研报 | 十一长假将至，LCD电视面板大厂计划调降稼动率稳运维

Core Insights - The demand for LCD TV panels is expected to slow down in Q4 2025, prompting major manufacturers like BOE, CSOT, and HKC to implement production breaks during China's National Day holiday to manage inventory levels and operational costs [2][3] Supply Side Analysis - BOE, CSOT, and Sharp plan to take 5 to 7 days off for their 10.5-generation production lines, leading to an estimated production utilization rate of around 74% for October [3] - HKC's main production lines are expected to take a 5-day break, resulting in an estimated utilization rate of approximately 77.5% for 8.6-generation panels [3] - CSOT's T1 and T2 plants are also planning a 5-day holiday, with an expected utilization rate dropping to 81.3% for 8.5-generation panels [3] Demand Side Analysis - Despite a 4.8% month-over-month decrease in demand for October compared to September, there is still some support due to preparations for the Double 11 shopping festival [3] - The production adjustments by panel manufacturers are aimed at controlling costs and alleviating potential supply-demand pressures in the TV market, which may help stabilize panel prices in October [3]