8月22日，据韩媒首尔经济日报报道 ，三星显示近期 对 中小尺寸显示 事业部进行了 重组。此 前，智能手机和IT面板由同一个量产技术部门负责，但现在公司已根据产品的特性，将 该部门 拆 分成 2个 不同的部门。此外，公司还新成立了专注于提升良率与品质的中小尺寸DM团队。 据悉，此次组织调整的核心目的是根据不同客户的需求，灵活应用最优的技术与工艺。 例如， 对 于 手机面板 而言， 轻量化 和提高电池效率是 首要任务，因此 超薄面板和低功耗工艺是关键。 相比之下，IT面板 因 屏幕更大、使用时间更长，需要更加注重大面积均匀性，以最大限度地减少 烧屏现象，并保持整个面板色彩和亮度的一致性。 此外，面对iPhone即将推出的折叠屏机型， 三星 也在积极布局，力求抢占新一代战略产品的先 机。 据悉， 苹果计划最早于明年下半年推出可折叠iPhone，三星显示正在建设一条专门供应可折 叠OLED的生产线。 = TrendForce | 一 集 邦 咨 询 显示器研究中心 面板产业链市场供需及价格报告 ■ 1. 图片来源：三星显示 报道指出， 为了应对京东方等面板企业的竞争 ，三星显示近期频繁调整组织架构。 8 月初，该公 ...

Group 1 - The first batch of 10 Sci-Tech Innovation Bond ETFs was listed on July 17, showcasing the market's strong interest in this product [1] - Active equity funds have seen a significant recovery in performance since 2025, with over 200 funds achieving annual returns exceeding 30% [1][2] - The public fund industry has experienced a high turnover of executives, with over 230 changes reported this year, indicating a trend of talent mobility [2][3] Group 2 - As of July 15, 775 companies in the Shenzhen market have disclosed their half-year performance forecasts, with nearly 60% expecting profit growth [3] - The mobile panel market is maintaining price stability in July, with different technology routes showing significant supply-demand dynamics [4] - Anker Innovations is exploring overseas share issuance to enhance its global strategy and brand image [7] Group 3 - Kingmed Diagnostics is expected to report its first half-year loss since its listing, primarily due to high accounts receivable and significant credit impairment losses [7] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.53% and the Nasdaq reaching a new closing high [8][9]

Core Insights - The mobile panel market continues to exhibit structural differentiation as it enters the third quarter, with a-Si panels supported by inventory replenishment demand following the "6.18" promotion, maintaining full production capacity [1] - LTPS panel production lines remain highly utilized due to demand from non-mobile applications such as automotive displays [1] - Flexible AMOLED panels are experiencing a temporary decline in demand due to adjustments in procurement schedules by terminal brands [1] Market Dynamics - In July, the mobile panel market primarily focused on price stability, although significant differences in supply and demand dynamics exist between different technology routes [1] - The forecast indicates a slight decrease in a-Si panel module prices in July and August 2025, while LTPS panel prices are expected to remain stable in the short term [1] - Rigid AMOLED panel prices are also projected to remain stable in the short term, whereas flexible AMOLED panel prices are expected to stabilize throughout the third quarter [1]

Group 1: Company Performance - Samsung Electronics reported a record quarterly revenue of 79.14 trillion KRW (approximately 404.4 billion RMB) for Q1 2025, with an operating profit of 6.7 trillion KRW (approximately 34 billion RMB) [3] - The Device Solutions (DS) division, responsible for chip business, saw an operating profit of 1.1 trillion KRW, a 42% year-on-year decline [3] - The DS division's sales increased by 9% year-on-year to 25.1 trillion KRW, but experienced a 17% quarter-on-quarter decline due to decreased HBM sales [3] Group 2: Market Dynamics - The overall revenue of the memory business was impacted by a decline in average selling prices and export controls on AI chips, leading to a delay in demand for the upcoming HBM3E products [3] - In Q1 2025, the industry price for LPDDR5X 12GB decreased by approximately 8% year-on-year and 4% quarter-on-quarter, with expectations of a 4% quarter-on-quarter increase in Q2 [5] - Some U.S. companies and those with export needs have increased their DRAM and NAND inventory levels to mitigate potential cost increases due to tariff uncertainties [4] Group 3: Other Business Segments - Samsung's system LSI business showed slight improvement due to increased supply of high-resolution sensors and LSI products, while the foundry business faced challenges from weak mobile phone demand and stagnant wafer utilization [5] - The mobile experience (MX) and Networks divisions generated a combined revenue of 37 trillion KRW with an operating profit of 4.3 trillion KRW, driven by strong sales of AI smartphones and reduced component costs [5] - The visual display and digital appliance business reported combined revenue of 14.5 trillion KRW and an operating profit of 0.3 trillion KRW, benefiting from enhanced AI television offerings [5] Group 4: Economic Outlook - Samsung Electronics highlighted increasing macroeconomic uncertainties due to global trade tensions and slowing economic growth, complicating future performance forecasts [6]

Core Viewpoint - The mobile display panel market is experiencing strong short-term demand driven by the "national subsidy" policy and mid-year promotional inventory needs, despite overall price stability and a divergence in prices among different technology types [1] Group 1: Market Dynamics - The recent fluctuations in US tariff policies have introduced significant uncertainty into the market, leading to widespread panic and a cautious outlook, which will continue to impact the global mobile industry and reshape the export landscape to the US [1] - Mobile panel manufacturers need to demonstrate higher market sensitivity and strategic flexibility to cope with potential cost increases and changes in market demand [1] Group 2: Technology-Specific Insights - a-Si: As of April, demand for a-Si brands has increased with the rise in project numbers, leading to full production capacity in major production lines. Prices for mobile products have been slightly raised in South China, while panel and module prices provided to brands have not increased [1] - LTPS: Demand for LTPS panels in mobile applications remains weak, but growth in demand for automotive panels has allowed LTPS production lines to maintain full capacity, keeping prices stable under a balanced supply-demand scenario [1] - AMOLED: Domestic manufacturers are rapidly shifting towards flexible AMOLED, resulting in a decline in demand for rigid AMOLED, with prices dropping by $0.5. However, demand for flexible AMOLED remains strong, and panel manufacturers are striving to maintain price stability despite requests for price reductions from terminal manufacturers [1] Group 3: Future Price Trends - CINNO Research predicts that the price trends for a-Si panel brands in April and May 2025 remain to be observed; LTPS panel prices are expected to remain stable in the short term; rigid AMOLED panel prices are anticipated to decrease by $0.5; flexible AMOLED panel prices are expected to remain stable in the short term [1]

" 进入第二季度，手机面板市场在"国补"政策以及年中促销季备货需求的双重推动下，呈现出短 期内需求持续旺盛的态势，尽管整体价格水平保持相对平稳，但不同技术类型的手机面板价格仍 呈现分化趋势。" 进入第二季度，手机面板市场在"国补"政策以及年中促销季备货需求的双重推动下，呈现出短期 内需求持续旺盛的态势，尽管整体价格水平保持相对平稳，但不同技术类型的手机面板价格仍呈 现分化趋势； 02 近期美国关税政策的随意变动，给市场带来了极大的不确定性。市场恐慌情绪蔓延，观望心态严 重。短期内将继续冲击全球手机产业，重塑对美出口格局，并通过供应链传导加剧全球产业链成 本压力。面对这一挑战，手机面板厂商需要展现出更高的市场敏锐度和策略灵活性，以应对可能 出现的成本上升和市场需求变化； 03 a-Si方面：进入4月，伴随着项目数量的增加，a-Si品牌需求随之上升，主力产线均满产稼动，华 南市场为抢占产能自本月开始小幅上调手机产品价格，而提供给品牌的面板和模组价格并未随之 上涨； 04 LTPS方面：LTPS面板在手机应用领域的需求依旧疲软，但车载面板需求增长推动LTPS主力产线 得以维持满产状态，供需平衡下，LTPS手机面板价 ...

Core Viewpoint - The global smartphone panel shipment is expected to grow by 11.4% in 2024, reaching 2.157 billion units, driven by the increase in new smartphone sales and demand for second-hand and refurbished devices. However, a decline of 3.2% is anticipated in 2025, with shipments expected to drop to 2.093 billion units due to stabilizing new device demand and a slight decrease in the second-hand market [1]. Group 1: Company Performance - BOE (京东方) remains the leading global smartphone panel supplier, with shipments projected at 613 million units in 2024 and expected to reach 630 million units in 2025, reflecting a growth of 2.7% [2]. - Samsung Display (三星显示) is forecasted to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels. However, shipments are expected to decline to 365 million units in 2025, a decrease of 3.5% due to potential changes in Apple's supplier strategy [3]. - HKC (惠科) is projected to ship 228 million units in 2024, with a slight increase to 230 million units in 2025, growing at a rate of 0.7% [4]. - CSOT (华星光电) is expected to see significant growth, with shipments reaching 215 million units in 2024, marking an 83.2% increase, and a slight rise to 223 million units in 2025 [5]. - Tianma (天马) is anticipated to ship 158 million units in 2024, with a potential 10% increase in 2025, despite facing challenges from declining LTPS LCD demand [6]. Group 2: Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in panel shipments, a trend expected to continue into 2025. However, the demand for LTPS LCD panels used in mid-range smartphones is weakening, posing challenges for suppliers focused on this technology [6]. - The market share of Taiwanese panel manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT. In contrast, Japanese panel manufacturers are exiting the smartphone market, leading to a decline in their market share [6]. - Korean panel manufacturers maintain a competitive edge in the high-end smartphone market, with a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share, projected to reach 69.8% in 2024 and potentially exceed 70% in 2025 [6].

Core Insights - The global smartphone panel shipment is expected to reach 2.157 billion units in 2024, marking an 11.4% year-on-year increase, driven by the growth in new smartphone sales and demand for second-hand and refurbished devices [1] - In 2025, smartphone panel shipments are projected to decline by 3.2% to 2.093 billion units due to stable new device demand and a slight decrease in second-hand market demand [1] Company Summaries - BOE remains the leading smartphone panel supplier, with shipments expected to reach 613 million units in 2024 and 630 million units in 2025, reflecting a 2.7% year-on-year increase [2] - Samsung Display is projected to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels, but is expected to see a slight decline to 365 million units in 2025, a decrease of 3.5% [3] - HKC is maintaining its position as the third-largest supplier, with shipments expected to grow from 228 million units in 2024 to 230 million units in 2025, a 0.7% increase [4] - CSOT is closely collaborating with Xiaomi, leading to a significant growth in shipments to 215 million units in 2024, an 83.2% increase, with a slight growth forecast to 223 million units in 2025 [5] - Tianma is expected to ship 158 million units in 2024, with a projected 10% increase in 2025 due to rising demand for AMOLED panels, despite facing challenges from declining LTPS LCD demand [7] Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in shipments across major panel manufacturers, a trend expected to continue into 2025 [7] - The market share of Taiwanese a-Si LCD manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT, while Japanese manufacturers are exiting the smartphone supply market [7] - Korean manufacturers maintain a competitive edge in the high-end smartphone market with flexible AMOLED technology, holding a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share to 69.8% in 2024, potentially exceeding 70% in 2025 [7]