Core Viewpoint - The article discusses the current state of the photovoltaic (PV) industry, highlighting price stability in various segments despite high inventory levels and weak demand, indicating potential challenges ahead for pricing and production [4][5][9]. Price Trends - The price of N-type polysilicon remains stable, with mainstream transaction prices at 34.5 RMB/kg for N-type re-investment material, 32.0 RMB/kg for N-type dense material, and 31.5 RMB/kg for N-type granular silicon [4][5]. - In the silicon wafer segment, the mainstream transaction prices are 0.88 RMB/piece for N-type M10 wafers, 1.20 RMB/piece for N-type G12 wafers, and 1.00 RMB/piece for N-type G12R wafers [9][10]. - For battery cells, the mainstream transaction prices are 0.225 RMB/W for M10 single crystal TOPCon cells, and 0.245 RMB/W for both G12 and G12R single crystal TOPCon cells [13][14]. - In the module segment, the mainstream transaction prices are 0.67 RMB/W for 182mm TOPCon double-sided double-glass modules and 0.72 RMB/W for 210mm HJT double-sided double-glass modules [17][19]. Inventory Dynamics - The inventory of polysilicon in the industry is over 370,000 tons, with leading manufacturers increasing output, leading to a potential oversupply situation [7][8]. - Silicon wafer inventory remains above 2 billion pieces, with 183N wafers accounting for over 50% of the total, indicating a buildup of stock [11]. - Battery cell manufacturers have approximately 10 days of inventory, but this may rise due to oversupply, particularly with 183N cells [15]. Supply and Demand Dynamics - In July, polysilicon output is expected to be between 110,000 to 115,000 tons, with demand from the silicon wafer side showing slow inventory reduction and price pressure from downstream [8][10]. - The module production is projected to be between 52 to 53 GW, with a 6% month-over-month increase, but demand remains weak, particularly from second and third-tier manufacturers [18][19]. - The article notes that the overall demand for components is supported mainly by centralized projects, but there is uncertainty in the market due to declining prices [18][20]. International Market Insights - In Europe, component prices have decreased, affecting overall pricing due to an influx of low-priced components [20]. - In India, DCR component prices have slightly increased due to government projects, while imported components have seen a price drop due to oversupply [20]. - In the U.S., FOB product prices have slightly increased, with ongoing discussions regarding tax credits for projects expected to be operational by the end of 2027 [20].

Core Insights - The North American large CSPs are the main drivers of AI Server market demand expansion, with a forecasted 24.3% year-on-year growth in global AI Server shipments for this year, slightly revised down due to international circumstances [1][4] Group 1: North American CSPs - Microsoft is focusing on AI investments, which has somewhat suppressed the procurement of general-purpose servers, primarily utilizing NVIDIA's GPU AI solutions for AI Server deployment [1] - Meta has significantly increased its demand for general-purpose servers due to new data center openings, primarily using AMD platforms, and is actively expanding its AI Server infrastructure with self-developed ASICs expected to double in shipments by 2026 [1] - Google has benefited from sovereign cloud projects and new data centers in Southeast Asia, significantly boosting server demand, and has begun mainstream production of its TPU v6e for AI inference [2] - AWS is focusing on its self-developed Trainium v2 platform, with plans for Trainium v3 development expected to launch in 2026, anticipating a doubling of its self-developed ASIC shipments by 2025 [2] - Oracle is emphasizing the procurement of AI Servers and In-Memory Database Servers, actively integrating its core cloud database and AI applications [3] Group 2: Market Outlook - Due to international circumstances, many Server Enterprise OEMs are reassessing their market plans for the second half of 2025, with an overall forecast of approximately 5% year-on-year growth in total server shipments, including both general-purpose and AI Servers [4]

Core Viewpoint - The global automotive LED market is expected to face significant price pressure in 2025 due to ongoing economic uncertainties, but a recovery in automotive production is anticipated in the second half of 2025, leading to projected market values of $3.451 billion for automotive LEDs and $35.729 billion for automotive lighting by 2025 [1]. Group 1: Automotive Lighting Trends - Automotive lighting is shifting towards personalization, communication displays, driver assistance, and safety upgrades [3]. - Adaptive headlights (ADB) enhance nighttime visibility and reaction time to obstacles, with a projected market penetration rate of 21.6% by 2029 despite current economic uncertainties [5][6]. - The introduction of Micro/Mini LED technology in adaptive headlights is expected to improve safety through flexible pixel control, with manufacturers like Volkswagen and Tesla adopting these technologies [5][6]. Group 2: Tail Light Innovations - The trend in automotive lighting includes personalized and communication displays, with Mini LED tail lights being integrated into various vehicle models [7]. - Ams OSRAM's ALIYOS technology allows for flexible Mini LED arrangements, enabling dynamic visual effects for design and information display [7]. Group 3: Decorative Lighting Market - The decorative lighting segment, including ambient lights and grille lamps, is projected to reach $311 million by 2029, with a compound annual growth rate of 28% from 2024 to 2029 [8]. - Intelligent ambient lighting, featuring built-in ICs for RGB LEDs, is expected to see a high growth rate of 69% [8]. Group 4: Mini LED Display Trends - Mini LED technology is being adopted by major automotive manufacturers, enhancing display quality with features like HDR and local dimming [10]. - Companies such as NIO, General Motors, and Ford are expected to implement Mini LED displays in their vehicles by 2024, with further expansions planned through 2029 [10]. Group 5: Market Size and Revenue Performance - The global automotive lighting market is projected to slightly decline to $34.658 billion in 2024 due to pricing pressures and inventory adjustments, despite a rise in electric vehicle sales [12]. - The top ten automotive lighting manufacturers for 2024 include Koito, Valeo, and Forvia Hella, among others [12]. Group 6: LED Manufacturer Revenue - The leading automotive LED manufacturers for 2024 are ams OSRAM, Nichia, and Lumileds, with ams OSRAM being favored for high-end and electric vehicles due to its product quality [14]. - The revenue of Everlight is expected to grow by over 40% in 2024, driven by demand in China, Europe, and South Korea [14].

Group 1: Price Trends - The average price of N-type polysilicon has decreased, with N-type re-investment material at 34.5 RMB/KG, N-type dense material at 32.0 RMB/KG, and N-type granular silicon at 31.5 RMB/KG [5][10] - The price of N-type M10 silicon wafers is 0.88 RMB/piece, while N-type G12 and G12R wafers are priced at 1.23 RMB/piece and 1.01 RMB/piece respectively [11] - The average price for M10 single crystal TOPCon cells is 0.230 RMB/W, G12 cells at 0.250 RMB/W, and G12R cells at 0.265 RMB/W [15][18] - The price for 182mm double-sided double-glass TOPCon modules is 0.67 RMB/W, and for 210mm double-sided double-glass HJT modules is 0.72 RMB/W [19] Group 2: Inventory Dynamics - The overall inventory of polysilicon is over 370,000 tons, with major manufacturers increasing output in hydropower regions [7] - Silicon wafer inventory remains above 2 billion pieces, with a challenging demand environment leading to rising inventory levels [13] - Specialized battery manufacturers have about 10 days of inventory, but excess supply may lead to further inventory increases [17] Group 3: Supply and Demand Dynamics - Polysilicon procurement is slowing down due to poor visibility of downstream orders, leading to a cautious purchasing attitude [6] - The supply of silicon wafers is expected to exceed demand as manufacturers adjust to new specifications, resulting in price declines [12] - Component order demand is anticipated to continue declining, with major orders decreasing significantly [20]

Core Viewpoint - The market is optimistic about the demand for NVIDIA's RTX PRO 6000 series, but supply chain constraints, particularly in memory supply, may impact actual shipment volumes [1][2]. Summary by Sections Product Launch and Supply Chain - NVIDIA is expected to launch the RTX PRO 6000 series in the second half of this year, with a focus on diversifying suppliers for different product categories [1]. - The main suppliers for the RTX PRO 6000 series include SK hynix for HBM, Micron for LPDDR, and Samsung for GDDR [2]. - The GDDR7 memory, exclusively supplied by Samsung, may face supply tightness, potentially affecting the production and supply capabilities of the RTX PRO 6000 series [2]. Market Applications - The RTX PRO 6000 series is positioned as a key product line for mid-range GPUs, targeting applications in AI inference, edge deep learning training, and imaging/simulation [2]. Collaboration and Future Outlook - NVIDIA has partnered with various ODMs and OEMs to promote MGX AI Server models equipped with the RTX PRO 6000, emphasizing enterprise customers' needs from cloud to edge AI applications [3].

Core Viewpoint - The panel prices for televisions have decreased in June 2025, while monitor and laptop panel prices have remained stable. The demand for television panels is weakening, leading brands to adopt a more conservative purchasing attitude [2][4]. Television Panels - In June, the demand for television panels has shown a more pronounced weakening trend, with brands becoming more cautious in their procurement. The unclear terminal demand for the second half of the year and rising inventory levels have led some brands to consider reducing their procurement momentum for Q3 [2][4]. - It is estimated that the prices for 43-inch, 50-inch, and 55-inch television panels will decrease by $1, while 65-inch and 75-inch panels are expected to drop by $1 to $2 [4]. Monitor Panels - The demand for monitor panels is reaching its peak, with brand clients beginning to adjust their orders. The weakening demand for television panels and their price declines are starting to affect monitor panel prices. Despite manufacturers hoping for slight price increases, most brand clients are not accepting continued price hikes in June, leading to an expected stabilization of monitor panel prices [5]. Laptop Panels - Brands are becoming more optimistic about the demand for laptops in the second half of the year, leading to an increase in orders for laptop panels. However, manufacturers are unlikely to propose price increases to maintain customer relationships and may employ various non-public pricing strategies to secure orders [6][7]. - The prices for laptop panels are expected to remain stable in June, although there are emerging concerns about memory shortages and significant price increases, which could impact future procurement attitudes of brand clients [7].

Group 1: OLED Display Panel Market - The demand for OLED display panels remains strong, with a projected shipment growth rate of 69% for 2025, up from a previous estimate of 40% [1] - TrendForce has revised the expected shipment volume for OLED display panels in 2025 from 2.8 million units to 3.4 million units, following a significant growth of 132% in 2024 [1] Group 2: Enterprise SSD Market - The revenue of the top five enterprise SSD brands is expected to decline in Q1 2025 due to inventory digestion and challenges in AI product assembly [4][5] - The average selling price of enterprise SSDs has dropped nearly 20%, leading to a quarter-over-quarter revenue decrease for the top five brands [5] - Samsung, SK Group, Micron, Kioxia, and SanDisk are the top five enterprise SSD brands, with total revenues of $4.53 billion in Q1 2025, representing a market share of 95.1% [6]

Core Viewpoint - In June 2025, there is a slight downward trend in television panel prices, while prices for monitors and laptop panels remain stable [1][4]. Television Panels - The average price for a 65-inch television panel is $176, down by $1 or 0.6% from the previous month, with a range of $171 to $180 [6]. - The average price for a 55-inch television panel is $126, also down by $1 or 0.8%, with a range of $121 to $129 [7]. - The average price for a 43-inch television panel is $65, down by $1 or 1.5%, with a range of $63 to $66 [8]. - The average price for a 32-inch television panel is $36, with a minimum of $35 and a maximum of $37 [9]. Monitor Panels - In June, monitor panel prices remain unchanged from the previous month [10]. - The average price for a 27-inch IPS panel is $63, with a range of $57.6 to $65.8 [11]. - The average price for a 23.8-inch IPS panel is $49.9, with a range of $47.1 to $51.4 [12]. Laptop Panels - In June, prices for laptop panels across all sizes remain stable compared to the previous month [12]. - The average price for a 17.3-inch TN panel is $38.3, with a range of $37.7 to $39.8 [13]. - The average price for a 15.6-inch Value IPS panel is $40.3, with a range of $38.6 to $41.9 [14]. - The average price for a 14.0-inch TN panel is $26.9, with a range of $26.4 to $28.1 [15]. - The average price for an 11.6-inch TN panel is $25.1, with a range of $24.2 to $26.5 [16].

01 周价格表 | | | | | 更新日期:2025/6/18 | | --- | --- | --- | --- | --- | | 多晶硅 (Per KG) | 高点 | 低点 | मुख्य | 涨跌幅 | | N型复投料(RMB) | 37.500 | 34.500 | 36.000 | -1.37% | | N型致密料(RMB) | 35.500 | 33.500 | 33.500 | -1.47% | | N型颗粒硅(RMB) | 33.500 | 32.000 | 32.500 | -1.52% | | 非中国区多盟娃(USD) | 22.000 | 13.100 | 18.000 | 0.00% | | 硅片 (Per pc) | 高点 | 低点 | 均价 | 涨跌幅 | | N型183单晶硅片-183mm/130μm (RMB) | 0.920 | 0.900 | 0.900 | -3.23% | | N型210单晶硅片-210mm/130μm (RMB) | 1.270 | 1.250 | 1.250 | -1.57% | | N型210R单晶硅片-210*182mm/130μm (RM ...

Core Viewpoint - The Enterprise SSD market is experiencing a significant adjustment period, with major clients reducing order sizes, leading to a nearly 20% drop in average selling prices in Q1 2025. However, improvements are expected in Q2 due to increased demand driven by AI infrastructure and new product releases from key players like NVIDIA [1]. Group 1: Market Overview - In Q1 2025, the top five Enterprise SSD brands reported a decline in revenue due to seasonal effects and weak overall demand, indicating a market adjustment phase [1]. - The overall revenue for the Enterprise SSD market is projected to recover to positive growth in Q2 2025, supported by expanding AI infrastructure needs and increased storage capacity from Chinese CSPs [1]. Group 2: Company Performance - **Samsung**: Ranked first, Samsung's revenue decreased by 34.9% to $1.89 billion in Q1 2025, impacted by seasonal effects and weak demand. However, the company is seeing growth in its PCIe 5.0 product shipments, indicating a steady market share increase in advanced interface technology [4]. - **SK Group**: The second-ranked SK Group, which includes SK hynix and Solidigm, experienced a revenue drop of over 50% to $0.99 billion in Q1 2025 due to strategic adjustments by major clients in AI infrastructure. The company is accelerating the development of next-generation storage technologies [5]. - **Micron**: Micron's revenue for Q1 2025 was $0.85 billion, with a relatively stable performance despite market fluctuations, showing a 27.3% decline in revenue [6]. - **Kioxia**: Kioxia's revenue fell by 21.8% to $0.57 billion in Q1 2025, affected by traditional seasonal downturns and lower-than-expected orders from Server OEM clients [7]. - **SanDisk**: SanDisk reported a revenue of $0.23 billion in Q1 2025, with an upward trend in product shipments. The company is focusing on developing high-capacity storage products, including a new 1PB SSD [8].