Investment Rating - The report maintains a "Positive" outlook on the industry [5] Core Viewpoints - The CXL solution optimizes AI storage architecture, and leading manufacturers are expected to accelerate its application [3][10] - The demand for memory capacity in AI inference is increasing, and the current server memory expansion is limited by the number of slots and the capacity of individual memory modules [10][19] - CXL memory pooling solutions can significantly enhance storage system efficiency and reshape the hardware composition in AI computing facilities [8][10] Summary by Sections 1. CXL Solutions Optimize Storage Efficiency and Adapt to AI Inference Needs - CXL solutions help expand memory capacity and optimize storage architecture, addressing limitations in existing AI computing facilities [19] - CXL memory pooling can achieve unified addressing and scheduling of memory resources across CPUs, GPUs, and other accelerators, supporting larger-scale and higher-concurrency model training and inference tasks [21][24] - Innovations in CXL solutions are ongoing, further adapting to AI inference requirements [32][38] 2. CXL-Related Hardware and Software Are Gradually Improving, with Leading Manufacturers Accelerating Application - CXL specifications are continuously upgraded, with transmission rates increasing from 32 GT/s to 128 GT/s by 2025 [49] - Major manufacturers like NVIDIA and Alibaba are actively advancing CXL solutions, with NVIDIA acquiring Enfabrica to enhance its CXL technology ecosystem [58][65] 3. CXL Solution Penetration Rate Is Expected to Increase, Opening Growth Space for the Industry Chain - The penetration rate of CXL technology in server DRAM is projected to grow from nearly zero in 2024 to about 15% by 2030 [70] - By 2026, it is expected that 68% of servers will support CXL functionality, indicating a significant shift towards CXL-capable servers [72] 4. CXL Applications Are Expected to Accelerate, with Related Companies Deeply Benefiting - Companies such as 澜起科技 (Lanke Technology), 聚辰股份 (Jucheng Co.), and 江波龙 (Jiangbolong) are positioned to benefit from the acceleration of CXL applications [13][75] - 澜起科技 reported a revenue of 5.46 billion yuan in 2025, a 50% year-on-year increase, and a net profit of 2.24 billion yuan, up 58% [76][80] - 聚辰股份 achieved a revenue of 1.22 billion yuan and a net profit of 360 million yuan in 2025, marking historical highs [85] - 江波龙 launched its CXL 2.0 memory expansion module, contributing to its revenue growth of 72% in 2024 [91][93]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The CXL solution optimizes AI storage architecture, and leading manufacturers are expected to accelerate its application [3][10] - The CXL memory pooling solution can significantly enhance storage system efficiency and reshape the memory hardware composition in AI computing facilities [8][10] - The demand for memory capacity is increasing due to AI inference processes, and current server memory upgrades are constrained by slot numbers and single memory stick capacities [10][19] Summary by Sections 1. CXL Solution Optimizes Storage Efficiency and Adapts to AI Inference Needs - The CXL solution helps expand memory capacity and optimize storage architecture, addressing limitations in existing AI computing facilities [19] - CXL memory pooling can achieve resource integration and unified scheduling, supporting larger-scale and higher-concurrency model training and inference tasks [21][24] - CXL technology is expected to significantly reduce the total cost of ownership (TCO) for data center systems by optimizing memory configurations [45][46] 2. CXL-Related Hardware and Software Are Gradually Improving, with Leading Manufacturers Accelerating Application - CXL specifications are continuously upgraded, with transmission performance increasing from 32 GT/s to 128 GT/s by 2025 [49][50] - Major manufacturers, including NVIDIA and Alibaba Cloud, are accelerating their CXL solution deployments [58][65] 3. CXL Solution Penetration Rate Is Expected to Continue Rising, Opening Growth Space for the Industry - The total share of CXL in server DRAM is projected to grow from nearly zero in 2024 to about 15% by 2030 [70] - The proportion of servers capable of supporting CXL functionality is expected to reach 68% by 2026 and 99% by 2030 [72] 4. CXL Applications Are Expected to Accelerate, with Related Companies Deeply Benefiting - Key investment targets include: - **Lanke Technology**: Rapid revenue growth, with 2025 revenue reaching 5.46 billion yuan, a 50% year-on-year increase [76][79] - **Jucheng Co., Ltd.**: Revenue of 1.22 billion yuan in 2025, a historical high, with a 25% year-on-year increase [86] - **Jiangbolong**: Released CXL 2.0 memory expansion module, with 2024 revenue of 17.46 billion yuan, a 72% year-on-year increase [91][93]

Group 1: Company Overview and Market Position - The company is one of the few globally capable of developing UFS4.1 products at the chip level, indicating a strong market position in flagship storage products [3]. - The company has established deep cooperative relationships with major wafer manufacturers and leading smart device manufacturers, enhancing its competitive edge [3]. Group 2: Pricing and Supply Chain Management - Product pricing is dynamically adjusted based on market supply-demand conditions and customer order situations, reflecting a responsive pricing strategy [3]. - The company has signed long-term supply agreements (LTA) and memorandums of understanding (MOU) with major storage wafer manufacturers, ensuring stable resource supply [3]. Group 3: Market Trends and Future Outlook - The demand for storage is expected to surge due to the structural changes in AI inference and rapid expansion of AI infrastructure, coupled with HDD supply shortages [4]. - The current market supply-demand structure is likely to remain tight due to the lag in capacity construction, limiting short-term supply increases despite potential capital expenditure recovery from storage manufacturers [4]. Group 4: Investor Relations Activity - The investor relations activity included a teleconference with various investment firms, indicating proactive engagement with stakeholders [2]. - The activity did not involve any undisclosed significant information, ensuring compliance with disclosure regulations [4].

证券代码：301308 证券简称：江波龙 公告编号：2026-020 深圳市江波龙电子股份有限公司 关于为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，提供总额不超过人民币 110 亿元（或 等值外币）的担保额度。 其中经审议通过的公司为子公司中山市江波龙电子有限公司（以下简称"中 山江波龙"）提供担保额度的具体情况如下： | 担保方 | 被担保方 | 担保方持股 | 被担保方最近一 | 经审批的预 计担保额度 | 担保额度占公 司最近一期净 | 是否关联 | | --- | --- | --- | --- | --- | --- | --- | | | | 比例 | 期资产负债率 | | | 担保 | | | | | | （亿元） | 资产比例 | | | 公司 | 中山江波龙 | 100% | 79.87% | 8.00 | 12.3 ...

Group 1 - The main stocks with significant capital inflow include BYD (9.08 billion), Sungrow Power (6.85 billion), and YunSai ZhiLian (6.18 billion) [1] - The top performing stocks by percentage increase are Baofeng Energy (9.99%), YK Technology-W (19.99%), and YunSai ZhiLian (9.98%) [2][3] - The sectors represented in the top inflow stocks include automotive, power equipment, computer, and coal [2][3] Group 2 - BYD leads with a capital inflow of 9.08 billion and a price increase of 2.89% [2] - Sungrow Power has a capital inflow of 6.85 billion with a price increase of 2.56% [2] - The total capital inflow for the top 20 stocks reflects strong investor interest across various sectors [1]

Summary of Longsys Conference Call Company Overview - **Company Name**: Longsys (301308.SZ) - **Industry**: Memory solutions, specifically NAND flash and DRAM modules - **Products**: Embedded memory, SSDs, memory cards, DRAM modules, in-house memory controllers, and UFS chips - **Brands**: Lexar (consumer market), FORESEE (industry-specific), Zilia (overseas market) [3][4] Key Industry Insights 1. **Memory Demand Trends**: - Significant upward pricing trend in memory products driven by high demand from AI servers and edge devices [1][4] - Supply tightness is seen as an opportunity for leading players to move into the high-end market [1][4] 2. **In-house Technology Development**: - Longsys has developed in-house memory controllers, enhancing its competitive position and bargaining power [8] - The UFS4.1 memory controller, based on 5nm technology, is in mass production, with UFS5.0 under development [8] 3. **Market Dynamics**: - Major wafer suppliers are focusing on enterprise customers, creating a supply shortage in the consumer market [4][9] - Longsys is positioned to penetrate the high-end consumer market due to this shift [9] Opportunities and Risks 1. **Opportunities**: - Strong demand for AI devices (smartphones, airphones, robots) presents growth potential [9] - The company can leverage its tier-1 customer relationships for more secure wafer supply [8][9] 2. **Risks**: - Rising memory wafer prices could pressure margins, depending on clients' ability to absorb costs [9] - The inflection point for memory pricing remains uncertain, influenced by supply-side strategies [7][9] Conclusion - Longsys is well-positioned to capitalize on the growing demand for memory solutions driven by AI applications, while also facing challenges related to pricing and supply chain dynamics. The company's focus on in-house technology development and tier-1 customer relationships enhances its competitive moat in the memory industry [1][4][9]

Group 1: Company Technology and Products - The company has launched multiple main control chips for UFS, eMMC, SD cards, and high-end USB, utilizing advanced foundry processes and self-developed core IP, resulting in superior performance and power efficiency [3] - The company is one of the few capable of developing UFS4.1 products at the chip level, with its UFS4.1 products outperforming comparable market products in terms of process, read/write speed, and stability [3] - The mSSD product, as an upgraded form of traditional SSD, offers significant market potential due to its compact design and superior physical characteristics, while maintaining performance levels comparable to traditional SSDs [3][4] Group 2: Supply Chain and Market Dynamics - The company has established deep, multi-faceted cooperation with major global storage wafer manufacturers, supported by long-term supply agreements, ensuring a solid foundation for wafer supply [4] - In a structurally tight wafer supply environment, the company has built differentiated supply assurance capabilities and growth potential through its full-stack capabilities in main control chips, firmware algorithms, and packaging testing [4] - The demand for storage is expected to surge due to the expansion of AI infrastructure and the shortage of HDD supply, despite limited short-term contributions from capital expenditure recovery in storage manufacturers [4] Group 3: Inventory and Shipping Strategy - The company has developed a production and operation rhythm that aligns with market conditions, product characteristics, and customer structure, allowing for timely inventory procurement [4]

证券代码：301308 证券简称：江波龙 公告编号：2026-019 深圳市江波龙电子股份有限公司 关于为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，提供总额不超过人民币 110 亿元（或 等值外币）的担保额度。 其中经审议通过的公司为子公司雷克沙电子（深圳）有限公司（以下简称"深 圳雷克沙"）提供担保额度的具体情况如下： | 担保方 | 被担保方 | 担保方持 | 被担保方最近一 | 经审批的预计 | 担保额度占上 | 是否关联 | | --- | --- | --- | --- | --- | --- | --- | | | | 股比例 | 期资产负债率 | 担保额度 | 市公司最近一 | 担保 | | | | | | （亿元） | 期净资产比例 | | | 公司 | 深圳雷克沙 | 100% | 108.49% | 5.00 | ...

Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has developed self-research capabilities for main control chips and established a solid supply chain with global top wafer foundries and main control chip manufacturers [1] Group 1: Company Overview - Jiangbolong has accumulated technology over the years and has three major brands: FORESEE, Lexar, and Zilia, with a presence in both domestic and international markets [1] - The company has created a TCM model to effectively smooth out the impact of storage price fluctuations on its gross margin [1] Group 2: Future Strategy - The company plans to continue increasing investments in AI storage and advanced packaging and testing, aiming to enhance the proportion of enterprise-level and automotive-grade products [1] - The initial coverage of the company has been rated as "Buy" [1]

Core Viewpoint - Jiangbolong, as a leading domestic NAND module manufacturer, has developed self-research capabilities for main control chips and established a solid supply chain with global top wafer foundries and main control chip manufacturers [1] Group 1: Company Overview - Jiangbolong has accumulated technology over the years and has three major brands: FORESEE, Lexar, and Zilia, with a presence in both domestic and international markets [1] - The company has created a TCM model to effectively smooth the impact of storage price fluctuations on its gross margin [1] Group 2: Future Strategy - The company plans to continue increasing investments in AI storage and advanced packaging and testing, aiming to enhance the proportion of enterprise-level and automotive-grade products [1] - The initial coverage of the company has been rated as "Buy" [1]