Core Insights - The MTS2026 Memory Trend Seminar will be held on November 27, 2025, in Shenzhen, featuring discussions on the storage industry in the AI era, including topics like wafer foundry, DRAM, NAND Flash, and SiC/GaN technologies [2][4][19]. Speaker Lineup - Notable speakers include executives from major companies such as Intel, Huawei, Solidigm, and others, who will present on various themes related to advanced data storage and AI [4][5][6][10]. Agenda Overview - The seminar will feature a series of keynote speeches, including topics like the impact of AI on wafer foundry dynamics, the role of Intel's Xeon processors in cloud intelligence, and the future of AI storage [9][10][11]. - The event will also include a TechFuture Awards ceremony and discussions on market trends and innovations in storage technology [10][11]. Event Details - The seminar is scheduled for November 27, 2025, from 9:00 AM to 5:30 PM at the Shenzhen Renaissance Hotel [9][14].

Group 1 - The article highlights that the global smartphone and laptop production forecasts for 2026 have been downgraded due to rising memory prices, which are expected to increase overall device costs and force terminal price adjustments, impacting the consumer market [2] - TrendForce has revised the production growth forecasts for smartphones and laptops from an increase of 0.1% and 1.7% respectively to a decrease of 2% and 2.4% [2] - There is a risk of further downgrades in production forecasts if the imbalance in memory supply and demand worsens or if terminal price increases exceed expectations [2] Group 2 - In Q3 2025, the global OLED monitor shipment volume is projected to reach approximately 644,000 units, reflecting a 12% quarter-over-quarter increase and a significant 65% year-over-year growth [5] - The OLED monitors are characterized by high picture quality, wide color gamut, high contrast, and fast response times, with most products featuring refresh rates exceeding 240Hz, driving demand in the high-end gaming market [5] - The total shipment volume for OLED displays in 2025 is expected to reach 2.62 million units, with an anticipated annual growth rate of 84% [5] Group 3 - The article discusses a structural shift in AI server design, moving towards cable-free architectures and high-density interconnect (HDI) designs in ASIC servers, indicating that PCBs are evolving from mere circuit carriers to core components for computational power [6] - The PCB industry is entering a "three high" era characterized by high frequency, high power, and high density [6]

Core Insights - The article highlights a structural transformation in AI server design, emphasizing the shift from traditional cable-based architectures to cableless interconnect designs, particularly with NVIDIA's Rubin platform [2][3] - The transition to high-density interconnects and advanced materials in PCB design is identified as a key driver for enhancing server performance and efficiency [3][4] Group 1: AI Server Design Evolution - AI servers are moving towards a cableless architecture, which enhances signal integrity and transmission stability by utilizing multi-layer PCBs instead of traditional cabling [2] - The Rubin platform's design incorporates advanced materials and high-density interconnects, resulting in a more than twofold increase in PCB value compared to previous generations [3] Group 2: Material Upgrades and Supply Chain Dynamics - The demand for high-performance PCBs in AI servers is driving significant changes in upstream materials, particularly in fiberglass and copper foil, which are critical for dielectric and thermal stability [4] - Japanese company Nittobo is investing 15 billion yen to expand production of T-glass, which is expected to triple its capacity by the end of 2026, highlighting the increasing importance of advanced materials in PCB manufacturing [4] Group 3: Future Outlook - TrendForce anticipates that 2026 will mark a new starting point for PCBs, driven by technology content that enhances value [5]

Core Viewpoint - The photovoltaic industry is facing challenges due to supply-demand imbalance, with prices across various segments showing signs of weakness and potential further declines in the future [4][5][12]. Group 1: Polysilicon - Supply side has experienced a significant contraction, with leading manufacturers halting production, which has effectively mitigated some negative impacts from weakened demand [4]. - Demand remains weak, with prices across downstream segments declining, leading polysilicon manufacturers to reduce production, resulting in low purchasing intentions from crystal pulling factories [5]. - Despite high inventory levels of over 430,000 tons, polysilicon prices are currently stable due to supply-side reductions and a consensus among industry players [6]. Group 2: Silicon Wafers - Supply pressure persists with total industry inventory exceeding 23 GW, causing significant shipping challenges for manufacturers [7]. - Demand is continuously weakening, even for previously strong 210N products, leading to increased shipping pressures and low transaction volumes [8]. - The price trend for silicon wafers is downward, with current prices for 183N and 210R reaching 1.25 RMB and 1.55 RMB respectively, influenced by supply-demand imbalances [9]. Group 3: Battery Cells - Supply side is facing increased shipping pressures, particularly for 210N batteries, which are experiencing order losses and inventory turnover challenges [10]. - Demand is declining both domestically and internationally, with significant drops in orders for 210N batteries due to reduced project construction [11]. - Battery prices are under pressure, with 183N and 210N prices falling to around 0.29 RMB/W, indicating a weak support stage with risks of further declines [12]. Group 4: Photovoltaic Modules - Supply strategies are diverging, with major manufacturers pushing for higher sales volumes while smaller producers are facing operational challenges [13]. - Demand is shrinking due to seasonal factors, with expectations of further declines in December [14]. - Price trends for modules are downward, with current prices ranging from 0.65 to 0.68 RMB/W, and manufacturers are likely to adopt production cuts to maintain prices [15].

Core Insights - The article discusses the price trends of various display panels in November 2025, highlighting a general decline in television panel prices while monitor panel prices remained stable and slight decreases in laptop panel prices [2][5][6]. Television Panels - The average price of 65-inch television panels is $168, down $3 from the previous month, a decrease of 1.8% [5]. - The average price of 55-inch television panels is $121, down $2 from the previous month, a decrease of 1.6% [5]. - The average price of 43-inch television panels is $63, down $1 from the previous month, a decrease of 1.6% [5]. - The average price of 32-inch television panels is $34, down $1 from the previous month, a decrease of 2.9% [5]. Monitor Panels - The prices of monitor panels remained stable in November, with the average price of a 27-inch IPS panel at $63 [6][7]. - The average price of a 23.8-inch IPS panel is $49.9, with no change from the previous month [8]. Laptop Panels - The average price of a 17.3-inch TN panel is $38.1, down $0.1 from the previous month, a decrease of 0.3% [10]. - The average price of a 15.6-inch Value IPS panel is $40.1, down $0.1 from the previous month, a decrease of 0.2% [10]. - The average price of a 14.0-inch TN panel has stabilized at $26.9 since July 2024 [10]. - The average price of an 11.6-inch TN panel has also stabilized at $25.1 since July 2024 [10].

Core Insights - The article discusses the recent trends in the memory market, particularly focusing on DRAM and NAND flash memory prices, which have seen significant increases due to supply constraints and market dynamics [2][4]. DRAM Market Summary - DRAM prices for DDR4 1Gx8 and DDR5 2Gx8 have risen significantly since early September, with DDR4 prices increasing by 15.8% and DDR5 prices soaring by 30.7%, leading to reduced transaction volumes as buyers struggle to keep up with rising costs [2][4]. - The current strong outlook for the DRAM market remains intact despite the declining transaction volumes [2]. NAND Market Summary - The NAND flash memory market is experiencing extreme supply tightness, causing spot prices to rise sharply, with daily fluctuations in pricing [4]. - The price of 512Gb TLC wafer in the spot market increased by 14.97%, reaching a price of US$7.421, driven by the inability of manufacturers to release additional capacity [4].

Core Insights - The global OLED monitor shipments reached approximately 644,000 units in Q3 2025, marking a 12% quarter-over-quarter increase and a remarkable 65% year-over-year growth [2] - The total expected shipments for 2025 are projected to reach 2.62 million units, with an anticipated annual growth rate of 84% [2] Company Performance - ASUS has achieved a market share of 21.9%, becoming the top shipper of OLED monitors for the first time, surpassing Samsung [3] - ASUS's product strategy includes a comprehensive lineup catering to both gaming and professional creators, which solidifies its position in the mid-to-high-end market [4] - Samsung holds a market share of 18% and has maintained stable performance throughout 2025, with plans to expand shipments in Q4 [5] - MSI has climbed to third place in OLED monitor shipments with a market share of 14.4%, driven by a diverse product range and focus on high-resolution models [6] - LGE ranks fourth with a market share of 12.9%, having improved its position after transitioning production facilities and launching new products [7]

Core Insights - The global market in 2026 is expected to face uncertainty due to persistent inflation affecting consumer behavior, alongside a strong upward cycle in memory prices, leading to increased costs for end products and potential price hikes that could impact the consumer market [2][3]. Smartphone Market - TrendForce has revised down its production shipment forecasts for global smartphones in 2026 from a growth of 0.1% to a decline of 2% due to rising costs driven by DRAM price increases, which surged over 75% year-on-year in Q4 2025, raising the BOM cost by 8-10% [3][4]. - The ongoing tight supply of memory components is expected to lead to a market reshuffle, favoring larger smartphone brands as smaller brands struggle to secure resources [3]. Laptop Market - The laptop market is projected to face dual pressures of rising costs and declining demand in 2026, with memory components (DRAM and NAND Flash) expected to account for over 20% of the BOM cost, up from 10-18% [4][5]. - If brands pass on the increased costs, laptop prices may rise by 5-15%, which could lead to delayed upgrades or a shift to the second-hand market, particularly in the low-end segment [5]. - The mid-range market may also see a slowdown in upgrade momentum as both corporate and household users extend the lifecycle of their devices [5]. BOM Cost Analysis - The BOM cost increase for high-end, mid-range, and low-end laptops is estimated at 12%, 12%, and 10% respectively from Q1 2025 to Q3 2026, with DRAM and SSD components making up 23%, 21%, and 20% of the BOM cost in Q3 2026 [6]. Display Market - The display market, while less directly impacted by memory price increases due to smaller memory capacities, may still face challenges if overall PC retail prices rise significantly, potentially leading to a decline in display shipments from a slight increase of 0.1% to a decrease of 0.4% [5].

Group 1: Smartphone Panel Market - The global smartphone panel shipment volume is projected to reach 586 million units in Q3 2025, reflecting a quarter-on-quarter increase of 8.1% and a year-on-year increase of 5.3% [2] - The growth is primarily driven by the iPhone 17 series and new product launches from other major smartphone brands in the second half of the year [2] - AMOLED panel demand continues to rise, while LCD panel shipments remain stable in the entry-level smartphone and repair markets [2] - The total smartphone panel shipment volume for 2025 is expected to reach 2.243 billion units, marking a year-on-year increase of 3.4%, which is a recent peak [2] Group 2: Memory Industry Capital Expenditure - The average selling price (ASP) of memory products is on the rise, leading to increased profitability for suppliers [5] - Capital expenditure for DRAM and NAND Flash is expected to continue to rise; however, the contribution to bit output growth in 2026 will be limited [5] - The investment focus in the DRAM and NAND Flash industries is shifting from merely expanding capacity to upgrading process technologies, high-layer stacking, hybrid bonding, and high-bandwidth memory (HBM) products [5]

Core Viewpoint - The article discusses the current state of the photovoltaic industry, highlighting the weak demand and high inventory levels across various segments, including polysilicon, wafers, cells, and modules, leading to price pressures and a potential shift to a "weak stability" phase for polysilicon prices [4][6][8][12]. Polysilicon - Current polysilicon inventory has reached approximately 430,000 tons and continues to accumulate [4]. - The overall output in the industry has decreased, with an expected production of about 125,000 tons in November, a reduction of 11,000 tons month-on-month [5]. - Despite an increase in the number of orders, the actual demand for polysilicon is shrinking due to planned production cuts by downstream wafer manufacturers [6]. - The actual transaction prices for polysilicon have shown signs of decline, but a significant drop is not expected in the short term due to policy support [7]. Wafers - The current wafer inventory remains high at over 23 GW, with some manufacturers beginning to reduce production due to high inventory pressure [8]. - The market continues to exhibit an oversupply situation, with supply still exceeding demand despite some production cuts from smaller manufacturers [9]. - The actual demand remains weak, making it difficult to digest existing inventory and current production levels [10]. - Wafer prices are under significant downward pressure, with prices for 183N and 210RN wafers nearing 1.25 RMB and 1.6 RMB respectively [11]. Cells - The inventory in the cell segment has accumulated to over 7 days, indicating a significant increase in stock and slow turnover [12]. - The supply side is expected to adjust due to high inventory and shrinking demand, with a substantial reduction in production anticipated [13]. - The pressure from downstream module orders has increased, leading to a lack of confidence in the market [13]. - Current cell prices are under pressure, with mainstream prices for 183N at 0.3 RMB/W and 210RN at 0.28 RMB/W, with some traders resorting to low-price dumping [15]. Modules - The module market is facing challenges from both domestic and international demand shrinkage, exacerbated by the seasonal transition to winter [16]. - There is a divergence in supply, with major manufacturers maintaining stable production while smaller producers are reportedly halting operations [16]. - The strong desire among module manufacturers to increase year-end sales has led to price reductions, with conventional module prices dropping to around 0.65 RMB/W [16]. - The decline in costs for upstream materials like cells and glass, combined with weak terminal demand, is putting additional downward pressure on module prices [16].