Accelerating digital transformation, edge computing, proliferation of AI workloads and enterprise cloud adoption are driving demand for reliable, scalable and cost-efficient data storage solutions, supporting long-term growth for the Zacks Computer-Storage Devices industry. As hyperscalers double down on AI clusters, companies like Western Digital (WDC) are benefiting from orders for high-capacity hard disk drives (HDDs) and enterprise solid-state drives (SSDs) and emerging storage architectures. HDDs remai ...

Group 1: Market Movements - Baoji Pharmaceutical-B (02659) surged over 3.2% amid its debut on the Hong Kong Stock Exchange, closing up 138.82% on its first day, with a market capitalization exceeding HKD 20 billion [1] - New Energy (01799) and Xinyi Solar (00968) saw declines of 3.01% and 3.67% respectively, as the photovoltaic sector faced weakness, with rumors of a 30 billion yuan investment for capacity storage by major companies [1] - Xpeng Motors-W (09868) and Li Auto-W (02015) dropped 4.88% and 2.67% respectively, following data from the China Association of Automobile Manufacturers indicating a month-on-month increase in production and sales [1] Group 2: Company-Specific News - Bolek Vision Cloud-B (02592) experienced a significant drop of nearly 15%, having previously doubled in price over 10 trading days, as it announced a new drug trial application to the FDA [2] - Hu Shang Ayi (02589) rose nearly 6% as Nayuki Tea expanded into the U.S. market, enhancing the international presence of Chinese tea brands [2] - Gold stocks fell sharply, with Zijin Mining (02899) and Shandong Gold (01787) declining by 4.29% and 4.94% respectively, following a report on the Bloomberg Commodity Index's upcoming rebalancing [2] Group 3: Cryptocurrency and Technology - Cryptocurrency ETFs faced significant declines, with notable drops in Bitcoin and Ethereum-related funds, as Bitcoin fell 3.3% from its record high, reflecting market pressures amid weak liquidity [3] - Oracle (ORCL.US) continued its downward trend, dropping 2.66% due to delays in delivering AI data centers for OpenAI, attributed to labor and material shortages [6] - Nvidia (NVDA.US) saw a slight increase of 0.73% after announcing the release of its third-generation language model, aimed at writing and programming tasks [6]

Company Report | Semiconductor , 2025 Equity Research Hold Target price: $239 Downgrade ] Zhou Yang SFC CE No. BSF949 zhouyang@gfgroup.com.hk Jeff Pu, CFA Dec 11 SanDisk (SNDK US) SFC CE No. BNO719 jeffpu@gfgroup.com.hk Michelle Jing SFC CE No. BUK594 michellejing@gfgroup.com.hk Time for a break Consumer weakness pressuring 2Q26: We believe NAND pricing will be pressured starting 2Q26 due to weakening consumer electronics demand. We are witnessing major local Android OEMs and Samsung planning at least 10% u ...

Market Overview - The S&P 500 has historically increased about 10% annually on average, with a year-to-date gain of 17% in 2025, indicating a potential for above-average returns for the third consecutive year [1][2] - Historical data suggests that the stock market tends to rise two out of three years, implying a high probability of another strong year in 2026 [5][7] Investment Strategy - Investors are encouraged to maintain a long-term investment strategy, as the average bear market lasts only 15 months and is infrequent, while market downturns of 10% to 20% are short-lived [7] - The S&P 500 is statistically likely to increase in value in 2026, and even if a market crash occurs, it is expected to be brief, leading to a new bull market [7][14] Company Focus: Sandisk - Sandisk has been the top performer in 2025 so far, with a year-to-date increase of over 500%, and is expected to outperform the S&P 500 again in 2026 [9][10] - The company reported a 10% revenue increase for fiscal 2025, with a significant surge of 23% year-over-year in the first quarter of 2026, and management anticipates over 40% growth for Q2 [12][13] - Sandisk's memory products are crucial for data centers, with demand from major hyperscalers driving revenue and profit margins, suggesting a favorable operating environment for the foreseeable future [13]

记者丨刘雪莹 编辑丨曾静娇 美东时间周五，美股科技股重挫，中概股普跌。黄金突破4300美元后急跌，白银跳水。加密货币市场多 数下跌，超11万人被爆仓。 三大指数集体收跌，道指跌246点，纳指跌近400点，与标普500指数跌幅均超1%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48458.05 | 23195.17 | 6827.41 | | -245.96 -0.51% -398.69 -1.69% -73.59 -1.07% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7750.10 | 25210.25 | 6834.50 | | -23.27 -0.30% -503.25 -1.96% -72.75 -1.05% | | | 近期，多家机构对黄金价格走势持乐观态度，据智通财经报道，高盛表示，如果美国私人投资者将资金 部署到黄金交易所交易基金(ETF)中，到2026年底，金价达到每盎司4900美元的预期有很大上调空间。 加密货币市场普跌，比特币跌超2%，以太坊跌近4.5%，全市场超11万人爆仓。 | 名称 | 现价 | 涨跌幅 ...

| 代码 | 名称 | | 涨跌幅 ^ | 盘前涨跌幅 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | SNDK | SanDisk Corp | O | -11.43% | -3.91% | 313.62亿 | 510.38% | | WDC | 西部数据 | | -6.28% | -1.54% | 599.83亿 | 290.86% | | MU | 美光科技 | | -5.24% | -1.10% | 2756.21亿 | 191.85% | | RMBS | Rambus | | -5.00% | -1.10% | 108.41亿 | 90.51% | | STX | 希捷科技 | | -4.33% | -2.15% | 628.93亿 | 246.92% | | PSTG | Pure Storage | | -4.30% | -1.45% | 239.74亿 | 18.20% | | SIMO | 慧荣科技 | | -2.54% | -1.87% | 30.89亿 | 73.46% | 格隆汇12月12日｜美股市场存储芯 ...

周五，存储概念股纷纷下挫，SanDisk(SNDK.US)跌超12%，西部数据(WDC.US)跌超6%，美光科技 (MU.US)、希捷科技(STX.US)跌超4%。消息面上，Interactive Brokers首席策略师Steve Sosnick认为，市 场对整体AI交易的担忧是合理的，因为现在企业对AI已做出数万亿美元的投入承诺，但投资者很难判 断这些投入将如何演变，市场适度从这一板块撤出是正确的。 ...

智通财经APP获悉，周五，存储概念股纷纷下挫，SanDisk(SNDK.US)跌超12%，西部数据(WDC.US)跌 超6%，美光科技(MU.US)、希捷科技(STX.US)跌超4%。消息面上，Interactive Brokers首席策略师Steve Sosnick认为，市场对整体AI交易的担忧是合理的，因为现在企业对AI已做出数万亿美元的投入承诺， 但投资者很难判断这些投入将如何演变，市场适度从这一板块撤出是正确的。 ...

摩根士丹利预计，包括谷歌、亚马逊、Meta、微软和CoreWeave在内的科技巨头，今年将在人工智能基 础设施上投入4000亿美元。而这场AI繁荣，又恰逢传统数据中心和个人电脑迎来新的更新换代周期。 分析师指出，加上手机销量超预期，这共同加剧了非HBM内存芯片的供应紧张，并推高了其价格。 据悉，RAM以4GB DDR4X为例，颗粒现货市场从今年初最低7美元/颗涨到11月中旬的30美元/颗以上， 上涨3—4倍;闪存以64G eMMC为例，从年初的3.2美元/颗上涨到近期的8美元/颗以上，涨幅接近1.5倍。 另外，随着海外AI服务器对eSSD的需求增加，NAND闪存也紧跟DRAM颗粒之后开始大幅涨价。 智通财经获悉，法国巴黎银行表示，随着人工智能(AI)推动内存行业进入"历史性上升周期"，美光科技 (MU.US)和Sandisk(SNDK.US)有望持续受益。该行分析师卡尔·阿克曼(Karl Ackerman)在客户报告中表 示："随着消费级DRAM和NAND TLC现货价格在11月同比分别上涨408%和165%，我们相信DRAM和 NAND正步入可能贯穿2026年的历史性上升周期。我们继续看好内存和存储供应链， ...

来自中国竞争对手的成熟芯片竞争日益激烈，也促使控制着全球约70%的DRAM芯片市场的三星和SK 海力士这两家公司加速向高端芯片转移。这些厂商自2025年初起便陆续调整战略，逐步减少乃至计划在 2025年底至2026年初完全停止DDR4内存颗粒的生产，将产能全面转向利润更高、技术更先进的 DDR5、HBM等产品。 摩根士丹利预计，包括谷歌、亚马逊、Meta、微软和CoreWeave在内的科技巨头，今年将在人工智能基 础设施上投入4000亿美元。而这场AI繁荣，又恰逢传统数据中心和个人电脑迎来新的更新换代周期。 分析师指出，加上手机销量超预期，这共同加剧了非HBM内存芯片的供应紧张，并推高了其价格。 阿克曼解释道："自1999年以来，DRAM的平均上升周期持续8个月，平均售价从低谷到高峰上涨53%， 而NAND的平均上升周期通常持续6个月，平均售价上涨40%。当前DRAM上升周期已进入第5个月，平 均售价较谷底上涨55%;NAND上升周期进入第4个月，平均售价较谷底上涨51%。然而，我们预计本轮 上升周期对DRAM和NAND都将更具持续性。我们观察到巨大的现货/合约价差：DDR4为45%，DDR5 为89%，25 ...