Core Viewpoint - Jiangbolong Electronics is expected to achieve significant growth in its 2025 performance forecast, driven by a recovery in the storage industry and the company's technological and product advantages [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82% [1][2] - The expected non-recurring net profit is projected to be between 1.13 billion to 1.35 billion yuan, showing a substantial year-on-year growth of 578.51% to 710.6% [1][2] - Revenue is forecasted to be between 22.5 billion to 23 billion yuan, compared to 17.464 billion yuan in the same period last year [1][2] Industry Dynamics - The demand for AI servers and the shift of original manufacturers towards enterprise-level products are driving up storage product prices [1] - Jiangbolong has successfully turned a profit in the first half of the year, with a steady increase in profitability in the second half, particularly in Q4 where the non-recurring net profit is estimated to be between 650 million to 870 million yuan [1] - The company has achieved mass application of several main control chips and completed the first tape-out of the UFS4.1 main control chip, positioning itself as one of the few companies globally with self-research capabilities in this generation of main control chips [1] Market Outlook - The market perceives that server demand is the primary driver for storage needs, but the upgrade cycle of smartphones, particularly iPhones, is also contributing to the current storage price increases [3] - The global HBM market is projected to grow from 5.61 billion dollars in 2024 to 57.09 billion dollars by 2034, with a compound annual growth rate of 26.1% [3] - Major manufacturers like Micron have sold out their HBM capacity for 2025, and enterprise SSD demand is expected to increase by over 30% [3] Future Catalysts - The ongoing storage upgrade cycle for iPhones is expected to continue, with anticipated enhancements in storage parameters for new models in 2026, further driving up storage prices [4] - Continuous upgrades in server computing power are likely to sustain long-term demand for HBM, providing support for Jiangbolong's future development [4] - Recent supply chain research indicates that DRAM and NAND flash prices have entered an upward trend since the end of 2025, which may continue into early 2026, benefiting related companies in the storage industry [4]

Core Viewpoint - Jiangbolong expects a significant increase in net profit for 2025, driven by a recovery in storage prices and strong demand from AI server markets [1][2] Group 1: Financial Performance - Jiangbolong forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82% [1] - The company's non-GAAP net profit is projected to be between 1.13 billion and 1.35 billion yuan, reflecting a year-on-year increase of 578.51% to 710.60% [1] - The company transitioned from a net loss of 152 million yuan in Q1 2024 to a net profit of 1.67 billion yuan in Q2 and 6.98 billion yuan in Q3, with an expected Q4 profit of 537 million to 837 million yuan [1] Group 2: Market Dynamics - The recovery in storage prices began after a low point in Q1 2024, with significant increases attributed to surging demand for AI servers and a shift in production capacity towards enterprise-level products [1] - According to TrendForce, global DRAM prices are expected to rise by 8% to 13% quarter-on-quarter in Q4 2025, with increases of 13% to 18% when including HBM [1] - The current cycle of rising storage chip prices is anticipated to last until mid-2027, with some high-end products potentially extending to 2028 [1] Group 3: Company Strengths - Jiangbolong is the second-largest independent memory manufacturer globally, offering a comprehensive range of storage solutions, including embedded storage, solid-state drives, mobile storage, and memory modules [2] - The company has established partnerships with several wafer foundries and leading smart terminal manufacturers, enhancing its market position [2] - Jiangbolong's self-developed main control chips have seen deployment exceed 100 million units by the end of Q3 2025, with multiple flagship products achieving mass application [2] Group 4: Research and Development - Jiangbolong has consistently increased its R&D expenditures, reaching 701 million yuan by Q3 2025, following previous investments of 356 million yuan, 594 million yuan, and 910 million yuan in the preceding years [3] - The company announced a fundraising of 3.7 billion yuan in early 2025 to support high-end storage research and development projects, particularly in the AI sector [3]

据交易所数据显示，截至1月30日午间收盘，主力资金流出前20的股票分别为： 蓝色光标（-16.38亿元）、 北方稀土（-13.21亿元）、 紫金矿业（-12.56亿 元）、铜陵有色（-12.32亿元）、 洛阳钼业（-11.28亿元）、 浙文互联（-10.48亿元）、 江波龙（-9.78亿元）、 工业富联（-9.75亿元）、 包钢股份（-9.32 亿元）、 天齐锂业（-8.97亿元）、 赣锋锂业（-8.84亿元）、 华友钴业（-8.41亿元）、 特变电工（-8.31亿元）、 隆基绿能（-7.99亿元）、 江西铜业（-7.31 亿元）、 洲际油气（-6.35亿元）、 中兴通讯（-6.28亿元）、五 粮 液（-6.16亿元）、 中国铝业（-6.10亿元）、 利欧股份（-6.09亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 蓝色光标 | -3.59 | -16.38亿元 | 文化传妙 | | 北方稀土 | -8.72 | -13.21亿元 | 小金属 | | 紫金矿业 | -8.33 | -12.56亿元 | 有色金属 | | 铜 ...

January 29, 2026 03:30 PM GMT Shenzhen Longsys Electronics Co Ltd | Asia Pacific M Update Margin Gains Amid Memory Supercycle Reaction to earnings Unchanged In-line Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Stay OW. The strong 4Q results are partially in the price, as the stock is up 46% YTD vs. MSCI China IT up 24%. We expect continued margin improvement into 1H26 to drive EPS upward revisions amid severe memory supply constr ...

Group 1: Company Insights - Jiangbolong (301308.SZ) expects a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year growth of 150.66% to 210.82%. The recovery in storage prices and increased demand from AI servers contributed to this growth [2] - SanDisk reported a sales revenue of 3.03 billion USD for its second fiscal quarter of 2026, a year-on-year increase of 61%. Adjusted earnings per share reached 6.2 USD, up 404% from the previous year, exceeding market expectations [2] - Helin Micro-Nano (688661.SH) anticipates a net profit of 26 million to 33 million yuan for 2025, indicating a turnaround from losses. The growth is driven by increased demand for high-performance computing chips and optimized business structure [3] Group 2: Industry Trends - The storage chip industry is currently experiencing a price increase due to factors such as surging AI demand and supply-side contraction, leading to a performance boom for global storage chain enterprises [3] - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, benefiting from the AI revolution and ongoing technological advancements [4] - The semiconductor equipment ETF (562590) focuses on the upstream semiconductor sector, with significant allocations to semiconductor equipment (63%) and materials (24%), indicating a strong market focus [4]

从基金十大重仓股角度 数据显示，东方基金旗下1只基金重仓江波龙。东方龙混合（400001）四季度持有股数2.71万股，占基 金净值比例为4.13%，位居第六大重仓股。根据测算，今日浮亏损失约51.33万元。 资料显示，深圳市江波龙电子股份有限公司位于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2001、2201、2301,中国香港新界沙田安睦街28号永得利中心7楼B室，成立日期 1999年4月27日，上市日期2022年8月5日，公司主营业务涉及半导体存储应用产品的研发、设计与销 售。主营业务收入构成为：存储产品及相关99.99%，其他(补充)0.01%。 1月30日，江波龙跌5.28%，截至发稿，报339.86元/股，成交31.25亿元，换手率3.26%，总市值1424.51 亿元。 责任编辑：小浪快报 东方龙混合（400001）成立日期2004年11月25日，最新规模1.61亿。今年以来收益21.52%，同类排名 211/8872；近一年收益44.37%，同类排名2713/8126；成立以来收益621.75%。 东方龙混合（400001）基金经理为许文波。 截至发稿，许文波累计 ...

2026年1月29日，截至收盘，沪指涨0.16%，报收4157.98点；深成指跌0.3%，报收14300.08点；创业板 指跌0.57%，报收3304.51点。科创半导体ETF（588170）跌4.39%，半导体设备ETF华夏（562590）跌 4.39%。 隔夜外盘：截至收盘，道琼斯工业平均指数涨0.11%；纳斯达克综合指数跌0.63%；标准普尔500种股票 指数跌0.13%。费城半导体指数涨0.16%，恩智浦半导体跌2.72%，美光科技涨0.12%，ARM跌1.39%， 应用材料涨1.36%，微芯科技跌1.15%。 行业资讯： 1江波龙（301308）(301308.SZ)公告称，预计2025年归属于上市公司股东的净利润为12.5亿元～15.5亿 元，比上年同期增长150.66%～210.82%。报告期内，存储价格在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，存储价格持续上涨。公司依 托高端产品布局、海外业务拓展及自有品牌优势，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为6.5亿元至8.7亿元。 2.美国存储芯片制造商闪迪公布 ...

Market Overview - On January 30, A-shares opened lower across the board, with the Shanghai Composite Index down 25.99 points, a decrease of 0.63%, closing at 4131.99 points [1] - The Shenzhen Component Index fell by 85.94 points, down 0.6%, to 14214.14 points [1] - The CSI 300 Index decreased by 30.79 points, a drop of 0.65%, closing at 4723.08 points [1] - The ChiNext Index declined by 2.97 points, down 0.09%, to 3301.54 points [1] - The STAR 50 Index fell by 6.13 points, a decrease of 0.41%, closing at 1501.51 points [1] Company News - Guizhou Moutai denied rumors of participating in SpaceX's Series A financing, with its stock closing at 1437.72 yuan per share, up 8.61%, and a market cap exceeding 1.8 trillion yuan [2] - BlueFocus expects a net profit of 1.80 billion to 2.20 billion yuan for 2025, recovering from a loss of 2.9 billion yuan in the previous year [2] - Gree Harmony anticipates a net profit of 1.15 billion to 1.30 billion yuan for 2025, representing a year-on-year growth of 104.74% to 131.45% [2] - Jiangbolong forecasts a net profit of 12.50 billion to 15.50 billion yuan for 2025, an increase of 150.66% to 210.82% compared to the previous year [2] - Shenghe Resources expects a net profit of 7.90 billion to 9.10 billion yuan for 2025, a year-on-year increase of 281.28% to 339.20% [3] - Shengyi Electronics projects a net profit of 14.31 billion to 15.13 billion yuan for 2025, a growth of 331.03% to 355.88% [3] - Century Huatong anticipates a net profit of 55.50 billion to 69.80 billion yuan for 2025, a significant increase of 357.47% to 475.34% [4] - Sichuan Gold expects a net profit of 4.2 billion to 4.8 billion yuan for 2025, a growth of 69.23% to 93.40% [5] Industry Insights - The AI application sector is experiencing significant developments, with multiple new models being released, including Alibaba's Qwen3-Max-Thinking and Baidu's Wenxin 5.0 [6] - International copper prices surged, reaching a historic high, which also positively impacted gold and silver prices [7] - The rare earth permanent magnet sector is seeing price increases due to geopolitical risks and U.S. government investments in domestic rare earth companies [8] - The humanoid robot sector is advancing, with a new testing platform launched in Beijing, capable of producing 5,000 units annually [9] - Solid-state batteries are gaining attention as humanoid robots approach commercialization, with demand expected to grow significantly by 2035 [10] - OpenAI is reportedly in talks for substantial investments from major tech companies, indicating strong interest in AI infrastructure [11] - The European chemical industry is facing significant challenges, with a dramatic increase in production capacity closures and a decline in investment [12]

Core Viewpoint - Several storage companies have reported significant profit increases for 2025, driven by a price surge in the industry [1] Group 1: Company Performance - Jiangbolong announced an earnings forecast for 2025, expecting a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan, representing a year-on-year growth of 150.66% to 210.82% [1] - Other storage companies, including Baiwei Storage, Zhaoyi Innovation, Demingli, and Langke Technology, are also expected to report profit increases due to the same price surge [1]

Group 1 - The State Council issued a work plan to optimize and expand service supply, aiming to enhance service consumption and support high-quality economic development [2] - The work plan focuses on key areas such as transportation services, housekeeping services, and inbound consumption, emphasizing innovation and talent development [2] - The commercial aerospace industry is being prioritized, with plans to develop new fields like space resource development and space tourism during the 14th Five-Year Plan [3] Group 2 - Shanghai aims to become a national hub for the commercial aerospace industry, targeting an industry scale of approximately 100 billion yuan by 2027 [4] - The Beijing humanoid robot innovation center has launched a testing platform, capable of producing 5,000 humanoid robots annually [4] - The Kunshan AI industry fund has been established with a total scale of 5 billion yuan, focusing on AI core hardware and infrastructure [5] Group 3 - The market is experiencing mixed performance, with major U.S. indices showing slight fluctuations [6] - Microsoft shares dropped 10%, marking the largest single-day decline since March 2020, due to concerns over high AI capital expenditures [8] - Gold prices reached a record high of $5,594.82 per ounce before settling at $5,389.19, with a monthly increase of approximately 24% [9]