硅基石油：AI狂飙下的存储芯片的国产突围战——从“超级周期”透视产业链价值与投资机遇（三）

Core Viewpoint - The storage chip industry is experiencing a value reassessment driven by a super cycle and domestic substitution, shifting the investment perspective from financial performance to growth certainty and technological leadership [2] Group 1: Key Companies in the Industry - Changxin Technology has rapidly risen, achieving a global market share of 3.97% by Q2 2025, ranking fourth globally and first in China in terms of capacity, shipment volume, and sales [3] - The company has incurred cumulative losses of approximately 37 billion yuan from 2022 to Q3 2025, but expects revenue of 55 to 58 billion yuan and a net profit of 2 to 3.5 billion yuan for the full year of 2025 [5] - Yangtze Memory Technologies is a leader in domestic NAND Flash IDM, with its proprietary Xtacking® architecture enabling it to lead in technology and production efficiency [6][7] - Jiangbo Long utilizes a unique dual-mode manufacturing approach, allowing it to provide customized solutions that meet local customer needs, establishing a differentiated advantage in embedded storage and SSD markets [8] - Lanke Technology is a global leader in memory interface chips, particularly benefiting from the explosive growth in global server DRAM demand [9] Group 2: Equipment and Materials - Northern Huachuang and Zhongwei Company are domestic semiconductor equipment leaders, crucial for the production capacity and localization of storage chips [11] - Zhaoyi Innovation maintains a strong position in the Nor Flash niche market while actively expanding into the DRAM business, representing a platform-based storage supplier [11] Group 3: Strategic Implications - The super cycle of storage chips reflects a broader narrative about national strategy, focusing on data sovereignty, security, and industrial resilience [12] - The AI wave is redefining the value of storage, driving capital and technology towards high-end products like HBM and high-frequency DDR5, while reshaping the global supply chain [12][13] - The advancements of companies like Changxin Technology and Yangtze Memory Technologies are critical for establishing a stable domestic DRAM supply, essential for China's digital future [12][13]