站在2026年初，回望2025年，全球显示产业从单纯的规模竞争转向了更注重利润与控盘能力的价 值博弈。随着 面板 产能扩充周期的结束和行业集中度的进一步提升，供给端的调控对价格走势的 影响力显著增强。本文将回顾2025年面板价格波动的供需逻辑，并基于最新产业动态展望2026年 一季度的市场趋势。 2025年电视面板政策驱动与供给调控的博弈 电视面板作为产能消耗的主力，其价格走势在2025年呈现出明显的阶段性特征，上半年由需求和 政策驱动上涨，下半年受库存调整影响回调，年末在供给侧强力干预下企稳。 2025年上半年，市场需求表现强劲。第一季度，中国大陆市场"以旧换新"政策的实施有效激活了 终端需求，尤其是下沉市场的换机意愿明显提升。与此同时，大尺寸化趋势持续加速，消费者对 65英寸及75英寸以上产品的青睐，不仅消化了更多产能，也提振了面板厂的信心。 当时供应链端关于偏光片等关键材料可能短缺的传闻，进一步引发了品牌厂的预防性备货。这种 集中的采购需求赋予了面板厂较强的议价能力，推动各主流尺寸价格在第一季度普遍上涨。 进入第二季度后半段及第三季度，市场形势发生转变。随着"618"等促销节点结束，前期政策刺激 的边际 ...

Core Viewpoint - BOE Technology Group's subsidiary, Wuhan BOE Optoelectronics Technology Co., Ltd., has repurchased shares from minority shareholders and reduced its registered capital, increasing BOE's ownership stake from 47.14% to 58.36% [1][4]. Summary by Sections Company Actions - Wuhan BOE has completed the registration process for the capital reduction, changing its registered capital from 2,600 million yuan to 2,100 million yuan [1]. - The share repurchase and capital reduction are aimed at enhancing BOE's equity stake in Wuhan BOE, which is crucial for the company's operational performance [4]. Industry Context - The semiconductor display industry is experiencing positive growth, with the LCD sector focusing on "production based on demand," leading to a stable supply structure [4]. - Demand is steadily increasing due to the trend towards larger and higher-end products, with high-generation lines like Wuhan BOE becoming significant for the company's growth [4]. Strategic Implications - The increase in ownership will positively impact the company's operational performance and aligns with its overall planning for Wuhan BOE [4]. - Strengthening management over subsidiaries is expected to contribute to the long-term healthy and stable development of both the company and Wuhan BOE, enhancing the core competitiveness of the semiconductor display business [4].