2月26日早间，全球显示面板龙头企业京东方（000725.SZ）发布最新投资者关系活动记录，针对市场关注的LCD TV面板价格走势、第8.6代OLED产线 建设进展等热点问题作出回应。 关于LCD TV面板价格走势，京东方表示，需求端受体育赛事备货和春节岁修等因素推动，2026年第一季度TV品牌厂商延续了2025年第四季度以来的积 极备货态势，TV面板出货量持续增长。供给方面，行业企业坚持"按需生产"的经营策略，灵活调整稼动率以匹配市场需求，预计3月整体稼动率将维持高 位。根据第三方咨询机构数据，2026年2月各主流尺寸TV面板价格已全面上涨，且涨幅持续扩大，预计3月TV面板价格将继续上行。 此外，京东方透露，其第8.6代AMOLED生产线已于2025年12月30日提前5个月成功点亮，计划于2026年下半年正式量产。 京东方成立于1993年4月，1997年进入显示终端领域，2001年1月在A股上市。显示器件是公司的核心业务，营收占比超过八成。此次点亮的第8.6代 AMOLED生产线为国内首条同世代线，项目总投资630亿元，落户成都高新区，占地面积92.52万平方米（约1388亩），设计产能为每月3.2万片玻璃 ...

Group 1: LCD Market Insights - The demand for TV products is stimulated by national subsidies and export incentives, leading to an expected increase in annual shipment volume and area, despite a temporary slowdown in large-size trends due to rising demand for small-size TVs in emerging markets [1][2] - IT product shipments are anticipated to grow rapidly due to replacement demand, while MNT product shipments are expected to remain flat year-on-year [1] - The industry is adopting a "production based on demand" strategy to adjust production line utilization rates according to market needs, with an overall industry average utilization rate expected to drop below 80% in Q4 [2] Group 2: OLED Market Dynamics - The OLED market is experiencing an oversupply despite increased shipments in Q3 and Q4, with a notable decline in foldable product shipments and a rise in LTPO demand from overseas brands [3] - The domestic OLED market is becoming increasingly competitive, with rapid growth in low-end Ramless product shipments [3] - AMOLED technology is being positioned as a key choice for high-end IT products, with a new 8.6 generation AMOLED production line announced to enhance competitiveness in the high-end market [6] Group 3: Financial and Operational Outlook - The company expects depreciation costs to peak in 2025, with a gradual decline thereafter as production lines stabilize [7] - Capital expenditures are projected to decrease after 2025, with significant investments in the 8.6 generation OLED production line in 2025, followed by maintenance and innovation investments in subsequent years [8] - The company plans to utilize cash flow for minority shareholder buybacks, particularly in light of declining capital expenditures and improving cash flow [9] Group 4: Shareholder Returns and Strategic Planning - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 35% of the annual net profit to shareholders and allocate no less than RMB 1.5 billion for share buybacks each year [10] - This plan reflects a comprehensive analysis of operational conditions, long-term strategies, and shareholder interests, aiming to establish a stable and predictable return mechanism [11]