China Chemical New Materials Sector "Price hikes are the potential..."

研报英文原文证据摘录

China Chemical New Materials Sector "Price hikes are the potential..."

Global Research

14 July 2026ab

China Chemical New Materials Sector Equities

ChinaPrice hikes are the potential catalysts for MLCC/

electronic gas/wet chemicals in H226 Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Higher forecast and valuation primarily reflects potential price hikes +86-105-832 8845

The share prices of MLCC and electronic specialty gas companies have more than Richard Li

doubled YTD, reflecting market expectations for AI server demand growth, along with Analyst

memory and related product price appreciation, in our view. Following the recent stock S1460121090003

price correction, we prefer products with stronger visibility of price hikes. We expect richard-ze.li@ubs.com

supply-demand for high-capacitance MLCCs to remain tight in H2, as low tungsten +86-21-3866 8802

powder exports may constrain WF6 supply, while prices for electronic-grade HF, H2SO4 Jay LIN

and Mo/In targets may be supported by raw material costs. We rank price hike visibility Analyst

from high to low as follows: MLCC materials (release film, etc.) > MLCCs > WF6 > semi S1460525070001

wet chemicals (electronic-grade HF/H2SO4) > helium. jay.lin@ubs.com

+86-105-832 8044

MLCC distributors remain upbeat; focus on upstream material price trends Cheryl Wen

Yageo recently notified customers of MLCC price increases effective on 1 July (see news Analyst

report for details), covering multiple downstream sectors, including AI servers, consumer S1460525030002

electronics, automotive and industrial. Additionally, distributors remain optimistic about cheryl.wen@ubs.com

+86-21-3866 8916

MLCC price increases in H2. While we expect tight supply-demand for high-cap MLCCs

to persist, consumer electronics demand remains uncertain.