（文/罗叶馨梅）10月9日，TCL科技（000100.SZ）发布公告称，公司通过控股子公司TCL华星光电技术有限公司完成收购LG Display Co.,Ltd.及其关联方持 有的乐金显示（中国）有限公司80%股权、乐金显示（广州）有限公司100%股权的交易。 公告显示，本次股权收购已全部完成，交易完成后，TCL华星将正式控股LG Display在中国的两家主要子公司。该交易的顺利落地，标志着TCL科技在全球 显示面板产业链中的整合与布局迈出关键一步。 TCL科技表示，本次收购将有助于公司进一步提升高端显示面板的产能与技术实力，加强与全球显示龙头企业的合作。通过整合LG Display在华的研发、制 造与销售资源，公司将在新型显示技术和产业生态方面实现协同效应。 业内分析认为，LG Display此次出售在华资产属于全球显示产业结构调整的一部分，而TCL科技通过收购可在OLED与LCD技术领域进一步增强市场影响 力。这将助推TCL在全球显示供应链中占据更高份额。 近年来，TCL华星在高端显示面板、Mini LED和柔性OLED等领域持续发力。此次收购的完成，不仅巩固了TCL科技在中高端面板市场的领先地位，也为 ...

Group 1 - The core viewpoint of the article highlights that the global LCD TV panel shipment volume is expected to increase by 5.1% year-on-year in Q3 2025, driven by national subsidy policies and seasonal inventory preparations [4]. Group 2 - The article provides a detailed analysis of the quarterly and monthly changes in global LCD TV panel shipment volume and area, along with forecasts [4]. - It discusses the monthly price trends of LCD TV panels from September 2024 to September 2025 [4]. - A timeline related to the "old-for-new" national subsidy policy for 2024-2025 is included [4]. - The article ranks global LCD TV panel shipment volume and area for Q3 2024, along with year-on-year comparisons [4]. - It presents the shipment volume and area share by size for BOE LCD TV panels from Q1 2024 to Q3 2025 [4]. - Similar data is provided for CSOT, HKC, Innolux, AUO, CHOT, and Sharp LCD TV panels, detailing their shipment volume and area share by size from Q1 2024 to Q3 2025 [4].

Core Insights - The demand for LCD TV panels is expected to slow down in Q4 2025, prompting major manufacturers like BOE, CSOT, and HKC to implement production breaks during China's National Day holiday to manage inventory levels and operational costs [2][3] Supply Side Analysis - BOE, CSOT, and Sharp plan to take 5 to 7 days off for their 10.5-generation production lines, leading to an estimated production utilization rate of around 74% for October [3] - HKC's main production lines are expected to take a 5-day break, resulting in an estimated utilization rate of approximately 77.5% for 8.6-generation panels [3] - CSOT's T1 and T2 plants are also planning a 5-day holiday, with an expected utilization rate dropping to 81.3% for 8.5-generation panels [3] Demand Side Analysis - Despite a 4.8% month-over-month decrease in demand for October compared to September, there is still some support due to preparations for the Double 11 shopping festival [3] - The production adjustments by panel manufacturers are aimed at controlling costs and alleviating potential supply-demand pressures in the TV market, which may help stabilize panel prices in October [3]

Core Insights - The latest research from TrendForce indicates that the prices of TV, monitor, and laptop panels are expected to remain stable through September 2025, consistent with earlier forecasts [1] TV Panels - The average price for a 65-inch TV panel is $173, with a minimum of $167 and a maximum of $176 [2] - The average price for a 55-inch TV panel is $124, with a minimum of $118 and a maximum of $127 [2] - The average price for a 43-inch TV panel is $64, with a minimum of $62 and a maximum of $66 [2] - The average price for a 32-inch TV panel is $35, with a minimum of $34 and a maximum of $36 [2] Monitor Panels - The average price for a 27-inch IPS monitor panel is $63, with a minimum of $57.6 and a maximum of $65.8 [3] - The average price for a 23.8-inch IPS monitor panel is $49.9, with a minimum of $47.1 and a maximum of $51.4 [3] Laptop Panels - The average price for a 17.3-inch TN laptop panel is stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [4] - The average price for a 15.6-inch Value IPS laptop panel is expected to remain at $40.3, with a minimum of $38.6 and a maximum of $41.9 [4] - The average price for a 14.0-inch TN laptop panel is stable at $26.9, with a minimum of $26.4 and a maximum of $28.1 [4] - The average price for an 11.6-inch TN laptop panel is stable at $25.1, with a minimum of $24.2 and a maximum of $26.5 [4]

Core Viewpoint - The mobile display panel market is experiencing high operating rates due to strong demand driven by the traditional peak season in Q3, with market prices showing slight declines [2][3]. Group 1: a-Si Panels - a-Si panels continue to see strong demand in the mid-to-low-end market, but increased competition at the module level is leading to slight price declines [3]. - Despite stable screen prices, core components like driver ICs are in a downward cycle, and a-Si module prices are expected to continue to decrease slightly due to intense competition and price pressure from brand clients [3][4]. Group 2: LTPS Panels - The demand growth in the automotive display market, along with the iteration of notebooks and tablets, keeps LTPS production lines operating at full capacity [3]. - However, demand for LTPS in the smartphone sector remains sluggish, prompting some panel manufacturers to lower prices further to secure new project orders, with an expected price drop of $0.1 [3][4]. Group 3: AMOLED Panels - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to short-term price stabilization at low levels [3]. - Flexible AMOLED panels are nearing full production capacity due to seasonal stocking, but aggressive pricing strategies by some manufacturers have initiated a downward price trend [3][4].

Group 1 - The mobile panel market is maintaining high operating rates due to strong demand driven by the traditional peak season in Q3 [1] - a-Si panels continue to see strong demand in the mid-to-low end market, but prices are expected to decline slightly due to intensified competition among module manufacturers [1] - LTPS production lines are operating at high capacity driven by strong demand from automotive, laptops, and tablets, although demand in the smartphone sector remains weak [1] Group 2 - Flexible AMOLED panels are facing both demand growth and price pressure, with some manufacturers expanding capacity and adjusting pricing strategies to capture market share [1] - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to stable prices in the short term [2] - CINNO Research predicts that a-Si module prices will continue to decline slightly in September and October 2025, while LTPS panel prices will also see reductions in new projects [2]

Core Viewpoint - TCL Huaxing has successfully launched the mass production of its first Mini LED product, the P1.2 COB display screen, marking a significant milestone in its display technology innovation [1][6]. Company Summary - The P1.2 COB display screen features a large panel design and represents TCL Huaxing's third display technology route following LCD and OLED [3]. - The brightness range of the product is adjustable from 0 to 800 nit, with a contrast ratio of up to 5000:1, targeting professional display scenarios such as conference rooms, command centers, and security monitoring [3]. - The MLED project commenced in July 2024, with the mass production being completed approximately 15 days ahead of schedule, showcasing the company's execution capabilities in display module manufacturing and supply chain coordination [5]. Industry Summary - COB packaging technology is emerging as a new trend in the small-pitch LED display sector, offering significant advantages over traditional SMD packaging in terms of pixel density, heat dissipation, reliability, and protection [5]. - Market data indicates that by the first half of 2025, COB packaging technology is expected to account for 36.6% of sales in small-pitch LED displays, with a projected increase to approximately 51.5% in products with a pitch of P1.4 and below, reflecting a year-on-year increase of nearly 20 percentage points [5]. - As technology matures and costs decrease, the penetration of COB technology in niche markets such as advertising media, command centers, exhibitions, and large monitoring screens is anticipated to continue expanding [5].

Core Viewpoint - The report from Huazhong Securities indicates that IT applications (displays and laptops) are becoming a new growth engine for OLED panels by Q2 2025, driven by increased supply capacity, broader OEM adoption, and consumer demand for high-end displays [1][3][4] Group 1: Industry Developments - Samsung Display (SDC) is expected to start trial production of OLED panels for Apple's first OLED MacBook Pro by the end of this year, with mass production slated for the end of Q2 2026 [1] - TCL Technology Group announced plans to invest approximately RMB 29.5 billion in building an 8.6-generation printed OLED production line in Guangzhou, which will have a monthly processing capacity of about 22,500 glass substrates [2] - Domestic manufacturers are actively constructing OLED production lines, which will lay the foundation for future IT-sized OLED applications [4] Group 2: Market Dynamics - According to Counterpoint Research, as of Q2 2025, domestic OLED panels are accelerating their penetration into the global market, with Samsung Display holding a 37% market share, followed by BOE at 15% and Visionox at 14% [3] - The demand for IT panels (displays and laptops) has seen significant growth, attributed to the adoption of high-end products and diversified supplier participation [3]

Group 1 - TCL Technology announced a collaboration with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to build an 8.6-generation printed OLED display panel production line [1] - The total investment for the project is approximately 29.5 billion yuan, with a registered capital of 14.75 billion yuan, of which TCL Huaxing will contribute 8.85 billion yuan [1] - The planned construction period for the project is 24 months, with an expected start date in November 2025 [1] Group 2 - The project aims to help China seize a strategic advantage in the global new display industry competition and achieve the industrialization of high-generation printed OLED technology [1]

Core Insights - The global display panel revenue for the first half of 2025 is approximately $56.2 billion, showing a year-on-year decline of 4.2% but a quarter-on-quarter increase of 5.8% [1] - Chinese mainland panel manufacturers achieved a revenue of about $29.3 billion, capturing 52.1% of the global market share, marking a year-on-year increase of 3.3 percentage points [1] - Korean panel manufacturers' revenue share decreased to 30%, down 3.2 percentage points year-on-year, while Taiwanese manufacturers increased their share to 13.2%, up 0.6 percentage points [1] Regional Revenue Changes - In the first half of 2025, Chinese mainland panel manufacturers saw a year-on-year revenue growth of approximately 7%, while Taiwanese manufacturers grew by 4.4% [2] - Korean panel manufacturers experienced a significant decline of 9.5%, and Japanese manufacturers faced a 16.7% drop in revenue [2] - Compared to 2020, the global revenue share of Chinese mainland panel manufacturers increased by 18.6 percentage points, while Taiwanese, Korean, and Japanese manufacturers saw declines of 2.3, 10.3, and approximately 6 percentage points, respectively [2] Company Rankings - BOE maintained its position as the world's top panel manufacturer in the first half of 2025, with TCL's CSOT showing significant revenue growth, narrowing the gap with Samsung Display and LG Display [4] - AUO, Innolux, Tianma, and HKC are in the third tier, each exceeding $2 billion in revenue [4] Profitability Analysis - In the first half of 2025, seven publicly listed panel companies achieved profitability, an increase from the previous year, with AUO and Tianma joining the profitable ranks [7] - Samsung Display remains the leader in operating profit, but its advantage has significantly decreased; TCL and BOE are closely following, with operating profits around $600 million [7] - The largest operating losses were reported by Visionox, JDI, and EDO, each exceeding $100 million, while LG Display showed significant improvement in reducing its losses [7] Industry Trends - The display industry is transitioning from "scale expansion" to "value reconstruction," with Chinese mainland manufacturers leveraging capacity advantages and technological breakthroughs to enhance competitiveness [9] - Korean manufacturers face challenges in maintaining high-end positions and controlling costs [9] - The second half of 2025 is expected to see structural growth in the Chinese mainland display panel market, driven by the increasing demand for large-sized displays and high-value products like Mini LED and OLED [9]