中金：算力增长重构供需 MLCC结构性提价渐行渐近

智通财经网03-05

智通财经APP获悉，中金发布研报称，4Q25以来，被动元件厂商发布涨价函，作为前两轮周期中的通胀品类，MLCC价格近期受到关注。本轮MLCC拟涨价与前两轮的共同点在于成本支撑及高端产品供需偏紧，不同点在于消费电子需求平淡。因此，倾向于结构性涨价的出现，即AI服务器敞口和稼动率较高的海外龙头具备涨价条件，国产MLCC厂商跟进涨价或加速国产化的机会待观察。海外高端产品供应偏紧，需关注后续产能挤占情况。...

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