公众号记得加星标⭐️，第一时间看推送不会错过。 MicroLED 的概念验证阶段比预期要长得多。苹果公司在 2024 年取消智能手表项目是一次重大挫 折。尽管发展势头在 2025 年有所回升，但速度明显放缓，预期也更加务实。各公司对这项技术在各 种应用中的优势和局限性有了更深入的了解，清楚还存在哪些挑战，需要哪些解决方案，以及解决这 些挑战实际需要多少时间和精力。 MicroLED 目前才刚刚进入孵化阶段，首批小批量商业产品将于 2025 年投产，分别是为 Garmin 生 产的智能手表显示屏和索尼-本田电动汽车外置显示屏，这两款产品均由友达光电 (AUO) 生产。友达 光电的 G4.5 生产线是成败的关键。如果成功，MicroLED 有望成熟并最终在各种消费应用领域取得 成功；但如果良率、成本和可制造性无法得到显著改善，那么增强现实 (AR) 将是唯一的大批量应用 领域，此外还将出现各种小批量/高附加值的 B2B 专用显示屏。 供应链的格局日趋清晰。大多数领先的显示器制造商目前都控制着或与microLED芯片制造商结盟。 大规模转移的TFT基大尺寸显示器和LEDoS正在发展成为两条日益独立的供应链和技术平台 ...

Group 1: DRAM Industry Insights - The DRAM industry revenue for Q3 2025 increased by 30.9% quarter-over-quarter, reaching $41.4 billion, driven by rising contract prices and increased shipment volumes of conventional DRAM and HBM [2][3] Group 2: Company Performance - SK hynix led the market with a revenue of $13.75 billion in Q3 2025, marking a 12.4% increase from Q2 2025, capturing a market share of 33.2% [3] - Samsung followed closely with a revenue of $13.5 billion, a 30.4% increase from the previous quarter, holding a market share of 32.6% [3] - Micron experienced the highest growth rate of 53.2%, with revenue reaching $10.65 billion and a market share of 25.7% [3] - Nanya and Winbond also showed significant growth, with Nanya's revenue increasing by 84% and Winbond's by 21.4% [3] Group 3: Electric Vehicle Market - Global sales of new energy vehicles (NEVs) reached 5.39 million units in Q3 2025, representing a year-on-year increase of 31%, with battery electric vehicles (BEVs) accounting for 3.71 million units sold, up 48% [8] - BYD led the BEV market with a 15.4% market share, while Tesla held 13.4% [9] Group 4: AR Display Technology Trends - The competition in AR display technology is intensifying, with projections indicating that the penetration rate of LEDoS technology will reach 65% by 2030, up from 37% in 2025 [12]

Core Insights - The report by TrendForce indicates that the competition in AR glasses display technologies is intensifying, with LEDoS and LCoS technologies poised for growth opportunities by 2025 and 2030 [1][2][3] Group 1: AR Glasses Market Trends - Major brands like Meta, Apple, Amazon, and RayNeo are actively investing in AR glasses, leading to increased competition in display technologies [1] - By 2025, the penetration rates for LEDoS and LCoS technologies are projected to be 37% and 7%, respectively, with further growth expected by 2030 to 65% and 11% [1][2] Group 2: Chinese Brands and Technology Adoption - Chinese brands are the primary drivers of AR glasses shipments, initially focusing on viewing applications, which led to the adoption of the mature and cost-effective OLEDoS technology [1] - As the industry evolves, the demand for brightness and transparency in AR glasses is increasing, prompting brands to shift resources away from viewing products [1] Group 3: LEDoS Technology Development - The market for AI-assisted information display glasses is heating up, with various players, including Chinese cloud service providers and traditional consumer electronics brands, entering the LEDoS segment [2] - The penetration rate of LEDoS technology is expected to rise to 37% by 2025, driven by rapid product development and collaboration with supply chains [2] Group 4: LCoS Technology Insights - LCoS technology is favored by Meta due to its cost-effectiveness and excellent power performance under average pixel brightness [3] - The penetration rate for LCoS technology is anticipated to reach 7% by 2025, with a slower growth forecast to 11% by 2030 due to challenges in high brightness and contrast [3]

Market Performance - The main board led the gains with notable increases in stocks such as Dingxin Communication (+10.07%), Wanda Film (+10.04%), and Guiguang Network (+10.04) [1] - The ChiNext board saw significant rises with Tianshan Electronics (+19.98%) and Boshang Optoelectronics (+14.60%) [1] - The Sci-Tech Innovation board was led by Fuxin Technology (+19.99%) and Tengjing Technology (+14.94%) [1] - Active sub-industries included SW Optical Components (+3.75%) and SW Passive Components (+2.53%) [1] Domestic News - A report from TrendForce indicates that Meta's new AR device, Meta Ray-Ban Display Glasses, is expected to increase the market share of LCoS display products to 13% by 2026 [1] - Baoli International announced an investment in Hongtai Technology, acquiring 1%-3% equity based on a positive outlook for the semiconductor testing equipment industry [1] - Xiaomi has initiated a recall of 116,887 SU7 standard electric vehicles produced between February 6, 2024, and August 30, 2025, as per regulatory requirements [1] - Shengmei Shanghai launched the Ultra ECDP electrochemical stripping equipment designed for wide bandgap semiconductor manufacturing, enhancing etching uniformity and appearance [1] Company Announcements - Ciweng Media announced receiving a government subsidy of RMB 10 million, with RMB 7.6 million attributed to the company, representing 25.04% of the last audited net profit [2] - Kirin Xin'an reported receiving government subsidies totaling RMB 482.94 million related to revenue [2] - Jiayuan Technology signed an investment agreement, paying RMB 45 million for the first tranche and RMB 150 million for the first capital increase [2] - Ankai Micro plans to invest RMB 20 million to increase its stake in Shiqi Future, aiming to enhance its competitive edge in the intelligent vision sector [2] Overseas News - STMicroelectronics announced a $60 million investment to build a new experimental production line for next-generation panel-level packaging technology in France [2] - Major memory manufacturers are accelerating investments in 1c DRAM, with Samsung and SK Hynix making significant moves in production lines [2] - TrendForce reports that AMD's upcoming MI450 Helios platform is prompting Nvidia to push suppliers for higher specifications on key components [2] - Nvidia and Intel announced a collaboration to develop customized data center and PC products to enhance operational efficiency across various applications [2]

Core Insights - The near-eye display device market is expected to show a lackluster performance in the short term, with global shipments projected to reach 6.2 million units by 2025 [2] - The VR/MR market, particularly Meta Quest 3s, is anticipated to see a decline in shipments to 5.6 million units by 2025, while AR devices are expected to perform more steadily, with shipments reaching 600,000 units driven by new AI+AR products and decreasing OLEDoS prices [2] - Long-term growth is expected, with global near-eye display shipments projected to rise to 46.5 million units by 2030, supported by ongoing product development from major companies like Meta and Apple, and strong growth in the AR market [2] AR Display Technology Market Development - OLEDoS remains the mainstream technology in China due to its cost advantages, but other technologies pose a threat to its dominance [6] - LCoS technology is expected to gain traction in the market due to Meta's adoption, while the growth of single green LEDoS AR glasses will enhance the penetration of LEDoS technology [6] - The demand for AR devices is increasing, with expectations for shipments using high-spec full-color LEDoS technology to reach 20.9 million units by 2030, achieving a penetration rate of 65% [7] Optical Waveguide Technology and SiC Supply Alliance Analysis - The choice of optical waveguide technology is critical for AR engine modules, with diffraction waveguides currently being the mainstream but needing efficiency improvements [9] - NIL and PL are the two main processing methods for waveguides, with NIL suitable for small-scale development and PL better for mass production [9] - The trend towards larger SiC substrates is expected to enhance cost-effectiveness, with projections indicating that 8-inch SiC substrate shipments could exceed 20% by 2030, moving towards 12-inch substrates in the long term [9] AR Product Development Trends - The specifications of AR devices are becoming standardized to control costs, with mainstream panel sizes for LEDoS and LCoS ranging from 0.13 to 0.18 inches and pixel densities exceeding 5,500 PPI [10] - Chinese brands like Xreal, RayNeo, and INMO are focusing on different strategies, such as enhancing display technology and integrating AI capabilities, reflecting a shift from hardware competition to a more complex software-hardware ecosystem [10]

– 算力：寒武纪+1.95%，传字节加单、阿里下单。 翱捷科技-6.64%，或受网传的"算力芯片新指标"一图影响，新指标对算力芯片总DRAM带宽、IO带宽，以及两者之 和都做了要求，国内企业在台积电及三星利片，回到国内使用的 【DW电子】每日复盘每日新-电子5.7 沪深300指数+0.61%，电子指数+0.07%，半导体指数-0.43%，消费电子指数-0.46%。 – 海力士减产DDR4：继三星电子于2024年6月上旬截止DDR4最后订单，并于2025年底全面停产多款DDR4模块 后，SK海力士也开始逐步减少DDR4产能，计划将DDR4产能压缩至20%左右。 – OpenAI计划通过在海外加大投资，扩展其价值5000亿美元的星际之门项目，预计与全球合作伙伴在AI基础设施 上的投资支出将远超5000亿美元。 – 三星电子计划在2027年左右开始量产LEDoS，第一家供应商很可能是三星电子的MX部门。 【DW电子】每日复盘每日新-电子5.7 沪深300指数+0.61%，电子指数+0.07%，半导体指数-0.43%，消费电子指数-0.46%。 – 算力：寒武纪+1.95%，传字节加单、阿里下单。 翱捷科技-6.64 ...