Q3面板价格回顾与展望

Core Viewpoint - The global panel market experienced a price stabilization in Q3 2025, with TV panel prices halting their decline, while monitor and laptop panel prices remained stable. This stability was influenced by manufacturers' capacity control strategies and brand preparations for the year-end sales season, although uncertainties remain for Q4 due to ongoing supply-demand dynamics [2][18]. TV Panels - The TV panel market reversed its previous downward trend in Q3, driven by seasonal stocking demands from brands for the year-end promotional season [3][14]. - In July, demand was weak, leading to price declines for various sizes of TV panels, with 32-inch and 43-inch panels dropping by $1, 50-inch and 55-inch by $2, and 65-inch and 75-inch by $3 [5][6]. - By August, demand increased as brands began stocking for promotions, resulting in stable prices across all sizes of TV panels [6][8]. - September saw continued price stability, supported by brand stocking activities and manufacturers planning production cuts for October to address potential demand slowdowns [8][14]. Monitor Panels - Unlike TV panels, monitor panel prices remained stable throughout Q3, despite a slight 4.7% decrease in demand [8][9]. - The lack of price decline was attributed to manufacturers' reluctance to lower prices due to existing losses on mainstream monitor panel sizes, leading to reduced supply to support price stability [9][14]. - Both brands and manufacturers reached a consensus to maintain price stability, avoiding strong demands for price reductions [9][14]. Laptop Panels - The laptop panel market showed strong demand in Q3, with a 5.1% increase in demand compared to the previous quarter, but prices remained stable [10][12]. - The stability in prices was primarily due to competition among manufacturers, who avoided price increases to maintain customer relationships and market share [12][13]. - Manufacturers anticipated a potential demand decline in Q4, leading them to prefer price stability to solidify customer relations [13][14]. Key Factors Influencing Price Trends - The primary demand driver in Q3 was the seasonal stocking by brands for year-end promotions, which helped stabilize TV panel prices [14][15]. - Manufacturers' capacity control strategies, including production adjustments and planned reductions, played a crucial role in preventing further price declines [14][15]. - Competitive dynamics in the laptop panel market limited price increases despite strong demand, as manufacturers focused on maintaining long-term customer relationships [15][18]. Outlook for Q4 - The price stability achieved in Q3 is expected to face challenges in Q4, with anticipated declines in procurement momentum for TV panels as brands complete their stocking [16][18]. - Manufacturers plan to reduce production rates in October, which may impact price stability for TV panels [16][18]. - The monitor panel market may see continued price stability for mainstream sizes, but higher-end models could face downward price pressure [16][18]. - There is a high risk of price declines for laptop panels in Q4, as demand is expected to weaken, shifting bargaining power towards brand customers [17][18].