点击右边 阅读原文 了解更多详情 2026年第一季度存储器价格全面上涨，各类产品季增幅度将创历史新高 根据Tr endFor c e集邦咨询最新存储器产业调查，2026年第一季AI与数据中心需求持续加剧全球 存储器供需失衡，原厂议价能力有增无减，Tr endFor c e集邦咨询据此全面上修第一季DRAM、 NAND Fl a sh各产品价格季成长幅度， 预估整体Conventional DRAM合约价将从一月初公布 的季增55-60%，改为上涨90-95%，NAND Flash合约价则从季增33-38%上调至55-60% ，并 且不排除仍有进一步上修空间。 | | 4025 | 1Q26E revised | | --- | --- | --- | | PC DRAM | DDR4&DDR5 blended: up 38~43% | DDR4&DDR5 blended: up 105~110% | | Server DRAM | DDR4&DDR5 blended: up 53~58% | DDR4&DDR5 blended: up 88~93% | | Mobile DRAM | LPDDR4X: up ...

Core Insights - The MLCC industry is experiencing strong growth driven by demand from AI servers and automotive electronics [1] - The trend towards miniaturization, high capacitance, and high voltage MLCCs is being propelled by the increasing penetration of advanced driver assistance systems in the automotive sector [1] - In the AI server sector, the rising demand for computing power is leading to higher requirements for power and energy consumption metrics, resulting in increased usage of high-capacitance, high-temperature MLCCs [1] Industry Trends - The demand for MLCCs in electric vehicles is estimated to be around 20,000 to 30,000 units per vehicle, while AI servers require more than ten times the amount of MLCCs compared to standard servers [1] - According to statistics from Taiwan's largest passive component distributor, the NVL36 cabinet requires approximately 234,000 high-end MLCCs, and the NVL72 cabinet requires about 441,000 MLCCs [1] - This trend is reshaping the supply-demand dynamics of the MLCC industry and is driving strong demand for small particle size high-end powder materials [1]

机构：全球智能手机单季度平均售价首次突破400美元关口 2月5日，根据Counterpoint Research最新报告，2025年第四季度，全球智能手机市场收入同比增长 13%，达到1430亿美元，创单季度历史新高。同时，在高端化趋势持续推进以及物料清单（BOM）成 本上升的双重推动下，智能手机平均售价（ASP）同比增长8%，首次在单季度内突破400美元。出货量 同比增长5%，整体表现仍较温和，表明随着越来越多消费者选择更高价位的设备，市场增长继续以"价 值扩张"而非"规模扩张"为主。（智通财经） 上交所公布2026年春节休市安排 2月5日，上交所公布2026年春节休市安排：2月15日（星期日）至2月23日（星期一）休市，2月24日 （星期二）起照常开市。另外，2月14日（星期六）、2月28日（星期六）为周末休市。 机构：2026年MLCC市场两极分化 实体AI推动高端需求 据TrendForce集邦咨询消息，2026年第一季度全球MLCC市场出现两极分化。实体AI应用的落地激发了 高端MLCC需求，推动日、韩大厂产能满载，订单量显著增长。然而，中低端MLCC市场因原材料成本 上升和需求疲软，尤其在消费电子 ...

证券研究报告 点评报告 2026 年 2 月 4 日 晨会纪要 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等 变化，而不如预期的可能。 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 请务必阅读正文后免责条款部分 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 全球最大的被动元件厂商日本村田制作所公布了最新的季度财报。2025年10-12 月的第三财季，主力产品电容营收增加 12.2%至 2391 亿日元，电感/EMI 滤波器 营收增加 9.5%至 564 亿日元。该季度电容订单 2681 亿日元，同比增长 29.4%。 订单额与销售额的比连续 5 个季度高于"1"。公司表示针对 MLCC 等电子元件 在 AI 服务器领域需求增长的情况，2026 年能否满足需求将成为重大课题。目前 公司尚未讨论涨价事宜，但认为应根据市场行情进行审慎考量。总体看，全球 被动元件的需求已明显加速，而国内被动元件公司的 PE 估值整体在 30~40 倍， 相对其它电子产业链估值偏低，因此我们看好 ...

Memory 1、几篇关于三星、海力士和闪迪的分析都发过了，关于光进存储，目前还没有查到更多资料，有的话 会放到星球。 2、高盛--2026 年 1 月韩国核心科技产品出口整体呈向好趋势（当月工作日较 2025 年同期多 3.5 天）， 存储器、显示面板、MLCC 出口同比分别大增 154%、26%、16%，仅锂离子电池微降 2%；其中存储器 增速持续攀升、MLCC 实现连续 8 个月双位数同比增长。存储器出口高增主因价格上涨与服务器相关 需求旺盛，DRAM、NAND 均表现亮眼，NAND 芯片出口更是暴涨 366%，预计海力士、三星电子 2026 年一季度存储器营收将分别同比大增 178%、233%；追踪 HBM 相关原材料进口数据显示，2025 年 12 月海力士、三星电子的核心 HBM 原材料进口均实现同比增长，可作为其 HBM 出货规模的参考 指标。 | (US$ mn) | Dec-24 | Jan-25 | Feb-25 | Mar-25 | Apr-25 | May-25 | Jun-25 | Jul-25 | Aug-25 | Sep-25 | Oct-25 | Nov-25 | Dec-25 ...

(责任编辑：徐自立) 中国经济网北京1月29日讯 三环集团(300408.SZ)今日收报50.16元，跌幅4.17%。 三环集团2025年10月14日盘中股价一度达到55.12元，创历史新高。 中泰证券股份有限公司研究员王芳、刘博文2025年10月30日发布研报《三环集团(300408)：前三 季度稳健增长 看好MLCC/SOFC业务持续突破》称，维持三环集团"买入"评级。 华西证券股份有限公司研究员单慧伟2025年10月30日发布研报《三环集团(300408)2025年三季度 业绩点评：业绩符合预期 多轮驱动打开成长天花板》称，维持三环集团"买入"评级。 ...

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]

博迁新材25年预告：业绩翻倍，MLCC+铜粉双擎驱动 # 申万电新 财务： 预计25年归母净利2.0-2.4亿元(+129%-174%)，扣非1.9-2.28亿元(+160%-212%)。 Q4单季0.48-0.88亿元出货顺畅，产品向高规格升级，盈利能力显著修复。 MLCC业务：AI算力拉动+大单落地，26年量价齐升 1）需求： AI芯片算力升级带动高端MLCC用纳米镍粉需求超预期，加上消费电子复苏，景气度上行 2）订单： 三星50亿大单落地，核心客户同步加单，验证高端粉体统治力 博迁新材25年预告：业绩翻倍，MLCC+铜粉双擎驱动 # 申万电新 财务： 预计25年归母净利2.0-2.4亿元(+129%-174%)，扣非1.9-2.28亿元(+160%-212%)。 Q4单季0.48-0.88亿元出货顺畅，产品向高规格升级，盈利能力显著修复。 MLCC业务：AI算力拉动+大单落地，26年量价齐升 1）需求： AI芯片算力升级带动高端MLCC用 3）趋势：2026年板块有望"量价齐升"，提供稳健高增基本盘。 光伏铜粉：铜代银0-1突破，独家供应打开空间 1）突破： 铜代银在BC电池落地，成本较银浆降0.15元 ...

Core Viewpoint - The storage market is experiencing a price increase trend that is expected to continue into 2026, affecting not only storage chips but also the foundry and packaging sectors, as well as passive components [1][4]. Group 1: Price Increases in the Semiconductor Industry - Micron Technology and other manufacturers are raising prices due to supply chain pressures and increased costs, with price adjustments for products like MCU and Norflash ranging from 15% to 50% [2]. - Samsung Electronics has negotiated a price increase of over 100% for NAND flash contracts with major customers, effective from January 2026 [2]. - The demand for AI-related hardware is driving a supply-demand imbalance, leading to price hikes in both foundry and packaging sectors [2][4]. Group 2: Foundry and Packaging Sector Dynamics - Foundries are increasing prices by 5% to 20% due to rising raw material costs and strong demand for AI-related power ICs [5][6]. - The packaging sector is also seeing price increases, with companies like ASE Technology raising their forecasts for price hikes to 5% to 20% due to AI semiconductor demand and capacity constraints [6]. - Companies are expanding their production capabilities in response to the increased demand, such as Yongxi Electronics planning to invest in a new packaging and testing facility in Malaysia with a total investment of up to 2.1 billion yuan [7]. Group 3: Passive Component Price Trends - Passive components, including resistors and capacitors, are experiencing significant price increases, with major manufacturers like Huaxin Technology announcing price hikes effective February 1 [17][18]. - The price increases are attributed to rising costs of raw materials, including metals like silver and copper, which have seen substantial price increases [19][21]. - The demand for high-end capacitors in AI servers has surged, leading to a shift in production capacity and a reduction in supply for mid-range components, further driving up prices [20][22].

记者丨 孙燕 邓浩 编辑丨朱益民 1月27日晚，美股存储板块盘前走强。截至19:07，美光科技涨5%，闪迪涨超3%，西部数据涨近3%，希捷科技涨超2%。 | | | 身，蔓延至代工与封测环节，甚至被动元器件等基础件也有共振普涨。 1月27日晚，中微半导 发布涨价通知函：受当前全行业芯片供应紧张、成本上升等因素的影响，封装成品交付周期变长，成本较此前大幅度增 加，框架、封测费用等成本也持续上涨。鉴于当前严峻的供需形势以及巨大的成本压力，经过慎重研究， 决定于即日起对MCU、Norflash等 产品进行价格调整，涨价幅度15%~50% 当地时间1月25日，据媒体报道，三星电子2026年第一季度与主要客户完成谈判， 将NAND闪存合约价格上调超过100%，并从1月起执行新 价格 。 "当前AI推理等需求拉动AI算力需求持续攀升，相关硬件的供需失衡情况正由点及面。"东方证券指出，在半导体上游代工及封测领域，代工 方面，受AI相关功率需求增长与大厂减产推动，晶圆厂正推动调涨部分成熟制程代工价格；封测方面，AI算力强劲需求与原材料成本压力共 振下，部分封测厂近期陆续启动封测价格涨价。 晶圆厂、封测厂普遍提价 在AI服务器 ...