5月电视面板行情： 供需进入弱平衡态，面板价格或企稳运行

Core Viewpoint - The article discusses the impact of U.S. tariff policies and changing market dynamics on the panel industry, indicating a shift from aggressive inventory strategies to more conservative approaches due to declining demand and high inventory levels [2][4][5]. Group 1: Market Demand - In April, U.S. tariff policies entered a transitional phase, leading to a slowdown in inventory buildup among brands, with procurement strategies shifting from aggressive to cautious [4]. - Domestic market demand has started to decline, influenced by the diminishing effects of the "national subsidy" policy and high inventory levels from the first quarter [5][6]. - The global TV market demand showed signs of weakening in May, driven by reduced urgency for inventory buildup and high existing stock levels [6][7]. Group 2: Pricing Trends - Panel prices are expected to stabilize in the second quarter, with no significant changes in prices for mainstream panel sizes from April to May [8]. - The average operating rate of high-generation panel manufacturers is projected to drop to 80% in the second quarter, with further reductions expected in May [7]. - The price of LCD TV panels is anticipated to remain flat, with prices for sizes ranging from 32" to 85" holding steady at $35, $67, $97, $121, $173, $231, and $312 respectively [8]. Group 3: Supply-Side Adjustments - Panel manufacturers are implementing production control measures to stabilize prices, with expected reductions in output rates due to weakened demand [7]. - The average operating rate may further decline to 75% in May, with a projected year-on-year decrease in LCD TV panel shipments by 8% [7]. - The supply-demand relationship is expected to maintain a balanced state, contributing to a stable pricing environment in the near term [8].