Group 1 - The core viewpoint of the news is that the LCD industry is stabilizing, with a positive outlook for the market in China, particularly for BOE Technology Group Co., Ltd. (京东方Ａ) [1] - The average operating rate of the LCD industry is expected to rise above 80% starting from Q1 2025, indicating a recovery in demand [1] - LCD TV panel prices are projected to increase from January to March 2025, with a gradual cooling expected in Q2, while IT panel prices are experiencing moderate increases [1] Group 2 - BOE's Chengdu 8.6 generation MOLED production line is set to begin equipment installation four months ahead of schedule [1] - The company anticipates depreciation expenses of approximately 38 billion yuan in 2024, with peak expenses expected this year [1] - Future capital expenditures will focus on strategic planning, particularly in semiconductor display business and IoT innovations [1]

Core Viewpoint - The company, BOE Technology Group, is optimistic about the LCD industry, highlighting a shift towards "demand-driven production" and a healthy market recovery in mainland China, which is expected to mitigate uncertainties from international trade dynamics [1][2]. Industry Supply and Demand - The LCD industry is transitioning to a "demand-driven production" strategy, with manufacturers adjusting production rates based on market needs. This has led to a significant reduction in inventory levels, bringing them closer to healthy standards [2]. - The average utilization rate in the LCD industry has been recovering since November 2024, maintaining above 80% in the first quarter of 2025. Adjustments will be made in the second quarter in response to changing demand [2][3]. LCD Product Pricing Trends - LCD TV panel prices for mainstream sizes have increased from January to March 2025 due to strong end-user demand. However, demand is expected to cool in the second quarter due to changes in the international trade environment and diminishing returns from "trade-in" policies [3]. - Prices for MNT panels in the IT sector are experiencing moderate increases, while NB panel prices remain stable [3]. Project Development - The company’s 8.6-generation AMOLED production line in Chengdu commenced equipment installation four months ahead of schedule on May 20, marking a transition from construction to operational phase, which is crucial for future product launches and mass production [4]. Depreciation and Capital Expenditure - The company anticipates depreciation of approximately 38 billion in 2024, with a peak expected this year as new projects become operational and existing production lines reach the end of their depreciation period [4][5]. - Future capital expenditures will focus on the "screen and IoT" strategy, emphasizing semiconductor display business and innovation in IoT, with investments directed towards new projects, outstanding payments for existing projects, and maintenance of current production lines [5].

Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.13% as of May 22, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Xunwei Communication (300136) up 3.30%, Wenta Technology (600745) up 2.63%, and Silan Microelectronics (600460) up 2.33% [1] - The Consumer Electronics ETF (561600) also fell by 0.13%, with a latest price of 0.78 yuan, but showed a 1.42% increase over the past month [1] - The ETF's trading volume was 287.16 million yuan with a turnover rate of 1.49% [1] - Over the past two weeks, the ETF's scale increased by 16.72 million yuan, ranking it in the top 1/5 among comparable funds [1] - The ETF's share count rose by 26 million shares in the same period, also placing it in the top 1/5 among comparable funds [1] - Recent capital inflow was balanced, with a total of 22.05 million yuan attracted over the last 10 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) declined by 0.06% as of May 22, 2025, with varied performance among its constituent stocks [2] - Top performers included Kunlun Wanwei (300418) up 7.89%, New Yisheng (300502) up 1.87%, and Shitou Technology (688169) up 1.82% [2] - The AI ETF (512930) decreased by 0.15%, with a latest price of 1.31 yuan, but recorded a 2.26% increase over the past month [2] - The ETF's trading volume was 28.19 million yuan with a turnover rate of 1.44% [3] - The latest scale of the AI ETF reached 1.95 billion yuan [3] - Recent net capital inflow was 1.31 million yuan, with a total of 32.98 million yuan attracted over the last five trading days [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 4.44 million yuan and a margin balance of 90.18 million yuan [3] Group 3: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 0.79% as of May 22, 2025, with mixed results among its constituent stocks [4] - Leading gainers included High Xin Retail (06808) up 10.24%, Kunlun Wanwei (300418) up 6.48%, and Youzu Network (002174) up 4.86% [4] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but showed a 3.46% increase over the past month [4] - The index comprises 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [13] - The top ten weighted stocks in the index account for 56.94% of the total weight, with Alibaba-W (09988) having the highest weight at 14.37% [13]

Industry Overview - The LCD industry is shifting from competition based on scale and market share to a focus on high-profit applications, high-value products, advanced technology, and high-value brands, driving high-quality development [2] - The average utilization rate of the LCD industry has been recovering since November 2024, maintaining above 80% in Q1 2025, with adjustments made in response to demand fluctuations [3] Market Demand and Pricing - The demand-side inventory has accelerated reduction, leading to a healthier industry inventory and a return to normal demand rhythms [1] - LCD TV panel prices increased from January to March 2025 due to strong terminal demand, but are expected to stabilize in May as procurement demand cools [4] Production and Capital Expenditure - The 8.6 generation AMOLED production line in Chengdu began equipment installation four months ahead of schedule, transitioning to operational phase [5] - The company anticipates approximately 38 billion in depreciation for 2024, with an increase expected due to the completion of high-generation line depreciation and new project solidification [7] - Future capital expenditures will focus on semiconductor display business and strategic planning, including investments in IoT innovation, sensors, MLED, and smart medical engineering [8]

Group 1 - The Shanghai Composite Index increased by 0.21%, while the China Urbanization Index reported at 1823.55 points [1] - The China Urbanization Index rose by 3.18% over the past month, but declined by 3.43% over the past three months and is down 2.37% year-to-date [1] - The index series focuses on themes such as intensive, intelligent, and green low-carbon development, reflecting the performance of listed companies affected by changes in economic and consumption structures during the urbanization process [1] Group 2 - The top ten holdings of the China Urbanization Index include BYD (4.5%), Kweichow Moutai (4.47%), Wanhua Chemical (3.21%), China State Construction (2.75%), and others [1] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 52.92% and the Shenzhen Stock Exchange accounts for 47.08% of the index [2] - The industry composition of the index includes 30.69% in industrials, 17.41% in information technology, 15.64% in consumer discretionary, and other sectors [2]

【WitsView整理】 5月20日，京东方宣布，公司旗下国内首条第8.6代AMOLED显示器件生产线—— BOE（京东方）成都第8.6代AMOLED生产线项目提前4个月开始工艺设备搬入。 图片来源：京东方 资料显示，2024年3月27日，京东方第8.6代AMOLED生产线在成都奠基，9月26日提前完成全面 封顶。该项目预计2026年底量产，2029年实现满产。 项目总投资630亿元人民币，设计产能为每月3.2万片玻璃基板，基板尺寸为2290mm x 2620mm。该产线主要聚焦中尺寸AMOLED面板，用于中高端笔记本电脑、平板电脑等IT类产 品，同时也具备生产柔性OLED智能手机面板的能力。 京东方指出，该项目历时183天提前实现封顶，且提前4个月完成了设备的搬入。 相较于同业其他 尚处于建设规划阶段的8.6代线，京东方已率先由建设阶段开始向产线运营阶段转换，为后续产品 点亮及量产交付奠定基础。 【WitsView面板产业交流群】 目前，京东方已在成都、重庆、绵阳投建了三条第6代柔性AMOLED生产线，再加上国内首条第 8.6代AMOLED生产线的投建，未来将运行4条AMOLED生产线。 #OLED #京东 ...

" 国内显示产业依托政策支持与技术迭代，不断向高端领域升级，产能扩张正催生更庞大的上游 设 备 市 场 。 国 产 厂 商 从 非 核 心 领 域 出 发 ， 逐 步 向 上 突 破 。 以 中 导 光 电 为 代 表 的 设 备 厂 在 诸 如 Arr a y AOI等细分市场实现突围，占据主要份额。在产业升级和国产替代的双轮驱动下，显示装 备自主化生态已站稳脚跟，并正在逐步向半导体检测等高技术赛道延伸。" 国内显示市场表现积极，产能扩张带动上游设备行业增长 4月底，国内面板巨头京东方和TCL科技2025年第一季度财报双双出炉。根据财报信息，当前面 板市场供应端基本实现按需调控产能，需求侧受国补政策刺激和结构性增长等因素，第一季度表 现 亮 眼 。 京 东 方 2025 年 一 季 度 营 业 收 入 达 506 亿 元 ， 同 比 增 长 10.3% ， 归 母 净 利 润 达 16.1 亿 元，同比大幅增长64.1%，同时，扣非净利润达13.5亿元，同比增长126.6%。TCL科技则实 现同期营业收入401亿元，归母净利润10.1亿元，同比大增322%。 在积极的市场表现背后，是近年来中国大陆厂商在主流 ...

Group 1 - The first 8.6-generation AMOLED production line in China, BOE's Chengdu facility, has commenced the installation of its process equipment four months ahead of schedule, setting a new global record for construction efficiency in this generation of production lines [1] - This project signifies a significant step forward for Chengdu in the development of the new display industry [1] Group 2 - Xiaomi's chairman Lei Jun announced that the company's self-developed 3nm flagship chip, Xiaomi玄戒O1, has begun mass production [2] - The launch of two flagship products, the Xiaomi 15s pro smartphone and the Xiaomi Pad 7 ultra tablet, will coincide with the chip's production [2] - The development of the 3nm chip enhances Xiaomi's negotiating power with chip suppliers and provides an alternative to mitigate supply chain risks [2] Group 3 - NVIDIA confirmed plans to establish a new office space in Shanghai, emphasizing its commitment to the Chinese market despite current export control regulations [3] - The company stated that it will not send any GPU designs or core intellectual property to China for modification, adhering to existing policies [3] - The Chinese market remains crucial for NVIDIA, indicating the company's intention to maintain its presence in the region despite regulatory challenges [3]

| 7 | 福清市汇融创业投资集团有限公司 | 538,599,640 | 1.43% | | --- | --- | --- | --- | | 8 | 中国建设银行股份有限公司－易方达沪深 | 478,157,123 | 1.27% | | | 交易型开放式指数发起式证券投资基金 300 | | | | 9 | 中国工商银行股份有限公司－华夏沪深 300 | 351,191,200 | 0.93% | | | 交易型开放式指数证券投资基金 | | | | 10 | 上海高毅资产管理合伙企业（有限合伙）－ | 351,000,000 | 0.93% | | | 高毅晓峰 号致信基金 2 | | | 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（以下简称"公司"）于 2025 年 4 月 18 日召开的第十一届董事会第四次会议审议通过了《关于回购公司 部分社会公众股份的议案》（内容详见公司于 2025 年 4 月 22 日披露 的《关于回购公司部分社会公众股份方案的公告》，公告编号：2025- 029），该议案尚需提交公司 202 ...