存储缺货涨价行情有望贯穿26年全年，看好利润弹性超预期

Core Viewpoint - The storage shortage and price increase trend is expected to continue throughout 2026, with profit elasticity exceeding expectations [2] Group 1: NAND Market and Company Performance - SanDisk's performance exceeded expectations, with Non-GAAP quarterly revenue increasing by 21% quarter-on-quarter; gross margin at 29.9%, up 3.5 percentage points; and net profit up 331% quarter-on-quarter [1][2] - NAND demand has surpassed expectations, with inventory turnover days reduced from 135 to 115 days, and production capacity utilization reaching 100% [1][2] - The data center business grew by 26% quarter-on-quarter, and it is anticipated that by 2026, the data center will surpass the mobile market to become the largest segment for NAND applications [1][2] Group 2: Semiconductor Industry Insights - Global semiconductor sales reached a record high of $208.4 billion in Q3 2025, with a year-on-year growth of 25.1% and a quarter-on-quarter growth of 15.8% [2] - The semiconductor sector's gross margin has improved, with Q3 2025 gross margin recovering to levels comparable to the first half of 2021 [2] - Hua Hong Semiconductor's capacity utilization increased to 109.5% in Q3 2025, indicating a significant recovery in the domestic semiconductor industry [2] Group 3: AI and Technology Developments - Apple plans to collaborate with Google to restructure Siri using the Gemini AI model, which is expected to launch in Spring 2026 [3] - OpenAI and AWS have established a strategic partnership worth $38 billion, enhancing OpenAI's AI capabilities through AWS's advanced infrastructure [3] - The restriction on NVIDIA's B30A chip sales to China presents an opportunity for domestic computing chip manufacturers to increase their market share by 2026 [4] Group 4: LCD TV Panel Market - Demand for LCD TV panels has weakened, with prices for various sizes declining by 2.9% to 1.6% in early November [5] - The LCD industry's evolution has reached a standstill, and competition is intensifying, leading to recommendations for companies like BOE Technology Group [5] Group 5: Investment Recommendations - Recommended companies in the consumer electronics sector include Industrial Fulian, Lens Technology, Xiaomi Group, and others [6] - In the semiconductor sector, recommended companies include SMIC, Aojie Technology, and Hua Hong Semiconductor [6] - For equipment and materials, companies like Northern Huachuang and Zhongwei Technology are highlighted [6]