mall-size panels:The price of small-size panels is steady but rising in Feb,with an increase of less than 5.3%.The cumulative increase from May 2020 to February 2021 reached 3.7%-28.6%.The main reasons are:on the demand side,terminal demand gradually recovers,and coupled with brand restocking,manufacturers are active in stocking up amid tight supply;on the supply side,upstream components like touch & display driver integration(TDDI)and driver ICs are structurally out of stock,which is difficult to ease.What’s more,the power outage of Nippon Electric Glass(NEG)and the explosion at Asahi Glass(AGC)have cut the supply of glass substrates,which will support the price.In the short term,the demand for mobile phones has started to gradually recover,and low-end shipments are relatively strong.However,with the upgrading of the industry,high-end demand is expected to be gradually released,and 5G upgrade will further drive the demand for small-size panels;in the medium term,the path of small-size display technology upgrade has become mature,with OLED/LTPS/a-Si technology in iteration,and we foresee a bright future for OLED.