Brokerage Morning Meeting Highlights | MLCC and PCB Prices Increase Again, with a Profusion of New Products Expected in September

Yesterday, the market experienced fluctuations and adjustments, with the ChiNext Index falling over 1% and the STAR 50 Index declining more than 2%. The total trading volume in the Shanghai and Shenzhen markets reached 2.03 trillion yuan. In terms of sectors, large consumption, agriculture, short dramas, AI application, and large finance performed actively. On the downside, the PCB concept underwent oscillating adjustments. By the end of trading, the Shanghai Composite Index fell by 0.16%, the Shenzhen Component Index dropped by 1.02%, and the ChiNext Index decreased by 1.32%. CITIC SEC believes that the hype around new consumer electronics is expected to heat up; Sealand anticipates that MLCC and PCB prices will rise again, with the potential for a surge in new products at the end of September; Huatai notes that new fund issuance is showing signs of rebalancing. CITIC SEC: The hype around new consumer electronics is expected to heat up. The 2026 Apple Fall Product Launch Event is scheduled to take place at 1:00 AM Beijing time on September 10 at Apple Parks Steve Jobs Theater. This will be the first major event under new CEO John Ternus, marking the official start of Apples new product iteration cycle. This launch event will differ from previous years' all-category release model, adopting a high-end flagship-first iteration strategy, focusing primarily on Apples first foldable smartphone, the iPhone Ultra, along with the iPhone 18 Pro and iPhone 18 Pro Max high-end models. The standard iPhone 18 and other entry-level models will be delayed until the spring of 2027, with the core adaptation of the 2nm chip gradually ramping up capacity to prioritize the supply of high-end flagship products. Sealand: MLCC and PCB prices will rise again, with an expected surge in new products at the end of September. Combining Nvidia's earnings guidance and tracking of the supply chain, the squeeze effect of AI computing power on electronic manufacturing resources continues to spread. The prosperity level in multiple segments such as wafer foundries, memory, PCB, passive components, and analog chips remains high. Recently, prices in the MLCC and PCB segments have significantly increased again. Looking ahead to 2027, the "price increase chain" remains a high-probability direction with strong performance support, continuing to be recommended. Meanwhile, on one hand, considering the tightening technological policy competition between the two countries ahead of Chinese leaders' visit to the US in September, the tech self-reliance and industry chain autonomy represented by the "Tao Law" are expected to become the main theme of the market in the near term. On the other hand, with a significant improvement in the interests of minority shareholders in Semiconductor Manufacturing International Corporation in Q2 2026 and expectations of rapid growth next year for computing power cards represented by Huawei Ascend, the performance elasticity of the domestic computing power industry chain in 2027 is expected to be prominent, continuing to recommend semiconductor manufacturing, equipment, materials, and domestic computing power. Huatai: New fund issuance is showing signs of rebalancing. The negative feedback risk from market funding has further eased, but the consistency of upward momentum still needs to be strengthened. Among trading funds, the outflow willingness of margin financing and key stock trading funds has shown significant alleviation; however, the activity level of funds and leverage have not yet expanded in sync, and the repair slope of trading funds is still unstable. Among allocation-type funds, certain supporting signs were observed last week, but considering that the Federal Reserve's annual meeting leans hawkish and actively allocated foreign capital has not yet shifted to inflow, the sustainability of fund inflows needs further observation. Directionally, the focus of funds on dividends and new energy has significantly increased, while there has been a noticeable decline in new hardware issuance in technology and a slight recovery in software, with non-ferrous metals and pharmaceuticals maintaining a relatively stable issuance trend. This article is reproduced from "Cailian Press," edited by GMTEight: Huang Xiaodong.