半导体 2026 年 03 月 22 日 行 业 研 究 半导体 MicroLED 行业更新 ——大科技海外周报第 9 期 投资要点： 我们持续看好 MicroLED 在光通信和 AI 眼镜领域的应用及相关投资 机会，产业发展趋势明确。行业近况更新如下： 行 业 定 期 报 告 联发科联合微软发布 MicroLED 有源光缆：3 月 18 日，根据联发 科官网，联发科联合微软等团队开发出由 MicroLED 光源驱动的有源 光缆（AOC），该产品优势包括 1）节能降耗：功耗相比传统的 VCSEL 有源光缆节省可达 50%；2）铜缆级可靠性：凭借 MicroLED 结构简 单、耐久性强且抗温度变化的特点，该链路稳定性优于现有激光光学 方案，能够达到媲美铜缆的可靠性；3）更远传输距离：传输距离大幅 超越铜缆；4）更高可扩展性：通过增加单根光缆中的光通道数量或提 升每通道的数据速率，可实现更高的总带宽；5）单芯片 CMOS 集成： 单独一颗定制的 CMOS 芯片整合全部电子功能；6）异构集成： MicroLED 阵列和光电检测器（PD）阵列直接键合在单片 CMOS 芯 片上，这种先进的协同封装方式突破了传统金线键合 ...

OFC 和 GTC 大会将于本周召开，持续看好端云双旺。 OFC：全球光通信行业年度盛会 OFC 2026（光纤通信会议）将 于 3 月 15-19 日在洛杉矶会议中心举行，展会包含 700 多家光通信参 展公司，预计吸引超 1.6 万名专业观众。 行 业 定 期 报 告 GTC：英伟达 GTC 2026 大会将于 3 月 16 日至 19 日在美国加州 举行，据观点网报道，CEO 黄仁勋将发表主题演讲，重点介绍包括 Feynman 芯片架构与 NemoClaw 开源 AI 智能体平台在内的多项 AI 基 础设施更新。据报道，Feynman 为英伟达继 Rubin 之后的下一代芯片 架构，采用台积电 1.6 纳米 A16 制程，并引入光通信技术以降低数据 中心能耗。该芯片聚焦 AI 推理场景，旨在拓展英伟达在推理市场的影 响力，预计于 2028 年上市。 持续看好端云双旺：我们认为年初以来国产 AI 大模型营销和 Openclaw 的推广加速了端云飞轮的转动。1）云端算力方面：我们认 为算力需求=用户规模×调用频率×单次复杂度，年初以来的大模型营 销和 Openclaw 的推广显著提升了用户规模和调用频率，用 ...

Group 1 - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, and performance reports, to help investors identify potential investment opportunities and risks [1] - A company specializing in smart grids, energy storage, computing power, quantum technology, and chips is noted as the only domestic enterprise capable of complete production of primary and secondary equipment for power transmission and transformation [1] - Another company in the Mini/Micro LED display module market holds over 50% market share, focusing on MicroLED, CPO, chips, AI applications, and PCB [1] - A company plans to invest 3.5 billion yuan in the construction of complete equipment for perovskite stacked batteries, integrating MicroLED, storage chips, lithium batteries, and photovoltaics [1]

Group 1: Market Strategy and Economic Outlook - The market is experiencing a recovery, with the MicroLED concept leading the gains [7] - The government work report sets a 2026 economic growth target of 4.5%-5% and outlines a proactive fiscal policy with a deficit rate of around 4% [16][18] - The "14th Five-Year Plan" draft proposes 6 major areas and 109 significant projects to enhance economic development [19][20] Group 2: Industry Dynamics - CNOOC Engineering has completed the Shell Nigeria project, marking a significant achievement in offshore oil and gas engineering [21][22] - The China Steel Association reported a 14.2% increase in social inventory of five major steel products, totaling 10.88 million tons [24] - The real estate sector is focusing on policies to stabilize the market, including measures to control inventory and improve supply [25][26] Group 3: Company Updates - Sunshine Nuohua (688621.SH) has received approval for clinical trials of BTP4327, a new hypertension treatment [40] - Fangsheng Pharmaceutical (603998.SH) announced the receipt of a drug registration certificate for Bisoprolol Amlodipine tablets, enhancing its cardiovascular product line [42][43]

Core Viewpoint - The article highlights significant announcements in the stock market, including various corporate actions such as suspensions, investments, acquisitions, and performance updates, aimed at helping investors identify potential opportunities and risks in a timely manner [1] Group 1: Technology and Equipment - The company is involved in the production of MicroLED and CPO technologies, with its self-developed chip mounter being a key equipment for the production of Micro LED micro-displays [1] - The company has received a small number of orders for MiniLED-related equipment, indicating a growing presence in the market for storage chips and robotics, particularly in collaboration with Huawei [1] Group 2: Marine and High-end Equipment - A subsidiary of the company has signed a significant shipbuilding contract valued between 400 million to 600 million USD, showcasing its capabilities in marine equipment and high-end manufacturing [1]

Market Overview - The A-share market experienced a collective rise, with all three major indices showing positive performance, particularly the Shanghai Composite Index which regained the 4100-point mark, indicating a stabilizing rebound in the technical outlook [4][30]. - Over 4,076 stocks rose, with a significant reduction in the number of stocks hitting the daily limit down to single digits, reflecting a strong profit-making effect across the market [5][31]. Sector Performance - Key sectors such as communication services, engineering machinery, electric motors, communication equipment, and computing hardware saw substantial gains, driven by themes like MicroLED, smart grids, and humanoid robots, while previously strong defensive sectors like oil, shipping, and precious metals experienced slight adjustments [6][31]. Trading Volume and Market Sentiment - The trading volume in both markets showed a slight increase, indicating a clear characteristic of stockholder competition, with funds concentrating on technology growth sectors, leading to a significant rise in transaction volume in these areas [7][32]. - Institutional investors displayed a trend of "capital return and focus on main lines," significantly reducing holdings in previously profitable defensive sectors and increasing positions in high-growth and policy-benefiting sectors like communication services and computing hardware [9][33]. Investor Behavior - Retail investors exhibited a "positive follow-up and rational participation" characteristic, with net inflows into the market and a focus on popular technology growth sectors, participating in the rebound without blind chasing, indicating a more rational trading behavior [9][34]. - The overall trading sentiment among retail investors was optimistic, with 75.85% expressing a positive outlook [10][34]. Positioning and Asset Recovery - As of March 5, 2023, 29.91% of investors increased their positions, while 14.26% reduced their holdings, and 55.83% maintained their positions, reflecting a cautious yet engaged market sentiment [35][38]. - A survey indicated that 3.29% of investors had profits exceeding 50%, while 47.31% were still in a loss position of less than 20%, highlighting the mixed recovery status of investor assets [23][39].

Market Overview - The A-share market showed a strong upward trend in the morning, with the Shenzhen Component Index rising over 1% and the ChiNext Index increasing by more than 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.55 trillion yuan, a decrease of 91.8 billion yuan compared to the previous trading day [1][7] - Over 4,500 stocks in the market experienced gains, indicating broad market participation [1] Sector Performance - The MicroLED concept saw a collective surge, with over twenty constituent stocks hitting the daily limit, including Huacan Optoelectronics and Jucan Optoelectronics, both reaching a 20% limit up [1] - The electric grid equipment sector continued its strong performance, with China West Electric hitting a historical high and stocks like Hancable and Jicheng Electronics achieving consecutive limit ups [1] - The CPO concept maintained its strength, with Kaige Precision Machinery rising nearly 10% to set a new historical high [1] - Quantum technology stocks were active, with Shenzhou Information hitting the daily limit [1] - The controllable nuclear fusion concept also gained momentum, with China Nuclear Engineering and Baili Electric both reaching the daily limit [1] Decline in Specific Stocks - Oil and gas stocks weakened, with companies like Quanyou Co., Water Development Gas, and Blue Flame Holdings hitting the daily limit down [2] Closing Statistics - At the close, the Shanghai Composite Index rose by 0.84%, the Shenzhen Component Index increased by 1.67%, and the ChiNext Index gained 2.43% [3][4] - The market sentiment was bullish, with 85.34% of users expressing a positive outlook [5] Trading Data - The market recorded 4,537 stocks rising, 877 stocks declining, and 72 stocks hitting the daily limit up, while 6 stocks hit the daily limit down [6] - The trading volume was noted at 1.55 trillion yuan, with a predicted volume of 2.34 trillion yuan for the next trading day [7]

Group 1 - The core viewpoint of the news is that Sanan Optoelectronics has shown a positive stock performance with a year-to-date increase of 13.59% and significant trading activity, indicating investor interest and potential growth in the semiconductor industry [1][2]. - As of February 13, Sanan Optoelectronics' stock price reached 16.05 CNY per share, with a market capitalization of 80.074 billion CNY and a trading volume of 3.76 billion CNY [1]. - The company has experienced a net inflow of main funds amounting to 27.34 million CNY, with significant buying activity from large orders, indicating strong investor confidence [1]. Group 2 - Sanan Optoelectronics, established on March 27, 1993, and listed on May 28, 1996, specializes in the research, production, and sales of compound semiconductor materials and devices [2]. - The company's revenue composition includes 35.96% from materials and waste sales, 30.88% from LED epitaxial chips, 16.68% from integrated circuit products, and 15.92% from LED application products [2]. - As of September 30, the company reported a revenue of 13.817 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 16.55%, while the net profit attributable to shareholders decreased by 64.15% to 88.601 million CNY [2]. Group 3 - Sanan Optoelectronics has distributed a total of 7 billion CNY in dividends since its A-share listing, with 486 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased to 379,600, with an average of 13,141 circulating shares per person, indicating a growing investor base [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 97.7807 million shares as a new shareholder [3].

Core Insights - The total import and export value of Hefei Economic and Technological Development Zone reached 118.75 billion yuan in 2025, marking a growth of 69.2% [1] - The industrial output value of designated large-scale enterprises in the zone was 120.85 billion yuan, with a year-on-year increase of 23.9% [1] - The zone accounted for 11.7% of Anhui Province's and 26.1% of Hefei City's total import and export value, representing 67.8% of the total value among six comprehensive bonded zones in the province [1] Company Performance - Leading enterprise, Lianbao Technology, has focused on smart manufacturing, optimizing production lines and supply chains to enhance capacity [1] - High-end products such as AI notebooks and gaming laptops have gained significant orders in domestic and international esports markets, showing explosive growth [1] - The total production of notebook computers reached 27.724 million units, reflecting a year-on-year increase of 20.6%, providing strong support for the zone's foreign trade growth [1] Industry Development - The first phase of the MicroLED micro-display chip project by Xianyao Display Technology saw a production value increase of 162.3% in 2025 [1] - The upcoming second phase of the project will accelerate the introduction and cultivation of AR terminals, components, and content application enterprises [1] - This initiative is expected to form a new industrial cluster worth billions, injecting new momentum into the optimization of the economic structure in the zone [1]

Core Viewpoint - BOE Technology Group Co., Ltd. (京东方A) has shown positive stock performance and financial growth, with significant increases in revenue and net profit year-on-year, indicating a strong market position in the display technology sector. Financial Performance - As of September 30, 2025, BOE achieved operating revenue of 154.55 billion yuan, a year-on-year increase of 7.53% [2] - The net profit attributable to shareholders reached 4.60 billion yuan, reflecting a substantial year-on-year growth of 39.03% [2] Stock Performance - On January 23, BOE's stock price increased by 2.05%, reaching 4.49 yuan per share, with a trading volume of 1.974 billion yuan and a turnover rate of 1.22% [1] - Year-to-date, the stock price has risen by 6.65%, with a 10.59% increase over the past 20 days and a 10.32% increase over the past 60 days [1] Shareholder Information - As of September 30, 2025, the number of BOE shareholders was 1.0459 million, a decrease of 4.36% from the previous period [2] - The average number of circulating shares per shareholder increased by 4.60% to 36,118 shares [2] Dividend Distribution - Since its listing, BOE has distributed a total of 22.088 billion yuan in dividends, with 5.297 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 2.705 billion shares, an increase of 658 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF have seen reductions in their holdings, while Huaxia CSI 300 ETF is a new entrant among the top ten circulating shareholders, holding 337 million shares [3]