研报 | 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 article highlights that major LCD TV panel manufacturers, including BOE, TCL CSOT, and HKC, plan to implement production cuts of five to ten days around the Chinese Lunar New Year to reduce labor costs and mitigate the risk of rising inventory, leading to a projected decrease in overall LCD TV panel utilization rate by 3.5 percentage points to 87.7% in Q1 [2] - 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 the demand for TV panels is anticipated to decline by only 1.8% due to the continued promotion of the old-for-new policy in China, which includes a 15% subsidy for energy-efficient TVs and the stocking up for the 2026 FIFA World Cup [2] Group 2 - In 2026, the TV panel industry will continue to pursue a strategy of increasing screen sizes, although demand for ultra-large TV panels is expected to slow due to weaker market demand and high base effects, prompting manufacturers to adjust their product mix towards larger sizes like 43 inches and 50 inches [3] - The international situation remains uncertain, and factors such as soaring memory prices could impact future TV panel demand, making it crucial for manufacturers to enhance production capacity management and order flexibility to respond quickly to market changes [3] - In the long term, the lack of new capacity and large investments in LCD TV panels is seen as a positive signal for panel prices and industry health [3]