□四川日报全媒体记者 蒋君芳 近日，总投资22.5亿元的中发天信（四川）航空科技股份有限公司崇州生产基地项目提前半年实 现封顶；投资20亿元的日东材料科技（成都）有限公司OLED偏光片生产基地项目在崇州正式投 产……不断推进的重大项目，是当地提升制造业能级的有力抓手。 作为成都8个县市新城之一的崇州，"制造"属性明显。成都赋予其的定位中，就包含建成"先进制 造业集聚区"；今年7月印发的《成都市推动县市新城高质量发展实施方案》也明确，提升崇州"先 进制造业能级"。 能级怎么提？"结合成都'立园满园'工作部署，我们将以产业园区为主要抓手。"四川崇州经济开 发区管理委员会产业发展部部长谢永祥介绍，力争四川崇州经开区营收今年突破800亿元、2027年 达到千亿元，助力崇州跻身制造业全国百强县名单。 四川崇州经开区一景。朱志宏 摄（C视觉） 不仅如此，崇州正加快落地川藏清洁能源创新转化与装备科技产业基地，积极发展高端能源装备 产业。对此，成都明确将在用地空间、产业导入、政策倾斜等方面给予崇州支持。 冲刺千亿元的行动和成效 既延伸传统优势产业链条又培育新兴产业增长点 落地成都高新区的国内首条京东方第8.6代AMOLED显 ...

这些项目 累计 投资金额 已超134 亿元人民币， 涵盖 材料 、 设备、关键零部件在内的三大领域 。 2025年前三季度，在国内头部面板企业忙于投建高世代OLED产线之时，整个OLED产业的上下游 配套环节也在同步加速发展。 对于整个产业生态而言，头部企业的大型项目固然 影响力大 ，但上下游的配套项目同样 值得关 注 。据集邦Display不完全统计，在2025年前三季度，众多OLED配套产业链项目相继进入签约、 开工或正式投产阶段。 | 类别 | 企业 | 投资项目 | 投资金额 | 地区 | 日期 | 状态 | | --- | --- | --- | --- | --- | --- | --- | | 材料 | 日东材料 | OLED偏光片项目 | 20亿元 | 三国 | ਰੇਜ਼ | 投产 | | | 福莱新材 | 拟募资投建OLED材料项目 | 7.1亿元 | 浙江 | a月 | 募资 | | | 思摩威 | OLED封装材料项目 | 1.5亿元 | 陕西 | 7月 | 签约 | | | 奥来德 | OLED显示用关键功能材料研发及产业 化建设项目 | 3亿元 | 吉林 | 7月 | 开工 | | ...

转自：成都日报锦观 今年1—8月，成都市第二产业投资同比增长21.3%—— 以"链"建"群" 重点产业链项目跟着来 日东电工OLED偏光片项目。 日前，全球功能材料巨头日东电工OLED偏光片生产基地在崇州经济开发区正式投产。这是该公司在2017年落子成都后的再度加码。作为京东 方等面板龙头的核心供应商，日东电工的增资扩产，是成都以"链主"企业聚"链属"企业，锻造产业集群竞争力的生动缩影。 几乎同时，青白江区与华为达成合作，签署数实融合创新中心协议。这是继2021年华为（成都）智能制造创新中心落地后，双方在推动制造业 智能化转型与新兴产业创新上的合作升级。 数智赋能激活发展新动能 在青白江区，其与华为的合作正从"智能制造"向"数实融合"深化。新签约的创新中心，将汇聚华为及生态伙伴的技术资源，聚焦企业研发、生 产等核心场景，加速传统制造业转型升级与新兴产业发展。 合作的成效已在老牌企业中显现。拥有57年历史的成都迈动汽车零部件有限公司，用"颠覆"一词形容"智改数转"带来的变革。通过华为赋能， 其生产效率提升20%，生产成本降低10%，并凭借改造后稳定提升的质量体系，成功打入比亚迪、奇瑞等主流供应链，订单排至次年一 ...

Core Insights - The company focuses on two core businesses: lithium battery anode materials and polarizers, contributing to the development of the new energy and new display industries [1] Group 1: Lithium Battery Anode Materials - The company’s 6C products are currently in mass supply to consumer and power sectors, leading in market share [1] - To address the challenges of silicon-based material expansion and fast charging limitations, the company has developed a new CVD silicon-carbon anode using gas-phase nanotechnology to control silicon particle size, suppress expansion, and enhance cycling performance [1] - The company has introduced ultra-long cycle graphite, utilizing non-stop graphitization technology to form a super-crystal wave structure, significantly improving material compression and expansion resistance, supporting battery cell cycle life exceeding 15,000 times, and meeting energy storage market demands [1] Group 2: Polarizers - The company holds over 1,800 patents covering global markets including China, Japan, South Korea, and Europe [1] - Through a combination of independent research and acquisition integration, the company has achieved a technological leap from LCD polarizers to a dual-category of "LCD + OLED" [1]

Core Viewpoint - The recent issuance of the "Opinions on Supporting Chengdu to Enhance Core Functions and Accelerate High-Quality Development" reflects the importance of Chengdu as a major city in China, aiming to strengthen its economic scale, core competitiveness, and functional quality to set a new benchmark for high-quality development and governance in super-large cities [1] Economic Scale and Growth - Chengdu's GDP is projected to exceed 3.2 trillion yuan by the end of the 14th Five-Year Plan period, requiring an average annual increase of over 140 billion yuan from 2025 to 2030 [3] - Chengdu's GDP for 2024 is estimated at 2.35 trillion yuan, significantly higher than Xi'an, which is nearly half of Chengdu's GDP [2] - Chengdu's economic growth has been robust, with a year-on-year GDP growth rate leading among the top ten cities in China [2] Industrial Development and Coordination - Chengdu's economy relies heavily on consumption, contributing over 65% to its economic growth, and it is one of the seven cities in China with a retail sales total exceeding 1 trillion yuan [4] - The city is focusing on enhancing its industrial base, with significant investments in manufacturing, including a major AMOLED production line by BOE, which is expected to make Chengdu a leading flexible display production base [7] - The "two-legged" approach to economic development emphasizes both consumption and industrial growth, addressing the need to strengthen the industrial sector while boosting consumer spending [6][7] Regional Coordination and Urban Development - The "strong county and active district" strategy aims to address economic imbalances within Chengdu, promoting coordinated development across its districts and surrounding areas [8][9] - Chengdu is implementing targeted development plans for its eight county-level cities, enhancing transportation links and economic contributions from these areas [9][10] - The city is fostering collaboration with surrounding regions to enhance resource sharing and economic integration, exemplified by successful partnerships in various industries [10][11]

Core Insights - Chengdu has established 11 key industrial chains with revenues reaching the billion-level scale, with two new advanced manufacturing clusters added, bringing the total to five [1][3] - The city aims to accelerate the formation of trillion-level industrial chains in software and information services, cultural tourism, and has seen breakthroughs in integrated circuits, new displays, biomedicine, and the silver economy [1][4] - As of July this year, the monitored 7,268 industrial chain enterprises in Chengdu reported an 8.2% year-on-year increase in revenue and a 12.2% increase in total profit, indicating a stable upward trend in the industry [1] Industrial Development Strategy - The "chain strengthening" strategy has been a significant choice for Chengdu to enhance its industrial development and urban competitiveness since its introduction in December 2021 [1][3] - Chengdu ranks eighth in the national advanced manufacturing city rankings, with five national advanced manufacturing clusters and 12 provincial strategic emerging industry clusters established [1][3] Recent Developments - The completion of a 2 billion yuan OLED polarizer production base by Nichia Materials Technology (Chengdu) Co., Ltd. fills a gap in Chengdu's upstream polarizer materials sector [2] - The city is focusing on clustering enterprises along the same industrial chain to enhance competitiveness, as demonstrated by the collaboration between local companies and suppliers [2][3] Future Directions - Chengdu plans to categorize and collaboratively build advantageous industrial clusters, targeting trillion-level chains in software, information services, and cultural tourism, while pushing for breakthroughs in several other sectors [4][5] - The establishment of a Scene Innovation Promotion Center aims to foster new technologies and products through innovative applications in emerging fields like humanoid robots and intelligent driving [4][5] Financial Support and Mechanisms - Chengdu's financial institutions are set to provide comprehensive services to key industrial chain enterprises, with over 60 functional funds established to support the development of chain-leading and specialized enterprises [5] - The city will implement measures such as "one chain, one special class" and "one chain, one policy" to ensure lifecycle support for industrial chain development [5]

Group 1: Company Acquisition and Development - The acquisition of Jinli Co., Ltd. is currently under review by the Shenzhen Stock Exchange, with the application documents accepted on June 12, 2025, and draft reports disclosed on July 23, September 3, and September 9, 2025 [2][3] - The company is actively promoting the acquisition process and acknowledges the existing uncertainties, advising investors to pay attention to future announcements [2][3] - The project for lithium battery composite electrolyte membrane materials is progressing as planned, with main equipment installation underway [3] Group 2: Strategic Business Expansion - The company aims to enhance its presence in the lithium battery separator sector through the acquisition of 100% equity in Jinli Co., Ltd. and associated fundraising efforts [3] - The goal is to leverage the public company platform to drive high-quality development of Jinli Co., Ltd. and improve the company's profitability and shareholder returns [3] Group 3: Product Development and Market Applications - The subsidiary Weida Optoelectronics produces a range of optical film products, including polarizers and anti-fog films, primarily for downstream display module customers [3] - These products are applied in various fields such as automotive displays, industrial control displays, OLED displays, smart home displays, and anti-fog glasses [3]

Core Viewpoint - The completion and production launch of Nitto's OLED polarizer production base in Chengdu, Sichuan, is expected to enhance the local supply chain and competitiveness of the new display industry in the region [2][3]. Group 1: Company Overview - Nitto Materials Technology (Chengdu) Co., Ltd. is a wholly-owned subsidiary of Nitto Denko Corporation, which operates in various fields including materials, electronic devices, displays, and medical sectors, with a leading position in polarizers and optical films globally [3]. - The company signed a contract to settle in the Chengdu Economic Development Zone in June 2017 and began production in March 2018, focusing on OLED optical films and E-Mask products [3]. Group 2: Project Details - The newly completed OLED polarizer production base project covers approximately 90 acres, with a factory construction area of 60,000 square meters, primarily producing OLED polarizers and large-size optical films [3]. - In 2024, the projected output value is expected to reach 1.49 billion RMB, representing an 8.4% year-on-year growth, while the output value for January to August 2025 is anticipated to be 1.03 billion RMB [3]. Group 3: Industry Impact - The establishment of the OLED polarizer production base is expected to increase the local supply rate and industry aggregation of Chengdu's new display industry, thereby enhancing the overall competitiveness of the regional industry [3]. - The first national 8.6-generation E-Mask optical protective film production line is set to commence production in February next year [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.68 billion yuan for the first half of 2025, representing a year-on-year increase of 41.97%. However, the net profit attributable to shareholders decreased by 31.47% to 38 million yuan, and the net profit after deducting non-recurring items fell by 45.48% to 35 million yuan. The non-recurring items mainly consisted of government subsidies [2][6]. - The polarized film industry is currently experiencing rapid domestic substitution, with a clearer trend of separation among the three major suppliers. The company still has significant potential for market share growth, particularly with new products in OLED polarized films and VR headset optical composite films [2][12]. Summary by Sections Financial Performance - In the second quarter, the company achieved a revenue of 874 million yuan, a year-on-year increase of 36.51% and a quarter-on-quarter increase of 8.6%. The net profit attributable to shareholders was 8 million yuan, showing a quarter-on-quarter decline due to increased depreciation from the Hefei Phase II project. The gross margin for the second quarter was 15.52%, up 1.10 percentage points year-on-year but down 2.20 percentage points quarter-on-quarter. The net margin was 0.95%, down 2.90 percentage points year-on-year and 2.71 percentage points quarter-on-quarter [12][12]. - The Hefei Phase II project, which transitioned to fixed assets with an investment of 745 million yuan, is still in the ramp-up phase regarding yield and capacity utilization, resulting in a loss of 15.23 million yuan in the first half of the year [12]. Product Development and Market Position - The company is expected to rely on dual drivers from 65-inch LCD polarized films and OLED circular polarized films. The UV glue polarized films and hydrophobic material polarized films for large-size TVs have been fully mass-produced, addressing previous shortcomings in the large-size TV segment. The company is also developing new OLED polarized films with features such as thinner profiles, eye protection, and blue light filtering [12]. - The company’s market share continues to increase significantly, and the potential for new products in OLED polarized films and VR optical composite films is promising [2][12]. Earnings Forecast - The projected earnings per share (EPS) for the company from 2025 to 2027 are 0.53 yuan, 1.30 yuan, and 1.80 yuan, with corresponding price-to-earnings (PE) ratios of 47.66, 19.57, and 14.11 respectively [12].

Core Viewpoint - In 2024, the company Shanshan Co., Ltd. (600884) significantly increased its R&D expenditure to 1.037 billion yuan, marking a year-on-year growth of 19.43%, with the R&D expense ratio reaching a historical high of 5.55% [1] Group 1: Anode Materials - Shanshan Co., Ltd. is a leading domestic player in the anode materials sector, demonstrating remarkable R&D investment results and maintaining a leading product iteration speed, particularly in the ultra-fast charging, silicon-based, and hard carbon segments [2] - The company has successfully supplied high-energy density 6C ultra-fast charging anodes and low-expansion long-life graphite products to major clients, showcasing innovations such as functional coating layers that enhance ion transfer rates and increase ion channels [2] - The fourth-generation high-density hard carbon anode material has been developed, significantly improving sodium-ion battery energy density and cycle performance, thus accelerating the industrialization of sodium batteries [3] Group 2: Polarizers - In the polarizer sector, Shanshan Co., Ltd. maintains a dominant position in large-size LCD polarizers while achieving significant breakthroughs in OLED polarizers and high-end automotive polarizers [4] - The company has enhanced its market share in high-end small and medium-sized LCD products through technological advancements that meet the demand for lightweight, high-definition, and high-reliability products [4] - The acquisition of LG Chem's SP business has led to stable shipments of OLED and automotive LCD polarizers, driving a rapid increase in demand for automotive display polarizers [5] Group 3: Intellectual Property and Future Outlook - As of the end of 2024, Shanshan Co., Ltd. holds 334 authorized patents in anode materials and 1,243 in polarizers, indicating a strong focus on innovation in strategic emerging industries [5] - The company plans to continue strengthening R&D investments and enhancing intelligent manufacturing levels to seize development opportunities as demand in both sectors gradually increases [5]