Core Insights - The global OLED display shipment is projected to reach 2.4 million units this year, representing a year-on-year growth of approximately 95% [1] - The primary driver of this robust growth is the rapid penetration of the high-end gaming market [1] Company Performance - LG Display's cumulative OLED display shipments for the first ten months of this year have increased by about 47% year-on-year [1] - Samsung Display's OLED display shipments also saw a significant year-on-year growth of 71.1% in the third and fourth quarters of this year [1] Technological Advancements - Both LG Display and Samsung Display are accelerating technological iterations to solidify and expand their leading positions in the gaming display market [1] - LG Display has launched a professional gaming OLED panel with a refresh rate of up to 720Hz and a response time of only 0.03 milliseconds [1] - Samsung Display is promoting its quantum dot (QD)-OLED technology, releasing several high-spec products, including those with a maximum refresh rate of 500Hz [1] Market Trends - High refresh rates and the adoption of OLED panels have become two key trends driving the development of the gaming display market [1] - The competition in this sector is expected to intensify as technology advancements continue [1]

京东方科技集团股份有限公司 投资者关系活动记录表 编号：2025-035 | 投资者关系活动类别 | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 中欧瑞博：瞿诗明、杨孟哲 | | | 东北证券：李明 | | 时间 | 2025 年 12 月 18 日 | | 地点 | 京东方核心能力大楼 | | 上市公司接待人员姓名 | 郭 红 副总裁、董事会秘书 | | | 罗文捷 证券事务代表 | | | 吴易霖 董事会秘书室工作人员 | | | 讨论的主要内容为回答投资者提问，问答情况如下： | | | 1、公司如何看待 LCD 产线稼动率情况及产品价格趋势？ | | | 答：回顾今年，年初 TV 产品出货受国补、抢出口刺激需 | | 投资者关系活动主要内 | 求前移，全年出货量、出货面积均有望实现增长；但受新兴市 | | 容介绍 | 场需求带动中小尺寸 TV 产品出货量提升影响，大尺寸化趋势 | | | 阶段性放缓。 | | | IT 产品受换机需求带动，全年 ...

广州这座经济总量超三万亿元、正处于深度转型期的超大城市，经济增速轨迹划出了一条清晰的"U 型"曲线。 2024年，广州GDP增速从一季度的3.6%逐步探底至全年的2.1%，低于全国及全省平均水平。进入2025 年后，广州GDP增速回升态势明显，从一季度的3.0%逐季攀升至前三季度的4.1%，成功追平广东省同 期增速。 广州经济实现"U型"回升，到底是哪些产业在悄然翻盘？未来发展的新动能又何在？ 前三季度，全市"3+5"战略性新兴产业实现增加值7517.28亿元，同比增长4.6%，对GDP增长的贡献率为 35.2%，经济增长超过1/3的动力来自新兴产业。从具体数据看，广州新能源汽车产量增速逐季跃升，全 球首条规模化量产的G8.6代印刷OLED产线动工，甲级写字楼有多宗超2000平方米的大面积租赁成交， 从事低空经济与航空航天、人工智能的新兴产业经营主体加速涌现。 在受访专家看来，广州走出"U型"曲线背后，既有传统产业智能化转型的重要支撑，也有新兴产业爆发 出的可观潜力。从更长周期看，广州经济回归正常增长轨道趋势已逐渐明朗，当前关键在于推动这一回 升态势稳步持续。 谁在支撑经济翻盘？ 汽车产业是广州绝对的支柱产业 ...

证券日报网讯12月17日，深天马A在互动平台回答投资者提问时表示，目前，公司在厦门布局涵盖多条 全资及合资产线，包括量产技术能力行业领先的G5.5及G6LTPS-LCD产线、先进的G6柔性AMOLED产 线、一条专精于中小尺寸显示产品的G8.6a-Si/Oxide产线，以及一条全制程Micro-LED产线。 ...

证券时报·数据宝统计显示，和辉光电-U今日收盘价为2.62元，下跌0.76%，日换手率为1.11%，成交额 为1.67亿元，全天主力资金净流出1233.86万元，近5日该股累计下跌1.13%，近5日资金合计净流出 1872.05万元。 | 成交量 （万 | 成交金 额（万 | 成交价 格 | 相对当日收盘 折溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | | | | | 650.00 | 1690.00 | 2.60 | -0.76 | 机构专用 | 国泰海通证券股份有限公司上 海静安区北京西路证券营业部 | | 650.00 | 1690.00 | 2.60 | -0.76 | 浙商证券股份有限公司 | 国泰海通证券股份有限公司上 | | | | | | 上海长乐路证券营业部 | 海静安区北京西路证券营业部 | 和辉光电-U12月17日大宗交易平台共发生2笔成交，合计成交量1300.00万股，成交金额3380.00万元。 成交价格均为2.60元，相对今日收盘价折价0.76%。从参与大宗交易营业部来 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司已累计在厦门投资超1000亿元建设5条先进生产线 是真的吗？ 深天马Ａ（000050.SZ）12月17日在投资者互动平台表示，目前，公司在厦门布局涵盖多条全资及合资 产线，包括量产技术能力行业领先的G5.5及G6 LTPS-LCD产线、先进的G6柔性AMOLED产线、一条专 精于中小尺寸显示产品的G8.6 a-Si/Oxide产线，以及一条全制程Micro-LED产线。 ...

Core Viewpoint - BOE and Samsung have reached a comprehensive settlement in their OLED patent dispute, marking a shift in the global display industry from zero-sum competition to a new phase of technological sharing and mutual benefits [1][7]. Group 1: Background of the Dispute - The patent battle began in late 2022 when Samsung initiated a 337 investigation with the ITC, accusing BOE of infringing on four OLED-related patents [2]. - The conflict escalated in 2023, with Samsung adding trade secret claims and filing lawsuits in Texas, while BOE countered with its own patent lawsuits in China [2][4]. - By mid-2025, the litigation intensified, with both companies filing multiple lawsuits against each other, reflecting a significant shift in market dynamics [2][4]. Group 2: Settlement Dynamics - The prolonged litigation resulted in high costs for both parties, with neither emerging as a clear winner [4]. - For BOE, a ruling against them could have severely impacted their market access in the U.S., while Samsung faced challenges in expanding its business in China due to deteriorating relations [4][6]. - The settlement included a reported agreement on a patent licensing fee of approximately 1 trillion KRW (about 4.85 billion RMB), which was a crucial factor in the resolution [6]. Group 3: Industry Implications - The resolution of the dispute is expected to reshape the competitive landscape of the global display industry, moving from fierce competition to a more collaborative approach [7]. - The settlement allows BOE to stabilize its supply to global clients, including Samsung, thereby reducing supply chain uncertainties for downstream manufacturers [7]. - The agreement signifies a shift in the power dynamics of the display industry, with Chinese manufacturers gaining a larger share of the global market, reflecting a transition from manufacturing dominance to a balance of technology and standards [7][8]. Group 4: Future Outlook - Despite the settlement, future intellectual property disputes are likely as technology continues to evolve rapidly [8]. - The resolution between BOE and Samsung illustrates that in a highly globalized supply chain, pure confrontation will give way to rule-based cooperation, indicating a more complex and intertwined competitive landscape in the OLED and advanced technology sectors [8].

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

中经记者 吴清 北京报道 在历经三年的对抗互诉后，京东方（BOE）和三星专利大战在最后一刻迎来和解。 12月15日，据韩国业界媒体披露，京东方与三星显示宣布，就历时近三年的OLED专利及商业秘密诉讼 达成全面和解，并联合向美国国际贸易委员会（ITC）提交终止相关调查的申请。 回溯这场纠纷，其始于2022年年底，升级于2023年，激化于2025年年中，并在ITC即将作出终裁前戏剧 性收场。多位业内人士向《中国经营报》记者表示，随着双方握手言和，全球显示产业的竞争逻辑正 从"你死我活、赢者通吃"的零和博弈，转向"技术共享、利益共赢"的竞合新阶段。 专利拉锯战最后一刻达成和解 京东方与三星始于2022年的专利战，本质是一场关于未来显示技术主导权的争夺。 早在2022年12月，三星显示率先发难，向ITC提起337调查，指控京东方侵犯其四项与OLED显示面板相 关的专利，涉及像素电路结构、驱动方式等核心技术。2023年年初，三星进一步加码，一方面在ITC追 加商业秘密侵权指控，声称京东方通过前三星员工跳槽获取关键工艺参数与良率优化经验；另一方面， 在美国得克萨斯州东区法院提起专利侵权诉讼。 作为回应，京东方并未退缩，而 ...