开源证券发布研报称，2025年以来，多家被动元件头部企业宣布调涨产品价格，推动全球被动元件市场 进入新一轮上行周期。本轮被动元件涨价主要由上游金属原材料价格上涨和人力/电力等成本上涨驱 动，通胀因素占据主导，供需层面则维持正常水平，尚未表现出趋紧迹象。但是不同于以往消费电子需 求为主的周期，随着AI服务器、新能源汽车、工业控制等下游新兴领域需求快速增长，以及国内厂商 在高端品类的持续渗透，本轮被动元件产业上行周期有望更长、更有持续性。 松下：已向经销商/客户发出涨价通知，对30-40个型号规格的钽电容调涨15-30%，预计2026年2月1日起 生效。 风华高科（000636）：2025年11月发布涨价函，对电感磁珠类产品价格调升5%-25%，压敏电阻类产品 对银电极全系列调升10%-20%，瓷介电容类产品对银电极全系列产品价格调升10%-20%，厚膜电路类产 品价格调升15%-30%。 华新科：由于人力/电力/物料成本持续上升，自2026年2月1日起，将对电阻产品进行价格调整，调价覆 盖的尺寸范围包括从0201到1206的全阻值产品。 顺络电子（002138）：2025年12月底，顺络发布涨价通知表示将自20 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 被动元件市场掀起涨价潮，华新丽华集团旗下华新科对客户发出涨价通知，将从2月1日起调升所有芯 片电阻产品线报价，业界透露涨幅上看二成，涨价效益将助力华新科营运走强。 华新科是继台湾被动元件龙头国巨、大陆最大芯片电阻厂厚声之后，又一家宣布调升芯片电阻报价的 被动元件大厂，透露这波价格涨势锐不可挡，产业进入新一波涨价周期态势确立。 华新科指出，已正式通知客户，自2月1日起，针对尺寸0201至1206、涵盖全阻值范围的芯片电阻产 品进行价格调整，具体调整幅度将依各产品规格、型号及种类另行提供详细方案，由公司业务团队与 客户进一步说明。 华新科指出，过去一段时间，该公司已透过内部控管与营运优化吸收部分成本，惟随新应用市场持续 发展、产能需求同步提升，整体营运成本逐步累积，经审慎评估后，决定启动价格调整，以反映实际 成本结构与市场状况。 华新科强调，此次价格调整是在多方权衡后所做的必要措施，未来将持续致力于提供稳定供应、高品 质产品与即时支援服务，并与客户携手因应市场变化，维持长期合作关系。 在 华 新 科 之 前 ， 国 巨 已 率 先 宣 布 ， 自 2 月 1 日 起 ...

Group 1 - The leading passive component manufacturer, Yageo (国巨), has raised prices for tantalum capacitors, leading to a ripple effect in the market [1] - Yageo's subsidiary, Pulse, has announced a price adjustment for certain ferrite bead products effective from January 1, due to high raw material costs, particularly silver [1] - The price of silver has surged significantly, with NIMEX silver futures reaching $73.02 per ounce recently, marking a 143% increase for the year 2025, which adds pressure to the cost structure of passive component manufacturers [1] Group 2 - Yageo's revenue from magnetic components accounts for approximately 27% to 28% of its total revenue, with a strong market position in inductors and automotive-grade magnetic components [2] - Competitor Walsin Technology (华新科) is also a significant supplier of ferrite bead products, which are widely used in high-frequency interference suppression and EMI reduction [2] - The passive component industry is entering a new price adjustment phase, supported by high raw material costs and steady demand from end applications, benefiting major suppliers like Yageo and Walsin [2]

Market Overview - Precious metals and U.S. stocks experienced a pullback, with major tech stocks like Tesla, Nvidia, and Meta declining due to reduced bets by traders ahead of year-end [1] - Tesla's stock fell by 3.27%, leading the decline among major tech stocks, as its supply contract with South Korea's L&F was reduced by 99% [29] - The 10-year U.S. Treasury yield fell by 1.75 basis points to 4.11%, while the dollar remained stable [1] - Bitcoin briefly surged above $90,000 before dropping back below $87,000, and Ethereum also saw a significant reversal [1] - Silver prices dropped over 8% after briefly surpassing $80, marking a significant decline [1] - WTI crude oil rose by 1.6% [1] Digital Currency - The People's Bank of China announced that a new digital RMB framework will officially launch on January 1, 2026, transitioning from digital cash to digital deposit money [2][18] - The digital RMB will be a modern digital payment method with attributes of commercial bank liabilities, compatible with distributed ledger technology [18][19] Silver Market - Reports suggest that a systemically important bank faced a margin call due to a short position in silver futures, leading to speculation about a European bank's involvement [3][19] - The National Investment Silver LOF warned investors about the risks of investing in high premium funds, as its net asset value lagged behind silver futures [19] - Analysts highlighted potential short-term risks for silver, including tax-driven year-end selling and a strong dollar [20] AI and Tech Companies - Meta is set to acquire Manus for several billion dollars, marking its third-largest acquisition to date [10][21] - Michael Burry has taken a short position against Nvidia and Palantir, arguing that the AI hype mirrors the internet bubble [22] - The upcoming CES in Las Vegas will be crucial for AI hardware companies to demonstrate real consumer value [22] Stock Market Predictions - Wall Street analysts predict that the S&P 500 will continue to rise in 2026, with no bearish outlook among strategists [8][21] - Concerns were raised about the potential risks of widespread optimism in the market [21] Robotics and Automation - The humanoid robot industry is expected to see significant growth, with a projected increase in global shipments by over seven times in 2026 [31] - The opening of offline stores for humanoid robots is anticipated to enhance product iteration and standardization [31] Other Notable Developments - Semiconductor companies are expected to benefit from the ongoing "super cycle" in memory demand driven by AI [28] - The logistics sector is set to undergo standardization improvements as part of a national initiative [33]

Digital Currency - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [1] - As of November 2025, digital RMB has processed 3.48 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The rapid development of digital RMB is expected to create opportunities for the banking IT system, payment ecosystem, and related infrastructure industries [1] Passive Components - A major passive component manufacturer plans to adjust prices for certain products starting January 1, 2026, with increases in resistors and inductors [2] - Research indicates that domestic passive component manufacturers are likely to implement two price hikes in Q4, driven by increased demand from AI applications [2] - The overall price of passive components is currently low, and with rising raw material costs, manufacturers are expected to initiate a new round of price increases [2] Robotics - The opening of offline stores for humanoid robots is expected to validate real application scenarios and accelerate product iteration and standardization [2] - TrendForce predicts that 2026 will be a pivotal year for humanoid robots, with global shipments expected to increase over sevenfold, surpassing 50,000 units [2] Nuclear Fusion - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [4] - The industry is entering an upward capital expenditure cycle, with Hefei establishing a leading cluster of fusion devices and a complete industrial chain [3] - The importance of controlled nuclear fusion as a "ultimate energy" source is increasing, with a focus on engineering feasibility verification and equipment procurement [3] Logistics - A joint plan has been issued by several government agencies to develop 101 national standards for modern logistics from 2025 to 2027, aimed at enhancing logistics infrastructure [5] - The modern logistics industry has achieved significant growth, with a projected social logistics total of 380 trillion yuan and logistics revenue exceeding 14 trillion yuan by 2025 [5] - The industry is transitioning from scale expansion to quality improvement, leveraging AI, IoT, and big data for enhanced efficiency [5] Reusable Rockets - The private rocket company "New Space Aerospace" has initiated key technology tests for the recovery and reuse of the Chitu-1 rocket, marking progress in low-cost, reliable space technology [6] - Successful recovery technology could reduce launch costs from tens of millions to millions of dollars, with multiple companies aiming for reusable rocket launches by 2026 [6] Hydrogen Energy - A significant breakthrough has been achieved in a 30MW pure hydrogen gas turbine energy storage demonstration project, marking a step towards practical hydrogen energy applications [7] - The project aims to provide a viable solution for large-scale renewable energy storage, addressing issues of volatility and energy wastage [7] Macro and Industry News - Starting January 1, 2024, digital RMB wallet balances will earn interest, making China the first economy to offer interest on central bank digital currency [8] - The market regulatory authority has outlined key tasks for the upcoming year, focusing on antitrust enforcement and addressing "involution" competition [8] - Public fund assets have surpassed 37 trillion yuan, reaching a new high [8]

Group 1 - The passive components sector, including resistors and capacitors, is experiencing strong demand due to the booming PCB market, which is expected to drive up prices similar to the memory market [3] - Technical characteristics of the sector indicate a significant breakout when surpassing the one-year high, with recent pullbacks showing resilience and an improving Relative Strength Ratio (RSR) [1] - Notable leading stocks within the sector have been identified, showcasing clear technical features that may present investment opportunities [1] Group 2 - Relevant upstream resources include major manufacturers such as Sanhua Group and Farah Electronics, both recognized as significant players in the chip capacitor market [2]