Core Viewpoint - The demand for NAND Flash is experiencing a surge due to the ongoing application of AI technology, which is driving cloud service providers to seek high-performance TLCeSSD and QLCeSSD, compounded by a shortage in HDD supply [1] Group 1: Demand Dynamics - The application of AI technology is continuously advancing, leading to increased demand for high-performance SSDs from cloud service providers [1] - The shortage of HDD supply is prompting cloud service providers to shift their orders to SSDs, further boosting NAND Flash demand [1] Group 2: Supply Chain Considerations - Major manufacturers are maintaining a cautious capacity expansion strategy due to past cycles, which may limit the contribution to bit output growth by 2026 despite a rebound in capital expenditures [1] - The lag in capacity construction cycles will restrict the incremental contribution to bit output growth in the coming years [1]

Group 1: Market Demand and Supply Dynamics - The demand for high-performance TLC eSSD and QLC eSSD is driven by the continuous application of AI technology in cloud services, coupled with a shortage of HDD supply, leading to a surge in NAND Flash demand [3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the incremental contribution to output in 2026 due to the lag in capacity construction [3] Group 2: Supply Chain and Inventory Management - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a competitive advantage in the supply chain [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) are in place to ensure a stable supply of storage wafers [3] Group 3: Profitability and Business Model - The production cycle from wafer procurement to memory sales means that rising wafer prices will positively impact the company's gross margin [3] - The company has made significant breakthroughs in high-end storage, overseas business, and self-developed main control chips, which will drive profitability growth [3] Group 4: TCM Model and Future Prospects - The TCM model, which integrates the entire supply chain from chip development to packaging, is gaining recognition from major Tier 1 customers [3] - The TCM model's customer acceptance is expected to increase during periods of rising storage prices, with ongoing acceleration in its implementation [4]

证券日报网讯 12月22日晚间，江波龙发布公告称，公司2025年第四次临时股东会审议通过《关于公司 符合向特定对象发行A股股票条件的议案》等多项议案。 （文章来源：证券日报） ...

一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市江波龙电子股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]843 号）同意注册，并经深圳证券 交易所同意，深圳市江波龙电子股份有限公司（以下简称"公司"）首次公开发 行人民币普通股（A 股）42,000,000.00 股，每股面值 1.00 元，发行价格人民币 55.67 元/股，募集资金总额为人民币 2,338,140,000.00 元，扣除承销费和保荐费 人民币 125,966,018.87 元及支付其他发行费用人民币 27,166,240.32 元后，公司本 次公开发行实际募集资金净额为人民币 2,185,007,740.81 元。联席主承销商中信 建投证券股份有限公司（以下简称"中信建投证券"）于 2022 年 7 月 29 日已将 扣除剩余未支付承销费（不含增值税）人民币 123,843,377.36 元后的资金总额计 人民币 2,214,296,622.64 元汇入公司开立的募集资金专户。 公司本次公开发行股票募集资金合计为人民币 2,338,140,000.00 元，扣减保 荐及承销费（不含增值税）人民币 125,96 ...

北京市中伦（深圳）律师事务所 关于深圳市江波龙电子股份有限公司 2025年第四次临时股东会的 法律意见书 致：深圳市江波龙电子股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受深圳市江波龙电子 股份有限公司（以下简称"公司"）委托，指派陈元婕律师、周雨翔律师出席并 见证公司 2025 年第四次临时股东会（以下简称"本次股东会"），并依据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》（以 下简称"《股东会规则》"）以及《深圳市江波龙电子股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，就本次股东会的召集、召开程序、出席 现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律 意见书。 本所律师仅依据本法律意见书出具之前所发生的事实，并基于对该等事实的 认识以及对相关法律、法规以及《公司章程》的理解出具本法律意见书。本法律 意见书不涉及本次股东会议案内容以及此间所涉及事实的真实性、准确性。 二〇二五年十二月 北京市中伦（深圳）律师事务所 关于深圳市江波龙电子股份有限公司 2025 年第四次临时股东会的 法律意见书 1 法律意见书 本所律师同意将本法 ...

证券代码：301308 证券简称：江波龙 公告编号：2025-091 深圳市江波龙电子股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示 1、 本次股东会不存在否决议案的情形。 2、 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 （一）召开时间：2025 年 12 月 22 日（星期一）14:30； （二）召开地点：深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源 前海金融中心二期 B 座 23 楼； （三）召开方式：现场投票结合网络投票； （四）召集人：董事会； （五）主持人：董事长蔡华波先生； （六）本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股 东会规则》（以下简称"《股东会规则》"）《深圳证券交易所创业板股票上市 规则》等有关法律、行政法规、部门规章、规范性文件和《深圳市江波龙电子股 份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、会议出席情况 （一）股东出席的总体情况 参加本次股东会现场会议和网络投票表决的股东及股东代理人共 588 人，代 ...

Core Viewpoint - Micron's Q3 financial results significantly exceeded expectations, raising questions about the impact of upstream wafer manufacturers' profit margins on the company's profitability and product pricing transmission [1] Group 1: Industry Dynamics - The prices of storage wafers and memory products are determined by the supply and demand dynamics of the storage industry, indicating a recovery in overall industry conditions rather than isolated cost changes [1] - The increase in wafer prices reflects a rebound in the overall health of the storage industry [1] Group 2: Company Positioning - Companies with R&D capabilities, product competitiveness, and supply chain resilience can more effectively convert industry prosperity into sustainable profit advantages [1]

证券研究报告 行业研究 / 行业深度 2025 年 12 月 22 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 存储芯片涨价将延续至 2026 年 相关研究 《电子行业周报：TPU 需求上涨带动 Google 产业链发展》2025-12-21 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com ——爱建电子专题报告 | 1.1 | 三大存储巨头纷纷上调产品价格 | 5 | | --- | --- | --- | | 1.2 | 存储周期历史复盘 | 6 | | 1. ...

截至9月30日，江波龙股东户数4.38万，较上期增加25.06%；人均流通股6260股，较上期减少20.04%。 2025年1月-9月，江波龙实现营业收入167.34亿元，同比增长26.12%；归母净利润7.13亿元，同比增长 27.95%。 分红方面，江波龙A股上市后累计派现3.02亿元。近三年，累计派现1.04亿元。 机构持仓方面，截止2025年9月30日，江波龙十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股611.39万股，相比上期增加485.41万股。易方达创业板ETF（159915）、兴全合润混合A （163406）、南方中证500ETF（510500）、兴全商业模式混合(LOF)A（163415）、德邦半导体产业混 合发起式A（014319）、兴全新视野定期开放混合型发起式（001511）退出十大流通股东之列。 融资方面，江波龙当日融资买入5.82亿元。当前融资余额25.46亿元，占流通市值的2.49%，融资余额超 过近一年90%分位水平，处于高位。 融券方面，江波龙12月19日融券偿还1500.00股，融券卖出2200.00股，按当日收盘价计算，卖出金额 53.67万元；融券余量 ...

Core Insights - The storage server industry is driven by multiple favorable factors, including supportive policies, technological breakthroughs in storage chips, and increasing demand across various sectors such as public services, internet, and finance [1][6][9] Industry Overview - Storage servers are specialized servers focused on data storage management, integrating hardware and software to provide high reliability and scalability for massive structured and unstructured data [2][6] - Compared to general servers, storage servers prioritize storage functionality, featuring more hard drive slots and supporting large-capacity storage media [3][4] Market Size and Growth - The overall server market in China is projected to reach 249.21 billion yuan in 2024, with the storage server market expected to reach 43.87 billion yuan, showing steady growth into 2025 [1][9] - The storage server market is anticipated to grow to 52.19 billion yuan by 2025, driven by AI demand and digital transformation [10] Policy Support - A series of significant policies have been introduced to support the storage server industry, focusing on technology standards, infrastructure development, and green transformation [6][9] Industry Chain - The storage server industry chain in China is tightly integrated, covering core components to end applications, with upstream focusing on key components and software supply [7][9] - Domestic companies are gradually breaking into high-end fields, supported by competitive pricing and customization services [7] Competitive Landscape - The industry features a competitive landscape characterized by leading companies dominating the market, ODM manufacturers providing customized solutions, and niche players focusing on specific segments [10][12] - Major players like Huawei and Inspur hold over 60% of the market share, while companies like Yihualu and Jiangbolong are carving out niches with differentiated technologies [10][12] Development Trends - The storage server industry is expected to evolve towards high performance and green technology, with distributed storage and NVMeoF protocols becoming mainstream [12][13] - The market will see a shift from single product competition to integrated solution offerings, with a focus on customized products for specific scenarios [14]