2026年2月，《人民日报》连续刊发署名"金轩"的重磅系列文章，共计十篇，构成了一幅理解中国经济 的"全景图"。 "金轩"十篇系列文章，是在"十五五"开局之年的重要时间节点，代表国家发展改革委发出的一次系统、 权威、坚定的经济分析与信心传递。 "金轩"是谁？"金轩"取自"经济宣传"之意，是国家发展改革委宣传部门宣传贯彻党中央精神，为做好经 济宣传、提升新闻舆论传播力引导力而使用的笔名。早在2024年4月30日，国家发展改革委官网刊发 《从全球视野和市场规律出发客观辩证看待产能问题》，署名为"国家发展改革委 金轩"。此后，"金 轩"署名文章在《人民日报》《经济日报》等主流媒体、国家发展改革委官网和微信公众号上高频出 现，发表了多篇深学笃行阐释习近平经济思想系列文章。据不完全统计，截至目前，"金轩"已发表70余 篇重要文章。 "金轩"十篇系列文章连续刊发在《人民日报》重要版面上。这种节奏本身就是一个信号：议题非常重 要，需要连贯和完整的论述分析。 从内容看，十篇系列文章可分为三组，共同阐释中国经济，回应国内外关切。 第一篇和第二篇文章锚定高质量发展的"价值坐标"，回答"如何看中国经济"的问题。 《如何看待中国经济 ...

Core Viewpoint - The article highlights the remarkable journey of China's OLED industry from its inception to becoming a global leader, emphasizing the importance of innovation and perseverance in overcoming technological challenges and market barriers [2][9]. Group 1: Historical Development - Thirty years ago, the Chinese display panel industry faced significant challenges, with a heavy reliance on imports and a lack of domestic technology [3][4]. - The establishment of the OLED project at Tsinghua University marked the beginning of China's efforts to develop its own display technology, starting with minimal funding and resources [4][5]. - In 2008, the successful establishment of a PMOLED production line by Visionox signified the initial scaling of China's OLED industry [5][6]. Group 2: Technological Advancements - The transition from basic OLED production to advanced AMOLED technology involved overcoming significant engineering challenges, particularly in achieving the precision required for pixel manufacturing [6][7]. - By 2025, Visionox is projected to lead global AMOLED panel shipments, with substantial investments and multiple production lines established [6][7]. - The introduction of the G8.6 generation ViP AMOLED production line represents a revolutionary advancement in display technology, allowing for unprecedented pixel resolution and brightness [7][8]. Group 3: Ecosystem Development - The current phase of the OLED industry involves moving from being mere producers to defining the ecosystem of display technology, integrating applications across various sectors such as smart vehicles and IoT [8][9]. - Visionox's innovative development model combines academic research, enterprise transformation, and government support, facilitating rapid technology commercialization and industry advancement [8][9]. - The establishment of a collaborative ecosystem among industry players is crucial for sustaining innovation and expanding the market for OLED technology [8][10]. Group 4: Future Outlook - The future of the OLED industry is tied to advancements in AI and 6G technology, with expectations for ubiquitous display interfaces that enhance human interaction with technology [9][11]. - The ongoing challenges reflect a broader narrative of China's high-end manufacturing sector striving for leadership in global technology innovation [9][10].

Core Insights - The year 2026 is projected to be pivotal for the promotion of affordable AI PCs, driven by the increased application of OLED screens and enhanced CPU capabilities [1][2] Group 1: OLED Panel Development - Two 8.6-generation OLED panel production lines are expected to commence mass production in 2026, accelerating the penetration of flexible and hybrid OLED panels in IT and automotive display sectors [1] - BOE and Samsung's 8.6-generation OLED panels are anticipated to be used in the next generation of Apple's MacBook Pro and will supply Taiwanese IT manufacturers, respectively [1] - TCL Huaxing and Visionox are expected to start mass production of their 8.6-generation OLED panels in Q3 and Q4 of 2027, further supporting the application of OLED panels in laptops [1] Group 2: Market Projections - The penetration rate of OLED panels in laptops is projected to reach nearly 20% by 2030, with OLED screens dominating the high-end laptop market [1] - The shipment volume of OLED laptop screens is expected to reach 45 million units by 2030 [1] Group 3: Technological Advancements - The adoption of OLED screens will enhance laptops' performance in terms of portability and display quality compared to LCD screens [1] - The introduction of new generation chips by Intel and AMD, utilizing 2-3 nanometer processes, is expected to elevate laptop computing power from 40 TOPS to 50 TOPS [2] - The new CPU architectures are anticipated to penetrate mainstream laptop product lines over the next three years, enabling more diverse task processing capabilities [2] Group 4: Market Outlook - Despite rising memory costs, the global laptop market is expected to maintain stable shipment volumes in 2026, with growth anticipated in 2027 [2]

Market Overview - The main board saw significant gains with companies like Duolun Technology (+10.04%), Aerospace Information (+10.02%), and Datang Telecom (+10.00%) leading the charge [1] - The ChiNext board also performed well, with Wanjie Technology (+20.02%) and Jiuzhiyang (+20.00%) showing remarkable increases [1] - The Sci-Tech Innovation board was led by Jin Chengzi (+7.62%) and Zhenlei Technology (+6.73%) [1] - The SW vertical application software sector showed a slight increase of +0.11% [1] Domestic News - SuKOS Semiconductor successfully shipped advanced coating equipment for 4.5G glass-based TGV, significantly increasing chip production per run and reducing unit costs, marking a key step towards large-scale commercialization [1] - Jingjia Micro reported that its subsidiary Chengheng Micro has completed key stages for its AI SoC chip CH37 series, achieving a significant project milestone [1] - The Ministry of Industry and Information Technology granted conditional approval for L3-level autonomous vehicles from Changan Automobile and BAIC Blue Valley Magna [1] - Winbond Electronics announced a cumulative order of NT$2.332 billion for semiconductor equipment from ASML, to be used in production processes [1] Company Announcements - Xiechuang Data plans to purchase servers from multiple suppliers, with a total procurement amount not exceeding RMB 9 billion [3] - Aisino Security received a government subsidy of RMB 3 million to support its daily operations or specific projects [3] - Shanghai Steel Union's subsidiary received a government subsidy of RMB 26.1235 million [3] - Wolong Nuclear Materials announced plans to invest up to RMB 1 billion in overseas production bases in Vietnam and Malaysia to enhance global capacity and supply chain resilience [3] International News - India launched the DHRUV64, a fully indigenous microprocessor developed under the MDP framework, suitable for 5G infrastructure and IoT applications [1] - Counterpoint Research predicts a 2.1% decline in global smartphone shipments by 2026 due to rising component costs [1] - NVIDIA acquired SchedMD, a leading developer of the Slurm workload management system, to strengthen its open-source software ecosystem [1] - Samsung Display will supply OLED screens to Ferrari, enhancing the luxury car experience with customizable displays [1]

Core Viewpoint - BOE Technology Group (京东方A) has shown strong stock performance amidst overall market fluctuations, with a significant increase in share price and trading volume, driven by solid quarterly earnings and advancements in overseas business [2][3] Financial Performance - For Q3 2025, BOE reported a single-quarter revenue of 53.27 billion yuan and a net profit of 1.355 billion yuan, marking a year-on-year growth of 32.07% [2] - Cumulatively, for the first three quarters, the company achieved a total revenue of 154.55 billion yuan, a year-on-year increase of 7.53%, with a net profit of 4.601 billion yuan, up 39.03% year-on-year [2] - The daily net profit translates to approximately 16.85 million yuan [2] Market Dynamics - The display panel industry is undergoing a transformation characterized by inventory reduction and demand recovery, with BOE leading in profitability recovery [3] - The industry has shifted from a focus on market share to a more rational approach of dynamic production control, reducing price wars and stabilizing profitability [3] - Chinese manufacturers now control over 70% of global LCD capacity, allowing for flexible production adjustments based on market demand [3] Overseas Expansion - BOE's overseas business has become a crucial growth driver, with over half of its revenue generated from international markets [4] - The company has established a comprehensive global business network, with marketing platforms in six regions and operations in over 20 countries [4] - Key markets include North America, Europe, and Japan, where BOE has made significant inroads in various sectors [4] Industry Position - China holds a 55% share of the global display panel market and 43% of the display materials market, leading in both categories [5] - The development of display industry clusters in regions like Beijing-Tianjin-Hebei and the Yangtze River Delta has enhanced technological innovation and production capacity [5] - The industry is transitioning from scale leadership to quality leadership, supported by strong regional clusters [5] Competitive Landscape - BOE faces competition from major players like Samsung Display and LG Display, particularly in the OLED segment [6] - The company is adopting a differentiated strategy to penetrate mid-to-high-end markets while maintaining cost advantages [6] - The emerging Micro LED technology sector presents both opportunities and challenges, with competition intensifying [6]

Core Insights - China's display panel and materials market share ranks first globally, accounting for half of the global output value [1][7] - The display industry is entering a new phase of "AI + Display" integration, enhancing user experience through innovative technologies [2][4] Industry Overview - The new display industry is recognized as a key carrier of image information and an important interface for human-computer interaction, often referred to as the "eyes" of the digital economy and the "window" of artificial intelligence [1] - The integration of AI with display technology is transforming traditional passive information output into active interactive platforms, improving efficiency in AI output and interaction [5] Market Performance - China's display panel market share has reached 55%, while the display materials market share stands at 43%, both leading globally [7] - The overall output value of China's new display industry is projected to exceed $100 billion (740 billion RMB) in 2024, with a year-on-year growth rate of 12% [7] - By 2025, the output value is expected to surpass $110 billion (800 billion RMB), with a growth rate of approximately 5% [7] Technological Advancements - The display industry is experiencing breakthroughs in scale, innovation, and integration since the 14th Five-Year Plan, with a focus on AI and display technology fusion [6][8] - New high-end domestic display manufacturing equipment has been launched, enhancing the industry's capacity for larger, more efficient, and cost-effective display products [9]

Core Insights - The display industry is recognized as a strategic, foundational, and leading sector, with significant investments and innovations showcased at the 2025 World Display Industry Innovation Development Conference in Chengdu [1][2] - The integration of flexible AMOLED display technology with AI is transforming smart home environments, making them more interactive and responsive [1][4] - China is projected to achieve a market share of 52% in AMOLED display shipments in 2024, surpassing international competitors for the first time [1] Industry Developments - A total of 13 new projects in the new display industry, with a total investment of 15.74 billion yuan, were signed at the conference, covering various segments of the display supply chain [1] - Key breakthroughs in core equipment were highlighted, including the launch of domestically produced G8.6 OLED mass production equipment, which enhances China's capabilities in high-end display manufacturing [2] - The G8.6 OLED multi-application inkjet film deposition platform and other equipment are set to improve production efficiency and quality, supporting larger and more cost-effective OLED manufacturing [2] Innovation and AI Integration - The conference featured the release of ten innovative products and technologies that reflect the latest advancements in the new display industry, emphasizing collaborative innovation across the supply chain [3] - AI is playing a crucial role in enhancing the quality and efficiency of the display industry, with leading companies leveraging AI technologies to drive high-quality development [3][4] - Various AI applications were showcased, including smart office solutions and flexible AMOLED displays that facilitate real-time health monitoring and remote medical diagnostics [4][5] Technological Advancements - The introduction of high-refresh-rate screens and low-power technologies by companies like Visionox is essential for meeting the demands of AI-driven applications [5] - Innovations such as ultra-narrow bezels and flexible display technologies are enhancing user experiences and adapting to diverse AI scenarios [5]

Industry and Market Overview - In the LCD sector, total shipment volume and area are expected to see slight year-on-year growth in 2025 [1] - TV product shipments and area are projected to increase, driven by demand for small-sized TVs in emerging markets, while the trend towards larger sizes is temporarily slowing [1] - IT products, particularly NB and TPC, are anticipated to experience rapid growth due to replacement demand, while MNT shipments are expected to remain flat [1] - Seasonal effects show a divergence, with TV product shipments influenced by national subsidies and export demand, leading to noticeable fluctuations throughout the year [2] Company Performance - In Q3 2025, the company maintained a strong position in the semiconductor display sector, with LCD shipments across smartphones, tablets, laptops, monitors, and TVs ranking first globally [4] - The company’s OLED shipments reached approximately 40 million units in Q3, with expectations for double-digit growth for the year [5] - Revenue distribution for display devices in the first three quarters was as follows: TV (28%), IT (37%), LCD mobile and others (12%), and OLED (23%) [5] Future Outlook - The average utilization rate in the industry is expected to decline to below 80% in Q4 2025, following an increase in Q3 [2] - LCD product prices are projected to show differentiation, with a slight adjustment in TV prices and stable IT product prices in Q4 [2] - The global OLED shipment volume is forecasted to reach approximately 670 million units in 2025, with an increase to 720 million units in 2026 [9] - The company aims for a double-digit growth in actual shipments, building on a base of 140 million units from the previous year [11] Investment and R&D - The company emphasizes the importance of R&D, maintaining an annual R&D expense ratio of approximately 6%-7% of revenue [8] - Future capital expenditures are expected to decline after 2025, with significant investments in the Chengdu 8.6 generation OLED production line [10] - The company is actively pursuing partnerships for IT and automotive products, with ongoing R&D efforts showing promising progress [11] Market Challenges - The competitive landscape in the OLED market is intensifying, particularly in the low-end segment, which poses challenges for maintaining margins [6] - The average size growth in the LCD business has not met expectations, with a notable lack of growth in Q3 despite a 45% year-on-year increase in North America for products over 85 inches [12]

Core Insights - The 2025 Carbon Peak and Carbon Neutrality Forum will be held in Shenzhen, focusing on "AI Empowering Urban Green Development" and gathering global wisdom to discuss a sustainable future [2] - The event will feature a combination of exhibitions and investment matchmaking, showcasing innovative low-carbon technologies and facilitating collaboration among enterprises [2][6] Group 1: Exhibition Highlights - The "New Municipal" exhibition area will present a real-life model of a city-level energy system, featuring 63 products from 37 companies, showcasing the innovative "New Municipal" framework of Longgang District [3] - The exhibition will cover five core areas, including smart parks, new energy, sanitation battery swapping, unmanned logistics, and low-altitude economy, illustrating the comprehensive green transformation path of Longgang [4] Group 2: Future Home Exhibition - The "Future Home" exhibition area will display 72 green low-carbon innovative products from 44 companies, divided into four experiential scenarios that demonstrate the application of green technologies in future living [5] - Scenarios include AI integration, smart home systems, low-carbon manufacturing, and innovative materials, highlighting the synergy of technology, culture, and low-carbon concepts [5] Group 3: Investment and Collaboration - An investment promotion conference will take place on October 28, focusing on low-carbon industries, featuring project signings and the release of a white paper on the construction of a green intelligent system [6] - This dual approach of exhibition and investment aims to accelerate the transformation of innovative technologies and promote the development of new productive forces in Longgang [6]

Group 1 - The core viewpoint of the article indicates that Longli Technology (300752.SZ) is experiencing an upward trend in its LIPO and automotive businesses, showing a growth pattern on a month-over-month basis [1] - The company's LIPO innovative process technology is applicable in various fields such as OLED screens for mobile phones, watches, wristbands, and tablets [1]