岁末回望，2025年是全球光储行业迈向高质量发展的关键一年。这一年，产能加速优化，技术 持续升级，市场逐步回归理性。 展望2026年，2026年全球光伏装机需求如何？储能将在哪些区域迎来爆发式增长？产业链又将 如何演进？ TrendForce集邦咨询将于 12月30日（明日）14:30 举办"2026光储产业格局与发展趋势线上研 讨会" 。 会议看点 Dec. 30, 2025 一：2026年全球光伏装机预测 二：光伏市场供给格局 三：光伏技术的迭代与演进 四：激光产品在N型高效光伏电池中的应用 五：2026年全球储能装机预测 六：AIDC场景下储能应用的核心需求 本次研讨会为免费线上直播，详细议程信息如下图。如想 获取干货PPT等独家会议资料 ，请识 别图中二维码提前完成报名，联系小编，我们将在会后发送至您的预留邮箱。 立即报名 锁定直播 | 下午 PM | | | --- | --- | | 14:30-14:40 | 致辞 | | | 集邦咨询 总经理 樊晓莉 | | 14:40-15:00 | 2026年全球光伏产业供需格局展望 | | | 集邦咨询 分析师 王建 | | 15:00-15:20 | ...

Core Insights - SeeYA Technology's IPO application has been approved by the Shanghai Stock Exchange, aiming to raise 2.015 billion RMB for expanding its OLEDoS display production line and R&D center [2] - The demand for OLEDoS micro-displays in AR, VR, and MR devices is projected to reach 31.5 million units by 2030, with a compound annual growth rate (CAGR) of 81% from 2025 to 2030 [2] Industry Analysis - The listing of SeeYA marks a shift from Sony's monopoly in the OLEDoS supply chain, fostering a local supply chain with companies like BOE, Xitai, and Aolide, which could enhance price competition and promote the technology's penetration in AR/VR/MR products [5] - As VR/MR technologies evolve towards lightweight and high-resolution specifications, OLEDoS is expected to optimize in cost and technology, positioning it as a potential leader over current mainstream technologies like LCD and glass OLED [5] - OLEDoS's penetration rate in the global VR/MR market is anticipated to rise to nearly 60% by 2030 [5] Market Position - In the AR glasses sector, despite the trend towards lightweight designs and auxiliary information, OLEDoS-equipped viewing products are expected to maintain over 20% market share by 2030 due to superior image quality and a robust supply chain [6]

Core Viewpoint - The article discusses the current trends in the photovoltaic industry, highlighting price stability and supply-demand dynamics across various segments including polysilicon, wafers, cells, and modules. It emphasizes the strong pricing power of suppliers amid inventory pressures and market conditions. Group 1: Polysilicon - Supply side: Inventory pressure remains severe, exceeding 460,000 tons, but upstream companies are showing a strong willingness to raise prices due to industry self-discipline initiatives [4] - Demand side: The downstream crystal pulling segment has seen a significant reduction in production, leading to a contraction in demand. Buyers are resistant to price increases, resulting in a stalemate in the market [5] - Price trend: New quotes have tested above RMB 65/kg, but actual transactions depend on the price and cost transmission from the wafer segment. A gradual increase in polysilicon prices is expected due to strong seller push [6] Group 2: Wafers - Supply side: Wafer manufacturers are actively reducing production, and many are adopting a sell-limited strategy due to bullish market expectations, leading to a rapid reduction in inventory, which is expected to drop below 15GW [7] - Demand side: Following price increase expectations from a self-discipline meeting, downstream demand has surged, with leading battery manufacturers locking in large orders, resulting in strong buying support [8] - Price trend: Current transaction prices have rebounded to RMB 1.25, 1.35, and 1.55 per piece. The significant consumption of inventory has enhanced sellers' bargaining power, indicating strong potential for further price increases in the wafer segment [9] Group 3: Cells - Supply side: Battery inventory remains stable at 6-8 days. Due to industry self-discipline and rising raw material costs, manufacturers are showing reluctance to sell. To counter downstream resistance, further production cuts are expected to support price stability [10] - Demand side: Currently in the off-peak season, the module segment has not been able to extend price increases, leading to heightened tensions in the supply-demand dynamics, with limited acceptance of price hikes from the upstream [11] - Price trend: Driven by rising costs of silver paste and wafers, the current transaction price has reached RMB 0.32/W. Given the ongoing cost pressures, companies are determined to raise prices, with short-term peaks expected to reach RMB 0.34/W [10] Group 4: Modules - Supply side: The exit of outdated production capacity is accelerating, leading to increased market concentration. Under the dual influence of industry self-discipline and rising upstream raw material prices, the comprehensive cost of modules is being pushed up, with leading manufacturers raising quotes by RMB 0.02-0.04/W [10] - Demand side: Domestic and international demand continues to shrink due to the traditional off-peak season and construction constraints. The market is primarily executing previous orders, with very low acceptance of new price increases, resulting in a stalemate in new transactions [11] - Price trend: Short-term demand suppression due to the off-peak season makes price increases difficult, leading to a market state of having prices but no transactions. However, based on cost support and supply-side optimization, a price bottom is expected, with a rebound anticipated after the Spring Festival [12]

根据Tr e n dFo r c e集邦咨询最新发布的存储现货价格趋势报告，DDR4、DDR5内存及相关模组 价格持续攀升，但涨幅略有放缓。作为顶级模组供应商，Ki n g st o n（金士顿）本周大幅提高了 DRAM价格，整体现货价格未见疲软迹象。与此同时，NAND闪存现货市场在合约价格上涨的 预期下呈现看涨情绪。详情如下： DRAM现货市场 ： DDR4、DDR5与模组价格仍持续连日上扬，虽然价格涨幅较先前略有收敛，但观察后研判并 非缺货现象舒缓，比较倾向为部分中间交易商为了年底结算而释出较多库存的短期现象。 市占最大的模组厂Ki n g st o n本周( 1 2 / 1 7 - 1 2 / 2 3 )大幅调涨DRAM报价，整体现货价格走势未显 疲 软 迹 象 。 主 流 颗 粒 DDR4 1Gx 8 3 2 0 0MT/s 在 本 周 的 价 格 涨 幅 为 9 . 5 2%(US$ 1 9 . 8 6 上 涨 至 US$ 2 1 . 7 5 )。 NAND现货市场 ： 在合约价格被看好将上调的预期影响下，现货市场反映出偏多的市场氛围。部分现货供应商基 于对后续价格走势的乐观判断，选择延后释出库存、 ...

Core Viewpoint - In December 2025, TV panel prices have stabilized, while monitor panel prices remained flat compared to the previous month, and some laptop panel prices have decreased. The demand for TV panels is stable, and panel manufacturers are preparing for potential price increases due to concerns over memory shortages and rising prices affecting TV products in the future [3][5]. Panel Price Observations - TV panel prices across various sizes are expected to remain stable in January and February 2026, with a potential for price increases in January due to strong demand and the upcoming Lunar New Year affecting demand distribution [3][5]. - The monitor panel market is experiencing weak demand, but some customers are increasing their orders. Manufacturers are reluctant to lower prices further due to ongoing losses in mainstream monitor panels, leading to a forecast of stable prices for January and February [5][6]. Laptop Panel Insights - The demand for laptop panels is being impacted by memory shortages and rising prices. Some brands are looking to increase shipments of mid-range models before potential price hikes in the new year, which may temporarily boost demand [6]. - Despite some increase in demand, manufacturers are adopting a softer pricing stance to maintain customer relationships, with expectations that prices for IPS models may decrease by $0.1 to $0.2, while TN models are expected to remain stable [6].

Core Viewpoint - The panel prices for televisions have stabilized in December 2025, while monitor panel prices remained unchanged compared to the previous month. However, some laptop panel sizes experienced a slight decline in prices [5][9]. Group 1: Television Panels - The average price for a 65-inch television panel is $168, with a minimum price of $162 and a maximum price of $171 [7]. - The average price for a 55-inch television panel is $121, with a minimum price of $114 and a maximum price of $124 [7]. - The average price for a 43-inch television panel is $63, with a minimum price of $61 and a maximum price of $65 [7]. - The average price for a 32-inch television panel is $34, with a minimum price of $33 and a maximum price of $35 [7]. Group 2: Monitor Panels - The average price for a 27-inch IPS monitor panel is $63, with a minimum price of $57.6 and a maximum price of $65.8 [10]. - The average price for a 23.8-inch IPS monitor panel is $49.9, with a minimum price of $47.1 and a maximum price of $51.4 [11]. Group 3: Laptop Panels - The average price for a 17.3-inch TN laptop panel is $38, reflecting a decrease of $0.1 or 0.3% from the previous month, with a minimum price of $37.4 and a maximum price of $39.3 [13]. - The average price for a 15.6-inch Value IPS laptop panel is $40, also down by $0.1 or 0.2% from the previous month, with a minimum price of $38.3 and a maximum price of $41.4 [13]. - The average price for a 14.0-inch TN laptop panel has stabilized at $26.9 since July 2024, with a minimum price of $26.4 and a maximum price of $28.1 [13]. - The average price for an 11.6-inch TN laptop panel has remained stable at $25.1 since July 2024, with a minimum price of $24.2 and a maximum price of $26.5 [13].

Core Insights - The article discusses the increasing demand for satellite deployment by Starlink and the U.S. Space Force, leading to a shift in rocket manufacturers like SpaceX towards full rocket recovery technology [2][6] - The average launch cost for expendable rockets is between $110 million and $180 million, while partially reusable rockets cost around $6.7 million. Full recovery technology aims to reduce costs to between $2 million and $5 million [6][7] Group 1: Rocket Types and Costs - Expendable rockets have a complex structure and do not require recovery fuel, but their costs are significantly higher [3] - Partially reusable rockets, like SpaceX's Falcon 9, lower launch costs to approximately $6.7 million but still have limitations on payload capacity due to fuel reservation for recovery [3][7] - Fully reusable rockets, such as SpaceX's Starship, aim to drastically reduce costs to $2 million to $5 million, although they require additional investment in specialized recovery platforms [3][6] Group 2: Technological Developments - SpaceX is leading the commercial rocket launch sector in the U.S. and has made advancements in using liquid methane for its Starship's second stage to reduce cleaning times and overall launch costs [7] - The China National Space Administration (CNSA) is also actively developing its rocket launch plans, focusing on the Long March series to execute national-level missions while optimizing recovery efficiency [7] - Challenges remain in the recovery technology, such as the need for additional fuel in partially reusable rockets and the costs associated with building recovery platforms for fully reusable rockets [7]

Group 1 - The core viewpoint of the article highlights the acceleration of electric and intelligent vehicle development, predicting that the global automotive semiconductor market will grow from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, with a compound annual growth rate (CAGR) of 7.4% from 2024 to 2029 [2] Group 2 - The article discusses the recent surge in demand for conventional DRAM, leading to a rapid increase in prices, while also noting that the average selling price (ASP) gap between HBM3e and DDR5 is expected to narrow in the coming year [5] - It mentions that PlayNitride will acquire 100% of Lumiode Inc. for $2 million, which will enhance its technology and patent portfolio, as well as expand its customer base and sales channels in North America, thereby increasing its international competitiveness in near-eye displays and medical applications [6]

Core Insights - PlayNitride announced the acquisition of 100% of Lumiode, Inc. for $2 million, aiming to enhance its technology and patent portfolio while expanding its North American customer base and sales channels [2][4] Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2025, which will add new feasibility for Micro LED in near-eye display applications [4] - PlayNitride aims to develop Micro LED AR glasses without being limited by existing CMOS solutions [4] Group 2: Market Position and Technology - PlayNitride plays a significant role in the Micro LED industry, providing services including Micro LED chips, COC processes, mass transfer technology, and turnkey solutions [3] - Lumiode focuses on near-eye display and medical markets with its unique Active TFT Thin Film technology, which may replace costly CMOS wafer bonding solutions [3][4] Group 3: Market Projections - TrendForce estimates that global shipments of Micro LED AR glasses will reach 21 million units by 2030, with a penetration rate of 65% for Micro LED technology in overall AR glasses [4][11]

Core Insights - The storage market is experiencing a supply-demand imbalance, leading to a rapid increase in conventional DRAM prices, while HBM3e prices are also rising due to increased GPU and ASIC orders, although the price gap between HBM3e and DDR5 is expected to narrow significantly in the coming year [2][3]. Group 1: Market Dynamics - Starting from Q3 2025, the storage market's supply-demand situation reversed quickly due to higher-than-expected demand for AI-related server layouts, prompting major cloud service providers to increase their DDR5 inventory and plan purchases for 2026-2027, resulting in a market shortage [3]. - The contract price for Server DDR5 in Q4 2025 has increased significantly beyond market expectations, with wafer profitability expected to strengthen, leading to a rapid convergence in price differences between HBM3e and Server DDR5 [3]. Group 2: Pricing Trends - As conventional DRAM profitability rises, some suppliers are shifting capacity towards DDR5, providing greater pricing power for HBM3e. Following the increase in GPU and ASIC demand, major buyers are adding HBM3e purchases to prepare for upcoming AI system developments [4]. - Suppliers have regained pricing power and are adjusting previously low contract prices, with an expectation that the overall ASP for HBM3e will see a slight increase in 2026 [4].