Domestic Financial Market - The Ministry of Foreign Affairs emphasizes China's commitment to true multilateralism and the protection of the multilateral trading system centered around the WTO [4] - The Ministry of Commerce held a roundtable meeting with representatives from over 20 US-funded enterprises [4] - The Ministry of Industry and Information Technology hosted a seminar on AI terminal benchmarks and intelligent classification [4] Industry Updates - As of the end of March, China's gold reserves reached 73.7 million ounces, with the central bank expanding its reserves for five consecutive months, impacting related stocks such as Zijin Mining and Chifeng Jilong Gold [5] - The first cross-provincial and cross-border freight station in the country has been officially launched, reducing costs by approximately 30%, affecting stocks like Baoshai Technology and SF Holding [5] - Display panel manufacturers maintained a capacity utilization rate above 80% in Q1 2025, influencing stocks such as BOE Technology Group and TCL Technology [5] Company Focus - Lianhua Holdings reported a significant increase in product sales and revenue in Q1 2025, with net profit expected to grow by 103% to 144% year-on-year [6] - Beijing-Shanghai High-Speed Railway signed a strategic cooperation framework agreement with the China Railway Economic Planning Research Institute [6] - Huaneng Hydropower achieved a power generation of 21.292 billion kWh in Q1 2025, a year-on-year increase of 31.22%, with grid-connected power reaching 21.104 billion kWh, up 31.42% year-on-year [6] - Heng Rui Medicine licensed its self-developed SHR7280 project to Merck KGaA, which will pay an upfront fee of €15 million [6] Market Review and Outlook - On April 7, the Shanghai and Shenzhen markets opened significantly lower due to US tariff policies and declines in external markets, with the Shanghai Composite Index closing down 7.34% at 3096 points and the ChiNext Index dropping 12.5%, marking its largest single-day decline [7] - The market faced accelerated declines due to sudden trade conflicts, but technical analysis suggests that the market may rebound after filling previous gaps [8] - The A-share market remains in a low valuation zone, with the manufacturing PMI returning above the growth line, and expectations for more favorable policies to be introduced [8]

蓝思科技：拟以5亿元-10亿元回购公司股份，用于实施员工持股计划或股权激励计划。回购 股份价格上限35元/股。 4月8日盘前，"国家队"果断出手之际，A股上市公司也掀起回购潮，用行动表信心，为市场注入稳定信 号。 招商局集团旗下7家上市公司计划提速实施股份回购计划，贵州茅台已着手起草新一轮回购股份方案， 国泰君安、美的集团、复星医药、京东方Ａ、蓝思科技等也纷纷加入回购： 招商局集团旗下7家上市公司招商蛇口、招商港口、招商轮船、招商公路、中国外运、辽港 股份、招商积余集体发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认 可，计划提速实施股份回购计划，切实维护上市公司全体股东权益，持续巩固市场对上市公 司的信心，提升上市公司投资价值。 贵州茅台：公司已着手起草新一轮回购股份方案，公司控股股东已着手起草增持方案。据公 告，截至2025年4月7日，贵州茅台已累计回购股份1,315,901股，占公司总股本的比例为 0.1048%，购买的最高价为1,584.06元/股、最低价为1,417.01元/股，已支付的总金额为 1,948,495,151.53元（不含交易费用）。上述回购进展符合法律法规的规定及公司披露 ...

京东方科技集团股份有限公司 关于董事长提议回购公司股份的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 二、提议回购股份的原因和目的 | 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-011 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-011 | 特别提示： 2025年4月7日，京东方科技集团股份有限公司（以下简称"公司"） 收到公司董事长陈炎顺先生《关于提议回购公司部分股份的函》，具 体内容如下： 一、提议人的基本情况及提议时间 （一）提议人：公司董事长陈炎顺先生 （二）提议时间：2025年4月7日 基于对公司价值的高度认可，为维护广大投资者利益，结合公司 财务状况及经营状况，公司董事长陈炎顺先生提议公司以自筹资金回 购公司部分社会公众股份，用于注销并减少公司注册资本，通过增厚 每股收益，提升公司长期价值。 三、提议内容 （一）拟回购股份的种类：公司发行的社会公众股份（A 股或 B 股）。 （二）回购股份的用途：回购的股份 ...

Core Viewpoint - The article discusses the investment by Huancai Star in building a high-generation Fine Metal Mask (FMM) production line in Ningbo, Zhejiang, to meet the growing demand for FMM in the OLED panel industry, particularly for G8.6 generation OLEDs [1][2]. Group 1: Investment and Production - Huancai Star plans to invest over 1 billion yuan in the construction of a high-generation FMM production line to cater to the increasing demand from domestic panel manufacturers for high-generation OLED capacity [1]. - The company has established comprehensive independent technology and production capacity for FMM in G6 and below OLED panels [3]. - The F2 factory in Ningbo successfully trial-produced G8.6 generation FMM products by the end of 2024, achieving internationally leading technical standards [3]. Group 2: Market Demand and Supply Dynamics - FMM is a critical material in the OLED evaporation process, essential for the resolution and image quality of OLED displays [1]. - The demand for domestic FMM is rising due to the supply challenges faced by local panel manufacturers, who primarily rely on Japanese supplier DNP for high-spec FMM [1]. - The strong growth in consumer demand for medium to large-sized OLEDs has prompted major panel manufacturers, including Samsung Display, BOE, and Visionox, to invest in high-generation OLED production lines [1].

Core Insights - Yongxing Town in Mianyang High-tech Zone has developed into a hub for high-tech industries, with a projected industrial output value of 45.79 billion yuan in 2024, ranking second in the western region on the 2024 list of innovative development potential towns released by CCID [1] Company and Industry Summary - Mianyang BOE Optoelectronics Technology Co., Ltd. is a leading enterprise in the new display industry, with a cumulative investment of 51 billion yuan, and has over 50 related enterprises in the city, significantly transforming the industrial structure of Yongxing Town [1] - The town's development strategy integrates the town and industrial park, with local officials actively participating in project collection, connection, and service processes, enhancing the efficiency of local governance [1] - The establishment of a specialized team to support enterprises has led to a collaborative work method, exemplified by the rapid construction of the BOE project, which was completed six months ahead of schedule [1] - Sichuan Hual Technology Co., Ltd. is involved in semiconductor production, showcasing a production process that reduces packaging time from several days to as fast as 24 hours, indicating a focus on efficiency and innovation [1]

Core Viewpoint - BOE has introduced the industry's first 15.6-inch L-shaped curved OLED vehicle central control screen, showcasing advanced technology in display design and functionality [1]. Group 1: Product Features - The screen utilizes a thermal bending full lamination process, enhancing the 3D shaping capability of OLED displays [1]. - It features a thin design with a thickness of only 2.5mm, achieved through multi-layer integration of display panels and touch controls in a vacuum environment [1]. - The screen's core component is a 15.6-inch concave vehicle display module, designed with a fixed bending angle of 135° and a bending radius of 35mm, accommodating the natural arm extension of drivers [1]. Group 2: Technical Specifications - The resolution of the curved OLED display reaches 2880*1800, with a brightness exceeding 800 nits, ensuring clear visibility under strong light conditions [1]. - It boasts a million-level ultra-high contrast ratio and millisecond-level response speed, allowing real-time feedback of vehicle dynamic information [1].

Core Viewpoint - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry shows mixed performance, with a recent decline of 2.73% over the past month but a 12.74% increase over the last three months and year-to-date [1] Group 1: Index Performance - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry closed at 3996.50 points [1] - The index has experienced a 2.73% decline in the last month, while it has increased by 12.74% over the last three months and year-to-date [1] Group 2: Index Composition - The top ten holdings in the index include Alibaba-W (13.36%), Tencent Holdings (10.76%), Xiaomi Group-W (5.41%), China Mobile (3.25%), and Luxshare Precision (1.4%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange (42.19%), Shenzhen Stock Exchange (33.30%), and Shanghai Stock Exchange (24.51%) [1] Group 3: Industry Breakdown - The industry composition of the index includes Electronics (24.59%), Media (18.08%), Semiconductors (17.33%), Retail (13.53%), Computers (11.29%), Communication Equipment and Technical Services (7.70%), and Telecom Services (7.48%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Core Viewpoint - The LCD TV panel prices are expected to continue rising in March 2025, driven by stable demand and the impact of China's trade-in policy [3][10]. Group 1: Market Overview - From February 2025 to the present, the panel index has increased by 2.24%, underperforming compared to major indices like the Shanghai Composite and Shenzhen Component [3][8]. - As of March 13, 2025, the total market capitalization of the A-share panel industry is 562.467 billion yuan, with an overall price-to-book ratio of 1.61x, which is at the 61.0% percentile of the past five years [3][8]. Group 2: Price & Cost - In February 2025, the prices for various sizes of LCD TV panels were as follows: 32-inch at $38, 43-inch at $64, 50-inch at $103, 55-inch at $129, and 65-inch at $177, with month-on-month increases of 2.7%, 1.6%, 1.0%, 0.8%, and 1.1% respectively [10]. - The prices for IT panels in February 2025 remained stable for most sizes, with a slight increase for the 23.8-inch panel [10]. Group 3: Supply & Demand - In January 2025, the global shipment area for large-size LCD panels increased by 7.34% year-on-year, with a total shipment of 71.494 million units, reflecting a 12.42% year-on-year growth [14][17]. - The average size of LCD TVs is projected to increase, contributing to the growth in demand for LCD panels [20]. Group 4: Performance Review - In January 2025, the global revenue for large-size LCD panels was $5.426 billion, showing a year-on-year increase of 6.85% [37]. - Major LCD manufacturers in China reported a total revenue of 510.133 billion yuan in 2023, with a slight year-on-year growth of 0.94% [42]. Group 5: Investment Recommendations - The report recommends focusing on key players in the LCD panel supply chain, particularly BOE Technology Group [7].

点击 关注我们 报告发布日期：2025年3月20日 报告名称:《LCD行业月报- 预计3月LCD TV面板价格延续增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 LCD行业月报-预计3月LCD TV面板价格延 续揭长 2025-03-20 | 胡剑 胡慧 叶子 张大为 连欣然 行情&业绩回顾：2025年2月至今面板(申万)指数 上涨2.24%,3Q24中国主要LCD厂商平均毛利率同环比下 滑行情回顾:2025年2月至今面板(申万)指数上涨2.24% ，跑输上证指数、深证成指、沪深300指数1.09pct、3.4 8pct、0.24pct;其中深天马A、龙腾光电分别上涨1.07% 、1.35%，京东方A、TCL科技、彩虹股份分别下跌3.36 %、6.39%、8.14%。估值方面,截至3月13日A股面板行 业总市值5624.67亿元,整体PB (LF) 为1.61 ...

从指数持仓来看，中证工业4.0指数十大权重分别为：立讯精密（5.29%）、工业富联（5.22%）、京东 方A（5.14%）、兆易创新（5.0%）、北方华创（4.98%）、中科曙光（4.98%）、韦尔股份 （4.97%）、中兴通讯（4.96%）、海康威视（4.94%）、汇川技术（4.77%）。 中证工业4.0指数上涨0.02%，前十大权重包含工业 富联等 金融界3月24日消息，上证指数上涨0.15%，中证工业4.0指数 (工业4.0，399803)上涨0.02%，报4149.99 点，成交额573.38亿元。 数据统计显示，中证工业4.0指数近一个月下跌7.55%，近三个月上涨6.14%，年至今上涨10.31%。 据了解，中证工业4.0指数选取与工业4.0相关的控制硬件、控制软件、终端硬件提供商，以及其他受益 于工业4.0代表性上市公司证券作为指数样本，以反映工业4.0主题公司的整体表现。该指数以2012年06 月29日为基日，以1000.0点为基点。 从中证工业4.0指数持仓样本的行业来看，信息技术占比60.51%、工业占比33.72%、通信服务占比 5.76%。 资料显示，指数样本每季度调整一次，样本调整实 ...