半导体行业周报：美光退出消费赛道，长鑫IPO进程加速，摩尔线程MUSA开发者大会开幕-20251224

Investment Rating - The report maintains a "Buy" rating for several companies, including 德明利 (Demingli), 通富微电 (Tongfu Microelectronics), 海光信息 (Haiguang Information), 寒武纪 (Cambricon), and 中芯国际 (SMIC) [9][17]. Core Insights - Micron Technology announced its exit from the consumer market by the end of February 2026 to focus on the HBM segment, which is crucial for AI data centers, reflecting a shift in global storage demand from cyclical fluctuations to AI-driven structural growth [4][5][15]. - The MUSA Developer Conference by Moore Threads showcased significant advancements in GPU architecture and AI computing capabilities, indicating a strong focus on the domestic semiconductor industry [6][16]. Summary by Sections Industry Performance - The electronics sector has shown strong performance with a 70.8% increase over the past 12 months, significantly outperforming the Shanghai Composite Index [2][3]. Market Dynamics - The storage market is expected to grow by 27.8% in 2025, driven by rising prices and demand, particularly benefiting major players like Samsung [20]. - NAND Flash prices have surged by 246% this year, with a significant portion of the increase occurring in the last 60 days, impacting the cost structure of consumer electronics [22][33]. Key Company Developments - Micron's HBM product revenue reached nearly $2 billion in the last fiscal quarter, indicating a strong market position in high-margin segments [4][15]. - Longxin Technology has initiated its IPO process, aiming to become the first domestic storage stock in the capital market [5][15]. - SK Hynix has introduced a 256GB DDR5 RDIMM memory module, marking a significant advancement in AI and cloud data center applications [28][29]. Investment Focus - The report suggests focusing on companies within the domestic semiconductor supply chain, including 佰维存储 (Baiwei Storage), 江波龙 (Jiangbolong), and 中微公司 (Zhongwei Company) [6][16].