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]

Core Viewpoint - The global display industry is undergoing a new round of technological upgrades, with OLED technology's penetration rate increasing, particularly in the area of printed OLED, which is being advanced by Chinese companies [1][2]. Group 1: Industry Trends - The display industry is moving towards high resolution, low power consumption, and wide color gamut, with OLED technology leading this transition [1]. - Printed OLED is recognized as a key technology that can cover applications from small mobile devices to large TVs, marking a significant shift in the competitive landscape of the OLED industry [1][2]. Group 2: Company Developments - TCL Huaxing has showcased the world's first Real Stripe RGB OLED mobile screen, achieving a resolution of 390 PPI, indicating a critical step towards small-size applications [1][6]. - The company is focusing on mid-size applications such as laptops, monitors, and automotive displays, with its first printed OLED product being a medical screen that achieved a 70% yield in production [6][7]. Group 3: Competitive Landscape - Four major panel manufacturers, including TCL Huaxing, are investing in high-generation OLED production lines, with a total investment nearing 170 billion yuan [6]. - The competition in high-generation OLED production is intensifying, and TCL Huaxing's ability to maintain competitiveness is under scrutiny as production capacity is set to be released between 2024 and 2028 [6][7]. Group 4: Strategic Decisions - TCL Huaxing made four key decisions to advance its printed OLED technology, including choosing the printed OLED route, shifting application focus to mid-size displays, relocating production lines to China, and initiating the Guangzhou T8 project with an investment of approximately 29.5 billion yuan [10][11][12]. - The company emphasizes the importance of supply chain stability, particularly in materials, to mitigate risks associated with production [11][12]. Group 5: Future Challenges - Key challenges for TCL Huaxing include improving power consumption, achieving higher yield rates, and enhancing resolution and material performance to meet market demands [15][16]. - The company aims to transition printed OLED from experimental stages to commercial viability, addressing issues such as resolution, material performance, and yield rates [14][15]. Group 6: Ecosystem Development - TCL Huaxing is focused on building an open, autonomous, and collaborative industry ecosystem, prioritizing upstream material and equipment collaboration, co-creating application scenarios with customers, and promoting industry standards [16].

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 ...

Core Insights - The global display industry is undergoing a new round of technological upgrades, with OLED technology's penetration rate increasing, particularly in the context of mobile devices, AI PCs, and high-end displays [1][2] - Chinese companies are leading the way in the development and implementation of printed OLED technology, marking a significant shift in the global competitive landscape of the OLED industry [1][2] - TCL Huaxing has showcased the world's first Real Stripe RGB OLED mobile screen, achieving a resolution breakthrough of 390 PPI, indicating progress in the application of printed OLED technology in smaller devices [1][3] Industry Trends - The competition in the OLED market is intensifying, with four major panel manufacturers, including TCL Huaxing, BOE, Visionox, and Samsung Display, investing nearly 170 billion yuan in high-generation OLED production lines [2] - The focus of investment is primarily on 8.6-generation OLED lines, which signifies a competitive escalation in OLED technology [2] Company Developments - TCL Huaxing's CEO emphasized that the company has made significant investment decisions regarding high-generation OLED production lines, which are expected to release capacity between the second half of next year and 2028 [2][3] - The company is expanding its application of printed OLED technology into small-sized devices, with ongoing improvements in performance metrics such as brightness, lifespan, and yield rates [3][4] Strategic Decisions - TCL Huaxing has made four key strategic decisions to advance printed OLED technology, including choosing the printed OLED route, shifting application focus from large to medium-sized displays, relocating JOLED's production line to China, and initiating the Guangzhou T8 project for large-scale commercialization [5][6][7] - The T8 project, with an investment of approximately 29.5 billion yuan, marks a significant step towards the commercialization of printed OLED technology [6] Challenges and Future Outlook - The company faces challenges in improving power consumption and yield rates, which are critical for the successful commercialization of printed OLED technology [7][8] - TCL Huaxing aims to enhance its competitive edge by continuously innovating technology and improving cost efficiency in response to market competition [7][9] - The printed OLED technology is seen as a breakthrough for the Chinese display industry, with the potential to lead in global technology routes [9]

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]

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) has shown a positive performance with a 0.32% increase, indicating investor interest and potential growth in the underlying assets [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.239 yuan with a trading volume of 2.6976 million yuan [1] - Since its inception on April 23, 2025, the fund has achieved a return of 23.72%, with a monthly return of 5.52% [1] Group 2: Top Holdings Performance - Major holdings in the ETF include: - China National Offshore Oil Corporation (CNOOC) up by 0.34% - Midea Group up by 1.83% - Gree Electric Appliances up by 1.07% - Wuliangye Yibin up by 1.00% - COSCO Shipping Holdings up by 0.20% - Luoyang Molybdenum down by 0.19% - TCL Technology up by 0.48% - China Aluminum Corporation up by 1.09% - SF Holding up by 0.28% - Shaanxi Coal and Chemical Industry down by 0.42% [1]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need to enhance industrial ecosystems and accelerate the large-scale application of new technologies and products, particularly in emerging industries like printed OLED technology, which is gaining attention due to technological advancements and the leading role of major companies [1] Group 1: Industry Developments - TCL Technology's subsidiary, TCL Huaxing, showcased breakthroughs in printed OLED technology at the DTC2025 conference, highlighting its competitive advantages in cost and display quality, and plans to build an open and collaborative industrial ecosystem [2][4] - The global first Real Stripe RGB OLED mobile display (5.65") was introduced, achieving a resolution breakthrough of 390 PPI, indicating significant advancements in printed OLED technology [2][4] - The T8 project, a collaboration between TCL Huaxing and local government, represents the world's first mass production line for G8.6 generation printed OLED, with a total investment of approximately 29.5 billion [4][5] Group 2: Technological Advantages - Printed OLED technology offers significant cost advantages, with over 15% lower costs compared to traditional OLED technologies, and a material utilization rate exceeding 90% [7][8] - The technology allows for clearer text display and superior color performance, making it suitable for a wide range of applications from 5-inch mobile devices to 65-inch televisions [7][8] - TCL Huaxing is committed to building a collaborative ecosystem by working with upstream partners on key materials and equipment, and engaging with downstream customers to identify optimal application areas for printed OLED technology [8]

● 本报记者 万宇 "十五五"规划建议提出，完善产业生态，实施新技术新产品新场景大规模应用示范行动，加快新兴产业 规模化发展。专家表示，相关技术的进步使得一批专业的细分领域日益受到关注，而头部企业的引领带 动作用不可忽视。中国证券报记者近日在调研和采访中发现，印刷OLED领域的技术不断取得突破，部 分企业正积极布局其规模化商用落地。 多款全新显示解决方案亮相 TCL科技旗下TCL华星近日举办了TCL华星全球显示生态大会（DTC2025），展现了其在印刷OLED等 方面的突破。TCL华星相关负责人对中国证券报记者表示，印刷OLED在成本、显示效果等方面具有竞 争优势，应用空间广阔，展望"十五五"，TCL华星将联合上下游合作伙伴，构建开放、自主、协同的印 刷OLED产业生态，为消费者和客户提供有竞争力的OLED显示解决方案。 TCL华星多款全新显示解决方案亮相DTC2025，包括全球首款Real Stripe RGB OLED手机显示 TCL华星先进显示技术品牌APEX臻图以宜人画质、视觉健康、绿色永续、未来想象四大维度，通过构 建OLED、LCD和MLED等显示产业全技术矩阵，覆盖TV、IT、商显、车载、专显以 ...