维信诺（002387）10月24日晚间发布《关于终止重大资产重组并撤回申请文件的公告》。公告显示，公 司于10月24日召开第七届董事会第二十六次会议，审议通过终止重大资产重组的议案，决定终止拟向合 肥合屏投资有限公司、合肥芯屏产业投资基金(有限合伙)、合肥兴融投资有限公司发行股份及支付现金 收购合肥维信诺科技有限公司(下称"合肥维信诺")40.91%股权的交易，并向深交所申请撤回全部申请文 件。这场历时近三年的资本运作由此落幕。 对于终止交易的核心原因，维信诺在公告中称"市场环境较交易启动时已发生较大变化"。维信诺表示， 经与交易相关方多轮协商、反复审慎评估，认为继续推进交易可能无法达到预期效益，反而可能对公司 现金流、股东回报造成潜在压力。 在监管层面，深交所上市审核中心先后于2023年6月14日、8月23日及2024年8月16日出具三轮审核问询 函，围绕标的资产估值合理性、业绩承诺可实现性等问题提出问询。维信诺均按要求完成回复，并同步 更新补充申请文件。 合肥维信诺是维信诺在华东地区布局的核心产能基地。公开资料显示，合肥维信诺专注于柔性 AMOLED显示面板的研发、生产与销售，核心资产为一条第6代柔性AM ...

Core Insights - The report by Omdia indicates that the shipment of smartphones using flexible AMOLED displays reached 151 million units in Q1 2025, marking a 15% year-on-year increase, with a stable annual growth rate of around 20% over the past three years [1] - Flexible AMOLED displays have captured 51% of the smartphone display market, signaling a significant shift in display technology as they gradually replace traditional LCDs [1][3] Market Trends - The demand for lighter and more flexible screens among consumers has significantly boosted the shipment of flexible AMOLED displays, with more mid-to-high-end models adopting this technology due to technological maturity and cost reduction [1][3] - The market share of smartphones with AMOLED displays has risen to 63% in Q1 2025, up from 57% in the same period last year, while LCD-equipped smartphones have seen their market share decline to 37% [3][4] Technological Advantages - Flexible AMOLED displays offer superior display quality, including near-infinite contrast ratios and high peak brightness levels exceeding 1800 nits, making them ideal for high-definition content and mobile office use [2] - The foldable feature of flexible AMOLED displays is a key highlight, enabling larger screen sizes for multitasking and entertainment while maintaining portability [3] Competitive Landscape - The competition in the flexible AMOLED market is intensifying, with Chinese manufacturers like BOE, Tianma, and Visionox rapidly advancing in technology and production capacity, challenging the dominance of South Korean firms [5][6] - Omdia forecasts that by 2024, Chinese manufacturers will ship 36.4 million AMOLED panels, a significant increase of over 12 million units from 2023, indicating a growing presence in the global market [6] Future Outlook - Industry experts predict that the penetration of flexible AMOLED technology in smartphones will continue to rise, with expectations of over 750 million units shipped by the end of 2025 [4] - The competition will increasingly focus on technological innovation, production efficiency, and supply chain integration, benefiting consumers through enhanced product offerings [6][7]

Market Overview - On July 16, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.22%, and the ChiNext Index also dropped by 0.22%[3] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 1.44 trillion, showing a significant decrease compared to the previous period[1] Sector Performance - Leading sectors included chemical pharmaceuticals, automotive parts, oil, automotive services, education, and diversified finance, while insurance, steel, energy metals, banking, electronic components, and non-ferrous metals showed notable adjustments[1] - A total of 3,208 stocks rose, while 1,809 stocks declined, indicating a predominance of gainers in the market[1] Investment Strategy - The current market adjustment is viewed as an opportunity rather than a risk, with expectations for a new round of strong upward movement after technical indicators stabilize[1] - Investors are encouraged to focus on sectors such as digital currency, semiconductors, artificial intelligence, biomedicine, and new energy vehicles[1] Fund Flow - On July 16, net inflows into the Shanghai Stock Exchange were 38.27 billion, while the Shenzhen Stock Exchange saw net inflows of 8.14 billion[4] - The top three sectors for net inflows were automotive parts, chemical pharmaceuticals, and general equipment, while the sectors with the highest outflows included components, securities, and industrial metals[4] Industry Developments - The Ministry of Industry and Information Technology plans to implement stricter technical standards for mobile power sources, which may lead to a reshuffle in the domestic market, benefiting related listed companies[2] - The AI industry is shifting focus from infrastructure to downstream applications, with opportunities emerging in smart manufacturing, smart education, and smart healthcare[2] Fund Dynamics - A total of 136 funds have been liquidated this year, with equity funds making up 65% of the total, indicating a trend towards normalization in fund closures[13] - Fund managers are increasing their stock positions significantly, with some new funds exceeding 90% in stock allocation, reflecting optimism about future market conditions[15]