Group 1 - Morgan Stanley indicates that the TV panel shipment volume is slowing down and panel prices are declining, leading to a lack of clear upward catalysts for related company stock prices in the short term [1][2] - The average price of TV panels is expected to drop by 2% by July 2025, with specific monthly declines for various sizes: 3% for 32-inch, 2% for 43-inch, 2% for 55-inch, 2% for 65-inch, and 1% for 75-inch panels [1] - The weakening of previous demand and the fading effect of China's old-for-new subsidy are expected to result in lower TV panel shipments starting from Q2 2025, with Q3 also anticipated to be below seasonal levels [1] Group 2 - Morgan Stanley maintains a "neutral" rating for Innolux and AU Optronics, noting that despite their diversification efforts into automotive subsystems and industrial/commercial displays, their main revenue still relies on standard panel business [2] - Korean TV brands are planning to actively promote OLED TV models to compete with Chinese brands in the high-end market, with sales targets for 2025 set at 5 to 6 million units, up from 4.6 million in 2024 [2] - Although overall shipment volumes remain relatively limited, this trend is seen as positive for Korean panel manufacturers [3]