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 ...

Core Viewpoint - TCL has successfully positioned its SQD X11L Mini LED television as a market leader by choosing to focus on Mini LED technology instead of following the OLED trend, demonstrating a long-term vision and commitment to innovation [6][20][61]. Group 1: Historical Context and Decision Making - The journey began at the 2017 CES, where OLED technology was highly praised, leading many companies to pursue it, while TCL opted to continue developing LCD technology with a focus on Mini LED [4][6][7]. - TCL's decision to invest in Mini LED was seen as a challenging yet correct path, as it allowed the company to leverage existing LCD supply chains and avoid the pitfalls associated with OLED technology [20][17]. - The internal debate at TCL regarding the future direction highlighted the contrast between the established OLED path and the uncertain Mini LED route, with the latter requiring significant R&D investment [12][13][14]. Group 2: Technical Development and Breakthroughs - TCL faced three major challenges in developing Mini LED technology: achieving extreme contrast, brightness, and color accuracy [22][24]. - The company established the Pangu Laboratory to address these challenges, focusing on system-level solutions and optimizing the entire production process from materials to final products [27][29]. - TCL's Mini LED technology achieved a significant milestone with the release of the X11G Max, featuring 20,736 backlight zones, which set a new industry standard [29][60]. Group 3: Industry Impact and Future Prospects - The launch of the X11L SQD-Mini LED television marked a pivotal moment for TCL, showcasing its ability to lead in display technology and shift the narrative from following to leading in the industry [61][62]. - The advancements made by TCL not only highlight the company's technical capabilities but also signify a broader transformation within the Chinese display industry, moving towards self-sufficiency and innovation [61][62]. - Looking ahead, TCL is poised to continue exploring new technologies and solutions, with a structured R&D roadmap in place to guide future developments [63].

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]

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].

Core Viewpoint - The global display industry is undergoing a new round of technological iteration, with OLED technology's penetration rate increasing, particularly in the context of printed OLED technology being led 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 printed OLED technology emerging as a key player [1]. - China’s share of the global OLED market has surpassed 46%, with predictions indicating it will exceed 50% by 2027-2028 as three major companies launch high-generation OLED lines [2]. Group 2: Competitive Landscape - Four panel manufacturers, including TCL Huaxing, BOE, Visionox, and Samsung Display, are investing in high-generation OLED production lines, with total investments nearing 170 billion yuan [5]. - The competition in high-generation OLED technology is intensifying, with TCL Huaxing focusing on maintaining competitiveness in its 8.6-generation printed OLED production line [5][6]. Group 3: Key Decisions by TCL Huaxing - TCL Huaxing made four critical decisions in the development of printed OLED technology, including choosing the printed OLED route, shifting application focus to mid-size displays, relocating JOLED's production line to China, and initiating the Guangzhou T8 project for large-scale commercialization [8][9][10]. - The decision to focus on mid-size applications was driven by the performance and cost advantages of printed OLED technology [8]. Group 4: Challenges and Future Directions - Key challenges for TCL Huaxing include improving power consumption, achieving high yield rates, and addressing material performance issues [11][12]. - The company aims to enhance the efficiency of its printed OLED technology to meet the stringent requirements of top-tier customers while ensuring compatibility with existing OLED materials [12]. - The future strategy involves building an open, autonomous, and collaborative industry ecosystem to enhance global competitiveness [13].

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]