我们认为半导体产业将实现从市场到上游核心材料的突破。LED：芯片行业寡头垄断之势渐成，三安光电打响新年涨价枪。上周，国内LED芯片龙头三安光电向下游发布涨价通知，于2017年1月10日起上调部分产品价格，上调幅度为8%。我们认为三安光电的涨价一方面是由于成本上原因，另一方面与市场集中度提升有关。未来LED芯片行业集中度有望持续提升形成寡头垄断形势，行业龙头议价能力及盈利能力仍有望提升。为了让燃气热水器使用更安全，相关门槛将进一步提高。

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