Group 1 - Counterpoint Research indicates that 2023 will be a pivotal year for the production lines of high-generation (G8.6 / G8.7) IT OLED, with major investments from Samsung Display, BOE, Visionox, and TCL Huaxing driving conventional OLED equipment capital expenditures to account for 84% of the industry total [1] - LG Display is expected to adopt a lithography patterning technology route for its unannounced high-generation IT OLED production line, similar to the approaches of Visionox ViP and JDI eLEAP [4] - The report forecasts that from 2023 to 2030, two-thirds of global display equipment capital expenditures will be allocated to conventional OLED, with Micro OLED receiving 2% and Micro LED not yet included in the statistics [4]

+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Morgan Stanley & Co. International plc, Seoul Branch+ Ryan Kim Equity Analyst Ryan.G.Kim@morganstanley.com +82 2 399-4939 S. Korea Technology Asia Pacific Industry View Attractive S. Korea Energy & Materials Asia Pacific Industr ...

LG Display表示，此次转让的目的是"优化业务结构、强化盈利模式"。 | SIG显 展 业务 项转让决 】 | ○ 托克 ● 全部 Enter 关键词 Children and Children | | --- | --- | | 主要文献 | 附件文件 豆 下载 合 印刷 | | 2026.02.09 业务转让决定(子公司重大业务 ▽ | > 精选 | | → 本披露由[韩国交易所证券市场总部]管辖。 | | | 业务转让决定(子公司重大业务事项) | | | 子公司 | LG展示南京有限公司 的实质业务需要报告 | | 1. 转让业务 | 汽车显示液晶模块业务 | | 2. 转让业务的详细信息 | 汽车显示液晶模块业务单元转移 | | 3.转让价格(韩元) | 104,109,530,000 | | 4. 转让目的 | 业务结构升级与收入结构增强 | | 5. 预定转会日期 | 2026-07-30 | | 6.转让人 | 顶运行全解决方案(南京)有限公司 | | - 与公司的关系 | | | 7.转移的影响 | 通过转移和外包汽车显示液晶模块内部生产,提升企业整体运 营效率 | | 8. 评估权详 ...

Core Insights - Apple is reportedly preparing to launch its first foldable iPhone, the iPhone Fold, in the second half of 2026, followed by the iPhone Flip in 2027, as part of a broader "foldable matrix" strategy that will encompass its entire product line, including iPads and MacBooks [3][4][5][9]. Group 1: Product Launch Timeline - The first phase involves the iPhone Fold, a book-style device with an internal screen size of approximately 7.9 to 8 inches, aimed at blurring the lines between iPhone and iPad [6][8]. - The second phase will introduce the iPhone Flip in 2027, targeting fashion and portability, aligning with Apple's existing product segmentation [9][11]. Group 2: Technological Innovations - Apple is developing advanced flexible screen technologies, including a self-healing screen that can repair minor scratches and dents through a unique polymer material [15][16][17]. - Another innovation includes a flexible display with integrated heating elements to prevent screen brittleness in cold temperatures, ensuring durability in extreme conditions [21][25]. Group 3: Market Strategy - Apple's foldable strategy is designed to stimulate demand in a market where traditional smartphones are experiencing diminishing returns, particularly among users reluctant to upgrade from older models [37][38]. - The company aims to leverage its control over iOS, iPadOS, and macOS to ensure a seamless software ecosystem that adapts to the new foldable devices, enhancing user experience [38][39]. Group 4: Future Product Integration - The foldable MacBook, expected to be a 20.3-inch device, will merge the functionalities of iPads and MacBooks, potentially transforming the user interaction paradigm [13][30][34]. - This integration reflects Apple's strategy to create a cohesive ecosystem where devices share the same chip architecture and cloud data, ultimately enhancing user engagement within the Apple ecosystem [40][41].

Group 1 - TSMC's 2nm capacity has been fully booked by global tech giants, with AMD planning to produce 2nm CPUs in 2026, and Google and AWS adopting this process in Q3 and Q4 of 2027 respectively [3] - Oracle plans to raise $45-50 billion through debt and equity issuance, including a proposed $25 billion bond issuance, to expand cloud infrastructure to meet the demands of clients like AMD, Meta, and NVIDIA [3] - Tesla announced the upcoming launch of its third-generation humanoid robot, Optimus V3, with an expected annual production of one million units; however, sales in the European market have been weak, with a 42% year-on-year drop in France and an 88% decline in Norway [3] Group 2 - Zhou Dasheng plans to conduct a forward leasing of 4,000 kg of gold to hedge against price risks [5] - SAIC Motor produced a total of 338,700 vehicles in January, a year-on-year increase of 4.01%, and sold 327,400 vehicles, a year-on-year increase of 23.94% [6] - Changfei Fiber announced that new products related to data centers account for a small proportion of total demand [7] - Aixin Yuanzhi has initiated an IPO, expected to be listed on the Hong Kong Stock Exchange on February 10, focusing on AI inference system chips, with a projected market share of 24.1% in the mid-to-high-end visual AI inference chip segment by 2024 [8] Group 3 - Devon Energy announced a $21.4 billion all-stock acquisition of Coterra Energy, with the merger expected to yield approximately $1 billion in pre-tax synergies [10] - Amazon announced layoffs of nearly 2,200 employees in Washington state, as part of a broader reduction of about 16,000 positions [10] - Meta maintains a "buy" rating from Huaxing Securities, with a target price raised to $910, driven by a surge in AR glasses orders and a $6 billion procurement of Corning fiber for AI data center construction [10] Group 4 - Toyota aims to surpass Volkswagen in global sales by 2025, with its Indonesian plant starting localized production of hybrid batteries to reduce costs [12] - Samsung Electronics and SK Hynix plan to start expanding advanced NAND flash memory production in Q2 to meet AI storage demands, with HSBC raising its target price for Samsung to 230,000 KRW [12] - Hyundai Motor confirmed its complete exit from manufacturing in Russia, while its Indian subsidiary reported a 6.8% year-on-year profit increase in Q4 [12] Group 5 - ASML continues to receive positive outlooks from institutions, with Citic Securities maintaining a buy rating and a target price of $1,620, while ING raised its target price from €1,350 to €1,500 [17] - Volkswagen Group has launched the ID. UNYX 07, its first locally developed model based on the CEA electronic architecture in China, marking a deepening of its electrification strategy [17] - Mercedes-Benz has reduced the official guide prices for some entry-level models by 10% to 12% to alleviate dealer inventory pressure [17]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value, including deep value balance sheet bargains and wide moat stocks [1] Group 1: Investment Strategy - The investment strategy involves identifying deep value balance sheet bargains, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1] - The strategy also includes investing in wide moat stocks, which are characterized by strong earnings power at a discount, including high-quality businesses and hidden champions [1] Group 2: Research Service - Asia Value & Moat Stocks is a research service designed for value investors seeking investment opportunities in Asia-listed stocks [1] - The service provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Core Viewpoint - LG Display achieved a significant turnaround in 2025, reporting a total sales of 25.81 trillion KRW (approximately 125.18 billion RMB) and an operating profit of 517 billion KRW (approximately 2.51 billion RMB), marking its first annual profit in four years despite a 3% decline in sales compared to the previous year [1][3]. Group 1: Financial Performance - In 2025, LG Display's sales decreased by 3% from 26.61 trillion KRW to 25.81 trillion KRW, but operating profit improved by approximately 1 trillion KRW from a loss of 5.606 trillion KRW in the previous year [1]. - The fourth quarter of 2025 saw sales of 72.008 trillion KRW (approximately 349.24 billion RMB), an 8% year-on-year decline, while operating profit surged by 103% to 1.685 trillion KRW (approximately 81.7 million RMB) [1]. - EBITDA for 2025 was reported at 11.62 trillion KRW (approximately 563.6 million RMB), reflecting an 11% year-on-year decline [1]. Group 2: Strategic Transition - LG Display increased the proportion of OLED products in total sales to a record 61% in 2025, up from 32% in 2020 and 40% in 2022, indicating a strong shift from LCD to OLED technology [3]. - The company plans to exit the large-size LCD business to accelerate its strategic transition towards OLED [3]. - By 2026, LG Display aims to enhance its technology and cost competitiveness through AI transformation and improve operational efficiency to establish a sustainable profit structure [4]. Group 3: Product Segmentation - In terms of product categories, TV panels accounted for 19% of annual revenue, IT device panels (including monitors, laptops, and tablets) made up 37%, mobile and other device panels constituted 36%, and automotive panels represented 8% [3]. - The company intends to focus on high-end markets in the IT sector while reducing low-margin products to enhance competitiveness [4]. - LG Display plans to expand its OLED product line for TVs and gaming, leveraging advanced technologies such as RGB Tandem 2.0 and high-refresh-rate gaming OLED panels [4].

Group 1 - A new wave of price increases in the global chip industry has emerged, with Samsung Electronics raising LPDDR memory prices for iPhones by over 80% and SK Hynix by nearly 100%. Domestic companies like Zhongwei Semiconductor and Guokewai have also announced price hikes of 15%-50% and 40%-80% respectively for their products [2] - Guotai Junan forecasts a net profit of 27.533 billion to 28.006 billion yuan for 2025, representing a year-on-year growth of 111%-115%. Shenwan Hongyuan expects a net profit of approximately 9.1 billion to 10.1 billion yuan, with a growth of 74.64%-93.83% [2] - Anta Sports has signed an agreement to acquire a 29.06% stake in German sports brand Puma for 1.506 billion euros (approximately 12.28 billion yuan), which will make Anta the largest single shareholder of Puma if the transaction is completed [2] Group 2 - Micron Technology announced a $24 billion investment to build a new memory chip manufacturing facility in Singapore, aiming to meet the growing demand for NAND storage chips in AI and data center applications, with production expected to start in the second half of 2028 [3] - Corning has secured a procurement order worth up to $6 billion from Meta for optical cables, primarily for AI data center construction, further solidifying its market position in fiber optic communications [3] Group 3 - Pizaihuang's controlling shareholder, Jiulongjiang Group, plans to increase its stake in the company by investing between 300 million and 500 million yuan from February 1 to July 31, demonstrating confidence in the company's future development [5] - Hengrui Medicine's drug HRS-5346 has been included in the list of breakthrough therapies, which will accelerate its research and approval process, positively impacting the company's innovative drug pipeline [5] - Shennan Circuit expects a net profit increase of 68%-78% for 2025, driven by sufficient orders, high capacity utilization, and improved profitability from product structure optimization [5] - Zhongjin Gold anticipates a net profit increase of 41.76%-59.48% for 2025, influenced by rising gold prices and increased mineral gold production [5] Group 4 - Ganfeng Lithium expects a net profit of 1.1 billion to 1.65 billion yuan for 2025, turning a profit compared to previous losses, with a fair value change gain of approximately 1.03 billion yuan from its holdings in Pilbara Minerals Limited [6] - Wanda Film forecasts a net profit of approximately 480 million to 550 million yuan for 2025, achieving profitability due to the recovery of the domestic film market and improved operational efficiency [6] Group 5 - Samsung Electronics plans to produce 1 million units of the Galaxy Wide Fold smartphone, targeting competition with Apple's potential foldable products [11] - SK Hynix's market capitalization has surpassed $400 billion due to surging demand for high-bandwidth memory (HBM), with the company considering establishing an AI investment department in the U.S. [11] - Toyota is recalling approximately 162,000 Tundra vehicles in the U.S. due to multimedia display screen issues, while also facing a 9% decline in new car registrations in the EU [11] - LG Energy will supply batteries for Tesla's humanoid robots, marking its expansion into non-automotive applications in the power battery sector [11]

Core Viewpoint - The opening of the Ho Chi Minh factory marks the completion of the dual-base strategy in Vietnam, enabling localized production and supply chain support for key components in display modules [1][3]. Group 1: Factory Operations - The Ho Chi Minh factory will focus on the localized production of precision structural parts and optical materials for display modules, serving applications in laptops, automotive electronics, industrial displays, and communication terminals [3]. - The Bắc Ninh factory will concentrate on the intelligent production of backlight modules and liquid crystal display modules (LCM), with planned capacities of 1,400K/month for backlight sources and 500K/month for LCM [3]. Group 2: Global Expansion Strategy - In addition to establishing factories in Vietnam, the company is advancing its global strategy through partnerships with panel manufacturers [4]. - A significant collaboration with LG Display is set to provide comprehensive integrated production services, enhancing the company's presence in the high-end display module international market [5]. - This partnership is expected to improve the company's business coverage and customer service capabilities in Southeast Asia, positively impacting its global supply chain system [5].

Group 1 - The core viewpoint of the article is that Apple is expected to release the iPhone 18 Pro series and iPhone Fold this fall, with Samsung Display and LG Display supplying the screen panels [1] - Apple will change its product launch strategy this year, only introducing the iPhone 18 Pro and Pro Max models in the fall, while the standard version will be delayed until 2027 [1] Group 2 - The iPhone 18 series will feature OLED panels with LTPO+ technology, which includes the integration of oxide technology in the driving circuit and UDIR technology to hide Face ID components under the display [2] - There are rumors that Apple is testing a punch-hole screen for the iPhone 18 Pro, aiming to place all Face ID components beneath the screen, moving closer to the "full-screen iPhone" goal [2] - Apple plans to maintain the starting price of the entry-level model similar to previous generations, but higher storage versions may see a significant price increase [2] - To justify the higher prices, Apple intends to incorporate more advanced technologies in the iPhone 18 Pro series, which is expected to launch in September with the A20 Pro chip based on 2nm technology, significantly enhancing efficiency and performance [2]