家用电器行业深度研究 国内验证-产链壁垒-海外降维， 三代黑电 Mini LED 从领先迈向全面突 破 2025 年 12 月 31 日 【投资要点】 证书编号：S1160525060002 相对指数表现 -10% -2% 6% 14% 22% 30% 2024/12 2025/7 2025/12 家用电器 沪深300 相关研究 《内销风雨，出海筑底，细分找α》 2025.11.28 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：秦一超 证书编号：S1160525040002 证券分析师：童心怡 《小米三问：生态链转变？模式取舍？横 垂之争，皆为序章》 2025.09.19 《国内风云起，见出海、见内功、见变局》 2025.06.25 《边际布局国内结构升级+出海深度价值》 2025.05.09 行 业 研 究 / 家 用 电 器 / 证 券 研 究 报 告 黑电 Mini LED 的全球变革，历经国内需求积累、中系产业链铸高壁 垒，形成国内供需正循环，正向海外高端大屏的千亿市场降维进军。 需求驱动，第三代显示竞争 Mini LED 显峥嵘。三代显示技术两大阵 营各有优劣但实质性价比取 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 对中国而言，2025年标志着新材料产业发展逻辑的根本性转变。过去"跟踪仿制、填补空白"的被动模式，正被一种更为积 极主动、更具战略纵深的"三维战争"思维所取代。这三维分别是： 捍卫国家安全与重大工程底线的"堡垒材料"维度，争夺 关键产业链自主可控的"主权材料"维度 ，以及 定义未来产业形态与文明的"融合材料"维度 。三个维度相互支撑、相互渗 透，共同构成了新时期中国新材料产业发展的战略坐标系。 在这一框架下观察2025年的进展，我们看到的不仅是一系列令人振奋的技术突破，更是一个产业体系在压力与机遇双重作 用下所展现出的韧性、智慧和雄心。本文旨在 全景式扫描这一年度中国新材料产业在三重战线上的关键坐标，并基于此绘 制2026年体系化决战的战略地图 。 第一维度 安全底线的"堡垒材料"——从极限验证到系统列装 （一）战略逻辑与战场特征 目录 开篇：新材料的 " 三维战争 " 与大国竞争的底层逻辑 第一维度：安全底线的 " 堡垒材料 "—— 从极限验证到系统列装 第二维度：科技主权的 " 攻坚材料 "—— 从单 ...

Core Viewpoint - Samsung Electronics is considering a dual-supplier model for the upcoming Galaxy A57, involving both Samsung Display and TCL Huaxing for OLED screens, to enhance competitiveness and manage costs [1][3][4] Group 1: Supplier Strategy - Samsung is likely to rely more on Samsung Display for OLED supply, given the high demand for the Galaxy A series, which is a hot-selling model [1] - The dual-supplier approach aims to mitigate potential supply shortages and ensure a steady supply of OLED screens for both Galaxy A57 and Galaxy S FE models [1][4] - TCL Huaxing is expected to provide OLED screens at a lower price, which could help Samsung control costs while adopting flexible OLED technology [4][6] Group 2: Product Development - Starting with the Galaxy A57, Samsung plans to replace rigid OLED panels with flexible OLED panels, which offer greater design flexibility but come with higher manufacturing costs [3][4] - The adoption of flexible OLED technology is seen as a way for Samsung to enhance its competitiveness in the mid-range smartphone market, especially as Chinese manufacturers are already using flexible OLED in lower-priced models [3][6] Group 3: Market Dynamics - The increasing competition in the global smartphone market and rising component costs are prompting Samsung to reassess its OLED supply strategy [6][7] - Chinese manufacturers like BOE and TCL Huaxing have improved their technology and production capacity, posing a significant challenge to Samsung Display's market dominance [7] - The shift towards Chinese suppliers for OLED panels may provide Samsung with cost advantages, but it also indicates a potential erosion of its competitive edge in the panel industry [7]

Group 1 - The core point of the article is that BOE is advancing its 8.6-generation OLED production line project in Chengdu, with Sunic System and Avaco being the likely winners of the bidding for the deposition system equipment and components [1][2]. - The 8.6-generation OLED production line (B16) has a monthly capacity of 32,000 sheets, with the first phase already completed, and the second phase expected to match the investment scale of the first phase [2]. - Sunic System has received orders for two deposition machines, with an estimated total price of approximately 450 billion KRW (around 21.82 million RMB), and has already delivered one machine [2][3]. Group 2 - In Q2 2025, Sunic System reported an operating profit of 40 billion KRW, recovering from an operating loss of 1.8 billion KRW in Q1, with cumulative operating profit reaching 58 billion KRW, a more than tenfold increase compared to the same period last year [3]. - Avaco has delivered two deposition logistics devices for the first phase of the production line, with a contract amount estimated between 200 billion KRW to 250 billion KRW (approximately 9.7 million to 12.125 million RMB) [3]. - Avaco's Q2 operating profit reached 19.4 billion KRW, a year-on-year increase of 487%, and its cash flow from operating activities turned from a loss of 63.7 billion KRW in Q3 of the previous year to a profit of 12.2 billion KRW this year [3].

资料显示，京东方科技集团股份有限公司位于北京市北京经济技术开发区西环中路12号，成立日期1993 年4月9日，上市日期2001年1月12日，公司主营业务涉及光电子与显示器件、显示信息终端设备。主营 业务收入构成为：显示器件业务83.27%，物联网创新业务17.96%，MLED业务4.29%，智慧医工业务 0.91%，传感业务0.22%。 京东方A所属申万行业为：电子-光学光电子-面板。所属概念板块包括：电子纸、全面屏、巨量转移概 念、折叠屏、盖板玻璃等。 截至9月30日，京东方A股东户数104.59万，较上期减少4.36%；人均流通股36118股，较上期增加 4.60%。2025年1月-9月，京东方A实现营业收入1545.48亿元，同比增长7.53%；归母净利润46.01亿元， 同比增长39.03%。 12月31日，京东方A盘中上涨2.16%，截至11:05，报4.26元/股，成交22.63亿元，换手率1.47%，总市值 1593.83亿元。 资金流向方面，主力资金净流入2.35亿元，特大单买入8.80亿元，占比38.89%，卖出5.88亿元，占比 25.99%；大单买入5.22亿元，占比23.07%，卖出5 ...

Core Viewpoint - The article emphasizes that 2026 is expected to be a year of significant harvest for domestic hard technology in the electronics industry, driven by advancements in AI and a consensus on performance trends within the AI industry chain [3][7]. Group 1: AI Industry Trends - The AI industry is transitioning from divergence to consensus in performance trends, with a notable recovery since the second half of 2023, marked by the return of Huawei's Mate series [3][7]. - The electronics sector has experienced a significant valuation expansion, aided by the rapid growth of passive funds and the resonance of macro policy, inventory cycles, and AI innovation cycles [3][7]. - As of December 16, 2025, the electronics sector has risen by 40.22%, ranking third among all industries [7][16]. Group 2: AI Model Evolution - The evolution of AI models is characterized by innovations in architecture, such as the mixture of experts (MoE) framework, which enhances efficiency by reducing computational load [27]. - The emergence of large models, like OpenAI's GPT-4, showcases the correlation between model size and performance, leading to significant advancements in understanding and reasoning capabilities [27]. - The demand for improved model efficiency has led to innovations in attention mechanisms, which lower computational complexity and memory requirements [27][28]. Group 3: Computing Power and Storage - The domestic chip industry is actively updating and iterating, with companies like Huawei planning to launch new chips in 2026, while the storage sector is expected to face shortages and price increases throughout the year [9]. - The demand for AI-driven storage solutions is projected to increase, with DRAM bit demand expected to rise by 26% year-on-year in 2026, driven by AI applications [9]. Group 4: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a critical breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to reach $21.2 billion by 2030 [11]. - The increasing power consumption of data center chips necessitates advancements in power supply architectures, with a shift towards high-density power solutions [11]. Group 5: Semiconductor Industry - The semiconductor sector is anticipated to benefit from a recovery in demand, with a focus on domestic manufacturing and the rise of analog chips, which are expected to see increased adoption due to their potential for localization [12]. - The global semiconductor market is projected to achieve double-digit growth for three consecutive years from 2024 to 2026, driven by advancements in AI and domestic chip design [12][14].

该款产品将实现量产 国内首条、全球首批 高世代AMOLED生产线—— 京东方第8.6代AMOLED生产线项目 首款产品在成都高新西区成功点亮 预计2026年 12月30日 并将推动我国在OLED显示领域 实现从"跟跑"到"领跑"的历史性跨越 位于成都高新西区的成都京东方显示技术有限公司 成都高新区供图 作为四川省迄今投资体量最大的单体工业项目，京东方第8.6代AMOLED生产线项目总投资630亿元，占地约1400亩，设计产能每月3.2万片玻璃基板（尺 寸2290mm×2620mm），主要生产笔记本电脑、平板电脑等智能终端高端触控OLED显示屏。该项目通过采用低温多晶硅氧化物（LTPO）背板技术与叠层 发光器件制备工艺，使OLED屏幕实现更低的功耗和更长的使用寿命。同时，京东方第8.6代AMOLED生产线能够大幅提升中尺寸OLED产品切割效率，降 低生产成本，有效满足消费者对轻薄便携IT类产品的使用需求。 京东方第8.6代AMOLED生产线的落地，不仅标志着我国在高世代AMOLED领域取得重大突破，更将发挥显著的产业辐射效应，带动产业链整体跃升。项 目预计将直接推动上下游超200家企业协同升级，覆盖玻璃基板、发 ...

·篇首语 锚定中国的世界新坐标 ·世界竞合崭新起点 专访 刘世锦 刘元春 邢自强 罗伯特·恩格尔 迈克尔·斯宾塞 托马斯·萨金特 ·中国制造大出海 领军者说 TCL李东生：将中国制造产业优势扩展到全球 协鑫集团朱共山：跨海越洋有助破局"内卷" 专访 百利天恒朱义：原始创新执掌全球话语权 中金公司王曙光：中国投行竞逐全球定价权 ·消费觉醒 专访 尹艳林：多措并举提振消费，关键要稳定居民收入增长预期 阅文集团侯晓楠：网文出海迈向共创期 携程集团王韦：入境游红利，推动文旅市场三重"变革" 2025消费关键词 2026年电商期待打开新蓝海 ·新旧动能转换方略 章俊、田轩、郑永年 ·中国产业的升维之路 领军者说 优必选周剑：人形机器人要进工厂干实事 云天励飞陈宁：打造"中国版TPU" 先导智能王燕清：我们是在定义下一代技术 京东方姜幸群、隆基绿能徐希翔与国盾量子唐世彪的深度答卷 2025，商业航天驶入新纪元 责任编辑｜骆一帆 张伟贤 包芳鸣 巫燕玲 张明艳 梁信 陆跃玲 周亦洋 谭咏 车市告别"顺风时代" 中国创新药授权交易从"爆发"迈向"长红" 新兴产业"未来已来"，中国科技创新如何"惊艳"世界 ·21世纪年度好书 ...

每经编辑：赵博渊 京东方第8.6代AMOLED生产线的落地，不仅标志着我国在高世代AMOLED领域取得重大突破，更将发挥显著的产业辐射效应，带动产业链整体跃升。项目 预计将直接推动上下游超200家企业协同升级，覆盖玻璃基板、发光材料、蒸镀设备、驱动芯片等关键环节，进一步提升本地配套水平。其中，沃格光电投 资6.28亿元建设全球首批、国内首条8.6代AMOLED玻璃基光刻蚀精加工产线，将与京东方第8.6代AMOLED生产线项目形成精准产业链对接，通过本地化生 产，大幅缩短供应链响应周期，降低物流成本与供应链风险，为京东方第8.6代AMOLED生产线项目量产达标提供稳定保障。 与此同时，随着京东方第8.6代AMOLED生产线项目产能释放，"成都造"柔性显示屏预计将占据全球市场20%以上、全国市场50%以上的份额，进一步巩固 成都高新区在新型显示产业中的核心地位，推动"世界柔谷"加速从战略愿景迈向产业实景。 "成都高新区拥有出色的人才、基金、能源、载体、生活配套资源，这些都是企业投资的关键因素。投资之后，从项目落地、开工到运营，我们都得到了成 都高新区的全方位支持。"京东方相关负责人表示。 近年来，成都高新区依据" ...

Core Viewpoint - BOE has successfully lit up the first product of its 8.6-generation AMOLED production line five months ahead of schedule, marking a significant milestone in the project and indicating a key breakthrough in medium-sized OLED technology development and mass production preparation [2] Group 1 - The successful lighting of the first product signifies a major milestone following the early completion of the production line [2] - This achievement establishes a solid foundation for subsequent product mass production and delivery [2] - The project has transitioned from the "construction phase" to the "operational phase" [2]