智通财经7月8日电，在美上市韩国股票走低，韩国SK电信跌超7%，LG Display跌超6%。 ...

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The new materials industry serves as a foundational industry, providing the material basis for other sectors. The report emphasizes the importance of identifying and tracking companies with strong core supply chains, research capabilities, and excellent management in key areas such as electronic information, new energy, biotechnology, and environmental protection [4][16]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include the lifting of U.S. export restrictions on chip design software to China, allowing companies like Siemens and Synopsys to resume full access for Chinese clients [6][24]. - Samsung Display and LG Display have begun procurement for the iPhone 17 series, with an expected production of approximately 110 million OLED panels [7][25]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fiber [9]. - GE Aerospace has been granted permission to export jet engines to COMAC, which will supply engines for the C919 aircraft [10]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [11]. - Major photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand balance in the domestic market [11]. 4. Biotechnology Sector - Key areas of focus include synthetic biology and scientific services [12]. - A new synthetic biology research platform has been established to integrate AI with synthetic biology, aiming to enhance innovation and technology development [14]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [15]. - The Ministry of Ecology and Environment has initiated inspections in several provinces to enhance environmental protection efforts [16]. Key Companies and Earnings Forecast - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a mix of "Buy" and "Hold" ratings based on their projected performance [17].

Core Viewpoint - The panel industry is experiencing growth driven by tariff stocking and national subsidy policies, while companies are diversifying their technology and application layouts to prepare for future developments [2][19]. Group 1: Company Investments and Projects - Huike is the most active panel manufacturer in new display project construction, with multiple projects entering various stages, including a total investment of 80 billion yuan for an electronic paper display module project and 50 billion yuan for an intelligent manufacturing complex [3][4]. - BOE is advancing multiple projects, including the world's first 6-inch Micro LED production line, with an annual production capacity of 24,000 Micro LED wafers and 45,000 Micro LED pixel devices [6][7]. - TCL Huaxing is strengthening its LCD business through acquisitions, including the purchase of LGD's Guangzhou 8.5-generation line, with a total investment of approximately 254 billion yuan [8][9]. - LG Display is focusing on OLED technology, with a significant investment of 1.26 trillion won (approximately 66.56 billion yuan) for an OLED panel factory in South Korea [11][12]. - Hefei Guoxian is constructing the world's first 8.6-generation AMOLED production line with a total investment of 550 billion yuan [13]. - Deep Tianma has completed the mass production of its new 8.6-generation display panel production line with a total investment of 330 billion yuan [14][15]. Group 2: Future Growth Potential - OLED technology is expected to dominate the small-size panel market, with an estimated shipment of 3.4 million OLED display panels in 2025, a 69% increase from 2024 [19]. - Mini LED backlight technology is projected to see significant growth in the TV market, with shipments expected to exceed 11.5 million units in 2025, accounting for 6% of the global TV market [19]. - Micro LED technology is still in its early stages, with an estimated market value of 27.9 million USD in 2024, expected to grow to 740 million USD by 2029 as technology advances [20]. - The electronic paper technology is anticipated to gain traction in various applications due to its unique advantages, such as low power consumption and lightweight design [19]. Group 3: Overall Industry Trends - Panel manufacturers are solidifying their LCD technology while investing heavily in OLED, Mini LED, Micro LED, and electronic paper technologies to enhance their competitive edge in the future display industry [21]. - The investment in OLED technology is the highest among panel manufacturers, followed by LCD, MLED, and electronic paper [21].

【环球时报驻韩国特约记者 黎枳银】"会是经济复苏的征兆吗？"随着韩国新任总统李在明上任，LG率 先打响制造业复兴"第一枪"，SK、现代、三星、Kakao等大型集团也陆续公布或酝酿数万亿韩元级别的 投资计划，积极响应李在明政府的"尖端战略产业"振兴的政策导向。韩联社、《韩国经济》《京乡新 闻》等韩媒近日纷纷报道，认为这些投资计划或许能成为重塑韩国制造业在全球产业供应链核心地位的 信号。同时，关于韩国企业这波大规模投资能否抢占关键产业市场先机，帮助本国克服发展危机也在韩 国国内引发热烈讨论。 现代汽车集团在今年3月宣布对美投资计划时，也同步公布总额达24.3万亿韩元的韩国本土投资方案， 涵盖研发、运营与战略性项目，年增幅达19%，创下集团历年新高。何时实施，备受关注。 三星电子虽然尚未正式公布具体计划，但会长李在镕在五大企业集团与李在明的座谈会上承诺，三星将 持续扩大在AI、半导体、生物医药领域的投资，推动传统产业与AI融合，提升生产效率并创造高质量 就业岗位。三星去年创下年度设备投资和研发投入新高，今年可能延续这一基调，推出新的本土投资项 目。 世宗大学经营学系教授金大锺指出，激活以尖端制造业为核心的区域投资， ...

7月1日，据韩媒ETnews报道，三星显示和LG Display已分别于5月下旬启动iPhone 17系 列手机面板的显示材料及零部件的采购工作，并于6月开始生产首批面板。 报道称，预计iPhone 17系列的全部面板将由这两家韩国企业供应。尽管中国京东方（BOE）正集 中精力进军Pro机型， 但首批供货情况尚不明朗 。外界猜测， 由于决定在iPhone 17系列的所有 型号上采用低温多晶氧化物（LTPO）技术，苹果公司正面临挑战——过去，苹果的iPhone LTPO 面板一直由三星显示和LG Display全量供应，京东方仅部分供应了低温多晶硅（LTPS）OLED面 板。 分析指出，iPhone 17系列首批面板供货量较iPhone 16系列略有下调，这一调整既受全球智能手 机需求疲软影响，亦与地缘政治下关税政策变动密切相关。 一位显示行业内部人士表示："与最初的预测相比，显示面板厂商对iPhone面板订单的运营较为保 守且具有战略性，并做好了随时进行调整的准备。"（集邦Display整理） #OLED #iPhone #手机面板 #苹果 【集邦Display显示产业交流群】 作为苹果计划于今年9月发布的全 ...

Core Viewpoint - Apple has recently obtained a patent for "Immersive Virtual Display Systems for Mitigating Motion Sickness in Moving Vehicles," which aims to address motion sickness experienced by passengers using VR headsets in moving vehicles [1][3]. Group 1: Technology and Application - The patented technology dynamically adjusts the virtual display to synchronize with vehicle motion, potentially enhancing the user experience in Apple's Vision Pro mixed reality device [1][3]. - This technology is compatible with both "fully enclosed VR headsets" and "transparent AR/VR mixed devices," indicating its applicability in immersive and spatial computing scenarios [3]. Group 2: Competitive Advantage - Compared to competitors, Apple's solution is seen as a significant advancement; Meta's "motion smoothing" feature only blurs images, while Sony's PSVR2 lacks vehicle motion optimization [3]. - The patent is regarded as a standard technology for next-generation VR headsets, positioning Apple favorably in the market [3]. Group 3: Market Context and Sales Performance - Since its launch in June 2024, Vision Pro has faced challenges with high pricing (starting at $3,499) and limited application scenarios, leading to lower-than-expected sales [4]. - Data from Morgan Stanley indicates that only 280,000 units of Vision Pro were shipped in Q1 2025, significantly below Apple's initial target of 8 million units for the year [4]. - Analysts suggest that the motion sickness solution could be a "game-changer" for improving sales performance [4].

Core Viewpoint - LG Display has commenced mass production of fourth-generation OLED panels for 27-inch displays, achieving a peak brightness of 1500 nits and a refresh rate of up to 280Hz [1][2]. Group 1: Product Features - The new panels utilize Primary RGB Tandem technology, stacking red, green, and blue colors into four independent layers, allowing for a peak brightness of 1500 nits based on an average picture level (APL) of 1.5% [2]. - These panels can achieve 99.5% color accuracy and a response time of 0.03 milliseconds, significantly faster than traditional LCD displays, which typically have a response time of 1.0 milliseconds [3]. - LG Display has also developed a QHD resolution OLED display panel with a refresh rate of 540Hz, with mass production expected to start in the second half of the year after product evaluations by global manufacturers [4]. Group 2: Technical Innovations - The company faces challenges in maintaining picture quality for screens with refresh rates exceeding 500Hz, which it addresses through the development of new algorithms [5]. - LG Display's dynamic frequency and resolution technology allows for a maximum refresh rate of 720Hz at high definition, enabling users to select appropriate refresh rate modes based on specific content [6]. - The panels are designed with special films and improved board structures to block 99% of internal and external light reflections, ensuring that picture quality remains unaffected under 500 lux lighting conditions [7].

Core Viewpoint - The domestic AMOLED industry has traditionally focused on small-sized terminal products like smartphone screens, but recent advancements have been made in the notebook screen sector. However, the large-sized OLED screen market, represented by monitors and TVs, is still dominated by Samsung Display and LG Display [1]. Group 1 - TCL Huaxing's first OLED display panel has begun production, and some monitor brands are testing OLED display prototypes based on Huaxing panels, which may break the duopoly of Korean companies in this field [1]. - The first panel from TCL Huaxing is a commercial model with a refresh rate of 144Hz, but most brands consider its specifications unsuitable for the current market and are in a wait-and-see mode for future product upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced plans to acquire a 30% stake in Changhong Optoelectronics, which is expected to enhance its competitive advantage and expand its technology portfolio and production capacity [5][8] - The acquisition price is set at 4.849 billion yuan, and if successful, it will allow the company to strengthen its position in the LCD market [5] - The report highlights the ongoing consolidation in the LCD industry, particularly with the exit of overseas competitors, which presents opportunities for domestic manufacturers [8] - The company is expected to see significant profit elasticity as high-generation production line depreciation comes to an end [8] - The profit forecast for 2025-2027 has been raised, with net profits projected at 9.029 billion yuan for 2025, 11.179 billion yuan for 2026, and 14.440 billion yuan for 2027, corresponding to PE ratios of 16, 13, and 10 respectively [8] Financial Summary - Total revenue is projected to grow from 198.381 billion yuan in 2024 to 250.050 billion yuan in 2027, with a compound annual growth rate of approximately 10% [7][10] - The net profit is expected to increase significantly, with a forecast of 9.029 billion yuan in 2025, reflecting a year-on-year growth rate of 69.6% [7][10] - The company's gross margin is anticipated to improve from 15.2% in 2024 to 17.5% in 2027 [7]

Core Viewpoint - The article discusses the strategic shift of major IT brands, such as Dell and HP, requiring panel manufacturers to produce modules outside of mainland China to mitigate supply chain risks. This has led to increased module production planning in Vietnam by various panel manufacturers [1][2]. Group 1: Production Planning in Vietnam - Major panel manufacturers like AUO, LG Display, BOE, and TCL are planning module production capacity in Vietnam, with AUO and LGD already reaching mass production status [3][7]. - BOE and TCL are expected to achieve mass production status in the second half of this year [3]. - The proximity of Vietnam to mainland China reduces raw material transportation costs, making it an attractive location for production [2]. Group 2: Expansion Methods - AUO, BOE, and TCL are expanding their module capacity through self-built facilities, while LGD is collaborating with third parties for capacity acquisition [4][8]. - IVO is actively constructing production lines in Vietnam to secure orders from US IT brands and has obtained COO certification for its module lines [8]. Group 3: Cost Considerations - Despite the higher production costs in Vietnam compared to mainland China due to depreciation and travel expenses, panel manufacturers are still opting to establish production capacity in Vietnam to remain flexible in response to changing external conditions [10].