人民财讯8月20日电，江波龙（301308）8月20日晚间公告，龙熹一号、龙熹二号、龙熹三号、龙舰管 理、龙熹五号（统称"员工持股平台"）合计持有公司16.53%股份，计划在2025年9月11日至12月10日期 间通过集中竞价交易方式和大宗交易方式合计减持公司股份不超过548万股（不超过公司总股本的 1.31%）。 ...

江波龙公告，股东龙熹一号、龙熹二号、龙熹三号、龙舰管理、龙熹五号合计持有6930万股，占 16.53%；拟于2025年9月11日至2025年12月10日期间，通过集中竞价和大宗交易方式减持不超过548万 股，占1.31%。其中，龙熹一号计划减持150.4万股，龙熹二号150.4万股，龙熹三号140.91万股，龙舰管 理56.46万股，龙熹五号49.82万股。 ...

的《关于股份减持计划的告知函》，现将具体情况公告如下： | 股东名称 | 持有股份总数（股） | 占公司总股本的比例 | | --- | --- | --- | | 龙熹一号 | 19,020,000 | 4.54% | | 龙熹二号 | 19,020,000 | 4.54% | | 龙熹三号 | 17,820,000 | 4.25% | | 龙舰管理 | 7,140,000 | 1.70% | | 龙熹五号 | 6,300,000 | 1.50% | | 共计 | 69,300,000 | 16.53% | 证券代码：301308 证券简称：江波龙 公告编号：2025-057 深圳市江波龙电子股份有限公司 关于首发前员工持股平台减持股份预披露公告 本公司股东宁波龙熹一号自有资金投资合伙企业（有限合伙）、宁波龙乙自有资 金投资合伙企业（有限合伙）、宁波龙熹三号自有资金投资合伙企业（有限合伙）、 深圳市龙舰管理咨询企业（有限合伙）、宁波龙熹五号自有资金投资合伙企业（有限 合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提 ...

Core Viewpoint - The company has established long-term, stable, and close business relationships with major global wafer manufacturers, indicating a strong position in the semiconductor industry [1] Group 1 - The company's inventory operation efficiency is considered to be among the best in the industry, which supports its business development needs [1] - The company is continuously focusing on innovation opportunities in semiconductor storage and is committed to investing in research and development resources [1] - New product development plans will be disclosed in the company's relevant announcements, ensuring transparency and communication with stakeholders [1]

Core Insights - Jiangbolong's stock price decreased by 0.13% on August 18, with a trading volume of 1.073 billion yuan [1] - The company reported a financing buy-in of 189 million yuan and a net financing buy of 9.6846 million yuan on the same day [1] - As of August 18, the total financing and securities lending balance for Jiangbolong was 846 million yuan, indicating a high level of financing activity [1] Financing and Securities Lending - On August 18, Jiangbolong's financing buy-in was 189 million yuan, with a current financing balance of 841 million yuan, accounting for 2.19% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of investor interest [1] - In terms of securities lending, Jiangbolong repaid 5,800 shares and sold 6,700 shares on August 18, with a selling amount of 613,000 yuan [1] - The securities lending balance was 5.57 million shares, with a total value of 5.0965 million yuan, also above the 70th percentile of the past year [1] Company Overview - Jiangbolong Electronics Co., Ltd. was established on April 27, 1999, and went public on August 5, 2022 [1] - The company specializes in the research, design, and sales of semiconductor storage application products [1] - The revenue composition includes embedded storage (48.24%), solid-state drives (23.75%), mobile storage (18.37%), memory bars (8.74%), and others (0.90%) [1] Shareholder Information - As of July 31, Jiangbolong had 33,800 shareholders, a decrease of 3.79% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.94% to 3,523 shares [2] - The company has distributed a total of 302 million yuan in dividends since its A-share listing [3] Institutional Holdings - As of March 31, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 3.5718 million shares, an increase of 2.4369 million shares from the previous period [3] - E Fund's ChiNext ETF and Southern CSI 500 ETF were among the top five circulating shareholders, with varying changes in their holdings [3] - New institutional shareholders include Xingquan Trend Investment Mixed Fund and GF Technology Innovation Mixed Fund, while some previous shareholders exited the top ten list [3]

Core Insights - The number of stocks priced over 100 yuan in the A-share market has significantly increased, reaching 122 on August 15, marking a new high in nearly 506 trading days [2][4][5]. Market Activity - The average daily number of stocks priced over 100 yuan exceeded 110 in August, indicating heightened market activity [3]. - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a new phase high and northbound capital transactions surpassing 300 billion yuan for the first time this year [2]. Stock Characteristics - The 122 stocks priced over 100 yuan are distributed across 16 industries, with the electronics sector having the highest representation at 36 stocks, followed by computer and pharmaceutical industries [7]. - These stocks are primarily from the innovation-driven sectors, with 52 from the Sci-Tech Innovation Board and 38 from the Growth Enterprise Market [7]. Financial Metrics - Stocks priced over 100 yuan exhibit stronger earnings growth potential, with projected net profit growth rates exceeding 17% for 2023 and 2024, while non-100 yuan stocks are expected to see declines [8][11]. - The average price-to-earnings ratio of these high-priced stocks is competitive compared to their industry peers, with 29.51% classified as undervalued [8]. Institutional Interest - Nearly 80% of stocks priced over 100 yuan have received institutional research attention, significantly higher than the less than 50% for non-100 yuan stocks [8][11]. - The financing balance for these stocks has increased by over 30% since the end of last year, compared to less than 11% for non-100 yuan stocks [8][11]. Potential High-Value Stocks - A selection of 17 potential high-value stocks has been identified, all priced between 80 and 100 yuan, with strong institutional interest and projected earnings growth [12]. - These stocks are primarily concentrated in the innovation sectors, particularly in semiconductors and humanoid robotics [12][14].

Core Viewpoint - Jiangbolong's stock price has shown an upward trend, indicating positive market sentiment and potential growth in the storage product sector [1] Company Overview - Jiangbolong's latest stock price is 91.62 yuan, reflecting a 1.51% increase from the previous trading day [1] - The company specializes in the research, design, and sales of storage products, including solid-state drives (SSDs) and memory modules, which are widely used in consumer electronics, data centers, and servers [1] Market Performance - The opening price on the trading day was 89.50 yuan, with a high of 92.56 yuan and a low of 88.87 yuan [1] - The trading volume reached 73,900 hands, with a total transaction value of 673 million yuan [1] Industry Insights - According to CFM flash memory market data, SSD and memory module prices in the server and PC sectors are expected to maintain upward momentum in the third quarter [1] Capital Flow - On August 15, the net outflow of main funds was 15.4974 million yuan, while the net inflow over the past five days was 17.5911 million yuan [1]

Core Viewpoint - Jiangbolong (301308) indicated on August 15 that the prices of solid-state drives and memory modules in the server and PC sectors are expected to maintain upward momentum in the third quarter, based on CFM flash market data [1]. Group 1 - Jiangbolong's response to investor inquiries highlights positive price trends for solid-state drives and memory modules [1]. - The company is leveraging CFM flash market data to support its outlook on pricing [1].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The demand for AI is real and strong, marking the arrival of the "Silicon-based Strong Intelligence Singularity" [10][16] - The semiconductor market is expected to continue its recovery in 2025, with a projected year-on-year growth of 10% to 15% [26] - The global semiconductor market size for Q2 2025 is estimated at approximately $179.7 billion, reflecting a year-on-year growth of 20% and a quarter-on-quarter growth of 8% [20][26] Demand Side Summary - Overseas Cloud Service Providers (CSPs) are accelerating AI infrastructure development, leading to a semiconductor demand inflection point [21][22] - The global smartphone shipment volume is expected to increase by 8% quarter-on-quarter in Q3 2025, with a total shipment forecast of approximately 1.24 billion units for the year [27][41] - The global PC shipment volume is projected to grow by 6% quarter-on-quarter in Q3 2025, with an annual growth forecast of 4% [30][33] - AI server shipments are expected to grow by 24% year-on-year in 2025, driven by increased demand from major cloud service providers [34][37] - The global sales of new energy vehicles are anticipated to reach 19.47 million units in 2025, representing a year-on-year growth of 20% [38][42] Supply Side Summary - The wafer fab utilization rate is expected to recover to around 84% by the end of 2025, with strong performance in NAND equipment [44][45] - The inventory days for the top 60 global semiconductor companies are projected to decrease to a reasonable level of 105 to 110 days by the end of 2025 [20][26] Price Side Summary - The global semiconductor average selling price (ASP) is expected to rebound in 2025, driven by the implementation of AI at the edge [20][26] - The NAND contract price is projected to increase by 5% to 10% in Q3 2025 due to strong demand [7][26] Key Companies and Financial Metrics - Key companies in the AI hardware and semiconductor space include: - Luxshare Precision (AI hardware leader) with a market cap of approximately 275.65 billion CNY and a projected net profit growth of 26% in 2025 [5] - Haowei Group (CMOS leader) with a market cap of approximately 144.60 billion CNY and a projected net profit growth of 34% in 2025 [5] - Jiangbo Long (large-capacity storage leader) with a market cap of approximately 37.76 billion CNY and a projected net profit growth of 34% in 2025 [5]

Group 1 - The Computer ETF (159998) showed strong performance, rising 1.15% with a trading volume exceeding 28 million yuan as of August 14 [1] - Among the constituent stocks, Zhongke Shuguang increased by over 7%, with other stocks like Jiangbolong, China Great Wall, Shiji Information, and Hengsheng Electronics also experiencing gains [2] - The latest scale of the Computer ETF (159998) reached 3.493 billion yuan, ranking first among all computer-related ETF products in the market [2] Group 2 - The Cloud Computing ETF (517390) rose by 0.49% with a trading volume exceeding 14 million yuan as of the same date [2] - Notably, Huasheng Tiancai hit the daily limit, with Zhongke Shuguang, Shuguang Shuchuang, Tuolisi, and Changliang Technology also reaching the daily limit [2] - The Cloud Computing ETF (517390) recorded a 5.87% increase over the past week (August 7-13), leading among similar products [2] Group 3 - The National Development and Reform Commission reported significant advancements in China's digital infrastructure during the 14th Five-Year Plan, with 5G base stations expected to reach 4.55 million and gigabit broadband users at 226 million by June 2025 [3] - The total computing power in China ranks second globally, contributing positively to economic and social development [3] - Recent earnings reports from overseas AI application software companies like AppLovin and Palantir exceeded expectations, indicating accelerated commercialization of AI [3]