CITIC Securities expresses a highly optimistic outlook for the progression of the Mini/Micro LED industry. The market for Mini LED backlighting and direct displays is burgeoning at a rapid pace. Concurrently, technological advancements necessitate heightened standards for manufacturers in terms of processes, services, scale, and industrial chain orchestration. Compared to the conventional LED industry, industry barriers have risen considerably, with development rewards poised to favor pioneering manufacturers. CITIC Securities favors companies with a pioneering edge and evolving process capabilities, anticipating they will sustain their leading competitive stance and fully capitalize on the burgeoning Mini/Micro LED industry. Furthermore, the competitive landscape in the equipment and system segments appears more promising, boasting substantial growth potential, and the future prospects for relevant manufacturers are encouraging.