证券代码：688525 证券简称：佰维存储 公告编号：2025-076 深圳佰维存储科技股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 10 月 9 日 （二） 股东会召开的地点：广东省深圳市南山区留仙大道 3370 号南山智园崇文 园区 2 号楼 3 楼西丽湖人才服务中心 T2 会务空间 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 454 | | --- | --- | | 普通股股东人数 | 454 | | 2、出席会议的股东所持有的表决权数量 | 183,683,197 | | 普通股股东所持有表决权数量 | 183,683,197 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 39.3571 | | 例（%） | | | 普通股股东所持有表决权 ...

锦天城律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳佰维存储科技股份有限公司 2025年第三次临时股东会的 法律意见书 地址：深圳市福田区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 锦天城律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳佰维存储科技股份有限公司 2025 年第三次临时股东会的法律意见书 致：深圳佰维存储科技股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳佰维存储科 技股份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以 下简称《公司法》）、《上市公司股东会规则》（以下简称《股东会规则》）等 法律、法规和规范性文件及《深圳佰维存储科技股份有限公司章程》（以下简称 《公司章程》）的有关规定，指派本所律师出席了公司 2025 年第三次临时股东 会（以下简称"本次股东会"），就本次股东会相关事宜发表法律意见。 为出具本法律意见书，本所律师查阅了按规定需要查阅的文件以及本所律师 认为必须查阅的其他文件。在公司保证提供了本所为出具本法律意见书所要求公 ...

Group 1: Fund Distribution - The total distribution amount of public funds in 2025 has reached 183.197 billion yuan, the highest for the same period since 2022, and only 4 billion yuan short of the 2021 record [1] - Four major Hu-Shen 300 ETFs lead the market in distribution amounts, with Huatai-PB Hu-Shen 300 ETF distributing 8.394 billion yuan [1] - Most funds with significant distributions this year are passive index funds and bond funds, with only a few large active equity funds making the list [1] Group 2: Stock Market Regulations - The margin trading and securities lending rates for SMIC and Baiwei Storage have been adjusted to zero due to their static P/E ratios exceeding 300 [1] - This regulation aims to enhance risk control and ensure the stable operation of margin trading and securities lending businesses [1] Group 3: Server Market Growth - The accelerated server market in China reached a scale of 16 billion USD in the first half of 2025, more than doubling compared to the same period in 2024 [2] - The market is projected to exceed 140 billion USD by 2029 [2] Group 4: AI Glasses Return Rates - The return rate for AI glasses on platforms like JD and Tmall is approximately 30%, while on Douyin it reaches 40-50%, primarily due to concerns over functionality [3] Group 5: Corporate Developments - ASML appointed Marco Pieters as the new Chief Technology Officer, effective immediately [3] - Ping An Group has made internal adjustments, with Su Dong moving to Ping An Good Doctor and He Ying taking over as General Manager of Ping An Property & Casualty [6] Group 6: Financial Performance - Longyuan Power reported a 41.88% year-on-year decrease in power generation for September, with total generation at 27.42 billion kWh [8] - Guangzhou Port expects to complete a container throughput of 2.051 million TEUs in September, a 0.8% year-on-year decrease [9] - Ringxu Electronics reported a September revenue of 5.96 billion yuan, a 0.1% year-on-year increase [11] - Shandong Steel anticipates a net profit of approximately 140 million yuan for the first three quarters of 2025, a significant increase compared to the previous year [14] - Guangdong Mingzhu expects a net profit increase of 858.45% to 1071.44% for the first three quarters of 2025 [15] Group 7: Market Trends - The Shanghai Composite Index rose 1.32%, breaking the 3900-point mark, with nearly 100 stocks hitting the daily limit [16] - The market saw strong performances in sectors like non-ferrous metals and nuclear power, while film and tourism sectors faced declines [16]

Market Overview - The A-share market experienced a "good start" after the National Day holiday, with major indices generally rising, and the Shanghai Composite Index successfully breaking through 3900 points, reaching a nearly ten-year high [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.65 trillion, an increase of 471.8 billion compared to the previous trading day, indicating active market sentiment and high participation from funds [2] Sector Performance - The market displayed a clear structural trend, with funds concentrated in sectors such as non-ferrous metals, particularly gold, rare earths, and copper, as well as controllable nuclear fusion (nuclear power) [3] - Conversely, the film and tourism sectors generally declined due to the fading holiday effect and other factors [4] Regulatory Changes - A significant announcement was made regarding the adjustment of the financing and securities lending margin ratio for SMIC and Bawen Storage stocks to zero, effective from October 9, 2025 [5] - This adjustment is not a special treatment for individual stocks but rather a risk control measure established by the stock exchange [7] - The implications include a restriction on the ability to finance these stocks, which may reduce market buying pressure and exert short-term downward pressure on stock prices. This led to a shift in market sentiment, particularly affecting SMIC, a heavyweight in the semiconductor sector, causing a chain reaction in other stocks within the sector [8] Investment Strategies - Historically, the fourth quarter tends to favor stable low-valuation and early-cycle sectors, provided two conditions are met: a steady recovery in the natural economic cycle and significant macro or policy narratives supporting expectations for the following year [10][11][12] - In years with active industry tracks but limited macroeconomic highlights, fourth-quarter stock prices often provide stronger guidance for the following year's performance [13] - Current trends in sectors such as optical modules, PCB, innovative pharmaceuticals, and non-ferrous metals remain healthy, although innovative pharmaceuticals are currently in a consolidation phase [14] - The historical pattern since 2012 indicates that a period of consolidation does not necessarily signal the end of a trend, as long as the industry trend remains intact [15] - Other sectors with high overlap, such as automotive parts, robotics, power grid equipment, consumer electronics, and dividend assets, have recently shown stagnation [16]

Group 1 - The core issue is the adjustment of the margin trading collateral rates for Semiconductor Manufacturing International Corporation (SMIC) and BAWI Storage, both of which have seen their rates drop to 0.00 due to their static price-to-earnings ratios exceeding 300 [1] - The static price-to-earnings ratio for both stocks has been confirmed to be over 300, triggering the adjustment in their financing and securities lending collateral rates [1] - This adjustment is in accordance with exchange regulations that have been in place since 2016, aimed at enhancing risk control and ensuring the stable operation of margin trading [2] Group 2 - The regulations regarding margin trading collateral rates are designed to mitigate risks associated with high valuations, ensuring that financing and securities lending activities remain stable [2]

Core Viewpoint - The A-share market saw a significant rise in storage concept stocks following the National Day and Mid-Autumn Festival holiday, driven by price increases in storage products and growing demand related to AI applications [1][3][5]. Group 1: Market Performance - Multiple storage stocks opened high, with Huahong rising by 20%, Yake Technology and Tongfu Microelectronics hitting the daily limit, and Zhaoyi Innovation reaching a historical high of 230 yuan per share, up over 8% [1]. - Other notable performers included Lanke Technology, up over 7%, Demingli up over 4%, Jiangbolong up over 8%, and Baiwei Storage up over 6% [1]. Group 2: Price Increases - Samsung Electronics announced price hikes for DRAM by 15% to 30% and NAND flash by 5% to 10% for Q4, while Micron's prices rose by approximately 20% after resuming quotes [3]. - SanDisk also raised NAND flash prices by about 10%, affecting both consumer and enterprise products [3]. - Recent market visits revealed that various storage products, including DRAM, memory bars, solid-state drives, and embedded storage, have seen price increases of nearly 20% in the past month [3][4]. Group 3: Demand Drivers - The price increases are attributed to rising AI computing demands, with manufacturers reallocating production capacity to high-bandwidth memory (HBM) and halting DDR4 production, leading to DDR4 price hikes [4]. - Increased consumption of NAND flash products has also contributed to the price rise, as mechanical hard drives are in short supply, pushing demand towards solid-state drives [4]. - TrendForce forecasts that NAND Flash average contract prices will rise in Q3, with general DRAM prices expected to increase quarter-on-quarter in Q4 [4]. Group 4: Company Insights - Huahong is involved in wafer foundry services for non-volatile memory, while Yake Technology supplies semiconductor materials to storage manufacturers [5]. - Tongfu Microelectronics operates in the big data storage sector, and Zhaoyi Innovation offers SLC NAND Flash products [5]. - Companies like Jiangbolong and Baiwei Storage are positioning themselves in the AI market, with Jiangbolong mentioning products for AI data centers and Baiwei Storage securing core supplier status with major AI server manufacturers [5].

Core Viewpoint - Bawei Storage's stock price increased by 5.99% to 110.55 CNY per share, with a total market capitalization of 51.595 billion CNY as of October 9 [1] Company Overview - Bawei Storage Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 6, 2010. The company went public on December 30, 2022 [1] - The main business involves the research, production, and sales of semiconductor storage devices, including smart terminal storage chips, consumer-grade storage modules, industrial-grade storage modules, and advanced packaging and testing services [1] - Revenue composition: storage products account for 48.77%, embedded storage 29.93%, PC storage 18.12%, others 1.37%, advanced packaging services 1.09%, and automotive-grade storage 0.71% [1] Fund Holdings - Silver Hua Fund has a significant holding in Bawei Storage, with the Silver Hua Multi-Dynamic Flexible Allocation Mixed Fund (005251) increasing its stake by 3,273 shares in the second quarter, holding a total of 48,000 shares, representing 4.07% of the fund's net value [2] - The fund has achieved a year-to-date return of 56.28%, ranking 911 out of 8,238 in its category, and a one-year return of 62.71%, ranking 730 out of 8,082 [2] Fund Manager Information - The fund managers of Silver Hua Multi-Dynamic Flexible Allocation Mixed Fund are Jia Peng and Wang Zhiwei. Jia Peng has a tenure of 11 years and 47 days, with a total fund size of 3.973 billion CNY and a best return of 150.01% during his tenure [3] - Wang Zhiwei has a tenure of 9 years and 78 days, managing a fund size of 648 million CNY, with a best return of 28.49% during his tenure [3]

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Group 1 - The article discusses the recent investment paradigm shift in the robotics sector, emphasizing the importance of "certainty" and "scarcity" in attracting market capital [1] - The performance of domestic chip manufacturers has been strong, with a notable increase in the stock prices of Huahong and Baiwei, achieving a floating profit of 39% since the investment [1] - The article highlights the competitive landscape in the GPU market, noting that companies like Cambricon and Haiguang have significantly lower market shares compared to leading players [3] Group 2 - The analysis draws parallels between the current robotics sector and the electric vehicle industry in late 2019, suggesting that the entry of major players like Tesla and OAI could lead to substantial market changes [6] - The focus is on identifying key players in the robotics sector, with an emphasis on the importance of selecting the right "track" over individual stocks, similar to the early investments in companies like CATL and BYD in the electric vehicle space [8] - Recommendations include Tier 1 companies such as Topband and Zhejiang Rongtai, as well as mid-cap firms with potential for growth, indicating a strategic approach to investment in the robotics industry [8][9]

Core Viewpoint - The storage chip industry is experiencing a significant price increase driven by strong demand from AI applications and data centers, with expectations of continued growth until at least the second half of 2026 [4][7][9]. Group 1: Price Increases and Market Dynamics - In September, major suppliers like SanDisk, Samsung, and Micron announced price hikes for storage products, with increases ranging from 10% to 30% [4][5]. - The DRAM spot prices have been rising, with key products showing a bullish trend, indicating a positive market sentiment [5]. - The second wave of price increases in the storage market is attributed to a supply-demand imbalance, with AI-driven demand outpacing supply constraints [9][17]. Group 2: AI's Impact on Storage Demand - The AI industry's growth is creating a surge in demand for storage solutions, particularly for AI servers that require substantial memory and storage capacity [9][21]. - The shift towards higher-margin products like DDR5 and HBM is evident as manufacturers reduce production of older, less profitable DRAM types [8][19]. - OpenAI's partnership with Samsung and SK Hynix highlights the explosive growth in DRAM demand, with plans to procure a significant portion of global DRAM capacity [21][22]. Group 3: Company Performance and Market Position - Companies like Jiangbolong are benefiting from the rising storage prices, with a notable recovery in their financial performance in Q2 2025 [13][14]. - Domestic companies such as Changxin Storage and Yangtze Memory Technologies are positioned well in the market, with significant advancements in DRAM and NAND technologies [19][20]. - The stock performance of storage-related companies has been strong, with several A-share stocks seeing increases of over 50% in September [2][14].