Core Viewpoint - The demand for pixel circuits is growing in tandem with the increasing need for high-resolution and high-contrast displays in various sectors such as smartphones, tablets, automotive electronics, and medical devices. The market size of China's pixel circuit industry is projected to reach approximately 141.736 billion yuan in 2024, reflecting a year-on-year growth of 9.90% [1][7]. Industry Overview - Pixel circuits are the core units of modern display technology, controlling the light emission of individual pixels through independent circuit systems. They are primarily categorized into active matrix and passive matrix types based on their driving methods [2]. Industry Supply Chain - The upstream of the pixel circuit industry includes raw materials such as silicon wafers, photoresists, electronic specialty gases, and target materials, as well as production equipment like cleaning machines and exposure machines. The midstream involves the manufacturing of pixel circuits, while the downstream applications span consumer electronics, automotive electronics, industrial control, medical, and media sectors [4]. Market Size - The pixel circuit industry in China is expected to grow significantly, with a market size of approximately 141.736 billion yuan in 2024, marking a 9.90% increase from the previous year [7][8]. Key Companies' Performance - BOE Technology Group, a leading player in the display panel industry, holds over 5,000 patents in the pixel circuit field. The company reported a revenue of 101.278 billion yuan in the first half of 2025, a year-on-year increase of 8.45%, with a net profit of 3.247 billion yuan, up 42.15% [8][9]. - Visionox Technology focuses on AMOLED pixel circuit innovations and reported a revenue of 4.121 billion yuan in the first half of 2025, reflecting a 4.79% year-on-year growth, although it faced a net loss of 1.062 billion yuan [9][10]. Industry Development Trends 1. **Technological Innovation**: The pixel circuit industry is expected to experience rapid growth driven by technological advancements, with companies like BOE and Visionox leading the way in developing new technologies that enhance display performance and reduce power consumption [10][11]. 2. **Self-sufficiency in Supply Chain**: The industry is accelerating domestic substitution in response to foreign technology barriers, with significant advancements in silicon wafer production and other upstream materials [11]. 3. **Integration with Emerging Technologies**: Pixel circuits are increasingly integrating with AI, IoT, and 5G technologies, creating new application scenarios that enhance functionality beyond traditional display capabilities [12].

Core Viewpoint - The completion of the construction of the B section of the 8.6-generation AMOLED production line project by Hefei Guoxian marks a significant milestone, indicating the full topping out of the production facility, which is crucial for the stability of high-end OLED panel production [2][4]. Construction Progress - The B section of the construction, covering a total area of approximately 430,000 square meters, includes essential facilities such as the display panel factory, comprehensive power station, and wastewater treatment station [4]. - The main factory building was topped out in just 168 days since the construction began on February 2025, achieving the milestone one month ahead of schedule [4]. Technology and Capacity - The production line will utilize the world's first high-generation AMOLED technology equipped with no FMM (ViP) technology, with a designed capacity of 32,000 glass substrates per month, allowing for the production of larger AMOLED panels for various applications including tablets, laptops, automotive displays, and monitors [4]. - Hefei Guoxian and Visionox will collaborate closely on technology transfer to enhance production efficiency [4]. Equipment Procurement - Hefei Guoxian has procured several core equipment for the AMOLED production line, including deposition machines, magnetron sputtering machines, and plasma-enhanced chemical vapor deposition equipment from Applied Materials, and exposure machines from Canon [6].

Core Viewpoint - Suzhou Guoxian Innovation Technology Co., Ltd. has undergone a significant change in its business registration, with a new shareholder and a substantial increase in registered capital, indicating potential growth and investment interest in the company [1] Company Summary - Suzhou Guoxian Innovation Technology Co., Ltd. has added Kunshan Weixin United Investment Co., Ltd. as a new shareholder [1] - The registered capital of the company has increased from 10 million RMB to 2 billion RMB, representing a growth of 19,900% [1] - The company was established in May of this year and is led by legal representative Zhu Xiujian [1] - The business scope includes manufacturing and sales of display devices and electronic components [1] - The current shareholders include Visionox Technology Co., Ltd. (002387) and the newly added shareholder [1]

天眼查App显示，10月11日，苏州国显创新科技有限公司发生工商变更，新增昆山唯信联合投资有限公 司为股东，同时注册资本由1000万人民币增至20亿人民币，增幅19900%。该公司成立于今年5月，法定 代表人为朱修剑，经营范围包括显示器件制造、显示器件销售、电子元器件制造等，现由维信诺 （002387）及上述新增股东共同持股。 ...

Group 1 - The core viewpoint of the news is that Visionox's stock performance and financing activities indicate a low level of market activity and investor interest, with significant net outflows in financing and low borrowing levels [1][2]. Group 2 - On October 16, Visionox's stock price fell by 1.38%, with a trading volume of 76.34 million yuan. The financing buy-in amount was 3.97 million yuan, while the financing repayment was 4.21 million yuan, resulting in a net financing outflow of 0.24 million yuan [1]. - As of October 16, the total balance of margin trading for Visionox was 298 million yuan, which represents 2.48% of its circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, on October 16, Visionox repaid 600 shares and sold 500 shares, with a selling amount of 4,300 yuan. The remaining securities lending volume was 51,800 shares, with a balance of 445,500 yuan, also indicating a low level compared to the past year [1]. Group 3 - As of September 30, Visionox had 62,200 shareholders, a decrease of 0.92% from the previous period, while the average circulating shares per person increased by 0.93% to 22,444 shares [2]. - For the first half of 2025, Visionox reported operating revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net profit attributable to shareholders of -1.06 billion yuan, which is a year-on-year improvement of 9.74% [2]. - Since its A-share listing, Visionox has distributed a total of 53.24 million yuan in dividends, with no dividends paid in the last three years [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder of Visionox, holding 8.23 million shares, an increase of 173,500 shares from the previous period [2].

屏幕方面，荣耀Magic8采用1.18mm超窄四等边直屏，配备6.58英寸1.5K LTPO直屏；Magic8 Pro 则搭载6.71英寸全新等深四微曲屏。 10月15日，荣耀Magic 8/Pro正式发布。 图片来源：荣耀 维信诺当晚发文称，其为荣耀Magic8/8 Pro手机供屏。据悉，荣耀Magic8系列首次采用维信诺 全新材料器件体系，可降低有害蓝光；首次采用多套Demura方案，同时实现了4320Hz、 3840Hz、全亮度类DC调光三种护眼方案。此外，峰值亮度可达6000nit，最低亮度支持1nit显 示。 性能方面，荣耀Magic8全系标配第五代骁龙8至尊版处理器，采用了台积电第三代3nm制程工 艺，相同性能功耗降低10%。 影像方面，荣耀Magic8采用5000万像素主摄+5000万像素广角+6400万像素潜望长焦的三摄组 合；Pro版是5000万像素主摄+5000万像素超广角+2亿像素潜望长焦的三摄组合，配备Flicker传 感器。 续航方面， 荣耀Magic8系列标配第四代青海湖电池，采用15%硅碳负极技术 。 荣耀Magic8达 到7000mAh，支持90W有线快充+80W无线快充 ； ...

Core Viewpoint - The establishment of the "Anhui Province Jusheng Material Equity Investment Partnership" with a total fund size of RMB 1 billion, where the company contributes RMB 190 million, is a strategic move to enhance its investment in the new display materials sector and strengthen its industrial chain collaboration [2][3]. Group 1: Fund Details - The fund has a total scale of RMB 1 billion, with the company contributing RMB 190 million, accounting for 19% of the total [2]. - The fund is managed by Hefei Xinzhan Guoxin Capital Private Fund Management Co., Ltd. and Hefei Shengzhi Equity Investment Co., Ltd., with other contributors including local industry funds [3]. - The investment period for the fund is set at 10 years, focusing on new display materials, with at least 70% of investments directed towards the upstream and downstream of the industry chain [3]. Group 2: Strategic Importance - The partnership is seen as a significant step for the company to improve its industrial layout and deepen collaboration within the supply chain [3]. - By leveraging the resources and management experience of professional investment institutions, the company aims to expand its investment in key areas such as display materials, facilitating technological breakthroughs and supply chain cooperation [3]. Group 3: Company Focus and Developments - The company is focused on the new display business, including the research, production, and sales of OLED and Micro LED display devices, with applications in smartphones, wearables, and other sectors [3]. - The company is actively advancing the construction of its 8.6-generation AMOLED production line and has announced a joint investment of RMB 5 billion to establish a new display industry innovation center [4].

Core Viewpoint - The company, Visionox (002387.SZ), has signed a partnership agreement to establish a fund focused on new materials, particularly in the new display materials sector, with a total committed capital of 1 billion yuan [1] Group 1: Investment Details - The total committed capital for the partnership is 1 billion yuan, with the company contributing 190 million yuan, representing 19% of the total [1] - The investment direction of the partnership will focus on the new materials field, with a specific emphasis on new display materials [1] - At least 70% of the investment in the new materials industry chain must be allocated to upstream and downstream investments relative to the total committed capital [1]

Core Viewpoint - The company, Visionox (002387.SZ), has signed a partnership agreement to establish a fund focused on new materials, particularly in the new display materials sector, with a total committed capital of 1 billion yuan, of which the company contributes 190 million yuan, representing 19% of the total commitment [1] Investment Details - The partnership agreement was signed on October 10, 2025, for the establishment of Anhui Jusheng Materials Equity Investment Partnership (Limited Partnership) [1] - The total committed capital for the partnership is 1 billion yuan, with the company as a limited partner contributing 190 million yuan [1] - The investment direction of the partnership will focus on the new materials sector, with a specific emphasis on new display materials [1] - At least 70% of the total committed capital must be invested in the upstream and downstream of the new materials industry [1]

Core Viewpoint - The company, Visionox (002387), has signed a partnership agreement to establish a new investment fund focused on the new materials sector, particularly new display materials, with a total committed capital of 1 billion yuan [1] Group 1: Fund Details - The fund, named Anhui Province Jusheng Materials Equity Investment Partnership (Limited Partnership), has a total committed capital of 1 billion yuan [1] - The investment direction of the fund is primarily in the new materials field, with a specific emphasis on new display materials [1] - At least 70% of the total committed capital must be invested in the upstream and downstream of the new materials industry [1] Group 2: Company Involvement - The company will act as a limited partner, contributing 190 million yuan, which represents 19% of the total committed capital of the partnership [1]