以下文章来源于CINNO ，作者CINNO CINNO . CINNO Research为显示及半导体行业专业第三方咨询服务机构，为您深入全球光电产业链上下游，提供最新产 业资讯、专业行研报告、投资并购、精准行销、高端猎头等一站式服务。一键订阅，同100万产业精英一起把握 行业脉动！ "今年9月，品牌商持续为四季度旺季备货，面板需求维持高位，LCD TV面板价格全线接近止跌。进入四 季度，尽管备货周期接近尾声，但国内外"双十一"、"黑五"等促销节点仍对10月需求形成一定支撑，同 时，面板厂则通过控产稳定价格，在供需双方策略协同下，10月面板价格有望逐步趋稳。 " | | Size & Resolution | | Technology | Sep.25' | Oct.25'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | | 32" | 60Hz | HD | LCD | $32.0 | $32.0 | $0.0 | | 43" | 60Hz | FHD | LCD | $64.0 | $64.0 | $0.0 | | 50" | 60Hz ...

Core Viewpoint - The article discusses the impact of U.S. tariff policies and changing market dynamics on the panel industry, indicating a shift from aggressive inventory strategies to more conservative approaches due to declining demand and high inventory levels [2][4][5]. Group 1: Market Demand - In April, U.S. tariff policies entered a transitional phase, leading to a slowdown in inventory buildup among brands, with procurement strategies shifting from aggressive to cautious [4]. - Domestic market demand has started to decline, influenced by the diminishing effects of the "national subsidy" policy and high inventory levels from the first quarter [5][6]. - The global TV market demand showed signs of weakening in May, driven by reduced urgency for inventory buildup and high existing stock levels [6][7]. Group 2: Pricing Trends - Panel prices are expected to stabilize in the second quarter, with no significant changes in prices for mainstream panel sizes from April to May [8]. - The average operating rate of high-generation panel manufacturers is projected to drop to 80% in the second quarter, with further reductions expected in May [7]. - The price of LCD TV panels is anticipated to remain flat, with prices for sizes ranging from 32" to 85" holding steady at $35, $67, $97, $121, $173, $231, and $312 respectively [8]. Group 3: Supply-Side Adjustments - Panel manufacturers are implementing production control measures to stabilize prices, with expected reductions in output rates due to weakened demand [7]. - The average operating rate may further decline to 75% in May, with a projected year-on-year decrease in LCD TV panel shipments by 8% [7]. - The supply-demand relationship is expected to maintain a balanced state, contributing to a stable pricing environment in the near term [8].