55"，品牌采购需求趋于理性，同时供应集中，预计9月~10月均价持平。 大尺寸方面，G10.5控产力度相对明显影响供需平衡，预计9月~10月均价持平。 国庆过后，在需求降温与供应收窄共同作用下，全球LCD TV面板市场供需平衡格局趋于脆弱。群智咨询(Sigmaintell) 认为，从采购侧来看，整机厂商四季度面板需求理性收敛。一方面，备货旺季高峰期已过，品牌采购驱动力转弱。另 一方面，在对终端零售信心不足的影响下，头部品牌厂商对自身获利水平提升的诉求更加强烈，因此采购策略转向理 性。叠加二线市场旺季备货亦接近尾声，四季度整体面板备货节奏放缓。从供应侧来看，为对冲需求降温带来的供需 风险，头部厂商再次启动"国庆假期"控产机制，同时在库存健康等因素支撑下假期控产将起到短期稳定供需的作用。 各尺寸表现如下： 32"，二线需求降温但短期面板库存健康，预计9月~10月均价稳定。 50"，需求逐渐乏力，同时供应亦有回落，预计9月~10月均价持平。 | Application | Size | Resolution | OC/LCM | Range | | Sep'25(A) Oct'25(E) | Oct. VS Sep ...

大纲： 1. 全球LCD TV面板出货量季度、月度变化情况及预测 期数： 2025年9月刊 分类： 会员服务—TV市场月度市场发展趋势概况 主题： 国补政策与旺季备货双轮驱动，2025年三季度LCD TV面板出货量预计同比增长5.1% 概要： 内容涵盖全球LCD TV面板的出货量、出货面积以及各大面板厂出货量、出货面积排名情 况，具体分析了全球LCD TV面板月度出货量的变化情况以及各大面板厂主流尺寸的出货量、出 货面积占比情况。 2. 09'24~09'25(E) LCD TV面板价格月度变化趋势 3. 2024~2025年"以旧换新"国补政策相关时间线 4. Q3'24(E)全球LCD TV面板出货量、出货面积排名及同比情况 5.Q1'24~Q3'25(E) BOE LCD TV面板分尺寸出货量、出货面积占比情况 6. Q1'24~Q3'25(E) CSOT LCD TV面板分尺寸出货量、出货面积占比情况 7. Q1'24~Q3'25(E) HKC LCD TV面板分尺寸出货量、出货面积占比情况 8. Q1'24~Q3'25(E) I n nol u x LCD TV面板分尺寸出货量、出货面积占比情况 9 ...

期数： 2025年9月刊 马女士 Ms . Ceres TEL：（+86）137-7604-9049 Emai l：CeresMa@cinno.com.cn 主题： 国补政策与旺季备货双轮驱动，2025年三季度LCD TV面板出货量预计同比增长5.1% 概要： 内容涵盖全球LCD TV面板的出货量、出货面积以及各大面板厂出货量、出货面积排名情况，具体分析了全球LCD TV面板月度出货量的变化情 况以及各大面板厂主流尺寸的出货量、出货面积占比情况。 1. 全球LCD TV面板出货量季度、月度变化情况及预测 2. 09'24~09'25(E) LCD TV面板价格月度变化趋势 3. 2024~2025年"以旧换新"国补政策相关时间线 4. Q3'24(E)全球LCD TV面板出货量、出货面积排名及同比情况 5.Q1'24~Q3'25(E) BOE LCD TV面板分尺寸出货量、出货面积占比情况 6. Q1'24~Q3'25(E) CSOT LCD TV面板分尺寸出货量、出货面积占比情况 7. Q1'24~Q3'25(E) HKC LCD TV面板分尺寸出货量、出货面积占比情况 8. Q1'24~Q3'25(E) ...

证券日报网讯 京东方A9月29日发布公告，在公司回答调研者提问时表示，行业内厂商持续践行"按需生 产"的经营策略，根据市场需求变化，灵活调整产线稼动率。根据咨询机构数据及分析，一季度，得益 于出口需求高涨和"以旧换新"政策刺激，终端需求整体旺盛，行业内企业普遍保持高稼动率，LCDTV 主流尺寸面板价格全面上涨；二季度，国际贸易环境和政策边际效应发生变化，面板采购需求有所降 温，行业内企业快速调整稼动率，应对需求变化；三季度以来，随着厂商去库存趋势结束，旺季面板备 货需求逐步恢复，行业稼动率有所恢复的同时，LCDTV部分尺寸价格经历小幅下降后，部分LCDTV面 板价格企稳；LCDIT方面，MNT、NB面板价格整体维持稳定。 ...

京东方A在机构调研时表示，三季度以来，随着厂商去库存趋势结束，旺季面板备货需求逐步恢复，行 业稼动率有所恢复的同时，LCD TV部分尺寸价格经历小幅下降后，部分LCD TV面板价格企稳；LCD IT方面，MNT、NB面板价格整体维持稳定。 ...

人民财讯9月29日电，京东方Ａ（000725）在机构调研时表示，三季度以来，随着厂商去库存趋势结 束，旺季面板备货需求逐步恢复，行业稼动率有所恢复的同时，LCD TV部分尺寸价格经历小幅下降 后，部分LCD TV面板价格企稳；LCD IT方面，MNT、NB面板价格整体维持稳定。 ...

Core Viewpoint - The global LCD TV panel market is experiencing a "moderate recovery" with a dynamic balance between supply and demand as the third quarter sees a resurgence in panel procurement driven by seasonal demand and healthy inventory levels [1] Demand Side Summary - The market has entered the pre-seasonal peak period, leading to a month-on-month recovery in panel procurement by manufacturers - The combination of "promotional stocking" and "healthy inventory" is driving manufacturers to adopt a more aggressive procurement strategy - Demand from leading brands has increased significantly, while mid-tier brands are adopting a more conservative procurement strategy due to operational pressures - There is also a noticeable increase in demand from OEMs and channel manufacturers [1] Supply Side Summary - Panel manufacturers are easing production control in response to recovering demand - The utilization rate is expected to rise to 86% in the third quarter [1] Size Performance Summary - For 32-inch panels, demand recovery in regions like India has stabilized the average price in August - For 50-inch panels, demand is steadily recovering with controlled supply, maintaining stable average prices in August - For 55-inch panels, a high supply concentration is leading to a balanced supply-demand situation, with average prices remaining stable in August - In the large-size segment, inventory reduction and seasonal demand have led to stabilized average prices in August [1]

Core Viewpoint - The LCD panel prices are expected to decline in August 2025, with a potential increase in demand as the year-end sales season approaches [1][3][5]. Price Summary - In July 2025, the prices for 32, 43, 50, 55, and 65-inch LCD TV panels were $36, $63, $95, $121, and $170 respectively, with month-over-month declines of 5.3%, 1.6%, 7.8%, 5.5%, and 3.4% [1][3]. - Omdia forecasts that in August 2025, the prices will further decline to $34, $62, $92, $118, and $167, with respective month-over-month decreases of 5.6%, 1.6%, 3.2%, 2.5%, and 1.8% [1][3]. - For IT panels, prices for 10.1-inch, 14-inch, and 23.8-inch LCD panels remained stable at $16.3, $26.2, and $44.8 respectively in July 2025 [3]. Supply & Demand Analysis - In June 2025, the global shipment area for large-size LCD panels decreased by 3.46% year-over-year, with TV panel shipments down by 6.23% [4]. - The global large-size LCD production capacity is expected to grow by 2.31% in 2024 compared to 2023, with a slight increase of 0.21% anticipated in 2025 [4]. Industry Outlook - The LCD industry is stabilizing, with a concentration of market share due to the shutdown and sale of overseas production lines, which may help regulate LCD TV panel prices [5]. - The profitability of LCD panel companies is expected to improve as the cyclical nature of the industry diminishes and growth attributes become more prominent [5]. Investment Recommendations - The industry recommends investing in leading domestic panel manufacturers like BOE Technology Group (京东方A) to capitalize on the benefits of domestic consumption upgrades and market share advantages [6]. - Other recommended companies include Zhaochi Co., Ltd. (兆驰股份), Kangguan Technology (康冠科技), and Visionox Technology (视源股份) [6].

Core Viewpoint - BOE Technology Group (京东方) is adapting its production strategies in response to market demand fluctuations, with a focus on maintaining high utilization rates and optimizing its product offerings in both LCD and AMOLED segments [1][2][3][4] Group 1: LCD Market Dynamics - The LCD industry is experiencing a shift in supply and demand, with high utilization rates in Q1 due to strong export demand and government policies stimulating consumer purchases [1] - In Q2, demand for panel procurement decreased due to changes in the international trade environment, prompting companies to adjust their production rates [1] - By Q3, inventory reduction trends are expected to continue, with some stabilization in LCD TV panel prices as demand recovers [1] - The trend towards larger TV sizes and higher resolution products is enhancing the market vitality of LCDs [4] Group 2: AMOLED Business Development - BOE has established a strong presence in the flexible AMOLED market, covering major smartphone brands and expanding into automotive and IT applications [1][2] - The company announced the investment in an 8.6-generation AMOLED production line, set to begin mass production by the end of 2026, which will enhance its competitiveness in the high-end market [2] - The overall shipment of AMOLED products is expected to increase in the second half of the year due to new product launches from downstream brand manufacturers [2][3] Group 3: Technology and Industry Trends - The display industry is entering a rebalancing phase, with a focus on high profitability, advanced technology, and high added value rather than just scale and market share [3][4] - The application of Oxide technology and MiniLED backlighting is expected to enhance the performance of high-end LCD products, allowing them to maintain a significant presence in the market [3] - BOE is actively promoting supply chain localization and collaborative development within the industry to mitigate supply risks and foster innovation [4]

Group 1 - The core viewpoint is that BOE A indicates a continuation of the inventory destocking trend among manufacturers entering the third quarter, with a slight decline in prices for certain sizes of LCD TV panels [1] - In August, as the peak season for panel stocking demand gradually recovers, prices for some LCD TV panels began to stabilize [1] - Looking ahead to the third quarter, the industry is expected to see a recovery in operating rates, and LCD TV panel prices are likely to stabilize or rise again [1]