12月19日，中青旅盘中上涨2.09%，截至11:24，报9.76元/股，成交9790.31万元，换手率1.40%，总市值 70.65亿元。 资金流向方面，主力资金净流入1041.99万元，特大单买入1156.42万元，占比11.81%，卖出114.55万 元，占比1.17%；大单买入2178.01万元，占比22.25%，卖出2177.89万元，占比22.25%。 分红方面，中青旅A股上市后累计派现13.12亿元。近三年，累计派现1.12亿元。 机构持仓方面，截止2025年9月30日，中青旅十大流通股东中，富国中证旅游主题ETF（159766）位居 第四大流通股东，持股1198.67万股，相比上期增加448.47万股。南方中证1000ETF（512100）位居第六 大流通股东，持股529.93万股，相比上期减少3.85万股。香港中央结算有限公司位居第七大流通股东， 持股460.10万股，相比上期减少273.97万股。华夏中证1000ETF（159845）位居第九大流通股东，持股 314.73万股，相比上期减少2700.00股。华夏中证旅游主题ETF（562510）位居第十大流通股东，持股 263.30万股，为 ...

京东方A在特定对象调研时表示，回顾今年，年初TV产品出货受国补、抢出口刺激需求前移，全年出 货量、出货面积均有望实现增长；但受新兴市场需求带动中小尺寸TV产品出货量提升影响，大尺寸化 趋势阶段性放缓。IT产品受换机需求带动，全年出货量有望实现较快增长，MNT产品出货量预计同比 持平。下半年折叠产品出货量预计回落，海外品牌LTPO需求占比进一步提升，低端Ramless产品出货量 快速增长，国内OLED市场竞争日趋激烈，产品结构带来短期经营压力。在公司资本开支下降、现金流 改善的背景下，未来公司将根据经营情况和现金流情况，择机回购少数股东股权，具体进展请关注公司 公告。 ...

有券商机构指出，随着重要会议临近，A股市场进入对增量政策的等待阶段，若未来政策超出预期，行 情将顺势展开反弹。 从上周每经品牌100指数成分股表现来看，受事件性驱动的个股表现突出，比如受益铜价上涨的江西铜 业周涨幅高达15.74%，受益于2026年足球世界杯临近的京东方A和TCL电子周涨幅分别为10.36%和 8.51%。 随着2026年足球世界杯赛事筹备提速，京东方表示，IT（信息技术）产品和TV（电视）产品需求有望 分别受益于换机周期、AI（人工智能）赋能和体育赛事需求拉动。2025年12月，因备货需求释放，根 据咨询机构预测，行业有望实现较高的稼动率（衡量设备在可用时间内创造价值效率的指标）水平，产 品价格有望企稳回升。 每经记者｜刘明涛 每经编辑｜彭水萍 上周，A股市场继续震荡，主要股指缩量小幅反弹，每经品牌100指数延续反弹，周涨幅达到1.10%，12 月首周实现"开门红"，其中多只成分股受事件性驱动，周涨幅超10%，表现抢眼。 年末重要政策窗口临近 随着全球市场风险偏好上升，上周A股市场呈现震荡修复行情。截至12月5日收盘，上证指数周涨 0.37%，深证成指周涨1.26%，创业板指周涨1.86%， ...

12月3日，京东方披露最新投资者活动记录表。文件主要内容为回答投资者提问，具体情况如下： 2. 公司如何看待OLED产品结构情况？ 答：下半年折叠产品出货量预计回落，海外品牌LTPO需求占比进一步提升，低端Ramless产品出 货量快速增长，国内OLED市场竞争日趋激烈，产品结构带来短期经营压力。 未来，公司将不断强化技术能力，持续推动产品结构的优化，改善经营业绩。 1.公司如何看待LCD产线稼动率情况及产品价格趋势？ 答：回顾今年，年初TV产品出货受国补、抢出口刺激需求前移，全年出货量、出货面积均有望实 现增长；但受新兴市场需求带动中小尺寸TV产品出货量提升影响，大尺寸化趋势阶段性放缓。IT 产品受换机需求带动，全年出货量有望实现较快增长，MNT产品出货量预计同比持平。 展望未来，IT产品和TV产品需求有望分别受益于换机周期和AI赋能与体育赛事需求拉动。 12月， 因备货需求的释放，根据咨询机构预测，行业有望实现较高的稼动率水平，产品价格有望企稳回 升 。 【集邦Display显示产业交流群】 图片来源：京东方 3. 公司未来的折旧趋势如何？ 答：截至目前公司三条第六代柔性OLED产线已全部完成转固，成都第 ...

Group 1 - The core viewpoint of the article indicates that BOE A expects growth in both shipment volume and area for LCD products in 2023, despite a temporary slowdown in the trend towards larger sizes due to increased demand for smaller TV products driven by emerging markets [1] - The IT product segment is anticipated to see rapid growth in shipment volume due to replacement demand, while MNT product shipments are expected to remain flat year-on-year [1] - The industry is adopting a "production based on demand" strategy, adjusting production line utilization rates according to market demand elasticity, with an overall increase in average utilization rates in Q3, but a forecasted decline to below 80% in Q4 [1] Group 2 - LCD product prices are expected to show differentiation, with a slight decline in TV product prices in Q4, while IT product prices are projected to remain stable [1] - Looking ahead to next year, the replacement cycle and AI integration are expected to drive demand growth for IT products, while upcoming sports events like the World Cup are likely to boost TV product demand in Q1 [1]

Core Viewpoint - BOE Technology Group (京东方A) anticipates growth in both shipment volume and area for LCD products in 2023, driven by government subsidies and export demand, despite a temporary slowdown in the trend towards larger screen sizes due to increased shipments of smaller TV products in emerging markets [1] Group 1: LCD Products - TV product shipments are expected to see growth for the year, with fluctuations in demand being smoothed out due to government support and export incentives [1] - The trend towards larger screen sizes is experiencing a temporary slowdown, influenced by the rising demand for smaller TV products in emerging markets [1] - Overall shipment volume and area for LCD products are projected to increase for the year [1] Group 2: IT Products - IT product shipments are expected to grow rapidly for the year, driven by replacement demand [1] - MNT (Monitor) product shipments are projected to remain flat year-on-year [1]

Core Viewpoint - BOE Technology Group (京东方A) anticipates growth in both shipment volume and area for LCD products in 2023, despite a temporary slowdown in large-size TV product trends due to increased demand for small-size TVs in emerging markets [1] Group 1: LCD Product Performance - TV product shipments are benefiting from national subsidies and export demand, leading to significant fluctuations in demand throughout the year [1] - IT product shipments are expected to grow rapidly due to replacement demand, while MNT product shipments are projected to remain flat year-on-year [1] - The industry is adopting a "demand-driven production" strategy, adjusting production line utilization rates based on market demand elasticity [1] Group 2: Market Trends and Projections - The average utilization rate in the industry improved in Q3, but is expected to drop below 80% in Q4 [1] - Price differentiation for LCD products is anticipated, with a slight price adjustment for TV products in Q4 while IT product prices are expected to remain stable [1] - Looking ahead to next year, the replacement cycle and AI integration are expected to drive IT product demand growth, while upcoming sports events like the World Cup are likely to boost TV product demand in Q1 [1]

Core Insights - TCL Huaxing's Vietnam base has officially commenced mass production and shipment of IT products, marking a significant advancement in the company's global strategy from "single-point drive" to "multi-dimensional resonance" [1] Company Developments - The commencement of IT product mass production at TCL Huaxing's Vietnam facility signifies a strategic upgrade in the company's global operations [1]

Core Viewpoint - BOE anticipates that the replacement cycle and AI empowerment will drive growth in IT product demand in the coming year, while major sporting events like the World Cup are expected to boost TV product demand in the first quarter [1] Industry Outlook - The industry is expected to achieve supply-demand balance by 2027, driven by the potential exit of outdated production lines and the continued trend towards larger display sizes, which will further increase area demand [1]

Core Viewpoint - China Youth Travel Service (CYTS) is a leading player in the domestic tourism industry, with significant investment value due to its comprehensive industry chain layout and well-known attractions like Wuzhen and Gubei Water Town [1] Group 1: Business Performance - In Q3 2025, CYTS achieved a revenue of 8.027 billion yuan, ranking first in the industry, significantly surpassing the second-ranked Songcheng Performance at 1.833 billion yuan [2] - The main business composition includes IT products at 2.146 billion yuan (44.11%), integrated marketing services at 770 million yuan (15.83%), and tourism services at 769 million yuan (15.81%) [2] - The net profit for the same period was 186 million yuan, ranking second in the industry, with Songcheng Performance leading at 793 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, CYTS's debt-to-asset ratio was 51.82%, an increase from 50.44% year-on-year, but still below the industry average of 56.33%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 20.56%, down from 23.88% year-on-year, and below the industry average of 28.21%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.37% to 69,000, while the average number of circulating A-shares held per shareholder increased by 2.42% to 10,500 [5] - Notable changes among the top ten circulating shareholders include an increase of 4.4847 million shares held by the Fortune CSI Tourism Theme ETF and a decrease of 0.27397 million shares held by Hong Kong Central Clearing Limited [5] Group 4: Executive Compensation - The chairman, Ni Yangping, received a salary of 1.0176 million yuan in 2024, a decrease of 112,800 yuan from 2023 [4] - The president, Zhao Peng, earned 234,300 yuan in 2024 [4] Group 5: Market Outlook - In the first half of 2025, CYTS reported a revenue of 4.866 billion yuan, a year-on-year increase of 11.84%, while the net profit was 67 million yuan, a year-on-year decrease of 7.88% [6] - The revenue from Wuzhen and Gubei Water Town saw declines of 13.56% and 25.29% respectively, attributed to increased competition in the surrounding areas [6] - Forecasts for net profit from 2025 to 2027 are 168 million yuan, 208 million yuan, and 279 million yuan, with corresponding price-to-earnings ratios of 44X, 36X, and 27X [6]