Sanhuan's Second Buyback Continues with RMB 500-1,000m; First Buyback of RMB 900m Completed; Intensity and Determination Far Exceed Expectations

English summary

# From a trading perspective, if everyone expects a catch-down, it won't happen; in terms of stock activeness, the original manufacturer is the best, with the smoothest logic. # From a chip perspective, the digestion of trapped positions is better than others. On the price increase line, the market has already selected MLCC first. # Fundamentally, MLCC is strong reality with low expectations. The earlier market debate about whether Samsung and Taiyo Yuden price increases were real has been proven true. Spot prices recovered quickly in late July, and August spot prices should not be bad. Original manufacturers and distributors have again reached very low inventory levels after this round of destocking, reserving momentum for future price increases. The market has its own aesthetics; just follow. On July 23, my view was that MLCC oversold reversal is a simple problem that doesn't need thinking in the current market; that view remains unchanged. Leaders may also ask whether Murata and Taiyo Yuden are decoupling from domestic MLCC. Yes, the Japanese and Korean market environments cannot support Samsung and Murata's steady rise, but that doesn't mean MLCC itself has a problem. The domestic MLCC narrative is gradually desensitizing from overseas; that's a good thing. If you need the notes from our expert call on the 28th evening, you can find me. ...