记者丨郑康喜 编辑丨蒋韵 1913年，当亨利·福特在美国密歇根州启动世界上第一条汽车流水线时，他一定无法想象， 100多年后在中国广东，飞行汽车将以每30分钟一台的速度走下生产线。 11月3日，全球首条飞行汽车量产线在位于广州市黄埔区的小鹏汇天飞行汽车量产工厂贯通， 首台分体式飞行汽车"陆地航母"试产并顺利下线。这也是全球首个利用现代化流水线进行飞 行汽车批量生产的工厂、全球首个具备"万辆级"年产能的量产工厂，满产后年产能1万台，初 期年产能5000台。 作为中国经济第一大省，今年以来，广东以显示面板、创新药、机器人和人工智能等为代 表的众多新"广货"，凭借着硬核的创新力和产品力，驰骋于全球市场。 这背后，一条条新生产线的诞生，成为强劲的新引擎。 从全球首个飞行汽车量产线，到全球第一条G8.6代印刷OLED产线，再到全球第一条三折叠智 能手机产线、全球第一条基于PD-1的双抗新药产线，这些世界级先进生产线，立足广东完善 的产业链体系和高效的供应链网络，推动着广东科技创新成果不断从实验室迈向终端市场， 加快构建产业科技互促双强闭环。 显而易见，当新"广货"源源不断走下新产线，广东制造也加快走向价值链更高端位置。 ...

Group 1 - Lithium carbonate prices have been rising due to unexpected demand and accelerated inventory depletion, with futures contracts increasing from 72,000 yuan/ton to 82,280 yuan/ton since mid-October [1] - European large-scale energy storage is experiencing accelerated growth, with project returns increasing to 10%-15% following frequent negative electricity prices, and government support intensifying after a major blackout in Spain [1] - By 2030, Europe is expected to add 165 GWh of new installed capacity, with a projected compound annual growth rate of 40% from 2024 to 2030, corresponding to a market space of 170 billion yuan [1] Group 2 - As of November 5, 2025, the China Photovoltaic Industry Index (931151) rose by 0.61%, with notable increases in stocks such as TBEA (4.24%) and Junda (2.43%) [2] - The photovoltaic ETF fund (516180) has seen a 7.03% increase over the past week, with a recent price of 0.83 yuan and a significant increase in shares by 200,000 over the past month [2] - The ETF fund has achieved a net value increase of 13.18% over the past year, with the highest monthly return reaching 24.05% since its inception [2] Group 3 - The photovoltaic ETF fund's maximum drawdown over the past six months was 7.46%, with a recovery time of 13 days, indicating a relatively quick recovery compared to similar funds [3] - The fund has a management fee of 0.50% and a custody fee of 0.10%, with a tracking error of 0.032% over the past month, demonstrating high tracking precision [3] - The top ten weighted stocks in the China Photovoltaic Industry Index account for 60.74% of the index, with significant contributions from companies like Sungrow and LONGi Green Energy [3][5]

Core Insights - The establishment of the world's first mass production line for flying cars in Guangzhou marks a significant milestone in the evolution of manufacturing technology, with an initial annual production capacity of 5,000 units and a full capacity of 10,000 units [1][4] - Guangdong province is emerging as a global hub for advanced manufacturing, with multiple world-class production lines being established, including those for OLED displays and biopharmaceuticals, which are expected to enhance the region's competitive edge in various high-tech industries [2][3][9] Group 1: Flying Cars and Advanced Manufacturing - The first mass production line for flying cars, operated by XPeng Heavens, successfully produced its first unit, showcasing breakthroughs in various technologies and processes [4] - The flying car production line is part of a broader trend in Guangdong, where new production lines are being established across various sectors, including OLED displays and biopharmaceuticals, indicating a shift towards higher value-added manufacturing [2][3] Group 2: Technological Advancements and Industry Growth - The G8.6 generation printed OLED production line initiated by TCL is expected to lead to a complete industrial chain in Guangdong, covering materials, equipment, panels, and terminals, thereby solidifying the region's position in the display industry [3] - Guangdong's manufacturing sector is experiencing a significant upgrade, with new products such as industrial robots and drones seeing substantial production increases of 33.7%, 15.2%, and 44.8% respectively in the first three quarters of the year [4] Group 3: Investment and Ecosystem Development - TCL has invested a total of 82.5 billion yuan in Guangdong over the past five years, with an additional 29.5 billion yuan allocated for the new OLED project, reflecting confidence in the region's industrial ecosystem [4][5] - The establishment of advanced manufacturing lines is attracting both domestic and international companies to invest in Guangdong, enhancing the region's innovation capabilities and market responsiveness [6][7] Group 4: Market Dynamics and Future Prospects - The demand for robots in various industries, including new energy vehicles and consumer electronics, is driving technological advancements and market growth in Guangdong [7] - The new production lines are not only enhancing product structures but also facilitating Guangdong's "second overseas expansion," as companies like Luxshare Precision aim to deepen collaborations with major clients in the consumer electronics and automotive sectors [8][9]

Core Insights - The release of three high-end equipment for 8.6-generation large-size OLED production lines marks a significant breakthrough in China's display equipment sector [1] - The demand for OLED displays is expanding from mobile devices to larger applications such as computers and automotive displays, indicating a growing market [1][2] - The global OLED display market is showing positive trends, with improved supply-demand relationships and stabilizing product prices, signaling a recovery phase for the industry [2] Industry Developments - The newly launched high-end equipment includes a multi-application inkjet film deposition platform, the first domestic large-area bonding equipment, and the first domestic EHD dispensing equipment, all aimed at enhancing production efficiency and reducing costs [1] - The 8.6-generation AMOLED production line is versatile, catering to various terminal products like tablets, laptops, and automotive displays, which will support the growth of consumer electronics and smart home sectors [2] - The global shipment of flexible AMOLED panels is projected to reach 1.01 billion units in 2024, with expectations to exceed 1.33 billion units by 2030, indicating a compound annual growth rate in key segments [2] Company Actions - TCL Technology has initiated the construction of its 8.6-generation printed OLED production line, which will utilize self-developed technology and aims to process approximately 22,500 glass substrates monthly [4] - Other companies, including Samsung Display and BOE Technology Group, are also building 8.6-generation OLED production lines, highlighting a competitive landscape in the industry [4] - Domestic companies are focusing on differentiating their technology and application scenarios to avoid homogenized competition, with an emphasis on expanding into emerging fields like automotive and medical displays [5][6] Material Supply Chain - The advancement of large-size OLED production lines is driving demand for upstream OLED materials, with companies like Wanrun and Light Optoelectronics reporting stable revenue growth in OLED materials [6] - The performance of OLED terminal materials has positively impacted profits for companies involved in the OLED supply chain, indicating a robust market for these materials as production ramps up [6]

Core Insights - The global OLED laptop panel market is expected to reach a shipment volume of 12.7 million units by 2025, with a market penetration rate of 6% [1] - Rigid OLED (ROLED) will dominate the market with an estimated shipment of 12.1 million units, representing a 31% year-on-year growth [1][7] - Flexible OLED (FOLED) is projected to have a shipment of approximately 600,000 units, driven by flagship models like Huawei's 18-inch foldable PC [1] Market Trends - The OLED laptop market is witnessing rapid innovation, with new products being launched, such as Lenovo's Yoga Air X AI and Huawei's MateBook Fold [2] - The introduction of high-performance OLED screens is aligned with the trends in AI PC technology and the critical product iteration cycle in the PC market [2] Product Strategy - Samsung Display (SDC) is implementing a dual product strategy targeting both mainstream lightweight laptops and high-end gaming laptops, which is expected to enhance ROLED's market presence [6] - The mainstream FHD+ specifications for 14-inch and 16-inch laptops are being introduced to cater to traditional PC brands [6] Market Capacity and Production - The upcoming G8.6 OLED production lines are set to significantly impact the laptop panel market, with four new lines expected to come online in the next two years [10][11] - The G8.6 OLED production lines will focus on both Hybrid OLED and FOLED technologies, which offer advantages in display quality and thinness compared to traditional LCDs [11][15] Future Projections - By 2026, G8.6 OLED shipments are expected to reach around 1.7 million units, primarily driven by demand from Apple’s MacBook Pro [15] - The market for Hybrid OLED is anticipated to grow significantly by 2029, as it becomes the dominant technology in the high-end to mid-range laptop segments [18] Competitive Landscape - The competition between OLED and LCD technologies is expected to intensify, leading to a rapid upgrade in specifications across the laptop market [19] - The next five years are projected to be a revolutionary period for laptop display solutions, focusing on lighter, thinner, and smarter technologies [19]

Core Viewpoint - The restructuring plan of Shanshan Co., Ltd. has faced significant setbacks as key creditor groups voted against the proposal, leading to uncertainty in the company's control change and investment plans with TCL Technology [1][2][3] Restructuring Plan - The restructuring plan was not approved in the third creditors' meeting, primarily due to opposition from the secured creditors and ordinary creditors, as well as the investor group [2] - The management is required to continue the restructuring process, but the failure to pass the plan adds considerable uncertainty to the outcome [1][2] Shareholding and Control - Shanshan Group and its affiliates hold a combined 24.85% stake in Shanshan Co., making them the actual controlling party, but their shareholding stability is under severe threat due to high levels of pledged shares and frozen assets [2][4] - The proposed change in control to TCL Technology, which aimed to acquire 23.36% of Shanshan Co.'s shares, is now on hold [1][3] Financial Performance - Shanshan Co. reported a revenue of 14.809 billion yuan for the first three quarters of 2025, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, a significant increase of 1121.72% [4][5] - The improvement in performance is attributed to the increased output of high-value-added products in the polarizer business and cost optimization in the anode materials business [4][5] Future Pathways - Following the rejection of the restructuring plan, several potential pathways exist, including negotiating a revised plan with creditor groups for another vote or seeking court approval for the original plan [5] - TCL Technology may need to reassess its investment strategy in Shanshan Co. if the restructuring does not progress, which could lead to a prolonged period of uncertainty regarding the company's control [5]

Core Viewpoint - TCL Technology is involved in the bankruptcy reorganization of Shanshan Group and its subsidiary, with recent developments indicating that the proposed reorganization plan was not approved by the creditors' meeting [1][3]. Group 1: Company Involvement - TCL Technology recognizes the long-term development potential of Shanshan Co., and through its investment partnership, it has joined other investors to participate in the reorganization process [3]. - The reorganization investment involves a partnership with Jiangsu Xinyangzi Trading Co., Jiangsu Xinyang Ship Investment Co., and China Orient Asset Management Co., Shenzhen Branch, culminating in the signing of a reorganization investment agreement on September 29, 2025 [3]. Group 2: Reorganization Challenges - The recent creditors' meeting held on October 21, 2025, did not approve the proposed reorganization plan, indicating ongoing negotiations regarding debt repayment and future operational plans [4]. - The uncertainty surrounding the approval of the reorganization plan by the creditors' meeting and the court poses significant challenges for TCL Technology's investment strategy [3][4].

Core Insights - The article highlights the importance of display technology in the competitive smartphone market, emphasizing the need for expertise in both foundational materials and the ability to scale cutting-edge technology into mass production [1] Group 1: Display Technology Challenges - The development of 8K/4K displays faced significant challenges, particularly in maintaining image quality across viewing angles, which was addressed through the implementation of multi-domain display technology [2] - Key issues in high-generation panel production included circuit breakage risks and manufacturing test damage, which were mitigated by introducing a metal protection layer and a special shorting bar structure, respectively [2] Group 2: Innovations in Smartphone Displays - A new display quality evaluation system was established, focusing on visual comfort rather than just color accuracy and brightness, which led to the development of a comprehensive eye protection solution that adjusts blue light and brightness dynamically [3] - This eye protection solution has been successfully applied in multiple flagship models, setting a new industry standard for eye comfort [3] Group 3: Future Trends in Display Technology - Future developments in display technology are expected to shift from hardware upgrades to intelligent collaboration, with AI playing a crucial role in optimizing image quality, display driving, and manufacturing processes [4] - Innovations such as foldable displays and MicroLED technology are anticipated to revolutionize form factors and energy efficiency, particularly for AR/VR and automotive displays [4] Group 4: Guidance for Young Engineers - Emphasis on maintaining a foundational understanding of the physics and materials involved in display technology is crucial for young engineers [5] - A systematic perspective is necessary, where engineers should understand how technology integrates into production, cost, and supply chains, highlighting the importance of cross-departmental communication and system design [5]

Core Insights - The upcoming "Double 11" shopping festival is driving a surge in the television market, with picture quality being the most critical factor for consumers [1] - TCL's SQD-Mini LED technology has broken a decade-long stagnation in color gamut, establishing the X11L series as a benchmark for "ultimate picture quality" in high-end televisions [1][3] Group 1: Picture Quality - Contrast and color gamut are the two most important aspects of picture quality, with contrast managing brightness boundaries and color gamut determining color richness and fidelity [2] - TCL has achieved industry-leading contrast through its innovative "万象分区" (Wànxiàng Fēnqū) technology, which enhances the luminous efficiency of each unit [3] - The SQD-Mini LED technology, introduced after TCL's quantum dot technology in 2014, has significantly advanced the industry's picture quality [2] Group 2: Technological Innovations - The SQD-Mini LED technology avoids the pitfalls of "pseudo high color gamut" televisions by utilizing 100% BT.2020 full high color gamut, providing stable display experiences for both monochrome and multicolor [2] - The combination of super quantum dot materials and the super butterfly screen creates a comprehensive color optimization system, achieving precise saturation and fidelity for every color [2] - The X11L model features 20,736 local dimming zones, the highest in the industry, enhancing clarity and detail in images [3] Group 3: Product Development - TCL's SQD-Mini LED technology not only overcomes technical bottlenecks in color gamut and contrast but also sets a new standard for television picture quality [3] - The company has built the strongest Mini LED product lineup in the industry, catering to diverse consumer needs [3]

Core Viewpoint - TCL Technology's stock price has experienced a decline of 14.66% year-to-date, with a recent drop of 2.07% on November 4, 2023, indicating potential market concerns regarding its performance and investor sentiment [1]. Financial Performance - For the period from January to September 2025, TCL Technology reported a revenue of 136.065 billion yuan, reflecting a year-on-year growth of 10.50%. The net profit attributable to shareholders reached 3.047 billion yuan, showing a significant increase of 99.75% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for TCL Technology was 671,100, a decrease of 2.22% from the previous period. The average number of circulating shares per shareholder increased by 2.27% to 26,965 shares [2]. Dividend Distribution - Since its A-share listing, TCL Technology has distributed a total of 14.683 billion yuan in dividends, with 2.491 billion yuan distributed over the last three years [3]. Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 949.5 million shares, an increase of 91.0236 million shares from the previous period. Other significant shareholders include China Securities Finance Corporation and various ETFs, with changes in their holdings noted [3].