不过，据南方财经记者观察，在经历"寒潮"之后，该板块已呈现回暖趋势。 记者丨 朱治宣 孙静芳 实习生钟宸 存储器市场在11月中下旬突遇"寒潮"，作为AI浪潮下的受益板块之一，存储器概念此前的上涨态势随着AI泡沫论等担忧受到剧烈影响，11月底 的板块骤降反映出市场的敏感性。 | 3368.25 昨收 3416.39 成交额 244.46亿 -48.14 -1.41% | 今开 | | | --- | --- | --- | | 上涨 == 2 | 平盘 1 - 下跌 = 26 | | | 最高价 3403.55 | 市盈率 | | | 3366.28 | | 最低价 | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 设均线 MA 5:3414.54↓ 10:3423.09↑ 20:3035.32↑ | | | | 4024.07 | | | | 3814.95 > 1 | | | 截至12月1日，万得存储器指数（8841241.WI）收盘报3416.39点，当日涨幅达1.99%，已连续四个交易日上涨。存储器板块年初至今涨幅达到 97.7%（流通市值加权平均），东芯股份（688110.SH）、 ...

Core Viewpoint - In November 2025, A-share listed companies in China executed 9 private placements, a decrease of 36% year-on-year, while the actual fundraising amount reached approximately 34.461 billion yuan, an increase of 147% year-on-year [1][2]. Group 1: Fundraising Activities - A total of 9 private placements were completed in November 2025, with a total fundraising amount of approximately 34.461 billion yuan, marking a year-on-year increase of 147% but a month-on-month decrease of 8% [2][4]. - The top three companies by fundraising amount were: - Yuanda Environmental Protection raised 23.576 billion yuan by issuing 359,938.93 million shares at 6.55 yuan per share [4][5]. - Hushi Silicon Industry raised 6.716 billion yuan by issuing 44,740.55 million shares at 15.01 yuan per share [4][5]. - Hubei Energy raised 2.9 billion yuan by issuing shares at 4.85 yuan per share [4][5]. Group 2: Planned Fundraising - In November 2025, 29 private placement proposals were disclosed, with a planned fundraising amount of approximately 28.779 billion yuan, reflecting a year-on-year decrease of 34.53% [1][6]. - The companies with the largest planned fundraising amounts included: - Energy-saving Wind Power with a maximum of 3.6 billion yuan for green power projects [9][11]. - Shengxin Lithium Energy and Demingli, each planning to raise 3.2 billion yuan for various projects [9][11]. Group 3: Industry Distribution - The industrial sector led the fundraising activities with 3 completed placements totaling approximately 23.919 billion yuan [6][7]. - The consumer discretionary sector also had 3 placements, but with a significantly lower total of 6.07 million yuan [6][7]. - The information technology sector followed with 2 placements, raising a total of 7.036 billion yuan [6][7].

Group 1 - The overall NAND Flash demand is expected to be driven by AI applications and strong orders for Enterprise SSDs, with average monthly price increases of 20% to over 60% across various products in November 2025 [1] - The demand surge is attributed to the rapid increase in high-capacity storage needs driven by AI applications, coupled with HDD supply constraints, leading cloud service providers to shift towards NAND systems, creating a structural gap rather than a short-term market fluctuation [1] - Capital expenditures among major manufacturers are becoming more cautious due to previous market fluctuations, with a focus on advanced process iterations and Hybrid Bonding technology rather than new capacity expansion, resulting in significant limitations on supply growth [1] Group 2 - QLC technology is being adopted at an unprecedented rate for AI warm/cold data storage layers, with a 33% higher storage capacity per die compared to TLC, significantly reducing the unit cost of storing large AI datasets [2] - By 2026, the market penetration rate of QLC SSDs in the Enterprise SSD segment is expected to reach 30% [2] - Companies like Demingli are accelerating their focus on high-capacity, high-performance SSD products, particularly in the enterprise SSD and QLC NAND application areas [2] - Jiangbolong plans to achieve mass production of QLC eMMC products in 2024, leveraging self-developed eMMC controller chips and firmware technology, positioning itself as one of the few companies capable of mass-producing QLC eMMC products [2]

Group 1 - As of November 28, the total market financing balance reached 2.46 trillion yuan, an increase of 1.48 billion yuan from the previous trading day, marking four consecutive days of growth in financing balance [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 17.44 million yuan; in the Shenzhen market, it was 1.21 trillion yuan, increasing by 1.43 billion yuan; and in the Beijing Stock Exchange, it was 7.53 billion yuan, rising by 38.84 million yuan [1] - On November 28, a total of 1,680 stocks received net financing purchases, with 387 stocks having net purchases exceeding 10 million yuan, and 20 stocks with net purchases over 100 million yuan [1] Group 2 - The top net financing purchase on November 28 was NewEase, with a net purchase of 1.17 billion yuan, followed by Zhongji Xuchuang and Xiangnong Xinchuan with net purchases of 860 million yuan and 463 million yuan, respectively [2] - In terms of industry, the highest concentration of stocks with net purchases exceeding 100 million yuan was in the electronics, communications, and power equipment sectors, with 6, 3, and 3 stocks respectively [1][2] - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.74%, with Yongtai Technology having the highest ratio at 8.02% [2]

德明利11月28日大宗交易平台共发生8笔成交，合计成交量26.84万股，成交金额5506.13万元。以折溢价 进行统计，今日有7笔为折价交易，折价率最高达11.37%。从参与大宗交易营业部来看，机构专用席位 共出现在3笔成交的买方或卖方营业部中，合计成交金额为2071.79万元，净买入2071.79万元。 （文章来源：证券时报网） 11月28日德明利大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 11.00 | 2418.90 | 219.90 | 0.00 | 招商证券股份有限公司长 | 国泰海通证券股份有限公司 | | | | | | 沙芙蓉中路证券营业部 | 重庆中山三路证券营业部 | | 5.13 | 999.84 | 194.90 | -11.37 | 机构专用 | 中国银河证券股份有限公司 | | | | | | | 深圳龙华证券营业部 | | 4.00 | ...

Market Overview - The Shanghai Composite Index rose by 0.34% on November 28, with 29 out of 31 sectors experiencing gains, led by the steel and agriculture sectors, both up by 1.59% [1] - The electronic sector also saw an increase of 1.30% [1] - The banking and coal sectors were the only ones to decline, with decreases of 0.83% and 0.14% respectively [1] Capital Flow - The net inflow of capital in the two markets was 10.84 billion yuan, with 19 sectors receiving net inflows [1] - The electronic sector had the highest net inflow, totaling 3.423 billion yuan, while the non-ferrous metals sector followed with a net inflow of 3.051 billion yuan, increasing by 1.44% [1] - A total of 12 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.334 billion yuan [1] Electronic Sector Performance - The electronic sector had 471 stocks, with 366 stocks rising and 101 stocks declining; 6 stocks hit the daily limit [2] - Among the stocks with significant net inflows, Shannon Chip (香农芯创) led with a net inflow of 902 million yuan, followed by Qian Zhao Guangdian (乾照光电) and Deming Li (德明利) with inflows of 536 million yuan and 443 million yuan respectively [2] - The stocks with the highest net outflows included Saiwei Electronics (赛微电子) with a net outflow of 509 million yuan, followed by Shenghong Technology (胜宏科技) and Furi Electronics (福日电子) with outflows of 377 million yuan and 233 million yuan respectively [4]

Core Viewpoint - Demingli plans to raise 3.2 billion yuan through a private placement to expand production, build a new headquarters, and supplement working capital, despite previous fundraising efforts and rising debt levels [1][6][9]. Group 1: Fundraising and Financial Performance - Demingli has conducted multiple fundraising rounds since its IPO in July 2022, raising 530 million yuan initially, followed by 989 million yuan in January 2025, and now seeking an additional 3.2 billion yuan [1][2]. - The investment progress from the previous fundraising round is only about 71.7%, raising questions about compliance with regulatory requirements that typically mandate an 18-month gap between fundraising events [3][5]. - The company has reported significant fluctuations in profitability, with a net profit of 0.11 billion yuan in 2022, a rebound to 3.03 billion yuan in 2024, but a loss of 0.5 billion yuan in the first three quarters of 2025 [6][7][9]. Group 2: Debt and Cash Flow Issues - Demingli's cash flow from operating activities has been negative, with figures of -3.31 billion yuan in 2022, -10.15 billion yuan in 2024, and -14.95 billion yuan in the first three quarters of 2025, indicating a worsening financial situation [8]. - The company's interest-bearing debt has increased dramatically from 0.26 billion yuan in 2019 to 47 billion yuan by the end of the third quarter of 2025, leading to high financial costs that impact profitability [8][9]. Group 3: Management and Governance Concerns - Prior to the announcement of the new fundraising plan, the controlling shareholders, including Li Hu and Tian Hua, sold shares worth nearly 500 million yuan, raising concerns about their confidence in the company's future [1][14]. - Several major shareholders have also engaged in significant share sell-offs, indicating a potential lack of faith in the company's growth prospects [14][15]. Group 4: Project Specifics and Compliance - The new fundraising plan includes 6.52 billion yuan for a new headquarters in Shenzhen, despite an existing R&D center funded during the IPO, raising questions about project redundancy [10][11][13]. - The total investment for the new headquarters project is estimated at 1.175 billion yuan, with a construction period of 36 months [11].

Core Viewpoint - The announcement indicates that the controlling shareholder, Li Hu, has released a pledge on 7.752 million shares, which represents 9.76% of his holdings and 3.42% of the company's total share capital, suggesting a positive liquidity event for the company [1] Group 1 - Li Hu's release of the pledge on 7.752 million shares occurred on November 26, 2025, while the remaining 2.3 million shares' release date has been postponed to November 26, 2026 [1] - As of the announcement date, Li Hu has a total of 6.05 million shares pledged, accounting for 7.62% of his holdings and 2.67% of the company's total share capital, indicating a manageable level of pledge risk [1] - The previous share reduction plan by Li Hu has been fully implemented, and the release of the pledge will not affect the company's control [1]

Group 1 - The company, Demingli, announced the release of approximately 7.75 million shares from pledge by its controlling shareholder, Mr. Li Hu [1] - As of the announcement date, Mr. Li Hu has a total of 6.05 million pledged shares, which accounts for 7.62% of his total holdings [1] - For the first half of 2025, Demingli's revenue composition is entirely from the storage industry, with a 100% contribution [1] Group 2 - The market capitalization of Demingli is reported to be 48.6 billion yuan [2]

证券代码：001309 证券简称：德明利 公告编号：2025-125 深圳市德明利技术股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 二、股东股份累计质押基本情况 深圳市德明利技术股份有限公司（以下简称"公司"）近日收到了控股股东 李虎先生的通知，获悉其将所持有的公司部分股份办理了解除质押手续，具体情 况如下： | 股东名称 | 是否为控 股股东或 第一大股 东及其一 致行动人 | 本次解除质押 股份数量（股） | 占其所持 股份比例 （%） | 占公司总股 本比例（%） | 质押起始日 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 李虎 | 是 | 7,752,000 | 9.76 | 3.42 | 2024 年 12 月 25 日 | 2025 年 11 月 26 日 | 国泰海通证 券股份有限 公司 | 一、本次股东股份解除质押基本情况 注：由于公司 2025 年 7 月 10 日实施 2024 年度权益分派，以资 ...