CINNO Research：11月手机面板市场延续高稼动率运行态势 柔性AMOLED价格持续下行

Core Insights - The mobile display panel market is experiencing high operating rates due to promotional events like "Double Eleven" and "Black Friday," along with the release of new smartphone models, but there is a significant divergence in the performance of different technology routes [1] Group 1: a-Si Panels - a-Si panels maintain stable demand in the low-end mobile and repair markets, with main production lines operating at full capacity [1] - Prices for a-Si cells may see a slight increase in November, but fierce competition in the module segment is expected to keep module prices stable until the end of the year [1] Group 2: LTPS Panels - LTPS panels benefit from growth in automotive displays and the demand for new laptops and tablets, maintaining high operating rates [1] - Despite weak demand in the smartphone sector, strong demand in non-mobile areas balances the market, leading to stable prices in November [1] Group 3: AMOLED Panels - Rigid AMOLED panels face declining demand due to competition from flexible alternatives, with prices stabilizing at low levels [1] - Flexible AMOLED manufacturers are experiencing slight declines in operating rates due to pre-production in Q3, leading to competitive pricing strategies to capture market share [1] - Prices for flexible AMOLED panels are expected to continue on a downward trend [1] Group 4: Price Forecasts - CINNO Research predicts that a-Si module prices will remain stable in November and December 2025, while LTPS panel prices will also hold steady [1] - Rigid AMOLED panel prices are expected to remain stable in the short term, while flexible AMOLED panel prices will continue to decline [1]