本次存储行业进入"超级周期"是多重因素的共同作用。由于近两年全球人工智能需求快速扩张，三星、海力士、美光等存储芯片厂商将大量晶圆产能转向 HBM（高带宽内存）和第五代双倍数据速率同步动态随机存取存储器（DDR5）生产，直接挤压了传统消费电子所需的第四代双倍数据速率同步动态随机存 取存储器（DDR4）等旧制程产品供给，导致市场供应结构性失衡。同时，渠道端的囤货行为也加剧了存储芯片价格的上涨。 大同证券分析师闫晓伟认为，本轮存储芯片的涨价趋势正展现出超预期的持续性，标志着行业已彻底走出谷底，进入新一轮上行周期，其背后是供给端的强 力调控与需求端的多点复苏（AI服务器对高频内存需求暴增、高端手机容量升级）共同作用的结果。预计在供需失衡态势下，此轮存储芯片涨价动能有望 在中短期内继续维持。 存储芯片涨价波及下游消费电子业 新华财经上海11月30日电（记者高少华）存储芯片是存储数据和程序的核心部件，今年以来全球存储芯片价格进入上涨周期，部分型号产品售价在短期内甚 至翻倍增长，被业界形容为"数字黄金"。存储芯片价格上涨对下游的手机、电脑等终端设备厂商带来巨大压力。在存储芯片领域，国产厂商市场份额仍待提 升。 供需失衡 存 ...

Core Viewpoint - The article discusses the impact of U.S.-China relations on investment trends, particularly how U.S. stock market dynamics influence A-share market movements, and highlights the strategic competition between the U.S. and China in various sectors, especially technology and AI [2][7]. Group 1: Economic Context - Since the 2008 financial crisis, global economic growth has not exceeded 3%, with the U.S. averaging around 2% and Europe below 2%, indicating a persistent economic slowdown [3]. - The U.S. maintains a certain growth rate due to the dollar's status as the global currency, which attracts global investments, particularly in high-tech sectors [3]. - The U.S. has resorted to quantitative easing to sustain economic growth, leading to a significant increase in national debt, which has begun to outpace defense spending, thereby weakening military dominance [3][4]. Group 2: Supply and Demand Dynamics - China's manufacturing sector faces overcapacity and price wars, primarily due to slow global demand growth, despite being the largest manufacturing country [4]. - The demand for Chinese products remains weak, even with increased money supply in the U.S. and Europe, as high-end chip imports are restricted [5]. - The stagnation of foreign exchange reserves has hindered income growth for workers, creating pressure for wage increases, while companies struggle to improve profit margins [5]. Group 3: Investment Trends and Opportunities - The introduction of Tesla has spurred the development of the electric vehicle industry in China, showcasing a learning process from U.S. practices [5]. - The article notes that the correlation between U.S. stock performance and A-share market trends is influenced by broader economic factors and strategic competition [6][8]. - AI investment is highlighted as a key area of growth, with the U.S. and China in a competitive yet cooperative relationship, particularly in technology and military domains [7][8]. Group 4: Future Challenges - The article warns of potential risks in the investment landscape due to ongoing economic challenges and the dual bubble risks in the real estate and stock markets [6]. - The global economy is experiencing significant polarization, with only a few countries benefiting from AI investments, while traditional oil economies face substantial challenges [8].

第一则消息，跟英特尔有关。 当地时间周五，受一则利好消息刺激，芯片制造商英特尔的股价飙涨10%。业内一位知名科技分析师表示，苹果成为英特尔大客户的可能性"显 著提升"，预计英特尔将开始出货苹果M系列芯片处理器。 另一则消息，跟存储芯片巨头美光科技有关。 据外媒29日报道，美光科技将斥资1.5万亿日元（约96亿美元）在日本建立一家工厂，生产用于人 工智能的存储芯片。 来看详细报道！ 英特尔迎来大利好 英特尔股价周五大涨10%，刷新该股自9月18日以来的单日最大涨幅，总市值也升至1900亿美元以上。今年以来，这家芯片制造商股价累计涨幅 已超过100%。 报道称，知情人士表示，这家新工厂将生产高带宽内存（HBM）芯片。从明年5月份开始，美光科技将在其现有的广岛工厂内建设该工厂，计划 在2028年左右开始HBM出货。据悉，日本经济产业省将为该项目提供至多5000亿日元的补贴。 郭 明錤补充说，对于英特尔而言，"赢得苹果先进节点订单的意义远远超过这项业务带来的直接收入和利润贡献"。郭明錤指出，尽管未来几年 英特尔仍无法与台积电正面竞争，但这表明其代工业务"最艰难的时期可能即将过去"。对苹 果而言，此举既展现对特朗普政府 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 ⼈⼯智能的爆炸性需求正在加速全球内存芯⽚的历史性短缺，主要云服务提供商 (CSP) 纷纷签署 多年⻓期协议 (LTA)，以确保 2027 年和 2028 年的供应。业内⼈⼠透露，2026 年⼏乎所有的内 存产能都已被预订，证实全年都将持续短缺。 ⼈⼯智能服务器引发前所未有的容量短缺 前所未有的服务器短缺主要是由⼈⼯智能推动的服务器需求激增所致，这使得服务器成为应⽤程序 最⼤的部署平台。在2025年下半年积极采购之后，通信服务提供商巨头们正在为2026-2027年储 备更多服务器，采购量远远超过实际需求。 存储器制造商2026年的扩张计划⽆法跟上需求，导致全年产能⼏乎全部被预订。这促使美国和中 国的云服务提供商加快谈判步伐，将2026年的采购量、价格和未来采购⽬标打包成涵盖2027年的 综合⻓期协议。 卖⽅获得前所未有的定价优势 这⼀转变显著提升了卖家的定价能⼒，确保了 2026 年全年价格持续上涨，即使在下半年也不会出 现任何下跌，从⽽重塑了⾏业的定价模式。 主要供应商优先考虑HB M⽽⾮NAND的扩容 服务器供应商为了在⼈⼯智能竞赛中不落后，愿意⽀付溢价以确保 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 据知情⼈⼠透露，美国半导体制造商美光科技（Micron Technology）将投资 1.5 万亿⽇元（约 合 96 亿美元），在⽇本西部建设下⼀代存储芯⽚⽣产基地，该芯⽚是⼈⼯智能计算的关键组件。 这座新⼯⼚将专注于⽣产下⼀代⾼带宽内存（HBM）芯⽚。HBM 是 AI 芯⽚的核⼼组件，需与英 伟达等企业⽣产的图形处理器（GPU）搭配使⽤。凭借⾼存储容量和快速数据传输特性，其容量 提升可直接加快⽣成式 AI 系统的处理速度。 美光计划于 2026 年 5 ⽉在东⼴岛市的⼴岛⼯⼚⼚区内启动新⼚建设，⽬标在 2028 年左右实现 HBM 芯⽚的批量出货。⽇本经济产业省（METI）将为该项⽬提供最⾼ 5000 亿⽇元的补贴。 除⼴岛⼯⼚外，美光在中国台湾地区和美国设有主要⽣产基地，其先进 HBM 芯⽚的⽣产⽬前主要 集中于中国台湾地区。 今年 5 ⽉，鉴于地缘政治⻛险上升，美光⾸次在⽇本引进极紫外光刻（EUV）系统 ⸺ 这是⽣产 先进芯⽚所需的最昂贵制造设备，并部署于⼴岛⼯⼚以实现批量⽣产。 参参考考链链接接 https ://as ia.nikkei.com/bus ...

Key TakeawaysU.S. online Black Friday sales hit a record $11.8 billion, a 9.1% increase year-over-year, significantly boosted by AI-powered shopping tools.Entry-level job postings have fallen 16% year-over-year, raising concerns for young workers as AI automation impacts the labor market, with youth unemployment reaching 10.5%.Japan is dedicating approximately $1.6 billion in an extra budget to bolster its AI and semiconductor industries, part of a long-term strategy to regain technological leadership.A Coi ...

Group 1: Broadcom Overview - Broadcom is a key player in the AI chip market, designing custom processors that help hyperscalers reduce data center operating costs [1] - The company has established a solid customer base, including OpenAI, Meta Platforms, and Alphabet, and has experienced healthy growth in AI revenue [2] Group 2: Micron Technology Performance - Micron Technology is set to release its fiscal 2026 first-quarter results, with management guiding for $12.5 billion in revenue, a 45% increase year-over-year, and non-GAAP earnings guidance of $3.75 per share, more than double the previous year's figure [5] - The growth is driven by a favorable demand-supply environment in the memory market, significantly boosted by AI [6] Group 3: Market Trends and Projections - Demand for server memory chips is outpacing supply, leading to a price spike, with DRAM prices increasing by 50% in 2025 and expected to double by the end of 2026 [7] - Counterpoint Research anticipates a 50% increase in overall memory prices by Q2 2026, suggesting strong revenue and earnings growth for Micron in the upcoming year [8]

Group 1: Intel Developments - Intel's stock surged by 10% following news that Apple may become a significant customer, potentially starting shipments of M-series chips as early as 2027 [2][3] - The analyst Ming-Chi Kuo indicated that winning Apple's advanced node orders would be more significant than the direct revenue and profit contributions for Intel [2] - Intel's stock has more than doubled this year, with a market capitalization exceeding $190 billion [2] Group 2: Apple and Intel Collaboration - Apple has signed a confidentiality agreement with Intel and is awaiting the release of the PDK 1.0/1.1 tools, which are crucial for the development of M-series chips [3] - The expected shipment volume for Apple's standard M chips in 2026 and 2027 is projected to be between 15 million and 20 million units [3] - Intel's future prospects may improve with additional orders from Apple and other leading clients as it aims to recover under the leadership of its new CEO [3] Group 3: Micron Technology Investments - Micron Technology plans to invest 1.5 trillion yen (approximately $96 billion) to establish a factory in Japan for AI storage chips, with production expected to start around 2028 [5] - The new factory will focus on high-bandwidth memory (HBM) chips, and the Japanese government is expected to provide up to 500 billion yen in subsidies for the project [5] - Micron's stock has increased by 180% this year, reflecting strong performance in the AI sector [5] Group 4: Market Outlook for Micron Technology - Analysts have raised Micron's target price due to increasing demand for DRAM driven by AI applications, with expectations of supply constraints by 2026 [6] - Morgan Stanley and Wells Fargo have both upgraded their target prices for Micron, citing a positive outlook for the memory market and strong demand for DDR5 DRAM [6]

（文章来源：第一财经） 据报道，美光将在日本西部投资96亿美元，用于生产人工智能内存芯片。 ...

Core Viewpoint - U.S. chipmaker Micron Technology plans to invest 1.5 trillion yen ($9.6 billion) in a next-generation memory manufacturing facility in western Japan to enhance support for artificial intelligence computing [1] Investment Details - The investment amount is 1.5 trillion yen, equivalent to $9.6 billion [1] - The facility will focus on next-generation memory technology [1] Strategic Importance - The new manufacturing facility aims to support the growing demand for artificial intelligence computing [1] - This move indicates Micron's commitment to expanding its capabilities in the AI sector [1]