Group 1: Core Insights - The overall demand for TV panels remains weak, leading brands to adjust their procurement orders for Q3 while managing inventory and negotiating prices with panel manufacturers [2] - In July, the price forecast for TV panels indicates a decline of $1 for 32-inch and 43-inch panels, and a decline of $2 for 50-inch, 55-inch, 65-inch, and 75-inch panels [2] - The demand for monitor panels is also showing signs of slowdown, with most panel prices stabilizing, influenced by the declining prices of TV panels [3] Group 2: Specific Panel Insights - For laptop panels, there is a slight increase in demand as some brand clients become more optimistic, leading to more aggressive negotiations for price discounts [4] - Despite the positive outlook for laptop panel demand, the overall price trend is expected to remain stable, depending on negotiations between brand clients and manufacturers [5]

Core Viewpoint - The panel prices for televisions are expected to continue declining in July 2025, while prices for monitors and laptops remain stable [1] Group 1: Television Panel Market - Demand for television panels remains weak as of July, leading some brand clients to adjust their procurement orders for the third quarter [1] - Companies are focusing on inventory control and increasing their bargaining power with panel manufacturers [1] Group 2: Monitor and Laptop Panel Market - Prices for monitor and laptop panels are expected to hold steady in July 2025 [1]

Group 1: Panel Price Trends - The price of TV panels is expected to continue to decline in July 2025, while prices for monitors and laptops remain stable [1] - In July, TV panel demand remains weak, leading some brand clients to adjust their procurement orders for Q3, which increases their bargaining power with panel manufacturers [1][4] - Panel manufacturers are still producing based on demand, but some may consider accepting brand requests due to overall demand slowdown, resulting in slight price declines [1] Group 2: Monitor Panel Insights - The demand for monitor (MNT) panels has begun to show signs of slowing down in Q3, with only a few specific sizes experiencing minor supply shortages [5] - The decline in TV panel prices is also affecting the price trends of MNT panels, leading to a stable price situation for both Open Cell panels and panel modules [5] Group 3: Laptop Panel Demand - The demand for laptop (NB) panels has seen a slight increase in optimism among some brand clients entering Q3, leading to more aggressive bargaining for price discounts [6] - Panel manufacturers are attempting to stabilize customer demand through undisclosed price discounts to maintain market share and price stability [6][7] - The overall price of laptop panels in July is expected to remain stable, with future price trends dependent on negotiations between brand clients and manufacturers [7]

Group 1 - BOE is expected to supply approximately 51% of LCD panels for Apple's MacBook product line in 2025, surpassing LG Display as the largest supplier [2][3] - The total screen procurement for MacBook is projected to reach 22.5 million units in 2025, with a year-on-year growth of 1% [3] - BOE's market share in MacBook screens will increase by 12 percentage points compared to 2024, while LG Display's share will decrease by 9 percentage points [4] Group 2 - BOE has established an annual production capacity of 100 million OLED screens for iPhones, with a yield rate improving from 20% to 85% [4][6] - The entry of BOE into Apple's OLED supply chain for the iPhone 17 Pro Max indicates a significant improvement in product quality, meeting Apple's stringent standards [7][8] - The global AMOLED smartphone market share shows BOE at 16%, closing the gap with Samsung, which holds 43% [7][8] Group 3 - Challenges may arise for BOE in 2026 as Apple plans to introduce MacBooks with OLED screens, potentially allowing Samsung to regain market share [5] - Apple's supply chain strategy emphasizes diversification, which enhances competition among suppliers like BOE and Samsung [2][6]

Core Viewpoint - The latest report from TrendForce indicates a continued decline in TV panel prices for July 2025, while prices for monitors and laptops remain stable [1][3]. TV Panels - The average price for a 65-inch TV panel is $174, down by $2 or 1.1% from the previous month, with a range between $169 and $178 [5]. - The average price for a 55-inch TV panel is $124, also down by $2 or 1.6%, with a range from $119 to $127 [6]. - The average price for a 43-inch TV panel is $64, down by $1 or 1.5%, with a range from $62 to $65 [7]. - The average price for a 32-inch TV panel is $35, down by $1 or 2.8%, with a range from $34 to $36 [8]. Monitor Panels - The forecast indicates that monitor panel prices are expected to remain unchanged [8]. - The average price for a 27-inch IPS panel is projected to be $63, with a range from $57.6 to $65.8 [9]. - The average price for a 23.8-inch IPS panel is expected to be $49.9, with a range from $47.1 to $51.4 [10]. Laptop Panels - The forecast suggests that prices for laptop panels across various sizes will remain stable [10]. - The average price for a 17.3-inch TN panel has stabilized at $38.3, with a range from $37.7 to $39.8 [11]. - The average price for a 15.6-inch Value IPS panel is expected to remain at $40.3, with a range from $38.6 to $41.9 [12]. - The average price for a 14.0-inch TN panel has stabilized at $26.9, with a range from $26.4 to $28.1 [13]. - The average price for an 11.6-inch TN panel has stabilized at $25.1, with a range from $24.2 to $26.5 [14].

Group 1 - TSMC's Arizona factory has produced its first chip wafers for Apple, Nvidia, and AMD, marking a significant step towards localized semiconductor manufacturing in the U.S. However, advanced packaging capacity remains primarily in Taiwan [1] - Trump's "Trump Mobile" is claimed to be "Made in America," but analysts suggest it is actually manufactured in China, indicating a potential discrepancy in branding versus actual production [2] - Beijing's automotive industry is undergoing a transformation towards electrification and smart manufacturing, with a projected output value exceeding 440 billion yuan in 2024, reflecting a growth rate of over 15% [3] - China's first superconducting quantum computing measurement and control system, designed for a thousand-bit scale, has been delivered, laying a foundation for future development of larger-scale quantum computers [4] - LG Display plans to invest 1.2 trillion KRW (approximately 880 million RMB) to enhance its OLED technology competitiveness, as part of its long-term capital expenditure strategy [5]

Core Viewpoint - The panel prices for TVs, monitors, and laptops are expected to remain stable in June 2025 according to TrendForce's latest report [1]. TV Panels - The average price for a 65-inch TV panel is projected to be $177, with a range from $173 to $181 [3]. - The average price for a 55-inch TV panel is expected to be $127, with a range from $122 to $129 [3]. - The average price for a 43-inch TV panel is anticipated to be $66, with a range from $64 to $67 [3]. - The average price for a 32-inch TV panel is forecasted to be $36, with a range from $35 to $37 [3]. Monitor Panels - The average price for a 27-inch IPS monitor panel is expected to be $63, with a range from $57.6 to $65.8 [4]. - The average price for a 23.8-inch IPS monitor panel is projected to be $49.9, with a range from $47.1 to $51.4 [4]. Laptop Panels - The prices for laptop panels are expected to remain unchanged in June [5]. - The average price for a 17.3-inch TN panel is stable at $38.3, with a range from $37.7 to $39.8 [6]. - The average price for a 15.6-inch Value IPS panel is projected to be $40.3, with a range from $38.6 to $41.9 [6]. - The average price for a 14.0-inch TN panel is stable at $26.9, with a range from $26.4 to $28.1 [6]. - The average price for an 11.6-inch TN panel is stable at $25.1, with a range from $24.2 to $26.5 [6].

Group 1 - Japan Display Inc (JDI) announced a postponement of its investment in Taiwan's PanelSemi due to increased geopolitical risks in the semiconductor sector and a rapidly changing global economic environment [2] - JDI's consolidated revenue for the fiscal year 2024 is projected to decline by 21.4% to 188.01 billion yen, with an operating loss of 37.07 billion yen [3] - The company has reported a net loss of 78.22 billion yen for the fiscal year 2024, marking its 11th consecutive year of losses [3] Group 2 - JDI's Mobara factory, which produces LCD/OLED panels, is set to cease operations by March 2026, with plans to convert the site into an AI data center [4] - The company plans to reduce its workforce by approximately 1,500 employees in Japan, which represents nearly 60% of its domestic staff, as part of its restructuring efforts [4] - JDI aims to achieve profitability in its core business by fiscal year 2026 through measures such as layoffs and consolidating production at its Ishikawa factory [5] Group 3 - JDI plans to spin off its automotive display business into a subsidiary named "AutoTech" by October 1, 2025, to facilitate external funding and partnerships [5] - Scott Callon, JDI's Chairman and CEO, has resigned due to poor performance, with Jun Akama taking over as the new CEO [5]

Core Viewpoint - The article discusses the increasing involvement of panel manufacturers in the energy storage sector, highlighting their strategic partnerships and investments to enhance energy resilience and diversify revenue streams [1][4][7]. Group 1: Company Initiatives - Innolux has partnered with Delta Electronics to establish a large-scale energy storage system in Tainan Science Park, with a capacity of 40MW/70MWh, which can support the electricity needs of approximately 5,600 households for a day [1]. - Currently, Innolux has achieved a grid-connected solar power capacity of 46MW and aims to continue investing in energy generation to address power supply imbalances and enhance grid resilience [3]. - AU Optronics has been involved in the solar energy sector since 2008, with over 410 solar power plants completed, totaling a capacity of 515MW, positioning itself among the top five solar system builders in Taiwan [4]. - BOE Technology Group has established a subsidiary focused on energy technology, with a total renewable energy station capacity exceeding 1.5GW and a significant investment in R&D for perovskite solar cells [4]. - RiTdisplay has shifted its focus to energy, with its subsidiary RitWin Technology developing efficient lithium iron battery modules, contributing 60-70% of the group's revenue in 2024 [5][6]. Group 2: Industry Trends - The entry of panel manufacturers into the energy storage sector is driven by their existing technological advantages in semiconductor processes, materials science, and optical design, which can support innovations in energy technology [7]. - The experience in precision manufacturing and yield control from the display industry can be applied to energy storage product lines, addressing the urgent need for stable and cost-effective green energy [8]. - Expanding into the energy sector allows panel manufacturers to create new revenue sources, reduce dependence on a single industry, and mitigate operational risks, although they will face challenges in adapting to new technology standards and market competition [8].

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The report highlights the recovery opportunities in the consumer electronics sector following the recent tariff agreement [2] - The 3D printing industry is experiencing significant advancements, particularly in collaboration between equipment suppliers and 3C manufacturers, which is becoming a key focus in the consumer goods sector [2][11] - The iPhone 16 series has shown a price stratification across different sales channels, with e-commerce platforms offering further discounts to meet trade-in subsidy thresholds [2][20] - The panel market is showing distinct characteristics across applications, with the TV panel market facing supply-demand challenges while the monitor panel market continues to see price increases due to tariff exemptions [3][24] Summary by Sections 3D Printing - Recent developments include a joint venture between Huagong Technology and Lika Precision to enhance SLM manufacturing technology [11] - The domestic supply chain is witnessing critical breakthroughs, with companies like Plittech and Raycus Laser making significant progress in metal materials and laser technology [2][11] Apple Supply Chain - The pricing strategy for the iPhone 16 series has created a three-tier pricing structure across different sales channels [20] - Innovation is emphasized with the upcoming foldable iPhone featuring a book-like design, showcasing Apple's commitment to new technology [21] Panel Market - The TV panel market is experiencing a decline in demand, leading manufacturers to adjust production capacity, with an expected decrease in average utilization rates by 6-7 percentage points [3][24] - The monitor panel market continues to rise, driven by tariff exemptions, although the growth rate may slow due to the weakening demand in the TV panel sector [24] Tariff Adjustments - The recent US-China trade talks have led to a temporary suspension of certain tariffs, positively impacting the expectations of Chinese Apple supply chain manufacturers [4][26] - The adjustment in tariff policies is expected to enhance the shipment volumes of upstream manufacturers like GoerTek and Luxshare Precision [4][28]