（原标题：双欣环保(001369.SZ)：公司PVB树脂下游电子玻纤和MLCC可以应用于半导体方面） 格隆汇1月9日丨双欣环保(001369.SZ)在投资者互动平台表示，公司PVB树脂下游电子玻纤和MLCC可以 应用于半导体方面。 ...

证券日报网讯1月5日，风华高科（000636）在互动平台回答投资者提问时表示，公司控股子公司广东国 华新材料科技股份有限公司研发生产的微波陶瓷器件已应用于卫星终端；公司产品涵盖MLCC、片式电 阻器、电感器、超级电容器等电子元件，品类系列齐全，可应用于航空航天相关领域，公司将密切关注 新兴市场应用领域，提前布局，以市场需求为导向，通过持续的技术创新和市场开拓，推动公司产品结 构向高端化转型升级。 ...

一、事件：松下上调钽电容价格 松下向经销商、客户发出涨价通知，部分钽电容型号调涨15-30％，调整范围涵盖30-40种钽聚合物电容型号，自2026年2月1日起生效。 据业内媒体闲芯、芯世相等报道，近期，国内多家被动元件厂商纷纷发布涨价函： | ￣商名称 | 主要产品 | 涨价直因 | 调涨幅度 | | --- | --- | --- | --- | | 厦门宏发电声 | 继电器、连接器 | 主要原材料价格上涨 | 5%-15% | | | 、电容器等 | | | | 南充溢辉电子科技 | 車相 | 关键贵金属材料价格大幅快速上涨 | 适当调整 | | 浙江玖维电子科技 | 特种晶片电阻 | 贵金属材料价格大幅上涨 | 以正式报价为准 | | 深圳合科泰电子 | 厚膜电阻、半导 | 成本上升（隐含贵金属等原材料） | 8%-20% | | | 体器件 | | | | 江西昶龙科技 | 厚膜贴片电阻各 | 成本压力 | 10%-20% | | | 系列 | | | | 安徽富捷电子 | 厚膜贴片电阻各 | 厚膜贴片电阻成本持续攀升 | 8%-20% | | | 系列部分产品 | | | | 宁波鼎声微电 | 部分 ...

3 January 2026 | 5:49PM KST Equity Research South Korea Tech: December 2025 export tracker: stronger memory exports growth in 4Q25 According to MOTIE (Ministry of Trade, Industry and Energy) and TRASS (Trade Statistics Service), exports for major tech products we track (memory, OLED, Li-ion batteries, MLCC) showed overall positive trend in December 2025 as exports value for memory (+64% yoy) and MLCC (+11% yoy), and display (+1% yoy) saw positive yoy growth while Li-ion batteries (-21% yoy) exports declined ...

风华高科：公司在互动易上表示，近期对电感磁珠类，压敏电阻类等部分产品进行了价格调整。AI技 术的深度应用推高了终端产品的算力与功耗需求，MLCC，电阻器，电感器的单机用量预计将实现显著 增长。 顺络电子：公司为客户供应各类型的一体成型功率电感，组装式功率电感，超薄铜磁共烧功率电感，钽 电容产品等，客户已覆盖国内头部服务器厂商及海外头部功率半导体模块厂商。 上证报12月29日报道，据机构草根调研，某被动元器件大厂，自2026年1月1日起对部分产品价格进行适 度调整，电阻类常规电阻整体上调，电感类磁珠，铁氧体电感等品类整体上调，其他如敏感元件，保护 元件，瓷介电容等产品根据材料涨幅情况具体调整。 上证报援引研究机构观点称，国内被动元件厂商四季度对部分产品进行两次涨价，且涨价覆盖产品，客 户均进一步扩大。涨价虽主要以成本传导为目的，但AI对被动元件用量增加极大，带动行业整体稼动 率提升。目前，被动元件价格整体处于低位，在需求回暖叠加原材料价格上涨的大背景下，被动元件厂 商后续涨价动力强，有望开启新一轮涨价周期。 公司方面，据上证报表示， *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨 ...

Core Viewpoint - The company is focusing on high-end transformation and upgrading of its product structure through continuous technological innovation and market expansion, particularly in emerging market applications [1] Group 1: Company Developments - The company's subsidiary, Guangdong Guohua New Materials Technology Co., Ltd., has developed microwave ceramic devices that are now applied in satellite terminals [1] - The product range includes MLCCs, chip resistors, inductors, and supercapacitors, indicating a comprehensive series of electronic components [1] Group 2: Market Strategy - The company plans to closely monitor emerging market application areas and strategically position itself to meet market demand [1] - The focus on technological innovation and market-driven approaches aims to enhance the company's competitiveness in aerospace-related fields [1]

Group 1 - The core point of the article is that Jiemai Technology (洁美科技) has confirmed the annual production capacity of its Tianjin base for release film is 240 million square meters [2] Group 2 - An investor inquired about the production capacity of the equipment being debugged at the Tianjin factory, specifically regarding carrier tape and MLCC [2]

风华高科（000636.SZ）12月29日在投资者互动平台表示，公司控股子公司广东国华新材料科技股份有 限公司研发生产的微波陶瓷器件已应用于卫星终端；公司产品涵盖MLCC、片式电阻器、电感器、超级 电容器等电子元件，品类系列齐全，可应用于航空航天相关领域，公司将密切关注新兴市场应用领域， 提前布局，以市场需求为导向，通过持续的技术创新和市场开拓，推动公司产品结构向高端化转型升 级。 （记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：公司有产品用于航天相关业务么？ ...

Core Insights - The report from Guosen Securities indicates that by 2026, A-share companies will transition from merely exporting goods to a phase of collaborative output involving capacity, branding, and management systems, marking a qualitative shift in overseas operations [1] - Among 2,723 A-share companies engaged in overseas business, 60.96% hold a positive attitude towards international expansion, with 45.38% of 12,393 related announcements reflecting positive statements, indicating that going global has shifted from an optional strategy to a necessary action [1] Industry Analysis - "High-tech" industries are becoming the main force in overseas expansion, with technological barriers and industry concentration determining long-term value. The core logic of industry selection focuses on high-tech moats and strong industry clusters, which provide irreplaceability along with cost and efficiency advantages [2] - Three key sectors identified for overseas expansion include: - Chemical new materials (polyurethane, fiberglass) leveraging global pricing power and overseas base layouts to avoid trade barriers - High-end equipment (buses, construction machinery, semiconductor equipment) capitalizing on technology spillover to capture markets in "connector countries" - Electronic components (servers, MLCC) benefiting from global AI computing infrastructure and automotive electronics demand [2] - Data shows that over 70% of companies in machinery, power equipment, pharmaceuticals, computers, and automobiles are positively inclined towards overseas operations, making them core vehicles for international expansion [2] Regional Opportunities - Distinct opportunities are emerging across global markets, with a strategic focus on three core regions: - Europe emphasizes high-end manufacturing and green transformation, with localized production in new energy buses and chemical new materials to overcome technical and tariff barriers - Southeast Asia serves as a "backyard" for industry chain overflow, with semiconductor equipment and consumer electronics benefiting from mature process expansion and consumption upgrades - The Middle East and Latin America are emerging as new frontiers for photovoltaic energy storage and construction machinery, driven by energy transition and infrastructure demands [2] Investment Strategy - An "hourglass" portfolio is recommended to balance stable returns with growth flexibility, focusing on both "globalization dividend assets" and "technology breakthrough growth stocks": - The left side targets high-dividend, low-valuation stable assets, such as commercial buses and leading chemical new materials companies with stable overseas revenue and strong cash flow - The right side invests in high-growth, technology-driven assets, corresponding to "very positive" companies like semiconductor equipment and AI server firms, which are expected to experience nonlinear growth due to global supply chain restructuring and technological iteration [3]

出海范式全面升级，从产品输出迈向体系出海成为核心主线。2026 年 A 股公 司出海已告别单纯的商品出口阶段，进入产能、品牌、管理体系协同输出的 质变期。量化数据显示，2723 家涉出海业务的 A 股公司中，60.96%持积极态 度，12393 条相关公告中 45.38%为积极类表述，反映出出海已从可选战略转 为必选动作。龙头企业通过海外建厂、本地化运营、全产业链配套，实现从 中国制造到全球制造的跨越。 "双高"行业成出海主力，技术壁垒与产业集聚度决定长期价值。行业选择 的核心逻辑聚焦高技术护城河与强产业集聚度，这两类行业既具备不可替代 性，又拥有成本与效率优势。三大黄金赛道：化工新材料（聚氨酯、玻纤） 凭借全球定价权与海外基地布局规避贸易壁垒；高端装备（客车、工程机械、 半导体设备）依托技术外溢抢占"连接器国家"市场；电子元器件（服务器、 MLCC）受益于全球 AI 算力基建与汽车电子化需求。从数据看，机械设备、 电力设备、医药生物、计算机、汽车五大行业积极类公司数占比超七成，成 为出海核心载体。 证券研究报告 | 2025年12月25日 资配跨年展望(二) 大国出海下的"新核心资产" 区域机会呈现差异化， ...