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聚焦碳化硅与存储涨价机遇

发布于 2025-09-22

<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以下是国投证券电子行业周报(2025年9月7日)的详细内容总结</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="osO27Qpc4x" data-dir-key="osO27Qpc4x"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">一、行业核心动态</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">SiC(碳化硅)技术突破</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">英伟达Rubin计划采用SiC</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:新一代GPU芯片拟将硅中介层替换为碳化硅,利用其耐高压、高导</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">热、低损耗特性提升AI芯片性能(尤其在CoWoS封装技术中)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">应用扩展</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">AI芯片散热:解决大电流驱动下的高热问题。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">AR眼镜:高折射率特性可制造更轻薄的镜片(Meta看好其潜力)</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">电力系统:安森美与英伟达合作推进碳化硅在AI 800V直流电源</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">中的应用。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">国内进展</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">江苏超芯半导体推出8mΩ·cm低阻碳化硅衬底,显著降低损耗并提</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">升系统效率。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">台积电联合产业链推进12英寸碳化硅散热载板研发,替代传统氧化铝</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">基板。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">存储行业涨价潮</span></span></strong></span></span></li></ol><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044892" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwnibvXV3icCunbLOBibwCvXbibzQckLjgicZLlrrHtUUGMC0G5ldlbD74Loa20Cm14qBg8sKH95cmsTADQ/640?wx_fmt=png&amp;from=appmsg" /></section><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><p><span leaf="">闪迪宣布全线涨价10%+</span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:受AI、数据中心、移动设备需求推动,新一轮涨价适用于所有渠道</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">和客户新订单。&nbsp;</span></span></span></span></p></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">行业信号</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:反映全球存储需求持续强劲,国内企业(如兆易创新、江波龙等)有</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">望受益于供需格局改善。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技术升级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:SK海力士引入全球首款High NA EUV光刻机(ASML</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">&nbsp;EXE:5200),提升芯片集成度2.9倍。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消费电子重磅产品</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">华为</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">发布三折叠手机Mate XTs非凡大师,搭载麒麟9020处理器</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(性能提升36%)及鸿蒙OS 5.1,首次支持PC级多窗口操作。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">拆解显示麒麟9020为麒麟9010增强版,芯片面积增大15%。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">苹果</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">秋季发布会定于9月10日,预计推出iPhone 17 Air(</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">主打轻薄设计)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">面板供应链</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:2026年京东方、三星、LG仍为苹果核心面板供应商。&nbsp;</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="Yfu0tIbGgr" data-dir-key="Yfu0tIbGgr"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">二、行业数据与行情</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">市场表现</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(9月1日-9月6日)</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">电子板块下跌4.57%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">,排名申万一级行业第28/31位。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">子板块涨跌幅</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:半导体(-6.55%)&gt; 元件(-3%)&gt; 其他电子(-3.</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">19%)&gt; 消费电子(-2.43%)&gt; 光电子(-2.82%)&gt; 电子化学品(-1.46%)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">个股异动</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">涨幅前三:泓禧科技(+42.34%)、苏大维格(+31.06%</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">)、腾景科技(+30.20%)。&nbsp;</span></span></span></span></li></ul><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100044896" data-s="300,640" data-type="png" type="block" style="height: auto !important;" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwnibvXV3icCunbLOBibwCvXbibz0IZnvCRn6yJHDaXbPUOgHcP5nGvykwgRrEFIcylvPA6ib6PlMTJHDaQ/640?wx_fmt=png&amp;from=appmsg" /></section><ul style="list-style-type: disc;" class="list-paddingleft-1"><li><section><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""><span textstyle="" style="font-weight: bold;">跌幅前三:</span>瑞芯微(-19.61%)、乐鑫科技(-17.49%)</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">、波长光电(-16.43%)。&nbsp;</span></span></span></span></section></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">估值水平</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">电子板块PE为64.23倍(10年百分位85.64%),细分领</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">域估值:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">半导体(97.57倍/72.63%)、元件(56.08倍/87</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">.38%)、电子化学品(65.68倍/78.07%)。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">上下游需求</span></span></strong></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">新能源车</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:1-7月国内产销同比增37.8%/39.2%。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">光伏</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:1-7月新增装机223GW(YoY +81%)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">智能手机</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:7月产量9432万台(YoY +2%),Q2出货量6896万</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">台(YoY -4%)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">VR设备</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:Meta Quest 3市占率升至23.21%(Steam平</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">台)。&nbsp;</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="nma8_QXw-k" data-dir-key="nma8_QXw-k"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三、政策与国际动态</span></span></strong></span></span></h3><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">美国芯片关税政策</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:特朗普拟对未在美建厂的半导体企业加征关税(苹果、台积电等已宣</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">布在美投资豁免)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">技术管制升级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:美国撤销台积电南京厂设备运输许可,限制成熟制程产能扩张。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">AI芯片竞争</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">OpenAI与博通合作开发AI芯片(台积电3nm代工),拟20</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">26年推出以降低对英伟达依赖。</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">沐曦曦云C600系列算力对标英伟达H20,支持多精度计算及大容</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">量显存。</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="RntIMeVMbF" data-dir-key="RntIMeVMbF"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">四、投资建议</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">SiC/CoWoS产业链</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:关注&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">天岳先进</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(衬底)、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三安光电</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(IDM)、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">晶盛机电</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(设备)。&nbsp;</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">存储涨价受益标的</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">兆易创新</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">佰维存储</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">江波龙</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">香农芯创</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。&nbsp;</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消费电子创新</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">立讯精密</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(苹果链)、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">蓝思科技</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(玻璃盖板)、</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">水晶光电</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">(AR光学)。</span></span></span></span></li></ol><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="bbkyMZB5tP" data-dir-key="bbkyMZB5tP"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">五、风险提示</span></span></strong></span></span></h3><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">国产替代不及预期、技术突破延迟、下游需求波动、行业竞争加剧。&nbsp;</span></span></span></span></li></ul><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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