借以电视机，最终需要回答的问题是，中国制造业与日本制造业，谁强谁弱？ 在今年东京秋叶原的家电卖场里，一位日本主妇对着两台电视机反复比对——左边是索尼XR系列，右边是海信E8K，两者画质参数相差无几，但 后者价格少了3万日元。 最终她选择了海信，这个十年前在日本还鲜少有人问津的中国品牌，这样的场景如今在日本随处可见，而二十年前，这里还是松下、索尼、东芝 的"主场"。 从"日本制造"垄断全球电视市场，到中国品牌占据日本近半份额，这场产业更迭的背后，藏着日本电视机产业从巅峰跌落的无奈，更折射出全球 制造业格局的深层变革。 日渐衰落 回溯日本电视机的黄金时代，足以用"统治级"来形容，因为日本在家电领域拥有一个庞大的商业帝国。 20世纪50年代，松下推出首款黑白电视，开启日本电视产业征程； 到了60年代，索尼又研发出特丽珑显像管技术，让日本彩电在画质上实现代际领先，1970年大阪世博会上，松下展出的49英寸超大屏彩电，更是 让全球惊叹"日本制造"的实力。 时间走向80～90年代，已经处于二战后经济高速发展期的日本，其电视企业凭借技术壁垒和品牌优势，垄断了全球高端市场——1990年，索尼、 松下、东芝三家企业的全球电视出 ...

9月4日，时隔近一年，华为推出了旗下第二款三折叠手机 —— Mate XTs非凡大师。 据悉，华为Mate XTs非凡大师搭载麒麟9020芯片，配合HarmonyOS 5鸿蒙系统，据称可 实现整 机性能提升36% 。 屏幕方面，华为Mate XTs非凡大师采用一块10.2英寸2232×3184 OLED三折屏（单屏态6.4英寸 2232×1008，双屏态7.9英寸 2232×2048），支持1-90Hz LTPO自适应刷新率、1-1800nits 自适应亮度调节、1440Hz高频PWM调光、240Hz触控采样率，支持10.7亿色，P3广色域。采用 COE像素超透光技术，功耗降低13%；支持自适应分区显示技术，功耗降低19%。 图片来源：华为视频截图 新机 除了保留玄黑、瑞红配色之外，还新增了皓白和槿紫两种配色，提供16GB+256GB、 16GB+512GB和16GB+1TB三种选择，价格分别为17999、19999和21999。与此前发布的华为 Mate XT相比，新机同等配置下，价格均下降2000元。 三折叠的难点 从2019年首款折叠手机面世，到2024年首款三折叠手机发布，时隔近五年。在这期间，国内主 ...

[Table_Info1] 京东方Ａ(000725) 光学光电子/电子 [Table_Title] 证券研究报告 / 公司点评报告 公司业绩超预期，OLED 高端产品放量在即 --- 2025 年京东方中报业绩点评 [Table_Summary] 事件 2025 年 8 月 28 日公司公告 2025 半年报，2025H1 公司实现收入 1012.78 亿元/yoy+8.45%，归母净利润 32.47 亿元/yoy+42.15%，扣非归母净利润 22.82 亿元/yoy+41.45%。2025H1 公司整体毛利率为 14.41%，同比下降 1.39 个百分点，上半年公司经营活动净现金流为 227.36 亿元，同比下降 8.61%； 点评 LCD 领域产品结构优化，上半年中大尺寸产品景气度回升。2025H1 受 美国对外加征关税的政策摆动影响，TV 品牌和代工客户纷纷备货前置， DISCIEN 数据显示，2025H1 全球 LCD TV 面板出货 1.22 亿片/yoy+2%， 出货面积 8900 万平米/yoy+3%。洛图数据显示，2025H1 京东方 TV 面板 出货 3320 万片/yoy+17%。202 ...

Core Insights - The global smartphone panel market is experiencing moderate growth, with a projected shipment of approximately 1.09 billion units in the first half of 2025, reflecting a year-on-year increase of 1.6% [1] Segment Summaries Flexible OLED Market - The flexible OLED segment is benefiting from continuous cost optimization and penetration into mid-range smartphone models, with shipments nearing 300 million units in the first half of 2025, representing a year-on-year growth of approximately 5.2% [3] - The market share of flexible OLED is steadily increasing, driven by demand from various mid to low-end smartphone brands [3] a-Si LCD Market - The a-Si LCD segment is showing resilience in a volatile global economic environment, with shipments reaching approximately 640 million units in the first half of 2025, marking a year-on-year increase of about 14.2% [2] - The cost advantage of a-Si LCD panels is contributing to their growth in shipments [2] LTPS LCD Market - The LTPS LCD market is experiencing a significant decline, with shipments falling below 50 million units for the first time, totaling approximately 48 million units, a decrease of about 56.1% year-on-year [2] - Manufacturers are shifting production capacity towards automotive, tablet, and laptop segments to seek new growth opportunities [2] Rigid OLED Market - Rigid OLED shipments are projected to be around 100 million units in the first half of 2025, reflecting a year-on-year decline of approximately 12.8% [2] - The market share of rigid OLED is expected to continue decreasing as flexible OLED technology penetrates more mid-range smartphone models [2] Competitive Landscape - BOE remains the leading player in the global smartphone panel market, with a total shipment of approximately 260 million units in the first half of 2025, capturing a market share of 24.2% [6] - Samsung Display ranks second with total shipments exceeding 170 million units, holding a market share of 15.7% [6] - CSOT has shown significant growth, with total shipments of approximately 140 million units, a year-on-year increase of 50.5%, and a market share of 12.7% [6] Regional Insights - Korean manufacturers continue to dominate the high-end smartphone panel market, holding a total market share of 49.1% in the first half of 2025 [8] - Chinese manufacturers have captured a 50.9% share of the global OLED panel market, with flexible OLED shipments reaching approximately 190 million units, representing a market share of 62.3% [8] Future Outlook - The OLED industry is expected to follow a development path characterized by cost optimization, increased penetration rates, and expansion into new applications [10] - The demand for smartphone OLED panels is anticipated to continue growing due to favorable factors such as cost reductions and clearer production line planning [10]

Group 1: Financial Performance - In 2024, TCL achieved a revenue of 164.8 billion yuan, with a net profit of 1.56 billion yuan, and a net operating cash flow of 29.5 billion yuan, representing a year-on-year growth of 16.6% [1] - In Q1 2025, TCL reported a revenue of 40.1 billion yuan, a 0.4% increase year-on-year, and a net profit of 1.01 billion yuan, showing a significant growth of 322% [4] - The operating cash flow for Q1 2025 reached 12.1 billion yuan, up 83% year-on-year [4] Group 2: Semiconductor Display Business - In 2024, the semiconductor display segment generated 104.3 billion yuan in revenue, a 25% increase, with a net profit of 6.23 billion yuan, improving by 62.4% [2] - In Q1 2025, the semiconductor display business achieved 27.5 billion yuan in revenue, an 18% increase, and a net profit of 2.33 billion yuan, reflecting a 329% growth [4] - The average size of televisions increased by approximately 1.5 inches in Q1 2025, driving demand for larger panels [4][6] Group 3: New Energy and Semiconductor Materials - In 2024, the global photovoltaic installation maintained growth, but prices continued to decline, leading to losses across the industry [2] - TCL Zhonghuan reported a revenue of 28.4 billion yuan, a 52% decrease, with a net profit of -9.82 billion yuan [3] - In Q1 2025, TCL Zhonghuan's revenue was 6.1 billion yuan, with a net profit of -1.906 billion yuan, showing a 49% improvement compared to the previous quarter [4] Group 4: Market Trends and Outlook - The display industry is expected to see a stable supply-demand relationship, with the global LCD production capacity in mainland China projected to reach 88% by 2025 [6] - The demand for large-size panels is driven by both terminal sales and average size increases, with significant growth potential in the global market [6] - The "trade-in" policy is expected to boost demand across various product categories, including televisions, enhancing the trend towards larger screens [8] Group 5: OLED Business Development - TCL is focusing on high-end and differentiated strategies in the OLED market, with significant improvements in market share for flexible OLED panels [10] - The T4 production line is expected to maintain high operational efficiency, contributing to the overall improvement of the OLED business [10] Group 6: Depreciation Trends - Most of the 8th generation production lines have completed depreciation, but a slight increase in depreciation is expected in 2025 due to new capacity coming online [11] - The depreciation-to-revenue ratio is anticipated to decrease as new high-value production lines drive rapid revenue growth [11]