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 ...

截至发稿，罗世锋累计任职时间11年98天，现任基金资产总规模37.22亿元，任职期间最佳基金回报 317.66%， 任职期间最差基金回报-20.4%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，诺德基金旗下1只基金重仓三环集团。诺德价值发现（012150）四季度持有股数69.05万股， 占基金净值比例为7.19%，位居第八大重仓股。根据测算，今日浮亏损失约229.93万元。 诺德价值发现（012150）成立日期2021年6月1日，最新规模4.39亿。今年以来收益9.6%，同类排名 2666/8891；近一年收益31.78%，同类排名2976/8137；成立以来亏损1.56%。 诺德价值发现（012150）基金经理为罗世锋。 2月27日，三环集团跌5.05%，截至发稿，报62.62元/股，成交14.25亿元，换手率1.19%，总市值1200.11 亿元。 资料显示，潮州三环(集团)股份有限公司位于广 ...

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]

2月25日，三环集团涨0.00%，成交额35.59亿元。两融数据显示，当日三环集团获融资买入额4.50亿 元，融资偿还4.08亿元，融资净买入4245.59万元。截至2月25日，三环集团融资融券余额合计10.14亿 元。 分红方面，三环集团A股上市后累计派现48.03亿元。近三年，累计派现17.42亿元。 融资方面，三环集团当日融资买入4.50亿元。当前融资余额10.01亿元，占流通市值的0.79%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，三环集团2月25日融券偿还2.64万股，融券卖出1.64万股，按当日收盘价计算，卖出金额 108.19万元；融券余量19.50万股，融券余额1286.41万元，超过近一年90%分位水平，处于高位。 资料显示，潮州三环(集团)股份有限公司位于广东省潮州市凤塘三环工业城内综合楼,香港铜锣湾勿地臣 街1号时代广场2座31楼，成立日期1992年12月10日，上市日期2014年12月3日，公司主营业务涉及电子 元件及其基础材料的研发、生产和销售。主营业务收入构成为：电子、通信元件及材料98.84%，其他 (补充)1.16%。 截至9月30日，三环集团股东户数3.02 ...

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， ...

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].

沪深两市3764股上涨，1344股下跌，82股持平。合计成交额2.20万亿元，较前一交易日成交放量约2193.84亿元。 2月24日，马年首个交易日，A 股迎来开门红，三大指数集体大涨，盘中涨超1%。 根据交易所数据，截止收盘，上证指数涨0.87%，报4117.41点；深证成指涨1.36%，报14291.57点；创业板指涨0.99%，报3308.26点。另外沪深300涨 1.01%，科创50跌0.34%。 资金方面，大盘主力资金净流出31.78亿元。电子主力资金净流入55.50亿元居首，其次是有色金属（53.93亿元）、通信设备（48.73亿元）、通信网络设备及 器件（47.88亿元）、通信（41.60亿元）。计算机主力资金净流出133.29亿元居首，其次是传媒（-75.32亿元）、IT服务Ⅱ（-65.06亿元）、IT服务Ⅲ（-65.06 亿元）、软件开发（-56.79亿元）。 | | | 市值 | 公司_ _ _ _ _ | | --- | --- | --- | --- | | 三环集团 | 16.21% | 1264亿 | MLCC、陶瓷基片、光纤陶瓷插芯等核心j7 | | 润泽科技 | 13.46% ...

责任编辑：小浪快报 02月24日消息，截止13:05，MLCC概念板块活跃，风华高科涨停，三环集团、达利凯普、国瓷材料、 洁美科技、博迁新材、宏达电子等个股涨幅居前。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

天孚通信(300394) < 日 交易中 02-24 11:09:39 通 融 357.62 额 91.9亿 股本 7.77亿 市盈™51.72 万得 盘口 +46.04 +14.78% 换 3.41% 市值 2780亿 市净 56.99 分时 五日 日K 周K 月K 更多 ◎ 均价: 347.20 盘口 | 资金 叠加 15.20% 卖5 357.90 358 93 2 357.80 3 型4 卖3 357.78 3 卖2 357.77 2 5 0.00% 卖1 357.66 311.58 买1 357.57 4 三环集团(300408) 交易中 02-24 11:10:06 通 融 5 4 . 1 7 万得 盘口 +7.34 +12.93% 换 2.08% 市值 1229亿 市净 5.85 分时 五日 日K 周K 月K 更多 ◎ 均价:65.10 盘口 | 资金 叠加 19.39% 卖5 64.16 33 67.78 20 卖4 64.15 | স | 卖3 64.14 | 5 | | --- | --- | --- | | 卖2 64.13 | 37 | | | 29 | 0 000 2 64 1 | ...

东方财富证券同样指出，市场的微观流动性有利环境与国内政策期待仍在，结合历史上的季节效应，当 前可积极迎接春季行情第二段。从历年经验看，春节后全国两会前政策预期及资金回流等因素共同支撑 风险偏好，市场进入可为期，而近期市场震荡走弱，则为后续春季行情第二段创造空间。风格上成长/ 周期、小盘、高市盈率相对占优，金融、大盘、低市盈率风格普遍跑输。 （文章来源：每日经济新闻） 消息面上，对于今年的货币政策，央行日前定调对降准降息等工具运用要求"灵活高效"。"灵活"，表明 将根据内外部环境变化和经济发展需要，适时运用货币政策工具；"高效"，表明运用降准降息等工具 时，要更多考虑政策有效性和针对性，既要加大力度支持经济增长，也要加强防范资金空转、地方债务 等风险。 兴业证券表示，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗 口，看好A股节后迎来新一轮上行。 2月24日，A股三大指数高开，盘面上，贵金属、油气能源、光模块CPO、PCB概念、港口航运板块集 体走高，A500增强ETF华夏（512370）、A500ETF基金（512050）持续拉升，截至10:56，涨幅分别达 1.63%、1.38% ...