Market Overview - Major indices showed mixed performance with the STAR 50 up by 0.99%, ChiNext Index up by 0.31%, and the Shanghai Composite Index up by 0.05% [1] - TMT sector led the gains with SW Electronic Chemicals III increasing by 8.46%, SW Semiconductor Equipment by 7.00%, and SW Semiconductor Materials by 4.49% [1] - Conversely, TMT sector faced declines with SW Panels down by 2.43%, SW Brand Consumer Electronics down by 2.17%, and SW Robotics down by 1.79% [1] Domestic News - Shanghai Microelectronics transferred 100% equity of Weiyao Industrial for 228.5 million yuan to strengthen its core focus on lithography machine R&D [2] - The Ministry of Commerce announced an anti-dumping investigation on imported dichlorodihydrosilane from Japan, crucial for chip manufacturing processes [2] - Sunlord Electronics indicated plans to renegotiate pricing with clients due to significant increases in precious metal prices [2] - Silan Microelectronics' 8-inch SiC power device chip production line is set to ramp up production capacity to 420,000 pieces annually by 2026-2028 [2] Overseas News - Marvell announced the acquisition of XConn Technologies for approximately $540 million, expecting revenue contributions starting in the second half of fiscal 2027 [3] - Qualcomm launched the Snapdragon X2 Plus PC chip, featuring a 35% increase in single-core performance and a 43% reduction in power consumption compared to its predecessor [3] - South Korea's semiconductor industry saw exports reach $173.4 billion, a year-on-year increase of 22.2%, accounting for 24.4% of the nation's total exports [3] AI Insights - MiroThinker released version 1.5, introducing interactive extensions to enhance model performance through a trial-and-error cognitive process [4] - Douyin launched the "Sui Bian" app, focusing on AI creation and character collaboration, allowing users to create and share various media formats [4] - Razer showcased its 3D holographic technology, Project AVA, which includes an AI companion capable of emotional tracking and task management [4] Industry Tracking - The "TW-4 (Xiyou Number)" satellite successfully completed ground verification and is scheduled for launch at the end of the month [5] - As of January 6, there are 394 existing patents related to embodied intelligence in China, with 75.13% being published inventions [5] - A new project for high-absorbent resin production with an annual capacity of 150,000 tons is under public notice [5] - A domestically developed brain-machine interface product completed its first clinical trial, allowing real-time interaction without external devices [5] High-Frequency Data Updates - The international DRAM spot prices showed slight increases, with DDR5 16G averaging $31.475, up by 1.29% [6] - Semiconductor material prices were reported, with 4N zinc oxide powder priced at 1.445 yuan per kilogram [7]

Core Viewpoint - The SMD thermistor market is projected to grow significantly, with a global revenue forecast of approximately $270.61 million in 2024, reaching $430.18 million by 2031, representing a compound annual growth rate (CAGR) of 6.95% from 2024 to 2031 [3]. Market Overview - SMD thermistors are electronic components that change resistance with temperature, widely used in temperature sensing, overheat protection, and temperature compensation [2]. - The global market for SMD thermistors is dominated by NTC type thermistors, which are expected to reach a market size of $181.43 million in 2024 and $265.05 million by 2031, with a CAGR of 5.67% from 2025 to 2031 [5]. Regional Analysis - In 2024, the Chinese market for SMD thermistors is estimated to be around $117.11 million, accounting for approximately 43.28% of the global market. North America and Europe are expected to hold market shares of 16.98% and 15.41%, respectively [5]. - The CAGR for the Chinese market is projected at 8.1%, while the U.S. and European markets are expected to grow at CAGRs of 4.10% and 5.28%, respectively [5]. Application Segments - The consumer electronics sector is the largest downstream application for SMD thermistors, with a market size of $95.69 million in 2024, anticipated to grow to $144.07 million by 2031, reflecting a CAGR of 6.08% from 2025 to 2031 [8]. Competitive Landscape - Major global players in the SMD thermistor market include Thinking Electronic, TDK Corporation, Murata, Shiheng Electronic, TE Connectivity, and Panasonic, with the top five companies expected to hold over 27.73% of the market share in 2024 [11]. Market Drivers - The growth in market demand is driven by the rapid development of smart appliances, automotive electronics, renewable energy, and environmental protection, which require high precision in temperature control [12]. - The expansion of application fields for SMD thermistors includes smart homes, medical devices, industrial automation, and aerospace, with increasing precision requirements [13]. - Government policies supporting environmental protection and sectors like new energy vehicles and smart homes are providing significant growth opportunities for the market [14]. Market Restraints - Intense price competition among numerous market players makes it challenging to increase product prices and profit margins [15]. - The demand for smaller and more compact electronic devices may impose higher requirements on the size and performance of SMD thermistors [16]. - Changes in market demand, such as reduced consumer spending on electronic devices, could impact the demand for SMD thermistors [18]. Development Trends - The application fields for SMD thermistors are continuously expanding, with significant growth expected in consumer electronics, automotive, home appliances, and industrial equipment [19]. - Technological advancements are enhancing the performance of SMD thermistors, enabling them to meet higher precision and wider temperature range requirements [19]. - Policy support and supply chain optimization are crucial for market development, particularly in the environmental sector [20].

格隆汇1月7日｜中邮证券研报指出，顺络电子AI服务器相关的订单饱满，相关业务快速增长，其中海 外业务增速迅猛。目前公司钽电容产品涵盖固体片式MnO₂钽电容（TM系列）与固体片式聚合物钽电容 （TP系列）等多系列产品，同时推出适配高端应用的新型无引线框结构钽电容，其核心优势在于采用 PCB封装无引线框结构，体积利用率提升25%，实现大容值产品尺寸与性能的大幅优化，并具备超低 ESR、超低漏电流、优良自愈修复能力及安全失效模式等特性，在温度变化范围内保持极佳的容量稳定 性，高度契合小型化、高可靠性、高性能的行业发展趋势。维持"买入"评级。 ...

Group 1: AI Data Center and Product Development - The company is focusing on AI data centers and servers as part of its strategic layout in emerging markets, leveraging advantages in miniaturization, precision, and high power technology to supply various types of power inductors and tantalum capacitors [2] - The company has established a comprehensive supply chain for AI server clients, covering leading domestic and international server manufacturers, with a robust order backlog and rapid business growth in AI server-related orders [2] Group 2: Tantalum Capacitor Applications - The company has developed new process technologies for tantalum capacitors, which can be widely applied in high-end consumer electronics, AI data centers, enterprise-level ESSD, automotive electronics, and industrial control [3] - Continuous innovation in materials and manufacturing processes has allowed the company to meet the stringent quality demands of global high-end electronics manufacturers, thereby expanding market applications and ensuring steady growth [3] Group 3: Automotive Electronics Business Outlook - The automotive electronics sector is a key strategic area for the company, with products covering electric vehicle systems and extending to intelligent driving and smart cockpit applications [3] - The company anticipates significant growth in the automotive electronics market, which is projected to be worth hundreds of billions, and plans to leverage its technological and manufacturing advantages to expand product categories and achieve large-scale supply [3] Group 4: Impact of Precious Metal Price Increases - The company has successfully reduced the proportion of precious metals in raw material costs through supply chain management and process improvements [4] - In response to recent significant increases in precious metal prices, the company plans to renegotiate pricing with clients and utilize its strong supply chain management to mitigate the impact of raw material price fluctuations [4] Group 5: Future Expense Outlook - The company maintains controlled overall expense levels, with a compound annual growth rate of approximately 24% in sales revenue since its listing, alongside rapid growth in R&D investment [4] - Future investments will focus on talent development, technology R&D, new product development, and market expansion, with a commitment to maintaining stable R&D expenditure while controlling other costs [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has a strong order backlog related to AI server components, leveraging its technological advantages in miniaturization, high precision, and high power [4] - The company has developed new tantalum capacitor products to meet the needs of major clients, featuring a leadless structure that improves volume utilization by 25% and enhances performance [5] - Revenue projections for the company are estimated at 71.3 billion, 86.8 billion, and 103.7 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 10.2 billion, 13.5 billion, and 16.6 billion yuan [6] Company Overview - The latest closing price of the company's stock is 36.46 yuan, with a total market capitalization of 294 billion yuan and a circulating market capitalization of 276 billion yuan [3] - The company has a total share capital of 8.06 billion shares, with 7.57 billion shares in circulation [3] - The company's major shareholder is Xinyu Hengshuntong Electronic Technology Development Co., Ltd. [3] Financial Projections - The company is expected to achieve revenue growth rates of 16.99%, 20.84%, 21.86%, and 19.40% for the years 2024, 2025, 2026, and 2027 respectively [8] - The projected net profit growth rates are 29.91%, 22.54%, 32.46%, and 23.05% for the same years [8] - The earnings per share (EPS) are forecasted to be 1.03, 1.26, 1.68, and 2.06 yuan for the years 2024, 2025, 2026, and 2027 respectively [8]

南财智讯1月5日电，顺络电子公告，公司近日收到独立董事王天广先生提交的书面辞职报告。王天广先 生因个人原因，申请辞去公司第七届董事会独立董事及董事会审计委员会委员、提名委员会委员职务。 王天广先生辞职后，将不再担任公司任何职务。根据《中华人民共和国公司法》《公司章程》及相关法 律法规的规定，王天广先生的辞职不会导致公司董事会成员人数低于法定最低人数、不会导致公司独立 董事占董事会成员的比例低于三分之一，不会影响董事会规范运作及正常经营管理工作，其辞职报告自 送达董事会之日起生效。截至本公告披露日，王天广先生未持有公司股份，不存在应履行而未履行的承 诺事项。 ...

格隆汇1月5日丨顺络电子(002138.SZ)公布，公司于近日收到独立董事王天广先生提交的书面辞职报 告。王天广先生因个人原因，申请辞去公司第七届董事会独立董事及董事会审计委员会委员、提名委员 会委员职务。王天广先生辞职后，将不再担任公司任何职务。 ...

南财智讯1月5日电，顺络电子公告，公司董事长袁金钰先生将持有本公司的部分股份办理了解除质押业 务，本次解除质押股份数量合计4,300,000股，占其所持公司股份的10.65%，占公司总股本的0.53%。本 次解除质押后，袁金钰先生累计质押股份为23,870,000股，占其所持股份的59.14%。 ...

股票代码：002138 股票简称：顺络电子 编号：2026-002 深圳顺络电子股份有限公司 关于董事长部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司董事长袁 金钰先生通知，获悉袁金钰先生将持有本公司部分股份办理了解除质押业务，现 将有关事项公告如下： 二、股份累计质押情况 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押 股份数量（股） 占其所持股 份比例 占公司总股 本比例 起始日 解除日期 质权人 袁金钰 否 2,580,000 6.39% 0.32% 2023 年 11 月 29 日 2025年12月 31 日 招商证券股份有限公 司 袁金钰 否 1,720,000 4.26% 0.21% 2023 年 11 月 27 日 2025年12月 31 日 招商证券股份有限公 司 合计 / 4,300,000 10.65% 0.53% / / / 一、股东股份解除质押的基本情况 二〇二六年一月六日 截至公告披露日，袁金钰先生及其一致行动人所持质押股份情况 ...

王天广先生在任职期间恪尽职守、勤勉尽责，公司及董事会对王天广先生在 任职期间为公司做出的贡献表示衷心的感谢！ 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 股票代码：002138 股票简称：顺络电子 编号：2026-001 深圳顺络电子股份有限公司（以下简称"公司"）于近日收到独立董事王天 广先生提交的书面辞职报告。王天广先生因个人原因，申请辞去公司第七届董事 会独立董事及董事会审计委员会委员、提名委员会委员职务。王天广先生辞职后， 将不再担任公司任何职务。 根据《中华人民共和国公司法》《公司章程》及相关法律法规的规定，王天 广先生的辞职不会导致公司董事会成员人数低于法定最低人数、不会导致公司独 立董事占董事会成员的比例低于三分之一，不会影响董事会规范运作及正常经营 管理工作，其辞职报告自送达董事会之日起生效。 深圳顺络电子股份有限公司 截至本公告披露日，王天广先生未持有公司股份，不存在应履行而未履行的 承诺事项。 关于独立董事辞职的公告 特此公告。 深圳顺络电子股份有限公司 董 事 会 二〇二六年一月六日 ...