电子行业周报：SKhynix发布存储新路线，重塑AI时代新架构-20251110

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry is experiencing a price increase in storage chips, driven by the new storage roadmap announced by SK hynix, which focuses on AI-specific memory solutions [3][6]. - The global DRAM and NAND markets are showing continuous growth, with DRAM holding a dominant position, accounting for 68.32% of the storage chip market as of Q2 2025 [19][21]. - Jiangbolong, a leading domestic storage module company, is well-positioned to benefit from the industry's shift towards AI applications, with a significant revenue increase projected [38][42]. Summary by Sections 1. SK hynix's New Storage Roadmap - SK hynix announced a new vision to become a "full-line AI storage creator" and introduced three new storage lines: Custom HBM, AI-specific DRAM (AI-D), and AI-specific NAND (AI-N) [6][7]. - The company plans to launch HBM series products from 2026 to 2031, including HBM4 and HBM5, with a focus on high bandwidth and low power consumption [8][19]. 2. Global DRAM/NAND Market Dynamics - The global DRAM and NAND markets are characterized by oligopoly, with SK Hynix, Samsung, and Micron controlling over 90% of the DRAM market [21][23]. - The market size for DRAM and NAND is projected to reach $95.863 billion and $65.635 billion, respectively, in 2024 [19][21]. 3. Jiangbolong's Market Position - Jiangbolong reported a revenue of 17.464 billion yuan in 2024, a year-on-year increase of 72.48%, with a compound annual growth rate of 44.79% from 2022 to 2024 [38][42]. - The company focuses on high-performance NAND Flash and DRAM products, particularly in the consumer electronics and data center sectors [42][38]. 4. Recent Industry Events - OpenAI signed a $38 billion cloud computing agreement with AWS, indicating a growing demand for AI infrastructure [47][48]. - NVIDIA and Deutsche Telekom announced a joint investment of €1 billion to build an AI data center in Germany, enhancing AI capabilities in Europe [49][50]. - AMD reported a Q3 revenue of $9.25 billion, reflecting a 36% year-on-year growth, driven by strong demand in the data center and gaming sectors [51][52].