Core Viewpoint - The recent price hikes in passive components, led by major players like Yageo and Walsin, indicate a significant shift in the market driven by supply-demand imbalances and rising raw material costs, particularly in high-end sectors like AI and electric vehicles [1][4][19]. Group 1: Price Adjustments - Yageo announced a price increase of 15%-20% for certain resistor products starting February 1, marking its third price adjustment in a short period [1]. - Walsin and Panasonic also announced price hikes of around 20% and 15%-30% respectively for various passive components, reflecting a broader trend among major manufacturers [1][2]. - Smaller manufacturers in China, such as Fenghua Advanced Technology and Shunluo Electronics, have also followed suit with price adjustments ranging from 5%-30% across multiple product categories [2][3]. Group 2: Supply Chain Dynamics - The passive component market is experiencing supply tightness, with lead times extending and some distributors pausing quotes due to uncertainty in price adjustments [3][4]. - Rising costs of raw materials, particularly precious metals like silver and palladium, have significantly increased production costs for passive components, with estimates suggesting a 20%-30% rise in production costs [5][6]. - Capacity constraints are exacerbated by major manufacturers shifting focus to high-end products, leading to a structural shortage in the mid-range market [7][8]. Group 3: Demand Drivers - The demand for passive components is being driven by the rapid growth of AI and electric vehicles, with AI servers requiring significantly more MLCCs than traditional servers [10][11]. - The automotive sector is also a major growth area, with electric vehicles using up to three times more passive components compared to traditional vehicles, creating a favorable environment for price increases [11][12]. - The overall market for passive components in China is projected to grow from 1237.65 billion yuan in 2023 to 2583.59 billion yuan by 2030, with a compound annual growth rate of 11.09% [13]. Group 4: Market Structure Changes - The current price hikes reflect a structural change in the passive components market, with high-end products experiencing significant demand while traditional consumer electronics face challenges [15][19]. - Domestic manufacturers in China are beginning to capture more market share, particularly in high-end segments, as they improve their technology and production capabilities [19][20]. - The geopolitical landscape and supply chain diversification are providing opportunities for Chinese manufacturers to enter high-end markets, as global players face capacity and delivery challenges [19][24]. Group 5: Future Outlook - The passive components market is expected to continue evolving, with AI and automotive electronics driving demand for high-value products [25][26]. - Companies need to focus on high-capacity, miniaturized, and reliable products to meet the changing market demands and maintain competitiveness [25][26]. - Collaboration across the supply chain will be crucial for manufacturers to overcome technical challenges and align with market needs [25][26].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000636 证券简称：风华高科 公告编号：2026-01 广东风华高新科技股份有限公司关于持股5% 以上股东减持股份变动触及1%及5%的整数倍 暨披露简式权益变动报告书的提示性公告 公司股东广东恒阔投资有限公司、广东恒嘉合投资合伙企业（有限合伙）、广东恒聚达企业管理合伙企 业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.本次权益变动系共同持有公司63,874,344股（占公司总股本比例为5.520624%，占剔除回购专用账户中 的股份数量后总股本的比例为5.566438%）的股东广东恒阔投资有限公司（以下简称"恒阔投资"）、广 东恒嘉合投资合伙企业（有限合伙）（以下简称"恒嘉合"）、广东恒聚达企业管理合伙企业（有限合 伙）（以下简称"恒聚达"）减持广东风华高新科技股份有限公司（以下简称"风华高科"或"公司"）股份 造成的持股比例变化，不触及要约收购。 2.本次权益变动前，恒阔投资、恒嘉合分别持有公司股份26,178, ...

每经AI快讯，2月8日，风华高科（000636）公告称，股东恒阔投资、恒嘉合、恒聚达为一致行动人， 于2026年1月22日至2月5日通过集中竞价合计减持602.37万股，占总股本0.520626%。变动前，三者共持 股6387.43万股，占比5.520624%；变动后，三者持股降至5785.06万股，占4.999998%，不再是持股5%以 上股东。 ...

风华高科公告称，股东恒阔投资、恒嘉合、恒聚达为一致行动人，于2026年1月22日至2月5日通过集中 竞价合计减持602.37万股，占总股本0.520626%。变动前，三者共持股6387.43万股，占比5.520624%； 变动后，三者持股降至5785.06万股，占4.999998%，不再是持股5%以上股东。本次减持符合法规，不 会导致公司控制权变更。 ...

1 上市公司名称：广东风华高新科技股份有限公司 上市地点：深圳证券交易所 股票简称：风华高科 广东风华高新科技股份有限公司 简式权益变动报告书 股票代码：000636 信息披露义务人一名称：广东恒阔投资有限公司 法定代表人：张大伟 住所：广东省广州市越秀区天河路45号恒健大厦16楼 通讯地址：广东省广州市越秀区天河路45号恒健大厦16楼 信息披露义务人二（信息披露义务人一之一致行动人）名称：广东恒嘉合投 资合伙企业（有限合伙） 住所：梅州市梅江区彬芳大道中43号7楼710房 通讯地址：梅州市梅江区彬芳大道中43号7楼710房 信息披露义务人三（信息披露义务人一之一致行动人）名称：广东恒聚达企 业管理合伙企业（有限合伙） 住所：佛山市南海区桂城街道桂澜北路6号千灯湖创投小镇核心区三座 404-405 通讯地址：佛山市南海区桂城街道桂澜北路6号千灯湖创投小镇核心区三座 404-405 权益变动性质：持股比例减少 日期：2026 年 2 月 5 日 2 | 信息披露义务人声明 | | 3 | | --- | --- | --- | | 第一节 释义 | | 5 | | 第二节 信息披露义务人介绍 | | 6 | | ...

证券代码：000636 证券简称：风华高科 公告编号：2026-01 广东风华高新科技股份有限公司 关于持股5%以上股东减持股份变动触及1%及5%的整数倍 暨披露简式权益变动报告书的提示性公告 公司股东广东恒阔投资有限公司、广东恒嘉合投资合伙企业（有限合伙）、 广东恒聚达企业管理合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 3.本次权益变动不会导致公司控股股东及实际控制人发生变化。 ②本文下述部分数据表述时存在四舍五入，故可能存在尾数差异， 提请投资者注意。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.本次权益变动系共同持有公司 63,874,344 股（占公司总股本比 例为 5.520624%，占剔除回购专用账户中的股份数量后总股本的比例 为 5.566438%）的股东广东恒阔投资有限公司（以下简称"恒阔投资"）、 广东恒嘉合投资合伙企业（有限合伙）（以下简称"恒嘉合"）、广 东恒聚达企业管理合伙企业（有限合伙）（以下简称"恒聚达"）减 持广东风华高新科技股份有限公司（以下简称"风华高科"或"公司"） 股份造成 ...

Core Viewpoint - The recent price hikes in passive components, driven by supply-demand imbalances and rising raw material costs, indicate a significant transformation in the market dynamics of the passive components industry [6][9][12]. Price Adjustments - Yageo announced a price increase of 15%-20% for certain resistor products starting February 1, reflecting its position as a market leader with an 18% global market share [2]. - Other companies, including Walsin Technology and Panasonic, have also announced price hikes for various passive components, with increases ranging from 15% to 30% [2][3]. - The price adjustments are widespread, with many small and medium-sized manufacturers in China also raising prices by 5%-20% across multiple product categories [3]. Supply Chain Dynamics - The price increases are primarily driven by rising costs of raw materials such as silver, copper, and aluminum, which have seen significant price surges, with silver prices increasing over 140% in 2025 [7][9]. - The production costs for passive components have risen by 20%-30% due to these raw material price increases, prompting manufacturers to pass on costs to customers [7][9]. - Capacity constraints are exacerbating the situation, as many Japanese manufacturers have shifted focus to high-end products, reducing supply in the mid-to-low-end market [8][9]. Demand Drivers - The demand for passive components is being driven by the rapid growth of AI and electric vehicle markets, with AI server motherboards requiring significantly more MLCCs than traditional servers [10][11]. - The demand for passive components in electric vehicles is also increasing, with the number of MLCCs used per vehicle rising dramatically compared to traditional vehicles [10][11]. - The overall market for passive components in China is projected to grow from 1237.65 billion yuan in 2023 to 2583.59 billion yuan by 2030, with a compound annual growth rate of 11.09% [12]. Market Structure Changes - The current price hikes reflect a structural change in the passive components market, with high-end products for AI servers and electric vehicles experiencing significant demand while traditional consumer electronics face challenges [14][17]. - Domestic manufacturers are beginning to capture more market share, with companies like Walsin Technology and Sunlord Electronics seeing increased orders and expanding their production capabilities [18][19]. - The shift towards high-end products presents opportunities for domestic manufacturers to enter the supply chains of larger companies, especially as global manufacturers face capacity and delivery challenges [22][23].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

| 股票名称 | 涨跌幅(%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 平潭发展 | 10.05 | 12.78亿元 | 农牧饲沧 | | 网宿科技 | 7.48 | 6.82亿元 | 互联网服 | | | | | 公司是一 | | | | | 专注干心 | | 海峡创新 | 20 | 6.42亿元 | 互联网服 | | 二六三 | 10.04 | 5.66亿元 | | | 招商银行 | 1.79 | 5.54亿元 | | | 神剑股份 | 10.01 | 5.07亿元 | | | NHk 芯-II | 183 33 | 6 6617 + | | | 工业富联 | 0.88 | 4.98亿元 | 消费电- | | 美的集团 | 0.8 | 4.59亿元 | | | 光线传媒 | g | 4.57亿元 | 文化传见 | | 贵州茅台 | 1.97 | 4.21亿元 | 電影國 | 据交易所数据显示，截至2月5日收盘，主力资金流入前20的股票分别为： 平潭发展（12.78亿元）、 网宿科技（6.82亿元）、 N北芯U（6.66亿元）、 海峡 创新（6.42亿元）、 ...

（来源：淘金ETF） 1. 中航成飞（302132） 作为中国航空工业集团核心子公司，国内歼击机、教练机等主战装备的核心研制单位，军工背景深厚且 技术积累雄厚，在航空装备制造领域占据绝对龙头地位。主营业务聚焦军用战斗机、教练机研发制造， 同时延伸至民用航空零部件加工与航空技术服务，客户覆盖国内军方及航空工业全产业链企业。依托军 用航空领域的大尺寸模锻、精密加工等核心技术，深度切入商业航天赛道，为商业火箭提供高端结构 件、航空级特种材料及定制化加工服务，尤其在重型火箭箭体部件制造方面具备独特优势。已成功为国 内多家商业火箭企业提供关键结构件支持，深度参与多个商业航天发射任务，技术可靠性与产品稳定性 获行业高度认可。未来随着商业航天规模化发展，重型火箭、可回收火箭等新型装备研发加速，公司将 进一步推动航空航天技术跨界融合，充分受益于太空算力、低轨卫星星座建设带来的增量需求，在航天 结构件、特种材料等领域持续扩大市场份额，成长空间极具想象力。 2. 中航西飞（000768） 隶属于中国航空工业集团，是国内大型运输机、轰炸机、预警机等核心军用飞机的主要制造商，具备全 产业链研发、生产与集成能力，在航空装备制造领域技术 ...