Group 1 - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27 [2][3] - The MSCI Global Small Cap Index will include 21 new stocks from the China region, such as Anjuke Food (603345), AutoHome (ATHM.US), and Baiaosaitu (02315) [2][3] - The adjustments also include the addition of stocks from Hong Kong, such as Champion REIT (02778) and Longjiang Life Science Technology (00755) [3][4] Group 2 - Stocks removed from the MSCI Global Small Cap Index include Yasheng Service (03319), BOE Technology Group (00710), and Chaince Digital (CD.US) [2][3] - In Hong Kong, stocks like Cafe de Coral (00341) and SuperX AI (SUPX.US) were also removed from the index [4]

" 十 五五"开局之年，科技创新作为高质量发展的核心驱动力，正以前所未有的深度与广度融入千 行百业。在关系国计民生与消费升级的关键领域 —— 显示产业，一场由 " 参数竞赛"迈向 " 体验 定义" 、由 " 技术实现"升维至 " 标准引领"的深刻变革，正悄然重塑全球产业竞争格局。而这场 变革的标尺，正由中国企业牢牢握在手中。 近期，两项全球首创的显示团体标准接连发布 —— 《有机发光二极管显示（ OLED ）显示通透 度评价方法》与《拟自然光显示性能表征及测试方法》。它们共同指向一个核心命题：何为真正 的好屏幕？这不再仅仅是分辨率、刷新率的数字堆砌，更是关乎视觉享受与健康舒适的切身感 受。主导制定这两项标准的，正是中国显示产业的领军者BOE（京东方）。此举不仅填补了行业 空白，更标志着中国在高端显示领域，正从技术产品的 " 制造者"和 " 跟随者"，向体验标准的 " 定义者"与 " 引领者"跨越。 T/CESA 1503-2026 有机发光二极管显示(OLED) 显示通透度评价方法 ICS 31. 120 CCS L53 准 Organic light emitting diode display (OLED ...

智通财经APP获悉，2月11日，国际指数编制公司MSCI(明晟公司)公布了其2026年2月的指数季度调整结 果，本次调整将于2月27日收盘后生效。其中，MSCI全球小盘股指数于中国地区纳入安井食品 (02648)、汽车之家(ATHM.US)、百奥赛图(02315)、布鲁可(00325)、中国通信服务(00552)、中国罕王 (03788)等21只个股。 | 同时剔除雅生活服务(03319)、京东方精电(00710)、建发国际集团(01908)、ChainceDigital(CD.US)等11 | | --- | | 只个股。 | 此外，MSCI全球小盘股指数于中国香港地区纳入冠君产业信托(02778)、长江生命科技(00755)、富卫集 团(01828)、鹰普精密(01286)、德翔航运(02510)。同时剔除大家乐集团(00341)、德林国际(01126)、 SuperX AI(SUPX.US)。 | 纳入 | 剔除 | | --- | --- | | 冠君产业信托(02778) | 大家乐集团(00341) | | 长江生命科技(00775) = | 德林国际(01126) | | 富卫集团(01828) ...

Core Viewpoint - The electronic industry panel manufacturers are continuing their production control strategies, leading to price increases for large-sized panels, which are expected to persist due to demand from events like the World Cup [1][2]. Group 1: Panel Price Trends - Large-sized panel prices are expected to continue rising as manufacturers maintain production control, with demand remaining stable [2]. - AVC data indicates that all sizes of TV panels saw price increases in late January, with some monitor panels also experiencing price hikes [1][2]. - The tight supply-demand situation for TV panels is extending to monitor panels, with expectations of price increases in February [2]. Group 2: Capital Expenditure Trends - The large-scale capital expenditure cycle in the panel industry is nearing its end, with leading manufacturers expected to significantly reduce future spending [3]. - According to BOE's announcement, 2025 will be the peak year for capital expenditure, with a significant decline anticipated starting in 2027 [3]. - TCL Technology is focusing on investments aligned with the accelerated penetration of OLED in the mid-size market, with no major new production line investments planned beyond the T8 line [3]. Group 3: Mobile OLED Panel Market - Mobile OLED panel prices are under short-term pressure, but the impact is expected to be manageable [4]. - The penetration rate of mobile OLED panels is anticipated to continue increasing, which may offset the decline in overall smartphone shipments [4]. - Omdia forecasts that global smartphone AMOLED panel shipments will decrease slightly to 810 million units in 2026, a minor decline from 817 million in 2025 [4]. Group 4: Investment Recommendations - The favorable supply-demand relationship and the expected continuation of price increases for large-sized panels suggest potential investment opportunities in panel manufacturers such as TCL Technology, BOE A, and others [5]. - Related material manufacturers and display driver chip manufacturers are also highlighted as potential investment targets [5].

智通财经APP获悉，群智咨询发文称，2025年平板面板出货近3.0亿片，同比增13.9%，平板电脑、类平板双重场景驱动。进入2026年，存储成本上行正在 加速平板市场的结构性调整进程。存储价格上涨已从阶段性成本扰动，逐步演变为影响产业节奏与竞争格局的重要结构性变量。 Oxide加速替代LTPS主导中端主流，OLED聚焦头部品牌高端及小屏旗舰战略 a-Si LCD仍牢牢主导低端平板电脑、白牌产品及类平板市场； LTPS LCD：群智咨询数据显示，2025年全球LTPS LCD平板面板出货约2410万片，同比增加约31.6%。高速增长主要源于国家补贴政策对终端消费者的直 接激励——用户在获得购机优惠后，更倾向于选择价格略高但体验更优的中高端机型，从而显著拓宽了 LTPS 技术的应用空间。其中2000～3500 元价位段 是 LTPS 面板的核心战场，也是国补政策的主要受益区间； Oxide LCD(不含苹果)主要应用于 1500～2500 元价位段的机型，主力规格集中在 2.5K～3K 分辨率，与 LTPS 在分辨率区间上存在重叠。2025年，全球 Oxide LCD平板面板出货约1970万片，同比增加约30.6 ...

Core Viewpoint - Sunic System has experienced explosive growth in performance due to a significant contract with China's BOE for the supply of 8.6-generation OLED evaporation equipment, marking a historic achievement for the company [1][3]. Financial Performance - In 2025, Sunic System achieved record revenue of 515.7 billion KRW (approximately 27.14 billion RMB), a year-on-year increase of 356.7%, and an operating profit of 111.5 billion KRW (approximately 5.87 billion RMB), up 1312.5% [2]. - The fourth quarter of 2025 saw a remarkable revenue of 221.0 billion KRW (approximately 11.63 billion RMB), a year-on-year growth of 450.6%, with an operating profit of 53.5 billion KRW (approximately 2.82 billion RMB), recovering from a loss of 9.2 billion KRW in the previous year [2]. Key Drivers of Growth - The primary driver of Sunic System's growth is the investment in BOE's 8.6-generation OLED production line [3]. - A contract worth 379.7 billion KRW (approximately 19.98 billion RMB) for the supply of OLED evaporation equipment was signed with BOE in June 2024, contributing significantly to the company's performance [5]. Future Outlook - Sunic System's order backlog as of the end of 2024 was 528.0 billion KRW (approximately 27.79 billion RMB), with an expected recovery in backlog levels due to the upcoming signing of the second phase project with BOE [5][6]. - The company anticipates additional orders for 8.6-generation OLED equipment this year, alongside a growing demand for OLEDoS equipment from Chinese panel manufacturers, with large-scale production expected by 2028 [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京東方精電有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00710 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.25 | HKD | | 1,250,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.25 | HKD | | 1,250,000,000 | 本月底法定 ...

Group 1: Fixed Income Insights - The demand for bank bonds has increased due to rising bond yields, making them more attractive compared to loan interest rates, leading to sustained buying from institutional investors [12] - Wealth management products have shown a significant increase in scale, with a notable shift towards deposits, while there has been a reduction in bond holdings, particularly in interest rate bonds [14] - The one-year interest rate has decreased to 1.6%, indicating a trend of net repayment of certificates of deposit [15] Group 2: Real Estate Market Analysis - The second-hand housing market has shown improvement with a year-on-year decline narrowing to 7.3%, while new home sales continue to weaken with a year-on-year drop of 38.6% [5] - In 2025, new home prices fell by 3.0% and second-hand home prices dropped by 6.1%, with significant declines across all city tiers [24][25] - The report suggests that the real estate sector remains a key economic indicator, with potential for recovery driven by policy changes and market dynamics [26] Group 3: Commodity Market Trends - The price of Brent crude oil has increased by 5.4%, while copper and coking coal prices have risen by 2.1% and 3.4% respectively, indicating a general upward trend in major commodity prices [5] - The coal market is experiencing a dual weakness in supply and demand, with prices stabilizing as winter demand begins to wane [28] - The silver price has recently surpassed $100, indicating a bullish trend in precious metals, while other metals like nickel and lithium are also showing upward momentum [23] Group 4: Consumer and Retail Sector Developments - The consumer sector is expected to benefit from policy support and improving fundamentals, particularly in new retail and service sectors [19] - Key retail segments such as hotels and duty-free shops are projected to see growth, with specific companies recommended for investment [20] - The report highlights the importance of domestic consumption and the potential for brands to expand internationally, with a focus on companies that have established competitive advantages [19]

机构：国盛证券 研究员：夏君/刘玲 在CES 2026 上，京东方精电推出HERO 2.0 智能座舱。HERO 2.0 深度融合AI 技术，围绕视听体验、交 互方式、场景应用三大维度实现全方位焕新升级，更以突破性的"域控座舱"理念，实现"车家互联""车 商互联"。 风险提示：车载显示大屏化及多屏化需求不及预期，车载显示赛道竞争超预期，面板市场价格不及预期 或成本超预期，海外订单放量不及预期，地缘政治风险。 1）视觉体验方面，MicroLED PHUD 拥有50,000nits 超高亮度、115%NTSC超广色域、0.2mm 超精细像 素尺寸配合超广视角。15.6 英寸车规级MLED背光UB Cell 中控显示屏搭载局部调光技术，实现百万级 超高对比度。2）听觉体验方面，全球首发的AI 智能车载数字功放产品，搭载全场景降噪技术与AI 音 质修复技术。3）交互方式方面，依托AI 技术的深度赋能，座舱内多款产品全面融合触控、语音、手势 等多模态交互方式，用户可以通过舱内中控系统控制车内调光天窗，调节空调温度，还可以进行外卖点 餐、远程查看家中情况等，突破性实现"车家互联""车商互联"。4）场景应用方面，座舱内搭载高 ...

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (00710.HK) [5] Core Insights - BOE Technology Group is actively expanding its product offerings and international presence, recently launching the HERO 2.0 smart cockpit at CES 2026, which integrates AI technology to enhance audio-visual experiences, interaction methods, and application scenarios [1] - The company is also expanding its production capacity with the construction of the third phase of its Heyuan manufacturing base, expected to add over 10 million units of annual production capacity upon completion in December 2026 [2] - Revenue projections for 2025-2027 are approximately HKD 14 billion, HKD 15.5 billion, and HKD 17.5 billion, reflecting year-on-year growth of 4%, 10%, and 13% respectively, while net profit is expected to be HKD 3.7 billion, HKD 4.7 billion, and HKD 5.5 billion, with a slight decline in 2025 followed by growth in subsequent years [3][4] Financial Summary - For the fiscal year 2023, the company reported revenue of HKD 10.76 billion, with a projected increase to HKD 13.45 billion in 2024, and further growth to HKD 14.00 billion in 2025, representing a 0% growth in 2023 and 25% in 2024 [4][12] - The net profit for 2023 was HKD 475 million, with expectations of HKD 391 million in 2024 and a slight recovery to HKD 373 million in 2025, indicating a net profit margin of 4.4% in 2023, declining to 2.9% in 2024, and stabilizing around 3.0% in 2026 and 3.1% in 2027 [4][12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 10.5x, 8.4x, and 7.2x respectively, indicating a favorable valuation trend [3][4]