CINNO Research：短期需求持续回暖 预计多数面板价格将步入上行通道

Core Viewpoint - The panel market is experiencing a short-term demand recovery due to adjustments in U.S. tariff policies and domestic subsidy measures, leading to a stabilization and potential increase in panel prices in January 2026 [1][3]. Demand Side Summary - In late 2022, demand for panels increased as brands prepared for international events like the World Cup, resulting in a narrowing of price declines for sizes 32" to 85" [3]. - The continuation of the domestic subsidy policy for consumer electronics, particularly for energy-efficient products, is expected to support the market and stabilize prices for sizes 32" to 65" in January 2026 [3]. Supply Side Summary - Panel manufacturers are increasing production capacity utilization in response to concentrated orders, with global high-generation line utilization reaching an estimated 82.4% in December 2022, a significant year-on-year increase [4]. - In January 2026, the average utilization rate is expected to remain above 82%, ensuring smooth delivery of current orders and preparing for inventory needs ahead of the Chinese New Year [4]. - Price forecasts for January indicate a general increase of $1 for sizes 32" to 65", while prices for 75" and 85" are expected to stabilize at $218 and $285, respectively [4].