摩根士丹利（大摩）于最新"面板产业"报告中指出，面板股近期处于淡季，受到报价下跌，整体市况维 持疲软，市场转向买方，不过明年即将迎来世足，第一季度有望应对体育赛事的促销活动而重启补库存 动能，中国台湾厂商面板双虎的群创、友达重申"中立"评等，目标价11.5元新台币、12.5元新台币。 大摩表示，随补库存动能趋缓及未来数月步入传统淡季，电视面板价格将持续处于下行轨道；即便主要 面板厂已通过调整稼动率，由2025年第三季度的80%至85%降至第四季度的80%以下，以调控产出符合 需求，仍难改变此趋势。 IT面板价格方面，大摩指出，11月呈现微幅下跌，，儘管其跌幅小于电视面板，但对面板厂而言仍属较 不利。不过，仍维持过去IT面板价格在未来几季应将保持相对稳定看法。 大摩表示，下一个观察重点在于补库存动能何时重启，由于2026 年中将举行世足赛等大型运动赛事， 受惠于相关促销活动，明年的需求重心可能前移至上半年，因此基准预测情境是电视品牌厂将于2026年 第一季度开始进行备货。 ...

Core Insights - TrendForce reports a decline in TV panel prices due to the traditional off-season, while IT panel prices remain stable with minor fluctuations [1] - Major panel manufacturers, AUO and Innolux, are facing pressure in Q4 panel shipments, with expectations of reduced shipments in various product categories [1][2] - Despite the off-season for TV panels, some brand clients are actively preparing for year-end targets, leading to an unexpected increase in TV panel demand [1] Panel Pricing Trends - TV panel prices are expected to continue declining in November, with specific estimates of a $1 drop for 32-inch and 43-inch panels, a $2 drop for 50-inch and 55-inch panels, and a $3 drop for 65-inch and 75-inch panels [1] - Monitor panel prices are stable for most mainstream sizes, with only the 23.8-inch Open Cell panel expected to drop by $0.2 due to weak demand [2] - Notebook panel prices are projected to decrease by $0.1 to $0.2 for IPS mainstream sizes, while TN panels are expected to remain stable [2] Market Demand and Supply Dynamics - The overall procurement momentum for panels in Q4 aligns with expectations, although brand clients continue to push for lower panel prices [2] - Panel manufacturers are reluctant to expand production and have limited room for price concessions, indicating a challenging market environment [2] - Manufacturers are adopting special pricing strategies to encourage clients to increase orders, reflecting a need to balance supply and demand [1]

11月20日，TrendForce集邦咨询发布11月面板价格，与月初预期一致。具体来看：11月电视面 板价格全面下跌，显示器面板价格与前月持平，笔电面板部分尺寸价格下跌。 | | | | ZUZJ. IL.ZV | | --- | | 十四·大ノ山「 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 应用别 | 尺寸 | 分辨率 | 出货型态 | | | 液晶显示屏价格 | | | | | | | | ਵ | 글 | 均价 | 与前月差异(%) | | | 电视 | 65" W | 3840x2160 | Open-Cell | 162 | 171 | 168 | -3.0 | -1.8% | | | 55" W | 3840x2160 | Open-Cell | 114 | 124 | 121 | -2.0 | -1.6% | | | 43" W | 1920x1080 | Open-Cell | el | ୧૨ | 63 | -1.0 | -1.6% | | | 32"W | 1366x768 | Ope ...

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 ...

Core Insights - The article discusses the panel price trends for November 2025, highlighting a decline in TV panel prices while monitor panel prices remain stable, and some laptop panel prices decrease slightly [3][6]. TV Panel Prices - In November 2025, TV panel prices are expected to continue their downward trend, with specific forecasts indicating a drop 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 [3][6]. - Despite being a traditional off-season for TV panel demand, some brands are actively pushing to meet year-end targets, leading to increased demand for TV panels in the fourth quarter [3]. Monitor Panel Prices - The demand for monitor (MNT) panels is showing signs of weakness, with most mainstream sizes maintaining stable prices, except for the 23.8-inch Open Cell panel, which is expected to decrease by $0.2 [6]. - Panel manufacturers are facing losses on mainstream MNT panels, limiting their ability to lower prices significantly [6]. Laptop Panel Prices - For laptop (NB) panels, only TN panels are expected to remain stable, while other IPS mainstream sizes are projected to decrease by $0.1 to $0.2 [6]. - The overall purchasing momentum for panels in the fourth quarter aligns with previous expectations, despite rising storage prices not yet impacting brand customers' procurement [6].

Core Insights - The article discusses the price trends of various display panels in November 2025, highlighting a general decline in television panel prices while monitor panel prices remained stable and slight decreases in 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 - The prices of monitor panels remained stable in November, with the average price of a 27-inch IPS panel at $63 [6][7]. - The average price of a 23.8-inch IPS panel is $49.9, with no change from the previous month [8]. Laptop Panels - The average price of a 17.3-inch TN panel is $38.1, down $0.1 from the previous month, a decrease of 0.3% [10]. - The average price of a 15.6-inch Value IPS panel is $40.1, down $0.1 from the previous month, a decrease of 0.2% [10]. - The average price of a 14.0-inch TN panel has stabilized at $26.9 since July 2024 [10]. - The average price of an 11.6-inch TN panel has also stabilized at $25.1 since July 2024 [10].

Group 1 - The era of "opening a store can earn money" for gold jewelry is over, as major brands like Chow Tai Fook and Lao Feng Xiang are experiencing significant declines in customer traffic, even in prime locations [1][1] - Chow Tai Fook closed nearly 1,000 stores in a year, with a net closure of 905 stores expected by 2025, reducing its retail points from 7,407 to 6,501 [1][1] Group 2 - The first village bank in Inner Mongolia has canceled its five-year fixed deposit product, indicating potential downward pressure on interest rates and profit margins in the banking sector [2] - TrendForce predicts a comprehensive price reduction for TV panels in November, while monitor panel prices are expected to remain stable [2][2] - China's smartphone sales are projected to decline by 2.7% year-on-year in Q3 2025, despite strong performance from the iPhone 17 Pro [2][2] Group 3 - A consortium of leading polysilicon companies is planning a "debt-acquisition" model for restructuring, with a fund size of approximately 70 billion yuan [3][3] - The Shanghai court ruled that AI prompt words do not constitute copyrightable works, impacting the legal landscape for AI-generated content [4][4] Group 4 - Juewei Food, once a leader in the duck neck market, reported a 15% decline in revenue and a 36% drop in net profit for the first three quarters of 2025, closing 5,000 stores [4][4] - The company’s revenue from marinated food sales decreased from 42.23 billion yuan to 35.27 billion yuan year-on-year [4][4] Group 5 - Rabbit Mom, a children's cosmetic brand, faced a product recall due to bacterial contamination but confirmed that the affected batch was destroyed before reaching the market [5][5] - Core Medical Technology became the first innovative medical device company to have its IPO application accepted under the newly restarted fifth set of standards on the Sci-Tech Innovation Board [5][5] Group 6 - China Aluminum elected He Wenjian as chairman and appointed Zhang Ruizhong as general manager, indicating a leadership change within the company [8][8] - Guocera Materials plans to repurchase shares worth between 100 million and 200 million yuan as part of its employee stock ownership plan [9][9] Group 7 - Chongqing Construction won a bid for the Jiangwan project with a contract value of approximately 781 million yuan, indicating ongoing infrastructure development [13][13] - Longjian Co. secured a 441 million yuan contract for a national road expansion project, reflecting continued investment in transportation infrastructure [14][14]

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 predicts a comprehensive decline in TV panel prices for November 2025, while monitor panel prices are expected to remain stable compared to the previous month, with slight decreases anticipated for some laptop panels [4][5][6]. TV Panel Prices - TV panel demand has slightly weakened, but some brands are still willing to place orders. Panel manufacturers are making minor adjustments to production rates while accommodating brand demands. As the year-end approaches, most brand clients and panel manufacturers are beginning to observe panel prices [4]. - The forecast for November indicates 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 [5]. Monitor Panel Prices - Demand for monitor panels has significantly weakened entering the fourth quarter, but manufacturers are cautious in adjusting prices, leading to continued losses. Consequently, a consensus has been reached between buyers and sellers to maintain stable prices for monitor panels [6]. - The only expected price drop is for the 23.8-inch VA Open Cell panel, which may decrease by $0.1, while other mainstream sizes are anticipated to remain stable [6]. Laptop Panel Prices - Despite entering the traditional off-season, demand for laptop panels is slightly stronger than expected, with some brand clients willing to increase their purchase volumes. Panel manufacturers are adopting a more flexible pricing strategy to maintain customer relationships, leading to minor price concessions [7]. - The forecast for November suggests that TN panel prices will remain stable, while IPS panel prices are expected to decrease by $0.1 across the board [7].

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].