机构：存储成本上涨，抑制2026年智能手机AMOLED需求

Group 1 - The global smartphone AMOLED panel shipment is expected to decline to 810 million units in 2026, down from 817 million units in 2025, marking the first drop after three consecutive years of growth [1] - The decline is primarily attributed to memory supply shortages and skyrocketing prices, leading smartphone manufacturers, particularly Chinese brands, to lower their procurement plans for 2026 [1] - AMOLED panel manufacturers have limited room for price reductions, as the price increase of memory components has approached or even exceeded the cost of smartphone display panels [1] Group 2 - The current memory supply tightness and price increases are driven by a surge in demand from AI servers, which prioritize storage capacity for high-margin products, tightening supply for the entire consumer electronics chain [2] - Geopolitical tensions and the U.S. entering a rate-cutting cycle have led to a weaker dollar, attracting speculative capital into dollar-denominated commodities, further amplifying price elasticity [2] - Many smartphone manufacturers still rely on a cost-oriented product line approach, attempting to pressure upstream suppliers like AMOLED panel manufacturers to control material cost increases, which may face significant resistance in the current cycle [2]