（编辑 袁冠琳） 证券日报网讯 京东方A11月21日发布公告，在公司回答调研者提问时表示，京东方与三星显示经多轮沟 通协商，双方已就显示领域知识产权方面的争议达成和解，并已向ITC提交了共同中止并终止调查申 请，后续将尽快撤销美国337调查及其他关联案件。此次双方和解将有助于推动全球显示产业的健康有 序发展，并为行业实现高价值增长发挥关键作用。公司注意就此次和解出现了一些基于第三方推测的报 道。京东方认为，任何脱离这一积极共识、片面解读和解细节的行为，都无法准确反映此次合作的根本 价值与重要意义。行业的健康发展，依赖于所有参与者对契约精神的遵守和对事实本身的尊重。京东方 一贯主张合作共赢的竞合态度，并在创立30余年来建立了完善的知识产权保护体系，这是公司参与全球 竞争、与业界伙伴共赢合作的基石。京东方期待与全球伙伴一道，将精力聚焦于未来，共同推动OLED 产业的良性健康发展。 ...

Core Viewpoint - BOE Technology Group announced a noticeable seasonal variation in the order volume of magnetic components in the consumer electronics sector, which is linked to the product release cycles of end customers [1]. Group 1 - The business rhythm is associated with the timing of product launches by clients [1]. - If clients plan to launch new products in the first half of the year, mass production for related projects typically occurs in the fourth quarter of the previous year or the first quarter of the current year [1]. - For new product launches scheduled in the second half of the year, mass production is more likely to take place in the second and third quarters of the current year [1].

Core Viewpoint - BOE Technology Group announced that while the OLED market is entering a traditional peak season in the second half of the year, the overall industry still faces an oversupply situation [1] Industry Summary - In the third and fourth quarters, both year-on-year and quarter-on-quarter shipment volumes for OLED products are expected to increase [1] - The shipment volume of foldable products is anticipated to decline in the second half of the year [1] - The demand for LTPO (Low-Temperature Polycrystalline Oxide) from overseas brands is expected to increase, while the shipment of low-end Ramless products is growing rapidly [1] - Competition in the domestic OLED market is becoming increasingly intense [1]

（编辑 袁冠琳） 证券日报网讯 京东方A11月21日发布公告，在公司回答调研者提问时表示，消费电子领域磁性器件产品 的毛利率差异主要受产品种类、工艺设计以及材料价格等多重因素影响，与终端产品类型无绝对关系。 ...

Market Overview - The Shenzhen Leading Index (399653) closed at 2908.89 points, down 2.13%, with a trading volume of 105.46 billion yuan and a turnover rate of 1.31% [1] Stock Performance - Among the index constituents, 5 stocks rose while 43 stocks fell, with Sanhua Intelligent Control leading the gainers at 1.77%, and Ruida Futures leading the decliners at 6.28% [1] - The top ten constituents of the Shenzhen Leading Index are as follows: - Contemporary Amperex Technology Co., Ltd. (Ningde Times) holds a weight of 20.44% with a latest price of 370.00 yuan, down 2.48%, and a total market value of 1688.52 billion yuan [1] - Zhongji Xuchuang has a weight of 8.35%, latest price of 464.01 yuan, down 5.69%, and a market value of 515.57 billion yuan [1] - Midea Group has a weight of 7.67%, latest price of 78.75 yuan, up 1.04%, and a market value of 661.51 billion yuan [1] - Luxshare Precision has a weight of 6.06%, latest price of 52.85 yuan, down 5.20%, and a market value of 384.86 billion yuan [1] - Sungrow Power Supply has a weight of 5.67%, latest price of 167.89 yuan, down 5.34%, and a market value of 348.07 billion yuan [1] - BYD has a weight of 5.25%, latest price of 92.70 yuan, down 0.97%, and a market value of 845.16 billion yuan [1] - Wrigley has a weight of 4.41%, latest price of 119.68 yuan, down 0.47%, and a market value of 464.55 billion yuan [1] - Gree Electric Appliances has a weight of 3.53%, latest price of 40.25 yuan, down 0.25%, and a market value of 225.46 billion yuan [1] - ZTE Corporation has a weight of 2.83%, latest price of 38.07 yuan, down 2.86%, and a market value of 182.11 billion yuan [1] - BOE Technology Group has a weight of 2.75%, latest price of 3.83 yuan, down 1.79%, and a market value of 143.30 billion yuan [1] Capital Flow - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 7.45 billion yuan, while the net inflow from speculative funds was 2.39 billion yuan, and the net inflow from retail investors was 5.06 billion yuan [1]

Core Viewpoint - BOE Technology Group (京东方A) is deepening its collaboration with existing core customers, expanding both the breadth and depth of partnerships [1] Group 1: Collaboration and Partnerships - The company is actively cooperating with its core customers on capacity planning and participating in the development of new projects, while also taking on corresponding orders [1] - The trend of innovation in the industry, such as the popularity of foldable screens, is expected to create value enhancement opportunities for upstream core components [1] Group 2: Product Development and Quality - The company aims to leverage its rapid response R&D system and stable, reliable product quality to further expand its supply categories and scale based on existing collaborations [1]

证券日报网讯京东方A11月21日发布公告，在公司回答调研者提问时表示，少数股东股权收购为公司现 金流重点使用方向，尤其是在资本开支下降、现金流改善的背景下。上半年武汉10.5代线已进行了减 资，未来公司将根据经营情况和现金流情况，择机回购少数股东股权，具体进展请关注公司公告。 （文章来源：证券日报） ...

Core Insights - The new generation of artificial intelligence technologies, represented by large language models and AIGC, is driving innovation in various industries, with AI being a core driver for business development and strategic implementation [1][2] - BOE is implementing an AI+ strategy to enhance production manufacturing, product innovation, and enterprise management, aiming to create smarter products and services while improving operational efficiency [1][2] Group 1: AI in Manufacturing - BOE has introduced the concept of AI factories, focusing on the intelligentization of all production factors, which is expected to enhance quality and efficiency across various manufacturing scenarios [1] - The AI factories are designed to lower experimental costs, shorten R&D cycles, and reduce human error, ultimately achieving the highest efficiency, lowest cost, and optimal quality [1] Group 2: AI in Product Innovation - BOE is innovating products through a multi-layered approach that includes components, complete systems, and AI-driven material research, focusing on aspects like image quality, power consumption, eye protection, and interaction [2] - AI tools have significantly improved the efficiency of developing blue phosphor materials, increasing molecular construction efficiency by nearly ten times, while AI algorithms have reduced OLED display power consumption by over 20% [2] Group 3: AI-Driven Solutions - The launch of the "BOE Blue Whale Display Model" aims to facilitate intelligent upgrades across the entire industry chain, enhancing efficiency from manufacturing to product experience and operational management [2] - The Blue Whale Display Model is characterized by its multimodal, multi-scenario, high-precision, and strong reasoning capabilities, acting as a "smart brain" for the display industry [2]

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. (京东方A) announced a research meeting with Huabao Fund and Shenwan Hongyuan Securities on November 20, 2025, where company representatives will address investor inquiries [1] - For the first half of 2025, BOE's revenue composition is as follows: display device business accounts for 83.27%, IoT innovation business accounts for 17.96%, MLED business accounts for 4.29%, smart health services account for 0.91%, and sensors and solutions account for 0.22% [1]

Group 1 - A total of 34 companies were investigated by institutions on November 20, with 21 companies being researched by funds, indicating significant interest in these firms [1] - Among the companies, Lens Technology received the most attention, with 32 funds participating in its research, followed by China Shipbuilding Industry Corporation and Vanadium Titanium Resources, which had 10 and 7 funds respectively [1] - The companies researched by funds span 13 industries, with the electronics sector having the highest representation at 4 companies, followed by basic chemicals and automotive sectors with 3 and 2 companies respectively [1] Group 2 - The total market capitalization of the companies investigated includes 4 firms with a market cap exceeding 50 billion yuan, and 2 firms exceeding 100 billion yuan, such as BOE Technology Group and Lens Technology [1] - In terms of market performance, 6 of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Meino Biological (4.42%), Xinrui Technology (3.21%), and Xinyin Electronics (3.16%) [1] - Conversely, 15 stocks experienced declines, with Lens Technology, Zhonggang Luonai, and Yongtai Technology showing the largest drops at 8.88%, 6.89%, and 6.58% respectively [1] Group 3 - Among the funds' research stocks, 10 showed net inflows over the past 5 days, with Fengyuan Co. leading with a net inflow of 60.25 million yuan, followed by Zhonglv Electric and Jiahe Intelligent with inflows of 22.07 million yuan and 19.09 million yuan respectively [2] - The detailed list of companies researched by funds includes Lens Technology, China Shipbuilding Industry Corporation, and Vanadium Titanium Resources, among others, with their respective latest closing prices and 5-day price changes [2][3]