兴证策略：一季度通常是易于涨价的时间 涨价线索有望进一步丰富

Group 1 - The recent price increase chain has become a significant clue in the capital market, focusing on non-ferrous metals, oil, chemicals, and storage, with deep transmission and linkage characteristics across the industry chain [1] - Geopolitical risk sentiment and concerns over US dollar credit are driving the rise in non-ferrous metal prices, including silver and gold, which is affecting the cost side of semiconductor manufacturing and testing processes [1] - Supply-side disruptions and tightening geopolitical situations are pushing oil prices up, which in turn is leading to price increases in downstream chemical and construction materials [1] Group 2 - The strong demand for AI is spreading a wave of price increases, with reports that Samsung Electronics and SK Hynix will significantly raise the prices of LPDDR memory used in iPhones, driven by AI Agent demand pushing CPU prices higher [1] - In China, capacity shortages combined with rising non-ferrous metal prices are driving up costs in semiconductor manufacturing and testing, leading companies like Guoke Micro, Zhongwei Semiconductor, and others to raise prices for their MCU, Norflash, and KGD products [1] - Upstream computing inflation is also transmitting to the midstream cloud computing sector, with Amazon and Google recently announcing price increases for their cloud services [1] Group 3 - From a seasonal perspective, the first quarter is typically a favorable time for price increases, and further clues for price hikes are expected to emerge [1] - The post-Spring Festival period entering the "golden March and silver April" peak season for construction, along with the concentration of policy implementation after the March Two Sessions, suggests that the first quarter is likely to see more price increases [1]