Core Viewpoint - BOE Technology Group (京东方A) reported strong demand for TV products driven by factors such as sports events and the Spring Festival, leading to increased shipment volumes in the first quarter of 2025 [1] Group 1: Demand Side - The demand for TV brands has remained robust since the fourth quarter of 2025, with continued strong stocking needs [1] - The shipment volume of TV products is expected to keep rising due to these demand factors [1] Group 2: Supply Side - Industry players are adhering to a "production based on demand" strategy, flexibly adjusting their operating rates to match market needs [1] - Overall operating rates are anticipated to remain high in March [1] Group 3: Pricing Trends - According to third-party consulting data, prices for mainstream TV products have shown a comprehensive increase as of February 2026, with the rate of price increase expanding [1] - TV panel prices are expected to continue rising in March [1]

CINNO Research首席分析师周华表示，今年1月，受国外世界杯等国际赛事需求持续释放以及国内补贴政策延续影响，多数面板价格获得支撑，呈现上涨 趋势。进入2月，短期需求依然旺盛，同时面板厂在春节期间实施控产，导致市场供应阶段性收紧。在需求保持韧性、供给趋紧的共同作用下，预计2月面 板价格将维持温和上涨。 | Size & Resolution | | | Technology | Jan.26' | Feb.26'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | | 32" | 60Hz | HD | LCD | $33.0 | $34.0 | $1.0 | | 43" | 60Hz | FHD | LCD | $65.0 | $66.0 | $1.0 | | 50" | 60Hz | UD | LCD | $87.0 | $88.0 | $1.0 | | ਟ ਦੇ " | 60Hz | UD | LCD | $109.0 | $110.0 | $1.0 | | ୧୧... | 60Hz | UD | LCD | $164.0 | $1 ...

Group 1 - The semiconductor display industry is experiencing a tightening supply of large-size TV panels, with major manufacturers initiating maintenance during the Spring Festival, which is expected to further drive up TV panel prices in late February [1] - Since December, large-size LCD panel prices have been recovering strongly, with prices for 32-86 inch TV panels increasing by $2 to $4 as of the end of January [1] - Manufacturers are expected to collectively halt production for 5 to 7 days during the Spring Festival, with BOE predicting that this will accelerate the price increase of TV panels in February [1] Group 2 - Strong demand from terminal manufacturers and tight production capacity are creating favorable conditions for the continuous increase in both volume and price of TV panels, with industry analysts expressing confidence in the performance of TV panels in Q1 [2] - Chinese TV brands like TCL and BOE are expected to be the main beneficiaries of the upcoming price uptrend, with TCL's global TV shipments increasing by 22% year-on-year in November, capturing a 16% market share [2] - The rapid rise of domestic Chinese TV brands, particularly in the high-end market, is expected to provide structural growth advantages for leading LCD panel manufacturers like TCL, enhancing their shipment expectations for high-end large-size TV panels [3]

大尺寸方面，G10.5控产力度较强叠加品牌采购需求恢复，1月面板均价温和上涨，预计2月均价涨幅扩大至2美金。 32"，短期以抄底需求为主，1月面板均价小幅上涨1美金，预计2月维持该涨势。 50"，供应受超大尺寸挤压，1月面板均价小幅上涨1美金，预计2月上涨1美金。 55"，需求好于预期推动供需回归平衡，1月小幅上涨1美金，预计2月持续上涨1美金。 群智咨询发文称，二月，赛事备货与成本备货是需求阶段性向好的两大主要因素，加之面板供应收窄，全球液晶电视面板价格步入上行周期。从需 求端来看，成本上涨是推动品牌采购节奏持续性前移的核心因素，因此一季度面板需求降温力度收缩。群智咨询认为，供需两端的协同调整加速市 场向供需平衡状态回归。 当前，存储芯片价格大幅上涨与面板价格同步进入涨价周期，成本焦虑影响品牌被动前移采购需求以锁定库存成本。因此，以利润为核心指标的品 牌厂商采购策略相对谨慎，而头部品牌在兼顾份额和获利的诉求下采购策略相对稳健。从供应端来看，春节控产力度受需求影响有所收窄，但一季 度面板供应体量依然呈现环比下降。 各尺寸表现如下： | Application | Size | Resolution | OC/ ...

Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]

Core Viewpoint - The panel supply contraction in Q1 has led to a cooling of brand procurement, while a rising trend in global TV panel prices is beginning to emerge, with expectations of a mild price increase in January [1] Supply Side - In December, panel prices stabilized across the board due to controlled production by manufacturers, with expectations for a mild increase in January [1] - Major manufacturers are showing a strong commitment to production control during the Spring Festival, which is expected to be more intense than during the National Day holiday in 2025 [1] - The price trends for various sizes are as follows: - 32": Demand supports a balanced supply, with a stable average price in December and an expected increase of $1 in January [1] - 50": Limited demand but supply pressure from larger sizes, with prices stabilizing in December and an expected increase of $1 in January [1] - 55": Supply is becoming concentrated, leading to a gradual stabilization of prices in December and an expected increase of $1 in January [1] - Large sizes: Strong production control at G10.5 has significantly improved supply-demand dynamics, with stable prices in December and expectations for a mild increase in January [1] Demand Side - In Q1, brand procurement has shifted from panel stocking to inventory digestion, leading to a decrease in overall demand compared to the previous quarter [1] - The end of event stocking has weakened the overall procurement drive for Q1, while the Spring Festival holiday in China has temporarily paused procurement activities [1] - Despite some positive stimuli from rising storage prices and tax refund seasons, overall brand procurement demand is still expected to decrease compared to the previous quarter [1]

Core Viewpoint - TrendForce reports that TV panel prices remained stable in December, but supply shortages in storage are causing prices to rise, indicating a potential price increase for TV panels starting January 2026 [1] Group 1: Industry Outlook - The TV panel market is experiencing a shift, with expectations of price increases due to rising demand driven by events like the Winter Olympics and World Cup in 2026 [1] - The overall economic uncertainty is impacting panel demand, leading to a cautious approach in production strategies, with companies adopting a "just-in-time" production model [1][2] Group 2: Company Performance - AUO's Chairman, Pang Shuang-Lang, noted that the company faced losses in Q3 due to the appreciation of the New Taiwan Dollar, but operational profits remained close to breakeven when adjusted for exchange rates [1] - Innolux anticipates a seasonal decline in shipments for non-display sectors, commercial displays, and consumer displays by 1% to 3% this quarter [2] - Both AUO and Innolux are preparing for potential demand fluctuations, with AUO's panel production and utilization rates remaining relatively high, providing some support for panel prices [2]

Core Viewpoint - The revenue performance of Taiwanese panel manufacturers in November 2025 shows a mixed trend, with some companies experiencing growth while others continue to face challenges. [1][2] Revenue Summary - AUO reported a revenue of RMB 5.451 billion in November, with a year-on-year increase of 3.35% and a month-on-month increase of 14.92% [1][2] - Innolux's revenue fell to RMB 3.884 billion, down 8.95% year-on-year and 5.95% month-on-month, indicating increased market pressure [1][2] - HannStar's revenue rose to RMB 215 million, reflecting a year-on-year growth of 10.72% and a month-on-month increase of 6.60% [1][2] - Lianjia's revenue decreased to RMB 164 million, with a year-on-year decline of 5.99% and a slight month-on-month increase [1][2] - Ralco's revenue reached RMB 43 million, showing a significant year-on-year growth of 21.39% [1][2] Market Dynamics - The revenue changes in November indicate a market recovery and differentiation among companies, contrasting with the overall decline seen in October [1][2] - The small and medium-sized market is showing signs of recovery, with HannStar and Lianjia experiencing slight improvements [2] Company Developments - AUO is actively engaged in technology innovation and business integration, collaborating with various partners to develop new systems and optimize operations [3][4] - Ralco is considering acquiring a stake in Anke Optoelectronics, focusing on technology and business collaboration [5] Future Outlook - The fourth quarter is typically a slow season for the panel industry, but demand for TV panels remains stable, with expectations of price stabilization in December [6] - The anticipated price increases in panel products are expected to positively impact company revenues, particularly for AUO and Ralco [6]