Industry Overview - The MLCC sector is experiencing a significant surge, driven by the explosive demand for AI servers, leading to a substantial increase in industry demand [2][3] - Major global MLCC manufacturers, such as Murata Manufacturing and Samsung Electro-Mechanics, are considering price hikes due to capacity constraints, with Murata's order volume reaching double its current capacity [3] - The demand for high-end MLCCs is expected to continue rising, benefiting both upstream and downstream companies in the industry [3] Market Dynamics - The demand for high-capacity, high-temperature resistant high-end MLCCs is increasing in downstream sectors like AI servers and automotive electronics, with overseas giants' price increases pushing the overall price level higher [4] - Domestic manufacturers with high-end MLCC R&D capabilities are positioned to capture more market share due to their cost-performance advantages as the domestic substitution process accelerates [4] Raw Materials and Equipment - The expansion of MLCC production is driving the demand for key raw materials such as nickel powder and dielectric powder, with a notable increase in market demand for high-performance nickel powder and high-end dielectric powder [4] - Companies that possess advanced production technology for high-end raw materials are expected to benefit significantly from the industry's growth [4] Key Companies - Fenghua Advanced Technology is a leading domestic MLCC manufacturer, with a diverse product range including MLCCs and chip resistors, set to benefit from industry demand growth and the domestic substitution process [5] - Guocera Materials is a global leader in MLCC dielectric powder production, supplying raw materials to numerous well-known MLCC manufacturers, and will see performance growth due to the industry's upward trend [5] - Boqian New Materials focuses on high-end metal powder R&D and production, with its nickel powder products meeting the technical upgrade needs of high-end MLCCs, expected to see increased sales and profitability due to the surge in AI server demand [6] - SanHuan Group is a leading domestic electronic ceramics company, with its MLCC products experiencing a gradual recovery in market demand, benefiting from industry growth and accelerated domestic substitution [6]

Investment Rating - The report indicates a positive outlook for Thailand's manufacturing sector, highlighting strong foreign direct investment (FDI) and robust demand for serviced industrial land plots (SILP) [1][51]. Core Insights - Thailand's FDI reached THB 1.14 trillion across 2,259 projects in H2 2025, with a record high demand for SILP, totaling 12,955 rai sold [1][51]. - The average asking price for SILP increased by 5.0% to THB 6.65 million per rai, reflecting a tightening market with high occupancy rates in ready-built factories (RBF) at 98.4% [2][66]. - Future demand is expected to be robust but more specialized, driven by supply chain relocations and growth in digital and electrical industries, with structural factors becoming more critical for investors [3][79]. Market Overview - Thailand's economy saw a slowdown in Q3 2025, with real GDP growth at 1.2% YoY, down from 2.8% in the previous quarter, although external demand and a trade surplus provided some support [8]. - Goods exports rose by 11.5% YoY to USD 86.2 billion, with high-technology manufacturing leading the growth [9]. - Private investment grew by 4.2%, while public investment contracted by 5.3%, indicating a divergence between investment and consumption [10][13]. Foreign Direct Investment (FDI) - Cumulative FDI approvals increased significantly from THB 629.6 billion in Q2 to THB 1.14 trillion by the end of 2025, with the digital sector attracting the largest share of investment [24][26]. - The digital sector's capital inflow rose by 71.6%, highlighting a shift towards technology-driven industries [26]. Serviced Industrial Land Plots (SILP) - The total supply of SILP grew by 0.8% H-O-H to 185,498 rai, with the Eastern Economic Corridor (EEC) commanding a 63.6% market share [42][49]. - The cumulative sales rate for SILP reached 93.5%, indicating a highly competitive market with limited available inventory [52][56]. Ready-Built Factory (RBF) Market - The RBF market saw a national occupancy rate of 98.4%, with the EEC achieving total utilization at 99.94% [66][72]. - Average rental rates increased to 202.9 THB per sqm, reflecting a landlord's market driven by high demand from sectors like EV and electronics [74]. Structural Shifts in the Market - The industrial property market is transitioning towards more capital-intensive and infrastructure-dependent activities, influenced by trade policies and tariff asymmetries [79][80]. - Developers are increasingly adopting built-to-suit models, reducing speculative development and contributing to supply constraints [82]. Future Outlook - Industrial demand is expected to remain resilient but selective, with ongoing supply chain diversification and digitalization [84]. - Long-term structural constraints in power and infrastructure capacity may impact effective supply, leading to uneven land and rental price growth [84].

整体来看，298家发布业绩预告的公司中有166家实现盈利，工业富联、立讯精密、TCL科技净利润居前；受益于行业复苏、算力需求攀升等多重因素，较上 年相比，近六成电子行业上市公司实现利润同比增长。 超五成公司预告盈利工业富联、立讯精密、TCL科技盈利规模居前 截至最新数据，根据申万行业分类，A股电子行业上市公司共计495家，其中298家公司已公布2025年年度业绩预告。 整体来看，已公布2025年年报业绩预告的298家电子上市公司中，业绩偏正面（包括预增、略增、续盈、扭亏）的企业合计为129家。 | 面即修 | | | | --- | --- | --- | | 电子行业2025年年度业绩预告类型 | | | | 预告方向 企业家数(家) | 业绩类型 | | | TF面 | 预增 | 81 | | 略増 | | 15 | | 续盈 | | 1 | | 担亏损 据 | | 32 | | 30 | 预減 | | | 负面 | 略減 | 7 | | 首亏 | | 41 | | 续亏 | | 90 | | 中性 | 不确定 | 1 | | 数据来源: 新华财经、面包财经、公司公告 | | | 图1：电子行业2025年 ...

新华财经北京2月25日电截至最新数据，根据申万行业分类，A股电子行业上市公司共计495家，其中298家公司已公布2025年年度业绩预告。 整体来看，298家发布业绩预告的公司中有166家实现盈利，工业富联、立讯精密、TCL科技净利润居前；受益于行业复苏、算力需求攀升等多重因素，较上 年相比，近六成电子行业上市公司实现利润同比增长。 超五成公司预告盈利工业富联、立讯精密、TCL科技盈利规模居前 整体来看，已公布2025年年报业绩预告的298家电子上市公司中，业绩偏正面（包括预增、略增、续盈、扭亏）的企业合计为129家。 | 面问14 | | | | --- | --- | --- | | 电子行业2025年年度业绩预告类型 | | | | 企业家数 (家) 预告方向 | 业绩类型 | | | 正面 | 预增 | 81 | | 15 | 略増 | | | 绩盈 | | 1 | | 担同市场 | | 32 | | 负面 | 预减 | 30 | | 略減 | | 7 | | 首亏 | | 41 | | 续亏 | | 90 | | 中性 | 不确定 | 1 | | 数据来源: 新华财经、面包财经、公司公告 | | | ...

CALGARY, Alberta, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Vitalist Inc. (TSX-V: VITA.V; OTCQB: VTLSF) (“Vitalist”), a leading electronics company specializing in smart wearable technology and a licensee of prominent global brands, is pleased to announce that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (“DTC”) and have been approved for FAST (Fast Automated Securities Transfer) eligibility. DTC and FAST eligibility is expected ...

HAUPPAUGE, N.Y., Feb. 24, 2026 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGR, AMPGZ) today announced that its previously listed warrants (Nasdaq: AMPGW) expired in accordance with their original terms at 5:00 p.m. Eastern Time on February 19, 2026. Trading in the warrants ceased at the close of market on February 18, 2026, after which the warrants were removed from listing on Nasdaq. The Company reports that prior to their expiration, there were a total of 1,371,428 warrants outstanding wit ...

China restricts exports to 40 Japanese entities it says are contributing to Japan’s “remilitarization.”FILE - Paramilitary soldiers and a police officer with a sniffer dog march past the main entrance gate of China's Ministry of Commerce, in Beijing, on April 3, 2025. (AP Photo/Andy Wong, File)BANGKOK -- China restricted Tuesday exports to 40 Japanese entities it says are contributing to Japan's “remilitarization,” in the latest escalation of tensions with Tokyo. Beijing has shown continued displeasure with ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].

2月24日，农历新年开工第一天，广东省在广州召开全省高质量发展大会。华为公司董事长梁华在会上 作发言时表示，华为将持续夯实数智基础设施底座，为人工智能高质量发展建立坚实基础。 梁华认为，与前几次工业革命"单点技术突破"不同，AI技术、基础设施与应用场景三要素相互赋能、协 同演进。对于人工智能产业的持续健康有效发展，既要看到技术创新带来的先发优势，更要重视坚实数 智基础设施所支撑的持久发展动力。 梁华提出，数智基础设施是人工智能创新和应用的底座。AI数据中心建设需要提前规划建设液冷、电 力等基础资源，满足AI算力大规模部署与运行的需求；通讯基础设施从联人到万物互联以及实现通感 一体，在5G/5G-A、千兆光网、工业互联网等建设和运营持续领先；面向智能终端和物联网终端，建立 统一的操作系统、数据库、工具链等基础软件和AI智能体应用范式。 梁华建议，打造开源、开放的AI生态，加速释放人工智能的产业价值。人工智能带来的价值不是简单 的效率提升和生活便利，而是涉及到行业底层逻辑、服务模式与价值链的深层变化，需要构建开放合作 和可持续发展的生态体系，从而有效应对挑战，真正释放人工智能的价值。 华为打造以昇腾为核心的AI开 ...

"人工智能带来的价值不是简单的效率提升和生活便利，而是涉及到行业底层逻辑、服务模式与价值链 的深层变化，需要构建开放合作和可持续发展的生态体系，从而有效应对挑战，真正释放人工智能的价 值。"梁华说，华为打造以昇腾为核心的AI开放生态，深化开源开放，持续提升易用性，让开发者可以 更快速地创新迭代，激发高校和研究机构更多的技术创新以及产业更多的应用创新，赋能合作伙伴打造 场景化解决方案，推动传统产业优化升级和未来产业加快培育。目前已有43个业界主流大模型基于昇腾 预训练，200多个开源模型适配昇腾生态，推动6000多个解决方案落地应用。 在2月24日举行的全省高质量发展大会上，华为公司董事长梁华建议，打造开源、开放的AI生态，加速 释放人工智能的产业价值。 他举例说，美的聚焦"智慧家居、智慧企业、智慧工厂"三大业务的产品服务智能化，基于昇腾算力平台 实现模型训练和智能问答、质量问题打标、卖点分析等场景推理，解决实际应用问题，工作流程更加高 效，生产流程更加智能。 华为公司董事长 梁华 （作者：深圳特区报&读特记者 方慕冰/文 赖犁/图） ...