行业供需格局改善，产品竞争力加强，折旧高峰期已过。 同样是面板行业的彩虹股份（600707.SH）强势涨停、TCL科技（000100.SZ）也上涨4.08%，风云君 认为市场开始关注到面板行业一些积极变化。 LCD行业供需格局改善，价格企稳回升信号明确 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 查理芒格所创造的最为人所知的一个词，在风云君看来就是Lollapalooza，意为那些相互强化并极大 地放大彼此效应的因素相互叠加，姑且称为合奏效应。 风云君近期就惊喜地发现，显示面板行业正是风云际会时。 2025年12月3日，京东方（000725.SZ）开始放量上涨3.87%，当天交易额为52亿，相比12月2日的12.2 亿暴增4倍多，成交量显著放大。 （来源：市值风云APP） 尽管2025年11月电视面板价格仍延续小幅下行趋势（如55寸面板价格从118美元降至114美元），但市 场普遍预期12月将出现止跌企稳信号。多家机构预测，随着年底备货旺季开启，行业稼动率有望提 升，产品价格将企稳回升。 TCL科技与京东方在12月3日均明确表示，下游品牌已开始为2026年体 ...

展望未来，坚定看好面板行业竞争格局良性化下的中长期逻辑，同时未来LCD行业利润释放的逻辑预计 将从主要依赖涨价驱动逐步转向更多的产业价值创造升级，主要体现在：大尺寸化推动供需平衡中枢持 续上行，成本端持续国产化降本，折旧迎来达峰退出，少数股东权益收回后归母贡献的增厚等，看好后 续龙头厂商业绩加速释放，同时建议关注低估值个股以及上游国产替代逻辑持续强化的关键环节（掩膜 板、玻璃基板、光学膜）等。 编辑：林郑宏 转自：新华财经 新华财经上海12月8日电 中信证券研报分析认为，短期来看，随着国产厂商年终补库，海外厂商在价格 具有相对性价比的位置针对26年赛事需求、促销等进行提前备货，年终电视面板需求相对旺盛，面板价 格有望迎来全面止跌，26年一季度有望迎来普涨，面板厂业绩趋势向好。 ...

中信证券研报认为，随着国产厂商年终补库，海外厂商在价格具有相对性价比的位置针对2026年赛事需 求、促销等进行提前备货，年终TV面板需求相对旺盛，面板价格有望迎来全面止跌，2025年第四季度 有望迎来普涨，面板厂业绩趋势向好。展望未来，中长期来看，面板行业竞争格局将更加良性化，同时 LCD行业利润释放的逻辑预计将从主要依赖涨价驱动逐步转向更多的产业价值创造升级，主要体现在： 大尺寸化推动供需平衡中枢持续上行，成本端持续国产化降本，折旧迎来达峰退出，少数股东权益收回 后归母贡献的增厚等，我们看好后续龙头厂商业绩加速释放，同时建议关注低估值个股以及上游国产替 代逻辑持续强化的关键环节（掩膜板、玻璃基板、光学膜）等。 ...

智通财经APP获悉，12月5日，TrendForce集邦咨询公布了12月面板价格趋势预测：2025年12月，电视与显示器面板价格预估持稳，笔电面板部分尺寸价格预 期下调。具体内容如下：尽管进入年末，电视面板需求并未转冷，反而仍维持稳健水平，主要的原因仍是部分品牌客户预期面板价格已在底部，开始增加拉 货，甚至将开始提前准备1Q26的需求，使面板厂在生产与稼动率上仍可以维持不错的水平，同时也开始酝酿面板涨价的氛围。在此供需形势下，面板价格 跌势的确有机会提前告终，目前预期12月份的电视面板价格走势，32吋至65吋将有望全面转向持平。 显示器面板 | 应用别 | RT | 分辨率 | 出货型态 | | | 液晶显示屏价格下句预》 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 功价 | | 电视 | es"M | 3840x2160 | Open-Cell | 162 | 171 | 168 | | | 55"W | 3840x2160 | Open-Cell | 114 | 124 | 121 | | | 43"W | 1920x1080 | ...

12月5日， TrendForce集邦咨询发布 本月 面板价格 预测 。具体来看： 12 月电视 面板与显示 器 面板价格 预估持稳 ，笔电面板部分尺寸价格 预期下调 。 | 应用別 | R4 | 分辨率 | 出货型态 | | | 液晶显示屏价格下旬预测 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 保 | 름 | 均价 | 与前月差异(%) | | | 电视 | es"W | 3840x2160 | Open-Cell | 162 | 171 | 168 | 0.0 | 0.0% | | | 55"W | 3840x2160 | Open-Cell | 114 | 124 | 121 | 0.0 | 0.0% | | | 43"W | 1920x1080 | Open-Cell | el | ୧୧ | 63 | 0.0 | 0.0% | | | 32''W | 1366x768 | Open-Cell | 33.0 | 35.0 | 34.0 | 0.0 | 0.0% | | 桌上显示器 | 27"W (IPS ...

"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。" | Size & Resolution | | | Technology | Nov.25' | Dec.25'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | | 32" | 60Hz | HD | LCD | $32.0 | $32.0 | $0.0 | | 43" | 60Hz | FHD | LCD | $64.0 | $64.0 | $0.0 | | 50" | 60Hz | UD | LCD | $86.0 | $86.0 | $0.0 | | ટે ટે" | 60Hz | UD | LCD | $107.0 | $107.0 | $0.0 | | ୧୮." | 60Hz | UD | LCD | $162.0 | $161.0 | -$1.0 | | 75" | 60H ...

" 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。 " | Size & Resolution | | | Technology | Nov.25' | Dec.25'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | | 32" 60Hz | | HD | LCD | $32.0 | $32.0 | $0.0 | | 43" | 60Hz | FHD | LCD | $64.0 | $64.0 | $0.0 | | 50" | 60Hz | UD | LCD | $86.0 | $86.0 | $0.0 | | 55" | 60Hz | UD | LCD | $1 ...

近日，维信诺（002387）公告将向特定对象非公开发行A股股票。发行对象为公司股东合肥建曙；发行 价格为7.01元/股；发行股票的数量为419,036,598股，募集资金总额不超过293,744.66万元。预计本次发 行后，合肥建曙持有公司股权比例达到31.89%，成为公司的控股股东，蜀山区人民政府将成为公司的 实际控制人。 本次发行的目的主要系：合肥建曙将成为公司的控股股东，有助于增强公司控制权的稳定性，彰显股东 对公司未来发展的信心以及对公司投资价值的认可；补充流动资金缓解营运资金压力。 维信诺是AMOLED细分领域领军者，加速推进技术创新公司专注OLED领域二十余年，作为行业第一梯 队企业，持续引领中国OLED产业发展。公司是OLED国际标准组织的重要成员，并主导国OLED标准的 制定，共负责制定或修订5项OLED国际标准，主导制定12项国家标准和10项行业标准，为我国OLED产 业赢得了国际话语权。 根据CINNO Research统计，2024年维信诺智能手机AMOLED面板全球市场份额达11.2%，位列全球第 三、国内第二。公司注重面板前沿技术的研发，2025年前三季度公司研发费用为7.69亿元， ...

Core Viewpoint - The report from Guosen Securities indicates that BOE Technology Group Co., Ltd. (京东方) has achieved year-on-year growth in revenue and net profit attributable to shareholders in Q3 2025, particularly in the OLED sector, where the company has successfully launched mass production of the LTPO project for core clients [1] Company Performance - BOE's OLED shipment volume is expected to achieve double-digit growth for the entire year, driven by the increasing penetration of foldable devices and the expansion of high-end technology routes [1] - The company is well-positioned to optimize the product structure in the industry, which is anticipated to improve overall profitability [1] Industry Outlook - Upcoming sports events, such as the World Cup, are expected to boost demand for TV products in the first quarter of the next year [1] - The replacement cycle and AI integration are projected to drive demand for IT products, alongside the trend towards larger screen sizes, which will further increase industry demand [1] - The industry is expected to reach a supply-demand balance in the future, with a focus on on-demand production in the LCD sector, leading to stable profitability [1] Investment Rating - The company’s strategy in the OLED mid-size application is viewed positively, maintaining an "outperform the market" rating [1]

Group 1 - The core viewpoint of the article is that the technology market is evolving rapidly, particularly in AI, storage, and semiconductor sectors, with significant growth expected in various applications and technologies by 2026 [2][3][4]. Group 2 - AI chip competition is intensifying, with major players like NVIDIA facing challenges from AMD and various Chinese companies enhancing their AI chip development. The demand for AI data centers is expected to grow significantly, with global AI server shipments projected to increase by over 20% annually [3][4]. - Liquid cooling systems are anticipated to penetrate 47% of AI chip applications by 2026, driven by the rising thermal design power (TDP) of chips [3]. Group 3 - HBM and optical communication technologies are becoming critical for overcoming bandwidth limitations in AI computing, with HBM4 expected to support ultra-large-scale computations [4][5]. - The transition to optical communication technologies is seen as essential for improving data transfer efficiency across chips and modules, with a focus on high bandwidth and low power consumption [5]. Group 4 - NAND Flash suppliers are accelerating the development of specialized solutions for AI workloads, including storage-class memory (SCM) and Nearline QLC SSDs, which are expected to capture a 30% market penetration in enterprise SSDs by 2026 [6][7]. Group 5 - Energy storage systems are evolving to become the core energy source for AI data centers, with a projected increase in global AI data center storage capacity from 15.7 GWh in 2024 to 216.8 GWh by 2030, reflecting a compound annual growth rate of 46.1% [8]. Group 6 - The shift to 800V HVDC architecture in data centers is expected to drive demand for third-generation semiconductors (SiC/GaN), with penetration rates projected to rise from 17% in 2026 to over 30% by 2030 [9]. Group 7 - The introduction of 2nm GAAFET technology and advancements in 2.5D/3D packaging are set to enhance transistor density and performance, crucial for high-performance computing and AI applications [10][11]. Group 8 - The humanoid robot market is projected to grow over 700% by 2026, focusing on AI adaptability and application-specific designs, marking a significant shift towards commercial viability [12]. Group 9 - The adoption of OLED displays in laptops is accelerating, with Apple expected to introduce OLED panels in MacBook Pro by 2026, leading to a projected penetration rate of 5% in laptops by 2025 and 9-12% by 2027-2028 [13][14]. Group 10 - The penetration rate of advanced driver assistance systems (L2 and above) is expected to exceed 40% by 2026, with Robotaxi services expanding globally, driven by regulatory changes and advancements in AI models [16].