内容概况：当前，中国网络附加存储（NAS）行业正经历从以企业市场为核心的单一结构，向企业级与 消费级市场并行的双轨结构转型的关键阶段。2024年，中国网络附加存储（NAS）行业市场规模约为 286.4亿元，同比增长8.28%。这一稳健增长的背后，既反映了企业数字化转型对存储需求的持续释放， 更凸显了个人与家庭用户对数据管理、影音娱乐及隐私安全的需求爆发。以绿联、极空间等为代表的新 兴消费级品牌，正通过简化操作、丰富应用生态，强力推动NAS设备从专业数据中心向普通家庭的渗透 与普及，行业未来的增长空间将显著取决于在消费级市场的深耕与创新。 二、行业产业链 网络附加存储（NAS）行业产业链上游主要包括存储硬盘、硅片、内存模块、芯片、主板、电容、电 阻、连接器、电源模块、散热片、网络适配器等原材料及零部件。产业链中游为网络附加存储（NAS） 生产制造环节。产业链下游主要应用于数据备份、影音中心、智能家居中控、文件共享、协同办公、数 据集中管理等领域。 相关上市企业：绿联科技（301606）、海康威视（002415） 相关企业：上海硅产业集团股份有限公司、中芯国际集成电路制造有限公司、上海韦尔半导体股份有限 公司、广 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The cross-border e-commerce sector remains robust, with a focus on leading brands and B2B companies actively implementing AI applications [3] - Online sales during Black Friday and Cyber Monday showed steady growth, with significant increases in consumer spending [8] - The performance of AI in e-commerce is notable, with a substantial rise in traffic driven by AI tools, indicating a shift in consumer behavior [8] Summary by Sections Cross-Border E-commerce B2B - B2B companies have a clear revenue logic through AI tools, with promising business developments ahead [3] - Recommended stocks include Xiaoguo City (600415), Focus Technology (002315) [3] Cross-Border E-commerce B2C - Recommended stocks include Anker Innovation (300866), Ugreen Technology (301606), Zhiou Technology (301376), Jihong Co., Ltd. (002803), and Huakai Yibai (300592) [3] Other Relevant Stocks - Other recommended stocks include Konnate Optical (02276), Miniso (09896), and Sumida (600710) [3] Market Trends - Black Friday and Cyber Monday online sales reached record highs, with online spending of $11.8 billion and $14.25 billion respectively, marking year-on-year growth of 9.1% and 7.1% [8] - The average online price of consumer goods in the U.S. increased by 8%, impacting actual sales performance [8] Future Outlook - In 2026, a decrease in tariff costs is expected to improve profit margins for some cross-border e-commerce companies [8] - The report outlines a timeline of tariff adjustments throughout 2025, indicating a complex landscape for cross-border trade [8]

尤为值得关注的是，绿联科技正通过"高低双线"战略构建第二增长曲线：一方面推出千元以下入门款 DH2300，大幅降低使用门槛；另一方面布局高端 AI NAS 产品，搭载 Intel Core Ultra 处理器，具备高达96 TOPS 的本地 AI 算力，可运行私有大模型，实现智能搜索、自动摘要等高级功能。公司2025年前三季 度存储类收入同比激增125%，NAS 业务已成为驱动业绩高增长的关键引擎，印证了"供给创造需求"的行业逻辑。 以下为报告节选内容 在万物互联与个人数据爆炸式增长的背景下，网络附属存储（NAS）正从专业小众设备加速演变为家庭数字中枢。华泰研究指出，当前消费级 NAS 市场正 处于需求爆发前夜，核心驱动力来自两方面：一是产品价格下探至"千元机"区间，显著降低用户门槛；二是 AI 技术与 NAS 的深度融合，使其不再仅是存储 工具，更成为支持本地 AI 部署、智能相册管理、家庭影音中心及远程办公协作的多功能平台。据测算，2026–2030年全球消费级 NAS 市场规模复合增长率 有望超30%，展现出强劲增长潜力。 报告深入剖析了当前三类主要玩家的竞争格局：以群晖、威联通为代表的传统 ToB 厂 ...

Core Viewpoint - Ugreen Technology reported that as of November 28, 2025, the total number of shareholders is 9,357 [2] Summary by Relevant Categories - **Company Information** - Ugreen Technology has a total of 9,357 shareholders as of the specified date [2]

Core Viewpoint - Zhuhai Xiheng Investment Partnership (Limited Partnership), the major shareholder of Ugreen Technology (301606.SZ), plans to reduce its holdings by up to 8.2982 million shares, representing 2.00% of the total share capital, within three months starting from December 24, 2025, to March 23, 2026, through centralized bidding or block trading [1] Summary by Category - **Shareholder Actions** - The major shareholder intends to reduce its stake in Ugreen Technology by a maximum of 8.2982 million shares [1] - This reduction will not exceed 2.00% of the company's total share capital [1] - **Timeline** - The planned reduction will occur within a three-month period from December 24, 2025, to March 23, 2026 [1] - **Method of Reduction** - The shares will be sold through centralized bidding or block trading methods [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership (Limited Partnership), the major shareholder of Ugreen Technology (301606.SZ), plans to reduce its holdings by up to 8,298,196 shares, representing 2.00% of the company's total share capital, within three months starting from December 24, 2025 [1] Summary by Category - **Share Reduction Plan** - The major shareholder intends to reduce its stake through centralized bidding or block trading [1] - The reduction period is set from December 24, 2025, to March 23, 2026 [1] - The maximum number of shares to be sold is 8,298,196 [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership plans to reduce its stake in Ugreen Technology by up to 8.2982 million shares, representing 2.00% of the total share capital, within a three-month period starting from December 24, 2025 [1] Group 1: Shareholder Information - Zhuhai Xiheng Investment Partnership currently holds 28.7797 million shares, accounting for 6.94% of the company's total share capital [1] - The reduction in shares is attributed to investment reasons, with shares sourced from those issued prior to the company's initial public offering [1] Group 2: Reduction Plan Details - The planned reduction will occur through centralized bidding or block trading methods [1] - The selling price will be determined based on market conditions [1] - 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 1 - The major shareholder Zhuhai Xiheng Investment Partnership plans to reduce its stake in the company by up to approximately 8.3 million shares, which represents about 6.94% of the total share capital [1] - The reduction will occur within three months after a 15 trading day period following the announcement [1] Group 2 - The news highlights a situation where a stock, Xiangyang Bearing, experienced a surge in price following a request from investors for the main force to push the stock limit up, raising concerns about potential market manipulation [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership, a shareholder holding more than 5% of Ugreen Technology (301606.SZ), plans to reduce its stake by up to 8.2982 million shares, representing 2.00% of the company's total share capital, for investment reasons [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - The reduction will occur through centralized bidding or block trading [1] - The reduction period is set from 15 trading days after the announcement, lasting for three months, specifically from December 24, 2025, to March 23, 2026 [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership, a shareholder holding 6.94% of Ugreen Technology, plans to reduce its stake by up to 8.2982 million shares, representing 2.00% of the company's total share capital, from December 24, 2025, to March 23, 2026, for investment reasons [1] Summary by Category - **Shareholder Action** - Zhuhai Xiheng Investment Partnership intends to reduce its holdings through centralized bidding or block trading [1] - The total number of shares to be reduced is up to 8.2982 million [1] - **Impact on Company** - The reduction will account for 2.00% of Ugreen Technology's total share capital [1] - **Timeline** - The planned reduction period is from December 24, 2025, to March 23, 2026 [1]