机构指出，5月预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特征，以低机构持仓的主题型交易机会为主。 【财经日历】 20:30 美国3月贸易帐 | 因 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 41218.83 | -98.60 | -0.24% | | 纳斯达克指数 | 17844.24c | -133.49 | -0.74% | | 标普500 | 5650.38 | -36.29 | -0.64% | 当地时间周一，美股三大指数集体收跌，纳指跌0.74%，标普500指数跌0.64%，道指跌0.24%。 美国影视巨头股价"先跌为敬"，奈飞收跌1.94%，派拉蒙跌1.57%，迪士尼跌0.44%。 大型科技股多数下跌，苹果跌超3%，特斯拉跌逾2%，亚马逊、英特尔跌超1%。 热门中概股涨跌不一，纳斯达克中国金龙指数跌0.04%。金山云涨超4%，富途控股、名创优品涨超2%，好未来、微博涨超1%，小鹏汽车、理想汽车、哔哩 哔哩小幅上涨；极氪跌超2%，蔚来、京东跌超1%，腾讯 ...

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Core Viewpoint - Jiangbolong experienced a quarterly loss in Q1 2024 after achieving profitability in the previous year, with total revenue of 4.256 billion yuan, a slight decline of 4.41% year-on-year, and a net profit of -152 million yuan, a dramatic drop of 139.52% year-on-year [1][2]. Group 1: Financial Performance - In Q1 2024, Jiangbolong's sales gross margin further decreased to 10.35%, down 8.7 percentage points quarter-on-quarter and down 14.04 percentage points year-on-year [4]. - The company reported a significant increase in revenue for 2024, reaching 17.464 billion yuan, a year-on-year growth of 72.48%, and a net profit of 499 million yuan, a year-on-year increase of 160.24% [2]. - The gross margin for Jiangbolong's sales declined sequentially throughout 2024, with figures of 24.39%, 23.51%, 21.54%, and 19.05% for Q1 to Q4 respectively [4]. Group 2: Business Segments - Jiangbolong's consumer storage segment, which includes the Lexar brand, accounted for 58% of revenue in 2024, despite a 5.3 percentage point decline in gross margin to 15.6% due to weak demand in consumer electronics [3]. - The automotive-grade storage segment is identified as a growth area, with revenue share increasing from 7% in 2023 to 12% in 2024, and expected to exceed 15% by 2025 [5]. - The enterprise storage segment saw explosive growth, with revenue reaching 922 million yuan in 2024, a staggering year-on-year increase of 666.30%, driven by the demand for AI computing [6][7]. Group 3: Market Conditions and Challenges - The global storage chip market is facing a downturn, with significant price declines in DRAM and NAND Flash products, impacting Jiangbolong's profitability [7][8]. - Jiangbolong's inventory reached 7.814 billion yuan, with a substantial increase in inventory impairment provisions, indicating significant inventory pressure [8]. - The company is investing heavily in R&D, with expenditures of 910 million yuan in 2024, a year-on-year increase of 53.34%, which is expected to enhance technological capabilities but also increases cash flow pressure [9]. Group 4: Strategic Outlook - Jiangbolong is focusing on establishing a foothold in the automotive-grade storage market, with collaborations with over 20 major automotive manufacturers [5]. - The company has made significant advancements in self-developed high-end products, including the successful mass production of the UFS 4.1 controller chip, which is expected to support its entry into the mid-to-high-end market [8][9]. - Despite short-term losses, Jiangbolong's breakthroughs in automotive and enterprise storage markets, along with its commitment to self-research, lay the groundwork for long-term growth [10].

Group 1 - National Integrated Circuit Industry Fund plans to reduce its stake in Jiangbolong by no more than 4,159,815 shares, accounting for 1.00% of the total share capital, between May 27, 2025, and August 26, 2025 [1] - The reduction is due to the fund's operational management needs and will be executed through centralized bidding at market prices [1] - The implementation of this reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2 - Haitai Weiye has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue no more than 710.52 million overseas listed ordinary shares [2] - The listing will take place on the main board of the Hong Kong Stock Exchange, but the matter still carries uncertainties [2] Group 3 - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection starting May 1, 2025, which is expected to negatively impact sales revenue [3] - The drug generated approximately RMB 210 million in sales for the year 2024, representing 29% of the company's total sales revenue [3] - The price adjustment may lead to a risk of single product loss for the drug in 2025 [3] Group 4 - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related financial documents, citing significant issues identified by the audit firm [4] - The company has received a notice of investigation from the securities regulatory authority, and the audit report issued was unable to express an opinion [4] Group 5 - ST Xinchao announced that its stock will be suspended from trading starting May 6, 2025, due to the inability to disclose the audited 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - If the company fails to disclose the 2024 annual report within two months of the suspension, it will face delisting risk warnings [5] Group 6 - Huakang Clean has pre-won a project worth RMB 167 million [6] - Tongguang Cable has pre-won a procurement project from the State Grid valued at RMB 142 million [6] - Fengmao Co. has increased its investment in a production base in Thailand to RMB 26 million [6] Group 7 - Huaren Pharmaceutical's wholly-owned subsidiary has obtained a medical device registration certificate for wound dressings [7] Group 8 - Major shareholders of Kairun Co. plan to reduce their holdings by no more than 9 million shares [10] - CITIC Securities has completed its reduction plan for China Gold [10] - The reduction plan for Hengfeng Information's director and vice president has been completed [10]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant updates, including stock suspensions, name changes, and financial adjustments, which may present both opportunities and risks for investors [4][5][8][10]. Group 1: Stock Suspension and Changes - ST Xinchao will suspend its stock from May 6, 2025, due to the inability to disclose audited financial reports within the legal timeframe, with a risk of delisting if reports are not provided within two months [4]. - Wolong Real Estate plans to change its stock name to "Wolong New Energy" to align with national carbon neutrality policies and explore new profit growth areas [5]. Group 2: Financial and Operational Updates - Dongzhu Ecology clarified that it holds only a 10% stake in Dilos AI Technology and has no substantial business cooperation with it, indicating potential uncertainties in future performance [6][7]. - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue up to 710.52 million shares for overseas listing, though uncertainties remain [8]. - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection, which generated approximately RMB 210 million in sales in 2024, accounting for 29% of total revenue, potentially leading to losses in 2025 [10]. Group 3: Shareholding and Financing Activities - Jiangbolong's major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 1% through market transactions between May 27 and August 26, 2025, without affecting control [12][13]. - Cambrian Technology intends to raise no more than RMB 4.98 billion through a private placement to fund projects related to large model chip and software platforms and to supplement working capital [14]. - Jinzhen Co. plans to sell up to 5 million shares from its repurchased stock, which amounts to 50% of the total repurchased shares, to maintain company value and shareholder interests [15]. Group 4: Major Contracts and Procurement Wins - Aolaide's subsidiary signed a sales contract worth RMB 655 million with Chengdu BOE Display Technology, expected to positively impact the company's performance in 2025 and 2026 [16]. - Tongguang Cable is a candidate for two procurement projects from the State Grid Corporation, with a total expected bid amount of RMB 142 million, representing approximately 5.49% of the company's total revenue for 2024 [17].

证券代码：301308 证券简称：江波龙 公告编号：2025-035 深圳市江波龙电子股份有限公司 关于持股 5%以上股东减持股份预披露公告 本公司股东国家集成电路产业投资基金股份有限公司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供的信息一致。 特别提示： 国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路产业基 金"）持有深圳市江波龙电子股份有限公司（以下简称"公司"）股份 24,216,806 股（占公司总股本比例为 5.82%），计划在 2025 年 5 月 27 日至 2025 年 8 月 26 日期间通过证券交易所以集中竞价交易方式合计减持公司股份不超过 4,159,815 股（占公司总股本比例为 1.00%）。 公司于近日收到股东国家集成电路产业基金的《关于股份减持计划的告知 函》，现将具体情况公告如下： 一、股东的基本情况 1、股东名称：国家集成电路产业投资基金股份有限公司。 2、股东持股情况：截至本公告披露之日，国家集成电路产业基金持有公司 股份 24,216,806 股，占公司总股本比例为 ...

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 来源丨最华人（wcweekly） 作者丨李慧颖 图源丨Midjourney 人潮汹涌，档口密布，吆喝声和讨价还价声交织，数不清的摊主在华强北做着电子产品的生意，等待一 场暴富的奇迹。 江西的一对双胞胎姐弟，就在1999年的华强北发现了自己的机遇，创立了跨时代的存储卡帝国，如今年 入130亿。 从华强北"倒爷"到创立独立品牌的"技术派" 1996年，高中毕业的蔡华波，从江西大老远跑来深圳闯荡。 眼看着周围的小商户们靠倒卖芯片、组装电子产品赚取了第一桶金，颇为眼热，不甘平凡的他也想加入 这个赚钱的队伍。 于是，在同在深圳打拼的二哥的鼓励下，蔡华波在华强北租下了一个几平米的小柜台，主营存储卡、U盘 等当时新兴的存储产品。 那时的华强北几乎遍地是黄金，每天与形形色色的客户打交道，蔡华波很快就积累了丰富的行业知识和 销售经验。 慢慢生意越做越大，同年他就拉着双胞胎姐姐蔡丽江一起，共同注册了深圳市江波龙电子有限公司，名 字的来 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, down 139.52% year-over-year and down 160.58% quarter-over-quarter [1][2]. - The growth in overseas and enterprise-level storage businesses has been robust, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year [2][3]. - The report anticipates a price rebound in DRAM/NAND products in Q2 2025, driven by inventory digestion and increased stocking willingness from downstream customers [1][3]. Summary by Sections Q1 2025 Performance - The company reported a revenue of 4.256 billion RMB, with a year-over-year decline of 4.41% and a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, reflecting a significant year-over-year decline of 139.52% [1][2]. - The gross margin was reported at 10.35%, down 14.04 percentage points year-over-year, but the decline in margin has narrowed compared to previous quarters [2]. Growth Drivers - The overseas and enterprise-level storage businesses showed strong growth, with Lexar's revenue increasing by 20.73% and Zilia's revenue increasing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2][3]. - The company is actively expanding its product offerings and customer base, particularly in the high-end product segment [2][3]. 2025 Outlook - The report expects a price rebound in consumer storage products starting in Q2 2025, as major manufacturers like Micron have announced price increases. The company’s self-developed UFS 4.1 controller chip has successfully entered mass production, which will support new product launches [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency and expanded the company's reach into South American markets [3]. Financial Projections - The company’s revenue forecasts for 2025-2027 are 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB, respectively, indicating a growth trajectory [4][6]. - The report projects a net profit of 668.52 million RMB for 2025, with an expected EPS of 1.61 RMB [6][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.00 RMB [4][7]. Core Views - The company achieved a revenue of 4.256 billion RMB in Q1 2025, showing a year-over-year decline of 4.41% but a quarter-over-quarter increase of 1.45%. The net profit attributable to the parent company was -152 million RMB, a significant year-over-year decline of 139.52% [1][2]. - The strong growth in overseas and enterprise-level storage businesses has been a key driver for the company's performance, despite a slow recovery in demand for consumer electronics [1][2]. - The report anticipates that the prices of DRAM and NAND products will bottom out in Q2 2025, with potential price rebounds for certain product lines as inventory levels normalize [1][3]. Summary by Sections Q1 2025 Performance - The company's overseas and enterprise-level storage businesses saw significant growth, with Lexar brand revenue increasing by 20.73% year-over-year and Zilia's revenue growing by 45.08% year-over-year. The enterprise storage product combination "eSSD+RDIMM" achieved over 200% year-over-year revenue growth [2]. - The gross margin for Q1 2025 was 10.35%, reflecting a year-over-year decline of 14.04 percentage points, but the rate of decline has narrowed compared to previous quarters [2]. 2025 Outlook - The report highlights that major manufacturers like Micron have announced price increases starting in Q2, indicating a potential rebound in consumer storage prices. The company has successfully mass-produced its self-developed UFS 4.1 controller chip, which will facilitate the introduction of new UFS products to mobile brand customers [3]. - The integration of Zilia with Yuan Cheng Suzhou has improved operational efficiency, allowing the company to expand its overseas market presence [3]. Financial Projections - The company is projected to achieve revenues of 22.756 billion RMB, 26.700 billion RMB, and 29.568 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 30.30%, 17.33%, and 10.74% [6][18]. - The net profit attributable to the parent company is expected to reach 668.52 million RMB in 2025, with a significant recovery from previous losses [6][18].