TIANLI HOLDINGS (00117) surged over 25% again. As of press time, the stock was up 12.64% to HK$4.01, with a turnover of HK$117 million.

The catalyst stems from a Morgan Stanley report dated May 21, providing a deep dive into the bill of materials for Nvidia's next-generation AI server architecture, Vera Rubin (VR200 NVL72). The report highlights that the value of Multi-Layer Ceramic Capacitors (MLCCs) in the VR200 rack reaches $4,320, a massive 182% increase from the $1,530 value in the GB300 architecture. This increase is second only to that of PCBs and represents the most significant value jump among passive components.

Public information indicates that Yuyang Technology, a wholly-owned subsidiary of TIANLI HOLDINGS, serves as the core operating entity for the group's MLCC business. Yuyang Technology is a major domestic player in the MLCC industry, recognized as a national "Little Giant" specialized and sophisticated enterprise and a high-tech enterprise. It boasts one of the largest MLCC production capacities in China and ranks among the top seven globally. The company holds a dominant global position in ultra-miniature MLCCs, with its output accounting for over 95% of the global market.