他说，第四季度监视器面板需求疲软，对面板厂而言，主流监视器面板续亏，面板厂在价格上没有让步 空间，也不愿扩大生产。11月监视器面板价格仅有23.8英寸Open Cell面板因需求走弱，预估下跌0.2美 元，其馀主流尺寸价格估皆持平。 双虎均看淡第四季度面板出货，友达日前法说会说，第四季度显示器产品进入淡季，出货季减。智慧移 用出货估季增5%-9%、垂直解决方案持平或略降。群创预估本季非显示器领域群、商用显示器及消费性 显示器三类产品出货均将季减3%以内。 范博毓指出，11月存储价格飙升，暂时未影响品牌客户对面板的采购动能。第四季度整体采购动能仍符 合预期，但品牌客户要求面板价格下跌的想法不变，面板厂也意识到除台面下优惠外，台面上的价格也 需调整，以满足客户要求。11月NB面板价格仅有TN面板持平，其馀IPS主流尺寸规格预期将下跌0.1至 0.2美元。 集邦科技（TrendForce）近日公布11月下旬面板报价，集邦研究副总范博毓表示，受传统淡季影响，电 视面板报价续跌。IT用面板中，监视器面板仅少数规格下跌0.2美元，主流尺寸价格则是守稳；笔记本 电脑用面板在IPS主流尺寸规格呈小跌0.1-0.2美元。年底面 ...

11月21日，针对公司被某大客户取消LTPO面板订单传闻，京东方A在互动平台表示，公司始终与全球 合作伙伴保持着紧密、稳定、互信的合作关系，所有业务项目均在按计划有序推进。对于韩媒基于不实 信息的报道，公司不予置评，并对其引发的市场传闻深表遗憾。公司郑重提醒，所有合作信息请以京东 方及客户的官方发布为准。 ...

分析称，从2026年整体市场来看，供应链厂商的初步反馈显示，平板面板出货量将同比增长 1.4%，达到3.015亿片。按技术类别分，LCD平板面板出货量预 计为2.864亿片，与去年大致持平。中国面板厂商在国内客户带动下仍预期增长；而主要面向苹果或全球平板品牌的面板供应商，则因2025年出货基数过 高，对2026年预期更加谨慎。 根据最新的下游品牌和OEM调研，预计2025年平板面板出货量将达到2.974亿片，同比增长8%。这不仅将创下年度最高出货量记录，也将是平板面板出货量 首次接近3亿片。（青山） 【环球网科技综合报道】11月21日消息，根据Omdia平板与笔电显示及OEM智能服务的最新分析，OLED平板面板出货量预计将在2026年同比增长39%，达 到1500万片。 ...

TrendForce集邦咨询公布的11月面板价格显示，2025年11月，电视面板价格全面下跌，进入第四季后， 厂商在面板价格上采取更为灵活的策略，预估11月份的电视面板价格仍维持跌价态势；显示器面板价格 与前月持平，买卖双方在价格的共识上仍是以持稳为主；笔电面板部分尺寸价格下跌。 具体内容如下： 电视面板 显示器面板 进入第四季后，显示器(MNT)面板需求呈现较疲软的态势，不过对面板厂而言，主流MNT面板持续处 于亏损状态，因此面板厂在价格上没有太多让步的空间，也不愿意扩大生产规模，因此目前买卖双方在 价格的共识上仍是以持稳为主，就11月份的MNT面板价格来看，仅有23.8吋Open Cell面板因为需求明 显更弱，预估价格下跌0.2美元之外，其余主流尺寸价格皆呈现持平态势。 笔电面板 进入11月份，目前存储器价格大幅飙升，暂时还未影响到品牌客户对面板的采购动能，第四季整体采购 动能仍符合原先预期，但品牌客户要求面板价格下调的想法未变，面板厂也意识到除了原本台面下优惠 外，台面上的价格也要开始作调整，以满足客户的要求。因此就11月份的笔电(NB)面板价格来看，目 前仅有TN面板维持持平之外，其余IPS主流尺寸 ...

近日，友达光电发布公告称，将L3C厂房及相关附属设施出售给半导体封测企业力成科技。交易总金额68.98 亿元新台币，预计此次可为友达带来约38.5亿 元新台币的收益。 根据公告，友达此次处置资产的主要目的是聚焦轻资产营运模式、活化资产及优化财务结构。 值得关注的是，作为中国台湾地区的面板制造龙头企业，友达光电的业务覆盖LCD与OLED显示面板，产品广泛应用于电视、车载、消费电子等领域，曾在 全球面板市场占据重要位置。但近年来，这家老牌厂商开始频繁调整资产结构，厂房出售已成常态。2024年8月，友达光电就将台南、台中多处厂房卖给存 储巨头美光；今年2月，又把中科后里园区的部分厂房及设施出售给美光。 值得关注的是，友达光电近期的经营业绩正面临压力。根据其近日公布的2025年第三季度财报显示，友达光电该季度合并营业额为699.1亿元新台币，较去 年同期减少10.1%；当季归属母公司业主的净亏损为12.8亿元新台币。 为应对市场变局，友达在今年年中宣布组织调整，董事长彭双浪兼任集团执行长，总经理柯富仁出任营运长，意图强化"显示科技、智能出行、垂直场域"三 大支柱的协同。 ...

智通财经APP获悉，群智咨询发文称，进入四季度，智能手机面板市场呈现 "整体季度性增长、技术路线分化加剧"的格局。低端面板凭借华南 市场支撑需求高企，FOLED 受益于旗舰机型备货周期实现出货增长，而 LTPS LCD、ROLED 则面临需求挤压，这种分化态势进一步传导至价 格端，推动四季度各技术路线面板价格呈现差异化走向。 Tablet面板 具体分析如下： a-Si LCD：需求韧性支撑，迎小幅涨价窗口 a-Si LCD面板的需求韧性主要有双重支撑：一是其高性价比属性契合下游品牌在低端市场的成本控制需求，成为入门机型的核心选择;二是下 沉市场白牌机型订单稳定，叠加售后维修市场的持续性，形成需求基本盘。而且，部分旧机种的维修规格，有小量的加单需求。#群智咨询 (Sigmaintell)预计四季度a-Si LCD面板(Cell)将在华南市场迎来小幅涨价。 LTPS LCD：供需双减格局下价格维持平稳 当前智能手机市场对 LTPS LCD 面板的供需预期均处于低位：需求端，中低端机型更倾向选择性价比更高的 a-Si LCD，中高端机型则逐步向 OLED切换，导致 LTPS LCD 的应用场景持续收缩;供应端，面板 ...

Core Insights - The global display panel market is expected to maintain price stability in November, with mainstream specifications likely to remain steady while high-end panels face downward pressure due to weak demand and supply adjustments [1][2]. Monitor Panels - In November, the global monitor panel market continues to show price stability, driven by weak demand characterized by high inventory levels among brand manufacturers and reduced procurement activity [2]. - The end of government subsidy policies has led to diminishing market stimulation, further contracting consumer demand [2]. - Panel manufacturers are adopting a "production on demand" strategy to maintain a dynamic balance in supply and demand, with some reducing supply to enhance bargaining power [2]. - Specific price performance for mainstream specifications in November includes: - 21.5" FHD: Prices expected to remain flat - 23.8" FHD: Prices expected to remain flat - 27" FHD: Prices expected to remain flat [2]. Notebook Panels - The notebook panel market continues to experience weak demand in November, leading to sustained price pressure [3]. - High inventory levels among brand manufacturers are prompting cautious procurement orders as the peak stocking season has concluded [3]. - Despite tariff adjustments alleviating some cost pressures, the overall cost burden from rising core component prices remains significant, with brands strongly transmitting cost pressures to panel suppliers [3]. - Price performance for notebook panels in November includes: - Low-end HD TN: Prices expected to remain flat - IPS FHD & FHD+: Prices for 16:9 and 16:10 mainstream specifications expected to decrease slightly by $0.2; high-end specifications continue to show price differentiation [3].

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, expecting it to outperform the market index by more than 10% in the next six months [1]. Core Insights - The electronic industry experienced rapid growth in the first three quarters of 2025, with revenue reaching 2.44 trillion yuan, a year-on-year increase of 20.86%. Net profit attributable to shareholders was 1,003.33 billion yuan, up 33.41% year-on-year [28][32]. - The strong performance is attributed to robust demand from AI data centers, which boosted the demand for PCB/CCL components and server/switch hardware. Additionally, the recovery in traditional consumer electronics such as smartphones and PCs, along with emerging fields like AI glasses, AR/VR, and robotics, contributed to this growth [28][29]. - The industry's gross margin for the first three quarters was 13.36%, a slight decrease of 0.26 percentage points year-on-year, while the net margin improved by 0.54 percentage points to 4.08% [28]. Summary by Sections Market Review and Valuation - The Shenwan electronic sector rose by 4.29% over the past two weeks (10/24-11/06), outperforming the CSI 300 index by 2.40 percentage points, ranking third among Shenwan industries. Year-to-date, the sector has increased by 49.97%, outperforming the CSI 300 index by 30.69 percentage points [9][10]. Industry News - Major companies reported strong earnings: - Apple reported Q4 revenue of $102.47 billion, a 7.9% year-on-year increase, with expectations of 10%-12% growth in Q1 2026 [18]. - Amazon's AWS revenue grew by 20% year-on-year to $33.01 billion, marking the largest increase since 2022 [18]. - Alphabet's Q3 revenue was $102.35 billion, up 16% year-on-year, with Google Cloud revenue reaching $15.16 billion [18]. - Microsoft's Q1 revenue was $77.67 billion, an 18% increase year-on-year [18]. Industry Data - Global smartphone shipments in Q3 2025 reached 323 million units, a 2.57% year-on-year increase. In China, shipments were 21.64 million units, up 2.59% [20]. - The prices of LCD panels in October 2025 showed a slight decline, with 32-inch panels priced at $35, down $1 from the previous month [23]. Weekly Perspective - The report highlights the strong performance of various segments within the electronic industry: - PCB segment revenue grew by 24.61%, with net profit increasing by 61.41% [29]. - CCL segment revenue rose by 33.81%, with net profit up by 86.47% [29]. - Consumer electronics revenue increased by 27.56%, with net profit growing by 32.05% [29]. - Panel manufacturing revenue grew by 8.90%, with net profit increasing by 58.18% [32]. Key Companies to Watch - The report suggests focusing on specific companies due to their strong performance: - Huadian Technology reported a revenue of 13.51 billion yuan, up 49.96% year-on-year [33]. - Lixun Precision reported a revenue of 220.91 billion yuan, a 24.69% increase [33]. - Shenghong Technology's revenue surged by 83.40% to 14.12 billion yuan [33].

Core Viewpoint - TrendForce predicts a comprehensive price adjustment for TV panels in November, while monitor panel prices remain stable, and slight decreases are expected for some laptop panels [1][4][5][6]. Group 1: TV Panels - Demand for TV panels in November shows only a slight decline, with some brands still willing to increase orders. Panel manufacturers are making minor adjustments to production rates while remaining flexible to brand demands [4]. - Price forecasts for November indicate a decrease of $1 for 32-inch and 43-inch panels, $2 for 50-inch and 55-inch panels, and $3 for 65-inch and 75-inch panels [4]. Group 2: Monitor Panels - Demand for monitor panels has significantly weakened entering the fourth quarter, but manufacturers are reluctant to make substantial price concessions, leading to continued losses. As a result, the consensus is to maintain stable prices for most mainstream sizes [5]. - The only exception is the 23.8-inch VA Open Cell panel, which is expected to decrease by $0.1 due to slightly loosened supply [5]. Group 3: Laptop Panels - Despite entering the traditional off-season, demand for laptop panels is slightly stronger than expected, with some brand clients willing to increase purchase volumes. Manufacturers are adopting a lower bargaining stance to maintain customer relationships [6]. - Price expectations for November indicate that TN panel prices will remain stable, while IPS panel prices are anticipated to decrease by $0.1 [6].

Core Viewpoint - TrendForce's report indicates a downward adjustment in TV panel prices for November 2025, while monitor panel prices are expected to remain stable, and slight decreases are anticipated for some laptop panels [1][4]. TV Panels - The average price for 65-inch TV panels is projected to be $168, down by $3 or 1.8% from the previous month, with a minimum price of $162 and a maximum of $171 [5]. - The average price for 55-inch TV panels is expected to be $121, a decrease of $2 or 1.6% from the previous month, with a minimum price of $114 and a maximum of $124 [6]. - The average price for 43-inch TV panels is forecasted at $63, down by $1 or 1.6% from the previous month, with a minimum price of $61 and a maximum of $65 [6]. - The average price for 32-inch TV panels is estimated to be $34, a decrease of $1 or 2.9% from the previous month, with a minimum price of $33 and a maximum of $35 [7]. Monitor Panels - Prices for monitor panels are expected to remain unchanged this period [8]. - The average price for 27-inch IPS panels is projected to be $63, with a minimum price of $57.6 and a maximum of $65.8 [9]. - The average price for 23.8-inch IPS panels is expected to be $49.9, with a minimum price of $47.1 and a maximum of $51.4 [10]. Laptop Panels - The average price for 17.3-inch TN panels is projected to be $38.1, down by $0.1 or 0.3% from the previous month, with a minimum price of $37.5 and a maximum of $39.6 [11]. - The average price for 15.6-inch Value IPS panels is expected to be $40.1, a decrease of $0.1 or 0.2% from the previous month, with a minimum price of $38.4 and a maximum of $41.7 [11]. - The average price for 14.0-inch TN panels has stabilized at $26.9 since early July 2024, with a projected minimum price of $26.4 and a maximum of $28.1 [12]. - The average price for 11.6-inch TN panels has remained stable at $25.1 since early July 2024, with a projected minimum price of $24.2 and a maximum of $26.5 [13].