Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]

当前，OLED显示器市场呈现蓬勃发展态势，出货量显著攀升。回顾2025年，持续有新品牌加入 OLED显示器市场，不断有新规格的产品出现，售价也在持续创新低。 新品牌持续加入OLED显示器市场 在2025年，不论是QD-OLED阵营还是W-OLED阵营，均吸引了新的品牌加入。QD-OLED阵 营，在2025年有6个新品牌加入，分别是惠普（HP）、宏基（Acer）、技嘉（GIGABYTE）、优 派（ViewSonic）、联想（Lenovo）和联合创新（Inno&cn）。W-OLED阵营，在2025年有1个 新品牌加入，是索尼（Sony）。 值得关注的是，联想旗下的子品牌来酷（Lecoo）和拯救者（Legion），在2025年双11促销前， 合计发布7款QD- OLED 显示器器新品，产品尺寸集中在OLED显示器的主流尺寸27吋和32吋。 来酷（Lecoo）发售4款27吋QD- OLED 显示器，分辨率包含2K和4K，其中2K产品的分辨率包 含280Hz、360Hz和500Hz。 拯救者（Legion）发售3款QD- OLED 显示器，尺寸包含27吋和32吋，其中27吋产品的分辨率 包含2K和4K。 OLED显示器 ...

Core Viewpoint - The article emphasizes the ongoing investments by major panel manufacturers in the OLED sector to maintain competitive advantages and enhance technological capabilities, with a significant focus on high-generation OLED production lines [1][6]. Investment Overview - In the past two years, the total planned investment by the three major domestic panel manufacturers amounts to approximately 178.6 billion yuan, covering OLED, LCD, MLED, and E-paper sectors [3]. - The investment breakdown shows that OLED investments account for 55% of the total, with significant projects in the 8.6-generation AMOLED and printed OLED production lines [6]. Company-Specific Investments - BOE (京东方) has focused its investments on the 8.6-generation AMOLED production line, with a total investment of 63 billion yuan, while also consolidating its leadership in the LCD sector [1]. - TCL Huaxing (TCL华星) is investing 29.5 billion yuan in an 8.6-generation printed OLED production line and 1.5 billion yuan in a pilot verification platform for printed OLED technology [1]. - HKC (惠科) plans to invest 3 billion yuan in a new OLED R&D upgrade project in Changsha, aimed at developing OLED materials and devices [1]. Sectoral Investment Focus - The investment in the LCD sector is primarily through mergers and acquisitions, which do not significantly increase overall LCD production capacity but rather facilitate capacity transfers among manufacturers [7]. - In the MLED sector, investments include both Mini LED backlight and direct display technologies, enhancing competitiveness and technological levels, particularly in the mid-size OLED market [8]. Future Outlook - The article anticipates continued investments in OLED technology, with a potential extension into upstream materials to ensure supply chain security [8].

据韩国《金融新闻》14日报道，市场研究机构Omdia近日发布预测，今年全球OLED显示器出货量预计 将达到240万台，相较去年同比增长约95%。这标志着OLED显示器市场正经历前所未有的高速扩张。 业内人士分析高刷新率与OLED面板的采用已成为驱动游戏显示器市场发展的两大关键趋势，该领域的 技术竞争将更加激烈。 为巩固和扩大在游戏显示器市场的领先优势，两家公司正加速技术迭代。LG显示利用其在WOLED领域 积累的经验，推出了刷新率高达720Hz、响应速度仅0.03毫秒的专业游戏OLED面板。三星显示则力推 其量子点(QD)-OLED技术路线，发布了包括最高500Hz刷新率在内的多款高规格产品，以抢占高端市 场。 分析指出，这一强劲增长的核心驱动力来自于高端游戏市场的快速渗透。在这一轮市场扩张中，韩国显 示面板巨头LG显示和三星显示凭借长期技术投入和市场主导地位，成为主要受益者。数据显示，LG显 示今年前10个月的OLED显示器累计出货量同比增长约47%。三星显示的OLED显示器出货量在今年第 三、第四季度也实现了同比71.1%的显著增长。 ...

Group 1 - The article highlights that the global smartphone and laptop production forecasts for 2026 have been downgraded due to rising memory prices, which are expected to increase overall device costs and force terminal price adjustments, impacting the consumer market [2] - TrendForce has revised the production growth forecasts for smartphones and laptops from an increase of 0.1% and 1.7% respectively to a decrease of 2% and 2.4% [2] - There is a risk of further downgrades in production forecasts if the imbalance in memory supply and demand worsens or if terminal price increases exceed expectations [2] Group 2 - In Q3 2025, the global OLED monitor shipment volume is projected to reach approximately 644,000 units, reflecting a 12% quarter-over-quarter increase and a significant 65% year-over-year growth [5] - The OLED monitors are characterized by high picture quality, wide color gamut, high contrast, and fast response times, with most products featuring refresh rates exceeding 240Hz, driving demand in the high-end gaming market [5] - The total shipment volume for OLED displays in 2025 is expected to reach 2.62 million units, with an anticipated annual growth rate of 84% [5] Group 3 - The article discusses a structural shift in AI server design, moving towards cable-free architectures and high-density interconnect (HDI) designs in ASIC servers, indicating that PCBs are evolving from mere circuit carriers to core components for computational power [6] - The PCB industry is entering a "three high" era characterized by high frequency, high power, and high density [6]

Core Insights - TrendForce projects that global OLED monitor shipments will reach approximately 644,000 units in Q3 2025, representing a 12% quarter-over-quarter increase and a remarkable 65% year-over-year growth [2] - The total annual shipment for OLED monitors in 2025 is expected to hit 2.62 million units, with an anticipated annual growth rate of 84% [2] - ASUS has overtaken Samsung to become the top shipper of OLED monitors, achieving a market share of 21.9% [4][3] Company Summaries ASUS - ASUS has achieved a market share of 21.9%, marking its first time as the leading shipper of OLED monitors in a single quarter [4] - The company offers a comprehensive product line, including the popular ROG gaming monitors and the ProArt professional OLED series, catering to various consumer needs [4] - ASUS is expected to maintain its position as the top OLED monitor shipper for the entire year of 2025 [4] Samsung - Samsung holds the second position in the global OLED monitor market with an 18% market share [5] - The company has maintained stable shipment performance from Q1 to Q3 2025, focusing on existing flagship products and ramping up new model production in the latter half of the year [5] MSI - MSI has climbed from fifth place in 2024 to third place in the first three quarters of 2025 in OLED monitor shipments, indicating effective market strategies [7] - The company offers over 20 mid-to-high-end models, focusing on UHD high-resolution designs to meet the demands of next-generation graphics cards and gaming [7] LG Electronics (LGE) - LG Electronics achieved a market share of 12.9% in Q3, ranking fourth in OLED monitor shipments [8] - The company faced challenges in Q2 due to production relocation but has since improved its ranking by launching new products [8] - LG is expected to benefit from new product releases and strong promotions for 45-inch models, potentially moving up to third place in Q4 [8]

Group 1: OLED Display Market Overview - The global OLED monitor shipment is projected to reach approximately 644,000 units in Q3 2025, representing a 12% quarter-over-quarter increase and a remarkable 65% year-over-year growth [1] - The total shipment for the entire year of 2025 is expected to reach 2.62 million units, with an anticipated annual growth rate of 84% [1] Group 2: Company Performance - ASUS has overtaken Samsung to become the top shipper of OLED monitors in Q3 2025, achieving a market share of 21.9% [2] - ASUS's product strategy includes a comprehensive lineup, featuring the popular ROG gaming monitors and the ProArt series for creators, which has solidified its professional image in the mid-to-high-end market [2] - Samsung holds the second position with an 18% market share in Q3 2025, maintaining stable shipment performance and planning to expand its product offerings in Q4 [3] - MSI has risen from fifth place in 2024 to third place in the first three quarters of 2025, indicating effective market penetration with over 20 mid-to-high-end models [4] - LGE ranks fourth with a market share of 12.9% in Q3 2025, having improved its position after relocating production and launching new products [5]

Core Insights - The global OLED monitor shipments reached approximately 644,000 units in Q3 2025, marking a 12% quarter-over-quarter increase and a remarkable 65% year-over-year growth [2] - The total expected shipments for 2025 are projected to reach 2.62 million units, with an anticipated annual growth rate of 84% [2] Company Performance - ASUS has achieved a market share of 21.9%, becoming the top shipper of OLED monitors for the first time, surpassing Samsung [3] - ASUS's product strategy includes a comprehensive lineup catering to both gaming and professional creators, which solidifies its position in the mid-to-high-end market [4] - Samsung holds a market share of 18% and has maintained stable performance throughout 2025, with plans to expand shipments in Q4 [5] - MSI has climbed to third place in OLED monitor shipments with a market share of 14.4%, driven by a diverse product range and focus on high-resolution models [6] - LGE ranks fourth with a market share of 12.9%, having improved its position after transitioning production facilities and launching new products [7]

Group 1 - The core point of the article highlights the significant price reductions for monitors during this year's Double Eleven shopping festival, making it an ideal time for consumers to purchase [1][30] - The article emphasizes the importance of understanding personal needs before selecting a monitor, as the market has diversified with various technologies such as miniled, OLED, and LED [2][4] - It discusses the differences between various panel types, including IPS, VA, and TN, and their respective advantages and disadvantages [6][7] Group 2 - The article categorizes monitor needs into three types: gaming-focused, a balance of gaming and daily use, and purely for daily use, providing tailored recommendations for each category [7][8] - Specific monitor recommendations are provided, including models from brands like 雷神, LG, HKC, and 海信, with details on their specifications and pricing during the Double Eleven event [10][12][15][22] - The article notes that the current decline in monitor prices is influenced by a sluggish PC market and excess inventory from manufacturers, leading to competitive pricing [30]

Core Viewpoint - The global display equipment spending is projected to reach $75.8 billion from 2020 to 2027, driven by increasing demand for OLED and LCD displays across various industries including IT, automotive, and mobile devices [4][5]. Group 1: Market Trends - The major technology driving capital expenditures is OLED, followed by LCD and Micro-OLED. By 2025, OLED-related equipment spending is expected to grow by 31%, while LCD spending is projected to decline by 45% [6]. - From 2025 to 2027, OLED is anticipated to account for 80% of total investments, with LCD's share dropping to just 17% [6]. Group 2: Technological Developments - Most manufacturers with 6th generation OLED production lines are expanding to 8.7 generation without changing deposition methods, benefiting from stable yields and advancements in Fine Metal Mask (FMM) technology [7]. - Chinese manufacturers are exploring alternatives to FMM technology, with companies like Visionox and Huaxing Optoelectronics adopting new deposition methods such as photopatterned OLED and RGB inkjet OLED [9]. Group 3: Competitive Landscape - Canon, including Tokki and Anelva, is expected to continue leading the display equipment market, with a projected revenue growth of 9% by 2025, capturing a market share of 12% [11]. - The market share of Applied Materials is expected to slightly decline to 9%, while Nikon's market share is anticipated to decrease with a projected revenue drop of 22% this year [14]. - The display equipment supply chain is lengthy and fragmented, with 170+ manufacturers tracked. The competitive landscape is shifting due to geopolitical changes and the rise of local Chinese suppliers [14]. Group 4: Industry Insights - The report covers progress in OLED, LCD, and Micro-OLED production lines, market sizes, shares, and forecasts, along with quarterly revenues of over 130 display equipment suppliers [18].