Core Viewpoint - The planned production halt by major Chinese LCD TV panel manufacturers during the National Day holiday is expected to stabilize panel prices in October, following a similar effect observed last year [1][3][4]. Group 1: Production Plans and Capacity Utilization - Major Chinese LCD TV panel manufacturers will take a holiday break of approximately 3 to 7 days for different production lines during the National Day holiday [4]. - The capacity utilization rate for LCD TV panels is projected to decrease from around 90% in September to below 80% in October due to the holiday [3][4]. - The capacity utilization rates for October 2023 and 2024 are expected to be 79% [3]. Group 2: Market Impact and Price Stability - The production halt is a strategic move to prevent a decline in panel prices due to reduced demand in the fourth quarter [4]. - The shipment volume of LCD TV panels from major Chinese manufacturers is expected to reach a peak in September, with the National Day holiday serving as a critical preparation period for the upcoming "Double 11" sales event [4]. - The global LCD TV panel prices have stabilized in August and remained flat in September, with expectations for October prices to hold steady as well [5].

和辉光电-U9月22日大宗交易平台出现一笔成交，成交量1000.00万股，成交金额2740.00万元，大宗交 易成交价为2.74元，相对今日收盘价折价0.72%。该笔交易的买方营业部为中信建投证券股份有限公司 总部，卖方营业部为国泰海通证券股份有限公司上海静安区北京西路证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为8300.00万元。 证券时报·数据宝统计显示，和辉光电-U今日收盘价为2.76元，下跌0.72%，日换手率为1.90%，成交额 为3.02亿元，全天主力资金净流出1866.80万元，近5日该股累计下跌0.36%，近5日资金合计净流出 9870.50万元。 两融数据显示，该股最新融资余额为3.72亿元，近5日减少42.58万元，降幅为0.11%。 据天眼查APP显示，上海和辉光电股份有限公司成立于2012年10月29日。注册资本1380943.7625万人民 币。（数据宝） 9月22日和辉光电-U大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万 ...

Core Viewpoint - TrendForce's latest report indicates that panel prices for TVs, monitors, and laptops are expected to remain stable through September 2025, aligning with earlier forecasts [2]. Panel Price Summary TV Panels - The average price for a 65-inch TV panel is projected to be $173, with a minimum of $167 and a maximum of $176. - The average price for a 55-inch TV panel is $124, with a minimum of $118 and a maximum of $127. - The average price for a 43-inch TV panel is $64, with a minimum of $62 and a maximum of $66. - The average price for a 32-inch TV panel is $35, with a minimum of $34 and a maximum of $36 [5]. 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. - 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 [6]. Laptop Panels - The average price for a 17.3-inch TN laptop panel has stabilized at $38.3, with a minimum of $37.7 and a maximum of $39.8. - The average price for a 15.6-inch Value IPS laptop panel is projected to be $40.3, remaining unchanged from the previous month, with a minimum of $38.6 and a maximum of $41.9. - The average price for a 14.0-inch TN laptop panel has stabilized at $26.9, with a minimum of $26.4 and a maximum of $28.1. - The average price for an 11.6-inch TN laptop panel has stabilized at $25.1, with a minimum of $24.2 and a maximum of $26.5 [7][8].

Core Viewpoint - The panel prices for TVs, monitors, and laptops are expected to remain stable as of September 2025, aligning with earlier forecasts by TrendForce [2]. TV Panel Prices - The average price for a 65-inch TV panel is $173, with a minimum price of $167 and a maximum of $176 [5]. - The average price for a 55-inch TV panel is $124, with a minimum price of $118 and a maximum of $127 [7]. - The average price for a 43-inch TV panel is $64, with a minimum price of $62 and a maximum of $66 [8]. - The average price for a 32-inch TV panel is $35, with a minimum price of $34 and a maximum of $36 [8]. Monitor Panel Prices - The average price for a 27-inch IPS monitor panel is $63, with a minimum price of $57.6 and a maximum of $65.8 [10]. - The average price for a 23.8-inch IPS monitor panel is $49.9, with a minimum price of $47.1 and a maximum of $51.4 [11]. Laptop Panel Prices - The average price for a 17.3-inch TN laptop panel has remained stable at $38.3, with a minimum price of $37.7 and a maximum of $39.8 [13]. - The average price for a 15.6-inch Value IPS laptop panel is expected to be $40.3, consistent with the previous month, with a minimum price of $38.6 and a maximum of $41.9 [13]. - The average price for a 14.0-inch TN laptop panel has stabilized at $26.9, with a minimum price of $26.4 and a maximum of $28.1 [13]. - The average price for an 11.6-inch TN laptop panel has remained stable at $25.1, with a minimum price of $24.2 and a maximum of $26.5 [13].

Core Insights - China has transitioned from a manufacturing powerhouse to a leader in intelligent manufacturing, particularly in the display panel industry, achieving a market size of 396.2 billion yuan in 2022, accounting for 68.2% of the global market share [1][3] - Tianma Microelectronics has emerged as a significant player in the OLED market, ranking third globally in flexible OLED smartphone displays and first in LTPS smartphone display modules since 2018 [3][4] - The global AMOLED smartphone panel shipment is projected to reach approximately 420 million units in the first half of 2025, with Chinese manufacturers holding a 51.7% market share, reflecting a 1 percentage point increase year-on-year [4][9] Industry Trends - The adoption of OLED technology is accelerating across various sectors, including automotive displays, which are expected to grow from $480 million in 2023 to $2.18 billion by 2027 [9] - Tianma is focusing on enhancing the reliability and performance of OLED displays for automotive applications, indicating a shift towards more stringent standards compared to consumer electronics [9][10] Company Developments - Tianma is investing approximately 1.57 billion yuan in R&D for flexible AMOLED technologies, aiming to cover all major domestic smartphone brands with its products [10][15] - The company has developed a G-shaped foldable display with advanced SLOD technology, which reduces power consumption by 30% and extends lifespan significantly compared to single-layer displays [11][15] - Tianma's TM18 factory, the largest single-site flexible AMOLED factory in China, has seen a significant improvement in profitability, with over a 50% year-on-year increase in its flexible AMOLED mobile business [15][20] Product Innovations - Tianma has launched a new high-end OLED technology brand, "Tianma Tiangong Screen," focusing on eye protection and high refresh rates, with capabilities supporting up to 240Hz [16][19] - The "Tiangong Screen" features a peak brightness of 8000 nits and covers 95% of the BT.2020 color gamut, enhancing visual experience and detail precision [17][19] Financial Performance - In the first half of 2025, Tianma reported total revenue of 17.475 billion yuan, a year-on-year increase of 9.93%, and a net profit of 206 million yuan, marking a turnaround from previous losses [20]

Group 1: Company Updates - Tianma Microelectronics Co., Ltd. announced the appointment of Cheng Wei as the chairman of the board, with a term aligned with the current board's tenure [1] - Cheng Wei, born in 1981, joined Tianma in 2007 and has progressed through various key roles in technology R&D and corporate management, currently holding 7,700 shares in the company [1] - The company focuses on customized display solutions, with core businesses in mobile displays and automotive displays, and rapid growth in IT displays [1] Group 2: Management Changes in the Industry - China Electronics has appointed Li Ligong as the party secretary and chairman, with the company being a significant state-owned enterprise in the information technology sector [2] - China Electronics employs 189,000 staff and has total assets of 433.6 billion, with operations in over 60 countries and regions [2] - Konka Group has undergone management restructuring, with a significant number of board members and executives having backgrounds in China Resources, indicating a strategic shift in management [2]

Core Viewpoint - The smartphone industry is witnessing a shift from a traditional "buyer-supplier" relationship to a collaborative model where manufacturers engage deeply in the definition, development, and production of display technologies, reshaping the competitive landscape of the display panel industry [2][4][8]. Group 1: New Collaboration Paradigm - Smartphone manufacturers are no longer passive purchasers but are becoming strategic partners with panel manufacturers, engaging in joint research and deep customization [2][4]. - OPPO has invested over 1 billion in establishing its own "display science production line," allowing it to control the entire process from design to production [4][5]. - The collaboration between Xiaomi and TCL Huaxing has evolved into a long-term partnership, creating an "innovation display joint laboratory" to streamline technology development and production [5][8]. Group 2: Industry Dynamics - The traditional supply chain structure is being transformed from a linear model to a networked "industry alliance," enhancing the bargaining power of smartphone manufacturers [8][9]. - Chinese panel manufacturers are expected to capture over 70% of the global smartphone panel market by 2025, providing manufacturers with more options and stronger negotiation capabilities [8][10]. - The shift to deep collaboration is accelerating technological iteration and redefining market competition rules, moving the focus from macro parameters to underlying technologies [10][11]. Group 3: Technological Advancements - The competition in the smartphone market is increasingly centered around display technology, with companies like OPPO and Tianma developing advanced features such as precise light control at ultra-low brightness [10][11]. - The joint development model allows manufacturers to align market needs with technological paths early in the research phase, significantly reducing the time from lab to market [10][11]. - The relationship between Apple and Samsung exemplifies a unique "co-opetition," where stringent standards and large orders from Apple drive Samsung to innovate continuously [6][10].

Core Viewpoint - The article discusses the evolving relationship between smartphone manufacturers and panel suppliers, highlighting a shift from a traditional procurement model to a collaborative co-creation model, which enhances competitive advantages in the smartphone market [2][10]. Group 1: New Collaboration Paradigm - Smartphone manufacturers are no longer passive "purchasers" but are deeply involved in defining, developing, and producing display technologies, forming strategic partnerships with panel giants [2][5]. - This shift from "procurement" to "co-creation" is a natural outcome of the smartphone industry's transition from product-level competition to supply chain-level competition, accelerating technology iteration and reshaping the global display panel industry's power dynamics [2][10]. Group 2: Case Studies of Collaboration - OPPO has invested over 1 billion in establishing its own "display science production line" and has customized a dedicated production line with Tianma, allowing it to control the entire process from design to production [5][11]. - Xiaomi and TCL Huaxing have established an "Innovation Display Joint Laboratory," creating a complete closed loop from technology research to mass production, which enhances their collaborative growth [6][10]. - The relationship between Apple and Samsung is characterized by a unique "co-opetition," where Apple drives Samsung's technological innovation through stringent standards and large orders, influencing industry technology trends [7][10]. Group 3: Industry Impact and Market Dynamics - The deepening collaboration between smartphone manufacturers and panel suppliers is fundamentally reshaping the supply chain's power structure and the speed of technology iteration [9][10]. - The rise of Chinese panel manufacturers like BOE and TCL Huaxing is changing the competitive landscape, with predictions that their market share in the global smartphone panel market will exceed 70% by 2025 [10]. - The traditional linear supply chain is evolving into a networked "industry alliance," where smartphone manufacturers provide precise market demands and panel manufacturers contribute their expertise in materials and processes [10][11]. Group 4: Future Considerations - The deep customization and joint development require significant upfront investment, raising questions about whether these costs will be passed on to consumers, potentially increasing flagship smartphone prices [12]. - The trend towards exclusive custom screens may reduce their universality, leading to higher repair costs for consumers, prompting ongoing observation of whether the industry will continue down a path of deeper customization or establish new, higher industry standards [12].

Core Viewpoint - The domestic OLED screen market, which holds over 60% of the global flexible OLED smartphone screen share, is intensifying its focus on high-end products, particularly in eye-care technology and high refresh rates [2][3]. Group 1: Product Development and Trends - Tianma and OPPO have jointly launched an eye-care OLED smartphone screen with a low brightness of 1 nit in dark environments, establishing a collaborative laboratory [2]. - Key technological trends for OLED screens include eye-care features, high refresh rates, and the development of foldable screens, with Tianma's OLED screens achieving refresh rates of up to 240Hz [2]. - The foldable smartphone market is experiencing stable growth, and Tianma is ramping up production of flexible OLED screens for both left-right and up-down folding designs [2]. Group 2: Industry Collaboration and Competitiveness - The competitiveness of domestic OLED screens relies on industry chain collaboration, with OPPO and Tianma combining their respective technologies for the development of the eye-care OLED screen [3]. - The domestic OLED industry is pushing for the localization of OLED emitting materials to enhance the competitiveness of screens and terminal products [3]. Group 3: Market Outlook and Performance - Currently, 90% of flexible OLED screens are used in smartphones, but Tianma plans to expand applications into automotive and IT sectors, with flexible OLED automotive display products expected next year [4]. - Major players like BOE, Visionox, and TCL Huaxing are establishing 8.6-generation flexible OLED or printed OLED production lines to capture opportunities in mid-size displays for IT and automotive applications [4]. - According to Sigmaintell, global shipments of flexible OLED smartphone screens are projected to reach nearly 300 million units in the first half of 2025, with a year-on-year growth of approximately 5.2% [4]. - Domestic manufacturers are expected to ship around 190 million flexible OLED smartphone screens, marking a year-on-year increase of about 7.7%, thus increasing their global market share to 62.3% [4]. - Tianma and BOE's flexible OLED smartphone screen shipments in the first half of the year were approximately 71 million and 43.2 million units, respectively, with year-on-year growth rates of 10.3% and 15.6% [4].

Core Insights - The domestic OLED screen market, which accounts for over 60% of the global flexible OLED smartphone screen market, is focusing on high-end development [2] - Tianma and OPPO have launched an eye-care OLED smartphone screen with a low brightness of 1 nit in dark environments, indicating a trend towards value competition in domestic OLED screens [2] - The collaboration aims to enhance the competitiveness of domestic OLED screens through industry chain synergy, with a focus on localizing OLED emitting materials [3] Group 1 - The technological trends for OLED smartphone screens include eye-care features, high refresh rates, and foldable designs [2] - Tianma's OLED screens can achieve a refresh rate of up to 240Hz, providing smoother visuals [2] - The foldable smartphone market is experiencing stable growth, and Tianma is ramping up production of flexible OLED screens for both left-right and up-down folding designs [2] Group 2 - Currently, 90% of flexible OLED screens are used in smartphones, but Tianma plans to expand applications to automotive and IT sectors, with flexible OLED automotive displays expected next year [4] - Major competitors like BOE, Visionox, and TCL Huaxing are also establishing 8.6-generation flexible OLED or printed OLED production lines to capture opportunities in mid-size displays [4] - According to Sigmaintell, global shipments of flexible OLED smartphone screens are projected to reach nearly 300 million units in the first half of 2025, with a year-on-year growth of approximately 5.2% [4]