Core Viewpoint - The storage sector is experiencing a price surge driven by increased demand and supply constraints, particularly in DRAM products, with significant price hikes reported by major manufacturers like Samsung and Micron [1][2][3]. Price Increases - Major storage manufacturers have initiated a price increase, with SanDisk raising prices by over 10%, Samsung by 30%, and Micron by 20% to 30% [1]. - The DRAM price index has risen approximately 72% in less than six months, with expectations for continued price increases through the end of the year [3]. Supply Chain Dynamics - Adata has ceased quoting DDR4 prices and is prioritizing DDR5 and NAND flash supply to key customers, indicating a shift in supply strategy due to rising costs [2]. - Xiaomi reported a decline in smartphone gross margins from 12.1% to 11.5% year-over-year, attributing this to unexpected increases in memory market prices [2]. Market Trends - The transition from DDR4 to DDR5 is accelerating as the price gap narrows, with DDR5 expected to see increased adoption in the latter half of the year [5]. - The demand for high-bandwidth memory (HBM) driven by AI applications is contributing to the tightening supply of consumer-grade DRAM [3][4]. Company Strategies - Companies like Baiwei Storage and Demingli are adjusting inventory strategies based on market conditions and demand forecasts, indicating a proactive approach to managing supply chain challenges [4]. - Demingli has noted that the storage price recovery is supported by seasonal demand and emerging applications, with expectations for continued price increases in Q4 [4].

Investment Rating - The electronic industry is rated as "Outperform" compared to the market [1] Core Insights - The demand for NAND Flash is expected to surge due to the increasing needs from AI servers and the latest smartphone models, particularly with the iPhone upgrading its minimum storage capacity from 128GB to 256GB [2][5] - The NAND Flash market is projected to experience significant price increases of 15%-20% in Q4 2025, breaking the traditional year-end price decline [5][11] - The market size for NAND Flash is anticipated to reach $38.73 billion in 2023 and $65.64 billion in 2024, driven by supply-demand balance improvements and high-capacity storage needs from AI servers and data centers [11][12] Summary by Sections NAND Flash Market Overview - NAND Flash is a non-volatile memory technology primarily used for data storage, offering advantages over DRAM and SRAM in terms of data retention and cost [6][9] - The NAND Flash market is characterized by a fluctuating growth trend, with major manufacturers reducing production to improve supply-demand balance [11][12] Price Trends and Market Dynamics - As of September 22, 2025, the prices for various NAND Flash products are as follows: MLC 256GB at $12.20, MLC 128GB at $9.45, SLC 16GB at $9.94, and SLC 8GB at $3.47 [5][11] - The top five companies in the NAND Flash market by market share in Q2 2025 are Samsung (32.9%), SK Group (21.1%), Kioxia (13.5%), Micron (13.3%), and SanDisk (12.0%) [12] Company Spotlight: Jiangbo Long - Jiangbo Long is recognized as a leading semiconductor storage brand, providing high-end, flexible, and efficient customized services, with a focus on NAND Flash and DRAM products [21][22] - The company's revenue grew from 7.276 billion yuan in 2020 to 17.464 billion yuan in 2024, with a compound annual growth rate of 24.47% [22][30] - Jiangbo Long's product offerings include embedded storage, solid-state drives, mobile storage, and memory modules, with embedded storage being the core product [27][30] Recent Developments in the Industry - The electronic industry index increased by 3.51% in the week of September 22-26, 2025, outperforming the Shanghai Composite Index, which rose by 1.07% [2][46] - The semiconductor equipment sector has shown strong performance, with a 15.56% increase in the semiconductor equipment index [2][50]

Core Viewpoint - The opening of the Shenzhen-Zhongshan Channel significantly enhances commuting efficiency and stimulates economic growth in the region, benefiting both individuals and companies involved in the technology and manufacturing sectors [3][4]. Group 1: Company Impact - The Shenzhen-Zhongshan Channel allows employees of Jiangbolong Electronics to commute from Shenzhen to Zhongshan in just 30 minutes, improving work efficiency and project management [3]. - Jiangbolong has invested in an industrial park at the Zhongshan exit of the channel, which includes a research and development building, embedded storage testing center, and smart logistics warehouse, covering approximately 180,000 square meters [4]. - The overall operational efficiency of Jiangbolong has increased by about 30% since the channel's opening, facilitating better communication and collaboration with partners [4]. Group 2: Industry and Economic Development - The channel has led to a significant increase in tourism in Zhongshan, with over 28.65% growth in visitor numbers and a 32.25% increase in tourism revenue, totaling over 26 billion yuan [4]. - In its first year of operation, the channel recorded over 31.55 million vehicle trips, accounting for approximately 20% of the daily traffic across the Pearl River estuary [4]. - The development of large-scale cross-sea projects in the Guangdong-Hong Kong-Macao Greater Bay Area is enhancing connectivity between cities and promoting coordinated regional economic development [5].

Group 1 - The opening of the Shenzhen-Zhongshan Channel significantly improves commuting time, reducing it to 30 minutes, which enhances operational efficiency for companies like Jiangbolong [1][2] - Jiangbolong has invested in an industrial park at the Zhongshan exit of the Shenzhen-Zhongshan Channel, with both phase one and phase two completed and operational [1] - The company reports a 30% increase in overall operational efficiency following the opening of the channel, facilitating better communication and collaboration with partners [2] Group 2 - The industrial park spans approximately 180,000 square meters, integrating research, testing, and employee living spaces, and is home to hundreds of engineers [2] - The channel has stimulated local economic growth, with Zhongshan receiving over 28 million tourists and generating over 26 billion yuan in tourism revenue, marking increases of 28.65% and 32.25% respectively [2] - The total traffic volume on the Shenzhen-Zhongshan Channel exceeded 31.55 million vehicle trips in its first year, accounting for about one-fifth of the daily traffic across the Pearl River estuary [2]

Core Viewpoint - The storage market appears to be recovering after years of adjustment, raising questions about whether the recent stock price increases of related A-share companies are due to cyclical trends or genuine improvements in their profitability [1][2]. Group 1: Market Performance - Since September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 CNY per share to about 177 CNY and 144 CNY respectively, reaching historical highs [2]. - International storage giant SanDisk announced a price increase of over 10% for some products, igniting industry-wide price hike expectations [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, indicating a potential market recovery [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [4]. - For the entire 2025 fiscal year, Micron's revenue hit a record $37.4 billion, up nearly 50% [4]. - Micron's revenue from high-value segments like HBM and server DRAM reached $10 billion, five times that of the previous fiscal year, driven by demand from AI servers [5][6]. Group 3: Domestic Manufacturers' Challenges - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [9]. - The traditional business model of these companies, which relies on purchasing storage wafers from international suppliers, limits profit margins and exposes them to inventory losses during price declines [9][10]. - Domestic firms are shifting focus to develop their own controller chips to capture higher value in the supply chain [10]. Group 4: Technological Advancements and Market Strategy - Jiangbolong has shipped over 80 million self-developed controller chips, while Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip [10]. - Domestic manufacturers are investing in advanced packaging technologies to enhance production capabilities and profitability [12]. - The shift towards enterprise markets, such as data centers and AI servers, is expected to yield higher profit margins compared to traditional consumer markets [13][14]. Group 5: Investment and Future Outlook - Baiwei Storage raised 1.871 billion CNY for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [12]. - Jiangbolong's enterprise storage business revenue reached 693 million CNY in the first half of 2025, a 138.66% increase, reflecting successful penetration into the enterprise market [14]. - The strong performance of storage concept stocks in the A-share market may reflect capital market's dynamic pricing of these companies' new growth narratives [14].

格隆汇9月26日丨力源信息(300184.SZ)在投资者互动平台表示，公司代理的存储产品线涵盖兆易创新、 铠侠、江波龙、长鑫存储、海康、恒烁、天勤、佰维存储、武汉新芯等知名品牌。 ...

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].

| 变更事项 | | | 变更前 | | | 变更后 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Avenida | Tégula, nº | 888, | Módulos | 2 e 3 Avenida | Tégula,nº | 888,Módulo 2,Centro | | | (mezanino) | e 3-A, | Centro | Empresarial | Empresarial | Atibaia (CEA) | , Bairro Ponte | | 地址 | Atibaia (CEA), | | Bairro Ponte | Alta, | | Alta,Município de | Atibaia,Estado de São | | | Brasil | | | | Paulo-CEP | 12952-820 | | 二、变更后的基本情况 | 公司名称 | Zilia Technologies Indústria e Comércio de Componentes Eletrônicos Ltda. | | --- ...

Core Viewpoint - Jiangbolong (301308.SZ) has stated that there is currently no cooperation with Huawei in terms of procurement and sales, despite its enterprise-level products being suitable for high-performance computing (HPC) and AI training/inference applications [1] Group 1 - Jiangbolong's enterprise-level products are applicable in various scenarios, including high-performance computing (HPC) and AI training/inference [1] - The company has clarified its current lack of collaboration with Huawei in procurement and sales [1]

Core Insights - Jiangbolong's stock price increased by 4.55% on September 24, with a trading volume of 3.818 billion yuan [1] - The company reported a financing net purchase of 95.47 million yuan on the same day, with a total financing balance of 1.399 billion yuan [1] - Jiangbolong's main business involves the research, design, and sales of semiconductor storage application products, with 99.99% of revenue coming from storage products [1] Financing and Margin Trading - On September 24, Jiangbolong had a financing buy amount of 483 million yuan, with a financing balance of 1.388 billion yuan, representing 2.20% of its market capitalization [1] - The financing balance is at a high level, exceeding the 90th percentile over the past year [1] - The company had a margin trading balance of 10.4999 million yuan, also exceeding the 90th percentile over the past year [1] Shareholder Information - As of August 20, Jiangbolong had 35,000 shareholders, an increase of 3.72% from the previous period [2] - The average number of circulating shares per shareholder increased by 122.21% to 7,830 shares [2] - The company has distributed a total of 302 million yuan in dividends since its A-share listing, with 104 million yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, major institutional shareholders include E Fund's ChiNext ETF, which holds 2.4489 million shares, and new entrants like Xingquan He Run Mixed A [3] - Other significant shareholders include Southern CSI 500 ETF and several new funds that have entered the top ten shareholders list [3] - Hong Kong Central Clearing Limited saw a reduction in holdings by 2.312 million shares [3]