Core Viewpoint - The display panel industry is increasingly concentrating in China, with upstream supply chains moving towards domestic production, enhancing competitiveness and breaking the monopoly of international companies [1][9]. Group 1: Industry Trends - The DIC 2025 exhibition showcased numerous domestic companies demonstrating their self-developed products, highlighting China's display technology capabilities [1]. - Upstream companies expressed confidence in the progress of domestic supply chain development in liquid crystal, OLED materials, and other areas [3]. Group 2: Company Highlights - Jiangsu Hecheng Display Technology Co., Ltd. presented high-contrast and high-transmittance liquid crystal products, as well as non-display applications, including automotive liquid crystal products and new optical film technologies [4]. - Hecheng Display acquired 100% of Suzhou JNC from Japan, increasing its core liquid crystal patent count to 1,500, thereby enhancing its technological capabilities [6]. - Huan Cai Xing showcased its precision metal mask products, claiming to have overcome the domestic production bottleneck and positioned itself as a leading manufacturer in this field [7][9]. - Nanjing Gaoguang Semiconductor Materials Co., Ltd. introduced independently developed G8.6 generation metal mask products, breaking the width limitation of raw materials [10][12]. - Huazhong Gas, a notable domestic specialty gas company, transitioned from trade to production, offering a comprehensive range of industrial and electronic gases [14]. Group 3: Future Outlook - The ongoing innovation and development efforts by companies like Hecheng Display, Huan Cai Xing, Gaoguang Semiconductor, and Huazhong Gas are transforming the landscape of the global display industry, indicating a new era of Chinese leadership [15].

Core Viewpoint - Both Huaying Technology and AOC Technology reported declines in revenue and net profit for the first half of 2025, reflecting challenges in the display panel industry due to market competition and external factors [1]. Huaying Technology - Huaying Technology achieved operating revenue of 721.18 million yuan, a year-on-year decrease of 16.59%, and a net profit loss of 476.48 million yuan [2][3]. - The revenue from module business was approximately 184 million yuan, down 50.78%, while panel business revenue was about 535 million yuan, up 9.73% [3]. - The company focused on high-value product development, transitioning towards automotive displays and industrial control screens to enhance competitiveness [4]. - Huaying's subsidiary, Huajiacai, secured 350 million yuan through a financing lease, which will support its display panel operations without affecting production [4]. AOC Technology - AOC Technology reported total revenue of 24.94 billion yuan, a decline of 6.93%, and a net profit loss of 492.21 million yuan [5][6]. - The company's display sales increased by 2.04% to 19.51 million units, while the overall global monitor market saw a 3.20% increase in shipment volume [6]. - Despite a 0.74% decline in monitor business revenue to 15.70 billion yuan, the television segment faced a 21.62% revenue drop to 7.15 billion yuan due to significant price declines [7]. - AOC plans to continue investing in large-size and new display technologies while enhancing retail marketing strategies to improve market resilience [7].

Core Viewpoint - The overall mobile panel market maintains high operating rates during the traditional peak season in Q3, with varying dynamics across different panel types [3]. Group 1: a-Si Panels - Demand for a-Si panels remains strong, driving major manufacturers to operate at full capacity. However, aggressive pricing strategies by module manufacturers to secure new project orders have led to a slight decline in a-Si module prices [3]. - Key raw materials, such as driver ICs, are in a price down cycle, contributing to the pressure on module pricing [3]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in the automotive and non-mobile sectors, maintaining high operating rates. The LTPS production status at Tianma is expected to continue until the end of the year [3]. - Despite the robust performance in non-mobile applications, the smartphone sector shows a relatively balanced supply-demand relationship, keeping panel prices stable in the short term [3]. Group 3: AMOLED Panels - The demand for rigid AMOLED panels has significantly declined due to mainstream mobile brands shifting towards flexible AMOLED technology. Price reductions by major manufacturers like Samsung Display have had limited effects on stimulating demand [3]. - In the flexible AMOLED market, manufacturers are operating close to full capacity due to pre-peak season stocking, but new project prices are under pressure due to intense competition during the bidding phase, while old project prices remain stable [3]. - Forecasts indicate a slight decline in a-Si module prices in August and September 2025, while LTPS and rigid AMOLED panel prices are expected to remain stable in the short term [3].

Group 1: DDR Market Insights - The DDR4 market is expected to face a structural shortage and significant price increases in the second half of 2025 due to strong demand from server orders, which are squeezing supply for PC and consumer markets [2] - Price increases for DDR4 and LPDDR4X are projected, with consumer DDR4 prices expected to rise by 85-90% in Q3 2025, marking a substantial increase [3] Group 2: Electronic Industry Trends - The global electronic industry is anticipated to show a divergence in growth, with AI server demand driving growth in 2025, while smartphones, laptops, and other consumer electronics face growth challenges due to inflation and lack of innovation [3] - A slowdown in overall electronic industry growth is expected in 2026, entering a low-growth adjustment period [3] Group 3: OLED Display Market - Strong demand from the esports sector is projected to drive an 86% year-on-year increase in OLED display shipments in 2025, with a shift in market share from North America to Europe and China [4][5]

Core Viewpoint - The U.S. International Trade Commission (ITC) has made a preliminary ruling against BOE, stating that the company has infringed on Samsung Display's OLED trade secrets, leading to a proposed import ban lasting 14 years and 8 months [1][3]. Summary by Sections ITC Ruling and Implications - BOE's OLED panels, modules, and related components will be banned from entering the U.S. market, with the ban expected to take effect after a final ruling in November 2024 [3]. - The ITC's preliminary ruling indicates that BOE illegally obtained Samsung's OLED manufacturing technology, violating Section 337 of the U.S. Tariff Act [3]. - The ruling not only affects OLED panels but also includes end-device components that use these panels, potentially impacting Apple's iPhone 17 series models [3]. BOE's Response and Legal Actions - In response to the ITC ruling, BOE has initiated legal proceedings, seeking a review from the ITC and filing a patent lawsuit against Samsung in the U.S. [4]. - BOE claims that the initial ruling contains significant legal flaws and emphasizes that previous investigations found no violations of Section 337 [4]. Technological Developments and Market Impact - BOE is accelerating its development of next-generation display technologies, such as Micro LED, with plans for mass production by March 2025 [6]. - The company is also investing 2.02 billion yuan in a smart terminal base in Vietnam, aimed at reducing reliance on the U.S. market [6]. - The potential ban could significantly alter the global display industry landscape, with Korean companies like LG Display seeing stock price increases in anticipation of capturing BOE's U.S. market share [6]. Supply Chain and Cost Implications - BOE's dependence on the U.S. market is relatively low, with only 15% of its panel business exported to the U.S. [6]. - However, if the ban is enforced, Apple may face a 10%-15% increase in OLED procurement costs and heightened supply chain concentration risks [6]. Legal and Regulatory Context - The ruling marks a critical point in the ongoing legal battle between Samsung and BOE, which has spanned three years [8]. - The U.S. government has been tightening technology restrictions on China, with the display panel sector becoming a focal point [8]. Timeline of Events - October 2023: Samsung files a lawsuit against BOE for OLED trade secret infringement. - December 2024: ITC recommends an import ban on BOE. - July 2025: ITC makes a preliminary ruling confirming infringement. - November 2025: Final ruling expected, followed by a 60-day presidential review period. - January 2026: If not vetoed by the president, the ban will take effect until September 2040 [9]. Future Outlook - Analysts suggest that while BOE is pursuing legal avenues to mitigate the impact, the likelihood of overturning the ITC's preliminary ruling is low [10]. - The next six months will be crucial for both parties, as the ruling will influence BOE's global market strategy and set new boundaries in U.S.-China technology competition [10].

Core Viewpoint - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, showing a slight year-on-year increase of 0.2%, despite a decline in the second quarter [2][5]. Market Overview - The AMOLED technology is demonstrating an irreversible trend of replacement due to its advantages such as high contrast, low power consumption, and lightweight design, which are key drivers for market resilience [2]. - In the first half of 2025, Chinese manufacturers accounted for 51.7% of the global AMOLED smartphone panel market share, an increase of 1 percentage point year-on-year, while South Korea's share decreased to 48.3%, down 1 percentage point [5]. Company Performance - Samsung Display (SDC) experienced a year-on-year shipment decline of 6.3%, with its market share dropping from 43.8% to 40.9%, indicating a 2.8 percentage point decrease [6]. - BOE's shipments grew by 6.7%, maintaining a 17.1% market share, which is an increase of 1 percentage point year-on-year, supported by a dual strategy of high-end breakthroughs and mid-range volume [6]. - Tianma's shipments rose by 16.6%, achieving a market share of 10.8%, up 1.5 percentage points year-on-year, marking the largest increase among domestic manufacturers [6]. - CSOT's shipments increased by 4.9%, with a market share of 10.2%, up 0.5 percentage points, benefiting from deep collaborations with domestic brands like Xiaomi [6]. Quarterly Analysis - In the second quarter of 2025, global AMOLED smartphone panel shipments were approximately 210 million units, reflecting a year-on-year decline of 6.3% and a quarter-on-quarter decline of 1.4% [9]. - The decline in shipments was attributed to adjustments in terminal brand procurement rhythms, with major brands postponing some orders to the third quarter to control inventory [9]. - In the second quarter, South Korean manufacturers held a 47.4% market share, down 4.3 percentage points year-on-year, while domestic manufacturers' share rose to 52.6%, continuing to show strong growth [9]. Competitive Landscape - In Q2 2025, SDC's AMOLED smartphone panel shipments fell by 17.4% year-on-year, with a market share of 40.8%, down 5.4 percentage points [10]. - BOE achieved a year-on-year growth of 9.6% and a market share of 17.3%, up 2.5 percentage points [10]. - Visionox, despite a 4.9% year-on-year decline, saw a 28.9% quarter-on-quarter growth, with a market share of 11.2%, up 0.2 percentage points [10]. - Tianma's shipments increased by 13.3% year-on-year and 4.5% quarter-on-quarter, with a market share of 11.1%, up 1.9 percentage points, driven by capacity release from its Xiamen G6 production line [10].

将"一块好屏"，从一个模糊的消费者概念，变为一个清晰的、 产业约定俗成的"行业标准"，TCL华星的探索还在继续。 作者： 郑晨烨 封图：图片资料室 在一个以残酷周期性和价格战为特征的行业，一家上游企业，究竟是如何摆脱 "供应商"的宿命，将自己的技术，经营成了一个所有顶级品牌都无法绕 开的"行业标准"与"基础设施"？ 一个现象 8 月 1 日， ChinaJoy 开幕首日 ， 在三星的展 区 中心，一块首次公开亮相的屏幕成为全场的焦点之一。 这是三星最新的玄龙骑士 G90XF 裸眼 3D 电竞显示器 ， 在现场演示中，这块 27 英寸的屏幕无需用户佩戴特制眼镜，通过其内置的光场显示技术， 便将游戏画面以三维形态呈现。 2025 年 8 月 4 日，创下 41 万人次观众纪录的第二十二届中国国际数码互动娱乐展览会（ ChinaJoy ）在上海落幕 ， 作为全球数字娱乐产业的核 心舞台之一，这里历来是消费电子品牌激烈角逐的场所。 但在今年的硬件展区， 却有 一个 值得注意的 反常现象 ， 三星的 "玄龙骑士"、联想的"拯救者"、华硕的"玩家国度"等在市场上激烈竞争的旗舰产 品线，罕见地围绕着同一个上游供应商—— T ...

Core Insights - The 22nd ChinaJoy showcased a notable collaboration among leading brands like Samsung, Lenovo, and ASUS, all utilizing TCL Huaxing as a common upstream supplier for their flagship gaming products [2][4] - TCL Huaxing has established itself as a dominant player in the gaming monitor panel market, holding the top global market share for three consecutive years, with one in three gaming monitors using its screens [2][4] - The company has shifted from being a passive supplier to actively defining market standards and addressing gamer experience pain points through collaborative innovation with downstream brands [10][11] Market Dynamics - The gaming display market is evolving from a performance-driven focus to a comprehensive experience-oriented approach, with players seeking improved visual quality, comfort, and energy efficiency [7][8] - TCL Huaxing's technology offerings, such as HVA Black, HFS Shoot, and HVA Fast, cater to these new user demands by enhancing contrast, refresh rates, and response times [5][8] Strategic Moves - In 2019, TCL Huaxing recognized the need to escape the cyclical nature of the display industry and identified the gaming sector as a strategic growth area [9][10] - The company transitioned from an order-driven model to a proactive market-defining approach, engaging directly with gamers to identify and address unmet needs [10][11] Technological Advancements - The acquisition of Samsung's 8.5-generation LCD panel production line in 2020 allowed TCL Huaxing to rapidly enhance its production capabilities and establish itself as a reliable industry standard [15] - The company is leveraging AI technologies to optimize manufacturing processes and reduce costs, while also focusing on developing low-power display technologies to meet the demands of AI-driven devices [19][24] Future Outlook - TCL Huaxing aims to position itself as a key enabler for top brands in the gaming market, embedding its technology into high-performance products to set industry standards [25] - The company is exploring new possibilities at the intersection of AI and display technology, indicating a forward-looking strategy to remain relevant in an evolving tech landscape [25]

Core Viewpoint - The display glass substrate is a critical component of display panels, accounting for approximately 15% of the cost of TFT-LCD panels, and is facing a shift towards higher pricing due to rising energy costs and market dynamics [2][5][23]. Group 1: Display Glass Substrate Overview - The glass substrate is a core raw material for display panels, with about 80% of display glass substrates used for LCD panels [1][23]. - A TFT-LCD panel requires two glass substrates, while an OLED panel primarily uses one as a carrier glass [1][23]. Group 2: Market Development - Major glass substrate manufacturers like Corning, AGC, and NEG are shifting focus from market share expansion to improving profitability due to rising energy costs, which account for over 50% of production costs [2][38]. - The global market for FPD glass substrates is expected to reach approximately 50 billion yuan (about 7.05 billion USD) by 2025, with a projected revenue growth of 15% from 2024 [2][39]. Group 3: Demand and Supply Dynamics - In 2024, the demand for FPD glass substrates is projected to be 645 million square meters, with a year-on-year growth of 4.34% and a supply surplus rate of 7% [3][39]. - By 2025, demand is expected to increase to 679 million square meters, with a further reduction in the supply surplus rate to 5% [3][39]. Group 4: Competitive Landscape - The market concentration is high, with the top three companies (Corning, AGC, and NEG) holding about 80% of the market share [4][46]. - Domestic manufacturers have accelerated the pace of localization, with companies like Rainbow Technology making significant breakthroughs in high-generation glass substrates [4][48]. Group 5: Investment Recommendations - With China holding 70% of global LCD production capacity, the demand for glass substrates is increasingly concentrated in China, prompting many related companies to establish factories there [5][6]. - Rainbow Technology has shown promising results in mass production of high-generation glass substrates, and as initial investment costs decrease over time, its profit margins are expected to improve [5][6].

Group 1 - The core point of the article is that BOE Technology Group Co., Ltd. (京东方Ａ) has filed an international patent application for a "light-emitting chip and its manufacturing method, display substrate, and display device" with the application number PCT/CN2024/074623, which will be published internationally on August 7, 2025 [1] Group 2 - In 2023, BOE Technology has announced a total of 751 international patent applications, representing a 26.01% increase compared to the same period last year [4] - The company invested 13.123 billion yuan in research and development in 2024, which is a year-on-year increase of 15.94% [4]