Core Viewpoint - The LCD demand is expected to improve by 2026 due to factors such as sports events, with leading manufacturers likely to drive supply-demand balance through production control [1][2] Group 1: LCD Market Outlook - The demand for LCD is anticipated to rebound, supported by major manufacturers maintaining production control to enhance supply-demand dynamics [1] - The upcoming FIFA World Cup and the continuation of trade-in policies in China are expected to boost demand for LCD TVs [1] - The average size of TV panels is projected to continue increasing, contributing to overall demand growth [2] Group 2: Supply Dynamics - Major panel manufacturers, including BOE, TCL Huaxing, and Huike, have achieved significant market share and are expected to continue production control, including reductions during the Lunar New Year [2] - According to TrendForce, TV panel prices are forecasted to rise by $1 across various sizes in January 2026 compared to the previous month [2] Group 3: OLED Market Potential - The potential demand for mid-size OLED panels is gaining attention, with expectations for significant cost reductions and increased penetration in laptops and tablets by 2026 [3] - Major manufacturers are optimistic about market demand, as evidenced by BOE's early activation of the first 8.6-generation AMOLED production line in China [3] Group 4: Domestic Manufacturers' Breakthroughs - Domestic manufacturers are accelerating technological breakthroughs in materials and driver chips, which may benefit from improving downstream demand [4] - New products in OLED materials are entering the market, and companies like Xiahe Technology are achieving commercial production of key materials [4] Group 5: Related Companies - Key panel manufacturers include TCL Technology (000100.SZ), BOE A (000725.SZ), and Rainbow Technology (600707.SH) [5] - Notable panel materials manufacturers are Lite-On Optoelectronics (688150.SH) and Ruvi Optoelectronics (688401.SH) [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The price of TV panels is expected to rise, with LCD and mid-size OLED likely to lead demand recovery. This is supported by the anticipated increase in demand due to upcoming sports events and government policies promoting trade-in programs for energy-efficient TVs [3][7] - The LCD market is expected to see a rebound in demand, driven by major manufacturers controlling production to improve supply-demand dynamics. The upcoming FIFA World Cup and continued government incentives are expected to boost demand [7] - Mid-size OLED is projected to penetrate the market more rapidly, enhancing demand for OLED technology in personal computers and other devices. The production efficiency and cost reduction in OLED manufacturing are expected to drive this trend [7] Summary by Sections Investment Suggestions and Targets - The report suggests investing in panel manufacturers such as TCL Technology, BOE Technology Group, and others, as well as panel material manufacturers like Lite-On Optoelectronics and others [3][8] Market Dynamics - According to TrendForce, TV panel prices are expected to rise across all sizes in January 2026, with specific increases noted for various dimensions [11] - The report highlights the successful early activation of BOE's 8.6 generation AMOLED production line, indicating strong market confidence among leading manufacturers [12]

Group 1 - The company anticipates an increase in TV product prices due to proactive procurement by brand manufacturers in preparation for upcoming sports events, alongside a "just-in-time" production strategy leading to higher shipment volumes [1] - The demand for MNT products is expected to rise as certain brand clients release inventory replenishment needs, while supply constraints from TV and other products, combined with reduced overseas capacity, create structural supply tightness, resulting in a month-on-month price increase for certain MNT product sizes [1] - The operating rate in January is expected to maintain the high levels seen in December due to demand advancement and inventory replenishment [2] Group 2 - The company has announced an investment in an 8.6-generation AMOLED production line to meet the demand for high-end IT products, with the line successfully lighting up five months ahead of schedule on December 30, 2025, marking a significant breakthrough in mid-size OLED technology [3] - The depreciation of existing production lines is expected to continue decreasing, with new projects being phased in based on ramp-up conditions, leading to a peak in depreciation expenses by 2025 [4] - Capital expenditures are projected to peak in 2025, primarily for the 8.6-generation AMOLED production line in Chengdu and the 6th generation LCD LTP O/LTPS production line in Beijing, with a significant decline in capital expenditures anticipated starting in 2027 [5]

Group 1 - On January 7, 21 companies were investigated by institutions, with 19 of them being attended by funds, highlighting a strong interest in specific companies like Chaojie Co., Shunhao Co., and Dongfang Shenghong [1][2] - Chaojie Co. received the most attention, with 27 funds participating in its investigation, while Shunhao Co. and Dongfang Shenghong had 18 and 13 funds respectively [1][3] - The companies investigated belong to various sectors, with the electronics and machinery equipment industries having the highest representation, each with 3 companies [1] Group 2 - Among the companies investigated, 3 have a total market capitalization exceeding 500 billion yuan, with BOE Technology Group being one of them, while 8 companies have a market cap below 100 million yuan [1] - In terms of market performance, 14 out of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Pulite, Shunhao Co., and Guanglian Aviation, which rose by 38.07%, 20.57%, and 13.49% respectively [1][2] - Conversely, 4 stocks experienced declines, with the largest drops recorded by Binglun Environment, Haixia Co., and Dongfang Shenghong, which fell by 11.15%, 10.70%, and 2.09% respectively [1]

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. (京东方A) announced it will accept an investor survey from the Franklin Templeton Fund on January 7, 2026, with participation from the company's Vice President and Board Secretary, Guo Hong, and Securities Affairs Representative, Luo Wenjie [1] Group 2 - The company is engaging with investors to address their inquiries, indicating a proactive approach to investor relations [1]

Group 1: Market Trends and Product Pricing - The price trend for LCD products is expected to rise due to increased demand from brand manufacturers ahead of upcoming sports events, leading to higher TV product shipments [1] - MNT product prices have seen a month-on-month increase due to inventory release from brand clients and structural supply tightness caused by overseas capacity contraction [1][2] Group 2: Production Capacity and Technology Development - The company announced the investment in an 8.6-generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [3] - The production line is set to achieve mass production by December 30, 2025, five months ahead of schedule, enhancing the company's competitiveness in the display industry [3] Group 3: Financial Projections and Capital Expenditure - The company's depreciation amount is expected to peak in 2025 as existing production lines continue to depreciate while new projects are phased in [4] - Capital expenditure is projected to peak in 2025, primarily for the 8.6-generation AMOLED production line and the 6th generation LCD LTPO/LTPS production line in Beijing, with a significant decrease anticipated starting in 2027 [5] Group 4: Shareholder Returns - In 2025, the company plans to complete a stock cancellation worth nearly 1 billion yuan and distribute cash dividends of approximately 1.87 billion yuan [6][7] - The company is committed to fulfilling its shareholder return plan for 2025-2027, aiming to enhance shareholder returns consistently [7]

Core Viewpoint - On January 8, a total of 8 companies announced progress related to stock buybacks, with 5 companies disclosing ongoing buyback implementations and 3 companies completing their buyback plans [1] Group 1: Buyback Implementation Progress - The companies with the highest buyback amounts are Jian Sheng Group, Dongcheng Pharmaceutical, and Minsheng Health, with buybacks of 118 million, 17.1863 million, and 14.9993 million respectively [1] - As of January 8, 29 buyback plans have been completed this year, involving 22 companies, with 7 companies having completed buybacks exceeding 100 million [1] Group 2: Completed Buybacks - The companies that completed buybacks exceeding 10 million on that day are Jingxin Pharmaceutical, Huachangda, and Shibu Detection, with completed buybacks of 609 million, 41.8996 million, and 31.9512 million respectively [1] - The leading companies in terms of completed buyback amounts are BOE Technology Group, Jingxin Pharmaceutical, and New Hualian, with completed buybacks of 1.5 billion, 609 million, and 556 million respectively [1]

Core Viewpoint - The CES 2026 showcased significant advancements in display technologies, particularly in the automotive display sector, with a strong emphasis on OLED and Micro LED technologies, indicating a competitive landscape among leading panel manufacturers [87]. Group 1: Automotive Display Innovations - Major panel companies focused on automotive displays, with OLED technology emerging as a preferred choice due to its lightweight, flexible, and high-quality characteristics [2]. - BOE introduced the "HERO 2.0 smart cockpit," featuring the world's first Micro LED PHUD with a brightness of 50,000 nits and AI capabilities for voice and gesture control [3][5]. - Deepinma showcased a 49.6-inch panoramic "Tianxuan" screen, integrating various cockpit functions into a single display with a peak brightness of 10,000 nits [10][12]. - TCL Huaxing presented the HVA Ultra P-HUD system, which includes three LCD screens with a brightness of 11,000 nits and a 7.5% transmittance rate [14][15]. - Visionox introduced a flexible AMOLED dual-curved display solution that can bend to save space when not in use [20]. Group 2: Display Technology Developments - BOE displayed two large Micro LED products, including a P0.9 ultra-thin HDR Micro LED integrated machine with a peak brightness of 2,000 nits and a contrast ratio of over 20,000:1 [38]. - Deepinma launched the world's first fully laser giant transfer 108-inch seamless Micro-LED screen with a peak brightness of 1,500 nits and a contrast ratio of 1,000,000:1 [40]. - TCL Huaxing introduced a 98-inch HVA Ultra television display with over 18,000 backlight partitions and a BT2020 coverage rate exceeding 96% [44]. - Visionox unveiled a "glare-free AMOLED laptop solution" that significantly reduces eye strain by minimizing environmental light reflection [50][51]. - LG Display presented an 83-inch WOLED TV panel with a peak brightness of 4,500 nits and 99.5% DCI color gamut coverage [76]. Group 3: Industry Trends and Future Outlook - The competition among panel manufacturers is intensifying, with companies like AUO and Innolux focusing on Micro LED technology, while TCL Huaxing and Hehui Optoelectronics are deepening their expertise in OLED [87]. - The display industry is expected to enter a new development phase as demand for automotive, commercial, and consumer electronics continues to evolve [88].

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Group 1 - BOE Technology Group Co., Ltd. has obtained a patent titled "Display Panel, Driving Method for Display Panel, Display Device," with authorization announcement number CN118762666B, and the application date is July 2024 [1] - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The registered capital is approximately 37.41 billion RMB [1] - The company has invested in 74 enterprises, participated in 297 bidding projects, and has 775 trademark records and 5000 patent records, along with 47 administrative licenses [1] Group 2 - Chengdu BOE Optoelectronics Technology Co., Ltd. was established in 2007 and is located in Chengdu, primarily engaged in the manufacturing of instruments and meters. The registered capital is approximately 2.5 billion RMB [1] - Chengdu BOE Optoelectronics Technology Co., Ltd. has participated in 915 bidding projects, holds 5000 patent records, and has 521 administrative licenses [1]