CINNO Research发文称，进入11月，由于国内"双十一"、国外"黑五"等促销活动带动，叠加近期多家手机品牌集中发布新品，手机面板市场延续 高稼动率运行态势，但不同技术路线走势分化显著：a-Si面板在供需博弈中维持平稳，LTPS面板受车载及笔电需求支撑稼动率维持高位，柔性 AMOLED则因产能扩张与竞争加剧持续处于"量稳价跌"阶段。 a-Si方面：a-Si面板凭借在低端手机及维修市场的需求保持稳健，主力产线均处于满产状态，11月面板厂a-Si Cell价格或将小幅上涨，但模组端竞 争激烈，由于驱动IC等核心元器件成本下行叠加品牌压价诉求，预计11月至年底，a-Si模组价格将保持平稳运行; LTPS方面：受益于车载显示增长及笔电/平板新品迭代需求，LTPS产线延续高位稼动态势，尽管LTPS在智能手机应用领域的需求依旧疲软，但非 手机领域的强劲需求有效对冲了单一市场波动，使得市场供需呈现结构性平衡，11月价格以持平为主; AMOLED方面：刚性AMOLED面板受柔性替代冲击，需求持续萎缩，价格低位企稳，三星显示(SDC)近期通过降价策略争夺明年项目订单;尽管 柔性AMOLED主力厂商稼动率仍处高位，但部分 ...

Core Insights - The mobile panel market is experiencing high operating rates due to promotional events like "Double Eleven" in China and "Black Friday" abroad, alongside the recent launch of new products by various smartphone brands [2][3] Group 1: Market Trends - Different technology routes in the mobile panel market are showing significant divergence, with a-Si panels maintaining stability, LTPS panels supported by demand from automotive and laptops, and flexible AMOLED facing price declines due to capacity expansion and increased competition [3] - a-Si panels are expected to see a slight price increase in November, while module prices are anticipated to remain stable due to competitive pressures and declining costs of core components [3] - LTPS panels are benefiting from growth in automotive displays and new iterations in laptops and tablets, leading to high operating rates despite weak demand in the smartphone sector [3] - Rigid AMOLED panels are experiencing demand shrinkage due to competition from flexible alternatives, with prices stabilizing at low levels as manufacturers adopt aggressive pricing strategies to secure future orders [3] Group 2: Price Forecasts - CINNO Research predicts that a-Si module prices will remain stable in November and December 2025, LTPS panel prices will also hold steady, while rigid AMOLED prices are expected to stabilize in the short term [4] - Flexible AMOLED panel prices are projected to continue on a downward trend [4]

Core Viewpoint - The smartphone display panel market is experiencing high operating rates in Q4, with distinct trends emerging across different technology routes as the domestic "Double Eleven" and international "Black Friday" promotional seasons approach [2][3]. Group 1: Market Trends - The a-Si panel market is stable due to resilient low-end demand, but prices are under pressure [3]. - LTPS production lines are operating at high rates supported by demand from automotive displays and new iterations of laptops and tablets, although smartphone demand remains weak [3]. - Flexible AMOLED panels are entering a price decline phase due to capacity expansion and competitive bidding among manufacturers, leading to a structural adjustment characterized by stable volume but falling prices [3]. Group 2: Price Predictions - a-Si module prices are expected to continue a slight decline through October and November 2025 [4]. - LTPS panel prices are anticipated to remain stable [4]. - Rigid AMOLED panel prices are expected to stabilize in the short term, while flexible AMOLED panel prices will continue to decline [4].

Group 1 - The mobile panel market is maintaining high operating rates due to strong demand driven by the traditional peak season in Q3 [1] - a-Si panels continue to see strong demand in the mid-to-low end market, but prices are expected to decline slightly due to intensified competition among module manufacturers [1] - LTPS production lines are operating at high capacity driven by strong demand from automotive, laptops, and tablets, although demand in the smartphone sector remains weak [1] Group 2 - Flexible AMOLED panels are facing both demand growth and price pressure, with some manufacturers expanding capacity and adjusting pricing strategies to capture market share [1] - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to stable prices in the short term [2] - CINNO Research predicts that a-Si module prices will continue to decline slightly in September and October 2025, while LTPS panel prices will also see reductions in new projects [2]

Core Viewpoint - The overall mobile panel market maintains high operating rates during the traditional peak season in Q3, with varying dynamics across different panel types [3]. Group 1: a-Si Panels - Demand for a-Si panels remains strong, driving major manufacturers to operate at full capacity. However, aggressive pricing strategies by module manufacturers to secure new project orders have led to a slight decline in a-Si module prices [3]. - Key raw materials, such as driver ICs, are in a price down cycle, contributing to the pressure on module pricing [3]. Group 2: LTPS Panels - LTPS production lines benefit from strong demand in the automotive and non-mobile sectors, maintaining high operating rates. The LTPS production status at Tianma is expected to continue until the end of the year [3]. - Despite the robust performance in non-mobile applications, the smartphone sector shows a relatively balanced supply-demand relationship, keeping panel prices stable in the short term [3]. Group 3: AMOLED Panels - The demand for rigid AMOLED panels has significantly declined due to mainstream mobile brands shifting towards flexible AMOLED technology. Price reductions by major manufacturers like Samsung Display have had limited effects on stimulating demand [3]. - In the flexible AMOLED market, manufacturers are operating close to full capacity due to pre-peak season stocking, but new project prices are under pressure due to intense competition during the bidding phase, while old project prices remain stable [3]. - Forecasts indicate a slight decline in a-Si module prices in August and September 2025, while LTPS and rigid AMOLED panel prices are expected to remain stable in the short term [3].

Core Insights - The mobile panel market continues to exhibit structural differentiation as it enters the third quarter, with a-Si panels supported by inventory replenishment demand following the "6.18" promotion, maintaining full production capacity [1] - LTPS panel production lines remain highly utilized due to demand from non-mobile applications such as automotive displays [1] - Flexible AMOLED panels are experiencing a temporary decline in demand due to adjustments in procurement schedules by terminal brands [1] Market Dynamics - In July, the mobile panel market primarily focused on price stability, although significant differences in supply and demand dynamics exist between different technology routes [1] - The forecast indicates a slight decrease in a-Si panel module prices in July and August 2025, while LTPS panel prices are expected to remain stable in the short term [1] - Rigid AMOLED panel prices are also projected to remain stable in the short term, whereas flexible AMOLED panel prices are expected to stabilize throughout the third quarter [1]

Group 1 - The mobile panel market continues to exhibit structural differentiation in the third quarter, with a-Si panels supported by demand for inventory replenishment after the "6.18" promotion, maintaining full production capacity [2][3] - LTPS panel production lines remain at high utilization rates driven by non-mobile applications such as automotive displays, while demand for flexible AMOLED panels has seen a temporary decline due to adjustments in terminal brand procurement schedules [2][3] - Overall, the mobile panel market in July is characterized by price stability, but significant differences in supply and demand dynamics exist between different technology routes [2][3] Group 2 - For a-Si panels, despite the peak in inventory replenishment following the "618" promotion, demand remains strong, and production lines continue to operate at full capacity. Prices for a-Si modules are expected to see a slight decrease in July due to the declining costs of key raw materials like driver ICs [3][4] - LTPS panels continue to be supported by the automotive display market, but demand in the smartphone sector remains weak due to the trend of AMOLED substitution, leading to low price levels with no significant recovery expected in the short term [3][4] - Rigid AMOLED panel demand is contracting, and price reductions by major manufacturers like Samsung Display have not met expectations, resulting in sustained low prices. Flexible AMOLED panel production rates have slightly decreased due to procurement adjustments, but are expected to rebound as the traditional peak season approaches [4][5]

Group 1 - The mobile panel market continues to show structural differentiation as of the end of Q2, with a-Si panels benefiting from stable demand in the mid-to-low-end market, maintaining high utilization rates [1][3] - LTPS panels are driven by applications in automotive displays, leading to sustained full operation of main production lines, with major manufacturers like BOE and Tianma maintaining high production levels [3] - Flexible AMOLED panels have experienced a slight decline in demand due to adjustments in procurement rhythms by terminal brands after a period of rapid growth [1][3] Group 2 - The demand for a-Si panels remains strong, driven by pre-sale stocking needs for the "6.18" mid-year promotion, with prices stabilizing after a brief increase due to supply-demand tightness [3] - LTPS panel demand remains weak in the smartphone sector due to a clear trend of mid-to-high-end models migrating to AMOLED, keeping prices at low and stable levels [3] - Samsung Display has implemented a proactive price reduction strategy for rigid AMOLED to stimulate demand, but market feedback has been lukewarm, with limited effects on sales [3] Group 3 - Flexible AMOLED production lines have slightly decreased from full capacity, with expectations of moderate price adjustments in June to maintain utilization levels, while a return to high utilization is anticipated in Q3 as the traditional peak season approaches [3]

Core Viewpoint - The mobile panel market continues to exhibit structural differentiation as of the end of Q2, with varying performance across different panel types [1] Group 1: Market Performance - a-Si panels benefit from stable demand in the mid-to-low-end market, maintaining high production line utilization [1] - LTPS panels are driven by applications in automotive displays, leading to sustained full operation of main production lines [1] - Flexible AMOLED panels, after a period of rapid growth, experience a slight decline in demand due to adjustments in terminal brand procurement schedules [1] Group 2: Price Forecast - a-Si panel prices are expected to remain stable in June and July [1] - LTPS panel prices are anticipated to stay stable in the short term [1] - Rigid AMOLED panel prices are also projected to remain stable in the short term [1] - After a slight decline in June, flexible AMOLED panel prices are expected to stabilize in Q3 [1]

Core Viewpoint - The mobile display panel market continues to show structural differentiation, with a-Si panels benefiting from stable demand in the mid-to-low-end market, LTPS panels driven by automotive display applications, and flexible AMOLED panels experiencing a slight decline in demand due to adjustments in terminal brand procurement rhythms [2][3][4]. Group 1: a-Si Panels - The demand for a-Si panels remains strong, driven by the "6.18" mid-year promotional stocking needs, leading to full-capacity operation of main production lines [4]. - After a brief price increase due to supply-demand tightness in the South China market, prices have stabilized, and module prices for brand customers remain steady [4]. Group 2: LTPS Panels - LTPS panels are benefiting from rapid growth in the automotive display market, with major manufacturers like BOE and Tianma maintaining full production capacity, expected to continue until the end of 2025 [4]. - However, in the smartphone sector, the trend of mid-to-high-end models shifting towards AMOLED has resulted in weaker demand for LTPS panels, keeping prices at low and stable levels [4]. Group 3: AMOLED Panels - As domestic smartphone manufacturers accelerate their shift to flexible AMOLED, demand for rigid AMOLED is contracting. Samsung Display has implemented price cuts to stimulate demand, but market feedback has been lukewarm, limiting the effectiveness of these price reductions [4]. - Some flexible AMOLED production lines have slightly reduced from full capacity, with expectations of minor price adjustments in June to maintain operational levels. However, a stable price floor will be upheld, and with the traditional peak season approaching in Q3, production rates are expected to rebound, with potential slight price increases for certain scarce specifications [4][5]. Group 4: Price Forecast - CINNO Research predicts that a-Si panel prices will remain stable in June and July 2025, while LTPS panel prices are expected to stay stable in the short term. Rigid AMOLED panel prices are also anticipated to remain stable, with flexible AMOLED panel prices expected to stabilize after a slight decline in June [5].