集邦咨询：受春节减产影响 预估2026年一季度LCD电视面板供需转紧

Group 1 - The core viewpoint of the articles highlights that major LCD TV panel manufacturers, including BOE, TCL CSOT, and HKC, are planning production cuts of five to ten days around the Chinese Lunar New Year to reduce labor costs and mitigate inventory risks, leading to a projected decrease in overall LCD TV panel utilization rate by 3.5 percentage points to 87.7% in Q1 [1] - The overall supply of TV panels is expected to decrease by 3.8% in Q1 due to the planned production cuts and fewer working days in February, while demand is anticipated to decline by only 1.8% due to the continued promotion of trade-in policies and upcoming events like the 2026 FIFA World Cup [1] Group 2 - Looking ahead to 2026, the TV panel industry is expected to continue the trend of increasing screen sizes, although demand for ultra-large panels may slow due to weaker market demand and high base effects [2] - Panel manufacturers aim to adjust their product mix to shift market demand from smaller sizes (23.6 inches, 32 inches) to larger sizes (43 inches, 50 inches), which is expected to enhance average panel size and overall demand area [2] - The industry faces uncertainties due to international factors and rising memory prices, making capacity management and order flexibility crucial for panel manufacturers in 2026 [2] - Long-term, the lack of new capacity and major investments in LCD TV panels is seen as a positive signal for panel prices and industry health [2]