Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [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 Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages to widespread price increases in the electronics sector, driven by sustained high demand for AI computing and storage capabilities. This inflationary trend is expected to enhance the earnings outlook for related companies [1]. - The report expresses optimism for 2026, predicting it to be a year of significant growth for domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing (foundry and equipment) and those in the overseas storage and computing supply chain [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39%. Sub-sectors such as optical optoelectronics saw a rise of 3.21%, whereas consumer electronics declined by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the electronics supply chain, leading to price increases across various components [1]. Semiconductor and Storage - The report notes a significant increase in storage prices, with NAND Flash prices rising by 18% and DRAM prices by 33% over the past month. This has led to increased cost proportions for PC manufacturers [3]. - Companies like 德明利 (Demingli) and 江波龙 (Jiangbolong) are expected to see substantial profit growth due to the ongoing storage cycle [3]. PCB Industry - The report indicates that rising raw material prices and demand growth are positively impacting the performance of PCB upstream manufacturers. Companies in this sector are expected to exceed market expectations [4]. - Recommendations include companies like 生益科技 (Shengyi Technology) and 芯碁微装 (Xinqi Micro) [4]. Key Company Recommendations - The report recommends several companies for investment, including 蓝特光学 (Lante Optics), 翱捷科技 (Aojie Technology), and 中芯国际 (SMIC), among others, based on their potential in the current market environment [1][9].

Core Viewpoint - The profitability growth of storage chip companies is driven by the booming AI and computing industries, leading to a high prosperity cycle and continuous price increases in products [1] Group 1: Industry Performance - As of January 27, 2025, 34 storage concept companies in A-shares have released performance forecasts, with 19 companies achieving profitability, and 17 companies showing year-on-year profit growth, representing a 50% success rate [2] - Notably, 8 companies have projected profit growth exceeding 100%, with Baiwei Storage leading the growth [2] - Baiwei Storage expects revenue of 10 billion to 12 billion yuan, a year-on-year increase of 49.36% to 79.23%, and net profit of 850 million to 1 billion yuan, a year-on-year increase of 427.19% to 520.22% [2] Group 2: Price Increases - The primary reason for the high growth in the storage chip industry is the entry into a high prosperity cycle and product price increases [4] - Baiwei Storage indicated that from Q2 2025, as storage prices stabilize and rise, the company's sales revenue and gross margin will gradually improve [4] - The global storage industry began to rebound from Q2 2025, with major manufacturers like SanDisk initiating price increases, followed by others like Samsung and Micron [4] Group 3: Future Trends - The core factors behind the current price increases in storage chips are the explosive demand from AI and supply contractions, leading to structural supply-demand mismatches [5] - Industry experts predict that the core cycle of rising storage prices will last until the end of 2026, with high prosperity expected to continue at least until 2027 [5] Group 4: Expansion Strategies - Companies are actively expanding production to seize opportunities during the high prosperity cycle [6] - International manufacturers are focusing on expanding HBM and high-end NAND production capacities, with plans to gradually release these capacities from 2026 to 2028 [6] - Domestic manufacturers like Yangtze Memory and Changxin Technology are also accelerating their production expansion and technological upgrades [6] Group 5: Specific Company Actions - De Ming Li plans to raise no more than 3.2 billion yuan for SSD and DRAM expansion projects and to support its smart storage management and R&D headquarters [7] - Pu Ran Co. is enhancing its core competitiveness in the storage chip field through the acquisition of Noah Chang Tian, which allows it to take over SK Hynix's 2D NAND-related business [7]

Core Insights - The storage chip industry is experiencing significant profitability growth driven by the demand from AI and computing sectors, leading to a high prosperity cycle and continuous product price increases [1] - The high prosperity in the storage chip industry is expected to persist into 2026, with price increases anticipated throughout the year, particularly in the HBM segment, which may remain robust until 2028 [1] Group 1: Company Performance - As of January 27, 2025, 34 storage concept companies in the A-share market have released performance forecasts, with 19 companies reporting profitability, and 17 companies showing year-on-year profit growth, indicating a 50% success rate [2] - Among these, Bawei Storage is leading with an expected revenue of 10 billion to 12 billion yuan, representing a year-on-year growth of 49.36% to 79.23%, and a projected net profit of 850 million to 1 billion yuan, reflecting a staggering growth of 427.19% to 520.22% [2] - Leading companies like Demingli and Zhaoyi Innovation are also reporting strong performance, with Demingli forecasting revenues of 10.3 billion to 11.3 billion yuan, a year-on-year increase of 115.82% to 136.77%, and net profits of 650 million to 800 million yuan, up by 85.42% to 128.21% [2] Group 2: Industry Trends - The primary driver of the high growth in the storage chip industry is the entry into a high prosperity cycle and product price increases, with companies like Bawei Storage and Demingli reporting improvements in sales revenue and gross margins due to stabilizing storage prices [4] - The global storage industry began to rebound from the second quarter of 2025, with major manufacturers like SanDisk initiating price increases, followed by others such as Samsung and Micron [4] - The current price increase cycle is attributed to a structural supply-demand mismatch caused by an explosion in AI demand and supply constraints, with expectations that the price increase cycle will last until the end of 2026 and high prosperity until at least 2027 [5] Group 3: Expansion Strategies - In response to the ongoing high prosperity and rising product prices, storage companies are announcing expansion plans to capitalize on the industry cycle [6] - International manufacturers are focusing on expanding HBM and high-end NAND production capacities, with companies like Kioxia planning to double its NAND capacity over the next five years to meet growing AI data center demands [6] - Domestic companies such as Yangtze Memory Technologies and Changxin Memory Technologies are also ramping up production, with Bawei Storage and Demingli pursuing capital increases for expansion projects [7]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

证券日报网讯1月27日，江波龙（301308）在互动平台回答投资者提问时表示，公司严格按照相关法律 法规履行信息披露义务，相关经营信息请以公司正式公告为准。 ...

分红方面，江波龙A股上市后累计派现3.02亿元。近三年，累计派现1.04亿元。 机构持仓方面，截止2025年9月30日，江波龙十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股611.39万股，相比上期增加485.41万股。易方达创业板ETF（159915）、兴全合润混合A （163406）、南方中证500ETF（510500）、兴全商业模式混合(LOF)A（163415）、德邦半导体产业混 合发起式A（014319）、兴全新视野定期开放混合型发起式（001511）退出十大流通股东之列。 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%。 截至9月30日，江波龙股东户数4.38万，较上期增加25.06%；人均流通股6260股，较上期减少20.04%。 2025年1月-9月 ...

证券代码：301308 证券简称：江波龙 公告编号：2026-007 深圳市江波龙电子股份有限公司 关于为控股子公司提供担保的进展公告 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。 特别风险提示： 深圳市江波龙电子股份有限公司（以下简称"公司"）提供的担保总额超过 公司最近一期经审计净资产的 100%，其中对资产负债率超过 70%的单位的担保 总额超过公司最近一期经审计净资产 50%，前述担保全部为公司对合并报表范围 内子公司的担保，敬请投资者充分关注担保风险。 一、担保情况概述 公司于 2025 年 3 月 19 日、2025 年 4 月 11 日分别召开了第三届董事会第八 次会议、第三届监事会第八次会议以及 2024 年年度股东大会，会议审议通过了 《关于公司 2025 年度担保额度预计的议案》。 为了满足公司 2025 年度日常经营及业务发展所需，自 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，公司拟为子公司向银行等金 融机构申请综合授信或其他日常经营所需，提供总额不超过人民币 110 亿元（或 等值外币）的担保额度。 ...

Core Viewpoint - Jiangbolong, a major storage module manufacturer in A-shares, has finalized an inquiry transfer agreement, raising approximately 2.67 billion yuan through the participation of 54 institutional investors, including foreign capital, insurance funds, and well-known quantitative private equity firms [1][2]. Group 1: Share Transfer Details - The share transfer involves a total of 12.5744 million shares, accounting for 3% of the company's total share capital [1][2]. - The initial transfer price was set at 212.09 yuan per share, which received strong market interest, resulting in 63 valid bids during the inquiry period and an additional 44 bids during the supplementary subscription period [2]. - The largest buyer, UBS AG, acquired 0.458% of the shares for 407 million yuan, followed by Taikang Asset Management and Caitong Fund, with notable participation from Shanghai Jinde Private Fund Management Co., Ltd. [2]. Group 2: Shareholder Background and Future Plans - The sellers are employee stock ownership platforms established before Jiangbolong's IPO, and they have released their unified action relationship with the controlling shareholder [2]. - The controlling shareholder and key executives have committed not to participate in this inquiry transfer through the selling entities [2]. - In addition to this transfer, the selling entities plan to reduce their holdings by approximately 1.3073% between September and October 2025, potentially cashing out over 750 million yuan based on the average reduction price [3]. Group 3: Market Performance - Since September of the previous year, Jiangbolong's stock price has nearly tripled, with the latest price at 374 yuan per share and a market capitalization of 156.8 billion yuan [4].

Core Viewpoint - Jiangbolong (301308), a major storage module manufacturer in A-shares, has finalized a share transfer agreement through an inquiry process, raising a total of 2.667 billion yuan from 54 institutional investors, including foreign capital, insurance funds, public offerings, and well-known quantitative private equity firms [1][2]. Group 1: Share Transfer Details - The share transfer involves a total of 12.5744 million shares, accounting for 3% of the company's total share capital, with the transferors being employee stock ownership platforms prior to the company's IPO [2]. - The initial transfer price was set at 212.09 yuan per share, which received strong market interest, resulting in 63 valid bids during the inquiry period and an additional 44 bids during the supplementary subscription period [2]. - UBS AG emerged as the largest acquirer, investing 407 million yuan for 0.458% of the shares, followed by Taikang Asset Management and Caitong Fund, with notable participation from Shanghai Jinde Private Fund Management Co., Ltd. [2]. Group 2: Market Performance and Future Plans - Since September of the previous year, Jiangbolong's stock price has nearly tripled, reaching 374 yuan per share, with a current market capitalization of 156.8 billion yuan [4]. - The transferring entities plan to reduce approximately 1.3073% of their shares between September and October 2025, with an estimated cash-out of over 750 million yuan based on the average reduction price [3].