Core Viewpoint - The article discusses the successful launch of Xi'an Yichai's IPO and the significant role played by the China National Building Material New Materials Fund in this achievement, highlighting the fund's strategic investments in the new materials sector, particularly in semiconductors and related technologies [2][3][4]. Investment Background - The China National Building Material New Materials Fund was established in 2021 with a total scale of 20 billion yuan, focusing on investments in inorganic non-metallic materials, organic polymer materials, composite materials, and special metals [2][4]. - The fund aims to support the national strategy for innovation-driven development and the construction of a manufacturing powerhouse [4]. Investment Strategy - The fund's investment strategy is centered around key strategic materials in the semiconductor industry, particularly silicon wafers, which are crucial for the competitiveness of the semiconductor supply chain [5][6]. - The fund has developed a detailed investment map for the semiconductor industry, identifying critical areas for investment [5]. Notable Investments - Xi'an Yichai completed a C-round financing of nearly 4 billion yuan in 2022, with the fund leading the investment with 700 million yuan, marking a significant milestone in the domestic semiconductor silicon wafer industry [6]. - The fund has invested in over 40 projects, with a cumulative investment exceeding 10 billion yuan, focusing on "bottleneck" technologies and domestic substitution in the new materials sector [10]. Sector Focus - The fund's investments are primarily concentrated in four strategic emerging industries: semiconductors, new energy vehicles, display panels, and aerospace [7][8]. - In the semiconductor sector, the fund targets key strategic materials and downstream applications, while in the new energy vehicle sector, it focuses on battery recycling and safety materials [8]. Selection Criteria - The fund employs a rigorous selection mechanism based on three main criteria: scarcity of the investment opportunity, leadership position in the industry, and high technical barriers [9]. - The fund has invested in leading companies in their respective fields, ensuring that investments are made in top-tier firms [9]. Future Outlook - The fund is preparing for its second phase and aims to create a complete industrial chain from VC to PE and M&A to better serve national strategies [15]. - The new materials sector is increasingly recognized as a critical foundation for strategic emerging industries and major engineering projects, with significant growth potential anticipated [12][13].

= TrendForce 显示器研究中心 AMOLED产业链报告 ● 技术及市场现状 ● 面板出货追踪 ● 整机出货量及预测 近日，韩国媒体 The Elec 报道， 三星显示近期对中小型显示事业部进行组织升级，其中最受关 注的变化是，负责苹果业务的A开发团队正式 升级 为"A开发室"。 据悉 ，此举旨在整合原本分散的职能，提升对苹果 相关项目的 响应能力。与此同时，A事业团队 下属的A销售团队将转隶至战略营销室，进一步优化业务流程。 此外， 三星显示 在 中小型 显示 事业部内成立了"M事业化团队"，负责 用于 XR设备 的 1英寸 微型显示器业务 。此前，该业务由社长直属的M-PJT团队主导，调整后业务推进将更加体系化。 相较之下，大型显示事业部本次并未进行结构调整。 IT事业团队也迎来功能扩充，新增驱动开发、模组开发以及CELL外包等多项业务模块。 韩媒表 示， 今年7月，三星显示已为IT事业团队增设IT销售团队，外界认为此举是为应对IT OLED市场扩 张，特别是为计划于明年投产的IT 8 .6 代OLED产线（A6）提前锁定客户。A6产线未来将量产包 括苹果MacBook在内的多款IT OLED产品 ...

Core Viewpoint - The company, Deep Tianma A, has confirmed that its display products and technologies can be applied in various fields, including commercial aerospace, responding to investor inquiries about potential applications in this sector [1] Group 1: Company Applications - The company's display products are utilized in multiple sectors such as civil aviation, medical, industrial handheld devices, human-machine interaction, two-wheeled vehicles, and white goods [1]

需要注意的是，三星显示在此次人事调整中延续了重视成长潜力和技术领导力而非年龄的用人基调。 近日，三星显示（Samsung Display）进行2026年度定期高层管理人员任命，此次调整涉及8名副总裁、13名常务、2名总监，总计23人。与往年相比，这次 晋升规模相对较小，但显示出三星显示在OLED、折叠屏和IT面板等下一代显示技术领域的明确意图。 值得关注的是，此次人事任命中，中小尺寸显示器事业部成为重点领域。强太旭副总裁因在OLED性能提升和成本控制方面的贡献获得晋升；金成元副总裁 则凭借优化生产和物流流程、敏捷应对全球需求波动而受到认可。 回到市场层面，三星显示尽管在全球OLED面板市场仍保持领先地位，但正面临着来自中国厂商的不断竞争。根据CounterPoint Research的预测，2025年全球 OLED面板出货额中，三星显示预计占41%，虽仍居首位，但相比2024年的42%份额略有下滑。与此同时，京东方预计占14%，天马占6%，同比均有所提 升。 与此同时，CounterPoint Research认为全球OLED面板市场正处于结构调整期。2025年第二季度全球OLED面板收入同比下降5%，尽管第 ...

Core Viewpoint - The company is actively progressing with the issuance of A-shares to specific investors and is seeking a new policy financial tool worth 3.918 billion yuan to support its AMOLED production line project [1] Group 1 - The company is in the process of issuing A-shares to specific investors, with further updates to be announced [1] - The company has applied for a new policy financial tool amounting to 3.918 billion yuan to supplement the capital for its 8.6-generation AMOLED production line project [1] - An internal fund monitoring mechanism has been established by the company to prioritize the safety of funds [1]

证券日报网讯12月1日，维信诺（002387）在互动平台回答投资者提问时表示，公司主营业务聚焦于新 型显示，研发、生产和销售AMOLED产品，具体产品供货情况请关注品牌端发布信息。 ...

证券日报网讯 12月1日，维信诺在互动平台回答投资者提问时表示，公司高度重视合规经营，持续强化 内控与风险管理，已建立完善的廉洁机制。公司向特定对象发行A股股票事项正在持续推进中，后续进 展请关注公司公告。 （文章来源：证券日报） ...

其二，回购金额大幅增长。这不仅体现在单个上市公司上，也体现在总金额上。与此前上千万元、数亿 元相比，如今抛出十数亿元甚至数十亿元资金实施回购的上市公司也不在少数。从总额上看，在2020 年、2021年期间，年度回购金额还维持在1000至1300亿元左右的水平，2024年则攀升至1586亿元并创出 新高，今年到目前已突破2200亿元。考虑到年内还有一个多月的时间，目前的纪录有可能进一步刷新。 其三，将回购股份予以注销的上市公司越来越多。上市公司回购股份的用途主要有三种，或用于员工持 股计划，或用于股权激励，或予以注销。此前回购股份用于员工持股计划或股权激励的占多数，如今予 以注销的上市公司则越来越多。像贵州茅台、京东方等均拟巨资回购股份后予以注销。 但伴随着上市公司股份回购规模的水涨船高，个中暴露出来的问题也越来越多，其所产生的负面影响显 然也是不可忽视的。 据统计，截至11月24日，今年A股已有1859个回购方案实施完毕，涉及1365家上市公司，年内回购金额 高达2275亿元，刷新历史纪录。个人以为，在上市公司回购股份如火如荼的背景下，其中暴露出的问题 也有必要引起足够重视。 上市公司回购股份，对提振投资者信 ...

证券日报网讯12月1日，维信诺（002387）在互动平台回答投资者提问时表示，公司AMOLED产品可应 用于智能穿戴、智能手机、平板、笔记本电脑、车载显示、智慧家居等领域，产品具体应用主要依据客 户需求。 ...

Core Viewpoint - Huike Co., Ltd. has submitted an updated prospectus for its IPO on the Shenzhen Stock Exchange, aiming to raise funds for advanced OLED and Mini-LED technology projects, marking a pivotal moment in China's display industry transitioning from scale expansion to technological leadership [1][2]. Group 1: Company Development and Market Position - Huike has over 20 years of experience in the display sector, evolving from terminal manufacturing to upstream core components, establishing four G8.6 generation production lines, and integrating the semiconductor display panel and smart display terminal supply chain [1][3]. - In 2024, Huike is projected to rank third globally in TV panel shipment area, fourth in monitor panel shipment area, and third in smartphone panel shipment area, with its 85-inch LCD TV panel shipment area ranking first worldwide [1][2]. Group 2: Technological Advancements - The company is focusing its IPO fundraising on new display technology R&D, particularly OLED and Mini-LED, to transition from a "scale follower" to a "technology innovator" [2][4]. - Huike has established a solid foundation in LCD technology, being one of the first in China to build G8.6 generation production lines, and has developed advanced technologies such as ultra-fine high-transmittance wide-view LCD technology and wide-view low color deviation display technology [3][5]. Group 3: Mini-LED and OLED Technology - The Mini-LED technology is gaining traction for its high contrast and fine HDR control, with Huike already achieving mass production of Mini-LED display terminal products [4][5]. - Huike is also making strides in OLED technology, having developed its first OLED product that passed customer testing and secured initial mass production orders, indicating significant progress in this area [5][6]. Group 4: Production Capacity and Vertical Integration - Huike operates four semiconductor display panel production bases using G8.6 generation lines, allowing for flexible coverage of various product sizes, particularly in the large-size segment [7][8]. - The company's vertical integration model enhances its competitive edge by ensuring quality control and supply chain stability, allowing for efficient new product development and rapid market response [8][9]. Group 5: Financial Performance and Future Outlook - Huike's revenue for 2023, 2024, and the first half of 2025 is projected to be 35.824 billion, 40.282 billion, and 18.997 billion yuan respectively, with net profits of 2.582 billion, 3.320 billion, and 2.162 billion yuan, reflecting strong growth momentum [10]. - The company is well-positioned to leverage emerging opportunities in the display industry driven by advancements in 5G, IoT, and AI, aligning its technology developments with new market demands [11].