According to the CITIC Construction Investment Research Report, in 2026, panel prices showed a “rise in Q1 → steady in Q2 → steady decline in Q3” trend, and there was a signal to stop falling in September. Subsequent panel manufacturers plan to support panel price increases by regulating operating rates and increasing the cost of superimposing ICs and film materials in October, but weak terminal demand and changes in the pace of brand procurement will limit the increase. It is expected to fluctuate moderately, rather than a sharp trend increase. Currently, panel profits are significantly superior to black electric machine companies. Domestic black power brands rely on large-scale, miniLED high-end upgrades, and have the ability to transfer costs downward to achieve a contrarian improvement in gross margin. The industrial chain has ushered in a win-win pattern, and we are optimistic about the release of profits from domestic black power and panel leaders.

According to the CITIC Construction Investment Research Report, in 2026, panel prices showed a “rise in Q1 → steady in Q2 → steady decline in Q3” trend, and there was a signal to stop falling in September. Subsequent panel manufacturers plan to support panel price increases by regulating operating rates and increasing the cost of superimposing ICs and film materials in October, but weak terminal demand and changes in the pace of brand procurement will limit the increase. It is expected to fluctuate moderately, rather than a sharp trend increase. Currently, panel profits are significantly superior to black electric machine companies. Domestic black power brands rely on large-scale, miniLED high-end upgrades, and have the ability to transfer costs downward to achieve a contrarian improvement in gross margin. The industrial chain has ushered in a win-win pattern, and we are optimistic about the release of profits from domestic black power and panel leaders.