Key Takeaways Screen highlights five stocks showing strong relative price strength amid steady market gains.PARR shows rising 2025 earnings estimates and a 146.2% share gain over the past year.SNDK posts sharp estimate boosts for fiscal 2026 and a 422.9% share surge in the past year.U.S. stocks have held up impressively despite pockets of volatility, extending a strong upswing that began well over a year ago. Even with occasional pullbacks, major indexes remain quite close to record levels, supported by res ...

据统计，该基金第三季度持仓总市值为70.2亿美元，上一季度总市值为79.7亿美元，环比减少13%。该基金在第三季度的持仓组合中新增了77只个股，增持 了44只个股。同时，该基金减持45只个股，清仓95只个股。其中，前十大持仓标的占总市值的31.16%。 | 2025-09-30 | | | --- | --- | | 13F Activity | | | Market Value | $7.02b, Prior: $7.97b | | Inflows (Outflows) as % of Total MV | (-13.4399)% | | New Purchases | 77 stocks | | Added To | 44 stocks | | Sold out of | 95 stocks | | Reduced holdings in | 45 stocks | | Top 10 Holdings % | 31.16% | | Turnover %11 | 61.65% | | Turnover Alt % 14 | 41.32% | | Time Held Top 20 | 1.65 quarter ...

Market Performance - On November 14, U.S. stock markets experienced a dramatic turnaround after a pre-market decline, with the Dow Jones Industrial Average initially dropping over 500 points and the Nasdaq Composite falling nearly 2% before rebounding [2] - The semiconductor sector led the Nasdaq's recovery, with significant gains from companies such as Sandisk, which surged nearly 10%, and Micron Technology, which rose over 7% [2] Semiconductor Sector - Due to AI demand causing supply shortages, Samsung Electronics raised the prices of some memory chips by 30%-60% compared to September, with the price of a 32GB DDR5 memory module increasing from $149 to $239, a rise of over 60% [3] - Other DDR5 products also saw substantial price increases, with 16GB and 128GB modules rising approximately 50% to $135 and $1194, respectively, and 64GB and 96GB modules increasing by over 30% [3] Investor Sentiment - Billionaire investor Ron Baron expressed confidence during the recent tech stock sell-off, viewing the market pullback as an opportunity to find undervalued stocks, particularly not selling his Tesla shares [4][5] - Rick Gardner from RGA Investments noted that the market's recent volatility was expected and attributed it to the lack of economic data, suggesting that the market needs time to stabilize [5][6] Federal Reserve Outlook - Despite the absence of economic data support, some analysts expect the Federal Reserve to lower interest rates in December, although market volatility is anticipated in the coming months due to the potential release of economic data [6] - Current market expectations for a 25 basis point rate cut in December are slightly above 51%, down from earlier expectations of 62.9% and significantly lower than 95.5% a month ago [6]

摩根士丹利指出，本轮存储超级周期的核心驱动力已发生质变。需求方不再是价格敏感的传统消费电子 客户们，而是为构建天量AI算力基础设施而展开军备竞赛的AI数据中心和云计算服务巨头们，乃至一 些主权政府机构。大摩表示，对他们而言，获取包括DRAM与NAND系列的存储产品是战略"必需品"， 价格敏感度被降至最低，同时，HBM所需的庞大产能仍在结构性地挤占三大存储巨头的DDR4与DDR5 产能。 周五，美股存储概念股逆势拉升，SanDisk Corp(SNDK.US)涨超5%，美光科技(MU.US)涨超4%，西部 数据(WDC.US)涨超2%，希捷科技(STX.US)转涨。消息面上，有媒体援引知情人士透露的消息报道称， 全球最大规模存储芯片制造商——即来自韩国的三星电子(Samsung Electronics)在本月将某些对于全球 存储端至关重要存储芯片价格较9月份大幅上调。知情人士透露，此次三星对于某些存储芯片上调的最 高幅度达60%，这些存储芯片由于科技巨头们在全球范围大举推进建设AI数据中心带来的指数级需求扩 张而出现严重短缺。 ...

摩根士丹利指出，本轮存储超级周期的核心驱动力已发生质变。需求方不再是价格敏感的传统消费电子 客户们，而是为构建天量AI算力基础设施而展开军备竞赛的AI数据中心和云计算服务巨头们，乃至一 些主权政府机构。大摩表示，对他们而言，获取包括DRAM与NAND系列的存储产品是战略"必需品"， 价格敏感度被降至最低，同时，HBM所需的庞大产能仍在结构性地挤占三大存储巨头的DDR4与DDR5 产能。 智通财经APP获悉，周五，美股存储概念股逆势拉升，SanDisk Corp(SNDK.US)涨超5%，美光科技 (MU.US)涨超4%，西部数据(WDC.US)涨超2%，希捷科技(STX.US)转涨。消息面上，有媒体援引知情 人士透露的消息报道称，全球最大规模存储芯片制造商——即来自韩国的三星电子(Samsung Electronics)在本月将某些对于全球存储端至关重要存储芯片价格较9月份大幅上调。知情人士透露，此 次三星对于某些存储芯片上调的最高幅度达60%，这些存储芯片由于科技巨头们在全球范围大举推进建 设AI数据中心带来的指数级需求扩张而出现严重短缺。 ...

Core Viewpoint - Kioxia's disappointing financial results reflect uncertainties at the tail end of the industry's cyclical low, yet there is optimism regarding the overall upward trend in NAND prices [2][7]. Financial Performance - Kioxia reported a net profit of 40.7 billion yen (approximately 1.873 billion RMB) for Q2 of FY2025 (July-September), a significant decline of 62% year-on-year, falling short of market expectations of around 47.4 billion yen [4][5]. - The poor performance is attributed to seasonal smartphone demand, which led to a high proportion (35%) of low-margin smart device products, while the share of high-margin AI data center products remained low [4]. Market Reaction - Following Kioxia's financial report, its stock price plummeted by 23.03% to 10,025 yen, causing a ripple effect in the U.S. market, with major storage companies like SanDisk, Seagate, and Western Digital experiencing declines of 15.6%, 7.31%, and 5.39% respectively [5][6]. - Concerns over global storage chip supply-demand imbalances were heightened, despite strong AI and data center demand, as Kioxia's results revealed profitability pressures [5]. A-Share Market Impact - The negative impact of Kioxia's report extended to the A-share market, with stocks like Zhaoyi Innovation and Baiwei Storage dropping by over 3% and 11% respectively [6]. - The A-share storage sector had previously benefited from a "price surge" in the global storage chip market and the explosive demand from AI [6]. Future Outlook - Analysts remain optimistic about the storage sector's rebound, driven by AI demand, despite the short-term panic triggered by Kioxia's results [7]. - Kioxia anticipates record revenue and profit for Q3 of FY2025 (October-December), primarily due to higher average selling prices and increased NAND demand related to AI [7].

Core Viewpoint - The uncertainty caused by the U.S. government shutdown is impacting the Federal Reserve's decision-making, leading to a risk-averse sentiment in the market, which has resulted in significant declines in high-growth and AI-related stocks [1][9]. Market Reaction - The U.S. stock market experienced its largest drop in nearly a month, with the Nasdaq 100 index falling by 2% and the S&P 500 and Dow Jones Industrial Average both down by 1.7% [3]. - High-growth stocks, particularly those favored by retail investors, saw their largest declines since April, with a notable drop in AI-related stocks [2][6]. Economic Data Impact - The government shutdown has delayed the release of key economic data, including unemployment claims and inflation figures, contributing to market anxiety [10]. - The lack of critical economic reports has left investors struggling to assess the economic landscape, further exacerbating market volatility [10]. Interest Rate Expectations - Swap traders have reduced the probability of a rate cut in December to approximately 50%, down from 72% a week prior, reflecting a shift in market sentiment [1]. - The uncertainty surrounding the Federal Reserve's future actions, particularly in light of high inflation and a weak job market, is a primary source of market anxiety [9][13]. Stock Performance - AI-related stocks have seen significant declines, with companies like Sandisk and Astera Labs dropping 14% and 8.4% respectively, while Nvidia and Broadcom also faced losses [6]. - The retail investor sentiment index has shown a notable decrease, with the Citi U.S. Retail Favorites Index down 6%, marking its largest drop since April [8].

每经AI快讯，11月13日，美股存储芯片股下跌，闪迪下跌7%，西部数据下跌4%，希捷科技下跌4.3%。 （文章来源：每日经济新闻） ...

美国存储芯片股下跌，西部数据下跌4%，闪迪下跌7%，希捷科技下跌4.3% 来源：滚动播报 ...

Equity Research Sources: GF Securities (Hong Kong) Brokerage Nov 12, 2025 ] ] Sector Report | Technology Nov Edition: AI (Not A Bubble) Momentum Throughout Earnings Season | Jeff Pu, CFA | Evan Lee | | --- | --- | | SFC CE No. BNO719 | SFC CE No. BVI629 | | jeffpu@gfgroup.com.hk | evanlee@gfgroup.com.hk | Indices ranging-bound, with memory & optical remaining under the spotlight: As said in our Oct Edition, due to flux developments in semis amid political uncertainties, Nasdaq and SOX moved side ways in the ...