Summary of Conference Call Notes Industry Overview - The focus is on the **electronic sector**, particularly the inflation trends driven by AI in storage, devices, and packaging/testing [1] Key Points and Arguments 1. **Price Increases Across Segments**: - Recent price hikes have been observed in several sub-segments: - **Passive Components**: Resistors from Yageo have increased by **15-20%** - **Power Components**: Multiple companies have raised prices by **10-20%** - **LED Drivers**: Richtek has seen price increases of over **10%** - **MCUs**: Companies like Zhongwei have raised prices for MCUs and NOR by **15-50%** [2] 2. **Drivers of Price Increases**: - The reasons for price increases vary by segment: - **Downstream Demand Shift**: A turning point in demand coupled with inventory clearance in channels - **Rising Packaging and Foundry Costs**: There is a pressing need to pass on cost pressures - **Supply-Side Constraints**: Supply-side pressures combined with a demand-side inventory buildup cycle [2] 3. **Long-term Industry Logic**: - The AI industry wave presents transformative opportunities for power, passive, and MCU sectors: - **Passive Components**: New demands arise in various AI applications, such as significant power shortages in North America, leading to the need for high-capacitance, high-voltage MLCCs - **Power Supply Innovations**: The VPD (Vertical Power Delivery) scheme is highlighted as a more efficient power supply solution, indicating a shift in power supply evolution - Increased requirements for high-voltage film capacitors, high-frequency power inductors, and non-inductive resistors are anticipated [2] 4. **Investment Strategy**: - The electronic sector is entering a significant inflationary period, with previous surges in storage, devices, and packaging/testing expected to be followed by a wave of price increases in other electronic components - It is advised to prioritize positions and select targets that actively participate in industry transformation and embrace the AI wave [2] Additional Important Content - The call emphasizes the importance of engaging with companies that are positioned to benefit from the ongoing changes in the electronic sector, particularly those that align with AI advancements [2]

2、功率半导：新洁能、捷捷微电、扬杰科技 3、被动元件：顺络电子、三环集团 4、引线框架：康强、新恒汇 1、MCU ：兆易创新、普冉股份、国民技术、中微半导 而近期，亦有多个细分板块纷纷加入涨价行列，其中： ➠被动元件（国巨部分电阻涨幅15-20%） ➠功率（多家公司涨幅10-20%） ➠LED驱动（富满微涨幅10%以上） ➠MCU公司（中微半导MCU和NOR涨幅15-50%） 不少领导关注，#是否电子板块已经进 【国联民生电子】电子板块的全面通胀 领导好，前期我们团队重点推荐了AI驱动下的存储+设备+封测 等通胀板块。 而近期，亦有多个细分板块纷纷加入涨价行列，其中： ➠被动元件（国巨部分电阻涨幅15-20%） ➠功率（多家公司涨幅10-20%） ➠LED驱动（富满微涨幅10%以上） ➠MCU公司（中微半导MCU和NOR涨幅15-50%） 不少领导关注，#是否电子板块已经进入了全面通胀？ 我们在和上市公司，以及多位专家交流之后，综合梳理如下： 1、涨价驱动力？ 不同板块的涨价的驱动力各不相同。 近期部分披露涨价函的赛道，如功率、被动、MCU等。 主要原因是： (1)下游需求拐点，加之渠道库存出清。 (2)封 ...