存储芯片板块多数走高，德明利冲击涨停，江波龙涨超5%，香农芯创、时空科技、佰维存储跟涨。 ...

Core Viewpoint - The storage chip industry is entering a rare "super cycle" driven by a combination of surging demand and supply constraints, primarily fueled by advancements in AI technology and the expansion of smart terminal products [2][3][4]. Demand Side Summary - The rapid development of AI technology is a core driver of increased demand for storage chips, with major tech companies like Nvidia and Amazon accounting for 95% of HBM demand [2]. - The launch of new smart terminal products, including smartphones, PCs, and AI glasses, is further stimulating the need for high-capacity and high-performance storage solutions [2][4]. - AI server demand is significantly impacting the storage chip market, with DRAM contract prices expected to soar over 170% year-on-year by Q3 2025, driven by the high memory requirements of AI training [3]. Supply Side Summary - The supply of storage chips is tightening due to production cuts initiated by major manufacturers like Micron, Samsung, and SK Hynix, influenced by weak NAND Flash demand and pricing pressures [2][3]. - The shift in production focus towards high-bandwidth memory (HBM) and DDR5 is leading to a reduction in the supply of traditional memory products like DDR4 [3][4]. Market Outlook - The storage industry is expected to maintain a tight supply-demand balance, with prices likely to continue rising through Q4 2025 due to the ongoing AI boom and the need for data center upgrades [4][5]. - Companies are advised to focus on semiconductor equipment manufacturers that specialize in critical processes like etching and deposition to capitalize on the anticipated growth in storage demand [4].

Market Overview - A-shares experienced a rally with the Shanghai Composite Index surpassing 4000 points, closing at 4007.76, up 0.97% [2] - The Shenzhen Component Index rose 1.73% to 13452.42, while the ChiNext Index increased by 1.84% to 3224.62 [2] - Total trading volume in the Shanghai and Shenzhen markets reached 20,759 billion, an increase of 1,816 billion from the previous trading day [2] Sector Performance - The computing hardware sector led the gains, with stocks like Dongshan Precision and Huigreen Ecology hitting the daily limit, and Cambrian Technologies rising over 9% [3] - The power equipment sector continued its strong performance, with companies like Huasheng Lithium and Moen Electric also hitting the daily limit [5] Computing Hardware Sector - The computing hardware stocks saw a resurgence, particularly in storage chips and optical modules [3] - Longguang Huaxin achieved a 20% limit-up, while Demingli, Dongshan Precision, and Huigreen Ecology also reached the limit [3] - SK Hynix announced successful negotiations with NVIDIA for the supply of the next-generation high-bandwidth memory (HBM4), with prices expected to be over 50% higher than the previous generation [3] - A report from Datong Securities highlighted explosive growth in data storage demand driven by the rapid evolution and widespread application of AI technology, predicting continued price increases in storage through Q4 2025 [3] Power Equipment Sector - The power equipment sector showed strong momentum, with significant gains in areas such as electricity, ultra-high voltage, and flexible direct current transmission [5] - InfoLink reported an 85.7% year-on-year increase in global energy storage system shipments expected in the first half of 2025 [5] - The International Energy Agency forecasts that by 2030, global data center electricity demand will approach 1 trillion megawatt-hours, with AI-related consumption accounting for nearly half of new electricity demand in the U.S. [5] Market Outlook - The market is expected to remain active, focusing on investments related to the "14th Five-Year Plan" [6] - With the completion of Q3 reports, the market will shift its focus to next year's earnings expectations and industry trends, leading to a more thematic trading phase [6] - Long-term structural volatility is anticipated, with recommendations to consider low-volatility assets as a basic allocation while monitoring potential adjustments in the technology sector for better cost-effectiveness [6][7]

证券代码：001309 证券简称：德明利 公告编号：2025-114 深圳市德明利技术股份有限公司 关于 2025 年股票期权激励计划首次授予部分登记完成的公告 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。 重要内容提示： 8、首次授予股票期权涉及的标的股票来源：公司向激励对象定向发行的公司 人民币 A 股普通股股票 根据《上市公司股权激励管理办法》和深圳市德明利技术股份有限公司（以 下简称"公司"）《2025 年股票期权激励计划（草案）》等的有关规定，深圳市 公司完成了 2025 年股票期权激励计划（以下简称"本激励计划"）首次授予股票 期权的登记工作，现将有关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2025 年 9 月 1 日，公司召开第二届董事会薪酬与考核委员会第十次会议 和第二届监事会第三十次会议，均审议通过了《关于公司<2025 年股票期权激励 计划（草案）>及其摘要的议案》《关于制定公司<2025 年股票期权激励计划实施 考核管理办法>的议案》《关于核查公司 2025 年股票期权激励计划激励对象名单 的议案》。 1、期 ...

证券代码：001309 证券简称：德明利 公告编号：2025-113 深圳市德明利技术股份有限公司 关于 2024 年限制性股票激励计划首次授予限制性股票第一个解除 限售期解除限售股份上市流通的提示性公告 深圳市德明利技术股份有限公司（以下简称"公司"或"德明利"）于 2025 年 10 月 14 日召开第二届董事会第三十五次会议、第二届董事会薪酬与考核委员 会第十三次会议，审议通过了《关于 2024 年限制性股票激励计划首次授予限制 性股票第一个解除限售期解除限售条件成就的议案》。根据《上市公司股权激励 管理办法》、深圳证券交易所、中国证券登记结算有限责任公司深圳分公司和公 司《2024 年限制性股票激励计划（草案）》（以下简称"本激励计划"）的有 关规定，公司办理完成本激励计划首次授予限制性股票第一个解除限售期解除限 售手续。现将有关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2024 年 7 月 23 日，公司召开第二届董事会薪酬与考核委员会第五次会 议，审议通过了《关于公司〈2024 年限制性股票激励计划（草案）〉及其摘要 的议案》《关于公司<2024 年限制性股票激励计划实施考 ...

Core Points - Demingli (001309) announced the release of restricted shares for 75 incentive recipients, totaling 622,160 shares, which represents 0.2742% of the company's total share capital [1] Summary by Category Company Announcement - The company will lift restrictions on 622,160 restricted shares, effective November 10, 2025 [1] - The announcement involves 75 incentive recipients [1]

Core Viewpoint - Demingli (001309) announced that neither the company nor its subsidiaries have any external guarantees outside the scope of the consolidated financial statements, and there are no overdue guarantees [1] Group 1 - The company has confirmed the absence of external guarantees that are not included in the consolidated financial statements [1] - There are no overdue guarantees reported by the company or its subsidiaries [1]

证券代码：001309 证券简称：德明利 公告编号：2025-115 深圳市德明利技术股份有限公司 关于为全资子公司提供担保的进展公告 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。 特别风险提示： 1、截至本公告披露日，深圳市德明利技术股份有限公司（以下简称"公 司"）为资产负债率超过 70%的全资子公司源德（香港）有限公司（以下简 称"源德"）提供担保，累计担保合同金额为 20,000 万美元及 35,000 万人 民币，按 2025 年 11 月 6 日美元兑人民币汇率中间价 7.0865 元计算，折合人 民币 176,730.00 万元；公司累计对外提供担保实际发生额折合人民币为 56,277.57 万元，占公司 2024 年度经审计净资产的比例为 22.96%。前述担保 全部为公司对全资子公司源德提供的担保。 2、公司及子公司无对合并报表范围外的对外担保事项，也不存在逾期担 保。敬请投资者充分关注担保风险。 一、公司为源德提供担保事项履行的内部决策程序和披露情况 1、2025 年 4 月 24 日，公司召开第二届董事会第二十七次会议、第二届 监事会 ...

Core Viewpoint - The company announced a new guarantee of 1 billion yuan for its wholly-owned subsidiary, Yuan De (Hong Kong) Co., Ltd., towards Changjiang Storage and Changxin Memory Technologies, which represents approximately 22.96% of the audited net assets for the fiscal year 2024 [1] Group 1 - The total guarantee amount for Yuan De is expected to not exceed 30 billion yuan (or equivalent foreign currency), which is within the scope approved by the shareholders' meeting [1] - For the period from January to September 2025, Yuan De reported revenue of 7.139 billion yuan and a net loss of 138 million yuan, with a debt-to-asset ratio of 98.11% [1] - The company and its subsidiaries have no guarantees outside the consolidated financial statements and no overdue guarantees [1]

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index surpassing 4000 points, and the ChiNext Index rising nearly 2% [1] - Total trading volume in the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by significant gains in stocks like Demingli and Xiangnong [2][5] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing shares hitting the daily limit [9][11] - The semiconductor sector saw strong performance, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [5][7] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances, particularly for DRAM, driven by high demand from data centers [6][7] - Major manufacturers, including Samsung, have suspended DDR5 contract pricing, leading to a 25% increase in DDR5 spot prices within a week [6][7] - Analysts suggest that the price of DDR5 could rise by 30% to 50% in the upcoming quarter due to these supply constraints [7] Phosphorus Industry Outlook - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the scarcity of phosphorus ore and increasing demand from downstream sectors [11] - The price of yellow phosphorus has seen a significant increase, with a recent spot price reported at 22,200 yuan per ton, reflecting a rise of 264 yuan from the previous trading day [9][11] AI Industry Chain Activity - The AI industry chain stocks were active, with companies like Yuanjie Technology and Dongtianwei achieving substantial gains [13][14] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic chips [14]