值得注意的是，日本大米价格目前仍居高不下。据日本富士新闻网报道，12月8日至12月14日这一周的平均大米价格较上周上涨，达每5公斤4331日元（约合 193元人民币），为历史第二高周平均米价。报道称，日本米价仍然维持在每5公斤超4000日元的高位。 据报道，高市早苗政府上台前，为应对大米供应不足和米价高涨，石破茂政府宣布增加大米产量。然而，高市政府大幅度改变政策方向。农林水产省12月表 示，计划修改日本"粮食法"，将"按需生产"写入法律。 铃木宪和12月19日在记者会上称，"如果整个国家处于供给过剩的情况还仍然增产，就会导致米价暴跌、生产者困顿窘迫。生产者应该也想避免这样的情况 发生。" 【环球网报道】据日本广播协会（NHK）报道，在日本2025年经历严重大米短缺导致米价居高不下的背景下，日本农林水产大臣铃木宪和12月19日称"为了 防止米价暴跌有必要抑制大米生产"。铃木宪和的言论在日本网络上引发强烈不满，大量日本网民抨击铃木为维护自己的政治利益让普通民众受苦。 铃木宪和的言论在日本网络上引发强烈不满，不少日本网民认为铃木宪和有意将米价维持在高位，来获取日本农协等方面的支持。有日本网民指责铃木"为 了自己的政 ...

Core Viewpoint - The article discusses the recent guidelines issued by the State Administration for Market Regulation and other departments aimed at enhancing the quality of products and services on online trading platforms, particularly focusing on live e-commerce [1][3]. Group 1: Key Measures and Innovations - The guidelines emphasize the need for a clear selection mechanism for products, training requirements, and a "blacklist" system for live e-commerce to ensure quality and safety [1][7]. - A series of innovative measures are proposed, including the introduction of a "product digital passport" for quality verification and the establishment of a national industrial product quality safety monitoring and early warning platform [2][8]. - The guidelines aim to transform the platform economy from "large scale" to "high quality" by enhancing product innovation and service standardization, while also holding platforms and operators accountable for quality control [3][6]. Group 2: Addressing Consumer Concerns - The guidelines propose measures to ensure consumers can buy genuine products online, including strict actions against counterfeit goods and false labeling [5][9]. - Improvements in online service standards and after-sales support are highlighted, such as establishing direct hotlines for elderly consumers and creating rapid response channels for issue resolution [5][10]. - The focus is on optimizing consumer rights protection services to enhance shopping confidence [3][5]. Group 3: Technological Empowerment and Collaborative Governance - The guidelines support the use of technology to enhance consumer experience and improve the precision of quality supervision through big data and artificial intelligence [7][8]. - A collaborative governance model is emphasized, involving government regulation, platform responsibility, corporate self-discipline, and social oversight [7][9]. - Specific requirements for platforms include rigorous entry audits and the use of digital tools for daily management, ensuring that dishonest practices are minimized [17].

Core Viewpoint - The article discusses the issuance of guidelines by the State Administration for Market Regulation, in collaboration with other governmental bodies, aimed at enhancing the quality of products and services on online trading platforms, particularly focusing on the live-streaming e-commerce sector [1][2] Group 1: Guidelines and Objectives - The guidelines emphasize improving consumer satisfaction and enhancing the sense of safety in consumption as primary goals [1] - The initiative aims to shift the focus from "large quantity" to "high quality" in online transactions, implementing various measures to achieve this [1] Group 2: Innovative Measures - The guidelines propose innovative measures such as supporting platforms to utilize data advantages for developing on-demand production and sales-driven manufacturing models [1] - Platforms are encouraged to establish a Chief Quality Officer system to guide algorithm logic towards quality enhancement [1] Group 3: Quality Management in Live-streaming - The guidelines require live-streaming e-commerce to strengthen quality management training for marketing personnel and establish a quality-centric selection and training mechanism [1] - A "blacklist" system is introduced to ensure compliance and maintain quality standards in the emerging industry [1] Group 4: Quality Assurance and Monitoring - The introduction of a "product digital passport" plan aims to enhance quality safety verification in key product areas, creating a traceability mechanism from production to consumer [2] - A national industrial product quality safety monitoring and early warning platform will be established, utilizing big data and AI for proactive regulation [2] Group 5: Addressing Malpractices - The guidelines will address issues such as false advertising in online trading platforms by promoting the development of national recommended standards for managing marketing behaviors of live-streaming platforms and operators [2]

Core Viewpoint - In 2025, Chinese panel companies have transitioned from mere scale expansion to a phase where technology defines their business models, particularly in the OLED sector, while maintaining a controlled production strategy in the mature LCD market [1][19]. LCD Market Dynamics - The LCD market has shifted from a "full production, full sales" model to an "on-demand production" strategy, where manufacturers adjust production based on actual orders to stabilize prices [6][7]. - Major panel manufacturers have agreed to control production to maintain profitability, leading to a reduction in the operating rate of LCD production lines to below 80% in October 2025 [2][3]. - The market concentration has increased, giving leading companies stronger bargaining power, which has allowed them to implement production control strategies effectively [7][8]. Financial Performance - The financial results reflect the success of the new production strategy, with companies like BOE and TCL reporting significant profit increases in their third-quarter results, with net profits growing by 39.03% and 53.5% respectively [8][9]. OLED Market Strategies - In the OLED sector, leading companies are pursuing different technological paths, with BOE investing 630 billion RMB in a mainstream "evaporation" process, while TCL is adopting a lower-cost "printing" method with an investment of only 295 billion RMB [11][12]. - Visionox is exploring a unique approach using its proprietary ViP technology, which aims to replace traditional masking techniques with semiconductor-like processes [14][15]. - The competition in the OLED market is intensifying as companies aim to capture the growing demand for OLED panels in IT devices, with projections indicating a compound annual growth rate of 33% for OLED in laptops by 2030 [17]. Future Outlook - The race for the 8.6-generation OLED production lines is critical as the smartphone market matures, with companies like BOE and TCL setting ambitious timelines for mass production by 2026 and 2027 respectively [17][18]. - Despite not investing in new OLED lines, Tianma Microelectronics is focusing on enhancing its existing LCD capabilities, particularly in the automotive display sector, which is expected to grow significantly [19].

经济观察报记者 郑晨烨 在许多人的认知里，显示面板是一个早已"熟透了"的传统制造业，投资巨大、回报周期漫长，且受困于激烈的价格波动。相比于人工智能或半导体芯片，这 个行业显得沉闷乏味。 但作为数字信息的最终载体，屏幕覆盖了从手机到汽车的各类终端，它的产能调整和技术选择，直接决定了下游电子产品的成本结构。就在外界以为这个行 业已进入存量博弈的平静期时，一场结构性变局却正在发生。 近日，多家显示面板领域的咨询机构都发布了最新的面板价格监测数据。TrendForce集邦咨询在12月5日发布的报告中指出，受益于品牌客户为2026年一季 度需求的提前备货，电视面板价格在12月有望全面止跌持平；群智咨询在12月9日发布的研报中也得出了类似的结论——面板厂商为保障盈利坚守"按需生 产"策略，市场供需正在回归动态平衡。 但这种平衡，并非源于终端电视销量的爆发式增长，而是源于供给端的有意收缩。根据CINNO Research的统计数据，为应对需求回调，多数面板厂在10月 主动进行了产能调控，当月LCD（液晶显示）产线"稼动率"（即工厂设备的实际开工率）回落至80%以下。 也就是说，面板厂商们主动关停了部分机器，通过人为减少产出 ...

Core Insights - BOE Technology announced on September 30 that industry players are continuously implementing an "on-demand production" strategy, flexibly adjusting production line utilization rates based on market demand changes [1] Industry Summary - In Q1, driven by strong export demand and the "trade-in" policy, overall terminal demand was robust, leading to high utilization rates across the industry and a comprehensive price increase for mainstream LCD TV panel sizes [1] - In Q2, changes in the international trade environment and policy effects led to a cooling of panel procurement demand, prompting industry players to quickly adjust utilization rates in response to demand fluctuations [1] - Since Q3, as the trend of inventory reduction among manufacturers has ended, the demand for panel stocking in the peak season has gradually recovered, resulting in a restoration of industry utilization rates. After a slight decline, prices for certain LCD TV panel sizes have stabilized, while prices for MNT and NB panels in the LCD IT segment have remained stable overall [1]

Group 1: LCD Market Trends - The industry is adopting a "demand-driven production" strategy, adjusting production rates based on market demand [1] - In Q1, strong export demand and "trade-in" policies led to high demand, resulting in price increases for mainstream LCD TV panel sizes [1] - By Q2, changes in the international trade environment caused a decrease in panel procurement demand, prompting quick adjustments in production rates [1] - Since Q3, inventory destocking has ended, leading to a gradual recovery in panel stocking demand, although some LCD TV panel prices have slightly decreased [2] Group 2: Flexible AMOLED Business Progress - The company has established a competitive position in the flexible AMOLED market, covering major smartphone brands and expanding into automotive and IT applications [3] - In the first half of 2025, the company shipped over 71 million AMOLED panels, a 7.5% year-on-year increase, maintaining the top position in China and second globally [3] - Despite market competition and short-term depreciation pressures, the company's profitability needs improvement [3] Group 3: Future Industry Trends - The display industry is entering a rebalancing phase, shifting focus from scale and market share to high profitability, technology, and added value [4] - LCD technology will remain a mainstream application, with ongoing demand for larger TV sizes and high-resolution products [4] - OLED technology is also expanding, particularly in the IT and automotive sectors, with increasing LTPO shipments [4] Group 4: Depreciation Trends - All 8.5-generation production lines have completed depreciation, while several AMOLED production lines have been finalized [5] - Depreciation is expected to peak in 2025 as new projects are finalized and mature production lines depreciate [5] - The company aims to optimize product line positioning to enhance operational efficiency and profitability [5] Group 5: Future Capital Expenditure - The company is transitioning from rapid expansion to a mature phase in LCD production, focusing capital expenditures on strategic planning [6] - Future investments will center on semiconductor display business and innovative applications in IoT, sensors, MLED, and smart medical engineering [6] Group 6: Shareholder Return Plan - The company plans to distribute at least 35% of the annual net profit to shareholders in cash from 2025 to 2027 [7] - A minimum of RMB 1.5 billion will be allocated for share buybacks annually, with additional plans for mid-term profit distribution [7] - The return plan reflects a comprehensive analysis of operational conditions, industry status, and shareholder interests, aiming for sustainable growth and shared benefits [8]

Core Viewpoint - BOE Technology Group announced on September 29 that industry players are continuously implementing a "demand-driven production" strategy, flexibly adjusting production line utilization rates based on market demand changes [1] Group 1: Market Demand and Production Strategy - In the first quarter, driven by strong export demand and the "old-for-new" policy, overall terminal demand was robust, leading to high utilization rates across the industry, with mainstream LCD TV panel prices rising across the board [1] - In the second quarter, changes in the international trade environment and policy effects led to a cooling of panel procurement demand, prompting companies to quickly adjust their utilization rates in response to demand changes [1] - Since the third quarter, as the trend of inventory reduction among manufacturers has ended, the demand for panel stocking in the peak season has gradually recovered, resulting in a recovery of industry utilization rates, while some LCD TV panel prices stabilized after a slight decline [1] Group 2: Price Trends - For LCD IT, the prices of MNT and NB panels have remained stable overall [1]

Core Viewpoint - BOE Technology Group (京东方) is adapting its production strategies in response to market demand fluctuations, with a focus on maintaining high utilization rates and optimizing its product offerings in both LCD and AMOLED segments [1][2][3][4] Group 1: LCD Market Dynamics - The LCD industry is experiencing a shift in supply and demand, with high utilization rates in Q1 due to strong export demand and government policies stimulating consumer purchases [1] - In Q2, demand for panel procurement decreased due to changes in the international trade environment, prompting companies to adjust their production rates [1] - By Q3, inventory reduction trends are expected to continue, with some stabilization in LCD TV panel prices as demand recovers [1] - The trend towards larger TV sizes and higher resolution products is enhancing the market vitality of LCDs [4] Group 2: AMOLED Business Development - BOE has established a strong presence in the flexible AMOLED market, covering major smartphone brands and expanding into automotive and IT applications [1][2] - The company announced the investment in an 8.6-generation AMOLED production line, set to begin mass production by the end of 2026, which will enhance its competitiveness in the high-end market [2] - The overall shipment of AMOLED products is expected to increase in the second half of the year due to new product launches from downstream brand manufacturers [2][3] Group 3: Technology and Industry Trends - The display industry is entering a rebalancing phase, with a focus on high profitability, advanced technology, and high added value rather than just scale and market share [3][4] - The application of Oxide technology and MiniLED backlighting is expected to enhance the performance of high-end LCD products, allowing them to maintain a significant presence in the market [3] - BOE is actively promoting supply chain localization and collaborative development within the industry to mitigate supply risks and foster innovation [4]

Group 1: LCD Market Trends - The LCD industry is experiencing a recovery in demand, with panel prices expected to stabilize or rise again in Q3 2025 after a slight decline [1][2] - In Q1 2025, strong export demand and policies like "trade-in" stimulated overall demand, leading to high operating rates across the industry [1] - By Q2 2025, the international trade environment changed, causing a cooling in panel procurement demand, prompting companies to adjust their operating rates [1] Group 2: Flexible AMOLED Business Development - The company has established a strong capacity and technological advantage in the flexible AMOLED sector, covering major top brand clients in mobile phones and expanding into automotive and IT applications [3] - The shipment volume of flexible AMOLED is expected to increase in the second half of 2025 due to new product launches from downstream brand manufacturers [3] Group 3: IT Sector Technology Trends - LCD remains the mainstream technology in the IT sector, with Mini LED backlit LCD and OLED products expected to grow rapidly in the high-end market [4] - Flexible AMOLED products are anticipated to gain market share in high-end IT products due to their superior display quality and lightweight design [4][5] Group 4: 8.6 Generation AMOLED Production Line Progress - The company announced the investment in the 8.6 generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [6] - The project is on track, with completion of the foundation in March 2024 and equipment installation starting in May 2025, four months ahead of schedule [6] Group 5: Future Industry Development Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD will continue to be the mainstream application technology in the medium to long term, while OLED is expected to capture more opportunities in the high-end and mid-size markets [8]