Core Viewpoint - The article discusses the recent developments in the OLED industry, particularly focusing on the 8.6 generation AMOLED production lines being established by major manufacturers like Visionox, BOE, Samsung Display, and TCL Huaxing. The introduction of new technologies, especially Visionox's ViP technology, is highlighted as a significant advancement in OLED production, which could reshape the competitive landscape in the high-end display market [2][9]. Summary by Sections Visionox's 8.6 Generation AMOLED Production Line - Visionox, in collaboration with Hefei City, has established Hefei Guoxian Technology Co., Ltd. to procure core equipment for its 8.6 generation AMOLED production line, with a total investment of 55 billion RMB. This line is notable for being the world's first to use a maskless lithography process [2][9]. ViP Technology - The ViP (Visionox intelligent Pixelization) technology developed by Visionox eliminates the need for fine metal masks (FMM), allowing for more precise AMOLED pixelation and overcoming traditional OLED limitations regarding display size and resolution. However, the process still requires initial uniform deposition of organic light-emitting materials [3][5]. Competitive Landscape - Four major manufacturers are currently building 8.6 generation OLED production lines, each adopting different technological approaches. Samsung Display, BOE, and Visionox have confirmed the purchase of deposition equipment, while TCL Huaxing is focusing on printed OLED technology [4][6]. Technology Comparison - A comparison of different OLED technologies reveals that FMM OLED uses precise metal masks, while ViP OLED utilizes lithography for pixel design, and printed OLED employs inkjet printing. ViP technology is expected to achieve higher pixel density (1700-2000 PPI) compared to traditional methods [5][6]. Production Progress - As of 2025, major manufacturers are accelerating the construction of their 8.6 generation OLED lines. Samsung Display's A6 line is expected to begin mass production in the second or third quarter of 2026, while BOE and Visionox are also making significant progress towards their production timelines [7][8]. Market Implications - The advancements in OLED technology and the establishment of new production lines are expected to shift the focus of the high-end display industry towards IT applications, including smartphones, tablets, and laptops. The competition in the mid-size high-end display market is anticipated to become more diversified and intense [9].

Core Viewpoint - BOE Technology Group has established a strong position in the flexible AMOLED market, with significant production capacity and technological advantages, while also expanding into automotive and IT applications to meet market demands [1] Group 1: Market Position and Performance - The company has built a comprehensive customer base covering major top smartphone brands in the flexible AMOLED sector [1] - BOE's OLED market share continues to increase, with shipments expected to exceed 71 million units in the first half of 2025, representing a year-on-year growth of 7.5% [1] - The company ranks first in domestic shipments and second globally in the OLED market [1] Group 2: Challenges and Opportunities - Despite the growth in shipments, the company faces challenges related to market competition and short-term depreciation pressures, which may impact profitability [1] - The company is actively pursuing opportunities in mid-size innovative applications to align with downstream customer needs [1]

9月26日，在第16届Display Day活动前夕，三星显示CEO表示："公司计划在2026年第二季度或 者第三季度量产第8.6代OLED面板，目前项目进展顺利。" 三星显示 2023年 对外宣布 将改造其液晶显示器（LCD）生产线L8，并建设专用于IT OLED的 A6生产线，计划 投资 金额达224亿元人民币 。 值得一提的是，该产线为全球首条第8.6代OLED 面板产线。 图片来源：三星显示 业内人士预测，三星显示的A6产线将为苹果供应OLED面板。三星显示预计最早将于2026年第二 季度末量产用于MacBook的14英寸和16英寸OLED面板。报道称，为实现这一目标，三星显示 计 划于今年晚些时候在A6生产线进行试生产。 全球第8.6代OLED线加速 据了解，第8.6代OLED面板产线采用 2290x2620 mm规格的玻璃基板，适用于平板电脑、笔记 本电脑和显示器等IT产品面板的生产，兼具生产力和盈利能力。 除了韩国的三星显示，包括京东方、维信诺和TCL华星在内的中国显示面板企业也在推进8.6代 OLED产线进程： 京东方 成都第8.6代AMOLED生产线项目于2024年3月开工，在今年5月实现全 ...

Group 1: Research Basic Information - The research object is Glinda, belonging to the electronic chemicals industry, with a reception time of September 23, 2025, and the listed company's reception staff are General Manager Fang Weihua and Board Secretary Zhang Qi [17] Group 2: Detailed Research Institutions - The detailed research institutions include Yude Investment (with contact person Sun Jiali), Xianghe Investment (with contact person Yang Zhan), and CITIC Construction Investment (with contact persons Deng Haozhu, Sui Chong, and Wang Mandan) [18] Group 3: Main Content - The project "Research and Industrialization Verification of Key Materials for Integrated Circuit Manufacturing Production Line Components, Materials, and Key Equipment" undertaken by the company from the Ministry of Industry and Information Technology is in the overall acceptance stage, and the company is steadily advancing the project acceptance work [24] - The company's core product, the developer solution, has major customers such as BOE Group, South Korea's LG Group, China Star Optoelectronics, Tianma Microelectronics, and Visionox. The overall global new display industry in 2025 is continuously adjusting in a complex environment, with the annual panel demand down 2% compared to expectations according to Sigmaintell's data [24] - The MinLED technology has obvious demand growth in the mid - to high - end TV and in - vehicle display markets; the OLED technology shows diversified development, with a slowdown in the smartphone and TV markets and rapid penetration in the PC market; the in - vehicle display market is gradually decelerating in growth, and adding value has become the short - term key [25][26] - The Sichuan factory obtained the work safety license in Q3 2024 and passed the system certification. Its products are being tested on multiple production lines of major downstream customers. In the first half of this year, the developer solution of the Sichuan factory achieved successful single - factory transfer testing, signed a framework contract, and completed volume supply switching in Southwest system customers, with a revenue of 33.0984 million yuan in H1 2025 [24][26] - The share - reduction plan of Ningbo Juhe Venture Capital Investment Fund Partnership (Limited Partnership) is still in progress from June 27, 2025, to September 26, 2025, and the company will continue to supervise the shareholder to complete the share - reduction work legally and disclose information in a timely manner [26]

Core Viewpoint - Xiaomi has announced the launch of the new Xiaomi 17 Pro Max smartphone, featuring a breakthrough in OLED technology with "super pixels" that significantly enhance display quality while reducing power consumption by 26% compared to traditional 2K screens [2][5][6]. Technology Innovation - The "super pixel" technology allows each pixel to have independent RGB sub-pixels, improving display performance without relying on adjacent sub-pixels, marking a significant advancement in OLED technology [5][6]. - The Xiaomi 17 Pro Max is said to deliver 2K-level display quality with power consumption lower than that of 1.5K displays, indicating a new direction in display technology [6]. Product Launch Details - The Xiaomi 17 series, including the Pro and Pro Max models, will be officially launched on September 25, featuring new color options "Forest Green" and "Cold Smoke Purple" [6]. - The new models will incorporate a "Miao Xiang Back Screen" for an enhanced interactive experience and will showcase a new ultra-oval corner design with a narrow bezel of just 1.18mm [6]. - The series will be powered by the new Xiaomi Surge OS 3 and will globally debut the fifth-generation Snapdragon 8 Supreme version [6].

来源：环球网 【环球网科技综合报道】9月23日，小米官方正式宣布，全新旗舰机型小米17 Pro Max将搭载全球首款 突破小尺寸OLED技术瓶颈的"超级像素"屏幕，并介绍称，"子像素数量媲美传统2K屏、功耗直降 26%"。 据了解，传统OLED屏幕受限于像素排列技术，子像素数量与分辨率直接挂钩，导致高分辨率与低功耗 难以兼得。 小米集团合伙人、总裁，手机部总裁，小米品牌总经理卢伟冰在社交媒体发文补充称："表面看分辨率 未达2K，但子像素数量与2K屏一致。这意味着在显示文字、图片时，每个像素都能独立呈现完整色 彩，清晰度与2K屏无异，甚至在低亮度下色彩过渡更自然。"（青山） 小米创办人、董事长兼 CEO雷军发文强调："'超级像素'突破了OLED技术瓶颈，每个像素点首次放下 了RGB三个子像素点，显示效果更出色。" ...

Core Viewpoint - The domestic OLED screen market, which holds over 60% of the global flexible OLED smartphone screen share, is intensifying its focus on high-end products, particularly in eye-care technology and high refresh rates [2][3]. Group 1: Product Development and Trends - Tianma and OPPO have jointly launched an eye-care OLED smartphone screen with a low brightness of 1 nit in dark environments, establishing a collaborative laboratory [2]. - Key technological trends for OLED screens include eye-care features, high refresh rates, and the development of foldable screens, with Tianma's OLED screens achieving refresh rates of up to 240Hz [2]. - The foldable smartphone market is experiencing stable growth, and Tianma is ramping up production of flexible OLED screens for both left-right and up-down folding designs [2]. Group 2: Industry Collaboration and Competitiveness - The competitiveness of domestic OLED screens relies on industry chain collaboration, with OPPO and Tianma combining their respective technologies for the development of the eye-care OLED screen [3]. - The domestic OLED industry is pushing for the localization of OLED emitting materials to enhance the competitiveness of screens and terminal products [3]. Group 3: Market Outlook and Performance - Currently, 90% of flexible OLED screens are used in smartphones, but Tianma plans to expand applications into automotive and IT sectors, with flexible OLED automotive display products expected next year [4]. - Major players like BOE, Visionox, and TCL Huaxing are establishing 8.6-generation flexible OLED or printed OLED production lines to capture opportunities in mid-size displays for IT and automotive applications [4]. - According to Sigmaintell, global shipments of flexible OLED smartphone screens are projected to reach nearly 300 million units in the first half of 2025, with a year-on-year growth of approximately 5.2% [4]. - Domestic manufacturers are expected to ship around 190 million flexible OLED smartphone screens, marking a year-on-year increase of about 7.7%, thus increasing their global market share to 62.3% [4]. - Tianma and BOE's flexible OLED smartphone screen shipments in the first half of the year were approximately 71 million and 43.2 million units, respectively, with year-on-year growth rates of 10.3% and 15.6% [4].

Core Insights - Tianma Microelectronics launched a new high-end OLED technology brand named "Tianma Tiangong Screen," showcasing its R&D breakthroughs and commitment to high-end product lines [1] - The global new display industry is stabilizing, with OLED expected to become the mainstream high-end display technology due to growth in foldable screens, automotive displays, and wearable devices [1] Company Summary - Tianma Microelectronics adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core areas, while IT displays serve as a growth engine, and expanding into industrial, medical, and non-display sectors [1] - The company has established a manufacturing network across multiple locations, including Shenzhen, Wuhan, Xiamen, and Chengdu, with a global industry layout exceeding 150 billion [1] - In the first half of 2025, Tianma Microelectronics reported revenue of 17.475 billion, a year-on-year increase of 9.93%, and a net profit of 206 million, marking a return to profitability [1]

Core Viewpoint - Samsung Display is set to become the exclusive supplier of flexible OLED panels for Apple's upcoming foldable iPhone series, with an expected supply of 10 million panels for the year. The price of foldable OLED panels is approximately three times higher than traditional flat OLED panels, and it is anticipated that the price for Apple will be about 25% higher than previous supplies to Samsung Electronics' MX division. However, Apple plans to significantly reduce orders for flat OLED panels from Samsung Display by about 50%, shifting those orders to LG Display and BOE [2]. Group 1 - Samsung Display will supply 10 million flexible OLED panels for Apple's foldable iPhone series in 2024 [2] - The price of foldable OLED panels is expected to be about three times higher than traditional flat OLED panels [2] - Apple will reduce its orders for flat OLED panels from Samsung Display by approximately 50%, reallocating those orders to LG Display and BOE [2] Group 2 - Apple is shifting its sales strategy from emphasizing performance and differentiation among models to enhancing the performance of standard models, particularly with the iPhone 17 series [5] - The small OLED panel market is facing challenges as the profitability of these panels approaches its limits, necessitating a balance between acceptable pricing and minimum profit margins for manufacturers [5][6] - Korean display companies, including Samsung Display, are betting on CoE technology to create thinner, more efficient panels without relying on polarizers, which could enhance product competitiveness [6][7]

Investment Rating - The report maintains a "Recommended" rating for the OLED industry chain related equipment stocks [5]. Core Insights - The construction of the 8.6 generation OLED production lines is accelerating, with TCL Technology announcing a joint investment of 29.5 billion RMB to build a new production line, expected to start in November 2025 and take 24 months to complete [1][8]. - The demand for OLED panels in automotive and IT applications is expected to drive significant growth, with AMOLED panel shipments projected to exceed 1.33 billion units by 2030, capturing 35% of the market share [3][21]. - The report highlights the competitive landscape, noting that major players like Samsung Display, BOE, and Visionox are also investing heavily in 8.6 generation OLED production lines, with total investments nearing 170 billion RMB [1][11]. Summary by Sections Section 1: Industry Developments - TCL, Samsung Display, BOE, and Visionox are all actively investing in 8.6 generation OLED production lines, with TCL's new line set to produce approximately 22,500 glass substrates per month [1][11]. - The report discusses the three main OLED technologies: FMM OLED, ViP OLED, and printed OLED, each with its advantages and disadvantages [2][20]. Section 2: Market Trends - The report anticipates a compound annual growth rate (CAGR) of 33% for laptops and 27% for automotive displays by 2030, indicating strong demand for OLED technology in these sectors [3][21]. - Counterpoint Research data shows that Samsung Display held a 37% market share in the global OLED panel market as of Q2 2025, with significant growth in laptop and display panel shipments [22][26]. Section 3: Investment Recommendations - The report suggests focusing on companies within the OLED supply chain, including Aolide, Linde Equipment, Dazhu Laser, and Maiwei Co., which are positioned to benefit from the growth in OLED production [4][31][35][38].