Macroeconomic Group - The Federal Open Market Committee (FOMC) decided to maintain the federal funds rate at 4.25% - 4.50%, marking a pause in the rate cut cycle that began in September of the previous year, aligning with market expectations [3] - The FOMC's statement was revised to indicate that uncertainty has diminished but remains high, and it reiterated that net export fluctuations affect data while the economy continues to expand steadily [3] - The dot plot indicates that the median FOMC members expect two rate cuts in 2025, totaling 50 basis points, with the median rate forecast for 2025 at 3.9% [4][5] Industry Comprehensive Group - The price of DDR4 memory products has surged nearly 100% since January 2025, with current prices exceeding the June 2024 peak, while DDR5 prices have also increased significantly [9] - The rapid price increase in the storage market has led to substantial growth in the performance of domestic storage module manufacturers and distributors, particularly benefiting companies with high inventory levels such as Jiangbolong and Demingli [9] Advanced Manufacturing Group - Powin, a major battery storage system integrator in the U.S., filed for Chapter 11 bankruptcy, affecting several Chinese companies, including CATL and Qingdao CIMC Puwei [11] - The bankruptcy was attributed to soaring tariff costs and a weak business model lacking vertical integration, leading to significant debt risks for Chinese firms [11] - The U.S. energy storage market is expected to experience a short-term freeze, with Fluence reducing its annual revenue guidance by 27% [11] Consumption Group - The combined GMV of beauty products on Tmall and Douyin reached 29.96 billion yuan in May 2025, showing a slight year-on-year increase of 1.3%, with a notable divergence in performance between high-end and mass-market brands [14] - High-end domestic brands like Mao Ge Ping and Ke Li Jin saw significant sales growth, while mass-market brands like Proya and Winona faced declines [15] - The beauty consumption trend is shifting towards high-end, efficacy-driven products, with Douyin emerging as a new growth engine for high-end brands [15]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The partnership with SanDisk aims to enhance UFS storage solutions, leveraging SanDisk's advanced 3D NAND technology and the company's expertise in controller chips and manufacturing services [2] - The company's unique TCM model has received positive feedback from major clients, and the collaboration with SanDisk is expected to strengthen its competitive position in the high-end storage market [2] - The storage market is anticipated to grow due to the global AIGC trend and the "Digital China" initiative, providing significant growth opportunities for the company [4] Financial Summary - The company is projected to achieve revenues of 10,125 million yuan in 2023, increasing to 30,125 million yuan by 2027, with a compound annual growth rate (CAGR) of 15% [15] - The net profit is expected to turn positive in 2024, reaching 499 million yuan, and further increasing to 2,012 million yuan by 2027 [15] - The company's return on equity (ROE) is forecasted to improve from -13.0% in 2023 to 17.6% in 2027 [15] Business Segments - The embedded storage segment is expected to generate 8.425 billion yuan in revenue in 2024, reflecting a year-on-year growth of 91% [3] - The solid-state drive (SSD) segment is projected to achieve 4.147 billion yuan in revenue in 2024, with a year-on-year growth of 48% [3] - The enterprise storage products have shown significant growth, with a revenue increase of over 200% in Q1 2025 [3] Market Position - The company is positioned as a leading independent storage manufacturer in China, actively expanding its domestic and international market presence [4] - The strategic partnership with SanDisk is expected to enhance the company's product development and delivery processes, further solidifying its market position [2]

Core Viewpoint - Jiangbolong (301308.SZ) has signed a memorandum of cooperation with global storage giant SanDisk to launch customized high-quality UFS products and solutions for the mobile and IoT markets, marking their first collaboration [1][2]. Group 1: Partnership Details - The cooperation involves Jiangbolong's subsidiary Longsys Electronics and SanDisk, leveraging Jiangbolong's strengths in controller chips, firmware development, and packaging to meet the stringent performance and AI requirements of mobile and IoT applications [2]. - SanDisk will utilize its expertise in embedded UFS system design, employing advanced BiSC8218 3D NAND flash technology and revolutionary CBA technology to deliver competitive cost, capacity, performance, and reliability [2]. Group 2: Market Impact - Following the announcement, Jiangbolong's stock price surged by 6.83%, closing at 76.6 yuan per share [3]. - Jiangbolong is recognized as the second-largest independent memory manufacturer globally and the largest in China, with a significant international presence established through acquisitions and global sales networks [3]. Group 3: Financial Performance - Jiangbolong's revenue from overseas operations has shown consistent growth, with figures of 6.511 billion yuan, 7.806 billion yuan, and 12.425 billion yuan from 2022 to 2024, maintaining over 70% of total revenue [3]. - The company reported a revenue of 17.464 billion yuan in 2024, a year-on-year increase of 72.48%, and a net profit of 499 million yuan, marking a turnaround from previous losses [4]. Group 4: R&D Investment - Jiangbolong has significantly increased its R&D expenditure, investing 3.56 billion yuan, 5.94 billion yuan, and 9.10 billion yuan from 2022 to 2024, with a total of 2.29 billion yuan in the first quarter of 2025 [5]. - The company has focused on expanding its enterprise storage product market, achieving over 200% year-on-year growth in revenue from enterprise storage products in the first quarter [5].

Core Viewpoint - The recent surge in DDR4 prices is attributed to a supply-demand imbalance caused by major international manufacturers reducing or halting DDR4 production while demand remains strong, creating a market vacuum for DDR4 products [1][2]. Group 1: Price Trends and Market Dynamics - DDR4 prices have seen significant increases, with 8GB and 16GB DDR4 modules experiencing daily price hikes of nearly 8%, which is considered rare [1]. - The contract prices for DDR4 modules in the second quarter are expected to rise by 13% to 18% for personal computers, and by 18% to 23% for servers, indicating a substantial upward revision from previous estimates [1]. Group 2: Demand Drivers - DDR4 remains a focal point of demand due to its compatibility with various applications, particularly in industrial control systems and automotive electronics, where DDR5's capacity is excessive and DDR3 is insufficient [2]. - Despite being in the later stages of its product lifecycle, DDR4 continues to play a crucial role in many sectors, suggesting its relevance will persist for several more years [2]. Group 3: Company Opportunities - Companies like 澜起科技 and 江波龙 are positioned to capitalize on the market gap created by the exit of overseas competitors, with both firms having capabilities to produce DDR4-related products [3]. - 东芯股份 is expanding its production capacity and client engagement across DDR3, DDR4, and low-power product lines, aiming to capture more market share [3]. - 澜起科技 is a leader in memory interface chips and is expected to see DDR5 chip shipments surpass those of DDR4 by 2024, benefiting from trends in AI and the memory interface industry's evolution [3].

Group 1 - Dongfang Shenghong's controlling shareholder plans to increase its stake by 500 million to 1 billion yuan within six months [1] - Aiwei Electronics is set to mass-produce a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology [1] - *ST Jiuyou received a decision from the Shanghai Stock Exchange to terminate its stock listing, which will transition to the national SME share transfer system [2] Group 2 - Hangzhou Garden plans to invest up to 450 million yuan to build a smart ecological design R&D headquarters [2] - Tiancheng Self-Control intends to invest 20 million yuan to establish a subsidiary [3] - Leidi Ke is acquiring a 30% stake in a partnership fund for 40 million yuan, indirectly holding 20% equity in Beifang Machinery [5] Group 3 - Jiangbolong's subsidiary signed a memorandum of cooperation with Sandisk to develop customized UFS products for the mobile and IoT markets [6] - Tongda Co. announced plans for its directors and executives to reduce their holdings by a total of 0.029% [7] - Yinlun Co.'s subsidiary completed the counseling acceptance for its public offering and listing on the Beijing Stock Exchange [8] Group 4 - Hongli Zhihui's controlling shareholder obtained a special loan of up to 45 million yuan for stock buyback [9] - Fengshan Group's shareholders plan to reduce their holdings by a total of 983,000 shares [11] - Kuai Ke Electronics' shareholder plans to reduce their holdings by up to 2% [13] Group 5 - Zhongdian Xinlong's director plans to reduce their holdings by up to 0.81% [15] - Maihe Co.'s shareholder intends to reduce their holdings by up to 1.5% [17] - Yuandao Communication's shareholder plans to reduce their holdings by up to 1.01% [19] Group 6 - Muyuan Co. submitted its H-share issuance application to the China Securities Regulatory Commission [21] - Jiechuang Intelligent won a police equipment procurement project worth 11.2362 million yuan [21] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with the Heavy Steel Group [22]

Market Overview - On June 16, the A-share market experienced a rebound, with the ChiNext Index leading the gains. The Shanghai Composite Index rose by 0.35%, the Shenzhen Component Index increased by 0.41%, and the ChiNext Index gained 0.66% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [1] Sector Performance - The IP economy concept showed strong performance, with multiple stocks like Light Media hitting the daily limit [1] - Stablecoin concepts also gained traction, with stocks such as GCL-Poly Energy and Hengsheng Electronics reaching the daily limit [1] - The chemical sector was active, with stocks like Jinniu Chemical hitting the daily limit [1] - Oil and gas stocks continued their strong performance, with Zhun Oil shares reaching the daily limit [1] - In contrast, the football concept experienced fluctuations, with stocks like Co-Creation Lawn nearing a trading halt [1] - The digital currency, film, CPO, and oil sectors saw significant gains, while precious metals, automotive, airports, and shipping sectors faced declines [1] International Market - The U.S. stock market saw all three major indices rise on June 16, with the Dow Jones Industrial Average up by 317.30 points (0.75%), the S&P 500 up by 56.14 points (0.94%), and the Nasdaq Composite up by 294.39 points (1.52%) [3][4] - European markets also experienced gains, with the FTSE 100 up by 24.59 points (0.28%), the CAC 40 up by 57.56 points (0.75%), and the DAX up by 182.89 points (0.78%) [3][4] - International oil prices fell, with WTI crude oil down by $1.21 to $71.77 per barrel (1.66% decline) and Brent crude down by $1.00 to $73.23 per barrel (1.35% decline) [3][4] Key Announcements - The Ministry of Finance announced that from July 1, Dalian and Hubei provinces will implement a tax refund policy for overseas travelers shopping [5] - The Ministry of Agriculture and Rural Affairs introduced measures to enhance crop variety management and accelerate the breeding of breakthrough new varieties [6] - Guangdong Province aims to significantly enhance its nuclear medical industry by 2030, focusing on innovation and key technology breakthroughs [7] - The People's Bank of China will issue 30 billion yuan in central bank bills in Hong Kong on June 18 [8][9] - The National Medical Products Administration is optimizing the review process for innovative drug clinical trials, aiming for a 30-day review period [10] Industry Insights - The film industry is expected to see significant growth, with the release of "Nezha 2" potentially contributing over 200 billion yuan to GDP and generating substantial merchandise sales [11] - Analysts suggest that the A-share market is likely to maintain a volatile trend in the short term, with structural opportunities to be identified [12] - In the long term, external uncertainties may pose challenges, but domestic economic resilience is expected to strengthen due to ongoing policy support [12] - Investment strategies should focus on high-margin assets, technology sectors, and consumer sectors benefiting from policy boosts [13]

Group 1: Stock Resumption - Bohai Automobile plans to acquire 51% equity in Beiqi Moulding, 51% equity in Langfang Andotuo, 100% equity in Zhilian Technology, and 50% equity in Laini Wiring Harness, with stock resuming trading tomorrow [1] - Bangji Technology intends to purchase 100% equity in Beixi Agriculture, Ruido Weili, Xinmu Agriculture, Ruido Agriculture (Lijin), Ruido Agriculture (Shandong), and Weili Agriculture (Binzhou), as well as 80% equity in Paistong through issuing shares and cash payment, with stock resuming trading [1] Group 2: Mergers and Acquisitions - Taihe Intelligent plans to acquire 100% equity in Sunshine Yuchu for no more than 50 million, aiming to expand its energy storage business for commercial users [2] - Wuzhou Xinchun intends to raise no more than 1 billion for the research and industrialization of embodied intelligent robots and core components for automotive intelligent driving [2] Group 3: Share Buybacks - Zhongtong Bus has initiated its first share buyback of 2 million shares [3] - Midea Group plans to repurchase shares worth between 5 billion to 10 billion [6] Group 4: Investment Cooperation and Business Status - Jiangbolong's subsidiary has signed a cooperation memorandum with SanDisk, a globally recognized storage solutions provider with leading storage technology and extensive system design experience [5] - Dazhu CNC has had its application materials for overseas listing shares accepted by the China Securities Regulatory Commission [7] - SanDa Membrane plans to issue H-shares and list on the Hong Kong Stock Exchange [7] - Xinqi Eye Medicine has enrolled the first subject in the Phase III clinical trial for lidocaine eye gel [7] - Shanshui Technology intends to invest 6 billion in a new chemical materials project [7] - China Energy Construction's subsidiary consortium has won a 5 billion EPC general contracting project [7] - Fudan Zhangjiang's injectable FZ-P001 sodium for visualizing malignant lesions during cancer surgery has received clinical trial application acceptance [7] - Yiyuan Lithium Energy plans to extend the reduction of 3.5% shares in Simor International [7] - Lakala is planning to list on the Hong Kong Stock Exchange to accelerate the application of digital currency in cross-border scenarios [7] - Jintaiyang intends to cancel 1.7692 million shares and reduce registered capital accordingly [8] - Aiwei Electronics has developed a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology in this field [8] - Redik plans to acquire investment fund shares worth 40 million, focusing on strengthening technology reserves for key components like robotic joint modules [9]

Core Viewpoint - Jiangbolong (301308) has signed a Binding Memorandum of Understanding with Sandisk Technologies, Inc. to leverage their respective strengths in chip control, firmware development, and flash memory technology for customized UFS products targeting the mobile and IoT markets [1] Group 1: Partnership Details - The partnership will integrate Jiangbolong's leading capabilities in main control chips, firmware development, and packaging and testing manufacturing with Sandisk's advantages in NAND Flash technology and system design [1] - The Memorandum does not specify any sales amount and is not expected to have a significant impact on the company's current year operating performance [1] Group 2: Future Implications - The financial and operational impact of this collaboration on the company's future performance remains uncertain [1]

关于子公司与 Sandisk（闪迪）签署合作备忘录的公告 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。 特别提示： 证券代码：301308 证券简称：江波龙 公告编号：2025-045 深圳市江波龙电子股份有限公司 1、本次《备忘录》并不涉及销售金额，对公司本年度经营业绩不会构成重 大影响，对公司未来年度财务状况和经营业绩的影响尚有不确定性。 2、本次《备忘录》不涉及关联交易，也不构成《上市公司重大资产重组管 理办法》规定的重大资产重组。根据相关法律法规及公司章程的相关规定，本次 《备忘录》的签署无需公司董事会及股东大会的审议批准。 3、本次《备忘录》后续的实际履行仍存在因宏观经济波动、行业政策变化、 需求预测调整以及原材料采购价格浮动等多方面因素影响。 4、公司不存在最近三年披露的框架协议无进展或进展未达预期的情况。 一、《备忘录》签署概况 2025 年 6 月 16 日，深圳市江波龙电子股份有限公司（以下简称"公司"或"江 波龙" ）的全资子公司 Longsys Electronics (HK) Co., Limited 与 Sandisk Techno ...

Group 1 - The core viewpoint of the announcement is that Shenzhen Jiangbolong Electronics Co., Ltd. has held its 10th meeting of the 3rd Supervisory Board, where it approved the proposal for new daily related transactions for the year 2025, which will be submitted to the shareholders' meeting for review [1][2]. - The Supervisory Board believes that the new daily related transactions for 2025 are necessary for the company's daily operations and business development, with transaction prices determined through market-based negotiations, ensuring no dependency on related parties and no impact on the company's independence [1]. - The decision-making process for the new transactions complies with relevant laws, regulations, and the company's articles of association, ensuring that the interests of all shareholders, especially minority shareholders, are not harmed [1]. Group 2 - The voting results for the proposal were unanimous, with 3 votes in favor, 0 against, and 0 abstentions, indicating strong support from the Supervisory Board [2]. - The proposal for the new daily related transactions is pending approval from the company's shareholders' meeting, highlighting the governance process in place [2].