26Q3 is the first full quarter to benefit from MLCC price hikes; the early cycle resembles memory/storage six months ago

English summary

### 26Q3 is the first full quarter to benefit from MLCC price hikes; the early cycle resembles memory/storage six months ago Time: 2026-07-31 08:18:21 Content: 26Q3 will become the first quarter where MLCC manufacturers' price hikes are 'fully reflected in financial statements'. The industry shifts from 'spot market first' to 'comprehensive transmission by manufacturers', and the cycle inflection point has arrived. The pace closely resembles the memory/storage sector six months ago—spot and long-term contracts heated up in H1, with Q3 starting to show in contracts and earnings. However, MLCC is at an earlier stage, constrained by slow ramp-up of high-end capacity and greater consumption of AI-related materials, so the sustainability of price hikes is expected to be longer and broader. Transmission path of MLCC price hikes to upstream materials: 1.…