| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-29 | 001309 | 德明利 | 183.29 | 4.90 | 898.12 | 中信证券股份有限 | 兴业证券股份有限 | | | | | | | | 公司北京总部证券 | 公司湖南分公司 | | | | | | | | 营补部 | | | 权益类证券大宗交易(协议交易) | | --- | 9月29日，德明利大宗交易成交4.9万股，成交额898.12万元，占当日总成交额的0.25%，成交价183.29 元，较市场收盘价186.08元折价1.5%。 ...

Group 1 - The Shanghai Composite Index showed a slight recovery after a morning dip, with the ChiNext Index rising nearly 3% [1] - The lithium battery sector experienced strong upward momentum, with various sub-sectors such as sodium-ion batteries and solid-state batteries leading the gains [2] - The lithium battery indices reported significant increases, with the lithium battery index up by 4.22% and the power battery index up by 4.52% [3] Group 2 - A total of 421 companies were surveyed by institutions in the past 10 trading days, with 57 companies receiving attention from overseas institutions [4] - Deep South Circuit (002916) was the most focused company, receiving visits from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects [4] - Zhongkong Technology was also notable, with 20 overseas institutions participating in its survey, and it recently won two major projects from Sinopec, expected to generate significant annual output value [4] Group 3 - Stocks that received overseas institutional research saw an average increase of 3.11% over the past 10 trading days, with Demingli (001309) leading with a 56.95% increase [7] - More than half of the surveyed stocks received net purchases from financing clients, with Zhongchuang Zhiling (601717) receiving the highest net buy of 342 million yuan [7] - The storage industry is experiencing a positive outlook due to increased capital expenditures from major tech companies, with expectations for storage prices to maintain an upward trend in the fourth quarter [7]

Core Viewpoint - The A-share market for storage chip stocks has strengthened significantly due to supply tightness and surging demand from cloud enterprises, leading to notable price increases and stock performance in the sector [1]. Group 1: Market Performance - Yachuang Electronics saw a nearly 11% increase in stock price, while Demingli rose over 8% [1]. - Other companies such as Jingzhida, Zhaoyi Innovation, and Lianyun Technology experienced gains exceeding 6% [1]. - The overall trend indicates a robust performance in the storage chip sector, with several companies achieving substantial year-to-date growth percentages [2]. Group 2: Price Adjustments and Supply Dynamics - Major storage module manufacturer Adata announced a halt on DDR4 pricing starting from the 29th, prioritizing DDR5 and NAND flash supply to key customers [1]. - Samsung Electronics raised its memory product prices by 30%, while NAND flash prices increased by 5% to 10% [1]. - Micron Technology informed customers of a price hike ranging from 20% to 30% [1].

Core Viewpoint - The storage market appears to be recovering after years of adjustment, raising questions about whether the recent stock price increases of related A-share companies are due to cyclical trends or genuine improvements in their profitability [1][2]. Group 1: Market Performance - Since September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 CNY per share to about 177 CNY and 144 CNY respectively, reaching historical highs [2]. - International storage giant SanDisk announced a price increase of over 10% for some products, igniting industry-wide price hike expectations [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, indicating a potential market recovery [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [4]. - For the entire 2025 fiscal year, Micron's revenue hit a record $37.4 billion, up nearly 50% [4]. - Micron's revenue from high-value segments like HBM and server DRAM reached $10 billion, five times that of the previous fiscal year, driven by demand from AI servers [5][6]. Group 3: Domestic Manufacturers' Challenges - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [9]. - The traditional business model of these companies, which relies on purchasing storage wafers from international suppliers, limits profit margins and exposes them to inventory losses during price declines [9][10]. - Domestic firms are shifting focus to develop their own controller chips to capture higher value in the supply chain [10]. Group 4: Technological Advancements and Market Strategy - Jiangbolong has shipped over 80 million self-developed controller chips, while Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip [10]. - Domestic manufacturers are investing in advanced packaging technologies to enhance production capabilities and profitability [12]. - The shift towards enterprise markets, such as data centers and AI servers, is expected to yield higher profit margins compared to traditional consumer markets [13][14]. Group 5: Investment and Future Outlook - Baiwei Storage raised 1.871 billion CNY for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [12]. - Jiangbolong's enterprise storage business revenue reached 693 million CNY in the first half of 2025, a 138.66% increase, reflecting successful penetration into the enterprise market [14]. - The strong performance of storage concept stocks in the A-share market may reflect capital market's dynamic pricing of these companies' new growth narratives [14].

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].

德明利在互动平台表示，上市以来公司持续拓展产品矩阵，持续推出包括嵌入式存储、企业级存储等存 储模组新品，部分新产品已实现量产并在关键客户顺利导入。公司结合业务发展规划与市场需求情况， 加大PCIe SSD相关投入，客户端已进入多家相关知名厂商供应链并稳定出货。 ...

（文章来源：证券日报） 证券日报网讯德明利9月25日在互动平台回答投资者提问时表示，截至2025年9月19日公司含信用账户合 并股东名册的股东数为25477户。 ...

公司发布的半年报数据显示，上半年公司共实现营业收入41.09亿元，同比增长88.83%，实现净利 润-1.18亿元，同比下降130.43%，基本每股收益为-0.7400元。 机构评级来看，近一个月该股获4家机构买入评级。预计目标价最高的是国投证券，9月8日国投证券发 布的研报给予公司目标价113.70元。（数据宝） （文章来源：证券时报网） 德明利9月25日披露，截至9月20日公司股东户数为25477户，较上期（9月10日）减少5841户，环比降幅 为18.65%。这已是该公司股东户数连续第2期下降。 证券时报·数据宝统计，截至发稿，德明利最新股价为174.20元，下跌4.29%，本期筹码集中以来股价累 计上涨83.52%。具体到各交易日，9次上涨，2次下跌，其中，涨停4次。 融资融券数据显示，该股最新（9月24日）两融余额为13.96亿元，其中，融资余额为13.93亿元，本期筹 码集中以来融资余额合计减少6327.43万元，降幅为4.35%。 ...

每日经济新闻 每经AI快讯，9月25日，半导体板块多数低开，德明利、江波龙、佰维存储、京仪装备、盛美上海纷纷 跌超3%。 ...

9月24日，德明利涨6.67%，成交额51.17亿元，换手率17.99%，总市值412.93亿元。 异动分析 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入1.53亿5317.48万-7729.44万-3.32亿-3.41亿 存储芯片+共封装光学(CPO)+中芯国际概念+专精特新+人民币贬值受益 1、公司的主营业务主要集中于闪存主控芯片设计、研发，存储模组产品应用方案的开发、优化，以及 存储模组产品的销售。公司产品主要包括存储卡、存储盘、固态硬盘等存储模组，主要聚焦于移动存储 市场。 2、根据公司官网：公司有vcsel光芯片产品，vcsel光芯片主要应用于5g移动通信、超高速全光网络、 400G及上大型数据中心、人工智能及AI。 3、公司产品生产主要采取委外加工方式进行，公司通过多年的经营形成了完善的供应链体系。公司与 中芯国际（SMIC）、中国台湾联电（UMC）等全球顶级芯片代工制造商及国内外领先的存储卡、存储 盘封装及测试厂商等形成了紧密的合作关系。 4、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、 ...