TCL 科技 20260105 摘要 2025 年全球消费电子销量整体平稳，大尺寸产品如电视和显示器受益 于稳定的供给侧格局，价格保持稳定，需求端中国市场受国补政策影响， 经历快速增长后承压，但行业格局稳固，未出现库存堆积。 华星光电通过收购 T6、T7 线少数股权，增强盈利能力，提升 TCL 科技 归母利润贡献。公司大尺寸面板盈利能力较强，TV 及商用显示产品占半 导体显示面板收入一半以上，且 80%以上为 55 英寸以上大尺寸产品。 面板行业正从周期性行业向盈利稳定、中等成长性行业转变。产业形态 变化和信息不透明使得盈利能力和定价机制难以准确判断，需长期研究 产业内部动态，感知市场走势。 提高科技在小尺寸领域顺应 OLED 转型趋势，投建 T8 印刷打印线，解 决工艺良率和供应链生态问题，降低成本，提升大陆企业在全球显示行 业的竞争力，对供应链安全和专利布局具有重要意义。 行业产能新增需三年以上，技术变化需五年以上。供给侧和技术侧已摆 脱周期性波动，盈利能力相对稳定，产品价格稳定上涨和季节性波动， 行业维持规模性盈利，且盈利中枢抬升。 Q&A 这一突破对供应链安全和专利布局具有重要意义，也是值得关注的发展 ...

"在全球经济格局加速重构的背景下，中韩两国虽面临产业竞争的新课题，但'和则两利'的合作逻辑始 终清晰而坚定。"李东生在现场发言中表示，两国产业界应当立足长远、面向全球，推动更紧密的产业 来源：环球网 协同，从以下三方面持续深化合作：一是充分利用中韩自贸协定合作机制，深化双边经贸合作；二是发 挥两国产业优势，推动科技创新领域合作；三是共筑产业韧性，优化区域供应链布局。 【环球网财经综合报道】1月5日，中韩商务论坛在北京举行。TCL创始人、董事长李东生作为中国民营 企业家代表受邀参会并发言。李东生表示："面对新一轮科技变革与产业革命浪潮，中韩两国在人工智 能、半导体显示、新能源汽车、生物科技等新兴领域合作潜力巨大。通过加强技术研发合作与创新生态 共建，能够加速科技成果转化，共同开拓全球市场新蓝海。" "站在新的历史起点，我们期待与韩国企业界深化互利合作，通过机制创新、技术协同和产业融合，共 同谱写两国经贸关系的新篇章，为区域繁荣稳定作出应有贡献。"李东生说。（文智） 目前TCL三大核心产业与韩国企业构建起深厚竞合关系。在智能终端领域，TCL实业在韩国市场已实现 多品类布局，覆盖电视、空调、冰箱、洗衣机等产品，并与 ...

据中国地震台网正式测定，2025年12月27日23时05分，台湾地区周边海域（24.67°N， 122.06°E）发生6.6级地震，震源深度为60千米。面板大厂群创光电（Innolux）在地震发生第一 时间，厂区内随即传出警报，机台也因安全机制自动停摆。 针对这起深夜地震，群创光电随即对外发表最新回应，强调公司在地震发生第一时间，就已经全 面启动标准应变程序（SOP）。 群创指出，现阶段所有的处置皆以确认厂区人员安全为最高优先 原则。经过初步的清点与回报，目前所有厂区内的人员皆平安，并无受伤受困的消息传出。 后续，公司专业工程团队已展开对精密仪器设备的系统性检查，此次地震对产能的具体影响尚在 评估中。 台湾地区气象部门的资料显示，包括宜兰县、新北市、花莲县、台北市、基隆市、桃园市、新竹 县、台中市，南投县，新竹市、苗栗县、彰化县、云林县、台东县、嘉义县、嘉义市、台南市邓 地区最大震度4级，高雄市、屏东县地区最大震度3 级，连江县地区最大震度2 级，澎湖县地区最 大震度2级，金门县地区最大震度1级。（来源：三立新闻、集邦Display整理） 【集邦Display显示产业交流群】 面板产业链市场供需及价格报告 面 ...

面板专家交流 20251207 摘要 受 2026 年美加墨世界杯拉动，面板厂提前备货致面板价格短期上涨， 但需求前置可能削弱后续支撑，需警惕价格回落风险。 中国市场受外部不确定性、中日关系及房地产市场影响，预计 2026 年 电视市场规模将下降，国补政策对高能效产品补贴力度有限。 欧洲市场受俄乌冲突和消费者信心影响，需求难以显著提振；东南亚市 场预计小幅增长，印度市场有望受益于 GST 税改刺激。 面板厂商策略趋于稳定，如京东方和 TCL 华星更注重市占率和盈利能力， 通过控制产能维持价格稳定，实现盈利目标。 2025 年第四季度面板厂与整机厂采购量增加，部分代理商囤积面板以 期未来涨价获利，但头部品牌库存压力仍然较大。 北美市场对中国品牌如 TCL 影响显著，沃尔玛扩大自有品牌规模并下单 备货，同时美加墨世界杯也推动零售商提前备货。 OLED 在大尺寸电视领域发展受限，Mini LED 凭借成本优势和性能提升， 更具竞争力；OLED 在 IT 市场的中小尺寸应用仍有潜力。 Q&A 目前全球面板市场的供需情况如何？未来价格走势如何？ 当前全球面板市场的产能相对稳定，主要是需求在影响价格走势。以电视为例， 预 ...

（编辑 姚尧） 证券日报网讯 12月4日，TCL科技在互动平台回答投资者提问时表示，过去几年，电视大尺寸化带来需 求面积的稳定增长，而行业供给侧产能则保持相对稳定，根据第三方机构数据，大尺寸LCD稼动率中枢 逐年提升，行业供需缺口显著收敛。当前来看，由于明年是体育赛事大年，包括冬奥会和有史以来规模 最大的世界杯，下游品牌已逐渐开始备货，根据第三方机构预测，后续面板报价有望企稳回升。 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][39] Core Views - Alibaba's AI product revenue continues to grow significantly, with a quarterly revenue increase of 5% to 247.795 billion yuan, and a 15% increase on a same-store basis [8][9] - The adjusted EBITA for Alibaba decreased by 78% to 9.073 billion yuan, primarily due to investments in instant retail, user experience, and technology [8] - The cloud intelligence group's revenue grew by 34% to 39.824 billion yuan, driven by an increase in public cloud business and AI-related product adoption [9] - Dell Technologies reported a quarterly revenue of $27 billion, an 11% year-on-year increase, with significant growth in its infrastructure solutions group [10] Summary by Sections Industry Dynamics - Alibaba's revenue from its international digital commerce group increased by 10% to 34.799 billion yuan, while its cloud intelligence group saw a 34% revenue increase [9] - The AI-related product revenue for Alibaba maintained strong momentum, achieving triple-digit year-on-year growth [9] - Dell's infrastructure solutions group revenue reached $14.1 billion, a 24% increase, with server and networking business revenue growing by 37% [10] Market Review - The electronic industry saw a weekly increase of 6.05% from November 24 to November 28, with the communication sector leading the gains [10][13] - The Philadelphia Semiconductor Index rose from 6,703.20 points to 7,025.15 points during the same period [16] Investment Recommendations - The report suggests a positive outlook for the AI PCB industry chain, recommending stocks such as Shenghong Technology, Huitian Technology, and others [37] - It also highlights a favorable view on the entire storage industry chain, with key stocks including Zhaoyi Innovation and Demingli [37] - The report emphasizes the transformative potential of general artificial intelligence over the next decade, predicting a 100,000-fold increase in total computing power by 2035 [37]

每经记者｜张钟尹 每经编辑｜陈旭 随着本周新冠肺炎疫情在全球迅速蔓延，当中国疫情防控出现好转势头的同时，全球防控形势却出现恶化的局面——2月28日，世界卫生组织（WHO）宣 布，将新冠肺炎疫情的全球风险级别从"高风险"提高至"非常高"。 在新冠肺炎疫情比较严重的国家中，我们的东邻韩国和日本格外引人关注。 根据2月29日下午的最新统计，韩国24小时内新增感染新冠肺炎病例813例，累计报告确诊3150例，死亡17例；而日本境内共有945人确诊感染新冠肺炎，死 亡11例。 受疫情拖累，韩国不少巨头企业被迫停产，其中包括三星电子和现代汽车这样的巨头。 在日韩疫情出现扩散的情况下，双边贸易受到的冲击也引发市场关注。这对中韩、中日之间的进出口将产生怎样的影响？中国在电子、机械设备等产业领域 对日韩产品依赖度较高，来自日、韩的供应会不会出现风险？相关的国产行业又该如何加以应对？ 韩国累计确诊超过3000例 此前，中国的新冠肺炎疫情处于暴发期，来自中国的供应出现部分中断的情况，对日、韩不少企业造成一定的影响。而现在疫情在本国出现恶化，这又给 日、韩企业带来了哪些经营风险？ 最近一周，韩国新冠肺炎新增病例持续攀升。截至2月29 ...

Group 1 - The core viewpoint of the article is that the global panel manufacturers' revenue for the first three quarters of 2025 is approximately $86.8 billion, representing a year-on-year growth of 2.0% [4]. Group 2 - The total revenue changes and regional distribution of major global panel manufacturers for the first three quarters of 2025 are discussed [4]. - The revenue and ranking changes of major panel companies for the first three quarters of 2025 are summarized [4]. - The operating profit and ranking changes of major panel companies for the first three quarters of 2025 are analyzed [4]. - Specific revenue and operating profit changes for SDC in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for LGD in Q3 2025, along with key business explanations, are detailed [4]. - Specific revenue and operating profit changes for BOE in Q3 2025, along with key business explanations, are outlined [4]. - Specific revenue and operating profit changes for TCL Huaxing in Q3 2025, along with key business explanations, are presented [4]. - Specific revenue and operating profit changes for Tianma in Q3 2025, along with key business explanations, are discussed [4]. - Specific revenue and operating profit changes for AUO in Q3 2025, along with key business explanations, are summarized [4]. - Specific revenue and operating profit changes for Innolux in Q3 2025, along with key business explanations, are provided [4]. - Specific revenue and operating profit changes for Sharp Display Division in Q3 2025, along with key business explanations, are detailed [5]. - Specific revenue and operating profit changes for JDI in Q3 2025, along with key business explanations, are outlined [5].

Core Viewpoint - JDI reported a significant decline in sales for the first half of FY26, primarily due to production line closures and business adjustments, while also making strides in cost reduction and structural reform to narrow operating losses [1][2][3]. Financial Performance - JDI's sales for the first half of FY26 amounted to 66.4 billion JPY (approximately 3.05 billion RMB), representing a year-on-year decrease of 35.5% [1][2]. - The consumer/industrial segment saw sales drop to 13.5 billion JPY, down 65% year-on-year, attributed to a shrinking smartphone LCD market and weak demand for smart wearables [1][2]. - Automotive sales decreased to 52.9 billion JPY, down 18% year-on-year, impacted by production adjustments from automakers and reduced output at the Mobara plant [1][2]. - Operating losses were reduced to 14.4 billion JPY, and net losses narrowed to 11.4 billion JPY, indicating some improvement in financial health despite the revenue decline [1][2]. Strategic Initiatives - JDI is accelerating its "BEYOND DISPLAY" transformation plan, aiming to reduce reliance on traditional display business and focus on high-value sensors, semiconductor packaging, and transparent displays as new growth engines [3]. - To strengthen its financial foundation, JDI has improved its capital structure through the issuance of new stock subscription rights and asset transfers, and plans to spin off its automotive display business into a separate subsidiary (AutoTech), with the establishment date postponed to April 2026 [4]. - The company aims to achieve overall profitability by FY27 through ongoing cost optimization and new business development, establishing an operational framework suitable for the new business scale [4].

Market Overview - On November 11, the A-share market saw a total of 82 stocks hitting the daily limit up, with 67 stocks after excluding 15 ST stocks, resulting in an overall limit-up rate of 70.09% [1] Stock Performance - Victory Shares had the highest limit-up order volume at 597,800 hands [2] - ST Zhongdi achieved an 18-day consecutive limit-up, while Moen Electric had 6 consecutive days [2] - 32 stocks had limit-up order funds exceeding 100 million yuan, with Fulongma, Victory Shares, and Yongtai Technology leading with 253 million yuan, 249 million yuan, and 239 million yuan respectively [2] Notable Stocks - Fulongma closed at 35.10 yuan with a limit-up order volume of 7.19 million and a market cap increase of 28.87% due to factors like winning bids and environmental sanitation equipment [3] - Victory Shares closed at 4.16 yuan with a limit-up order volume of 59.78 million, driven by gas acquisitions and shale gas developments [3] - Yongtai Technology closed at 25.04 yuan, with a limit-up order volume of 9.53 million, attributed to fluorinated liquids and lithium battery materials [3] - Weixinno and Renmin Tongtai had 2 consecutive limit-ups, with Weixinno's stock price at 10.25 yuan and Renmin Tongtai at 11.36 yuan [3]