我們認為半導體產業將實現從市場到上游核心材料的突破。LED：芯片行業寡頭壟斷之勢漸成，三安光電打響新年漲價槍。上周，國內LED芯片龍頭三安光電向下游發布漲價通知，于2017年1月10日起上調部分產品價格，上調幅度為8%。我們認為三安光電的漲價一方面是由于成本上原因，另一方面與市場集中度提升有關。未來LED芯片行業集中度有望持續提升形成寡頭壟斷形勢，行業龍頭議價能力及盈利能力仍有望提升。為了讓燃氣熱水器使用更安全，相關門檻將進一步提高。

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