视一字排开，占据了核心目光。W系列77英寸LG SIGNATURE OLED电视，凭借壁画式设计，斩获了2017 CES最佳创新 奖。 转身不远处，则是已经把LCD产线尽数甩卖提上日程的三星。借助其最新发布的折叠屏手机以及苹果手机OLED供应商的身份，三星精准卡位了小尺寸 OLED。 参展的一众终端电视厂商的研发负责人，扎堆围在韩企展台，笔记本中记满了OLED的技术参数。 但一时看好的，就是正确的吗？ 至少对TCL来说，答案是否定的。 与OLED狂热形成鲜明对比：同一时间的TCL，选择延续LCD的路线深耕Mini LED，并在这个无人区里打造属于TCL的一代机皇产品。 因为，Mini LED无论技术上限、成本控制，乃至尺寸大小整体表现优于OLED。而唯一的不足则是，做出这个满足所有 ...

Group 1: Storage Market Dynamics - The recent surge in storage prices and the volatility of related company stocks have drawn renewed attention to the industry chain [2] - The demand for HBM storage driven by AI development is squeezing DRAM production capacity, leading to increased costs for smartphones and PCs [2][8] - TrendForce has revised down its global smartphone and laptop production forecasts for 2026, projecting declines of 2% and 2.4% respectively [2][11] Group 2: Display Panel Industry Growth - Over the past two decades, China's display panel industry has transformed from dependency on imports to becoming the world's largest manufacturing base [3][4] - The domestic display supply chain is more stable and complete compared to storage chips, giving Chinese manufacturers greater control [3] - The market size of China's display panel industry reached 396.2 billion yuan, accounting for 68.2% of the global market [5] Group 3: OLED Technology Advancements - Chinese manufacturers are heavily investing in OLED technology, with companies like Tianma and BOE establishing advanced production lines [5][7] - By the first half of 2025, Chinese manufacturers are expected to hold a 51.7% share of the global AMOLED smartphone panel market [7] - The demand for AMOLED panels is rising, while LCD panels maintain stable shipments in entry-level markets [7][11] Group 4: Cost Pressures and Strategic Responses - The increase in storage chip prices is expected to raise the BOM cost of smartphones by approximately 5-7% next year [8][9] - The share of storage in laptop BOM costs is projected to exceed 20% by 2026, leading to potential price increases of 5-15% for laptops [9][11] - Manufacturers are adjusting their product strategies, potentially reducing screen quality in lower-end models to manage costs [11][12] Group 5: Collaboration and Innovation - Companies are moving towards deep collaboration with panel manufacturers, shifting from traditional supplier relationships to joint technology development [16][20] - Xiaomi has established joint laboratories with panel manufacturers to enhance the entire supply chain [20][21] - The shift towards a collaborative model is seen as essential for competing with global leaders like Apple and for driving innovation in the display industry [21]

Core Insights - The 2025 China 5G + Industrial Internet Conference opened in Wuhan, highlighting the integration of digital and physical economies as a key driver for high-quality economic development [1] Group 1: Industry Developments - The "5G + Industrial Internet" initiative has become a crucial force in promoting the deep integration of the real economy and the digital economy over the past five years [1] - Wuhan has established itself as a pilot city for "5G + Industrial Internet" applications, achieving significant milestones such as the construction of 300 digital production lines and 122 demonstration projects [5] - The city has been recognized as one of the first national pilot cities for "5G + Industrial Internet" integration applications and has the highest number of leading smart factories in the country [5] Group 2: Technological Innovations - AI technologies have generated direct economic benefits exceeding 540 million yuan for TCL, showcasing the financial impact of integrating AI in manufacturing [2] - The establishment of Wuhan Scene Technology Co., Ltd. aims to address challenges in resource matching and supply-demand alignment, focusing on ten key areas including digital transformation in manufacturing and smart healthcare [4] - The introduction of intelligent agents in factories, such as "Little Luban," has improved decision-making efficiency by 62% in fault management [2] Group 3: Future Directions - Wuhan plans to leverage opportunities in "5G + Industrial Internet" development, particularly in low-altitude economy and smart manufacturing, to promote the commercial deployment of 5G-A [5] - The city aims to create two major industrial clusters: "5G + Optoelectronic Information" and "Industrial Internet + Industrial Software," while advancing the large-scale application of industrial internet identification [5]

Core Viewpoint - The article discusses the consumer rights issues arising from the "green line" problem in smartphone screens, affecting major brands like OPPO, Vivo, Samsung, Xiaomi, and Huawei, highlighting the inconsistent after-sales service and warranty policies among these manufacturers [1][9]. Group 1: After-Sales Service Policies - OPPO and Vivo offer a warranty period of around four years, while Xiaomi, Huawei, and Honor typically provide one year of warranty service [3]. - OPPO announced free screen replacement for devices with green line issues within four years of purchase, while users with devices older than four years can receive discounted repair services [3]. - There are significant discrepancies in after-sales service experiences among OPPO users, with some receiving free replacements while others are denied service due to lack of purchase receipts [4][5]. Group 2: Consumer Complaints and Experiences - Many consumers report unreasonable demands for proof of purchase, such as requiring original receipts and packaging, which complicates the warranty claim process [4][8]. - Some users have successfully obtained free screen replacements after escalating complaints through various channels, despite being initially denied service [4][5]. - The article notes that even within the same brand, different service centers may apply different policies regarding the green line issue, leading to confusion and frustration among consumers [7][8]. Group 3: Technical Background of the Issue - The green line issue is a common fault in OLED displays, potentially caused by various factors such as chip failure or circuit issues [9][11]. - The problem has been linked to specific batches of screens supplied by Samsung, affecting multiple smartphone models [11]. - High temperatures and humidity are noted as conditions that can exacerbate the green line problem, with summer months being particularly problematic [12]. Group 4: Industry Response and Consumer Trust - There is a growing consumer expectation for a transparent and fair after-sales service system, especially in light of the marketing claims of high-quality products [13]. - The article emphasizes that the lack of a unified standard in after-sales service undermines consumer trust, as users feel that the service does not match the promised product quality [13].

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) experienced a decline of 1.70% as of the midday close on November 21, with a trading volume of 4.1672 million yuan [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.211 yuan [1] - The fund has a performance benchmark of the CSI All Share Free Cash Flow Index return rate [1] - Since its establishment on April 23, 2025, the fund has achieved a return of 23.00%, with a one-month return of 4.57% [1] Group 2: Major Holdings - Major stocks in the Freedom Cash Flow ETF include: - China National Offshore Oil Corporation (CNOOC) down 1.44% - Midea Group down 0.05% - Gree Electric Appliances down 0.74% - Wuliangye Yibin down 0.36% - China COSCO Shipping down 0.46% - Luoyang Molybdenum down 3.48% - TCL Technology down 1.92% - China Aluminum down 4.08% - SF Express down 1.34% - Shaanxi Coal and Chemical Industry down 0.43% [1]

全球显示产业正在经历新一轮技术更迭。随着移动终端、AI PC、高端显示器迈向高分辨率、低功耗、广色域的新阶段，核心显示技术OLED 的渗透率不断提升。 其中，印刷OLED，这一长期被视作未来技术的路线，正在由中国企业率先实现技术突破与产线落地。 在今年的TCL华星全球显示生态大会（DTC2025）上，TCL华星展出了全球首款Real Stripe RGB OLED手机屏，采用高精度OLED打印技术， 实现390PPI的分辨率突破，宣告印刷OLED在中尺寸应用之后，正在向小尺寸迈出关键一步。 正如TCL科技高级副总裁、TCL华星首席执行官赵军所说："印刷OLED是目前市场上唯一一个能覆盖从小尺寸手机到65、75英寸大尺寸TV的 技术。"在OLED产业全球竞争格局加速变化、国内高世代OLED产线密集推动的背景下，印刷OLED不仅是一条技术路线的崛起，更是中国显 示产业链从"补短板"迈向"领跑未来"的突破口。 TCL华星印刷OLED中心长曹蔚然告诉21世纪经济报道记者："相关数据显示，中国企业OLED的全球占比已经突破46%，接近50%。第三方机 构预测，中国有三家企业的高世代OLED线先后投产，在2027、202 ...

记者丨倪雨晴 全球显示产业正在经历新一轮技术更迭。随着移动终端、AI PC、高端显示器迈向高分辨率、低功耗、广色域的新阶段，核心显示技 术OLED的渗透率不断提升。 其中， 印刷OLED，这一长期被视作未来技术的路线，正在由中国企业率先实现技术突破与产线落地。 在今年的TCL华星全球显示生态大会（DTC2025）上，TCL华星展出了全球首款Real Stripe RGB OLED手机屏，采用高精度OLED 打印技术，实现390PPI的分辨率突破，宣告印刷OLED在中尺寸应用之后，正在向小尺寸迈出关键一步。 印刷OLE D角逐高世代产线 全球OLED竞争正在进入高世代产线角逐阶段。 编辑丨骆一帆 正如TCL科技高级副总裁、TCL华星首席执行官赵军所说："印刷OLED是目前市场上唯一一个能覆盖从小尺寸手机到65、75英寸大 尺寸TV的技术。"在OLED产业全球竞争格局加速变化、国内高世代OLED产线密集推动的背景下，印刷OLED不仅是一条技术路线 的崛起，更是中国显示产业链从"补短板"迈向"领跑未来"的突破口。 TCL华星印刷OLED中心长曹蔚然告诉21世纪经济报道记者："相关数据显示，中国企业OLED的全球占比 ...

21世纪经济报道记者倪雨晴 苏州、深圳报道 全球显示产业正在经历新一轮技术更迭。随着移动终端、AI PC、高端显示器迈向高分辨率、低功耗、 广色域的新阶段，核心显示技术OLED的渗透率不断提升。 其中，印刷OLED，这一长期被视作未来技术的路线，正在由中国企业率先实现技术突破与产线落地。 在今年的TCL华星全球显示生态大会（DTC2025）上，TCL华星展出了全球首款Real Stripe RGB OLED 手机屏，采用高精度OLED打印技术，实现390PPI的分辨率突破，宣告印刷OLED在中尺寸应用之后， 正在向小尺寸迈出关键一步。 正如TCL科技高级副总裁、TCL华星首席执行官赵军所说："印刷OLED是目前市场上唯一一个能覆盖从 小尺寸手机到65、75英寸大尺寸TV的技术。" 在OLED产业全球竞争格局加速变化、国内高世代OLED 产线密集推动的背景下，印刷OLED不仅是一条技术路线的崛起，更是中国显示产业链从"补短板"迈 向"领跑未来"的突破口。 （TCL科技高级副总裁、TCL华星首席执行官赵军，图源：TCL科技） TCL华星印刷OLED中心长曹蔚然告诉21世纪经济报道记者："相关数据显示，中国企业OL ...

Core Insights - The photovoltaic ETF Huaxia (515370) has seen a decline of 1.36%, with the latest price at 0.94 yuan [1] - The ETF has a turnover rate of 3.67% during the trading session, with a transaction volume of 10.1985 million yuan [1] - Over the past year, the average daily transaction volume for the ETF was 16.2291 million yuan [1] - The management fee for the ETF is 0.40%, and the custody fee is 0.10%, indicating a relatively low fee structure [1] - The ETF closely tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1] Index Performance - As of October 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include: - Sunshine Power (300274) with a weight of 6.28% and a price increase of 0.49% [3] - Longi Green Energy (601012) with a weight of 3.12% and a price decrease of 4.29% [3] - TBEA (600089) with a weight of 3.10% and a price increase of 0.78% [3] - TCL Technology (000100) with a weight of 2.22% and a price decrease of 0.48% [3] - Tongwei Co., Ltd. (600438) with a weight of 1.75% and a price decrease of 4.25% [3] - Chint Electric (601877) with a weight of 0.87% and a price decrease of 2.48% [3] - Canadian Solar (688472) with a weight of 0.86% and a price decrease of 2.52% [3] - TCL Zhonghuan (002129) with a weight of 0.84% and a price decrease of 3.93% [3] - JA Solar (002459) with a weight of 0.73% and a price decrease of 3.90% [3] - Deye (605117) with a weight of 0.73% and a price decrease of 1.82% [3] - The top ten stocks collectively account for 60.74% of the index [1]