智通财经APP获悉，国联民生证券发布研报称，当前北美地区电力供给趋紧，而AI数据中心建设正处于 快速扩张阶段，供需错配持续加剧。SOFC与MLCC有望分别从主电源侧、电路侧发力，协同破解北美 数据中心的电力与电路运行困境，构成数据中心电源系统优化的核心支撑。该行看好AI发展驱动服务 器电源领域技术迭代提速，预计SOFC、MLCC等相关产业链将步入高速成长周期。 从国内外产业链来看，海外厂商Bloom Energy是全球SOFC领域的领导者 根据25Q2财报显示，Bloom营收超过4亿美元，YOY+19.5%，延续了过去几个季度的稳健扩张态势。与 此同时，三环集团、潍柴动力等中国本土SOFC厂商也加快商业化进程，持续推动系统集成与应用落 地。 MLCC：电路模块的电源及信号稳定器 AI产业迅速发展成为MLCC需求大幅增长的核心动力，GPU销量提升、算力升级直接拉动需求，超高容 MLCC更能抑制电压下降、补偿电流波动，保障高算力设备稳定运行。 全球MLCC市场格局集中，日韩厂商掌握主导权 国联民生证券主要观点如下： 北美缺电常态化，开启SOFC和MLCC投资新篇章 当前北美电力供需失衡持续加剧，叠加AIDC快速扩 ...

2026年2月26日，风华高科披露接待调研公告，公司于2月25日至2月26日接待淡水泉、西部证券、长江 证券、华商基金、太平洋证券、华泰证券等104家机构调研。 调研情况显示，风华高科当前已形成智能终端、工控、汽车电子及家电等主要市场，同时正加快布局 AI算力、低空经济、储能等新兴应用领域，高端产品与特殊产品占比稳步提升，高端化转型进程加 快；电子信息产业技术革新预计带动终端更新换代及电子元器件需求增长，新兴技术应用提升终端电性 能要求，推动元器件单机用量增加，公司将紧抓机遇加大研发以提升竞争力。公司主营产品产能利用率 维持较高水平，正推进MLCC、片式电阻器和电感器等新增产能建设，加快产品结构调整助力高端转 型。 风华高科已于去年四季度结合原材料价格上涨情况，对片式电阻器、电感器等部分产品进行价格调整； 后续将根据市场供求、客户及产品结构等因素调整价格策略。公司在新兴领域持续发力，以市场为导向 加快高端产品研发，高端品需满足更大瞬时电流波动、更高功率等要求；公司拥有材料、产品、装备三 位一体产业布局，可及时响应客户需求，提供一站式配套采购服务。 风华高科十五五期间将持续聚焦主业，围绕"3＋2"业务战略，做强 ...

证券代码：000636 证券简称：风华高科 | 投资者关系活 | 特定对象调研 | 分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | 新闻发布会 | □路演活动 | | | 现场参观 | 其他 券商策略会 | | | | 西部证券、长江证券、华商基金、太平洋证券、华泰证券、德邦证券、开源证 | | | | | 券、淡水泉、高毅、浦银、融通上海、国泰基金、鹏扬基金、利幄基金、财通 | | | | | 基金、华宝基金、泉果基金、兴业基金、兴银基金、华泰保兴基金、汇添富基 | | | | | 金、圆信永丰基金、晨曦基金、摩根基金、嘉实基金、国金基金、万家基金、 | | | | | 长盛基金、易方达基金、交银基金、中银基金、华夏基金、中信保诚基金、中 | | | | | 庚基金、金鹰基金、长信基金、嘉和基金、鑫元基金、西部利得基金、博道基 | | | | | 金、恒越基金、永赢基金、福泽源基金、天治基金、南华基金、华富基金、上 | | | | 参与单位 | 银基金、淳厚基金、博衍基金、人保资产、浙商资管、国信资管、长江资管、 | | | | ...

Investment Rating - The report maintains a "Recommended" rating for Industrial Fulian (601138.SH) with a target price of 57.39 CNY, projecting an EPS of 1.78 CNY for 2024, 3.15 CNY for 2025, and 4.14 CNY for 2026, with corresponding PE ratios of 32, 18, and 14 [51] Core Insights - The ongoing power supply shortage in North America is reshaping the energy landscape, creating new investment opportunities in Solid Oxide Fuel Cells (SOFC) and Multi-layer Ceramic Capacitors (MLCC) as critical solutions to address the energy and circuit operation challenges faced by data centers [7][10] - SOFC technology is highlighted as a key player in resolving the power supply issues for data centers, with a projected global market size of approximately 1 billion USD in 2024, expected to grow to 4.7 billion USD by 2033, reflecting a compound annual growth rate (CAGR) of 15.7% from 2025 to 2033 [16][17] - The rapid development of AI is driving significant demand for MLCCs, particularly in high-performance servers, where the demand for MLCCs is three times higher than that of standard servers, indicating a critical role in stabilizing power supply and filtering interference [40][41] Summary by Sections 1. North America's Power Supply Shortage - The imbalance in power supply and demand in North America is becoming increasingly severe, with projections indicating an average peak power gap of over 20 GW from 2027 to 2030 [7] - The expansion of data centers is intensifying the pressure on power supply, making SOFC a vital solution for addressing these challenges [10] 2. SOFC: The Solution to Data Center Power Challenges - SOFC technology offers high energy conversion efficiency (approximately 60%) and low emissions, making it suitable for distributed generation and combined heat and power systems [12][15] - The market for SOFC is expected to grow significantly, driven by the increasing demand for clean and efficient energy systems [16][17] - Key players in the SOFC market include Bloom Energy, which reported revenues exceeding 400 million USD with a year-over-year growth of 19.5% [21] 3. MLCC: Power and Signal Stabilizers in Circuit Modules - The demand for MLCCs is surging due to the rapid growth of AI, with high-performance servers requiring MLCCs to stabilize power supply and compensate for current fluctuations [40][41] - The global MLCC market is projected to grow from 34.895 billion USD in 2025 to 109.22 billion USD by 2034, with a CAGR of approximately 13.52% [42] - Japanese and Korean manufacturers dominate the high-end MLCC market, while domestic companies like Fenghua Advanced Technology and Sanhuan Group are making strides in R&D and production capacity [48][49] 4. Investment Recommendations - The report suggests focusing on companies involved in servers (Industrial Fulian), SOFC (Sanhuan Group, Weichai Power), and MLCC (Fenghua Advanced Technology, Jiemai Technology, Torch Electronics) as they are well-positioned to benefit from the growing demand in the AI-driven market [50]

作为电子设备基础元件，MLCC是电子电路的"稳定器"。华强北市场内，有不少门店和柜台从事MLCC代理分销业务。 在华强电子世界一楼，晨宇电子柜台工作人员吴女士向《证券日报》记者表示："我们经营的部分MLCC产品，价格已经 于去年下半年启动上涨，涨幅为10%至30%不等。"此外，深圳市上兴电子有限公司门店相关负责人表示："无论是海外品牌还 是国内品牌，MLCC产品的价格普遍上涨，市场明显升温。" 我国厂商此前已经进行了一轮提价。例如，国内MLCC头部企业广东风华高新科技股份有限公司（以下简称"风华高科"） 于去年11月份发出涨价函，电感磁珠类产品价格调升5%至25%，压敏电阻类产品银电极全系列调升10%至20%，瓷介电容类产 品银电极全系列产品价格调升10%至20%，厚膜电路类产品价格调升15%至30%。对于涨价原因，风华高科相关负责人表 示："银价攀升，锡、铜、铋、钴等金属材料价格全面上涨，基于成本压力，公司上调了部分产品的价格。" 本报记者 丁蓉 随着全球人工智能产业加速发展，半导体领域涨价正从存储器蔓延至其他电子元器件。被誉为"电子工业大米"的MLCC （多层陶瓷电容器）市场景气度迎来提升。 2月25日， ...

2月25日，A股三大指数继续走高，截至收盘，沪指涨0.72%报4147点，深证成指涨1.29%，创业板指涨1.41%。 高位股方面 豫能控股5连板，江钨装备5天4板，汉缆股份4连板，国安股份6天3板，章源钨业、东方钽业、金正大、再升科技、卓郎智能（维权）五天 3板，招商轮船4天3板，法尔胜、罗曼股份3连板，五洲特纸3天2板。 | 代码 | | 名称 | 涨幅 | 现价 | 换手 涨停分析 几天几板� | | --- | --- | --- | --- | --- | --- | | 1 | 001896 | 豫能控股 | 49.97% | 11.03 | 21.00% 参股算力+火电+绿电储备 ... 5连板 | | 2 | 600397 | 江钨装备 | +9.98% | 18.74 | 17.38% 定增收购钨锂资产+磁选 ... 5天4板 | | 3 | 002498 | 汉缆股份 | +10.07% | 8.20 | 7.92% 特高压+海上风电+电网设 ... 4连板 | | ঘ | 000839 | 国安股份 | +9.91% | 3.77 | 5.98% Al数据标注+央企背景+业 ... 6天 ...

证券日报网讯 2月25日，风华高科在互动平台回答投资者提问时表示，2025年前三季度公司主营产品产 能利用率保持在较高水平；公司将围绕主业，并瞄准新兴应用领域规划布局新产能，近期公司投资立项 建设"高端电阻技改扩产项目"和"新增月产1亿只大电流叠层电感器技改扩产项目"，布局新兴领域所需 高端电子元件，助力企业高端转型。 （编辑 袁冠琳） ...

（文章来源：证券日报） 证券日报网讯 2月25日，风华高科在互动平台回答投资者提问时表示，截至2026年1月30日，公司股东 总户数为88898户。 ...

Core Viewpoint - The MLCC (Multi-Layer Ceramic Capacitor) market is experiencing a significant shift, driven by a surge in AI demand and supply chain restructuring, particularly due to restrictions on Japanese suppliers like TDK, which opens opportunities for Chinese manufacturers [2][6][12]. Group 1: Market Dynamics - The passive component sector, particularly MLCC, has seen a price increase of nearly 20% due to rising demand from AI applications, with major players like Murata considering price hikes [2][3]. - AI servers require significantly more MLCCs compared to traditional servers, with demand for AI servers reaching approximately 20,000 MLCCs per unit, compared to 2,200 for general servers [3]. - The high-end MLCC market is characterized by a supply shortage, with major manufacturers operating at over 80% capacity, and Murata's production levels reaching 90-95% [4][5]. Group 2: Supply Chain Changes - TDK's inclusion on a watch list by the Chinese Ministry of Commerce indicates stricter controls on rare earth materials, potentially disrupting its production capabilities and creating a supply gap in the high-end MLCC market [2][6]. - The restrictions on TDK could lead to a "shortage crisis" in the automotive and industrial supply chains, especially as demand for high-end MLCCs continues to rise [6]. Group 3: Opportunities for Chinese Manufacturers - Chinese MLCC manufacturers are positioned to fill the market gap left by TDK, leveraging their access to local resources and established supply chains [8][9]. - Companies like Fenghua Advanced Technology and Sanhui Group have made significant technological advancements, enabling them to produce high-end MLCCs that meet international standards [9][10]. - The market for MLCCs is projected to grow significantly, with estimates suggesting a global market size of 140.8 billion yuan by 2028, with Chinese market share exceeding 50% [12]. Group 4: Competitive Landscape - The competitive landscape is shifting, with Chinese firms transitioning from being alternative suppliers to primary providers, driven by the need for supply chain stability among clients [11][12]. - Major Chinese manufacturers are expanding their production capacities and entering global supply chains, with Fenghua Advanced Technology and Micro Capacitor Technology achieving significant market penetration [12][13]. - The technological advancements and increased production capabilities of Chinese firms are expected to enhance their market share in the high-end MLCC sector, challenging the dominance of Japanese manufacturers [9][13].

（文章来源：每日经济新闻） 风华高科（000636.SZ）2月25日在投资者互动平台表示，您好，公司已与欧洲、东南亚多国企业开展战 略合作，产品已进入全球汽车Tier 1、家电、新能源等头部客户供应链。感谢您的关注。 每经AI快讯，有投资者在投资者互动平台提问：请问公司有哪些国际客户，订单稳定度如何？ ...