CITIC Securities has expressed a resolute and upbeat outlook on the medium- to long-term development trajectory of the flat panel display industry, which is underpinned by a healthy competitive landscape. The company anticipates that the primary driver of profit growth in the LCD sector will transition from price increases to a more nuanced enhancement of industrial value creation. This transformation is expected to materialize through several key channels: fostering a supply-demand equilibrium by increasing panel sizes; driving ongoing cost reductions through localized production within China; gradually phasing out assets once they reach the end of their depreciation cycles; and boosting profits attributable to the parent company via the recovery of minority shareholders' equity stakes. Looking ahead, it is projected that leading manufacturers will witness an acceleration in their performance. Therefore, investors are advised to focus on undervalued stocks and pivotal segments where the rationale for import substitution is gaining momentum, such as photomasks, glass substrates, and optical films.