Weak seasonal demand prompts conservative ODM stockpiling. US government shutdown and weak consumer sentiment dampen spending. China/global electronics orders slump; only AI server/MLCC orders hold. Consumer MLCC prices bottom at cost, amid supplier cost cuts, production adjustments.

Key Highlights

• Peak season starts slow, ODMs remain cautious, supply chains tighten inventory and production plans.
• National holiday sees travel but weak shopping, leading to double-digit order declines for major Chinese smartphone and laptop brands; outlook for Double 11 sales clouded.
• Robust AI server orders support high-end MLCC demand, benefiting Japanese, Korean, and Taiwanese suppliers.
• Consumer-grade MLCC prices near material costs, limiting further declines; suppliers focus on cost control and capacity adjustments instead of price wars.
• Intensified cost reduction, product mix optimization, and automation; Japanese/Korean firms expand high-end MLCC capacity, while Chinese/Taiwanese firms localize supply chains.

Table of Contents

1. Peak Season Starts with Demand Being Below Expectations; MLCC Suppliers Have Scaled Back Production and Sales Plans Due to ODMs’ Conservative Procurement Strategy
2. Holiday Season Consumption Shows Slowdown; ODMs Face Price Negotiation Challenges as OEMs’ Orders Slide
3. Limited Potential for Prices of Consumer MLCCs to Drop Further as They Approach Material Costs
4. MLCC Suppliers Seek to Optimize Operations Mainly Through Cost Reduction, Controlling Capacity Utilization Rate, and Adjusting Product Mix
5. Trendforce's View 

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