受益国补政策继续落实，叠加旺季备货动能提升，面板迎来强劲增长力

Group 1 - The National Development and Reform Commission has announced the allocation of 690 billion yuan for the third batch of subsidies for the replacement of consumer goods, with an additional 690 billion yuan for the fourth batch expected in October, completing the annual 300 billion yuan subsidy plan [1][2] - The implementation of the subsidy policy is expected to boost the sales of consumer electronics, particularly during the upcoming Double Eleven shopping festival, which will provide new growth momentum for the upstream display panel industry [1][3] - The sales of consumer electronics, including TVs, PCs, and smartphones, have shown significant growth due to the subsidy policy, with TV sales reaching 561 billion yuan in the first half of 2025, a year-on-year increase of 7.5% [2][3] Group 2 - The timing of the fourth batch of subsidies coincides with the Double Eleven shopping festival, creating a favorable environment for terminal consumption growth, similar to the successful 618 shopping festival [3] - The TV panel prices have started to stabilize, with expectations for gradual recovery in prices due to increased demand from terminal manufacturers preparing for major shopping events [4] - Major Chinese manufacturers, such as TCL Technology and BOE, are expected to lead the growth in the LCD panel market, with a projected 4.8% increase in shipment volume for mainland manufacturers [5][6]