Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The supply-demand relationship is improving, and price increases for large-sized panels are expected to continue [3][7] - Major panel manufacturers are pushing for production control, which is likely to sustain price increases for large-sized panels [7] - The overall demand for television panels remains stable, supported by upcoming events like the 2026 FIFA World Cup, which is expected to drive stocking demand [7] - Capital expenditures for leading panel manufacturers are anticipated to significantly decrease as the large-scale capital expenditure cycle has passed [7] - Short-term price pressure on mobile OLED panels is expected to be manageable, with a slight decline in global smartphone AMOLED panel shipments projected for 2026 [7] Summary by Sections Investment Suggestions and Targets - The report suggests that the supply-demand relationship is favorable, and price increases for large-sized panels are likely to continue. Recommended stocks include: - Panel manufacturers: TCL Technology, BOE A, Shenzhen Tianma A, Rainbow Technology, Visionox, and Huahui Optoelectronics [3][8] - Panel materials manufacturers: Ruiv Optical, Qingyi Optical, Lite Optical, Woge Optical, Sanlipu, and Shenzhen Textile A [3][8] - Display driver chip manufacturers: Tiande Yu [3][8] - Panel module manufacturers: BOE Precision [3][8]

Core Viewpoint - The upcoming Chinese Lunar New Year has prompted major LCD TV panel manufacturers, including BOE, TCL CSOT, and HKC, to plan production halts of five to ten days for backend module factories to reduce labor costs and mitigate the risk of increased inventory levels [1] Group 1: Production Adjustments - BOE, TCL CSOT, and HKC are implementing production halts to manage costs and inventory risks [1] - Front-end production lines will also undergo reductions in output [1] Group 2: Market Impact - The overall LCD TV panel utilization rate is expected to decrease by 3.5 percentage points in the first quarter, reaching 87.7% [1] - The supply-demand dynamics are shifting towards a tighter market condition [1]