集邦咨询：2026年第一季度MLCC市场呈两极分化 实体AI引爆高端需求 消费电子则陷成本寒冬

Core Insights - The global MLCC industry is experiencing significant differentiation as of Q1 2026, driven by the rise of "Embodied AI" applications, leading to a surge in high-end MLCC demand while mid-to-low-end MLCCs face operational pressures due to seasonal effects and rising raw material costs [1][2] Group 1: High-End MLCC Demand - High-end MLCC orders are robust, supported by AI infrastructure needs from major companies like NVIDIA and cloud service providers such as AWS and Google, resulting in full capacity utilization for leading manufacturers like Murata, SEMCO, and Taiyo Yuden [1] - Murata anticipates a 20% to 25% increase in high-end MLCC orders for Q1 2026, maintaining production lines at full capacity [1] Group 2: Mid-to-Low-End MLCC Challenges - The demand for mid-to-low-end MLCCs is declining, particularly in consumer electronics, with ODM manufacturers like Compal and Pegatron reducing their MLCC orders by an average of 5% to 6% in January [2] - Capacity utilization for MLCC manufacturers focusing on consumer specifications is between 60% to 70%, with inventory adjustment days maintained at 60 to 75 days [2] Group 3: Cost Pressures and Market Dynamics - Rising international metal prices have increased costs for passive components, with magnetic beads and resistors seeing price hikes of 15% to 20%, although MLCC costs remain stable due to lower copper content [3] - The supply chain is expected to reflect a "hot AI, cold consumer" dynamic in Q1 2026, necessitating suppliers to strategically manage high-end AI product inventories while controlling costs and risks associated with traditional products [3]