CINNO Research发文称，进入11月，由于国内"双十一"、国外"黑五"等促销活动带动，叠加近期多家手机品牌集中发布新品，手机面板市场延续 高稼动率运行态势，但不同技术路线走势分化显著：a-Si面板在供需博弈中维持平稳，LTPS面板受车载及笔电需求支撑稼动率维持高位，柔性 AMOLED则因产能扩张与竞争加剧持续处于"量稳价跌"阶段。 a-Si方面：a-Si面板凭借在低端手机及维修市场的需求保持稳健，主力产线均处于满产状态，11月面板厂a-Si Cell价格或将小幅上涨，但模组端竞 争激烈，由于驱动IC等核心元器件成本下行叠加品牌压价诉求，预计11月至年底，a-Si模组价格将保持平稳运行; LTPS方面：受益于车载显示增长及笔电/平板新品迭代需求，LTPS产线延续高位稼动态势，尽管LTPS在智能手机应用领域的需求依旧疲软，但非 手机领域的强劲需求有效对冲了单一市场波动，使得市场供需呈现结构性平衡，11月价格以持平为主; AMOLED方面：刚性AMOLED面板受柔性替代冲击，需求持续萎缩，价格低位企稳，三星显示(SDC)近期通过降价策略争夺明年项目订单;尽管 柔性AMOLED主力厂商稼动率仍处高位，但部分 ...

Core Viewpoint - The overall mobile panel market maintains high operating rates during the traditional peak season in Q3, with varying dynamics across different panel types [3]. Group 1: a-Si Panels - Demand for a-Si panels remains strong, driving major manufacturers to operate at full capacity. However, aggressive pricing strategies by module manufacturers to secure new project orders have led to a slight decline in a-Si module prices [3]. - Key raw materials, such as driver ICs, are in a price down cycle, contributing to the pressure on module pricing [3]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in the automotive and non-mobile sectors, maintaining high operating rates. The LTPS production status at Tianma is expected to continue until the end of the year [3]. - Despite the robust performance in non-mobile applications, the smartphone sector shows a relatively balanced supply-demand relationship, keeping panel prices stable in the short term [3]. Group 3: AMOLED Panels - The demand for rigid AMOLED panels has significantly declined due to mainstream mobile brands shifting towards flexible AMOLED technology. Price reductions by major manufacturers like Samsung Display have had limited effects on stimulating demand [3]. - In the flexible AMOLED market, manufacturers are operating close to full capacity due to pre-peak season stocking, but new project prices are under pressure due to intense competition during the bidding phase, while old project prices remain stable [3]. - Forecasts indicate a slight decline in a-Si module prices in August and September 2025, while LTPS and rigid AMOLED panel prices are expected to remain stable in the short term [3].