存储景气向上、潮玩出海加速、锂电曙光初现

Industry Outlook - The new energy vehicle (NEV) industry chain continues to show high prosperity, with terminal sales and power battery production maintaining high growth rates[3] - The lithium carbonate price remains low and fluctuates due to a balance of strong demand and ample supply in the market[3] Consumer Sector - Southeast Asia, with a population of over 600 million and a youthful demographic, has become a key market for Chinese trendy toy brands[3] - The competition among trendy toy brands in Southeast Asia has shifted from product comparison to a comprehensive evaluation of business models, IP innovation, and channel layout[3] Hard Technology - The storage industry maintained high prosperity in Q2 2025, with DRAM revenue reaching $31.63 billion, a quarter-on-quarter increase of 17.1%[22] - NAND Flash revenue from the top five brands grew by 22.0% to $14.67 billion in Q2 2025, driven by strong demand from AI servers and data centers[23] High-end Manufacturing - The NEV market is transitioning from policy-driven to market-driven, supported by macroeconomic recovery and consumer release, with power battery production expanding rapidly[3] - The lithium battery industry is expected to benefit from the maturation of cutting-edge technologies like solid-state batteries, enhancing long-term growth momentum[3] Risk Factors - Potential risks include macroeconomic fluctuations, market competition, and product innovation falling short of expectations[3]