Shannon Semi(SZ:300475) GOLDEN SUN SECURITIES·2025-09-23 00:22Group 1: Core Insights - The report indicates a rebound in copper, aluminum, and steel inventories, with the inventory high-frequency index reaching 162.0, an increase of 8.7 points year-on-year [2][3] - The industrial production high-frequency index is at 127.0, reflecting a year-on-year increase of 5.3 points, indicating stable production growth [2] - The report highlights a significant growth opportunity in the enterprise storage market, driven by AI investments, with the market expected to reach $87.8 billion in 2025, growing at a CAGR of approximately 18.7% from 2024 to 2028 [6][7] Group 2: Company-Specific Developments - The company, 香农芯创, has established a dual business model of "distribution + products," having acquired distribution rights for major semiconductor manufacturers and launched a joint venture for enterprise-level SSDs [4][5] - In the first half of 2025, 香农芯创 achieved revenue of 17.1 billion yuan, a year-on-year increase of 119%, indicating strong growth driven by AI-related capital expenditures [6][7] - The company is positioned to benefit from the increasing demand for enterprise-level storage solutions, with a focus on high-capacity and low-energy products, and aims to enhance its market share through domestic product replacements [7][8]