Ping An Securities·2026-01-28 07:09Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][9]. Core Viewpoints - The semiconductor industry is experiencing a new round of price adjustments, with multiple companies issuing price increase notices due to rising costs and supply chain pressures. This price increase is expected to impact various segments, including power devices, MCU, and SoC chips [4][6][7]. - The demand for AI-related applications, particularly in AI servers, is robust, leading to a shift in chip production towards higher-margin products. This has resulted in a tightening of supply for mature process products and a general increase in chip prices across the industry [6][7]. - The price increase cycle is driven by significant cost escalations across the supply chain, including raw materials and manufacturing costs, alongside a structural supply-demand imbalance exacerbated by increased demand for high-performance chips [7][8]. Summary by Sections - Recent Developments: Several semiconductor companies have announced price hikes ranging from 15% to 80% due to increased costs and supply constraints [7]. - Market Dynamics: The price increase trend is affecting all segments of the semiconductor industry, with a notable impact on LED drivers, analog chips, and power devices. The overall industry is facing a dual pressure of rising demand and shrinking supply [7][8]. - Investment Recommendations: The report suggests focusing on companies with strong market shares and pricing power, particularly those in segments experiencing significant price elasticity. Specific companies to watch include New Clean Energy, Yangjie Technology, and others listed in the report [8].