半导体与半导体生产设 [Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 备行业研究报告 2025 年 09 月 04 日 [Table_Title] 行业进入温和复苏周期，国内厂商高端 化加速布局 ——MLCC 行业研究报告 行业库存去化完成，下游多重需求支撑上行，进入温和复苏周期 MLCC 行业兼具长期成长性与显著周期性特征，产品价格受供需关系 驱动波动。从历史 MLCC 行业波动情况来看，一个周期大概有 4-5 年 的时间，从 2016 年以来，MLCC 价格出现三次大的上行趋势：第一 次上行主要受到海外供给端产能向中高端调整，导致刚需的低端产品 供不应求；第二波上行主要由需求端和供给端共同推动，疫情期间海 外厂商停工，叠加 5G 和新能源渗透率快速提升，共同推动了本轮 MLCC 上行行情；目前行业库存回落企稳，叠加汽车电子、AI 服务和 消费电子产品回暖等因素驱动 MLCC 市场需求逐渐回升，当前 MLCC 行业进入温和复苏周期。 国产替代加速推进，高端领域亟待突破 全球 MLCC 产能主要分布在日本、韩国、中国台湾地区和中国大陆， 其中高端领域 MLCC，海外厂商依然 ...

南方财经记者郑康喜 云浮报道 在人工智能加速崛起、关键核心元件和技术加速国产替代的当下，一家藏在广东云浮山区里的MLCC中 国独角兽企业，正向这个行业的全球前三展开冲锋。 "我们就是要打破高端MLCC被日韩几家企业垄断的局面，在完成国产替代的同时冲刺全球前三，成为 中国的'村田'。"6月29日，"活力中国调研行"广东主题采访团走进广东微容科技有限公司，面对南方财 经记者的提问，微容科技总裁陈伟荣如是说。 仲夏的雨后，云浮的山峦被云雾环绕，好似一幅清雅悠然的山水画。8年前，陈伟荣带领团队来这里扎 根，成立微容电子，一开始便明确规划了高容、车规、超微型等产品布局。 8年后的今天，南方财经记者见到陈伟荣时，他虽已头发花白，但话语间仍中气十足。采访环节，他拿 着话筒自豪地分享着微容科技在高端MLCC赛道的成就。 "从2017年开始，微容科技在山清水秀的云浮专注自主研发生产，今年已经第8年。以前国内想都不敢想 的车规类、消费电子类高端MLCC，都被我们逐一实现，我们成为国内头部新能源汽车和昇腾服务器供 应商。"陈伟荣说。 （图为微容科技产线。受访者供图） 将时间的指针拨回2017年。彼时，已经58岁的陈伟荣决定回到家乡 ...

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].