根据Tr e n dFo r c e集邦咨询旗下显示器研究中心《 Tr e n dFo r c e 2 0 2 5面板价格预测月度报告 》 最 新调研数据， 2 0 2 5年5月，电视面板价格与笔电面板价格继续保持稳定，显示器面板价格小涨。 具体内容如下： | 应用别 | 尺寸 | 分辨率 | 出货型态 | | | 液晶显示屏价格 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | TEE | 를 | म्येश | 与前月差异(%) | | | 电视 | ee .. M | 3840x2160 | Open-Cell | 173 | 182 | 177 | 0.0 | 0.0% | | | SE. M | 3840x2160 | Open-Cell | 122 | 130 | 127 | 0.0 | 0.0% | | | MEEP | 1920x1080 | Open-Cell | ૯૫ | 67 | રિર | 0.0 | 0.0% | | | 32"W | 1366x768 | Open-Cell | 35.0 ...

Group 1 - Qingdao is focusing on the "10+1" innovative industrial system, emphasizing the development of new generation information technology and artificial intelligence industries, while attracting equipment manufacturers, material suppliers, and technology service providers [1] - The city aims to promote high-end, green, and ecological development in manufacturing by targeting five emerging industries: life health, intelligent connected new energy vehicles, low-altitude economy, green energy, and intelligent equipment [1] - Local leading enterprises like Haier, Hisense, and Qingdao Beer are encouraged to open application scenarios to stimulate investment through "orders" and "markets" [1] Group 2 - Qingdao is developing a "4+4+2" modern marine industry system, focusing on enhancing traditional industries, upgrading modern fisheries, and advancing marine chemical industries towards high-end green solutions [2] - The city aims to cultivate new industries such as headquarters-type marine equipment manufacturing and enhance innovation in marine pharmaceuticals and biological products [2] - Qingdao is positioning itself in future industries by seizing opportunities in deep-sea development and establishing a competitive marine electronic information industry cluster [2] Group 3 - The city is leveraging the service industry expansion pilot to align with high-standard international trade rules, focusing on ten modern service sectors including modern logistics, finance, commerce, software and information services, and cultural tourism [2] - Qingdao aims to create a high-quality and efficient new service system while fostering a market-oriented, rule-of-law, and international business environment [2] - The goal is to provide comprehensive support and services for multinational companies, ensuring Qingdao remains an attractive investment destination [2]

Economic Performance - In April, China's economy effectively responded to external shocks, maintaining stable growth and showing a positive trend, supported by a solid economic foundation and coordinated macro policies [1] - The total retail sales of consumer goods in April increased by 5.1% year-on-year, driven by the effects of the consumption upgrade policy [2] - Fixed asset investment grew by 4.0% from January to April, with significant contributions from equipment investment, which rose by 18.2% [2] Investment Trends - High-tech service industry investment grew by 11.3% from January to April, with professional technical services and information services increasing by 17.6% and 40.6%, respectively [3] - Manufacturing investment saw a year-on-year increase of 8.8% from January to April, outpacing overall investment growth [2][3] - Infrastructure investment also showed steady growth, with a 5.8% increase year-on-year from January to April [2] Supply Side Developments - The industrial production index for large-scale industries increased by 6.1% year-on-year in April, with over 80% of the 41 major industries experiencing growth [4] - High-tech manufacturing value added grew by 10% in April, significantly faster than the overall industrial growth rate [4] - The production of new energy vehicles surged by 38.9% in April, indicating a strong trend towards smart and green transformation in the industry [4] Foreign Trade Dynamics - China's total goods import and export value increased by 2.4% from January to April, with exports growing by 9.3% in April [7] - The diversification of foreign trade has shown positive results, with imports and exports to ASEAN countries increasing by 9.2% year-on-year [7] - Private enterprises' import and export activities grew by 6.8% from January to April, outperforming the overall foreign trade situation [7] Overall Economic Outlook - The Chinese economy demonstrates strong resilience and international competitiveness, with a solid foundation and effective policies supporting its growth [8][9] - The focus on expanding domestic demand and optimizing supply is expected to maintain a stable and progressive economic trajectory [8]

Core Viewpoint - The article emphasizes the importance of metrology as a driving force for technological and industrial innovation in Jiangsu Province, highlighting the need for advancements in measurement technology to overcome existing technical bottlenecks and support various industries [1][2]. Group 1: Metrology Innovation and Industry Integration - Jiangsu aims to establish itself as a leader in integrating technological and industrial innovation, with metrology being a key component in this process [1]. - The province has set up seven national industrial metrology testing centers and 13 provincial centers in various fields, including new energy vehicles and biomedicine, to drive innovation [2]. - Over 20 measurement technologies have been developed, filling domestic gaps and promoting industrial upgrades through precise metrology [2]. Group 2: Comprehensive Metrology Service System - A comprehensive metrology service system is being constructed to support industrial innovation, focusing on sectors like new energy and intelligent robotics [3]. - The establishment of provincial metrology technical committees aims to align metrology services with industry needs, enhancing communication between government and enterprises [3]. - Future plans include optimizing the metrology service platform to provide tailored support across the entire product lifecycle, from design to after-sales [3]. Group 3: Market-Oriented Metrology Technology Transformation - The transformation of metrology innovations into marketable solutions is crucial for enhancing industrial productivity [4][5]. - A recent challenge event facilitated technology transactions worth nearly 12 million yuan, demonstrating the effectiveness of metrology technology in driving product development [5]. - The province plans to establish a market-oriented mechanism for the transfer of metrology innovations, fostering collaboration across various sectors [5]. Group 4: Talent Development in Metrology - The development of a skilled workforce in metrology is essential for supporting innovation and industrial growth [6]. - Collaborative training programs with universities and the establishment of a national metrology talent training base are underway to enhance talent acquisition [6]. - The province aims to attract high-level talent and create a diverse metrology workforce to drive innovation and meet industry demands [6].

冠捷科技 20250519 摘要 • 冠捷科技 2024 年稳固了显示器产业的全球领先地位，并在电竞显示、新 型显示市场实现突破性增长，达成集团既定目标。尽管毛利率承受压力， 但通过创新求变，公司仍取得显著成绩，全年营收达人民币 552.3 亿元。 • 展望 2025 年，冠捷科技将坚持 ITC 原则，加大研发投入，紧跟 AI 前沿科 技，推动产品创新升级，积极拓展新的业务领域和增长模式，优化供应链 体系，加强品牌建设与市场营销策略，推动数字化和智慧化转型升级。 • 冠捷科技通过与华东科技重组于 2020 年底实现 A 股上市，更名为冠捷科 技，专注于智能显示终端领域的智能制造。目前是全球第一大显示器制造 商及领先液晶电视制造商，业务覆盖全球多国与地区。 • 冠捷科技专注于智能显示终端业务，主要产品包括显示器、电视及影音产 品。自有品牌 AOC 连续 15 年蝉联中国销量冠军，全球电竞显示器市场也 连续六年保持销量第一。运营品牌飞利浦则连续 12 年位居中国销量前三。 • 2024 年，公司显示器业务受益于商用回暖、电竞需求增长及产品结构升 级，销量与营收同比上升超过 5%，自有品牌业务表现稳定，电竞显示器 ...

【WitsView整理】 5月15日，佛塑科技官方微信公众号宣布，其控股子公司纬达光电偏光膜三期 建设项目的最重要且最后一条主设备产线——长55.5米、高10.5米的日本西工业拉伸生产线进入 设备安装阶段。 据介绍，三期项目总投资建设5条主设备产线（其中涂布线3条、拉伸线2条）、1条辅助设备产 线，项目主要生产染料系偏光片、OLED用偏光片、碘系偏光片、防雾片及其他功能膜产品。 图片来源： 佛塑科技 关键零组件市场李度更新报告 Report format>Excel Update frequency>Quarterly 截至目前，三期项目国产涂布线、拉伸线已进入量产爬坡阶段，精密涂布线完成安装、调试。此次进 场安装的是日本西工业公司采用最新技术和最高质量标准开发和制造的高精度的生产线设备，能够实 现对光学基膜生产过程的精确控制和高效生产，助推纬达光电产效提升。项目达产后，预计年产能300 万平方米。 资料显示，纬达光电公司主要从事液晶显示屏用偏光片和光学薄膜材料的研发、生产与销售。公司 偏光片广泛应用于工控仪表、车载显示屏、智能家居显示、3D眼镜、冰柜、滑雪镜、医用防护 镜、OLED显示等多个市场领域。 20 ...

维信诺的破局之道在于玻璃基板+AMOLED创新架构，通过重新设计像素驱动电路，在玻璃基板上实现 比现有LCD方案高33%的像素密度（1500PPI），同时规避了硅基工艺的天价成本。这种"用设计换性 能"的思路，让2000PPI成为消费级VR设备触手可及的参数标杆。 维信诺的2000PPI玻璃基AMOLED技术，能够使终端设备价格有望下探至3000元主流区间。这意味着更 多消费者能以PS VR2三分之一的价格，获得超越其显示素质的VR体验。 戴上VR头显时，你是否总感觉眼前蒙着一层若隐若现的纱网？这种被称作"纱窗效应"的视觉瑕疵，正 在被屏幕厂商的硬核技术彻底改写。维信诺最新发布的全球首款玻璃基AMOLED超高PPI解决方案，用 2000PPI的像素密度和0.01ms响应速度，在显示效果与成本之间找到了黄金平衡点。 技术普惠的背后，是一场显示技术的转移——当屏幕PPI突破2000大关，VR设备终于能承载8K影视、 云端游戏等重度内容；当AMOLED消除动态延迟，虚拟会议、远程手术等专业场景也将获得可靠的技 术底座。 消费级VR的普惠革命 在VR设备里，像素密度（PPI）是决定沉浸感的第一道门槛。当PPI不够高时 ...

Key Recommendations - Three-Dimensional Chemical (002469.SZ) benefits from accelerated coal chemical construction in Xinjiang, with a unique competitive advantage through "engineering + industry" collaboration [10][11] - Kangguan Technology (001308.SZ) shows high growth in innovative display products, with improved gross margin in Q1 2025 [12][13] Industry and Company Analysis - Three-Dimensional Chemical is a leader in sulfur recovery, leveraging proprietary technology to break foreign monopolies, with projected engineering revenue of 570 million yuan and chemical product revenue of 1.81 billion yuan in 2024 [10][11] - The company has a strong order backlog of 1.67 billion yuan, ensuring sustained revenue growth from coal chemical projects, with expected engineering revenue of 360 million, 550 million, and 760 million yuan from 2025 to 2027 [11] - The domestic market for n-propanol remains tight, with a projected supply gap of 41,000 tons in 2025, maintaining prices between 8,000-9,000 yuan/ton [11] - Kangguan Technology's Q1 2025 revenue reached 3.142 billion yuan, a year-on-year increase of 10.8%, with a net profit of 215 million yuan, reflecting a 15.8% increase [12][13] - The company’s innovative display products saw a 50.4% revenue increase in Q1 2025, driven by strong demand in emerging markets [13][14] Macroeconomic and Strategic Insights - The high-tech manufacturing sector shows signs of recovery, with a narrowing decline in the macroeconomic diffusion index, indicating improved economic conditions [15][17] - The macroeconomic environment is expected to support growth in sectors like coal chemical engineering and innovative display technologies, with favorable government policies promoting urban renewal and infrastructure investment [26][27]

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...