Sanhuan's Second Buyback Continues with RMB 500M-1B; First Buyback of RMB 900M Completed, Strength and Determination Far Exceed Expectations

English summary

# From a trading perspective, the anticipated catch-up decline hasn't happened; from stock activity, original manufacturers are best with the smoothest logic. # From a positioning perspective, trapped chips have been digested better than others; along the price-increase line, the market has already favored MLCC. # Fundamentals: MLCC is strong reality with low expectations. Debates about Samsung and Taiyo Yuden price hikes earlier turned out to be true. Spot prices recovered quickly in late July and should be fine in August. Manufacturers and distributors have returned to very low inventory levels after this round of destocking, building momentum for future price increases. The market has its own aesthetic; just follow. On July 23, my view was that MLCC oversold reversal is a no-brainer in the current market; that view remains unchanged. Some leaders may ask whether Murata and Taiyo Yuden are decoupled from domestic MLCCs. Yes, the Japanese/Korean market environment cannot support steady gains for Samsung and Murata, but that doesn't mean MLCC itself has problems. Domestic MLCC narrative is gradually decoupling from abroad, which is good. - ty