碳排放约束时代的破局之道 SOFC 行业的五重机会--行业 PPT 报告 全年业绩转盈，车载和专显持续强化领先地位--深天马 A/光学光电子(000050/212703) 公司动态研究 哪些公司债主体存在到期压力？--固定收益点评 证券研究报告 2026 年 03 月 27 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 48 期 观点精粹: 最新报告摘要 1、最新报告摘要 1.1、碳排放约束时代的破局之道 SOFC 行业的五重机会--行业 PPT 报告 分析师：董伯骏 S0350521080009 分析师：李永磊 S0350521080004 联系人：于畅 S0350124080008 本篇报告解决了以下核心问题：1、构建 SOFC/联合循环燃气轮机（CCGT）的度电成本（LCOE）测算模型， 详细评估 SOFC 成本结构与下降空间。2、系统梳理 SOFC 反应机理、主流技术路线及材料体系演进方向， 厘清方案迭代方向与降本路径；3、提出 SOFC 五重机遇：AIDC、碳约束、煤化工、主电源 ...

2026 年 03 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李明明 S0350525010001 limm02@ghzq.com.cn [Table_Title] 全年业绩转盈，车载和专显持续强化领先地位 ——深天马 A（000050）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2026/03/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 深天马 A | -19.5% | -9.5% | -4.6% | | 沪深 300 | -4.2% | -2.3% | 15.4% | | 市场数据 | | | 2026/03/25 | | 当前价格（元） | | | 8.04 | | 周价格区间（元） 52 | | | 6.70-10.65 | | 总市值（百万元） | | | 19,760.29 | | 流通市值（百万元） | | | 19,760.05 | | 总股本（万股） | | | 245,774.77 | | 流通股本（万股） | | | 245,771.74 | | 日均成交额（百万元） | ...

Core Viewpoint - The electronic industry panel manufacturers are continuing their production control strategies, leading to price increases for large-sized panels, which are expected to persist due to demand from events like the World Cup [1][2]. Group 1: Panel Price Trends - Large-sized panel prices are expected to continue rising as manufacturers maintain production control, with demand remaining stable [2]. - AVC data indicates that all sizes of TV panels saw price increases in late January, with some monitor panels also experiencing price hikes [1][2]. - The tight supply-demand situation for TV panels is extending to monitor panels, with expectations of price increases in February [2]. Group 2: Capital Expenditure Trends - The large-scale capital expenditure cycle in the panel industry is nearing its end, with leading manufacturers expected to significantly reduce future spending [3]. - According to BOE's announcement, 2025 will be the peak year for capital expenditure, with a significant decline anticipated starting in 2027 [3]. - TCL Technology is focusing on investments aligned with the accelerated penetration of OLED in the mid-size market, with no major new production line investments planned beyond the T8 line [3]. Group 3: Mobile OLED Panel Market - Mobile OLED panel prices are under short-term pressure, but the impact is expected to be manageable [4]. - The penetration rate of mobile OLED panels is anticipated to continue increasing, which may offset the decline in overall smartphone shipments [4]. - Omdia forecasts that global smartphone AMOLED panel shipments will decrease slightly to 810 million units in 2026, a minor decline from 817 million in 2025 [4]. Group 4: Investment Recommendations - The favorable supply-demand relationship and the expected continuation of price increases for large-sized panels suggest potential investment opportunities in panel manufacturers such as TCL Technology, BOE A, and others [5]. - Related material manufacturers and display driver chip manufacturers are also highlighted as potential investment targets [5].

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The supply-demand relationship is improving, and price increases for large-sized panels are expected to continue [3][7] - Major panel manufacturers are pushing for production control, which is likely to sustain price increases for large-sized panels [7] - The overall demand for television panels remains stable, supported by upcoming events like the 2026 FIFA World Cup, which is expected to drive stocking demand [7] - Capital expenditures for leading panel manufacturers are anticipated to significantly decrease as the large-scale capital expenditure cycle has passed [7] - Short-term price pressure on mobile OLED panels is expected to be manageable, with a slight decline in global smartphone AMOLED panel shipments projected for 2026 [7] Summary by Sections Investment Suggestions and Targets - The report suggests that the supply-demand relationship is favorable, and price increases for large-sized panels are likely to continue. Recommended stocks include: - Panel manufacturers: TCL Technology, BOE A, Shenzhen Tianma A, Rainbow Technology, Visionox, and Huahui Optoelectronics [3][8] - Panel materials manufacturers: Ruiv Optical, Qingyi Optical, Lite Optical, Woge Optical, Sanlipu, and Shenzhen Textile A [3][8] - Display driver chip manufacturers: Tiande Yu [3][8] - Panel module manufacturers: BOE Precision [3][8]