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 ...

Core Points - The 2025 Zhongguancun Forum aims to build an innovative ecosystem through collaboration with partners, enhancing global technology innovation exchange and cooperation [1][2][4] - The Zhongguancun Development Group has been the exclusive management unit for the forum's market-oriented operations since 2018, focusing on various aspects such as topic planning, organization, service assurance, brand promotion, and market operations [1][2] - The forum has established a partnership matrix and membership ecosystem, creating a dual-engine model to drive market-oriented operations and attract innovative entities from both domestic and international markets [2][4] Company and Industry Insights - The forum has signed strategic partnerships with major companies such as BOE Technology Group and Beijing Bank, enhancing its collaborative ecosystem and injecting strong momentum into technological innovation and industrial upgrading [4][15] - BOE Technology Group emphasizes innovation-driven development and aims to establish itself as a leading source of technology in semiconductor display, IoT innovation, and sensor devices, continuing its strategic cooperation with the forum [20] - Beijing Bank focuses on providing financial solutions to support technological innovation, having offered comprehensive support to the forum for seven consecutive years, exploring new paths for financial services in nurturing new productive forces [20] - North Control Group aims to leverage technological innovation and capital operations to promote industrial development, hosting events at the forum to share its innovations in urban energy, environmental protection, and technology [20] - The forum collaborates with over 50 Fortune 500 companies and high-growth tech firms to create a closed loop of technology, industry, and capital, fostering an environment for innovative governance and exploration of new paradigms [22]

| 证券代码：000725 | 证券简称：京东方 A | 公告编号：2025-010 | | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 B | 公告编号：2025-010 | | 债券代码：149861 | 债券简称：22BOEY1 | | 京东方科技集团股份有限公司 关于"22BOEY1"公司债券本息兑付暨摘牌公告 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。 特别提示： 京东方科技集团股份有限公司2022年面向专业投资者公开发行 可续期公司债券（数字经济）（第一期）（简称"22BOEY1"、"本期 债券"、债券代码149861）将于2025年3月25日支付自2024年3月25日 至2025年3月24日期间的利息及本期债券的本金并摘牌。本期债券兑 付兑息的最后交易日、债权登记日为2025年3月24日，凡在2025年3 月24日（含）前买入并持有本期债券的投资者享有本次派发的利息及 本金；2025年3月24日卖出本期债券的投资者不享有本次派发的利息 及本金。 京东方科技集团股份有限公司（以下简称"公司"）于2022 ...

Group 1: LCD Industry Demand and Pricing - The demand for LCD TVs is strong due to the "old-for-new" policy in the domestic market and inventory buildup in overseas markets, with an average screen size of 51.6 inches globally in 2024, up by 1.1 inches year-on-year [1] - In China, the average screen size for LCD TVs is projected to be 65.8 inches in 2024, an increase of 3.4 inches year-on-year [1] - LCD TV panel prices have been rising since January 2025, with expectations for continued increases in March 2025 due to strong terminal demand [2] - The average utilization rate in the LCD industry has been above 80% since November 2024, indicating a recovery in production capacity [2] Group 2: Flexible AMOLED Business Progress - The company shipped approximately 140 million flexible AMOLED panels in 2024, showing a significant year-on-year growth and an improved product structure with a higher proportion of high-end products [3] - The company is actively expanding into automotive and IT sectors for mid-size innovative applications to capture market opportunities [3] Group 3: Production Line Developments - The 8.6-generation AMOLED production line project was initiated in March 2024 and is expected to achieve mass production by the end of 2026, enhancing the company's competitiveness in the semiconductor display industry [4] - The overall depreciation for the company is expected to slightly increase in 2024 due to new production lines, with fluctuations in depreciation anticipated in 2024 and 2025, followed by a potential decrease starting in 2026 [5] Group 4: Capital Expenditure and Strategic Focus - The company plans to repurchase minority shareholder equity based on operational performance and cash flow, with future capital expenditures aligned with strategic planning [5] - The focus of future capital expenditures will be on the semiconductor display business and extending the value chain into IoT innovations, sensors, MLED, and smart medical engineering [5]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-009 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-009 | 京东方科技集团股份有限公司 关于控股子公司收到全国中小企业股份转让系统 同意挂牌函的公告 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。 京东方科技集团股份有限公司 董 事 会 2025 年 2 月 27 日 三、自本函出具之日起至股票正式挂牌前，京东方能源如发生重大事 项，应及时报告全国股转公司并按有关规定处理。 京东方能源申请公开转让并挂牌时股东人数未超过200人，按规定中 国证监会豁免注册，京东方能源挂牌后纳入非上市公众公司监管。 京东方能源本次在全国中小企业股份转让系统挂牌，有利于提升公司 在能源物联网板块的市场竞争力，实现资产的优化配置和价值最大化，符 合公司战略规划。京东方能源在全国中小企业股份转让系统挂牌后，仍为 公司合并报表范围内控股子公司，不会影响公司对其的控制权，不会影响 公司独立上市地位，不会对公司财务 ...

Core Viewpoint - The global smartphone panel shipment is expected to grow by 11.4% in 2024, reaching 2.157 billion units, driven by the increase in new smartphone sales and demand for second-hand and refurbished devices. However, a decline of 3.2% is anticipated in 2025, with shipments expected to drop to 2.093 billion units due to stabilizing new device demand and a slight decrease in the second-hand market [1]. Group 1: Company Performance - BOE (京东方) remains the leading global smartphone panel supplier, with shipments projected at 613 million units in 2024 and expected to reach 630 million units in 2025, reflecting a growth of 2.7% [2]. - Samsung Display (三星显示) is forecasted to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels. However, shipments are expected to decline to 365 million units in 2025, a decrease of 3.5% due to potential changes in Apple's supplier strategy [3]. - HKC (惠科) is projected to ship 228 million units in 2024, with a slight increase to 230 million units in 2025, growing at a rate of 0.7% [4]. - CSOT (华星光电) is expected to see significant growth, with shipments reaching 215 million units in 2024, marking an 83.2% increase, and a slight rise to 223 million units in 2025 [5]. - Tianma (天马) is anticipated to ship 158 million units in 2024, with a potential 10% increase in 2025, despite facing challenges from declining LTPS LCD demand [6]. Group 2: Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in panel shipments, a trend expected to continue into 2025. However, the demand for LTPS LCD panels used in mid-range smartphones is weakening, posing challenges for suppliers focused on this technology [6]. - The market share of Taiwanese panel manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT. In contrast, Japanese panel manufacturers are exiting the smartphone market, leading to a decline in their market share [6]. - Korean panel manufacturers maintain a competitive edge in the high-end smartphone market, with a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share, projected to reach 69.8% in 2024 and potentially exceed 70% in 2025 [6].

Core Insights - The 2025 TrendForce New Display Industry Seminar highlighted the future of micro and small display technologies, with industry experts discussing trends and innovations in various display sectors [1][3]. Group 1: Panel Industry Dynamics - The TFT-LCD industry is dominated by mainland panel manufacturers, who have improved operations through production control strategies and are expected to continue focusing on demand-driven production [3][4]. - Key areas of focus for the panel industry include production control strategies, potential mergers, and the increasing dominance of domestic component suppliers in critical materials [4]. Group 2: Automotive Display Innovations - The automotive display market is transitioning towards larger, smarter, and multi-screen solutions, with increasing demand for high-resolution and high-brightness displays [5][6]. - Companies like Jinko Electronics are actively developing Mini LED products for both interior and exterior automotive applications, enhancing user interaction and visual experience [6][7]. Group 3: Flexible OLED Market Growth - The flexible OLED market is expected to grow significantly, driven by advancements in LTPO technology and the rise of foldable devices, with BOE leading in market share [8][9]. - BOE has established a flexible OLED industrial cluster and is focusing on technological innovations to maintain its competitive edge [8][9]. Group 4: Mini LED Technology Developments - Mini LED technology is gaining traction, with companies like Nationstar and Jinko Electronics developing competitive products to meet market demands for higher quality and precision [11][12]. - The automotive sector is a key growth area for Mini LED applications, with various products already in mass production [12][13]. Group 5: AI PC Market Trends - The AI PC market is projected to see significant growth, with a forecasted penetration rate of 21.7% by 2025, driven by advancements in AI technologies that enhance user interaction [14]. - AI PCs are expected to become essential in digital workplaces, facilitating smarter operations and decision-making processes [14]. Group 6: Micro LED Technology Advancements - Micro LED technology is emerging as a promising solution for high-brightness and high-contrast displays, particularly in automotive applications [22][23]. - Companies are focusing on overcoming challenges related to cost and technology maturity to enable broader adoption of Micro LED displays [23][24]. Group 7: Near-Eye Display Market Trends - The near-eye display market is evolving with advancements in optical modules and display technologies, driven by the demand for AR and VR devices [33][34]. - The market is expected to grow significantly, with projections indicating a rise in VR/MR device shipments and the increasing importance of OLEDoS technology [34].