Core Viewpoint - Tianma Microelectronics has launched the world's first intelligent screen, the All-Domain Light-Sensing Tian Gong Screen, which integrates large-area under-screen fingerprint recognition, ambient color temperature sensing, and OLED lifespan monitoring, marking a significant advancement in display technology [1] Group 1 - The All-Domain Light-Sensing Tian Gong Screen is designed to actively sense the environment and intelligently adjust, moving from passive display to active perception [1] - This innovation aims to enhance user experience by making unlocking more convenient and viewing more comfortable, addressing concerns related to screen burn-in [1] - The product is positioned to lead the evolution of display technology towards more interactive and responsive interfaces [1]

本报记者 吴晓璐 11月16日晚间，上海复旦微电子集团股份有限公司（以下简称"复旦微电"）发布公告，上海国盛集团投资有限公司（以下 简称"国盛投资"）拟以协议转让方式受让上市公司第一大股东所持12.99%股份。此次股权转让完成后，国盛投资将成为复旦微 电第一大股东。 今年以来，在政策推动和市场需求的双重作用下，A股并购重组活跃度持续提升。据Wind数据统计，截至11月17日，年内 A股公司披露4044单并购重组，同比增长4.01%，其中，重大资产重组147单，同比增长44.12%。 并购重组市场正在经历从"量"到"质"的深刻变革，成为产业升级"催化剂"。南开大学金融学教授田利辉在接受《证券日 报》记者采访时表示，今年以来，并购重组市场逻辑革新，从规模扩张转向价值创造，不仅优化资本市场资源配置功能，激发 市场活力，还推动产业升级、筑牢产业链韧性，助力培育新质生产力。 产业整合为主 科技导向鲜明 去年9月份以来，证监会先后发布修改《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六条"）以及《上 市公司重大资产重组管理办法》，提高并购重组监管包容性和交易效率，支持上市公司注入优质资产，提升投资价值。与此同 ...

Core Insights - The Micro-LED industry in China is entering a significant window of opportunity, with companies like Tianma Microelectronics showcasing innovative products at the China International Import Expo [2] - The global Micro-LED display market is projected to reach approximately $800 million by 2028, indicating strong growth potential [2] - The industry is recognized as a key area for strategic development in China's "14th Five-Year Plan," aligning with national goals for innovation in emerging industries [2] Industry Overview - Micro-LED technology is a capital-intensive industry that integrates various advanced manufacturing processes, with China currently leading in the epitaxial chip sector [3] - Despite the advancements, the industry faces challenges primarily related to costs, which are influenced by manufacturing processes and yield rates [3] - The market has seen breakthroughs in applications such as AI/AR glasses and smartwatches, suggesting a pivotal moment for Micro-LED technology [3] Technical Challenges - Micro-LED technology has been in development for over 20 years but has faced slow commercialization due to challenges in epitaxy, chip production, mass transfer, and driving technologies [4] - Mass transfer technology, which involves transferring numerous Micro-LED chips from a source substrate to a target substrate, remains a critical bottleneck for mass production [4][5] - The industry is also grappling with the complexities of achieving full-color displays, with various methods still in experimental stages [5] Innovations and Developments - Tianma has developed customized automated mass transfer and bonding equipment, significantly improving transfer efficiency to 40 million chips per hour [5] - The company is focusing on high PPI, high transparency, and high brightness technologies, aiming to establish a fully controllable production process [7] - Recent advancements in high-precision projection exposure machines have enabled significant cost reductions while achieving high resolution and precision [9] Market Dynamics - The Micro-LED sector is experiencing increased investment interest, particularly in the AR market, with several companies securing substantial funding for technology innovation [10] - The competition in the large-screen market includes Mini LED technology, while Micro-LED shows advantages in small-screen applications like AR/AI glasses [9][10] - Companies are optimistic about reducing costs as production scales up, with expectations to achieve cost parity with OLED technology within 3 to 5 years [11]

Core Viewpoint - The company, Visionox (002387), emphasizes its commitment to innovative research and development in cutting-edge display technologies, particularly in the AMOLED and Micro-LED sectors [1] Group 1: AMOLED Product Applications - The company's AMOLED product application capabilities span various fields, including smart wearables, smartphones, tablets, laptops, automotive displays, and smart home devices [1] - In the automotive display sector, the company has launched several innovative technologies and products, such as flexible AMOLED central control screens, AMOLED under-screen directional sound technology, transparent automotive display solutions, visual "A" pillar flexible screens, and flexible AMOLED smart skins [1] - Some of these innovative results have already been mass-produced based on terminal demand [1] Group 2: Micro-LED Developments - In the Micro-LED field, the company's subsidiary, Chengdu Chenxian, is actively engaged in the commercial display sector, continuously innovating and iterating products [1] - The company has released the world's first 108-inch P0.7 TFT-based Micro-LED display screen, along with several domestic and international first Micro-LED splicing screens [1]

Core Viewpoint - The company has completed the registration of the 2025 restricted stock incentive plan, with specific details regarding the grant date, number of shares, and pricing outlined in the announcement [2][5][12]. Group 1: Incentive Plan Details - The grant date for the deferred portion of the restricted stock is set for October 24, 2025 [2]. - The listing date for the deferred restricted stock is November 20, 2025 [16]. - A total of 232,800 shares will be granted to 2 individuals at a price of 8.11 yuan per share [2][12][13]. Group 2: Approval Process - The incentive plan has undergone various approval processes, including meetings of the board and supervisory committee, with no objections raised during the internal publicity period [3][4]. - The plan was approved at the 2024 annual general meeting held on May 20, 2025 [4]. Group 3: Performance Assessment - The performance assessment for the incentive plan will be based on net profit and vehicle display revenue for the years 2025 to 2027 [7][8]. - If the company fails to meet the performance targets, the unvested shares will be repurchased by the company [8]. Group 4: Financial Impact - The total share capital will increase from 223,432,221 shares to 223,665,021 shares, resulting in a diluted earnings per share of 0.53 yuan for 2024 [20]. - The funds raised from the stock grant will be used to supplement working capital [18]. Group 5: Compliance and Control - The stock grant will not affect the company's compliance with listing conditions or change the control of the company [21]. - The company has ensured that the stock grant does not lead to any changes in the distribution of equity [21].

Core Insights - The collaboration between Taiwan's Tzu Chi Hospital, Dayun Precision, and AUO has led to the development of an immersive rehabilitation system that integrates Micro LED transparent displays with 3D AI imaging for elderly care and rehabilitation training [1][2]. Group 1: Medical Applications - The system utilizes high-brightness and high-transparency Micro LED technology, combined with interactive gamification design, to enhance the engagement and continuity of training for the elderly [1]. - Dayun Precision's chairman highlighted that this achievement marks significant progress for Micro LED technology in the medical field, paving the way for future applications in smart wearable devices, laptops, and AR/VR [2]. - The interactive rehabilitation system can monitor patient movements and responses in real-time, making rehabilitation training more targeted and enjoyable [2]. Group 2: Product Innovations - Dayun has introduced a 30-inch Micro LED transparent display as part of the "Leisure Fun Machine," which incorporates a camera for motion recognition and interactive training [2]. - The company has also implemented a 200-inch Mini LED audiovisual wall and AR motion-sensing technology to create a collaborative group rehabilitation platform, which has shown to improve cognitive function and coordination [2]. - Additionally, Dayun launched the "B Balance Smart 3D Body Monitoring Device," capable of measuring nine data points, including fat, muscle, and water content, within three minutes, supporting 3D posture modeling and historical comparison analysis [2]. Group 3: Environmental Initiatives - Tzu Chi Hospital is promoting a paperless and low-carbon management approach by introducing color electronic paper information boards [2]. Group 4: Retail Applications - Beyond medical applications, AUO is actively expanding the use of Micro LED technology in smart retail, having implemented a transparent display solution in a trendy clothing store to create an immersive shopping experience [2]. - The store features a 54-inch Micro LED transparent module with over 60% transparency and a brightness of 600 nits, used to create a "transparent runway" showcasing high-end fashion [3].

Core Viewpoint - The recent implementation opinions on accelerating scene cultivation and promoting large-scale application of new scenes signify that scene innovation has become a crucial tool for developing new productive forces and driving industrial upgrades at the national level [1][3]. Group 1: Scene Innovation in Longgang - Longgang has proactively planned and taken the lead in scene innovation, aiming to create a "scene innovation city" across all fields, regions, and processes since launching the "I Help Enterprises Build Scenes" initiative in July last year [2][4]. - The "3+5" industrial service system has been introduced to enhance enterprise support by focusing on enterprise scale, lifecycle, and industry track, while providing five service guarantees to better match the needs of enterprise development [4][5]. - Longgang has established the "New Quality Productive Force Promotion Center" to coordinate scene innovation resources effectively, supported by an "8+11" special working group structure to ensure the implementation of scene innovation tasks [5][6]. Group 2: Policy and Implementation - A series of policy documents, including the "I Help Enterprises Build Scenes" action plan and the "Scene Open Rules (Trial)," have been released to standardize the entire process of scene innovation, ensuring orderly and efficient implementation [6][7]. - Since July 2024, Longgang has identified over 677 scene opportunities and successfully matched 428 scene projects, with 218 projects already implemented, generating over 2.5 billion yuan in enterprise cooperation [7][9]. - The central government has emphasized the need for innovative reforms to cultivate new scenes, aligning with Longgang's systematic approach to ensure sustainable scene innovation through a "special team + policy + platform" model [7][8]. Group 3: Resource Integration and Market Support - Longgang's scene innovation focuses on building a market-oriented support system through a "five-in-one" resource platform, which includes a provincial application scene innovation center and a scene innovation fund [10][11]. - The establishment of a scene application innovation working office facilitates cross-departmental collaboration, ensuring efficient matching of scene supply and demand [8][10]. - Longgang has launched a "Technology Chapter" application library to integrate the latest technologies into government investment projects, with plans to provide 10 billion yuan in funding support over the next three years [9][10]. Group 4: Demonstration and Market Expansion - The "10+N" demonstration scene list has been introduced to create benchmark demonstration scenes in key areas, accelerating the promotion of new technologies and products [12][13]. - Longgang's scene innovation has transformed various locations into showcases for technological applications, enhancing the visibility of local enterprises and facilitating their entry into global markets [13][14]. - The district aims to provide richer scene application services for technology innovation enterprises, creating a model for market expansion and talent attraction [14].

SGS中国区总裁郝金玉、SGS中国区副总裁谷晓宇、SGS中国互联与产品事业群总经理赵晖、TCL华星 技术企划高级经理唐国富、东方艺云科技集团有限公司首席科学家肖向春、梧桐科技TTi Vision显示测 试负责人黄傲、联发科技技术经理汪月生等重要嘉宾共同出席发布仪式。 SGS《自然光显示技术的护眼价值与科学评估方法白皮书》发布现场嘉宾合影 数字时代下，人群用眼场景日趋多样化，如长时间电子屏使用、室内密闭环境用眼、夜间低光环境用 眼、车载环境显示用眼等，视觉疲劳、视力下降、干眼等眼部健康问题呈普遍化、年轻化趋势，这不仅 关乎个体健康，更是一个亟待关注的社会问题。然而，当前市场对 "护眼光源" 的理解多停留在"低蓝 光"、"无频闪"等维度，缺乏对显示产品与人类视觉系统进化机制相匹配的深度关联。消费者对 "护眼" 认知碎片化并具有一定局限性，而行业在健康显示的技术规范和评估体系方面仍需进一步完善。 SGS《自然光显示技术的护眼价值与科学评估方法白皮书》 来源：美通社 上海2025年11月10日 /美通社/ -- 2025年11月6日，第八届中国国际进口博览会（以下简称"进博会"）现 场，国际公认的测试、检验与认证机构 ...

Core Insights - The forum hosted by Tianma Microelectronics focused on the future of Micro-LED technology, particularly its transparent applications, highlighting its potential to redefine display technology and create new interactive interfaces with the environment [1][2] Industry Developments - The display technology sector is at a critical turning point, with Micro-LED, especially transparent displays, challenging traditional screen definitions and enabling deeper integration with environments [1] - The International Society for Information Display (SID) emphasized the need for global collaboration across the industry to realize the vision of Micro-LED technology, which is breaking through physical limits in materials and processes [1] Company Innovations - Tianma Microelectronics has over 40 years of experience in the display field and has been focusing on Micro-LED technology since 2017, achieving significant breakthroughs in transparent display technology [2] - The company’s R&D center has developed a glass-based Micro-LED technology that offers high transparency, brightness, and seamless integration, marking a shift towards a "glass-based era" in display competition [2] - Tianma's mass transfer equipment has an efficiency of 40KK UPH, placing it among the top tier globally [3] Application Insights - Micro-LED technology is enhancing user experiences in smart cabins, transforming displays from mere screens to immersive spaces, with applications like transparent window displays and immersive cockpit experiences on the horizon [3] - The introduction of a low-cost, high-precision projection exposure machine for Micro-LED processes represents a significant advancement in domestic high-end display equipment, injecting innovation into the global new display industry [3] Product Showcase - Tianma showcased five Micro-LED products, including 8.07-inch head-up displays and 9.38-inch adjustable transparency displays, demonstrating the diverse applications and technical advantages of transparent display technology [4]

Core Points - BOE Technology Group Co., Ltd. has filed an international patent application for a "shift register unit and its driving method, gate drive circuit, and display device" with the application number PCT/CN2025/075106, published internationally on November 6, 2025 [1][2] - The company has reported a total of 897 international patent applications this year, representing a 5.16% increase compared to the same period last year [3] - In the first half of 2025, BOE invested 6.046 billion yuan in research and development, which is a year-on-year increase of 4.13% [3]