【集邦Display显示产业交流群】 图片来源：昆山开发区发布 2月3日消息，昆山开发区发布消息，近日，总投资50亿级的錼创科技Micro LED高端显示制造项 目取得施工许可证，项目正式开始施工。 资料显示，錼创早于2014年成立，并于2022年8月在台湾地区创新板上市，成为全球首家上市的 Micro LED企业。錼创拥有多种Micro LED制造技术，包括自主研发的Micro LED外延片制程、 巨量转移、SMAR·Tech修复等多种制造技术。 2025年7月， 錼创宣布，中国大陆子公司正式落户江苏昆山。子公司将专注于Micro LED面板零 组件与模块生产制造及销售，提升在中国大陆市场的供应链效率与本地化服务能力。 相关媒体预计， 錼创 Micro LED高端显示制造项目将于 2026年第二至第三季度建成并投入接单 运营，主要为当地面板厂提供芯片转移至大型玻璃背板的服务。 （来源： LEDinside） 光电研究中心 Micro LED 市场趋势与技术成本分析 语系: 中文/英文 ｜ 格式: PDF ｜ 页数: 约160页 ｜ 出刊时间: 2024年05月31日 / 11月30日 ▶ 关于集邦 十六十六 ...

每经AI快讯，1月22日，利亚德公告，预计归属于上市公司股东的净利润为3亿元~3.8亿元，上年同期亏 损8.89亿元，实现扭亏为盈。截止2025年底，公司海外显示业务较去年同期仍实现逆势增长；公司 Micro LED订单实现较好增长，为业绩改善提供了有力支撑；集团全流程数字化管理变革深入推进，目 前已覆盖生产、销售、供应链、服务、内部管理等核心环节，经营效率持续提升，成本优化价值凸显。 （文章来源：每日经济新闻） ...

格隆汇1月22日｜利亚德公告，预计归属于上市公司股东的净利润为3亿元–3.8亿元，上年同期亏损8.89 亿元，实现扭亏为盈。截止2025年底，公司海外显示业务较去年同期仍实现逆势增长；公司Micro LED 订单实现较好增长，为业绩改善提供了有力支撑；集团全流程数字化管理变革深入推进，目前已覆盖生 产、销售、供应链、服务、内部管理等核心环节，经营效率持续提升，成本优化价值凸显。 ...

证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 18 日 [Table_Title] 面板业绩稳健释放，光伏亏损小幅收窄 [Table_Title2] TCL 科技(000100) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 000100 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 5.25/3.68 | | 目标价格： | | 总市值(亿) | 1,004.68 | | 最新收盘价： | 4.83 | 自由流通市值(亿) | 874.07 | | | | 自由流通股数(百万) | 18,096.75 | [Table_Summary] 事件： 2025 年，公司预计归母净利润 42.1-45.5 亿元，较上年同期 15.64 亿元大幅上升 169%—191%；扣除非经常性 损益后的净利润为 28.9 亿元至 32.0 亿元，同比增幅高达 869%—973%， 1、面板行业进入复苏通道，供需关系持续改善 报告期内，TCL 华星营收突破 1000 亿元，净利润超 80 亿元，经营 ...

Core Viewpoint - The optical imaging industry is experiencing a wave of capital operations characterized by mergers, acquisitions, and financing, driven by the promising market prospects in emerging technologies such as automotive lenses, AR/VR optics, and machine vision [2][14]. Company Summary - Hisense Visual Technology has engaged in multiple asset acquisitions and sales, primarily involving related parties within the Hisense group, without extending into new fields through external mergers [2][3]. - In 2025, Hisense Visual's revenue growth is nearly stagnant, with a year-on-year increase of only 5.36%, yet the company has made consecutive acquisitions of related party assets to expand production capacity [6][18]. - The company sold a 26% stake in its kitchen and bath business just three years after acquiring it, citing a focus on core business development [7][19]. Financial Performance - Hisense Visual's sales expense ratio has consistently exceeded 6%, significantly higher than the approximately 4% R&D expense ratio and far above comparable companies like Sichuan Changhong and TCL Technology [9][21]. - In 2023 and 2024, the company reported net profits of 2.096 billion and 2.246 billion, respectively, with approximately 42.9% and 35.2% of net profits derived from tax refunds, government subsidies, and various investment income, indicating a diminished actual profitability from core operations [11][23]. Strategic Focus - The company is accelerating the application of new business areas such as commercial displays, cloud services, and chips, while actively laying out plans in artificial intelligence and AR/VR to create new growth engines for the future [8][20].

Microled 专家交流 20260106 摘要 Micro LED 凭借低功耗、低热量和高效率的优势，在 AI 领域的高速光互 联和可见光通信中展现出巨大潜力，尤其适用于服务器内部组件和芯片 间的数据传输，以及 10 米级别的中短距离数据交换。 与传统铜线和激光相比，Micro LED 无需大量能源激发，工作过程不产 生大量热量，通过集成数百甚至上千个微米级 LED，可实现 TB 级别的 数据传输，同时保持低能耗和高效率，整体能效远优于单通道激光器。 Micro LED 在光通讯领域的应用不能简单替代激光 CW 光源，需对整个 系统进行重新设计和开发，通过微透镜或反射罩来聚焦和准直，以提高 耦合效率和抑制通道间的串扰。 Micro LED 面临的挑战包括工艺复杂性（如确保每个 LED 与通道准确耦 合）、产业链不成熟（传统技术成本优势）和市场认可度，但已有公司 开始小规模出货，预计未来几年内会逐步增加。 多家公司正推动 Micro LED 发展，如英伟达关注光通信，微软构建光电 路架构，台积电负责制造，Avicena 已实现商业化，欧司朗提供光电半 导体支持，应用材料提供设备支持，预计未来几年内逐步成熟并 ...

Core Viewpoint - The Micro LED industry is expected to see significant advancements and market expansion starting in 2026, driven by breakthroughs in large-scale production cost reduction and the feasibility of light interconnect applications [1] Group 1: Micro LED Technology Advantages - Micro LED is referred to as the "ultimate display technology" with pixel sizes ranging from 5 to 100 micrometers, offering extreme performance, long lifespan, and remarkable energy efficiency [2] Group 2: Challenges and Setbacks - The year 2024 is described as the "darkest moment" for the Micro LED industry, particularly for Apple, which has delayed its Micro LED plans due to challenges in mass production, high costs, and supply chain issues [3] Group 3: Future Outlook and Recovery - By 2025, significant progress is anticipated in overcoming the challenges of transferring millions of micro-sized LED chips, with companies like Q-Pixel achieving over 99.9995% transfer yield [4] - The launch of Garmin's Fenix 8 Pro, the world's first Micro LED smartwatch, indicates the commercial viability of Micro LED technology in smartwatches [4] - Micro LED is positioned as a low-power light source for optical interconnects, with companies like Credo and Microsoft's research team working on advancing related technologies [4]

Core Viewpoint - The Micro LED industry is expected to experience a revival after facing significant challenges in 2024, with potential for expanded applications and market growth starting from 2026 [1][4]. Group 1: Industry Challenges and Developments - The Micro LED industry faced a "darkest moment" in 2024, primarily due to Apple's halt in internal efforts to adopt Micro LED technology, which was seen as a successor to OLED [3]. - Key challenges included difficulties in mass production, high costs, and the complexity of transferring millions of micro-sized LED chips [3][4]. - The industry is gradually overcoming these challenges, with advancements such as Q-Pixel's Q-Transfer technology achieving over 99.9995% transfer yield [4]. Group 2: Future Outlook and Applications - By 2025, Micro LED technology is expected to be commercially viable, as evidenced by Garmin's launch of the world's first Micro LED smartwatch, the Fenix 8 Pro [4]. - The technology is anticipated to expand into larger applications, including ultra-high-end TVs and commercial displays, as well as high-end automotive HUD displays [1][4]. - Micro LED's advantages include extreme performance, long lifespan, and impressive energy efficiency, making it a promising candidate for various applications [2].

Macro Research - The recovery momentum in consumption is strong, but investment and production still require further policy support [2] - The A-share market is expected to welcome a "spring opening red" as policy expectations, liquidity, and fundamentals resonate positively [2] - The price signals indicate that industrial prosperity is beginning to emerge and continue [2] Strategy Research - The A-share market closed 2025 at 3968.84 points, with an annual increase of 18.41%, confirming the strategic judgment made by Guotai Junan [3] - The market is anticipated to stabilize and appreciate due to the upcoming announcement of the new Federal Reserve chairman and expectations of U.S. interest rate cuts in 2026 [3][24] - The decision-makers have emphasized the need to "promote investment stabilization," indicating a potential increase in policy support for growth [3][24] Food and Beverage Research - Yanjing Beer shows strong reform momentum, with significant potential for national expansion of its U8 product line, expected to exceed 1.5 million tons in the future [3][8] - The company is expected to enhance its product structure and profitability through the expansion of high-priced products above 10 yuan [8][9] - The beer industry is stabilizing, with leading companies like Yanjing benefiting from structural upgrades and improved profit margins [8][9] Industry Comparison - The report highlights a favorable outlook for technology, non-bank financials, and consumer sectors, driven by the industrialization of emerging markets and the AI trend [6][27] - The technology sector is expected to benefit from global chip technology breakthroughs and rising storage prices, with domestic infrastructure shortages accelerating the pace of domestic production [6][27] - Non-bank financials are poised to gain from increased wealth management demand and capital market reforms, while cyclical stocks are seen as bottoming out and benefiting from domestic demand expansion [6][27]

苹果暂停后，2025 Micro LED 涅槃重生 [Table_Industry] 电子元器件 新型显示行业系列观察报告之二 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 肖隽翀(分析师) | 021-23154139 | xiaojunchong@gtht.com | S0880525040064 | 本报告导读： Micro LED 行业经历了 2024 年"至暗时刻"，2025 年不断解决巨量转移良率问题， 开始搭载在智能手表/AR 智能眼镜上，此外 AI 数据中心光互连的巨大吸引，我们认 为 Micro LED 行业已迎来涅槃重生，并有望在未来不断扩大应用场景、市场规模。 投资要点： [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 电子元器件《长鑫科技科创板 IPO 获受理》 2026.01.02 电子元器件《Mini LED 技术的渗透率预计将不断 提升》202 ...