A CICC research report analysis delves into the dynamics of the black electricity industry chain, where the conventional wisdom views the margin expansion of upstream panel manufacturers as conflicting with that of downstream complete machine manufacturers. However, the report contends that this historical contradiction is rooted in cyclical market fluctuations and competitive dynamics. In 2024, a pivotal shift is anticipated with the implementation of national subsidy policies that will propel the adoption of larger panel sizes and accelerate the advancement of MiniLED technology within the industry. This shift is poised to alleviate the aforementioned dilemma, resulting in heightened average prices and profitability for upstream panel producers, alongside structural and profitability enhancements for downstream complete machine manufacturers. Consequently, consumers will benefit from more affordable products, fostering a mutually beneficial scenario. These developments herald substantial investment opportunities for both upstream and downstream participants in the industry chain.