CINNO Research发文称，今年11月，伴随国内外旺季备货期结束，面板需求进一步回落，而供应仍相对宽松，推动面板价格持续下行。进入12月，北美市 场需求逐渐释放，带动短期需求回暖，但由于整体产能平均稼动率仍维持较高水位，预计中小尺寸面板价格将逐步企稳，而大尺寸面板价格则延续下跌趋 势。 12月以来，国内市场因季节性备货结束而需求放缓，海外市场则在2026年世界杯等体育赛事预期及头部品牌年底冲量采购的推动下，表现出一定需求韧性， 带动短期整体市场回暖。面板厂在10月主动调控产能后，近期迎来订单阶段性增加，预计将维持较高产能利用率生产。在供需环境整体仍较宽松的背景下， 部分LCD TV面板价格有望逐步止跌，但全面反弹动力不足。 从需求端来看，面板市场在经历国内外旺季备货期后，11月整体需求已显现疲软，除32"与43"小尺寸面板价格保持稳定外，其余尺寸价格均延续下跌态势。 进入12月，受部分品牌商为明年国际体育赛事启动提前采购带动，中小尺寸面板需求获得阶段性支撑，预计价格逐步趋于稳定。反观国内市场，由于"国 补"政策尚未明确延续，终端厂商对明年一季度传统淡季的预期仍偏保守，并未开展大规模备货，因此大尺寸面板 ...

Core Viewpoint - BOE plans to start mass production of 8.6-generation OLED panels for laptops in May next year, with Acer and ASUS as initial customers [1][2]. Group 1: Production and Technology - The 8.6-generation OLED production line in Chengdu, Sichuan, can produce both laptop and smartphone panels [2]. - Compared to the current mainstream 6th generation, the 8.6-generation (2290mm×2620mm) can produce approximately 2.5 times the number of 14-inch panels per substrate, significantly reducing costs and improving production efficiency [2]. - BOE aims to be the first company globally to achieve mass production of 8.6-generation OLED panels, having completed the factory's lighting ceremony and entered trial production [2]. Group 2: Competitive Landscape - Samsung Display also plans to start mass production of 8.6-generation OLED panels in the second quarter or third quarter of next year, with Apple as a customer for its products [2]. - The first Apple laptops featuring OLED screens, specifically the "MacBook Pro," will utilize Samsung's 8.6-generation panels [2]. - BOE is in discussions with multiple Chinese smartphone manufacturers, including Apple and OPPO, regarding OLED screen supply [2].

Core Viewpoint - TrendForce's latest report indicates a comprehensive decline in television panel prices, while monitor panel prices remain stable, and slight decreases are observed in certain laptop panel prices [2][5][6]. Television Panels - The average price of 65-inch television panels is $168, down $3 from the previous month, a decrease of 1.8% [5]. - The average price of 55-inch television panels is $121, down $2 from the previous month, a decrease of 1.6% [5]. - The average price of 43-inch television panels is $63, down $1 from the previous month, a decrease of 1.6% [5]. - The average price of 32-inch television panels is $34, down $1 from the previous month, a decrease of 2.9% [5]. Monitor Panels - In November, monitor panel prices remained stable, with the average price of 27-inch IPS panels at $63 [6]. - The average price of 23.8-inch IPS panels is $49.9, with no change from the previous month [6]. Laptop Panels - The average price of 17.3-inch TN panels is $38.1, down $0.1 from the previous month, a decrease of 0.3% [8]. - The average price of 15.6-inch Value IPS panels is $40.1, down $0.1 from the previous month, a decrease of 0.2% [8]. - The average price of 14.0-inch TN panels has stabilized at $26.9 since July 2024 [8]. - The average price of 11.6-inch TN panels has also stabilized at $25.1 since July 2024 [8].

Core Insights - TCL Huaxing has launched the T8 project with a total investment of approximately 29.5 billion yuan, marking the world's first mass production G8.6 generation printed OLED production line [1][2] - The T8 project is seen as a critical step in strengthening the semiconductor display industry cluster in the Guangdong-Hong Kong-Macao Greater Bay Area [1][7] Investment and Production Details - The T8 project is designed to process about 22,500 glass substrates measuring 2290mm x 2620mm per month, targeting the mid-size IT market including monitors, laptops, and tablets [2] - The project aims to achieve mass production by the second half of 2027, with a construction period of 24 months [4] Technology and Cost Advantages - The choice of printed OLED technology is based on its unique advantages in cost and display quality, with a material utilization rate exceeding 90%, compared to about 30% for traditional evaporation techniques [2][6] - TCL Huaxing expects a cost advantage of over 15% compared to other OLED technologies once the T8 project is scaled up [2] Competitive Landscape - The global competition in high-generation OLED production lines has intensified, with major players like Samsung Display and BOE investing heavily in G8.6 generation lines, while TCL Huaxing is the only major company betting on the printed route [5] - TCL Huaxing's T8 project is the fourth high-generation OLED line announced in the industry, with the company timing its entry based on its own progress and market demand forecasts [5] Strategic Implications - The T8 project is expected to enhance the collaboration within the Greater Bay Area's semiconductor display industry, leveraging existing production lines in Guangzhou, Shenzhen, and Huizhou [7] - The project aims to achieve a 50% localization rate for equipment in its first phase, addressing previous dependencies on overseas suppliers and enhancing China's capabilities in this field [7]

Core Viewpoint - The demand for LCD TV panels remains high due to brand manufacturers preparing for the year-end peak season, with panel prices stabilizing as supply and demand strategies align [4][5][6]. Group 1: Market Demand - In Q3, brand manufacturers increased procurement to meet year-end demand, leading to a rise in panel prices, which approached stabilization by September [5][6]. - Despite a forecasted slowdown in demand as inventory adjustments occur, promotional events like "Double Eleven" and "Black Friday" are expected to support demand in October [6][8]. - The overall demand for panels in October is projected to remain stable, with most panel prices expected to hold steady compared to September [8]. Group 2: Supply Side Dynamics - Panel manufacturers increased production capacity utilization to 82% in Q3, a nearly 3% increase from the previous quarter, resulting in a 7.6% year-on-year growth in LCD TV panel shipments [8]. - To address the anticipated demand decline, many panel manufacturers are adjusting production capacity in early October, expecting utilization to drop below 80% [8]. - This production adjustment strategy aims to control inventory and operational costs while alleviating potential supply-demand imbalances in the TV market [8]. Group 3: Price Stability - Price stability is expected for most panel sizes in October, with specific prices remaining unchanged from September: 32" at $32, 43" at $64, 50" at $88, 55" at $110, 65" at $165, and 75" at $221 [4][8]. - However, larger panel sizes like 85" and 98" may experience slight price declines due to insufficient demand, projected to drop to $290 and $455 respectively [8].

Core Viewpoint - TCL Technology, in collaboration with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee, has signed a project cooperation agreement to establish an 8.6-generation printed OLED display panel production line with a monthly processing capacity of approximately 22,500 glass substrates measuring 2290mm x 2620mm [1] Investment Details - The total investment for the T8 project is estimated at approximately RMB 29.5 billion [1] - The parties involved have agreed to jointly contribute RMB 14.75 billion to the registered capital of the project company, with TCL Huaxing contributing RMB 8.85 billion and the state-owned enterprises coordinated by the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee contributing a total of RMB 5.9 billion [1] - The remaining investment required beyond the registered capital will be financed through loans from a syndicate and other legally compliant methods [1]

Core Viewpoint - TCL Technology announced a collaboration with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to establish an 8.6-generation printed OLED display panel production line, which aims to enhance China's competitive position in the global new display industry [1] Group 1: Project Details - The project involves the construction of a production line with a monthly processing capacity of approximately 22,500 glass substrates measuring 2290mm × 2620mm [1] - The total investment for the project is approximately RMB 29.5 billion, with an agreement to jointly contribute RMB 14.75 billion to the registered capital of the project company [1] - TCL Huaxing will contribute RMB 8.85 billion to the project [1] Group 2: Strategic Implications - This initiative is expected to help China seize strategic advantages in the global new display industry and lead advancements in technology exploration and commercialization breakthroughs [1]

Group 1 - TCL Technology announced a project cooperation agreement with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to jointly build an 8.6-generation printed OLED display panel production line with a monthly processing capacity of approximately 22,500 glass substrates measuring 2290mm × 2620mm [1] - The total investment for the T8 project is approximately RMB 29.5 billion, with all parties agreeing to contribute a total of RMB 14.75 billion to the registered capital of the project company [1] - TCL Huaxing will contribute RMB 8.85 billion, while the Guangzhou Municipal Government and the coordinating state-owned enterprises will contribute a total of RMB 5.9 billion [1]

Core Viewpoint - TCL Technology and its subsidiary TCL Huaxing have signed a project cooperation agreement with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to jointly build an 8.6-generation printed OLED display panel production line, with a total investment of approximately 29.5 billion yuan [1] Investment Details - The new production line will have a monthly processing capacity of about 22,500 glass substrates measuring 2290mm x 2620mm, targeting applications in flat panels, laptops, and monitors [1] - The total investment for the project is approximately 29.5 billion yuan, with an agreed joint capital contribution of 14.75 billion yuan to the project company, which is responsible for construction and operation [1] - TCL Huaxing will contribute 8.85 billion yuan, while the Guangzhou Municipal Government and state-owned enterprises coordinated by the Guangzhou Economic and Technological Development Zone Management Committee will contribute a total of 5.9 billion yuan [1] Financing Structure - The remaining investment required beyond the registered capital will be addressed through loans from a syndicate and other legally compliant methods [1]

Core Viewpoint - The article discusses the challenges of mergers and acquisitions (M&A) in the semiconductor industry, contrasting it with the more fluid M&A environment in Western markets, and highlights the mindset of founders regarding selling their companies to competitors [1][2]. Semiconductor Industry M&A Status - The semiconductor industry is categorized under "pan-semiconductor," sharing similarities with solar and display panel industries in terms of materials and equipment used [2]. - Founders returning from the U.S. may perceive local competitors from solar and display sectors as less sophisticated, leading to reluctance in M&A discussions [2][4]. Market Dynamics and IPO Standards - The standards for listing on the Science and Technology Innovation Board (科创板) are continuously rising, making it difficult for companies that would have qualified in the past to meet current criteria [5][6]. - The increasing standards across various boards reflect the evolving nature of industries and the need for companies to adapt to market expectations [6][7]. Barriers to M&A - Two significant barriers to M&A are the existence of listing performance agreements and valuation discrepancies between private companies and public counterparts [12]. - Many private companies have valuations that exceed those of similar public companies, complicating potential acquisition discussions [12]. Founder Mindset - Founders often have a strong attachment to their companies, viewing the idea of selling to a competitor as an insult, which can hinder M&A opportunities [4][21]. - The average age of entrepreneurs in the primary market is around 45, and their experiences often lead to a strong desire for an independent IPO rather than selling their companies [20][21]. Conclusion - The article emphasizes the need for continued efforts in the primary market to address the cultural and structural barriers to M&A, suggesting that a shift in mindset among founders is necessary for change [22].