Group 1: Television Panel Prices - In January 2026, television panel prices experienced a comprehensive increase [4] - The average price for a 65-inch television panel is $169, up by $1 from the previous month, representing a 0.6% increase; the lowest price is $163 and the highest is $172 [4] - The average price for a 55-inch television panel is $122, also up by $1 from the previous month, with a 0.8% increase; the lowest price is $115 and the highest is $125 [5] - The average price for a 43-inch television panel is $64, increasing by $1, which is a 1.6% rise; the lowest price is $62 and the highest is $66 [6] - The average price for a 32-inch television panel is $35, up by $1, marking a 2.9% increase; the lowest price is $34 and the highest is $36 [7] Group 2: Monitor Panel Prices - Since early June 2025, monitor panel prices have remained stable [8] - The average price for a 27-inch IPS panel is $63, with a lowest price of $57.6 and a highest price of $65.8 [8] - The average price for a 23.8-inch IPS panel is $49.9, with a lowest price of $47.1 and a highest price of $51.4 [9] Group 3: Laptop Panel Prices - In January, laptop panel prices saw an overall decline [10] - The average price for a 17.3-inch TN panel is $37.8, down by $0.2 from the previous month, a decrease of 0.5%; the lowest price is $37.2 and the highest is $39.1 [10] - The average price for a 15.6-inch Value IPS panel is $39.8, also down by $0.2, reflecting a 0.5% decrease; the lowest price is $38.1 and the highest is $41.2 [10] - The average price for a 14.0-inch TN panel is $26.8, down by $0.1, a 0.4% decrease; the lowest price is $26.3 and the highest is $28 [11] - The average price for an 11.6-inch TN panel is $25, down by $0.1, also a 0.4% decrease; the lowest price is $24.1 and the highest is $26.4 [12]

Business Overview - The company operates in three main business segments, focusing on optical films, particularly the TAC film, which is crucial for the display industry [1] - The TAC film market is dominated by Japanese suppliers, while the reflective polarizing film is primarily supplied by American and Japanese companies, indicating a reliance on foreign technology [1] Investment and Support - Shareholders of Anhui Jiguang, including representatives from the optical film and panel manufacturing sectors, provide significant support in technology, equipment selection, and sales channel development [2] - The involvement of investment firms specializing in new materials enhances the project’s advancement through technical and operational guidance [2] Project Progress - As of June 2025, Anhui Jiguang has obtained construction permits, and the factory construction is progressing steadily [3] - Major equipment is expected to arrive and undergo testing in the first half of 2026, with initial product testing showing consistent results with internal assessments [3] Competitive Landscape - The market for TAC film faces competition from PMMA, COP, and PET, with TAC film maintaining a significant share due to its established position in the optical film market [3][4] - The global market for TAC film has seen limited new capacity in the past decade, while demand from panel manufacturers continues to rise, creating opportunities for market share expansion [3][4] Environmental Considerations - The production process for TAC film is noted for its environmental benefits, including the recyclability of solvents and the use of cotton as a primary raw material, making it a greener option compared to competitors [4] Investment in Related Ventures - The company holds a minor stake (approximately 0.0072%) in Yushu Technology through an investment fund, which is not expected to have a significant impact on its operations [4]

Core Viewpoint - The Chinese panel manufacturers have gained a dominant position in the LCD display panel market, holding nearly 70% market share, while their share in the LCD laptop panel market has just surpassed 50% and is expected to reach close to 70% in the next 4 to 5 years [1][4][7]. LCD Display Panel Market - By 2025, Chinese panel manufacturers are projected to hold 68% of the LCD display panel market, with Taiwanese and Korean manufacturers each holding about 16% [4]. - In 2026, the market share of Chinese manufacturers is expected to grow to 72%, while Taiwanese and Korean shares are anticipated to decline to 15% and 13%, respectively [4]. - The increase in market share for Chinese manufacturers is attributed to capacity expansion through mergers and new constructions, along with aggressive pricing strategies, leading to the exit of Taiwanese and Korean manufacturers due to poor profitability [4]. LCD Laptop Panel Market - In 2024, Chinese panel manufacturers hold 48% of the LCD laptop panel market, which is expected to exceed 50% in 2025, reaching 52%, and further increase to 54% in 2026 [5]. - Taiwanese manufacturers' market share is projected to decline from 37% in 2024 to 34% in 2025, and further to 32% in 2026 [5]. - Korean manufacturers are expected to maintain a market share of around 12% from 2024 to 2026, while Japanese manufacturers are projected to have shares of 3%, 2%, and 2% over the same period [6]. Long-term Outlook - Long-term projections indicate that Chinese panel manufacturers will continue to grow their market share until they reach nearly 70%, establishing dominance in the LCD laptop panel market [7]. - Taiwanese manufacturers face challenges due to overlapping customers and cost disadvantages, leading to a gradual erosion of their market share by Chinese manufacturers [7]. - Japanese manufacturers are expected to exit the LCD laptop panel market in the long run due to cost disadvantages [7]. - The LCD laptop market is anticipated to experience intense competition for market share, which will pressure product profit margins and accelerate the exit of overseas panel manufacturers, further increasing the market share of Chinese manufacturers [7].

Core Viewpoint - The global TV panel market is entering a new phase of structural adjustment on both supply and demand sides, with proactive supply-side contraction effectively countering the cyclical decline in brand procurement demand, leading to initial signs of price stabilization and recovery [1][3]. Supply Side - Panel manufacturers are adopting a dual strategy to respond to demand fluctuations: maintaining high capacity utilization to meet short-term concentrated orders while also implementing production control in response to traditional seasonal downturns, with the current production control efforts expected to exceed previous holiday adjustments [3][4]. - In December, the global high-generation line average utilization rate reached 82.4%, with the G10.5 generation line exceeding 90%, showing a significant year-on-year increase [3]. Demand Side - Brand procurement strategies are shifting from aggressive stocking to inventory digestion, resulting in a sequential decline in overall procurement scale, influenced by the conclusion of major sports event stocking cycles and seasonal slowdowns due to the Chinese New Year [1][3]. - Despite rising storage chip prices and export tax rebate policies providing some support, overall demand is experiencing seasonal contraction [1]. Price Trends - The 32-inch panel market is seeing balanced supply and demand, with December's average price stable and a slight expected increase of $1 in January; similar trends are observed for 50-inch and 55-inch panels, with prices expected to rise modestly [4]. - The large-size panel market is improving due to significant production control on the G10.5 generation line, with December prices stable and a forecasted mild increase in January [4]. Market Outlook - The current TV panel market is transitioning from a "demand-driven" model to one of "supply adjustment," with manufacturers' precise capacity control smoothing seasonal fluctuations and promoting a gradual recovery of the price system, laying a more rational foundation for the industry's future healthy development [4].

Core Viewpoint - The LCD demand is expected to improve by 2026 due to factors such as sports events, with leading manufacturers likely to drive supply-demand balance through production control [1][2] Group 1: LCD Market Outlook - The demand for LCD is anticipated to rebound, supported by major manufacturers maintaining production control to enhance supply-demand dynamics [1] - The upcoming FIFA World Cup and the continuation of trade-in policies in China are expected to boost demand for LCD TVs [1] - The average size of TV panels is projected to continue increasing, contributing to overall demand growth [2] Group 2: Supply Dynamics - Major panel manufacturers, including BOE, TCL Huaxing, and Huike, have achieved significant market share and are expected to continue production control, including reductions during the Lunar New Year [2] - According to TrendForce, TV panel prices are forecasted to rise by $1 across various sizes in January 2026 compared to the previous month [2] Group 3: OLED Market Potential - The potential demand for mid-size OLED panels is gaining attention, with expectations for significant cost reductions and increased penetration in laptops and tablets by 2026 [3] - Major manufacturers are optimistic about market demand, as evidenced by BOE's early activation of the first 8.6-generation AMOLED production line in China [3] Group 4: Domestic Manufacturers' Breakthroughs - Domestic manufacturers are accelerating technological breakthroughs in materials and driver chips, which may benefit from improving downstream demand [4] - New products in OLED materials are entering the market, and companies like Xiahe Technology are achieving commercial production of key materials [4] Group 5: Related Companies - Key panel manufacturers include TCL Technology (000100.SZ), BOE A (000725.SZ), and Rainbow Technology (600707.SH) [5] - Notable panel materials manufacturers are Lite-On Optoelectronics (688150.SH) and Ruvi Optoelectronics (688401.SH) [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The price of TV panels is expected to rise, with LCD and mid-size OLED likely to lead demand recovery. This is supported by the anticipated increase in demand due to upcoming sports events and government policies promoting trade-in programs for energy-efficient TVs [3][7] - The LCD market is expected to see a rebound in demand, driven by major manufacturers controlling production to improve supply-demand dynamics. The upcoming FIFA World Cup and continued government incentives are expected to boost demand [7] - Mid-size OLED is projected to penetrate the market more rapidly, enhancing demand for OLED technology in personal computers and other devices. The production efficiency and cost reduction in OLED manufacturing are expected to drive this trend [7] Summary by Sections Investment Suggestions and Targets - The report suggests investing in panel manufacturers such as TCL Technology, BOE Technology Group, and others, as well as panel material manufacturers like Lite-On Optoelectronics and others [3][8] Market Dynamics - According to TrendForce, TV panel prices are expected to rise across all sizes in January 2026, with specific increases noted for various dimensions [11] - The report highlights the successful early activation of BOE's 8.6 generation AMOLED production line, indicating strong market confidence among leading manufacturers [12]

Group 1: IT Panel Market Overview - The overall price of IT panels is expected to remain stable in January, with entry-level FHD IPS OC panels likely to see a slight increase [1] - The global display panel market is projected to show a pattern of "overall stability with localized increases" in January [1] - Despite January being a traditional off-season, demand varies significantly among brands due to differences in inventory levels and cost sensitivity [1] Group 2: Demand and Supply Dynamics - Some brands have reduced their display panel inventory to a safe lower range, creating a motivation for restocking, which supports demand [1] - The supply side is facing structural tightness due to overseas capacity contraction and competition from TV and mobile applications for display panel capacity [1] - The concentration of supply among mainstream panel manufacturers is increasing, enhancing their bargaining power amid long-term low profitability and rising upstream material costs [1] Group 3: Specific Panel Price Movements - For 21.5" FHD, the January Open cell & LCM mainstream panel prices are expected to remain flat [1] - For 23.8" FHD, the January IPS Open cell mainstream panel price is projected to increase by $0.2, while the LCM mainstream panel price remains flat [1] - For 27" FHD, the January IPS Open cell mainstream panel price is also expected to rise by $0.2, with the LCM mainstream panel price remaining unchanged [1] Group 4: Notebook Panel Market Trends - The global notebook panel market continues to experience a downward price trend in January [2] - Demand for notebook panels remains weak, with most mainstream brands maintaining inventory levels above the safe range, focusing on inventory management [2] - The supply side remains loose, with notebook panels becoming a key target application for panel manufacturers, leading to increased price competition [2] Group 5: Price Forecasts for Notebook Panels - For low-end HD TN panels, the January mainstream TN LCM average price is expected to remain flat [2] - For IPS FHD & FHD+ products, the January prices for 16:9 and 16:10 mainstream specifications are projected to decrease slightly by $0.2 [2] - Mid-to-high-end specification panel prices continue to show a diverging trend [2]

Core Viewpoint - The A-share panel sector is experiencing a strong upward trend, driven by leading companies like TCL Technology and BOE Technology Group, indicating a significant market recovery and positive sentiment towards the panel industry. Group 1: Market Performance - The panel sector has shown a notable increase, with TCL Technology hitting the daily limit and BOE Technology Group rising over 6%, reflecting strong market momentum [1] - The overall trading volume in the panel sector has significantly increased compared to the previous trading day, indicating robust market support for price increases [1] Group 2: Price Recovery and Policy Support - In January 2026, TV panel prices are expected to rise across the board, with 65-inch panels increasing by $1 to $169, 55-inch panels by $1 to $122, 43-inch panels by $1 to $64, and 32-inch panels by $1 to $35, driven by strong procurement demand and supply chain adjustments [1] - The Chinese government has implemented a subsidy policy for replacing old home appliances, providing a 15% subsidy on the final sales price for energy-efficient TVs, which is expected to stimulate end-user demand and support the panel industry [2] Group 3: Breakthroughs in Supply Chain - Domestic OLED manufacturers have entered Samsung's supply chain for the first time, with TCL Huaxing set to supply OLED screens for Samsung's A57 smartphone, marking a significant milestone for Chinese panel manufacturers [2] - BOE Technology Group is also expected to supply OLED screens for Samsung's flagship S series, enhancing the competitive landscape for domestic manufacturers [2] Group 4: Market Growth Projections - The global display panel market is projected to reach $180 billion in 2026, with an 8% year-on-year growth, and OLED panel shipments expected to exceed 450 million units, increasing its penetration rate to over 30% [3] - The Chinese market is anticipated to reach 1.4 trillion yuan, growing by 4.1%, driven by stable demand for smartphones and tablets, as well as an increase in the penetration rate of foldable phones to 10% [3] Group 5: Beneficiaries of Industry Recovery - The panel manufacturing sector will benefit directly from rising prices and increased demand, particularly for leading companies with technological advantages like BOE and TCL Technology [3] - The core materials and components sector will see increased demand due to the recovery in panel manufacturing, with companies like Sanli Technology and Deep Tianma expected to benefit significantly [4] - The consumer electronics sector, including brands like Xiaomi and Huawei, will indirectly benefit from stable panel prices and supply, supporting growth in smart devices [5]

Group 1: TV Panel Price Forecast - The price of TV panels is expected to rise in January 2026, with the average price for a 65-inch panel projected at $169, an increase of $1 or 0.6% from the previous month [3] - The average price for a 55-inch TV panel is anticipated to be $122, also up by $1 or 0.8% from the prior month [4] - For a 43-inch TV panel, the average price is expected to reach $64, reflecting a $1 increase or 1.6% from the last month [5] - The average price for a 32-inch TV panel is projected at $35, which is a $1 increase or 2.9% from the previous month [6] Group 2: Monitor Panel Price Stability - Monitor panel prices have remained stable since early June 2025, with the average price for a 27-inch IPS panel expected to be $63, ranging from a low of $57.6 to a high of $65.8 [7] - The average price for a 23.8-inch IPS panel is projected at $49.9, with a minimum price of $47.1 and a maximum of $51.4 [8] Group 3: Laptop Panel Price Decline - The prices for 17.3-inch and 15.6-inch laptop panels are expected to continue their downward trend, with the average price for a 17.3-inch TN panel forecasted at $37.8, down by $0.2 or 0.5% from the previous month [9] - The average price for a 15.6-inch Value IPS panel is anticipated to be $39.8, also down by $0.2 or 0.5% from the last month [9] - The average price for a 14.0-inch TN panel has stabilized at $26.9 since early July 2024, with a projected range of $26.4 to $28.1 [9] - The average price for an 11.6-inch TN panel has remained stable at $25.1 since early July 2024, with a forecasted range of $24.2 to $26.5 [10]

Core Viewpoint - The global display panel market prices remained stable in December, with a prediction that prices may enter an upward trend in Q1 2026 due to supply constraints and increased demand for low-priced panels [1][3]. Monitor Panel - In December, the global monitor panel market prices continued to stabilize, with overall demand remaining weak as year-end brand demand tapered off [3]. - Some brands increased procurement of low-priced monitor panels, providing some support to December demand due to stable TV panel prices and expectations of price increases in Q1 2026 [3]. - Supply-side factors included the release of pre-stocking demand for TV panels and increased production capacity for small-sized applications, leading to a structurally tight supply in the monitor panel market [3]. - The mainstream specifications for monitor OC and LCM panels are expected to maintain stability, with narrowing declines in mid-to-high-end products [3]. Notebook Panel - The global notebook panel market continued to show weakness in December, with prices facing downward pressure due to soft retail performance and inventory pressures among brands [4]. - Brands are focusing on inventory management as most shipping targets have been met, leading to a cautious release of demand [4]. - The supply side remains loose, with notebook panels prioritized in G8.x generation capacity allocation, but rising costs from core component shortages are increasing pressure on brand costs [4]. - Price competition in the mainstream segments of the notebook market is expected to intensify, with low-end HD TN panels remaining stable and slight declines in IPS FHD and FHD+ products [4].