研报 | AI需求表现突出，消费电子市场低迷，2H25 MLCC旺季走势存在变数

Core Insights - The article highlights the impact of early consumption and inventory accumulation on the demand for MLCCs, indicating potential fluctuations in back-to-school season consumption in Q3 2023 [1] - There is a noticeable polarization in industry demand, with ODM orders for mid-to-low-end consumer products showing only a slight increase, reflecting a conservative approach to order placements [1] - The demand for AI servers is surging, driven by the simultaneous release of NVIDIA's GB200 and GB300 platforms, positively affecting the revenue of major ODMs [1] Group 1 - TrendForce reports that MLCC order demand may be affected by the diminishing early consumption and inventory accumulation, leading to uncertainties in the Q3 back-to-school season [1] - ODM orders for mid-to-low-end consumer products are expected to remain flat or increase by only about 5% in Q3, indicating a shift towards a more cautious order strategy [1] - Many companies have preemptively shipped products in the first half of the year to adapt to international market changes, which has depleted traditional demand for the second half of the year [1] Group 2 - The supply chain's operational rates are polarized, with Japanese and Korean manufacturers focusing on high-end AI applications achieving an average capacity utilization rate of 90%, while Chinese manufacturers are around 75% [2] - MLCC suppliers are accelerating the establishment of testing and packaging lines in Southeast Asia to localize production and supply [2] - OEMs are expected to face cost pressures, leading to potential price increases for end products as they release RFQ for 2026 mobile phones and laptops [2]