01 今年3月，美国关税政策的预期与正式执行关税前的实际操作为品牌商赢得海外市场备货缓冲期； 在"以旧换新"补贴政策的支持下，国内市场各品牌在AWE展会中积极推出今年春季新品机型并为 618大促提前备货，进一步推动TV市场短期需求回升。进入4月，美对华关税战升级且前期需求透 支，终端采购动力不足，导致库存水位偏高。在需求转弱的情况下，部分面板厂为稳定价格可能 会考虑控产。 " 今 年 3 月 ， 在 美 国 关 税 政 策 频 繁 变 动 、 国 内 品 牌 春 季 新 品 集 中 放 量 及 " 以 旧 换 新 " 政 策 带 动 下 ， 短期需求仍维持高位，因面板供应端持续高稼动出货，面板价格涨幅开始收窄。进入4月，随着二 季度部分需求提前释放叠加美对华关税贸易战升级，面板供需进入弱平衡状态，预计4月面板价格 将出现拐点。" | | | | | Worldwide TV Display Panel Price Dynamic | | | | --- | --- | --- | --- | --- | --- | --- | | Size & Resolution | | | Technology | Ma ...

| 应用别 | 尺寸 | 分辨率 | 出货型态 | | | 液晶显示屏价格下旬预测 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 低 | 高 | म्त्रीश | 与前月差异(%) | | | 电视 | 65"W | 3840x2160 | Open-Cell | 173 | 182 | 177 | 0.0 | 0.0% | | | રેર "W | 3840x2160 | Open-Cell | 122 | 130 | 127 | 0.0 | 0.0% | | | 43"W | 1920x1080 | Open-Cell | 64 | 67 | 66 | 0.0 | 0.0% | | | 32' ' W | 1366x768 | Open-Cell | 35.0 | 37.0 | 36.0 | 0.0 | 0.0% | | 桌上显示器 | 27"W (IPS) | 1920x1080 | LED | 57.5 | 65.6 | 62.9 | 0.2 | 0.3% | | | 23.8"W (IPS) | 19 ...

【TrendForce】 4 月7日，TrendForce集邦咨询公布最新面板价格预测。具体来看：电视面板价格与 笔电面板价格 预期持平，显示器面板价格则延 续上涨趋势。 电视面板 TrendForce研究副总范博毓指出，显示器面板在4月份仍维持3月份动能，面板价格延续上涨趋势，面板厂仍希望透过这一波的需求增强，持续改善 亏损的状况。 不过4月2日对等关税措施宣布后，部分品牌客户开始针对整机成品暂停拉货，是否会开始影响到对面板需求与价格的趋势，仍待观察。 以4月份的显示器面板价格来看，Open Cell面板预计上涨0.3美元，面板模组中，21.5吋FHD预计上涨0.2美元，23.8吋FHD预计上涨0.3美元，27吋 FHD预计上涨0.2美元。 笔电面板 笔电面板在4月份后，因为对等关税措施实施后，品牌客户对后续展望混沌不明状况下，仅能在4月9日关税生效前加强透过空运出货，但4月9日后 整体需求可能会出现下修的风险，进而影响到对面板的需求。 在后续发展不确定性高之下，面板厂目前对面板价格的想法较偏观望，后续走势仍须看需求变化而定。以4月份的笔电面板价格来看，目前预估仍 维持全面持平态势。 TrendForce研 ...

Core Viewpoint - The article discusses the investment by Huancai Star in building a high-generation Fine Metal Mask (FMM) production line in Ningbo, Zhejiang, to meet the growing demand for FMM in the OLED panel industry, particularly for G8.6 generation OLEDs [1][2]. Group 1: Investment and Production - Huancai Star plans to invest over 1 billion yuan in the construction of a high-generation FMM production line to cater to the increasing demand from domestic panel manufacturers for high-generation OLED capacity [1]. - The company has established comprehensive independent technology and production capacity for FMM in G6 and below OLED panels [3]. - The F2 factory in Ningbo successfully trial-produced G8.6 generation FMM products by the end of 2024, achieving internationally leading technical standards [3]. Group 2: Market Demand and Supply Dynamics - FMM is a critical material in the OLED evaporation process, essential for the resolution and image quality of OLED displays [1]. - The demand for domestic FMM is rising due to the supply challenges faced by local panel manufacturers, who primarily rely on Japanese supplier DNP for high-spec FMM [1]. - The strong growth in consumer demand for medium to large-sized OLEDs has prompted major panel manufacturers, including Samsung Display, BOE, and Visionox, to invest in high-generation OLED production lines [1].

【TrendForce】 3月20日，TrendForce集邦咨询公布最新面板价格。具体来看：预期需求走弱，电视面板价格涨势收敛；显示器面板有望全面涨 价，且涨幅稍扩大；笔电面板价格仍持平。 电视面板 TrendForce集邦咨询研究副总范博毓表示，3月份电视面板需求目前虽然仍稳定，但以北美终端市场来看，在超级杯销售结束后，2月份起需求就开 始走弱，加上关税的不确定性高，有可能导致消费趋向保守。 国内虽有以旧换新政策的带动，但政策带动的需求已逐渐出现钝化的效应，加上自4Q24至1Q25，品牌客户持续维持高采购动能，导致目前品牌的 终端库存水位都有偏高的趋势，对于第二季面板需求可能下滑的杂音已经出现。 面板厂当然已经意识到这样的风险，因此持续讨论需要执行产能调控的可能时间点与幅度，以希望维持住整体供需状态稳定。 不过就目前观察，在预期需求走弱的态势下，电视面板价格的涨势有开始收敛的迹象。以3月份的电视面板价格走势来看，32吋预估上涨0.5美元。 43吋预估上涨1美元。50吋持平，55吋，65吋与75吋皆上涨1美元。 显示器面板 整体而言，以3月份的显示器面板价格走势来看，Open Cell面板预估上涨0.2~0 ...

Core Viewpoint - In March 2025, the prices of TV and monitor panels have increased, while laptop panel prices remain stable. The demand for TV panels is showing signs of weakening, particularly in the North American market, leading to discussions among panel manufacturers about potential capacity adjustments to maintain supply-demand stability [2][4]. Group 1: TV Panels - The demand for TV panels is currently stable, but there are signs of weakening demand in the North American market following the Super Bowl sales. This is compounded by uncertainties regarding tariffs, which may lead to more conservative consumer behavior [2]. - In March, the price trends for TV panels indicate a slight increase, with 32-inch panels expected to rise by $0.5, 43-inch panels by $1, while 50-inch panels remain flat, and 55-inch, 65-inch, and 75-inch panels also increase by $1 [2]. Group 2: Monitor Panels - The demand for monitor panels has been strong in the first quarter, leading to a continued upward trend in prices. However, brand clients express concerns about future demand and tariff impacts, resulting in a gap in price acceptance between manufacturers and clients [4]. - For March, the estimated price increase for Open Cell monitor panels is between $0.2 to $0.3, with specific increases for 21.5-inch FHD panels expected to rise by $0.2, 23.8-inch FHD panels by $0.2 to $0.3, and 27-inch FHD panels by $0.1 to $0.2 [4]. Group 3: Laptop Panels - The demand for laptop panels has been relatively weak in the first quarter, with brand clients considering the uncertainty of future demand, which may lead to continued downward adjustments in panel demand. Consequently, most manufacturers prioritize maintaining market share and customer relationships, resulting in a stable pricing outlook for March [5].

Core Viewpoint - The article discusses the impact of U.S. tariff policies on the LCD TV panel market, highlighting a strong domestic demand driven by the "old-for-new" policy and brand preparations for new product launches, while also noting potential declines in overseas demand due to increased tariffs [3][4]. Market Dynamics and Tariff Impact - In February, the delay of U.S. tariffs on Mexico allowed brands to prepare for overseas market stocking, while domestic demand remained strong due to the continuation of the "old-for-new" subsidy policy [3]. - The implementation of a 25% tariff on Mexican goods and a 10% tariff on Chinese imports is expected to slow down overseas market demand, creating a "cold outside, hot inside" market dynamic [3][4]. Demand Side Analysis - The "old-for-new" policy has boosted market confidence, prompting brands to prepare for new product launches in 2025, with some brands advancing their release schedules [3]. - Despite rising panel prices, they remain lower compared to the same period last year, leading to increased domestic demand as brands stock up for the upcoming 618 shopping festival [3]. - The new tariffs will raise costs for TV panels exported to the U.S., potentially leading to higher retail prices and reduced consumer demand in the U.S. market [3][4]. Supply Side Dynamics - In February, panel orders increased, with domestic high-generation production lines operating at over 85% capacity [4]. - Due to the anticipated decline in overseas demand from tariff impacts, Chinese panel manufacturers may reduce production rates to manage supply [4]. - Increased tariffs will raise operational and logistics costs for U.S. market orders, potentially compressing profit margins [4]. March LCD TV Panel Price Forecast - CINNO Research predicts a narrowing increase in panel prices for March, with small price hikes of $1 for mainstream sizes (32" to 65") compared to February [5]. - Larger sizes (75" and 85") are expected to see a $2 increase due to stronger domestic demand, with prices projected to reach $231 and $312 respectively [5].

【TrendForce】 3月5日，TrendForce集邦咨询公布了3月上旬面板价格预测。具体来看：国内以旧换新政策仍可刺激需求，电视面板价格维持涨 势；显示器面板价格在本月有望全面上涨；笔电面板价格则持续持平。 电视面板 TrendForce研究副总范博毓表示，3月份电视面板需求虽然仍维持稳定，但受到如关税问题的纷扰已有些许杂音出现，品牌客户目前仍按部就班依 照采购计划维持对面板的采购动能，但不排除一旦终端需求出现变化，将开始修正订单。 TrendForce研究副总范博毓指出，受益于电视面板价格持续上涨，以及面板厂的酝酿，显示器面板价格有望在3月份全面上涨。不过受到关税等问 题的影响，整体市场需求的不确定性正在增加中，因此面板厂与客户之间对于涨幅的想法仍有显著落差，仍需花时间作协商。 整体而言，观察3月份的显示器面板价格走势将呈现小幅度上涨趋势，Open Cell面板预估上涨0.1~0.2美元，而面板模组价格，21.5吋FHD预估上 涨0.1~0.2美元，23.8吋FHD预估上涨0.2~0.3美元，27吋FHD预估上涨0.1美元。 笔电面板 笔电面板需求近月表现相对冷静，关税问题对已布局完毕的品牌而言，冲 ...

Core Viewpoint - The global display panel industry is expected to experience steady growth in capacity, production area, shipment area, and revenue in 2024, with China continuing to strengthen its dominant position in the global supply chain [1][22]. Capacity and Production Area - In 2024, the total capacity of global TFT-LCD and AMOLED panels is projected to reach 409 million square meters, representing a year-on-year increase of 2.5%. The capacity is expected to grow by another 2.3% in 2025, with AMOLED capacity maintaining a share close to 10% [2]. - The actual production area of global panels is anticipated to grow by 6.1% in 2024, with a further expected increase of 4.3% in 2025. The production area for TFT-LCD panels is projected to grow by approximately 4% in 2025, while AMOLED panels are expected to see a significant increase of 33% in 2024 and 7% in 2025 due to rising demand for smartphones and larger OLED products [4]. Shipment Area - The global panel shipment area is forecasted to grow by 7.6% in 2024, with TFT-LCD growing by 6% and AMOLED by 36%. In 2025, the shipment area is expected to increase by 4.2%, with TFT-LCD and AMOLED growing by 4% and 7%, respectively. TV and monitor panels are projected to account for nearly 80% of the total shipment area, highlighting the impact of large-size trends on the market [6]. Revenue Growth - The global panel industry revenue is expected to reach $119.2 billion in 2024, reflecting a year-on-year growth of 5.8%. Revenue is projected to grow by 2.8% in 2025, driven by increased shipment area and slight price fluctuations. By 2025, China's share of global panel revenue is expected to rise to 49%, while South Korea's share is projected to decline to 34.3% [8]. Market Share by Segment - In the TV panel market, China's shipment volume share is expected to increase from 64% in 2024 to 69% in 2025. The global TV panel shipment volume is projected to grow by 3.9% in 2024 but is expected to decline by 1% in 2025 [10]. - For monitor panels, China's market share is anticipated to rise from 59% in 2023 to 64% in 2024, with a further increase to 66% in 2025 [12]. - In the notebook (NB) panel market, China's share is expected to grow from 42% in 2023 to 47% in 2024, while Taiwan and South Korea's shares are projected to be 35% and 15%, respectively [14]. - In the tablet panel market, China's share is expected to increase from 62% in 2023 to 71% in 2024 [16]. - For smartphone panels, the global shipment volume is expected to grow by approximately 10% in 2024, with AMOLED smartphone panel shipments increasing by 27% [18]. - In the automotive display panel market, China's share is projected to exceed 50% for the first time, reaching 52% in 2024 [21]. Summary and Outlook - The CINNO Research report indicates that the global panel industry is set for a recovery and growth in 2024, with steady growth expected to continue into 2025. China's display panel market share is expanding across multiple segments, reinforcing its position as a global manufacturing hub. AMOLED technology is anticipated to maintain a high growth momentum, while TFT-LCD will continue to see steady growth in shipment area due to the trend towards larger sizes [22].