Market Overview - Global markets experienced a significant downturn, with major indices in the US suffering substantial losses. The Dow Jones dropped approximately 600 points, while the Nasdaq fell nearly 2% [1][2]. Stock Performance - Major technology stocks faced considerable declines, including Qualcomm (-7.58%), Oracle (-4.55%), Google (-4.51%), Amazon (-4.38%), and Tesla (-3.66%) [3]. - Alphabet, the parent company of Google, saw its stock decrease by 4% following its announcement of expected capital expenditures related to artificial intelligence, which could reach up to $185 billion by 2026 [7][8]. Commodities and Cryptocurrencies - Precious metals experienced sharp declines, with silver prices plummeting over 16% [3]. - Oil prices also fell significantly during this period [4]. - Bitcoin dropped below the $70,000 mark, settling at $67,000, indicating a loss of interest from traditional investors and a growing pessimism regarding cryptocurrencies [5]. Economic Indicators - Concerns about the labor market intensified, with US employers announcing 108,435 layoffs in January, the highest number for that month since the global financial crisis [8]. - Initial jobless claims for the week ending January 31 exceeded expectations, further contributing to a negative market sentiment [8]. - The US Bureau of Labor Statistics reported that job vacancies fell to their lowest level since September 2020 by December 2025 [9].

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（来源：创业板观察） 自2022年年中以来，动量交易员曾以足以让沃伦·巴菲特感到汗颜的夏普比率统治着市场。然而周三， 这一切几乎遭遇了全线崩盘——他们蒙受了载入史册的损失。 动量交易简单说来就是"买入最近涨得最好的，卖出涨得最差的"。而根据业内的统计，高盛的"高贝 塔"或无约束动量组合(GSPRHIMO)刚刚创下了自2022年以来表现最糟糕的一天，超过了去年1月 Deepseek风暴之后的AI抛售潮。高贝塔股通俗而言就是指那些波动比大盘更剧烈的股票。 如果说，周二市场的跌幅源于软件股因人工智能颠覆风险引发的"投降式"抛售，那么周三的疲软则更集 中于基本面因素与仓位调整，使得大盘指数的变动相对于底层发生的剧烈动荡，显得具有欺骗性的平 稳。 这印证了高盛分析师Lee Coppersmith在上周末文章中的发现，即美股表面平静之下正波涛汹涌。统计显 示，标普500指数成分股平均的1周实际波动率，与整体标普500指数波动率之比在上周四刚刚达到6.88 ——处于2023年以来的第99个百分位。 来源：市场资讯 换句话说，标普500指数成分股的平均波动幅度大约是大盘指数的7倍，这就是为什么近几个交易日部分 个股的异动显得 ...

证券研究报告 | 行业深度报告 2026 年 02 月 05 日 26 全年预计供给偏紧状态持续，产业链公司整体展望乐观 存储行业深度跟踪报告 TMT 及中小盘/电子 英伟达存储机柜和 DS Engram模块均展现 AI数据中心多级存储架构演变趋势， NAND 在数据中心重要性日益凸显。2026 年存储新增产能有限，海外原厂因技 术转移等因素使得有效产能释放滞后，供需缺口预计将延续至 2027 年，原厂库 存持续紧张，下游模组厂等开启战略备货以应对客户需求。供需结构的变化进 一步支撑 2026 年合约价上行趋势，带动产业链公司业绩稳步增长，建议关注海 外存储/国内模组/利基存储和上游设备/材料等产业链公司。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 517 | 10.0 | | 总市值（十亿元） | 14901.8 | 13.3 | | 流通市值（十亿元） | 12827.3 | 12.6 | 行业指数 % 1m 6m 12m 绝对表现 10.5 39.5 61.1 相对表现 9.8 24.6 39.0 资料来源：公司数据、招商证券 -20 ...

英伟达存储机柜和DS Engram模块均展现AI数据中心多级存储架构演变趋势，NAND在数据中心重 要性日益凸显。2026年存储新增产能有限，海外原厂因技术转移等因素使得有效产能释放滞后，供 需缺口预计将延续至2027年，原厂库存持续紧张，下游模组厂等开启战略备货以应对客户需求。供 需结构的变化进一步支撑2026年合约价上行趋势，带动产业链公司业绩稳步增长，建议关注海外存 储/国内模组/利基存储和上游设备/材料等产业链公司。 需求端：AI推理驱动存储需求成倍增长，NAND成数据中心容量底座。 AI推理驱动存储架构 向"HBM+DRAM+NAND"三级金字塔架构演进，RAG与长上下文确立了大容量NAND在降本增效与 解决"模型幻觉"中的核心地位。技术层面，多模态视频生成带来百倍内存需求，英伟达Rubin平台 引入每GPU 16TB独立存储机柜，以及DeepSeek Engram架构利用DRAM/SSD卸载HBM压力， 均验证了"以大容量廉价存储换取算力效率"的技术路径，单机存储搭载量呈指数级跃升。行业层 面，NAND正式迈入ZB级数据时代，数据中心将取代移动端成为最大单一市场，预计2026年服务 器DRAM占比 ...

Group 1 - The core point of the news is the significant drop in precious metal prices, with gold experiencing its largest single-day decline in 40 years and silver hitting a historic intraday drop of 36% [1][2][4] - On January 31, spot gold prices fell over 12%, reaching a low of $4682 per ounce, while closing down 9.25% at $4880 per ounce [2][4] - Spot silver prices dropped to a low of $74.28 per ounce, closing down 26.42% at $85.259 per ounce [4][8] Group 2 - The sell-off in precious metals was triggered by the strengthening of the US dollar, following the announcement of Kevin Walsh as the new Federal Reserve Chairman, which raised concerns about the Fed's independence [4][6][7] - The dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [4][5] - The market was already experiencing a demand for a correction, and the combination of factors, including the Fed chair nomination and broader capital flow dynamics, acted as a catalyst for profit-taking [4][6] Group 3 - The broader US stock market also faced declines, with major indices closing lower due to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5] - The gold sector saw substantial losses, with major companies like Barrick Gold and AngloGold experiencing declines of over 10% [5] - The sell-off in precious metals was characterized by panic selling and profit-taking, particularly among leveraged positions, which exacerbated market volatility [8][12]

最近一段时间，疯涨的内存价格终于稳定下来了。说实话，这玩意的上涨速度连小雷都看不懂。以前在整机配置里只能占10%预算的内存，现在已经成为与 CPU、显卡并列的"烧钱三巨头"，让整个消费电子市场哀嚎遍地。 不过，在"内存紧缺"的声音响彻全行业时，三星、SK海力士和美光这三大巨头却罕见放出消息，宣布将同步启动针对下游代理商与产品制造商的"真实需求 调查"，并释放增产信号。 对于整个内存市场而言，这个信号带来的"降温"效果非常显著。小雷已经看到部分内存条的价格从3999元"闪崩"到3199元。其中，英睿达天猫旗舰店的 DDR5 16G内存条，单根价格已经从1月25日的2000元（最高点）降到1699元。虽然还是很贵，却已然看到了降价的趋势。 图源：雷科技 看到这里，估计不少人都要问："内存是不是要大降价了？等等党要赢了？"别急，现在下定论还太早。想要让内存真正降价，接下来的半年时间才是关键。 狂飙的内存，到底是什么在驱动？ 图源：雷科技 面对突如其来的大量订单，代理商往往选择观望：一面给出少量货源稳住制造商，一面加紧向原厂下单。然而，新到的货源却被直接送入仓库，对外宣称供 货紧张，只能小批量出货。这种操作配合闪存原 ...

Market Analysis by covering: Nasdaq 100, NVIDIA Corporation, Micron Technology Inc, Advanced Micro Devices Inc. Read 's Market Analysis on Investing.com ...

Summary of Conference Call on Greater China Semiconductors Industry Overview - The focus is on the semiconductor memory market, particularly old memory types such as NOR, MLC NAND, and DDR4 - The analysis indicates a significant shift in supply-demand dynamics, with expectations of reduced support from mainstream memory vendors for older memory types [1][3] Key Points Memory Supply-Demand Dynamics - The memory supercycle is expected to further squeeze support for old memory types, with expectations that commodity memory supply will be fully sold by 2026 [3] - Forecasts indicate a 26% undersupply for DDR4 in 2026, up from a previous estimate of 20%, driven by reduced support from Korean vendors [4] - MLC NAND is projected to face a 30%+ undersupply in 2026, with Samsung, Kioxia, and Micron potentially reducing supply [5] - NOR memory is expected to see an 8% undersupply in 2026, an increase from 5%, due to declining supply from US vendors [6] Pricing Power and Market Sentiment - There is a bullish sentiment on old memory, with analysts recommending buying on dips [1][3] - Pricing for DDR4 and MLC NAND is expected to rise, with significant price hikes noted for smartphone products (60-70% QoQ) and server DDR5 pricing increasing by 100% QoQ [59] - The pricing for consumer NAND is anticipated to increase by 30-40% QoQ, while eSSD pricing may rise by 50-70% QoQ [59] Company-Specific Insights - Price targets for several companies have been raised, including: - Nanya Technology Corp: NT$298.00 to NT$348.00 - Winbond Electronics Corp: NT$130.00 to NT$155.00 - Powerchip Semiconductor: NT$77.00 to NT$88.00 - Macronix International: NT$93.00 to NT$121.00 - GigaDevice Semiconductor: Rmb355.00 to Rmb414.00 [7] AI and Memory Demand - The shift towards AI, particularly Agentic AI, is driving massive demand for DRAM and NAND memory, necessitating higher memory capacity and performance [34][35] - The memory requirements for AI inference are increasing, with projections indicating that AI inference demand will account for significant portions of global memory supply in 2026 [49] Market Risks and Considerations - The potential for supply shortages poses risks, particularly for automotive applications [5] - The overall DRAM industry demand is expected to grow by 20% YoY in 2026, driven by strong order demand from cloud service providers [59] Additional Insights - The analysis highlights the importance of memory in AI development, noting that memory is becoming a critical bottleneck as AI systems evolve [29][33] - The report emphasizes the need for architectural and software-level memory efficiency to address the increasing memory demands of AI applications [29][33] This summary encapsulates the key insights and projections regarding the semiconductor memory market, highlighting the implications for pricing, supply-demand dynamics, and the impact of AI on memory requirements.

美股三大指数周三收盘涨跌不一，道指涨0.53%，纳指跌1.51%，标普500指数跌0.51%，热门科技股普 遍下跌，AMD跌超17%，英伟达、特斯拉、博通、Meta跌超3%。半导体设备与材料、存储概念股、加 密矿企跌幅居前，闪迪跌近16%，美光科技跌超9%。减肥药概念股、住宅地产涨幅居前，礼来涨超 10%，安进涨超8%。纳斯达克中国金龙指数收跌1.95%，热门中概股普跌，哔哩哔哩跌超6%，百度跌 超4%，阿里巴巴。蔚来、小鹏汽车跌超2%，理想汽车、霸王茶姬涨超1%。 0:00 ...