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].

Core Viewpoint - The semiconductor sector, particularly memory chip stocks, is experiencing significant stock price volatility despite strong fundamentals, with expectations of continued price increases in the memory industry through 2026 [1][2][3]. Group 1: Stock Performance - Major memory chip companies saw substantial stock declines on February 2, with companies like Zhongwei Semiconductor down 13.67% and Puran shares down 13.01% [2]. - The recent downturn is attributed to profit-taking after a period of gains and concerns over weakening DRAM spot prices, alongside negative sentiment from the U.S. semiconductor market [2][3]. Group 2: Earnings Forecasts - Companies in the memory sector are projecting strong earnings for 2025, with Bawei Storage expecting revenue between 10 billion and 12 billion yuan, a year-on-year increase of 49.36% to 79.23% [3][4]. - Jiangbolong anticipates revenue of 22.5 billion to 23 billion yuan, reflecting a growth of 150.66% to 210.82% compared to the previous year [3][4]. Group 3: Market Dynamics - The global shift in memory production and rising prices are benefiting Chinese memory companies, driven by increased demand from AI servers and edge computing [6]. - The demand for high-profit memory products is expected to rise, with significant growth in AI server shipments projected for 2024 [6]. Group 4: Price Trends - Predictions indicate that memory product prices will continue to rise, with NAND Flash prices expected to increase by 33% to 38% and DRAM prices by 55% to 60% in the first quarter of 2026 [7][8]. - TrendForce has revised its forecasts, now expecting DRAM contract prices to rise by 90% to 95% and NAND Flash prices by 55% to 60% in the same period, reflecting ongoing supply-demand imbalances [8].

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].

Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

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 ...

Group 1: Geopolitical Developments - Serbian President Vucic predicts that Iran will face military strikes within 48 hours, linking the timing to Epstein-related documents [1] - Iranian officials deny plans for military exercises in the Strait of Hormuz, stating that reports of such drills are inaccurate [1] Group 2: U.S.-Iran Relations - U.S. President Trump expresses hope for an agreement with Iran, while Iranian Foreign Minister Zarif maintains confidence in reaching a nuclear deal [3][10] - Zarif indicates that Iran is working with regional partners to build trust with the U.S. for negotiations, which have shown some effectiveness [5][11] - Zarif emphasizes the importance of substance over form in negotiations, reiterating Iran's desire for the U.S. to lift long-standing sanctions and respect its rights to uranium enrichment [11] Group 3: Commodity Market Trends - The commodity market experiences a significant downturn, with gold, silver, crude oil, and industrial metals leading the decline due to hawkish expectations from the Fed and a strengthening dollar [12] - A large sell-off in the A-share market sees major indices drop over 2%, with significant losses in resource sectors and semiconductor stocks [12] - Silver and other precious metals face substantial selling pressure, with notable sell orders exceeding 66 billion for Silver [9] Group 4: Company Developments - Tesla announces the upcoming launch of its third-generation humanoid robot, designed to learn new skills by observing human behavior, with an expected annual production of one million units [13]

在AI算力需求爆发与端侧硬件迭代共振下，存储芯片行业迎来爆发式增长态势。 深圳佰维存储科技股份有限公司(以下简称"佰维存储")披露，公司预计2025年实现营业收入100亿元至 120亿元，同比增长49.36%至79.23%；预计实现归属于母公司所有者的净利润8.50亿元至10.00亿元，同 比增长427.19%至520.22%。 深圳市江波龙（301308）电子股份有限公司(以下简称"江波龙")预计2025年归属于上市公司股东的净利 润为12.5亿元至15.5亿元，比上年同期增长150.66%至210.82%。 佰维存储相关负责人表示，从当前来看，存储产品价格在2026年第一季度、第二季度有望持续上涨。预 计2026年AI眼镜等高价值AI端侧产品将持续放量，有助于公司稳定毛利率水平；预计2026年智能汽车 产品收入大幅提升。 江波龙相关负责人表示，存储产品价格在2025年一季度触底后企稳回升，三季度末因AI服务器需求爆 发及原厂产能向企业级产品倾斜，导致供给进一步失衡，价格持续上涨。公司依托高端产品布局、海外 业务拓展及自有品牌优势，2025年上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利 润约 ...

证券代码：301308 证券简称：江波龙 公告编号：2026-009 深圳市江波龙电子股份有限公司 关于公司全资子公司为公司提供担保的公告 无需提交公司董事会或股东会审议批准。 二、被担保人基本情况 1、 公司名称：深圳市江波龙电子股份有限公司 2、 成立日期：1999 年 4 月 27 日 3、 注册资本：41,914.5267 万元 4、 法定代表人：蔡华波 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。 一、担保情况概述 深圳市江波龙电子股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日、 2025 年 4 月 11 日分别召开第三届董事会第八次会议、2024 年年度股东大会审议通 过《关于公司 2025 年度向金融机构申请综合授信额度的议案》，同意公司及纳入合 并范围的子公司向银行等金融机构申请总额不超过人民币 160 亿元（或等值外币） 的综合授信额度。有效期为自公司 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。公司于 2025 年 12 月 2 日、2025 年 12 月 22 日分别召开第 三届董 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]