印刷OLED技术是一种通过高精度喷头将液态发光材料按照预设图案精准喷射到基板上，再经干燥固化 等形成像素的OLED显示面板制造技术。 TCL华星在OLED领域已开展十余年技术研究与探索，具备印刷OLED量产能力及关键专利。其位于武 汉的G5.5代线印刷OLED产线于2024年11月起实现量产及用户交付，产线产能正在从3k/月提升至9k/ 月，并在生产工艺、效率和产品质量等方面持续优化。 9月12日，TCL科技集团股份有限公司（000100.SZ）发布公告，公司、旗下子公司TCL华星与广州市人 民政府、广州经济技术开发区管理委员会共同签署项目合作协议，拟共同出资于广州市建设一条月加工 2290mm×2620mm玻璃基板能力约2.25万片的第8.6代印刷OLED显示面板生产线（简称"t8项目"），主 要产品涵盖平板、笔记本电脑、显示器等应用领域，预计总投资额约人民币295亿元。 瞄准高端显示市场机遇 TCL华星印刷OLED商业化进程提速 印刷OLED具备色彩表现优异、分辨率高，且材料利用率高，能耗低，投资和制造成本低等优势，是适 配小、中、大全尺寸的规模化商用OLED技术路径。t8项目的建设，有助于TCL华星紧抓 ...

Investment Rating - The investment rating for TCL Technology is "Buy" [5][10]. Core Views - TCL Technology announced the construction of an 8.6-generation printed OLED production line, with a total investment of approximately RMB 29.5 billion, expected to start construction in November 2025 [2][3]. - The project aims to enhance TCL's competitive advantage in the OLED display industry, leveraging self-owned technology to capture market growth and improve operational efficiency [3]. - The semiconductor display business is expected to benefit from improved industry supply-demand dynamics, with projected revenue growth from RMB 1,933.81 billion in 2025 to RMB 2,589.79 billion in 2027, and net profit increasing from RMB 6.377 billion to RMB 12.066 billion in the same period [3][4]. Summary by Sections Company Overview - TCL Technology, through its subsidiary TCL Huaxing, is collaborating with the Guangzhou government to establish a new OLED production line, which will have a monthly processing capacity of approximately 22,500 glass substrates [2]. Financial Projections - Revenue projections for TCL Technology are as follows: RMB 1,933.81 billion in 2025, RMB 2,274.23 billion in 2026, and RMB 2,589.79 billion in 2027, with corresponding net profits of RMB 6.377 billion, RMB 9.325 billion, and RMB 12.066 billion [4][9]. - The company is expected to see significant growth in earnings per share (EPS), from RMB 0.31 in 2025 to RMB 0.58 in 2027 [4][9]. Market Position - The 8.6-generation printed OLED project is seen as a strategic move to position TCL as a leader in the display industry, transitioning from a follower to a frontrunner in technology [3]. - The project is anticipated to enhance TCL's market share in high-end products and optimize its operational efficiency [3].

9月12日，TCL科技集团股份有限公司（000100.SZ）发布公告，公司、旗下子公司TCL华星与广州 市人民政府、广州经济技术开发区管理委员会共同签署项目合作协议，拟共同出资于广州市建设一条月 加工2290mm×2620mm玻璃基板能力约2.25万片的第8.6代印刷OLED显示面板生产线（简称"t8项 目"），主要产品涵盖平板、笔记本电脑、显示器等应用领域，预计总投资额约人民币295亿元。 瞄准高端显示市场机遇 TCL华星印刷OLED商业化进程提速 印刷OLED技术是一种通过高精度喷头将液态发光材料按照预设图案精准喷射到基板上，再经干燥 固化等形成像素的OLED显示面板制造技术。 TCL华星在OLED领域已开展十余年技术研究与探索，具备印刷OLED量产能力及关键专利。其位 于武汉的G5.5代线印刷OLED产线于2024年11月起实现量产及用户交付，产线产能正在从3k/月提升至 9k/月，并在生产工艺、效率和产品质量等方面持续优化。 从跟跑到领跑 抢占全球新型显示产业战略制高点 值得注意的是，TCL华星t8项目所采用技术均为TCL华星自有，基于印刷OLED技术建设的第8.6代 线，也将为我国在全球新型显示产业 ...

【环球网科技综合报道】9月15日消息，近日，TCL科技集团股份有限公司（000100.SZ）发布公告称， 公司、旗下子公司TCL华星与广州市人民政府、广州经济技术开发区管理委员会共同签署项目合作协 议，拟共同出资于广州市建设一条月加工2290mm×2620mm玻璃基板能力约2.25万片的第8.6代印刷 OLED显示面板生产线（简称"t8项目"），主要产品涵盖平板、笔记本电脑、显示器等应用领域，预计 总投资额约人民币295亿元。 近年来，全球新型显示行业市场步入相对稳定状态，在折叠屏成为显示新增长点、车载屏幕与穿戴设备 放量、显示屏尺寸扩大的背景下，OLED有望成为高端显示技术主流，迎来市场爆发。 公告及公开资料显示，TCL华星已构建规模化的全球专利布局，累计持有OLED专利超过9700件，其中 印刷OLED专利超过1200件，居行业首位，覆盖设计、材料、工艺和设备各个环节，构筑起坚实的技术 壁垒。 回顾TCL华星印刷OLED发展之路，自2013年投入印刷OLED研究，到2024年G5.5代线量产出货，再到 此次宣布建设高世代印刷OLED产线，十余年漫长征途，TCL华星坚持自主研发、人才储备和长期投 入。 印刷 ...

公告显示：广州华星光电印刷显示技术有限公司为项目公司，负责项目建设和运营，t8项目预计总 投资约人民币295亿元，各方同意共同出资147.5亿元到项目公司注册资本金，其中：TCL华星出资人民 币88.5亿元；广州市人民政府及广州经济技术开发区管理委员会统筹协调的国企共计出资人民币59亿 元。如果t8项目获得其他投资，则按照注册资本总额减去获得的其他投资金额，再由TCL华星与国有股 东按照60%：40%的比例认缴出资。t8项目总投资与注册资本的差额部分，通过项目公司向银团贷款等 符合适用法律的任何方式解决。 9月12日，TCL科技发布公告，公司旗下子公司TCL华星与广州市人民政府、广州经济技术开发区 管理委员会共同签署项目合作协议，拟共同出资于广州市建设一条月加工2290mm×2620mm玻璃基板能 力约2.25万片的第8.6代印刷OLED显示面板生产线（简称"t8项目"），主要产品涵盖平板、笔记本电 脑、显示器等应用领域，预计总投资额约人民币295亿元。 t8项目核心信息 建设地点：广州市，为月加工2290mm×2620mm玻璃基板能力约2.25万片的第8.6代印刷OLED显示 面板生产线。 市场趋势：车载O ...

【智通财经9月15日早间新闻精选】 1、当地时间9月14日，中美双方在西班牙马德里就有关经贸问题举 行会谈。据商务部新闻发言人此前介绍，中美双方将讨论美单边关税措施、滥用出口管制及TikTok等经 贸问题。 2、国务院总理李强9月12日主持召开国务院常务会议，会议指出，要拓宽民间投资空间，支 持民间资本加大新质生产力、新兴服务业、新型基础设施等领域投资。会议还指出，要推动我国生物医 学技术创新发展，加快技术研发和成果转化应用，促进生物医药产业提质升级，着力塑造发展新优势。 3、美东时间9月12日，美商务部宣布将多家中国实体列入出口管制"实体清单"。对此，商务部新闻发言 人表示，美方假借维护国际秩序和国家安全之名，行单边、霸凌主义之实，将一己私利凌驾于他国发展 权利之上，打压遏制包括中国在内的各国企业，中方对此坚决反对。 4、商务部9月13日发布公告，决 定对原产于美国的进口相关模拟芯片发起反倾销调查，并就美国对华集成电路领域相关措施发起反歧视 调查。 5、央行数据显示，2025年前八个月社会融资规模增量累计为26.56万亿元，比上年同期多4.66万 亿元。8月末M2余额331.98万亿元，同比增长8.8%。前 ...

Core Viewpoint - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation, extreme high temperatures, and consumer subsidy policies, leading to increased market demand. The consumer focus is shifting from basic temperature control to "comfort + health + high-end" upgrades, with comfort and health-oriented air conditioners emerging as clear new growth points [1]. Group 1: Environmental Factors - The dual drivers of policy and technological innovation are reshaping the air conditioning market, emphasizing energy efficiency and low-carbon transformation, which is expected to stabilize the industry's lifecycle development [2]. - National subsidy policies have reduced consumer purchase costs, while extreme high temperatures have directly stimulated market demand, enhancing air conditioning sales and positively impacting the related supply chain [3]. Group 2: Market Dynamics - The air conditioning market is entering a mature phase with stable growth, where online sales account for 60% of the market, and traditional e-commerce remains the core traffic entry point. Price differentiation is evident, with low-priced and high-priced segments both seeing increased market share [5]. Group 3: Consumer Demand - Social media discussions reflect the evolving demands for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health becoming the top ten topics of interest for 2025 [9]. - The evolution of air conditioning from a "single temperature regulator" to a "quality lifestyle hub" that integrates comfort, health, and aesthetics is evident, with a focus on improving air quality and harmonizing with home decor [11]. - The high-end air conditioning market is evolving towards a comprehensive experience that combines "extreme comfort + health purification + aesthetic integration + smart connectivity" [13]. Group 4: Opportunities and Trends - The transition from "selling products" to "selling lifestyles" is a significant opportunity, focusing on specific living scenarios, spatial functions, and emotional needs of users [15]. - The demand for air conditioning is shifting towards comfort, health, and high-end features, indicating a deeper consumer need for quality and experience [17]. - The main consumer groups for air conditioning are shifting towards younger generations, particularly those born in the 2000s and 1990s, with a focus on comfort in family settings [19]. Group 5: Purchase Behavior - Consumers are increasingly motivated by the need for functionality and quality of life improvements, moving from basic needs to higher quality and better experiences [21]. - The primary information channel for consumers is e-commerce platforms, with JD.com recognized as the leading source for appliance information and purchases [24]. - Performance and quality are critical factors in purchase decisions, with consumers becoming more rational and focused on comprehensive experiences rather than just price sensitivity [28]. Group 6: Product Features and User Feedback - High satisfaction rates (over 99%) for features like "no-wind" and "soft wind" indicate strong consumer preference for comfort and health functionalities in air conditioning products [58]. - The integration of health features, such as air purification and self-cleaning technologies, is becoming a key selling point, enhancing the overall value of air conditioning products [57]. Group 7: Collaborative Innovations - JD.com collaborates with major air conditioning brands to promote comfort and health technologies, successfully driving sales of various air conditioning products that meet evolving consumer demands [61].

其中，TCL科技的半导体显示业务共实现营业收入575.51亿元，同比增长15.38%，占公司当期营业收入的比例由 上年同期的62.17%提升至67.26%；毛利率20.30%，同比提升1.99个百分点。 作为TCL科技半导体显示业务的核心子公司、全球半导体显示龙头，TCL华星实现营业收入504.3亿元，同比增长 14.4%；净利润43.2亿元，同比增长74.0%。 拟与广州国资共同出资147.5亿 长江商报消息 ●长江商报记者 徐佳 在半导体显示核心赛道，TCL科技（000100.SZ）又有重大动作。 9月12日晚间，TCL科技公告称，公司及子公司TCL华星与广州市人民政府、广州经济技术开发区管理委员会共同 签署项目合作协议，拟共同建设一条第8.6代印刷OLED显示面板生产线，项目总投资约295亿元，其中TCL华星出 资88.5亿元。 长江商报记者注意到，此笔投资是TCL华星基于印刷OLED技术的G5.5代线在2024年11月实现量产之后，在高世代 印刷OLED产业实现商业化的重要举措。 事实上，近年来，TCL科技在半导体显示领域的业务布局持续完善，市场竞争优势不断提升。 2025年上半年，TCL科技实现营业 ...

周恒 制图 ◎记者 黎灵希 瞄准高端显示机遇 近年来，全球新型显示行业市场步入相对稳定状态。在折叠屏成为显示新增长点、车载屏幕与穿戴设备 放量、显示屏尺寸扩大的背景下，OLED有望成为高端显示技术主流，迎来市场爆发。 近日，TCL科技公告，公司及旗下子公司TCL华星与广州市人民政府、广州经济技术开发区管理委员会 共同签署项目合作协议，拟共同建设一条月加工2290mm×2620mm玻璃基板能力约2.25万片的第8.6代印 刷OLED显示面板生产线（简称"t8项目"），主要产品涵盖平板、笔记本电脑、显示器等，预计总投资 额约295亿元。 "印刷OLED技术是我国显示产业从'跟跑'到'领跑'的关键突破点。"TCL科技在公告中表示，t8项目所采 用技术均为TCL华星自有。基于印刷OLED技术建设的第8.6代线，将为我国在全球新型显示产业竞争新 格局中抢占战略制高点、发挥引领作用提供有力支撑。 据公告，t8项目规划建设周期为24个月，预计2025年11月开工。广州华星光电印刷显示技术有限公司 （简称"项目公司"）负责项目建设和运营。各方同意共同出资147.5亿元到项目公司作为注册资本金， 其中TCL华星出资88.5亿元 ...

Core Viewpoint - OLED technology is becoming a critical area of competition among display companies, with TCL Technology Group announcing a significant investment in a new production line to enhance its market position and product offerings [1][2]. Group 1: TCL Technology's Investment - TCL Technology, along with its subsidiary TCL Huaxing, has signed a project cooperation agreement with the Guangzhou government to build an 8.6-generation printed OLED display panel production line, with a total investment of approximately 29.5 billion yuan [1]. - The project, referred to as the "t8 project," will involve a joint capital contribution of 14.75 billion yuan, with TCL Huaxing contributing 8.85 billion yuan and local government entities contributing 5.9 billion yuan [1]. - The t8 project is expected to commence construction in November 2023, with a planned construction period of 24 months, aiming for a monthly processing capacity of about 22,500 glass substrates [2]. Group 2: Advantages of Printed OLED Technology - Printed OLED technology allows for high-precision application of liquid light-emitting materials, resulting in superior color performance, high resolution, and lower energy consumption and manufacturing costs [2]. - TCL Huaxing has been investing in printed OLED research since 2013, and the technology used in the t8 project is proprietary to the company [2]. Group 3: Market Trends and Competitors - The global competition in the display panel industry is increasingly focused on high-end OLED technology, with major players like BOE Technology Group and Visionox also announcing significant investments in similar production lines [2][3]. - BOE announced a 63 billion yuan investment in an 8.6-generation AMOLED production line, targeting the mid-size market, with plans to start product output by late 2024 [2]. - Samsung Display plans to invest 4.1 trillion won in an 8th generation IT OLED production line by 2026, indicating a competitive landscape dominated by Chinese and Korean companies [3].