《LED顯示屏產業升級進入快速發展期》2015年LED顯示屏滲透率僅23％，2016年全球LED顯示屏市場繼續快速成長。從下游應用來看，作為主要LED顯示屏應用方向的通用LED顯示屏市(shi)場(chang)，全(quan)球2015年(nian)(nian)(nian)(nian)滲透率(lv)28％，預計(ji)2017年(nian)(nian)(nian)(nian)滲透率(lv)將(jiang)(jiang)超過(guo)(guo)31．3％，全(quan)球市(shi)場(chang)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)可達(da)(da)346億(yi)美，預計(ji)2018年(nian)(nian)(nian)(nian)滲透率(lv)可超36％，市(shi)場(chang)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)超過(guo)(guo)10％快(kuai)速(su)增(zeng)長(chang)(chang)(chang)。未來(lai)10年(nian)(nian)(nian)(nian)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)燈珠將(jiang)(jiang)有(you)望全(quan)面(mian)替代(dai)所(suo)有(you)傳(chuan)統(tong)燈珠。隨著光(guang)(guang)效的(de)(de)(de)不(bu)斷(duan)(duan)(duan)提(ti)(ti)升(sheng)(sheng)，芯片以(yi)及(ji)其他耗材(cai)的(de)(de)(de)成(cheng)本下(xia)(xia)(xia)降(jiang)，規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)效應(ying)驅使燈具總(zong)體整體成(cheng)本的(de)(de)(de)持續下(xia)(xia)(xia)降(jiang)，未來(lai)10年(nian)(nian)(nian)(nian)將(jiang)(jiang)有(you)望全(quan)面(mian)替代(dai)所(suo)有(you)傳(chuan)統(tong)燈珠。LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)呈現(xian)(xian)智能(neng)(neng)(neng)(neng)(neng)化(hua)(hua)、網(wang)絡化(hua)(hua)，空間再提(ti)(ti)升(sheng)(sheng)超過(guo)(guo)1.3倍(bei)。飛利(li)(li)浦表示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)：LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)價(jia)(jia)(jia)值從單體向互聯智能(neng)(neng)(neng)(neng)(neng)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)系(xi)統(tong)及(ji)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)服務，市(shi)場(chang)空間高(gao)達(da)(da)650億(yi)歐(ou)(ou)元(yuan)，相比2015年(nian)(nian)(nian)(nian)全(quan)球市(shi)場(chang)300億(yi)美金規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)，增(zeng)長(chang)(chang)(chang)130％。從LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)上(shang)游(you)(you)供給來(lai)看，行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)能(neng)(neng)(neng)(neng)(neng)集中(zhong)度加速(su)提(ti)(ti)升(sheng)(sheng)，并形成(cheng)較(jiao)(jiao)高(gao)的(de)(de)(de)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)壁(bi)壘，扼制無序產(chan)(chan)(chan)(chan)(chan)(chan)(chan)能(neng)(neng)(neng)(neng)(neng)擴(kuo)張；中(zhong)端(duan)封(feng)裝(zhuang)技(ji)術不(bu)斷(duan)(duan)(duan)革(ge)新，降(jiang)低(di)(di)成(cheng)本提(ti)(ti)高(gao)效率(lv)；同(tong)時行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)下(xia)(xia)(xia)游(you)(you)在(zai)車用(yong)(yong)、LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)、小間距LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping) 顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)和物(wu)聯網(wang)等(deng)(deng)新應(ying)用(yong)(yong)的(de)(de)(de)引(yin)領下(xia)(xia)(xia)蓬勃發(fa)(fa)展，整個產(chan)(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)鏈的(de)(de)(de)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)有(you)望開(kai)(kai)啟新一(yi)(yi)輪(lun)的(de)(de)(de)增(zeng)長(chang)(chang)(chang)。進(jin)(jin)入(ru)2017年(nian)(nian)(nian)(nian)新年(nian)(nian)(nian)(nian)伊始(shi)(shi)，隨著供給側改(gai)革(ge)的(de)(de)(de)進(jin)(jin)一(yi)(yi)步(bu)深化(hua)(hua)，合并潮后LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)優(you)化(hua)(hua)升(sheng)(sheng)級，其供求關系(xi)將(jiang)(jiang)會得到(dao)進(jin)(jin)一(yi)(yi)步(bu)改(gai)善，低(di)(di)端(duan)落后的(de)(de)(de)生產(chan)(chan)(chan)(chan)(chan)(chan)(chan)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)能(neng)(neng)(neng)(neng)(neng)將(jiang)(jiang)會進(jin)(jin)一(yi)(yi)步(bu)淘汰(tai)。近(jin)期LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)頻頻傳(chuan)來(lai)積極消息，歐(ou)(ou)司(si)(si)朗LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)vance出(chu)(chu)售(shou)案或將(jiang)(jiang)于2017獲德(de)政(zheng)府(fu)(fu)(fu)批(pi)準、木林(lin)(lin)森擬建“新余LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)配(pei)套組件項目(mu)(mu)”、萬(wan)潤科技(ji)設立全(quan)資(zi)(zi)子公(gong)(gong)(gong)司(si)(si)……在(zai)前期的(de)(de)(de)深度洗牌(pai)后，行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)上(shang)游(you)(you)（芯片）、中(zhong)游(you)(you)（封(feng)裝(zhuang)）、下(xia)(xia)(xia)游(you)(you)（應(ying)用(yong)(yong)）蓄勢待發(fa)(fa)，新年(nian)(nian)(nian)(nian)或迎來(lai)新的(de)(de)(de)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)績增(zeng)長(chang)(chang)(chang)拐點。2014年(nian)(nian)(nian)(nian)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)數量多(duo)(duo)達(da)(da)2萬(wan)多(duo)(duo)家，但(dan)是僅經過(guo)(guo)一(yi)(yi)年(nian)(nian)(nian)(nian)時間就減(jian)少20%，4000家企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)退出(chu)(chu)市(shi)場(chang)。2015年(nian)(nian)(nian)(nian)的(de)(de)(de)中(zhong)國(guo)(guo)處于“社會轉(zhuan)型時期”，焦(jiao)點和難點增(zeng)加，沸點和燃點下(xia)(xia)(xia)降(jiang)，GDP增(zeng)長(chang)(chang)(chang)跌破7%，出(chu)(chu)現(xian)(xian)了(le)25年(nian)(nian)(nian)(nian)來(lai)的(de)(de)(de)最低(di)(di)增(zeng)速(su)。一(yi)(yi)時間，LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)上(shang)演了(le)一(yi)(yi)場(chang)“漲(zhang)價(jia)(jia)(jia)狂歡”，讓人為(wei)之振奮(fen)。歐(ou)(ou)普LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)發(fa)(fa)布(bu)2016年(nian)(nian)(nian)(nian)度業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)績快(kuai)報(bao)，公(gong)(gong)(gong)司(si)(si)2016年(nian)(nian)(nian)(nian)實現(xian)(xian)營(ying)(ying)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)總(zong)收(shou)入(ru)同(tong)比增(zeng)長(chang)(chang)(chang)22.55%；佛山LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)2016營(ying)(ying)收(shou)超33億(yi)，凈(jing)利(li)(li)大(da)(da)(da)(da)(da)(da)(da)增(zeng)逾19倍(bei)。從LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)周期上(shang)來(lai)講，在(zai)經過(guo)(guo)2015年(nian)(nian)(nian)(nian)及(ji)2016年(nian)(nian)(nian)(nian)的(de)(de)(de)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)深度整合后，供給側改(gai)革(ge)已比較(jiao)(jiao)充分(fen)，進(jin)(jin)入(ru)2017年(nian)(nian)(nian)(nian)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)將(jiang)(jiang)迎來(lai)景氣拐點。在(zai)這樣的(de)(de)(de)大(da)(da)(da)(da)(da)(da)(da)環(huan)境下(xia)(xia)(xia)，LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)經歷產(chan)(chan)(chan)(chan)(chan)(chan)(chan)能(neng)(neng)(neng)(neng)(neng)過(guo)(guo)剩(sheng)、價(jia)(jia)(jia)格(ge)(ge)戰(zhan)和產(chan)(chan)(chan)(chan)(chan)(chan)(chan)品同(tong)質(zhi)化(hua)(hua)等(deng)(deng)激烈(lie)競(jing)爭，行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)內兩極分(fen)化(hua)(hua)明顯(xian)(xian)(xian)(xian)：大(da)(da)(da)(da)(da)(da)(da)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)通過(guo)(guo)并購(gou)(gou)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)進(jin)(jin)一(yi)(yi)步(bu)做大(da)(da)(da)(da)(da)(da)(da)，而中(zhong)小企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)則生存艱難。2016年(nian)(nian)(nian)(nian)，LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)行(xing)(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)出(chu)(chu)現(xian)(xian)少許回暖跡象，諸(zhu)多(duo)(duo)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)調高(gao)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)品價(jia)(jia)(jia)格(ge)(ge)。3月，木林(lin)(lin)森、晶臺等(deng)(deng)封(feng)裝(zhuang)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)對(dui)部分(fen)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)品進(jin)(jin)行(xing)(xing)(xing)價(jia)(jia)(jia)格(ge)(ge)上(shang)調。5月，晶電(dian)(dian)在(zai)減(jian)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)25%的(de)(de)(de)情況(kuang)下(xia)(xia)(xia)，價(jia)(jia)(jia)格(ge)(ge)上(shang)漲(zhang)15%。8月，三安光(guang)(guang)電(dian)(dian)中(zhong)小尺寸產(chan)(chan)(chan)(chan)(chan)(chan)(chan)品價(jia)(jia)(jia)格(ge)(ge)上(shang)浮(fu)10%，華(hua)燦光(guang)(guang)電(dian)(dian)也(ye)(ye)(ye)(ye)對(dui)利(li)(li)潤較(jiao)(jiao)低(di)(di)的(de)(de)(de)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)品價(jia)(jia)(jia)格(ge)(ge)向上(shang)調整了(le)5%。木林(lin)(lin)森、國(guo)(guo)星光(guang)(guang)電(dian)(dian)及(ji)信(xin)達(da)(da)光(guang)(guang)電(dian)(dian)等(deng)(deng)對(dui)顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)用(yong)(yong)RGB燈珠進(jin)(jin)行(xing)(xing)(xing)提(ti)(ti)價(jia)(jia)(jia)，漲(zhang)幅(fu)均(jun)在(zai)5%左右。去年(nian)(nian)(nian)(nian)年(nian)(nian)(nian)(nian)初，由(you)于芯片價(jia)(jia)(jia)格(ge)(ge)上(shang)漲(zhang)，器件價(jia)(jia)(jia)格(ge)(ge)亦開(kai)(kai)始(shi)(shi)上(shang)漲(zhang)，特別在(zai)顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)領域，木林(lin)(lin)森、安普光(guang)(guang)和信(xin)達(da)(da)光(guang)(guang)電(dian)(dian)等(deng)(deng)廠(chang)(chang)商(shang)(shang)，同(tong)時宣(xuan)布(bu)價(jia)(jia)(jia)格(ge)(ge)上(shang)調。相較(jiao)(jiao)于2015年(nian)(nian)(nian)(nian)，2016年(nian)(nian)(nian)(nian)LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)封(feng)裝(zhuang)價(jia)(jia)(jia)格(ge)(ge)趨于穩定。由(you)此，LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)中(zhong)游(you)(you)封(feng)裝(zhuang)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)將(jiang)(jiang)逐(zhu)漸進(jin)(jin)入(ru)觸底反彈的(de)(de)(de)階段，大(da)(da)(da)(da)(da)(da)(da)廠(chang)(chang)的(de)(de)(de)盈(ying)利(li)(li)能(neng)(neng)(neng)(neng)(neng)力亦會逐(zhu)步(bu)改(gai)善。2014年(nian)(nian)(nian)(nian)以(yi)來(lai)，激烈(lie)的(de)(de)(de)市(shi)場(chang)競(jing)爭導(dao)致(zhi)(zhi)廠(chang)(chang)商(shang)(shang)盈(ying)利(li)(li)能(neng)(neng)(neng)(neng)(neng)力不(bu)斷(duan)(duan)(duan)下(xia)(xia)(xia)降(jiang)，許多(duo)(duo)中(zhong)小型封(feng)裝(zhuang)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)被迫退出(chu)(chu)，并購(gou)(gou)潮的(de)(de)(de)出(chu)(chu)現(xian)(xian)也(ye)(ye)(ye)(ye)導(dao)致(zhi)(zhi)大(da)(da)(da)(da)(da)(da)(da)廠(chang)(chang)的(de)(de)(de)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)越(yue)來(lai)越(yue)大(da)(da)(da)(da)(da)(da)(da)。以(yi)前木林(lin)(lin)森一(yi)(yi)家公(gong)(gong)(gong)司(si)(si)獨大(da)(da)(da)(da)(da)(da)(da)，然而目(mu)(mu)前國(guo)(guo)星光(guang)(guang)電(dian)(dian)、鴻(hong)利(li)(li)匯智的(de)(de)(de)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)也(ye)(ye)(ye)(ye)逐(zhu)漸增(zeng)大(da)(da)(da)(da)(da)(da)(da)，第二(er)陣營(ying)(ying)的(de)(de)(de)廠(chang)(chang)商(shang)(shang)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)也(ye)(ye)(ye)(ye)逐(zhu)漸增(zeng)大(da)(da)(da)(da)(da)(da)(da)。此輪(lun)擴(kuo)產(chan)(chan)(chan)(chan)(chan)(chan)(chan)潮，主(zhu)要由(you)大(da)(da)(da)(da)(da)(da)(da)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)主(zhu)導(dao)，包括木林(lin)(lin)森、國(guo)(guo)星、鴻(hong)利(li)(li)、信(xin)達(da)(da)等(deng)(deng)大(da)(da)(da)(da)(da)(da)(da)型廠(chang)(chang)商(shang)(shang)，產(chan)(chan)(chan)(chan)(chan)(chan)(chan)能(neng)(neng)(neng)(neng)(neng)規(gui)(gui)(gui)(gui)模(mo)(mo)(mo)(mo)不(bu)斷(duan)(duan)(duan)擴(kuo)大(da)(da)(da)(da)(da)(da)(da)，市(shi)占率(lv)將(jiang)(jiang)不(bu)斷(duan)(duan)(duan)擴(kuo)大(da)(da)(da)(da)(da)(da)(da)，議價(jia)(jia)(jia)能(neng)(neng)(neng)(neng)(neng)力提(ti)(ti)升(sheng)(sheng)。滿(man)滿(man)“政(zheng)”能(neng)(neng)(neng)(neng)(neng)量 四(si)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)獲補(bu)(bu)(bu)(bu)逾1.44億(yi)，自2009年(nian)(nian)(nian)(nian)以(yi)來(lai)，多(duo)(duo)家LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)獲政(zheng)府(fu)(fu)(fu)補(bu)(bu)(bu)(bu)貼(tie)(tie)，截止到(dao)2017年(nian)(nian)(nian)(nian)1月22日，三安光(guang)(guang)電(dian)(dian)獲累計(ji)補(bu)(bu)(bu)(bu)貼(tie)(tie)35，850萬(wan)元(yuan)，華(hua)燦光(guang)(guang)電(dian)(dian)獲22，256萬(wan)元(yuan)，德(de)豪潤達(da)(da)獲14，201.46萬(wan)元(yuan)。事實上(shang)經過(guo)(guo)一(yi)(yi)輪(lun)洗牌(pai)后，政(zheng)府(fu)(fu)(fu)補(bu)(bu)(bu)(bu)貼(tie)(tie)對(dui)象發(fa)(fa)生了(le)變(bian)化(hua)(hua)：目(mu)(mu)前僅對(dui)那些(xie)能(neng)(neng)(neng)(neng)(neng)夠成(cheng)為(wei)龍頭的(de)(de)(de)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)進(jin)(jin)行(xing)(xing)(xing)補(bu)(bu)(bu)(bu)貼(tie)(tie)，補(bu)(bu)(bu)(bu)貼(tie)(tie)面(mian)已然收(shou)窄，一(yi)(yi)些(xie)中(zhong)小型企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)再想(xiang)拿補(bu)(bu)(bu)(bu)貼(tie)(tie)的(de)(de)(de)可能(neng)(neng)(neng)(neng)(neng)性較(jiao)(jiao)小，優(you)勝(sheng)劣汰(tai)趨勢凸顯(xian)(xian)(xian)(xian)新年(nian)(nian)(nian)(nian)來(lai)臨(lin)，有(you)4家LED顯(xian)(xian)(xian)(xian)示(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)(shi)屏(ping)(ping)(ping)(ping)公(gong)(gong)(gong)司(si)(si)發(fa)(fa)布(bu)公(gong)(gong)(gong)告稱(cheng)收(shou)到(dao)政(zheng)府(fu)(fu)(fu)補(bu)(bu)(bu)(bu)助(zhu)，4家企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)所(suo)公(gong)(gong)(gong)告的(de)(de)(de)政(zheng)府(fu)(fu)(fu)補(bu)(bu)(bu)(bu)助(zhu)額共逾1.4億(yi)元(yuan)。其中(zhong)，上(shang)游(you)(you)芯片企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)(ye)華(hua)燦光(guang)(guang)電(dian)(dian)全(quan)資(zi)(zi)子公(gong)(gong)(gong)司(si)(si)云南(nan)藍晶科技(ji)有(you)限(xian)公(gong)(gong)(gong)司(si)(si)于近(jin)日收(shou)到(dao)玉溪市(shi)紅塔區(qu)財(cai)政(zheng)局2，000萬(wan)元(yuan)補(bu)(bu)(bu)(bu)貼(tie)(tie)資(zi)(zi)金；士蘭微控股子公(gong)(gong)(gong)司(si)(si)杭州(zhou)士蘭集成(cheng)電(dian)(dian)路有(you)限(xian)公(gong)(gong)(gong)司(si)(si)收(shou)到(dao)了(le)杭州(zhou)經濟技(ji)術開(kai)(kai)發(fa)(fa)區(qu)財(cai)政(zheng)局轉(zhuan)撥(bo)付的(de)(de)(de)8英寸集成(cheng)電(dian)(dian)路芯片生產(chan)(chan)(chan)(chan)(chan)(chan)(chan)線設備資(zi)(zi)助(zhu)資(zi)(zi)金6000萬(wan)元(yuan)。

上游：LED顯(xian)(xian)示屏芯(xin)(xin)片，行(xing)業(ye)(ye)集(ji)(ji)中度(du)(du)提高(gao)(gao)較(jiao)高(gao)(gao)壁壘遏制產(chan)(chan)能(neng)虛無擴(kuo)張，2015年(nian)(nian)，LED顯(xian)(xian)示屏全產(chan)(chan)業(ye)(ye)鏈(lian)并購整合案(an)例(li)已(yi)超過40余(yu)起(qi)，涉及(ji)金額龐大(da)(da)。金沙江創投(tou)集(ji)(ji)團(tuan)收(shou)購荷蘭皇家飛利浦公司旗下(xia)的(de)(de)LumiLED顯(xian)(xian)示屏s、開發晶(jing)收(shou)購普瑞、利亞德10億收(shou)購美國(guo)平達(da)電(dian)子(zi)……收(shou)購潮(chao)后的(de)(de)LED顯(xian)(xian)示屏行(xing)業(ye)(ye)集(ji)(ji)中度(du)(du)大(da)(da)幅提升(sheng)。2016年(nian)(nian)LED顯(xian)(xian)示屏芯(xin)(xin)片市(shi)(shi)場規模為(wei)(wei)139億元，同(tong)比增(zeng)長(chang)9%，2015年(nian)(nian)則是同(tong)比下(xia)滑7%。LED顯(xian)(xian)示屏產(chan)(chan)業(ye)(ye)鏈(lian)供(gong)給(gei)側改(gai)革已(yi)比較(jiao)充分(fen)，2016年(nian)(nian)前十大(da)(da)廠商市(shi)(shi)占(zhan)77%，前三(san)(san)(san)分(fen)別為(wei)(wei)三(san)(san)(san)安(an)（29%）、晶(jing)電(dian)（13%）、華燦（8%）。較(jiao)高(gao)(gao)的(de)(de)行(xing)業(ye)(ye)集(ji)(ji)中度(du)(du)能(neng)有(you)效地遏制產(chan)(chan)能(neng)擴(kuo)張，企業(ye)(ye)具(ju)有(you)較(jiao)強的(de)(de)議價能(neng)力(li)，同(tong)時提升(sheng)專(zhuan)業(ye)(ye)化生產(chan)(chan)效率。新年(nian)(nian)伊始(shi)，國(guo)內LED顯(xian)(xian)示屏芯(xin)(xin)片龍頭三(san)(san)(san)安(an)光電(dian)向(xiang)下(xia)游發布漲價通知，于(yu)2017年(nian)(nian)1月10日起(qi)上調部分(fen)產(chan)(chan)品價格(ge)，上調幅度(du)(du)為(wei)(wei)8％。三(san)(san)(san)安(an)光電(dian)的(de)(de)漲價一方(fang)面是由于(yu)成本上原因，另一方(fang)面與市(shi)(shi)場集(ji)(ji)中度(du)(du)提升(sheng)有(you)關。未(wei)來LED顯(xian)(xian)示屏芯(xin)(xin)片行(xing)業(ye)(ye)集(ji)(ji)中度(du)(du)有(you)望持續提升(sheng)形成寡頭壟斷，構成強者(zhe)恒強的(de)(de)市(shi)(shi)場。從(cong)供(gong)給(gei)端(duan)看(kan)，大(da)(da)陸企業(ye)(ye)2016年(nian)(nian)YOY為(wei)(wei)13%，臺灣為(wei)(wei)-2%，說明(ming)國(guo)產(chan)(chan)率快速提升(sheng)。國(guo)產(chan)(chan)化率2014年(nian)(nian)為(wei)(wei)66%，2015年(nian)(nian)為(wei)(wei)73%，2016年(nian)(nian)為(wei)(wei)76%，國(guo)產(chan)(chan)率始(shi)終(zhong)處于(yu)成長(chang)狀態。2017年(nian)(nian)主(zhu)流廠商依(yi)然會擴(kuo)大(da)(da)產(chan)(chan)能(neng)，未(wei)來一段時間內芯(xin)(xin)片國(guo)產(chan)(chan)率還會進(jin)一步提升(sheng)。

中(zhong)(zhong)游(you)：LED顯(xian)示(shi)屏(ping)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)國(guo)產(chan)(chan)化(hua)率(lv)(lv)繼續(xu)(xu)提升(sheng)，2015年(nian)(nian)為(wei)(wei)(wei)66%，2016年(nian)(nian)67%。2016年(nian)(nian)大(da)陸(lu)(lu)廠(chang)商295億(yi)產(chan)(chan)值(zhi)，增(zeng)(zeng)速(su)(su)8%。產(chan)(chan)業集中(zhong)(zhong)度持續(xu)(xu)提升(sheng)，2015年(nian)(nian)前(qian)十(shi)大(da)市(shi)占39%，2016年(nian)(nian)43%。木林森(sen)、國(guo)星、鴻利(li)等本(ben)(ben)土廠(chang)商均在(zai)前(qian)十(shi)。2016年(nian)(nian)市(shi)場(chang)為(wei)(wei)(wei)589億(yi)，同(tong)比(bi)(bi)增(zeng)(zeng)長(chang)6%，2015年(nian)(nian)相比(bi)(bi)于(yu)2014年(nian)(nian)成(cheng)長(chang)2%，主要(yao)是(shi)價格和(he)終(zhong)端(duan)需(xu)(xu)求(qiu)(qiu)因(yin)素。封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)與芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)行(xing)業的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)(bu)(bu)(bu)同(tong)在(zai)于(yu)還有國(guo)際廠(chang)商，2016年(nian)(nian)大(da)陸(lu)(lu)廠(chang)商增(zeng)(zeng)長(chang)率(lv)(lv)8%、臺灣企(qi)(qi)(qi)業增(zeng)(zeng)長(chang)1%、國(guo)際企(qi)(qi)(qi)業增(zeng)(zeng)長(chang)4%。未來(lai)(lai)依(yi)然本(ben)(ben)土成(cheng)長(chang)最(zui)快(kuai)，以(yi)(yi)(yi)大(da)陸(lu)(lu)廠(chang)商擴產(chan)(chan)為(wei)(wei)(wei)主，技術(shu)差距也不(bu)(bu)(bu)(bu)斷(duan)縮小(xiao)，特(te)別(bie)是(shi)白光領(ling)域，國(guo)際企(qi)(qi)(qi)業優(you)勢(shi)消除。2017LED顯(xian)示(shi)屏(ping)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)供不(bu)(bu)(bu)(bu)應求(qiu)(qiu)，龍頭穩(wen)(wen)定受益，借(jie)助于(yu)國(guo)家(jia)意志(zhi)的(de)(de)(de)(de)(de)(de)(de)(de)強(qiang)力(li)推進(jin)，大(da)陸(lu)(lu)半(ban)(ban)導(dao)(dao)體產(chan)(chan)業快(kuai)速(su)(su)發(fa)展(zhan)，全球(qiu)產(chan)(chan)能(neng)(neng)向大(da)陸(lu)(lu)轉移趨勢(shi)明顯(xian)。當前(qian)我國(guo)已(yi)形成(cheng)了從(cong)設計(ji)、制(zhi)造、封(feng)(feng)(feng)(feng)(feng)(feng)測到(dao)終(zhong)端(duan)的(de)(de)(de)(de)(de)(de)(de)(de)完(wan)整IC產(chan)(chan)業鏈，在(zai)國(guo)家(jia)產(chan)(chan)業基(ji)金(jin)和(he)資本(ben)(ben)市(shi)場(chang)平臺的(de)(de)(de)(de)(de)(de)(de)(de)支(zhi)持下(xia)，迎來(lai)(lai)**發(fa)展(zhan)機(ji)遇。2017年(nian)(nian)行(xing)業供不(bu)(bu)(bu)(bu)應求(qiu)(qiu)的(de)(de)(de)(de)(de)(de)(de)(de)市(shi)場(chang)特(te)征明顯(xian)。預計(ji)未來(lai)(lai)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)企(qi)(qi)(qi)業的(de)(de)(de)(de)(de)(de)(de)(de)議(yi)價能(neng)(neng)力(li)會提高(gao)(gao)(gao)，龍頭企(qi)(qi)(qi)業穩(wen)(wen)定收益，這(zhe)又(you)會助力(li)提升(sheng)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)行(xing)業市(shi)場(chang)集中(zhong)(zhong)度。從(cong)全球(qiu)范圍看，隨(sui)著16年(nian)(nian)去庫存基(ji)本(ben)(ben)完(wan)成(cheng)，17年(nian)(nian)蘋果引領(ling)下(xia)智能(neng)(neng)手機(ji)備貨需(xu)(xu)求(qiu)(qiu)強(qiang)勁，加(jia)上(shang)汽車電(dian)子、工(gong)(gong)業終(zhong)端(duan)等新興市(shi)場(chang)帶動(dong)，芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)銷售持續(xu)(xu)升(sheng)溫。從(cong)2015年(nian)(nian)開(kai)始(shi)，封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)企(qi)(qi)(qi)業市(shi)場(chang)競爭(zheng)(zheng)進(jin)一(yi)(yi)步加(jia)劇(ju)，企(qi)(qi)(qi)業凈利(li)潤增(zeng)(zeng)長(chang)速(su)(su)度不(bu)(bu)(bu)(bu)斷(duan)下(xia)降(jiang)(jiang)，企(qi)(qi)(qi)業開(kai)始(shi)著力(li)于(yu)LED顯(xian)示(shi)屏(ping)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)技術(shu)的(de)(de)(de)(de)(de)(de)(de)(de)研發(fa)與市(shi)場(chang)的(de)(de)(de)(de)(de)(de)(de)(de)開(kai)拓，目前(qian)EMC封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)、CSP芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)級封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)成(cheng)為(wei)(wei)(wei)趨勢(shi)。EMC自(zi)從(cong)2014年(nian)(nian)在(zai)LED顯(xian)示(shi)屏(ping)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)領(ling)域開(kai)始(shi)引進(jin)使用(yong)后(hou)，在(zai)室(shi)內LED顯(xian)示(shi)屏(ping)得到(dao)大(da)幅發(fa)展(zhan)，迅速(su)(su)成(cheng)為(wei)(wei)(wei)與SMD和(he)COB相“抗(kang)衡”的(de)(de)(de)(de)(de)(de)(de)(de)主流產(chan)(chan)品(pin)(pin)(pin)。隨(sui)著LED顯(xian)示(shi)屏(ping)應用(yong)的(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)熟，今年(nian)(nian)以(yi)(yi)(yi)來(lai)(lai)中(zhong)(zhong)功率(lv)(lv)LED顯(xian)示(shi)屏(ping)市(shi)場(chang)需(xu)(xu)求(qiu)(qiu)急劇(ju)升(sheng)溫，LED顯(xian)示(shi)屏(ping)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)廠(chang)積(ji)極導(dao)(dao)入適用(yong)于(yu)中(zhong)(zhong)高(gao)(gao)(gao)功率(lv)(lv)的(de)(de)(de)(de)(de)(de)(de)(de)EMC支(zhi)架(jia)。EMC封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)器件由過去2W以(yi)(yi)(yi)下(xia)產(chan)(chan)品(pin)(pin)(pin)為(wei)(wei)(wei)主正在(zai)往2-5W產(chan)(chan)品(pin)(pin)(pin)滲透(tou)，加(jia)上(shang)價格加(jia)速(su)(su)下(xia)滑，已(yi)經對傳統PPA支(zhi)架(jia)以(yi)(yi)(yi)及(ji)(ji)陶瓷基(ji)板產(chan)(chan)生威脅。EMC是(shi)一(yi)(yi)種重要(yao)的(de)(de)(de)(de)(de)(de)(de)(de)微電(dian)子封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)材(cai)(cai)料，是(shi)采用(yong)新的(de)(de)(de)(de)(de)(de)(de)(de)Epoxy材(cai)(cai)料和(he)蝕刻(ke)技術(shu)在(zai)Molding設備的(de)(de)(de)(de)(de)(de)(de)(de)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)下(xia)的(de)(de)(de)(de)(de)(de)(de)(de)一(yi)(yi)種高(gao)(gao)(gao)度集成(cheng)化(hua)的(de)(de)(de)(de)(de)(de)(de)(de)框(kuang)架(jia)形式(shi)。通過封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)工(gong)(gong)藝(yi)將(jiang)半(ban)(ban)導(dao)(dao)體芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)包覆形成(cheng)保護，以(yi)(yi)(yi)免受到(dao)外部環境的(de)(de)(de)(de)(de)(de)(de)(de)破壞；同(tong)時EMC也起(qi)到(dao)一(yi)(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)散(san)熱效果。EMC具備可(ke)(ke)規模化(hua)生產(chan)(chan)和(he)合理的(de)(de)(de)(de)(de)(de)(de)(de)可(ke)(ke)靠性(xing)(xing)特(te)點(dian)，是(shi)半(ban)(ban)導(dao)(dao)體封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)常(chang)見的(de)(de)(de)(de)(de)(de)(de)(de)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)材(cai)(cai)料之一(yi)(yi)。它(ta)具有高(gao)(gao)(gao)耐熱、抗(kang)UV、高(gao)(gao)(gao)度集成(cheng)、通高(gao)(gao)(gao)電(dian)流、體積(ji)小(xiao)、穩(wen)(wen)定性(xing)(xing)高(gao)(gao)(gao)等特(te)點(dian)，在(zai)對散(san)熱要(yao)求(qiu)(qiu)苛刻(ke)的(de)(de)(de)(de)(de)(de)(de)(de)球(qiu)泡(pao)燈(deng)領(ling)域、對抗(kang)VU要(yao)求(qiu)(qiu)比(bi)(bi)較高(gao)(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)戶外燈(deng)具領(ling)域及(ji)(ji)要(yao)求(qiu)(qiu)高(gao)(gao)(gao)穩(wen)(wen)定性(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)背光領(ling)域有突出(chu)優(you)勢(shi)。CSP也是(shi)時下(xia)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)行(xing)業最(zui)具話題性(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)形式(shi)，它(ta)光效低、焊接困難、光色(se)一(yi)(yi)致性(xing)(xing)、成(cheng)本(ben)(ben)價格高(gao)(gao)(gao)，但發(fa)光面小(xiao)、高(gao)(gao)(gao)光密度、顏色(se)均勻、體積(ji)小(xiao)可(ke)(ke)增(zeng)(zeng)加(jia)應用(yong)端(duan)靈活性(xing)(xing)、成(cheng)本(ben)(ben)下(xia)降(jiang)(jiang)空間潛力(li)大(da)，尤其在(zai)LED顯(xian)示(shi)屏(ping)球(qiu)泡(pao)燈(deng)、LED顯(xian)示(shi)屏(ping)燈(deng)管(guan)等具**設計(ji)靈活度，成(cheng)為(wei)(wei)(wei)各大(da)企(qi)(qi)(qi)業爭(zheng)(zheng)相搶奪的(de)(de)(de)(de)(de)(de)(de)(de)藍海(hai)市(shi)場(chang)。隨(sui)著CSP產(chan)(chan)品(pin)(pin)(pin)規模效應不(bu)(bu)(bu)(bu)斷(duan)釋放，性(xing)(xing)價比(bi)(bi)將(jiang)進(jin)一(yi)(yi)步提高(gao)(gao)(gao)，預計(ji)，未來(lai)(lai)三年(nian)(nian)CSP、倒裝(zhuang)(zhuang)(zhuang)類產(chan)(chan)品(pin)(pin)(pin)的(de)(de)(de)(de)(de)(de)(de)(de)市(shi)場(chang)份額將(jiang)達到(dao)三成(cheng)以(yi)(yi)(yi)上(shang)，同(tong)時也將(jiang)成(cheng)為(wei)(wei)(wei)中(zhong)(zhong)國(guo)LED顯(xian)示(shi)屏(ping)封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)企(qi)(qi)(qi)業全面超越國(guo)外企(qi)(qi)(qi)業的(de)(de)(de)(de)(de)(de)(de)(de)**機(ji)會。現階段，飛(fei)利(li)浦、科銳、歐司(si)朗、三星等國(guo)際巨頭公司(si)陸(lu)(lu)續(xu)(xu)推出(chu)倒裝(zhuang)(zhuang)(zhuang)LED顯(xian)示(shi)屏(ping)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)及(ji)(ji)CSP芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)級封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)的(de)(de)(de)(de)(de)(de)(de)(de)產(chan)(chan)品(pin)(pin)(pin)。國(guo)內CSP芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)級封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)還處在(zai)研究開(kai)發(fa)期，國(guo)內芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)企(qi)(qi)(qi)業如德豪潤達在(zai)籌劃使用(yong)5億(yi)元建設芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)級封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)項(xiang)目，未來(lai)(lai)倒裝(zhuang)(zhuang)(zhuang)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)及(ji)(ji)芯(xin)(xin)(xin)片(pian)(pian)(pian)(pian)(pian)(pian)級封(feng)(feng)(feng)(feng)(feng)(feng)裝(zhuang)(zhuang)(zhuang)產(chan)(chan)品(pin)(pin)(pin)將(jiang)陸(lu)(lu)續(xu)(xu)推出(chu)。