格隆汇2月5日丨京东方A(000725.SZ)近日在接待机构投资者调研时表示，AMOLED高画质、更轻薄的 产品特性，使其成为高端IT类产品的重要选择。公司第8.6代AMOLED生产线已于2025年12月30日成功 提前5个月点亮，标志着公司在中尺寸OLED技术研发、工艺调试与量产准备方面率先取得关键性突 破。该产线预计将于2026年下半年进入量产阶段，量产后，公司将能够更好地匹配IT客户高端产品需 求，进一步强化公司在显示产业的整体竞争力。 ...

格隆汇2月5日丨京东方A(000725.SZ)近日在接待机构投资者调研时表示，公司在"第N曲线"理论指导 下，持续落实"屏之物联"发展战略，重点布局钙钛矿光伏、玻璃基封装载板等创新业务。钙钛矿业务方 面，公司依托在显示产业长期积累的玻璃基加工能力、薄膜制备工艺能力、封装和设备优势及大规模智 能制造能力，有效赋能钙钛矿太阳能电池研发与生产。玻璃基封装载板技术方面，公司已完成大板级玻 璃载板中试线的建设并实现工艺通线。钙钛矿业务和玻璃基先进封装业务作为公司"第N曲线"战略升维 理论下布局的代表性业务，将持续推动公司面向未来的成长。 ...

Group 1: Market Trends and Product Pricing - The demand for LCD TV products is strong due to pre-holiday stocking by brand manufacturers, leading to increased shipment volumes [1] - In January 2026, mainstream TV product prices rose across the board, with expectations for further price increases in February [1] Group 2: Technological Advancements - The company's 8.6 generation AMOLED production line was successfully lit up on December 30, 2025, five months ahead of schedule, marking a significant breakthrough in OLED technology [2] - The AMOLED production line is expected to enter mass production in the second half of 2026, enhancing the company's competitiveness in the IT sector [2] Group 3: Innovation and Strategic Development - The company is implementing the "N Curve" theory to drive its "screen IoT" strategy, focusing on innovative businesses such as perovskite photovoltaics and glass-based packaging substrates [3] - The perovskite solar cell development leverages the company's existing capabilities in glass processing and intelligent manufacturing [3] Group 4: Financial Outlook - Depreciation of existing production lines is expected to continue decreasing, with capital expenditures peaking in 2025 and anticipated to decline significantly from 2027 [4] - In 2025, the company completed a share buyback worth nearly 1 billion yuan and distributed approximately 1.87 billion yuan in cash dividends [6]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The supply-demand relationship is improving, and price increases for large-sized panels are expected to continue [3][7] - Major panel manufacturers are pushing for production control, which is likely to sustain price increases for large-sized panels [7] - The overall demand for television panels remains stable, supported by upcoming events like the 2026 FIFA World Cup, which is expected to drive stocking demand [7] - Capital expenditures for leading panel manufacturers are anticipated to significantly decrease as the large-scale capital expenditure cycle has passed [7] - Short-term price pressure on mobile OLED panels is expected to be manageable, with a slight decline in global smartphone AMOLED panel shipments projected for 2026 [7] Summary by Sections Investment Suggestions and Targets - The report suggests that the supply-demand relationship is favorable, and price increases for large-sized panels are likely to continue. Recommended stocks include: - Panel manufacturers: TCL Technology, BOE A, Shenzhen Tianma A, Rainbow Technology, Visionox, and Huahui Optoelectronics [3][8] - Panel materials manufacturers: Ruiv Optical, Qingyi Optical, Lite Optical, Woge Optical, Sanlipu, and Shenzhen Textile A [3][8] - Display driver chip manufacturers: Tiande Yu [3][8] - Panel module manufacturers: BOE Precision [3][8]

Core Insights - The global tablet panel shipments are projected to reach nearly 300 million units in 2025, representing a year-on-year growth of 13.9%, driven by the dual scenarios of tablets and similar devices [1] - The tablet market is undergoing structural adjustments due to rising storage costs, which are evolving from temporary disturbances to significant structural variables affecting industry dynamics and competition [10][11] Group 1: Market Growth and Trends - In Q4 2025, global tablet panel shipments are expected to be approximately 75.3 million units, showing a year-on-year increase of about 20.9% but a quarter-on-quarter decline of about 0.9% [1] - The growth in 2025 is attributed to three main factors: technological upgrades, scenario expansion, and policy drivers [1] - The demand for similar tablets is projected to reach around 140 million units in 2025, with a year-on-year growth of 20.8%, accounting for approximately 46.1% of the overall market [1] Group 2: Technology and Competitive Landscape - Oxide LCD is gradually replacing LTPS in the mid-range market, with global shipments of Oxide LCD panels expected to reach about 19.7 million units in 2025, a year-on-year increase of 30.6% [5] - LTPS LCD shipments are projected to be around 24.1 million units in 2025, reflecting a significant year-on-year growth of 31.6%, primarily driven by national subsidy policies [5] - The competitive landscape is evolving towards a dual-track development of "platformization vs. specialization," with full-stack technical capabilities becoming a competitive moat for leading manufacturers [7][8] Group 3: Key Players and Market Share - BOE is expected to maintain its leadership with approximately 139.1 million units shipped in 2025, holding a market share of 46.7% [9] - CSOT is experiencing rapid growth, with shipments increasing by 123.1% year-on-year to nearly 40 million units [9] - Other notable players include Innolux and LGD, with shipments of 31.8 million and 27.3 million units respectively, reflecting year-on-year growth of 21.3% and 2.5% [9] Group 4: Future Outlook and Challenges - The tablet industry is anticipated to face cost pressures in 2026 due to rising storage device prices, leading to a cautious market environment and potential adjustments in shipment targets [10][11] - The focus will shift from mere shipment expansion to capabilities in cost control, product structure optimization, and deepening application scenarios [11] - Manufacturers with scale advantages, supply chain collaboration, and product mix adjustment capabilities are expected to solidify their leading positions in the upcoming adjustment cycle [11]

Core Viewpoint - Sunic System has experienced explosive growth in performance due to a significant contract with China's BOE for the supply of 8.6-generation OLED evaporation equipment, marking a historic achievement for the company [1][3]. Financial Performance - In 2025, Sunic System achieved record revenue of 515.7 billion KRW (approximately 27.14 billion RMB), a year-on-year increase of 356.7%, and an operating profit of 111.5 billion KRW (approximately 5.87 billion RMB), up 1312.5% [2]. - The fourth quarter of 2025 saw a remarkable revenue of 221.0 billion KRW (approximately 11.63 billion RMB), a year-on-year growth of 450.6%, with an operating profit of 53.5 billion KRW (approximately 2.82 billion RMB), recovering from a loss of 9.2 billion KRW in the previous year [2]. Key Drivers of Growth - The primary driver of Sunic System's growth is the investment in BOE's 8.6-generation OLED production line [3]. - A contract worth 379.7 billion KRW (approximately 19.98 billion RMB) for the supply of OLED evaporation equipment was signed with BOE in June 2024, contributing significantly to the company's performance [5]. Future Outlook - Sunic System's order backlog as of the end of 2024 was 528.0 billion KRW (approximately 27.79 billion RMB), with an expected recovery in backlog levels due to the upcoming signing of the second phase project with BOE [5][6]. - The company anticipates additional orders for 8.6-generation OLED equipment this year, alongside a growing demand for OLEDoS equipment from Chinese panel manufacturers, with large-scale production expected by 2028 [6].

Core Viewpoint - BOE (京东方) showcased its innovative display technologies and IoT solutions at the ISE 2026 exhibition in Barcelona, highlighting advancements in MLED, IoT, VR/AR, and low-power technologies [1][3]. Group 1: MLED Innovations - The COG P0.9 ultra-thin HDR MicroLED display features a brightness of 3000 nits and utilizes AM eye-care technology to reduce blue light and flicker, achieving a weight reduction of 25% per square meter and improving installation efficiency by 5 times [3]. - The first GPR 3D 162-inch P1.25 COB direct-view screen supports one-click switching between 2D and 3D displays, with a center crosstalk of less than 1% and viewing angles exceeding 170° [4]. Group 2: IoT Solutions - BOE presented various IoT solutions including window signage, digital signage, electronic whiteboards, electronic paper signage, and smart speakers, catering to commercial display, smart education, and intelligent entertainment [6]. - The 55-inch RGBW high-brightness window signage boasts a brightness of 4500 nits and a lifespan of over 50,000 hours, designed for stable operation in retail environments [6]. - The 31.5-inch and 13.3-inch full-color electronic ink screens offer low-power solutions for commercial displays, contributing to environmentally friendly advertising [7].

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. has obtained a patent for "Display Control Circuit, Method, Display Panel, and Display Device," with the authorization announcement number CN116504181B, and the application date is February 2023 [1] Group 2 - 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 73 enterprises and participated in 303 bidding projects. It holds 775 trademark records and 5,000 patent records, along with 47 administrative licenses [1] Group 3 - 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 has participated in 922 bidding projects and holds 5,000 patent records, along with 524 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.461 yuan with a slight increase of 0.37% [1] - The ETF's major holdings include companies such as CATL, Midea Group, Gree Electric Appliances, BOE Technology Group, Ping An Bank, Luxshare Precision, Vanke A, TCL Technology, Wuliangye, and Weichai Power, with varying performance among these stocks [1] - Since its inception on August 1, 2011, the ETF has achieved a return of 145.57%, while its return over the past month is 2.89% [1] Group 2 - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, indicating its investment strategy is aligned with this index [1] - The fund manager is Harvest Fund Management Co., Ltd., and the fund manager is Li Zhi [1]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 成都京东方光电科技有限公司，成立于2007年，位于成都市，是一家以从事仪器仪表制造业为主的企 业。企业注册资本2500000万人民币。通过天眼查大数据分析，成都京东方光电科技有限公司参与招投 标项目922次，专利信息5000条，此外企业还拥有行政许可524个。 国家知识产权局信息显示，京东方科技集团股份有限公司取得一项名为"驱动扫描电路的方法、扫描电 路和显示设备"的专利，授权公告号CN117396951B，申请日期为2022年5月。 来源：市场资讯 天眼查资料显示，京东方科技集团股份有限公司，成立于1993年，位于北京市，是一家以从事计算机、 通信和其他电子设备制造业为主的企业。企业注册资本3741388.0464万人民币。通过天眼查大数据分 析，京东方科技集团股份有限公司共对外投资了73家企业，参与招投标项目303次，财产线索方面有商 标信息775条，专利信息5000条，此外企业还拥有行政许可47个。 ...