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 OLED display market is experiencing rapid growth, with significant increases in shipment volumes projected for 2025, driven by new product launches from various brands [1] Group 1: Shipment Growth - OLED monitor shipments are expected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175% [1] - In Q2 2025, shipments are anticipated to benefit from a substantial increase in 27-inch UHD models, potentially reaching 650,000 units [1] - The total shipment volume for OLED displays in 2025 is projected to be 2.58 million units, with an annual growth rate of 81% [1] Group 2: Market Penetration - The overall penetration rate of OLED displays in the monitor market is expected to grow to 2% by the end of 2025 [1]