Core Viewpoint - The mobile display panel market is experiencing structural differentiation despite high overall operating rates as the year-end promotional season approaches its end [2][3]. Group 1: a-Si Panels - a-Si panels maintain stable demand in the low-end mobile and repair markets, with main production lines operating at full capacity [3]. - Prices for a-Si modules are expected to remain stable until the end of the year, but may face downward pressure in early 2026 due to increased supply from new production lines [3][4]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in non-mobile applications such as automotive, laptops, and tablets, maintaining high operating rates [2][3]. - Prices for LTPS panels are expected to remain stable in December, but new project prices may see a decline in 2026 due to competitive bidding [3][4]. Group 3: AMOLED Panels - Rigid AMOLED panels are facing demand shrinkage due to competition from flexible technology, leading to stable but low prices [3]. - Flexible AMOLED manufacturers are experiencing slight declines in operating rates, with aggressive pricing strategies being adopted to secure orders for the upcoming year [3]. - Prices for flexible AMOLED panels are projected to continue a downward trend into December and January 2026 [4].

Group 1 - The display panel industry is experiencing a favorable shift in supply and demand dynamics, leading to improved product competitiveness and the conclusion of the depreciation peak period [1] - On December 3, 2025, BOE Technology Group (000725.SZ) saw a significant increase of 3.87% in stock price, with trading volume surging to 5.2 billion, more than quadrupling from the previous day's 1.22 billion [5] - Rainbow Technology (600707.SH) also hit the upper limit of its stock price, while TCL Technology (000100.SZ) rose by 4.08%, indicating growing market attention towards positive changes in the panel industry [7] Group 2 - The LCD industry's supply and demand situation is improving, with clear signals of price stabilization and recovery [8] - Although TV panel prices continued a slight downward trend in November 2025, with the price of a 55-inch panel dropping from $118 to $114, the market anticipates a stabilization in December due to the upcoming peak stocking season [9] - TCL Technology and BOE have indicated that downstream brands are beginning to stock up for the significant sports events in 2026, such as the World Cup, which, combined with the ongoing trend towards larger sizes, is expected to increase demand while supply capacity remains stable [9]

展望未来，坚定看好面板行业竞争格局良性化下的中长期逻辑，同时未来LCD行业利润释放的逻辑预计 将从主要依赖涨价驱动逐步转向更多的产业价值创造升级，主要体现在：大尺寸化推动供需平衡中枢持 续上行，成本端持续国产化降本，折旧迎来达峰退出，少数股东权益收回后归母贡献的增厚等，看好后 续龙头厂商业绩加速释放，同时建议关注低估值个股以及上游国产替代逻辑持续强化的关键环节（掩膜 板、玻璃基板、光学膜）等。 编辑：林郑宏 转自：新华财经 新华财经上海12月8日电 中信证券研报分析认为，短期来看，随着国产厂商年终补库，海外厂商在价格 具有相对性价比的位置针对26年赛事需求、促销等进行提前备货，年终电视面板需求相对旺盛，面板价 格有望迎来全面止跌，26年一季度有望迎来普涨，面板厂业绩趋势向好。 ...

中信证券研报认为，随着国产厂商年终补库，海外厂商在价格具有相对性价比的位置针对2026年赛事需 求、促销等进行提前备货，年终TV面板需求相对旺盛，面板价格有望迎来全面止跌，2025年第四季度 有望迎来普涨，面板厂业绩趋势向好。展望未来，中长期来看，面板行业竞争格局将更加良性化，同时 LCD行业利润释放的逻辑预计将从主要依赖涨价驱动逐步转向更多的产业价值创造升级，主要体现在： 大尺寸化推动供需平衡中枢持续上行，成本端持续国产化降本，折旧迎来达峰退出，少数股东权益收回 后归母贡献的增厚等，我们看好后续龙头厂商业绩加速释放，同时建议关注低估值个股以及上游国产替 代逻辑持续强化的关键环节（掩膜板、玻璃基板、光学膜）等。 ...

Core Insights - TrendForce forecasts stable prices for TV and monitor panels by December 2025, while laptop panel prices for certain sizes are expected to decline [1][2][3] Group 1: TV Panel Market - Despite entering year-end, demand for TV panels remains robust, driven by brand clients anticipating price stabilization and increasing orders for Q1 2026 [1] - The price trend for December indicates that 32-inch to 65-inch TV panels are likely to stabilize [1] Group 2: Monitor Panel Market - The demand for monitor panels has weakened overall, although some brand clients have increased their orders [2] - December prices for monitor panels are expected to remain stable, with the exception of the 23.8-inch VA Open Cell panel, which is projected to decrease by $0.2 [2] Group 3: Laptop Panel Market - Laptop panel demand is consistent with previous expectations, and shortages in memory have not significantly impacted panel procurement [3] - Some brand clients are pushing for more price concessions from panel manufacturers, indicating that previous discounts are no longer sufficient [3] - For December, prices for IPS laptop panels are expected to decline by $0.1 to $0.2, while low-end TN models are projected to remain stable [3]

Core Viewpoint - TrendForce's December panel price forecast indicates stable prices for TV and monitor panels, while laptop panel prices are expected to decline for certain sizes [1][4][5]. Group 1: TV Panels - Demand for TV panels remains stable as some brand clients anticipate that panel prices have reached their bottom, leading to increased orders [4]. - The production and utilization rates of panel manufacturers are expected to remain strong due to this demand, creating a potential atmosphere for price increases [4]. - December's price trend for TV panels in sizes ranging from 32 inches to 65 inches is expected to stabilize [4]. Group 2: Monitor Panels - The demand for LCD monitor panels has weakened overall, despite some brand clients increasing their orders [5]. - Panel manufacturers are reluctant to make significant price concessions, and most brand clients are accepting stable prices [5]. - In December, the price for the 23.8-inch VA Open Cell panel is expected to decline by $0.2, while other sizes are anticipated to remain stable [6]. Group 3: Laptop Panels - The demand for laptop panels is expected to remain as previously anticipated, with memory shortages and price increases not significantly impacting panel procurement [7]. - Some brand clients are actively requesting more price concessions from panel manufacturers, indicating that previous discount strategies are no longer sufficient [7]. - For December, prices for IPS laptop panels are expected to decline by $0.1 to $0.2, while low-end TN models are anticipated to remain stable [7].

Core Viewpoint - The LCD TV panel market is experiencing a mixed demand environment, with domestic demand slowing down while overseas markets show resilience due to upcoming sports events and year-end purchases by leading brands [2][9]. Demand Side Summary - Since December, domestic market demand has weakened due to the end of seasonal stocking, while overseas demand is supported by anticipated international sports events and brand purchases [2][9]. - In November, overall demand showed signs of fatigue, with prices for most panel sizes continuing to decline, except for 32" and 43" panels which remained stable [2][9]. - For December, mid-sized panel demand is expected to stabilize due to early procurement by brands for upcoming events, while large-sized panels are anticipated to continue their downward price trend due to weak demand [2][9][10]. Supply Side Summary - In November, the industry saw a mixed approach to capacity control among panel manufacturers, leading to an average utilization rate of approximately 80.5%, a year-on-year increase of 2.5 percentage points [2][9]. - The supply environment remains relatively loose, which has further pressured panel prices, with manufacturers expected to maintain high production levels in December to meet North American market orders [2][9]. Price Trends Summary - Price forecasts for December indicate a divergence in trends: 32" and 43" panels are expected to remain at $32 and $64 respectively, while 50" and 55" panels are projected to stabilize at $86 and $107 [3][10]. - Conversely, prices for 65", 75", and 85" panels are expected to decline slightly by $1-2, reaching $161, $216, and $282 respectively, while the price for 98"/100" panels is anticipated to drop by $10 to $430 due to insufficient demand [3][10].

Core Viewpoint - The panel market is experiencing a decline in demand following the end of the peak stocking period, with supply remaining relatively loose, leading to a continued decrease in panel prices [2][5][6]. Demand Analysis - In November, overall demand in the panel market showed signs of fatigue, with prices for most sizes continuing to decline, except for the 32" and 43" panels which remained stable [5][6]. - Entering December, demand for small to medium-sized panels received temporary support due to early procurement by brands in anticipation of international sports events, while large-sized panels continued to face weak demand [5][6]. - The domestic market remains cautious due to unclear policies regarding "national subsidies," leading to conservative stocking expectations for the first quarter of the next year [5][6]. Supply Analysis - In November, the industry saw a rebound in average utilization rates to approximately 80.5%, an increase of 2.5 percentage points year-on-year, as panel manufacturers adjusted production in response to demand fluctuations [6]. - Despite the overall supply environment being relatively loose, major panel manufacturers are expected to maintain high production levels in December to meet orders from the North American market, keeping utilization rates above 80% [6][7]. Price Trends - Price forecasts for December indicate a divergence in the LCD TV panel market, with 32" and 43" panels expected to remain at $32 and $64 respectively, while prices for 50" and 55" panels are projected to stabilize at $86 and $107 [7]. - Larger panels, such as 65", 75", and 85", are anticipated to see slight declines of $1 to $2, with prices expected to reach $161, $216, and $282 respectively; the 98"/100" panels are expected to drop by $10 to $430 due to insufficient demand [7].

Group 1 - The company, Visionox (002387), announced a non-public issuance of A-shares to a specific investor, Hefei Jianshu, at a price of 7.01 yuan per share, raising a total of no more than 2,937.4466 million yuan [1] - Following this issuance, Hefei Jianshu will hold a 31.89% stake in the company, making it the controlling shareholder, with the Shushan District People's Government becoming the actual controller [1] - The purpose of this issuance is to enhance the stability of control, demonstrate shareholder confidence in the company's future development, and alleviate working capital pressure [1] Group 2 - Huaxin Securities reported that the entry of Hefei state-owned assets enhances stability and confidence, which could elevate the industry's discourse power [2] - Visionox is a leader in the AMOLED segment, focusing on OLED technology for over 20 years, and is a key player in setting international and national OLED standards [2] - According to CINNO Research, Visionox is projected to capture an 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [2] Group 3 - The company invested 769 million yuan in R&D in the first three quarters of 2025, with a research expense ratio of 12.71%, focusing on low power consumption, high performance, and flexible display technologies [2] - The company’s subsidiary, Hefei Visionox, is developing smart pixel technology that offers advantages such as no precision metal mask, independent pixel control, and high precision, which can meet the production needs of full-size AMOLED products [2] - Huaxin Securities forecasts the company's revenues for 2025-2027 to be 8,024.0 million, 8,489.0 million, and 8,979.0 million yuan respectively, maintaining a "buy" investment rating with current price-to-sales ratios of 1.6, 1.5, and 1.4 times [3]

Core Viewpoint - The report from Guosen Securities indicates that BOE Technology Group Co., Ltd. (京东方) has achieved year-on-year growth in revenue and net profit attributable to shareholders in Q3 2025, particularly in the OLED sector, where the company has successfully launched mass production of the LTPO project for core clients [1] Company Performance - BOE's OLED shipment volume is expected to achieve double-digit growth for the entire year, driven by the increasing penetration of foldable devices and the expansion of high-end technology routes [1] - The company is well-positioned to optimize the product structure in the industry, which is anticipated to improve overall profitability [1] Industry Outlook - Upcoming sports events, such as the World Cup, are expected to boost demand for TV products in the first quarter of the next year [1] - The replacement cycle and AI integration are projected to drive demand for IT products, alongside the trend towards larger screen sizes, which will further increase industry demand [1] - The industry is expected to reach a supply-demand balance in the future, with a focus on on-demand production in the LCD sector, leading to stable profitability [1] Investment Rating - The company’s strategy in the OLED mid-size application is viewed positively, maintaining an "outperform the market" rating [1]