◎记者 李兴彩 郭晨凯 制图 全面涨价阶段即将到来 事实上，早在2025年第三季度，MLCC行业即进入温和复苏阶段。在村田之前，多家大厂对多种被动元 器件，早已开启了多轮涨价。 AI发展提速对半导体的拉动力正在从AI芯片延伸到更广阔的领域，近日被动元器件迎来更加确定的全 面涨价信号——日本被动元器件大厂村田已就MLCC（片式多层陶瓷电容）涨价事项启动了内部讨论。 此前，受原材料涨价、AI及汽车需求拉动等因素影响，2025年下半年至2026年2月，包括MLCC、电 阻、电感、钽电容、磁珠等产品在内的多种被动元器件，已现多轮次涨价，价格涨幅普遍在5%至 30%。 "事实上，高涨的需求叠加原材料涨价，被动元器件涨价行情才刚刚开启。"有分销商人士表示，村田对 MLCC开启涨价，不仅显示出AI动力强劲、高端被动元器件景气度的确定性，还将挤压MLCC低端产 能，从而带动被动元器件进入全面涨价阶段。 MLCC巨头考虑涨价 据报道，为应对AI服务器带来的巨大需求，村田已就MLCC涨价事项启动内部讨论。村田希望在2025财 年第四季度（今年一季度）完成"AI带来的真实需求"的评估，并在今年3月底前作出最终决定。 MLCC广泛应 ...

会议助理: 大家好，欢迎大家参加 AI 加通胀系列 MLCC 专家交，线上会议。目前所有参会人员均处 于经营状态，下面有请主讲老师开始发言，谢谢。 王心怡 华泰证券电子分析师: 那各位线上投资人，大家晚上好。欢迎大家来参加我们这个 AI 加通胀系列的 MACC 专场 的专家交流。我是华泰电子研究员王欣怡。那在会议开始前，其实我们也再重申一下对于 整个 MLC C 最新看到的一些变化吧。就确实是在春节期间，观测到包含村田和三星电机 在内的一些日韩大厂对于涨价的这个事情的口风，确实是发生了一些扭转然后另外就是渠 道现货价也在春节期间迎来了一些继续的上涨。那这个从海外的这些催化来看的话，其实 是进一步加深了大家对于台系，包括大陆的公司后续跟涨的一个预期的。 然后另外一个层面就是从这个 AI 相关，包含 AI 在内的吧，这些高端需求来看，确实是今 年全年还是非常的旺盛。那这个对于非 AI 的高容，以及说一些中低端产能的挤占，可能 也是短期大家比较关心的事情。所以我们今天也是特别邀请到了台系的被动元件大厂的资 深专家，然后来给我们做这样一个专场分享。专家您好，请问能听到吗？ 台系被动元件大厂资深专家: 能听到，很清楚。 ...

Group 1 - The core viewpoint of the report indicates a significant price increase in memory chips, with NAND flash prices rising over 100% and DRAM prices increasing by 60%-70% in Q1, driven by surging demand from AI servers and data center capital expenditures [1] - The current memory chip price increase is expected to continue until mid-2026, marking a new cycle in the storage chip sector, with strong growth in AI server demand and domestic substitution creating investment opportunities in related listed companies [1] - The price hikes in memory chips are impacting downstream industries, with consumer electronics manufacturers facing cost pressures, leading to potential adjustments in product structure and pricing strategies [1] Group 2 - TSMC reported a record high revenue of $33.73 billion in Q4 2025, a year-on-year increase of 25.5%, exceeding previous guidance, with a net profit of approximately $16.3 billion, reflecting a 35% year-on-year growth [2] - The gross margin reached 62.3%, marking a 3.3 percentage point increase year-on-year, while the operating profit margin was 54%, and the net profit margin was 48.3%, all significantly surpassing market expectations [2] - Advanced process revenue accounted for 77% of total revenue, with 3nm process contributing 28%, indicating a strong growth engine for revenue [2] Group 3 - The passive components market is experiencing a new wave of price increases, with major manufacturers raising prices by 5%-30%, driven by rising raw material costs and increased demand from high-end sectors like AI servers and electric vehicles [3] - Price increases in passive components such as MLCCs, inductors, and resistors are expected to transmit to various downstream applications, influenced by rising wafer processing costs and strong demand in automotive and industrial sectors [3] Group 4 - Companies to watch include IC design firms such as Zhaoyi Innovation, Puran, Dongxin, Beijing Junzheng, and Lanke Technology, as well as storage module manufacturers like Demingli and Shannon Chip Creation [4] - AI-related PCB companies such as Shenghong Technology, Hudian Co., Jingwang Electronics, and Kexiang Technology are also recommended for attention [4]

Price Increases in Semiconductor and Electronic Components Industry - Resonac announced a price increase of 30% for copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs of raw materials and labor [3] - Nanya Plastics will raise prices for all CCL products and PP by 8% starting November 20, 2025, citing increases in international copper prices and raw material costs [7] - TrendForce predicts that the average capacity utilization rate of global 8-inch wafer foundries will rise to 85%-90% in 2026, leading to price increases of 5%-20% for wafer foundry services across the board [8] - TSMC plans to increase prices for advanced technology nodes (5nm, 4nm, 3nm, 2nm) by 8%-10%, with a 50% increase for 2nm wafers starting in 2026 [10] - SMIC has implemented a price increase of approximately 10% for certain capacities [11] - Several packaging and testing companies have begun raising prices, with increases nearing 30% due to high demand and full capacity utilization [13] Memory Chip Price Increases - Samsung has raised NAND flash prices by over 100% and plans to increase server DRAM prices by 60%-70% in Q1 2026 [15] - SK Hynix is also raising server DRAM prices by 60%-70% and has negotiated significant price increases for LPDDR memory used in iPhones, approaching 100% [16] - Micron has announced a general price increase of approximately 20% across its product lines [17] - NAND flash wafer prices increased by over 10% in December 2025, with SSD prices rising by 15%-20% [24] Passive Components Price Adjustments - Various passive component manufacturers, including Yageo and Panasonic, have announced price increases for capacitors and resistors ranging from 8% to 30% [26][31] - ROHM Semiconductor has raised prices for thick film resistors by 8%-20% [38] - Multiple manufacturers are adjusting prices due to rising raw material costs and supply chain pressures [47] Power Devices and Other Electronics - Huazhong Microelectronics confirmed price increases for certain IGBT products due to rising copper and raw material costs [48] - Several semiconductor companies, including Jiangxi Tianyi and Wuxi Zongxiang Technology, have raised prices for specific products by 10%-20% [82][83] CPU and GPU Price Trends - AMD and Intel are planning to increase server CPU prices by up to 15% due to high demand from large enterprises [62] - NVIDIA and AMD are expected to raise GPU prices in early 2026, with multiple price adjustments anticipated throughout the year [79]

Core Viewpoint - The company, Sunlord Electronics, is strategically positioning itself in the emerging market of data centers (AI servers) by leveraging its advantages in miniaturization, high precision, and high power density technology [1] Group 1: Product Solutions - The company provides a comprehensive product solution for server power supply architecture, including primary, secondary, and tertiary power supplies [1] - Primary power supply focuses on large power devices for AC/DC conversion and high/low voltage conversion applications [1] - Secondary power supply involves 48V to 12V DC power supply, addressing power supply challenges with various inductors and transformer products [1] - Tertiary power supply includes components for xPU chips (CPU, GPU, ASIC), network cards, memory, and SSDs, featuring new AI inductors and tantalum capacitors among other products [1] Group 2: Market Trends - The AI server business is experiencing a sustained increase in demand both domestically and internationally [1] - The company's related business is benefiting from the industry's favorable conditions and an increase in market share, showing a trend of rapid growth [1]

Core Viewpoint - The article discusses the recent price increases in passive components, particularly focusing on Taiwanese resistor manufacturers joining the trend, driven by rising raw material costs and increased demand from AI applications [3][4][13][15]. Group 1: Price Increases from Taiwanese Manufacturers - Taiwanese passive component manufacturers, including Yageo, Thick Sound, and Walsin, have announced price hikes for various resistor products, with increases ranging from 15% to 25% [5][6][7]. - Yageo's price adjustments will take effect from February 1, covering specific resistor products like RC0402, RC0603, and others [5]. - Thick Sound and Walsin have also issued price increase notifications, indicating a collective movement among Taiwanese manufacturers to raise prices due to rising material costs [6][7]. Group 2: Market Reactions and Trends - Following the announcements, the passive component market experienced a temporary halt in quotations and price increases, but most channels have since returned to normal pricing [9][10]. - The overall price of resistors has increased by approximately 10-20% since the New Year, particularly for sizes 0201 to 1206, with fluctuations stabilizing after initial increases [10][11]. - Distributors have noted that the initial price hikes did not significantly impact the market, as many customers had already begun stockpiling components prior to the announcements [11]. Group 3: Underlying Causes of Price Increases - The primary reasons for the price hikes include rising raw material costs, particularly for metals like silver, palladium, and others, which have seen significant price increases [13][14]. - Additionally, the surge in demand driven by AI applications has contributed to the rising prices of passive components, with projections indicating a substantial increase in demand for components like MLCCs in AI servers [15][16].

Summary of Conference Call on Passive Component Price Trends Industry Overview - The passive components market is experiencing price increases across nearly all categories, including capacitors, resistors, diodes, inductors, and ferrite beads, driven primarily by raw material inflation [1][2][3] - The current price increase is characterized by a more rational market behavior compared to the previous cycle from 2017 to 2022, where speculative hoarding was prevalent [1][6] Key Points and Arguments - **Price Transmission**: Price increases are transmitted in layers; small and medium-sized end customers face price hikes of 30%-40%, while large customers with long-term contracts experience increases of less than 10% [4][2] - **MLCC Market Dynamics**: Although MLCC (Multi-layer Ceramic Capacitors) prices have not officially increased, high-capacity products have seen price rises. Manufacturers are cautious to avoid past mistakes of rapid price hikes [7][8] - **Market Share Concentration**: The MLCC market is dominated by four major players: Murata, Samsung, Yageo, and Sanhua, which together hold 80% of the market share. Strategies include reducing production and increasing agent thresholds [9] - **Domestic Brand Growth**: Domestic brands like Chaozhou Sanhua are gaining market share as customers shift from foreign brands to more cost-effective local options [10][12] - **Future Price Trends**: The trajectory of component prices will largely depend on raw material costs, with increases in silver and copper prices likely to push costs higher [13] Additional Important Insights - **Inventory Management**: Unlike the panic buying seen in previous years, current stakeholders are managing inventory more rationally, purchasing based on actual orders rather than speculation [5] - **Historical Context**: The last significant price surge occurred from July 2017 to the end of 2022, driven largely by human factors and market manipulation, whereas the current situation is primarily influenced by raw material costs [6][14] - **Cautious Market Sentiment**: Despite expectations of price increases, companies are hesitant to expand production capacity significantly, reflecting a cautious approach to market dynamics [11] - **Emerging Demand Areas**: While AI servers and storage are currently stable, the AI glasses sector may emerge as a new growth point in the future [18][16] Conclusion The passive components market is currently undergoing a price increase driven by raw material inflation, with a more rational market response compared to previous cycles. The focus on domestic brands and cautious inventory management reflects a significant shift in market dynamics. Future price trends will depend heavily on raw material costs and the evolving demand landscape, particularly in emerging technologies.

Group 1 - The core viewpoint of the article is that Shenzhen Huaqiang is a leading distributor of passive components globally, including products like MLCC, silicon capacitors, tantalum capacitors, inductors, resistors, filters, connectors, and transformers, covering the entire category of passive components [2]. Group 2 - The company confirmed its involvement in the recent price increases of passive components, specifically mentioning MLCC and other related products [2].

Core Viewpoint - The company, Shunluo Electronics, is actively involved in the application of its products in AI glasses, indicating a strong market presence and potential for growth in the consumer electronics sector driven by AI advancements [2] Group 1: Company Products and Applications - Shunluo Electronics' products, including various inductors, LTCC, and antennas, are widely used in AI glasses [2] - The company has established a supply relationship with leading clients in the relevant fields, ensuring continuous product supply [2] Group 2: Market Trends and Implications - The rapid development of AI and related applications is expected to increase the demand for consumer electronics with AI functionalities, leading to higher computational and integration needs [2] - The growing demand for superior performance components will directly boost the company's related business operations [2]

Company News - Vanke A and Changsha Vanke Enterprise Co., Ltd. have added a new execution information of over 1.08 billion yuan [1] - Longi Green Energy has released a 2025 performance forecast, expecting a net loss of 6-6.5 billion yuan, while successfully scaling up the production of BC Generation II products and officially entering the energy storage sector [1] - Wanhua Chemical established Wanhua Chemical Group (Laizhou) New Energy Materials Technology Co., Ltd. with a registered capital of 740 million yuan on January 16 [1] - Zhiyuan Robotics has signed a memorandum of cooperation with Lens Technology, Thailand's SKY, and Com7 to establish a joint venture in Thailand to explore the implementation path of embodied intelligence industry [1] - Tianrongxin has stated that the company has technical reserves and layout in the commercial aerospace security field and will continue to expand research and application of new technologies and scenarios [1] - Sunlord Electronics claims its products are widely used in AI glasses, covering inductors, LTCC, antennas, and have been supplying major clients in related fields [1] - Tianyi Medical has recently received a medical device registration certificate for disposable continuous renal replacement therapy tubing from the National Medical Products Administration [1] Industry News - The National Bureau of Statistics has released the 2025 national economic data, with GDP exceeding 140 trillion yuan, a year-on-year growth of 5%, and the manufacturing sector expected to maintain its position as the world's largest for 16 consecutive years, driven by "Artificial Intelligence+" with storage chips and server production increasing by 22.8% and 12.6% respectively [1] - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and four other departments have jointly issued opinions to cultivate and build a number of zero-carbon factories in the automotive, lithium battery, and photovoltaic industries by 2027 [1] - Hainan Free Trade Port has shown initial results in its first month of closure, with 5,132 new foreign trade registered enterprises, and border inspection agencies reporting a year-on-year increase of 31% and 27% in inspected personnel and transportation vehicles respectively [1] - The first day of the 2026 Spring Festival travel season (February 2) train tickets will go on sale on January 19, with the railway department introducing new services such as limited-time free refunds for mistakenly purchased tickets, expecting a significant increase in short- and medium-distance passenger flow [1]