中国证券报记者2月12日获悉，近日，国家税务总局浙江省税务局发布五家先进制造业企业税务合规典 型案例，为广大经营主体提供参考。桐昆股份、王力安防、华峰化学、水晶光电、三花智控等上市公司 入选。 同时，国家税务总局广东省税务局发布首批电子信息行业税务合规典型案例，涉及方邦股份、德赛西 威、奥海科技、三环集团等上市公司；国家税务总局吉林省税务局发布五家冰雪行业企业税务合规典型 案例，涉及长白山等上市公司。案例为同行业经营者提供可参考的范本，引导更多经营主体增强依法纳 税意识。 优化部门设置制定相关制度 案例展示的多家公司均连续多年获评纳税信用A级。具体看，这些企业采用了设置专门部门、运用技术 赋能系统建设等方式，查堵风险，构建合规闭环。 桐昆股份在产业链持续延伸过程中，为防范跨区域、多主体带来的税务合规风险，于2018年将税务管理 职能提级，单独设置集团一级职能部门"税务管理部"，统筹指导全集团涉税事务，制定《税务风险管理 制度》《发票及税金管理制度》等内部合规指引，为集团投资并购、业务模式设计、关联交易定价等重 大决策提供税务合规保障，并将纳税信用纳入内部考评，目前旗下15家企业稳定保持纳税信用A级。 2023 ...

（原标题：AI需求激增 MLCC接棒内存上涨） AI服务器需采用耐高温、大容量的高端MLCC，因此具备大规模量产能力的厂商率先受益。TrendForce 集邦咨询的报告显示，受惠于英伟达服务器以及亚马逊、谷歌等云服务巨头的备货需求，高端MLCC订 单畅旺。日韩大厂高端MLCC产能满载，村田制作所、三星电机、太阳诱电的产能稼动率均维持在80% 以上。其中，村田制作所因掌握先进封装关键材料，预估第一季高端MLCC订单量将增长20%至25%， 产线持续满载。 AI引发的涨价潮正在元器件产业链蔓延。继存储芯片价格飙升后，片式多层陶瓷电容器（MLCC）成为 下一个涨价的关键元器件。据悉，韩国MLCC现货价格已上涨近20%，业内预计短期内仍持续上涨。 资本市场反应积极。今年以来，MLCC行业龙头韩国三星电机涨幅明显，风华高科、三环集团等A股相 关股票同步上行。业内普遍预计，2026年MLCC行业将呈现分化格局：受益于AI热潮，高端产品需求有 望爆发；中低端产品则面临需求疲软和成本上涨的压力。国内相关企业在中低端市场已确立优势，目前 正加速向高端市场突围。 高端MLCC供不应求 2026年以来，MLCC行业相关股票持续上涨 ...

● 本报记者 葛瑶 AI引发的涨价潮正在元器件产业链蔓延。继存储芯片价格飙升后，片式多层陶瓷电容器（MLCC）成为 下一个涨价的关键元器件。据悉，韩国MLCC现货价格已上涨近20%，业内预计短期内仍持续上涨。 业绩数据印证了市场景气度。数据显示，三星电机2025年四季度营收创历史新高，其中高电压、高容量 MLCC所在的组件部门营收达1.3203万亿韩元，同比增长22%。 国产厂商加速突围 从当前全球竞争格局看，国际龙头企业市场占有率位居前列。根据中国电子元件行业协会信息中心统 计，2023年，包括村田制作所、三星电机、太阳诱电在内的全球MLCC供给端前五大厂商占据超过80% 的市场份额。 业内人士认为，中国在全球中低端MLCC市场已确立相对优势。然而在高容值、高可靠性等高端MLCC 产品领域，国内产业化进程相对滞后。 不过，国内厂商也在高端市场加速突围。国元证券研报显示，国内MLCC市场分为民用和军用两大领 域。民用领域高端市场虽仍由国际龙头主导，但国内企业正持续发力。三环集团MLCC产品聚焦5G通 信、AI服务器、汽车电子等方向，已覆盖0201至2220尺寸常规产品及中高压产品、车规产品，并在高 容产品领域 ...

Core Viewpoint - The recent price hikes in passive components, led by major players like Yageo and Walsin, indicate a significant shift in the market driven by supply-demand imbalances and rising raw material costs, particularly in high-end sectors like AI and electric vehicles [1][4][19]. Group 1: Price Adjustments - Yageo announced a price increase of 15%-20% for certain resistor products starting February 1, marking its third price adjustment in a short period [1]. - Walsin and Panasonic also announced price hikes of around 20% and 15%-30% respectively for various passive components, reflecting a broader trend among major manufacturers [1][2]. - Smaller manufacturers in China, such as Fenghua Advanced Technology and Shunluo Electronics, have also followed suit with price adjustments ranging from 5%-30% across multiple product categories [2][3]. Group 2: Supply Chain Dynamics - The passive component market is experiencing supply tightness, with lead times extending and some distributors pausing quotes due to uncertainty in price adjustments [3][4]. - Rising costs of raw materials, particularly precious metals like silver and palladium, have significantly increased production costs for passive components, with estimates suggesting a 20%-30% rise in production costs [5][6]. - Capacity constraints are exacerbated by major manufacturers shifting focus to high-end products, leading to a structural shortage in the mid-range market [7][8]. Group 3: Demand Drivers - The demand for passive components is being driven by the rapid growth of AI and electric vehicles, with AI servers requiring significantly more MLCCs than traditional servers [10][11]. - The automotive sector is also a major growth area, with electric vehicles using up to three times more passive components compared to traditional vehicles, creating a favorable environment for price increases [11][12]. - The overall market for passive components in China is projected to grow from 1237.65 billion yuan in 2023 to 2583.59 billion yuan by 2030, with a compound annual growth rate of 11.09% [13]. Group 4: Market Structure Changes - The current price hikes reflect a structural change in the passive components market, with high-end products experiencing significant demand while traditional consumer electronics face challenges [15][19]. - Domestic manufacturers in China are beginning to capture more market share, particularly in high-end segments, as they improve their technology and production capabilities [19][20]. - The geopolitical landscape and supply chain diversification are providing opportunities for Chinese manufacturers to enter high-end markets, as global players face capacity and delivery challenges [19][24]. Group 5: Future Outlook - The passive components market is expected to continue evolving, with AI and automotive electronics driving demand for high-value products [25][26]. - Companies need to focus on high-capacity, miniaturized, and reliable products to meet the changing market demands and maintain competitiveness [25][26]. - Collaboration across the supply chain will be crucial for manufacturers to overcome technical challenges and align with market needs [25][26].

Core Viewpoint - The recent price hikes in passive components, driven by supply-demand imbalances and rising raw material costs, indicate a significant transformation in the market dynamics of the passive components industry [6][9][12]. Price Adjustments - Yageo announced a price increase of 15%-20% for certain resistor products starting February 1, reflecting its position as a market leader with an 18% global market share [2]. - Other companies, including Walsin Technology and Panasonic, have also announced price hikes for various passive components, with increases ranging from 15% to 30% [2][3]. - The price adjustments are widespread, with many small and medium-sized manufacturers in China also raising prices by 5%-20% across multiple product categories [3]. Supply Chain Dynamics - The price increases are primarily driven by rising costs of raw materials such as silver, copper, and aluminum, which have seen significant price surges, with silver prices increasing over 140% in 2025 [7][9]. - The production costs for passive components have risen by 20%-30% due to these raw material price increases, prompting manufacturers to pass on costs to customers [7][9]. - Capacity constraints are exacerbating the situation, as many Japanese manufacturers have shifted focus to high-end products, reducing supply in the mid-to-low-end market [8][9]. Demand Drivers - The demand for passive components is being driven by the rapid growth of AI and electric vehicle markets, with AI server motherboards requiring significantly more MLCCs than traditional servers [10][11]. - The demand for passive components in electric vehicles is also increasing, with the number of MLCCs used per vehicle rising dramatically compared to traditional vehicles [10][11]. - The overall market for passive components in China is projected to grow from 1237.65 billion yuan in 2023 to 2583.59 billion yuan by 2030, with a compound annual growth rate of 11.09% [12]. Market Structure Changes - The current price hikes reflect a structural change in the passive components market, with high-end products for AI servers and electric vehicles experiencing significant demand while traditional consumer electronics face challenges [14][17]. - Domestic manufacturers are beginning to capture more market share, with companies like Walsin Technology and Sunlord Electronics seeing increased orders and expanding their production capabilities [18][19]. - The shift towards high-end products presents opportunities for domestic manufacturers to enter the supply chains of larger companies, especially as global manufacturers face capacity and delivery challenges [22][23].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

商报讯(记者叶晓珺)今年以来，光纤光缆等算力链景气度继续上行。近日，光纤概念连续活跃，多家上 市公司股价大涨。昨日早盘，杭电股份（603618）实现四连板，特发信息（000070）涨停，凯旺科技 （301182）涨超9%，华脉科技（603042）、全信股份（300447）等跟涨。 消息面上，华泰证券2月2日研报称，2026年1月，中国市场G.652.D单模光纤价格创下近七年来的新高， 平均价格来到35元/芯公里以上，仅1月份单月涨幅就超过75%；此外，北美光纤企业康宁和Meta达成60 亿美元的合作协议，Meta承诺将在2030年前向公司支付60亿美元用于AI数据中心的光缆采购。业内人 士分析认为，光纤光缆属于全球"硬通货"，北美市场需求最终将由全球市场来满足，国内光纤企业凭借 规模优势有望受益于全球光纤市场的量价齐升。 AI算力爆发带火光纤概念 连收三个涨停板之后，杭电股份紧急发布公告提示风险，公司股票自2026年1月30日至2月3日连续3个交 易日涨停，股价累计涨幅达32.97%，显著高于同行业水平。公司基本面未发生重大变化，市场情绪过 热，存在非理性炒作风险。此前公司预计2025年年度净利润为-3亿元。 ...

每经AI快讯，"A股绿色报告"项目监控到的数据显示，三环集团（SZ300408）控股子公司苏州三环科技有限公司华东区研发制造总部项目环评审批获原 则同意。该项目总投资额达10亿元。该审批信息于2026年1月6日被相关监管机构披露。 三环集团主要从事电子陶瓷类电子元件及其基础材料的生产和销售。 | 市值(亿元) | 时间 | 2023Y | | 2024Y 2025前三 | | --- | --- | --- | --- | --- | | 1015.74 | | | | 季度 | | | 营业收入 | | 73.75 | 65.08 | | 机构持股 | (亿元) | | | | | | 归母净利润 | | 198.66 | 210.01 | | 北向资金持股比例 | (亿元) | | | | | 6.34% | 净资产收益率 | | 11.50 | 9.53 | | (12月31日) | (%) | | | | | 大股东质押率 | 毛利率 | | 42.98 | 42.49 | | | (%) | | | | | | 每股收益 (元) | | | | | 最新监管情况 | | | | | | 近一年无相关 ...

证券之星消息，2月4日元件板块较上一交易日下跌1.67%，商络电子领跌。当日上证指数报收于4102.2， 上涨0.85%。深证成指报收于14156.27，上涨0.21%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300408 | 三环集团 | 53.00 | 7.01% | 39.08万 | 20.33亿 | | 000636 | 风华高科 | 20.72 | 3.60% | 47.83万 | 9.74亿 | | 300460 | ST惠伦 | 8.58 | 3.00% | 7.81万 | 6622.27万 | | 688020 | 方邦股份 | 89.00 | 2.68% | ﻛ 2.16万 | 1.88亿 | | 002134 | 天津音林 | 23.57 | 1.64% | 8.79万 | 2.06亿 | | 603186 | 华正新材 | 65.54 | 1.47% | 9.98万 | 6.62亿 | | 002138 | 顺络电子 | 38.15 | 1 ...

证券代码：300408 证券简称：三环集团 公告编号：2026-02 潮州三环（集团）股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 潮州三环（集团）股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召开第十一届董事会第十次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用不低于人民币 1.5 亿元且不超过人民币 2 亿元的自有资金或 自筹资金，以集中竞价方式回购部分公司 A 股股份，并在未来适宜时机用于股权 激励计划或员工持股计划。具体内容详见公司于 2025 年 4 月 11 日在中国证监会 创业板指定信息披露网站刊登的公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司在回购股份期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。现将具体情况公告如下： 一、回购股份的进展情况 本次回购符合相关法律法规的要求，符合公司既定的回购方案。公司后续将 根据市场情况在回购期限内实施本次回购方案，并按照有关规定及时履行信息 ...