中信证券：TV面板价格迎止跌回升拐点，面板厂业绩趋势向好

Core Viewpoint - The report from CITIC Securities suggests that with domestic manufacturers replenishing inventory at year-end and overseas manufacturers preparing for demand related to the 2026 events, the TV panel demand is expected to be strong, leading to a potential halt in price declines and an overall price increase in Q4 2025 [1] Industry Outlook - The panel industry is anticipated to experience a more favorable competitive landscape in the medium to long term, with profit release logic shifting from being primarily price-driven to focusing on industrial value creation upgrades [1] - Key factors contributing to this shift include the ongoing trend towards larger sizes, which is expected to push the supply-demand balance upwards, continuous cost reductions through domestic production, and the peak depreciation phase coming to an end [1] Performance Expectations - The performance of leading panel manufacturers is expected to accelerate, with a recommendation to pay attention to undervalued stocks and critical segments of upstream domestic replacements, such as mask plates, glass substrates, and optical films [1]