存储行业跟踪报告 TMT 及中小盘/电子 全球存储价格从 25H1 复苏上涨以来，25Q3-Q4 现货/合约价格加速上涨，近期 逐步发现 26Q1 各品类存储价格环比涨幅超预期，我们预计 2026 年全年全球存 储供给整体维持偏紧状态，AI 需求增长持续高于产能扩张速度，其他消费类存 储和利基型存储受到产能挤压和下游恐慌备货等因素，价格涨幅也远超常规水 平，我们认为今年国内存储产业链多环节都将受益于缺货涨价浪潮，核心建议 关注存储原厂+存储模组/芯片公司+存储封测/代工等环节。 ❑ AI 存储引发更多需求增量，多级存储体系优化补充急剧增多的 KV 缓存空间。 推荐（维持） 证券研究报告 | 行业点评报告 2026 年 01 月 21 日 26Q1 价格涨幅超市场预期，关注即将到来的密集财报催化 英伟达在CES 2026主题演讲上发布最新Inference Context Memory Storage Platform （推理上下文存储平台），利用 BlueField-4 DPU 构建在 Pod 级别 运行的专用上下文记忆层，在计算节点层面，KV 分层涵盖 GPU HBM、主机 内存、本地 SSD、ICMS 和 ...

Core Viewpoint - The article discusses the share transfer of Shenzhen Jiangbolong Electronics Co., Ltd., highlighting the pricing and participation of institutional investors in the transfer process [1][4]. Group 1: Share Transfer Details - On January 19, the company disclosed the pricing results, with five shareholders transferring a total of 12,574,358 shares at a price of 212.09 yuan per share, amounting to approximately 2.667 billion yuan [1]. - The transfer price represents a 36.92% discount compared to the closing price of 341.99 yuan on January 20 [1]. - A total of 59 institutions participated in the bidding, with 54 successfully allocated shares, indicating strong interest from institutional investors [8][10]. Group 2: Shareholder Information - The selling shareholders include Longxi No.1, Longxi No.2, Longxi No.3, Longjian Management, and Longxi No.5, which are not major shareholders holding over 5% of the company [1][4]. - The shareholding percentages of these shareholders are 4.18% for Longxi No.1 and Longxi No.2, 3.92% for Longxi No.3, 1.57% for Longjian Management, and 1.38% for Longxi No.5 [1]. Group 3: Market Reaction and Implications - Following the announcement of the discounted share transfer, Jiangbolong's stock price showed resilience, closing up 1.71% at 341.99 yuan, with a total market capitalization of 143.343 billion yuan and a trading volume of 7.495 billion yuan [11]. - The non-public nature of the transfer and the six-month lock-up period for the acquired shares are expected to mitigate short-term selling pressure on the stock price [11].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The storage market is experiencing a gradual recovery, with manufacturing PMI in China rising to 50.2%, indicating expansion in the manufacturing sector [8][10] - The semiconductor industry is facing challenges due to geopolitical tensions and trade restrictions, impacting investor confidence [23] - AI and generative AI are driving significant demand for advanced semiconductor solutions, with expectations for growth in AI-related chip demand [23][25] - The report highlights a shift in production focus among major manufacturers towards high-end products like DDR5 and HBM due to declining prices in traditional DRAM products [36] Summary by Sections Macroeconomic Overview - China's manufacturing PMI increased by 1.1% to 50.2%, indicating a recovery in manufacturing activities [8][10] - The U.S. manufacturing PMI was reported at 50.9% in January, showing a positive trend since October [8][11] - Global economic expansion is expected to be supported by lower interest rates and growth-promoting policies, particularly in the U.S. [8] Upstream Market - Omdia forecasts a 6% increase in DRAM wafer production capacity for Samsung Electronics, with a target of 789 million wafers in 2025 [19] - SK Hynix plans to increase DRAM wafer input by 15%, with a focus on maximizing production at its facilities [19] - SEMI predicts a 6.6% annual increase in semiconductor capacity, reaching 33.6 million 8-inch wafers by 2025 [20] Company Dynamics - Samsung Electronics reported a sales figure of 30.1 trillion KRW for its semiconductor division in Q4 [29] - SK Hynix is set to begin mass production of HBM3E products in the first quarter of 2025 [34] - Micron plans to increase its HBM market share to 20% by 2025, with significant expansions in production capacity [34] Application Market - Intel's upcoming Panther Lake processors will support AI operations, expected to launch in 2025 [85] - AMD's Ryzen AI Max series processors, featuring advanced AI capabilities, are set to be released in the first quarter of 2025 [86] - Qualcomm's Snapdragon X series PC processors will support AI applications and are expected to launch in the first quarter [87] Domestic Spot Market - The domestic storage spot market remains stable, with prices showing a slight decline [44] - NAND inventory levels are nearing completion, with some manufacturers transitioning from sellers to buyers, providing price support [45] - DDR5 memory prices have seen a significant increase, with costs rising from $4.70 to $4.90-$5.00 [47]

上述出让方龙熹一号、龙熹二号、龙熹三号、龙舰管理、龙熹五号为江波龙首次公开发行时控股股东、实际控制人的一致行动人，目前已解除一致行动 关系。江波龙控股股东、实际控制人、部分公司董事、高级管理人员通过出让方间接持有公司股份。 截至1月16日，龙熹一号、龙熹二号的持股数量占公司总股本的比例均为4.18%，龙熹三号的持股比例为3.92%，龙舰管理和龙熹五号则分别为1.57%、 1.38%。根据公告，五家机构股东转让股份的原因均为"自身资金需求"。 1月20日，根据存储模组企业江波龙发布的《股东询价转让定价情况提示性公告》，根据1月19日询价申购情况，初步确定的本次询价转让价格为212.09 元/股。 此前，江波龙于1月16日晚间发布公告，公司的五家机构股东龙熹一号自有资金投资合伙企业(有限合伙)(以下简称"龙熹一号")、宁波龙乙自有资金投资 合伙企业(有限合伙)(以下简称"龙熹二号")、宁波龙熹三号自有资金投资合伙企业(有限合伙)(以下简称"龙熹三号")、宁波龙舰自有资金投资合伙企业(有限合 伙)(以下简称"龙舰管理")、宁波龙熹五号自有资金投资合伙企业(有限合伙)(以下简称"龙熹五号")，计划通过询价转让方式合计 ...

中国经济网北京1月20日讯 江波龙（301308）(301308.SZ)昨日发布股东询价转让定价情况提示性公告。 经向机构投资者询价后，初步确定的转让价格为212.09元/股。参与本次询价转让报价的机构投资者家 数为59家，涵盖了基金管理公司、保险公司、证券公司、私募基金管理人、合格境外投资者等专业机构 投资者。本次询价转让拟转让股份已获全额认购，初步确定受本次询价转让拟转让股份已获全额认购， 初步确定受让方为54名机构投资者，拟受让股份总数为12,574,358股。 江波龙首次公开发行股票的发行费用（不含税）总额为15,313.23万元，其中，中信建投证券股份有限公 司、汇丰前海证券有限责任公司获得保荐及承销费用（含辅导费）12,596.60万元。 2025年3月21日，江波龙向香港联合交易所有限公司递交了发行境外上市外资股（H股）并在香港联交 所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请材料。公司本次发行 并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所等相关政府机关、监管机构、证券 交易所的批准、核准或备案，该事项仍存在不确定性。 公司控股股东、实际控制人承诺通过 ...

Core Viewpoint - Jiangbolong (301308.SZ) announced a share transfer involving several investment partnerships, with a determined transfer price of 212.09 yuan per share based on the inquiry subscription situation as of January 19, 2026 [1] Group 1: Share Transfer Details - The share transfer will not be conducted through centralized bidding or block trading methods [1] - A total of 12,574,358 shares are set to be transferred, which have been fully subscribed by 54 institutional investors [1] - Following the completion of the transfer, the shareholding ratio of relevant shareholders will decrease, but the company's control will remain unchanged [1]

Core Viewpoint - Jiangbolong (301308.SZ) has disclosed the pricing situation for the shareholder inquiry transfer, with a preliminary transfer price set at 212.09 yuan per share based on the inquiry subscription on January 19, 2026 [1] Group 1: Shareholder Participation - The shareholders participating in the inquiry transfer include: Ningbo Longxi No.1 Private Fund Investment Partnership (Limited Partnership), Ningbo Longyi Private Fund Investment Partnership (Limited Partnership), Ningbo Longxi No.3 Private Fund Investment Partnership (Limited Partnership), Ningbo Longjian Private Fund Investment Partnership (Limited Partnership), and Ningbo Longxi No.5 Private Fund Investment Partnership (Limited Partnership) [1]

Core Viewpoint - Jiangbolong (301308.SZ) has disclosed the pricing situation for the shareholder inquiry transfer, with a preliminary determined price of 212.09 yuan per share based on the inquiry subscription situation as of January 19, 2026 [1] Group 1 - The participating shareholders in the inquiry transfer include: Ningbo Longxi No.1 Private Fund Investment Partnership (Limited Partnership), Ningbo Longyi Private Fund Investment Partnership (Limited Partnership), Ningbo Longxi No.3 Private Fund Investment Partnership (Limited Partnership), Ningbo Longjian Private Fund Investment Partnership (Limited Partnership), and Ningbo Longxi No.5 Private Fund Investment Partnership (Limited Partnership) [1]

Group 1 - The core viewpoint of the article is that Jiangbolong (301308.SZ) has announced a preliminary transfer price of 212.09 yuan per share after soliciting bids from institutional investors [1] - The shares to be transferred have been fully subscribed, with a total of 12,574,358 shares to be acquired by 54 institutional investors [1]

Group 1 - The company emphasizes the importance of protecting investors' interests and has implemented various measures to maintain and safeguard their rights [1] - The stock price in the secondary market is influenced by multiple complex factors [1] - The company will comply with legal and regulatory requirements regarding the disclosure of performance forecasts and will fulfill its information disclosure obligations in a timely manner [1]