2月首周，A股市场风格显著切换，科技板块遭遇深度调整。当周，电子、通信行业领跌两市，其中电 子行业总市值跌去约8900亿元。龙头股更是放量杀跌，重创板块情绪，中际旭创（300308.SZ）、新易 盛（300502.SZ）周跌幅均超13%，寒武纪（688256.SH）单周重挫17.63%，股价创2025年8月末以来新 低。 与之形成鲜明对比的是，白酒、地产等防御性板块逆势走强，贵州茅台（600519.SH）周内涨8.14%， 保利发展（600048.SH）创下年内股价新高。 市场人士分析，临近春节长假，资金避险情绪升温，叠加科技股前期涨幅透支估值，投资者正从高波动 赛道转向业绩确定性更强的领域，反映出市场对估值合理性的审慎重估与对稳健收益的追求。 科技赛道全线降温，资金放量出逃 本周A股科技板块全面回调，且成交量显著放大，呈现典型的"放量下跌"格局。Wind数据显示，本周， 电子行业成交额达3139亿元，创下今年以来新高，该行业指数周内跌5.22%，通信板块周内跌6.94%。 作为科技板块的代表性指数，科创50指数单周跌幅达5.76%，创2025年11月以来最大周跌幅，近两周累 计下跌8.45%，市场对科技股的 ...

深圳市江波龙电子股份有限公司 证券代码：301308 证券简称：江波龙 公告编号：2026-010 特别风险提示： 深圳市江波龙电子股份有限公司（以下简称"公司"）提供的担保总额超过 公司最近一期经审计净资产的 100%，其中对资产负债率超过 70%的单位的担保 总额超过公司最近一期经审计净资产 50%，前述担保全部为公司对合并报表范围 内子公司的担保，敬请投资者充分关注担保风险。 一、公司为子公司提供担保情况概述 公司于 2025 年 3 月 19 日、2025 年 4 月 11 日分别召开了第三届董事会第八 次会议、第三届监事会第八次会议以及 2024 年年度股东大会，会议审议通过了 《关于公司 2025 年度担保额度预计的议案》。 关于公司为子公司提供担保以及控股子公司为其子公司提 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、完整，没有虚假 记载、误导性陈述或重大遗漏。 为了满足公司 2025 年度日常经营及业务发展所需，自 2024 年年度股东大会 审议通过之日起至 2025 年年度股东会召开之日止，公司拟为子公司向银行等金 融机构申请综合授信或其他日常经营所需，提供总额不超 ...

存储行业的强周期齿轮正被AI重新拧紧。近期，江波龙披露2025年度业绩预告显示，公司全年净利润 预计同比增长150.66%—210.82%，实现扭亏为盈后的高增长。业绩大增的同时，这家存储芯片巨头1月 亦发布公告称，其37亿元向特定对象发行A股股票的申请已获深交所受理，募资将剑指主控芯片设计与 高端封测，意在借行业东风向产业链上游突围。在存储价格自底部持续回升、行业步入复苏通道的节 点，江波龙的募资动作，成为国内存储模组企业在行业周期向上、国产产业链补短板背景下，谋求技术 升级的一个缩影。 AI带来质变 "这一轮周期由AI带来的DRAM新增需求驱动，和过去库存波动引发的自然涨落不同，持续时间会更 长。"北京超弦存储器研究院执行副院长赵超此前在接受北京商报记者采访时表示，这为国内企业带来 了发展机遇，盈利增长能支撑企业加大研发投入，进而为后续技术创新、实现健康增长奠定基础。 AI需求的爆发，正是驱动行业格局重构的核心。江波龙在业绩预告中披露，2025年存储价格于一季度 触底后企稳回升，三季度末，AI服务器需求爆发叠加原厂产能向企业级产品倾斜，供给进一步失衡， 推动存储价格持续走高。 信达证券分析称，AI大模型训 ...

Core Viewpoint - The storage industry is experiencing a strong cycle driven by AI, with companies like Jiangbolong showing significant profit growth and strategic fundraising to enhance technology capabilities [1][3]. Group 1: Company Performance - Jiangbolong's 2025 annual profit is expected to increase by 150.66% to 2.1082 billion yuan, marking a significant turnaround [1]. - The company anticipates a net profit of 1.25 billion to 1.55 billion yuan for the year, with a fourth-quarter net profit of approximately 650 million to 870 million yuan [5]. Group 2: Market Dynamics - The current cycle is driven by AI-induced demand for DRAM, differing from past cycles characterized by inventory fluctuations, suggesting a longer duration for this upturn [3]. - The global semiconductor storage market is projected to grow from $165.5 billion in 2024 to $184.8 billion in 2025, reflecting an 11.7% year-on-year increase [3]. Group 3: Price Trends - TrendForce predicts a 55% to 60% quarter-on-quarter increase in general DRAM contract prices in Q1 2026, with NAND flash prices expected to rise by 33% to 38% [4]. - Major manufacturers like Micron, Samsung, and SK Hynix have raised storage product contract prices by up to 30% in late 2025, indicating a clear upward trend in pricing [4]. Group 4: Industry Supply and Demand - AI technology is driving increased demand for SSDs among cloud service providers, while HDD supply shortages are pushing these providers to switch to SSDs, leading to a surge in NAND Flash demand [6]. - The supply chain is expected to remain constrained, with limited contributions to output growth from increased capital expenditures by manufacturers due to the lag in capacity construction [6]. Group 5: Domestic Industry Development - China's storage market accounts for over 20% of global demand, but domestic production remains insufficient, particularly in high-end storage products related to AI [7]. - Jiangbolong's fundraising of 3.7 billion yuan is aimed at enhancing capabilities in NAND Flash controller chip design and storage chip packaging and testing, addressing key technological gaps in the domestic industry [7][8].

据报道，美银最新报告显示，在连涨多个月之后，上周DRAM现货价格走弱，这也是该价格自2025年9 月以来首次出现回调。 不过，2月3日，连跌两日的大盘有所回暖，存储概念股也迎来些许上涨。高盛也在最新发布的报告中指 出，尽管现货市场出现波动，但DRAM的合约价格不仅未跌，反而迎来了更猛烈的上涨预期。 虽然短期股价受市场情绪和资金面扰动，但存储行业的景气度在企业盈利层面得到了坚实的印证。近 日，国内主要存储上市公司集中发布的2025年业绩预告，便清晰地揭示了这一基本面：行业盈利状况普 遍大幅改善，部分公司业绩呈现爆发式增长，更有企业成功扭亏为盈或大幅减亏，为市场的长期逻辑提 供了有力支撑。 在已披露业绩预告的厂商中，佰维存储的业绩增速最为领先。该公司预计2025年实现营收100亿元—120 亿元，同比增长49.36%—79.23%；归属于母公司所有者的净利润为8.5亿元—10亿元，同比增加427.19% —520.22%；归属于母公司所有者的扣除非经常性损益的净利润为7.6亿元—9亿元，同比增加 1034.71%-1243.74%。 华夏时报记者 石飞月 北京报道 当有色板块的投资者为持仓市值缩水而"哀嚎"时，另 ...

Core Insights - AI technology is reshaping various industries, with storage technology becoming increasingly critical as a backbone for AI applications. Jiangbolong has emerged as a key player in the AI storage transformation with innovative solutions and precise market positioning [1]. Group 1: Full-Stack Solutions - Jiangbolong provides a full-stack solution for AI servers and computing integrated machines, covering all scenarios of AI training and inference. Key products include eSSD, RDIMM, SOCAMM2, and innovative memory solutions, which offer efficient and reliable storage performance tailored to complex AI needs [1]. - The new UNCIA 3856 SATA eSSD features high-quality 3D eTLC NAND and self-developed firmware algorithms, achieving a balance of large capacity, low power consumption, and high endurance, thus providing a solid data storage foundation for AI servers [1]. Group 2: Memory Solutions - Jiangbolong's DDR5 RDIMM and MRDIMM memory modules are core choices for general servers and AI infrastructure due to their high bandwidth, low latency, and excellent compatibility. The DDR5 MRDIMM significantly enhances data transfer rates through a multi-channel architecture, delivering unprecedented performance for AI computing integrated machines [3]. - The SOCAMM2 memory product, based on LPDDR5/5x particles and CAMM modular design, meets the stringent performance and energy efficiency requirements of data centers. It offers ultra-high transmission rates (up to 8533 Mbps) and low power consumption (one-third of standard DDR5 RDIMM), providing dual enhancements in capacity and bandwidth for intelligent computing centers [3]. Group 3: Edge AI Solutions - Jiangbolong has introduced the integrated packaging mSSD for edge AI applications, utilizing wafer-level system-in-package (SiP) technology to integrate the controller, NAND, PMIC, and other components into a single package. This makes mSSD an ideal storage solution for edge AI devices such as AI PCs and robots, offering flexibility and efficiency [5]. Group 4: Strategic Vision - In the AI era, mere improvements in storage performance are insufficient to meet the complex and changing application demands. Jiangbolong aims to achieve efficient utilization of storage resources and flexible release of computing power through an edge-cloud collaborative strategy. The company strengthens partnerships within the industry chain to inject critical storage capabilities into AI intelligent computing center construction and promote the continuous advancement and widespread application of edge AI storage technology [7]. - Jiangbolong's outstanding performance in the AI storage sector is reflected not only in the continuous launch of innovative products but also in its deep insights into industry trends and precise understanding of customer needs. The company will continue to adhere to an innovation-driven development strategy, focusing on core media like mSSD to iterate more forms and scenarios of innovative packaged storage, contributing further to the popularization and application of AI technology [7].

（来源：淘金ETF） 1. 北方华创（002371） 作为国内半导体设备绝对龙头，北方华创的主营业务覆盖刻蚀机、薄膜沉积设备、清洗机等全品类核心 制程设备，是存储芯片制造的上游基石。在存储芯片涨价周期中，国内存储厂扩产与技术升级将直接带 动其设备订单增长。其在3D NAND、HBM等先进制程设备领域的突破，深度适配国产存储的技术迭代 需求，不仅为长江存储、长鑫科技等头部企业提供设备支撑，更在全球存储设备市场中建立起国产替代 的核心竞争力。随着存储芯片行业进入超级周期，原厂扩产与技术升级的需求将持续释放，北方华创凭 借全品类设备布局与技术积累，将充分受益于存储厂资本开支的增长，同时其在海外市场的拓展也将进 一步打开成长空间。 2. 华虹公司（688347） 国内特色工艺制造龙头，华虹公司具备成熟的存储芯片代工能力，聚焦NOR Flash、eMMC、SPI NAND 等存储品类，是国内少数能提供存储芯片代工服务的企业。在存储涨价潮下，其代工订单量价齐升，与 国内存储企业的深度绑定，使其充分承接国产替代的产能转移需求。随着AI与消费电子需求复苏，存 储芯片代工产能紧张格局将持续，华虹公司凭借成熟的工艺与稳定的产能交 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，江波龙2月2日晚间发布公告称，截至本公告披露日，本次提供担保后，公司对外担保总 额度为人民币110亿元，占公司最近一期经审计净资产的比例为170.08%。公司仅存在对合并报表范围 内子公司提供担保的情形，总担保余额为人民币57.09亿元（涉及外币的，则按照国家外汇局网站公布 的2026年2月2日人民币汇率中间价折算），占公司最近一期经审计净资产的比例为88.27%，目前相关 担保无逾期债务、涉及诉讼及因担保被判决败诉而应承担担保责任等情况。 每经头条（nbdtoutiao）——全网呼吁的健康福真的来了！这份"史上最短"红包攻略快收好 ...

4、特朗普称希望与伊朗"能够达成协议" 当地时间2月1日，美国总统特朗普在海湖庄园回答记者有关伊朗问题时表示，希望"能够达成协 议"。当天早些时候，伊朗外长阿拉格齐表示，伊朗对与美国就核问题达成协议"仍然有信心"。他说， 通过地区友好国家进行的信息沟通正在推动双方接触，并称相关谈判"是富有成效的"。阿拉格齐重申， 伊朗希望美方解除长期制裁，同时尊重伊朗在和平利用核能框架下继续进行铀浓缩的权利。（央视新 闻） 5、伊朗外长：与美国的接触取得一定成效 1、塞尔维亚总统武契奇：我预计48小时内 伊朗将遭到袭击 据外媒报道，2月1日，塞尔维亚总统武契奇接受采访时表示，预计未来48小时内伊朗将遭遇军事打 击，并将打击时间与爱泼斯坦相关涉案文件挂钩。（参考消息） 2、报道：伊朗官员否认计划在霍尔木兹海峡举行军演 路透社周日援引一位伊朗官员的话报道称，伊朗革命卫队海军并无计划如本周早些时候部分媒体所 称，在霍尔木兹海峡举行实弹演习。伊朗官方媒体Press TV上周四曾报道，革命卫队将于2月1日至2日 在该海峡进行演习。该官员表示，革命卫队并未计划在该地区举行军事演习，也未曾就此发布官方公 告。相关报道有误。 3、多只有色金 ...