受益于旺季备货需求与存储周期进一步改善，A股Nor Flash存储龙头兆易创新(603986)今年第三季度盈 利同比增长约六成。 11月24日，公司高管在第三季度业绩说明会上表示，利基型DRAM市场呈现明显的供不应求现象，初步 预计涨价趋势在未来的两个季度有望得以延续，并在明年后续几个季度维持相对较高的价格水平。另 外，公司将结合实际经营需求与DRAM核心供应商积极协商，争取得到产能支持。 今年第三季度，兆易创新营业收入同比增长31.4%至26.8亿元，归母净利润同比增长61.1%至5.08亿元， 环比增长49%。得益于存储产品涨价的拉动，第三季度单季毛利率环比提升3.7个百分点至40.72%。 据介绍，在主要产品线方面，公司利基型DRAM产品今年一季度末价格回暖，下半年利基型DRAM收入 有明显增长，有望超越MCU业务成为公司第二大产品线；Flash同样受益于存储周期的改善，NOR Flash 处于温和涨价周期中，SLC NAND产品开始涨价；MCU收入环比持平略增，依然保持了较好的水平； 模拟、传感业务等方面，公司与赛芯的整合顺利推进；定制化存储解决方案进展顺利，进入年末，陆续 有部分项目进入客户送样、小 ...

机构：平安证券 研究员：王德安/王跟海/杨钟/徐勇 事项： 智能手机业务受存储涨价，2026 年成本端略有压力。三季度公司手机出货量超过4300 万台（同比 +0.5%），智能手机业务营收达到460 亿元（同比-3.1%），营收端下降主要是由于智能手机ASP 下降所 致，三季度公司智能手机ASP 达到1062.8 元（同比-3.6%），海外市场ASP 下降对公司手机业务造成一 定压力，但部分被中国大陆高端智能手机出货量占比提高带动ASP 上升抵消。毛利率方面，三季度公 司智能手机业务毛利率为11.1%，同比下降约0.6 个百分点。展望后续，受全球内存市场持续涨价的影 响，我们预计公司智能手机、平板、笔记本电脑在2026 年或将面临成本端的压力，其毛利率将有所承 压。 三季度IoT 与生活消费品业务营收增速回落，主要是由于国补退坡导致智能大家电收入同比减少。三季 度IoT 业务营收达到276 亿元，同比增加5.6%。其中若干生活消费产品收入同比增加20.4%，可穿戴产 品收入同比增加22.5%，智能大家电收入同比减少15.7%，这主要是由于中国大陆出货量因国家补贴退 坡及竞争加剧而减少。小米智能家电工厂已正式竣 ...

Group 1 - The A-share market opened lower on November 18, with the three major indices declining collectively. The Kexin 50 ETF (588000) experienced a peak increase of 0.98% during the morning session, driven by semiconductor stocks, with significant gains from companies like Jingchen Co. (over 8% increase) and others like Zhongwei and Hanwha Microelectronics (over 3% increase) [1] - The Kexin 50 ETF (588000) has seen substantial capital inflow recently, with a net inflow of over 666.5 million in the last three days and over 2.143 billion in the last five days. The trading volume for the ETF exceeded 1.134 billion [1] - Semiconductor company SMIC reported a significant demand for various storage products, including NOR/NAND Flash and MCU, indicating a supply shortage in the storage industry that is expected to maintain high price levels [1] Group 2 - Changjiang Securities forecasts that the current storage cycle is being driven by increasing demand from AI, transitioning from a supply-controlled price cycle to a demand-driven industrial cycle. By 2026, the storage market is expected to see strong demand from AI, with manufacturers focusing more on server products, potentially reducing supply for consumer-grade products [2] - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%. This aligns well with the development of cutting-edge industries such as AI and robotics. The ETF also covers various high-tech sectors, including medical devices, software development, and photovoltaic equipment, indicating a strong long-term outlook for China's hard technology sector [2]

Group 1 - The core viewpoint of the articles highlights a structural and long-term shortage in the global storage industry due to increased AI investments by North American cloud service providers, leading to a significant supply gap in HDDs and a surge in demand for high-capacity QLC SSDs [2] - Major DRAM manufacturers such as SK Hynix, Samsung, and Micron, along with NAND manufacturers like Kioxia and Yangtze Memory Technologies, have seen their capacities fully utilized, indicating that the shortage issue is unlikely to be resolved in the short term, with relief expected only by the end of 2026 [2] - A-share storage module companies are currently prioritizing inventory management over order fulfillment, as the production cycle from wafer procurement to sales impacts profit margins positively when storage wafer prices rise, making inventory a critical asset [2] Group 2 - Among A-share storage module companies, Jiangbo Long leads in inventory with 8.51687 billion yuan, followed by Baiwei Storage, Demingli, Wanrun Technology, Langke Technology, and Tongyou Technology with inventories of 5.69514 billion yuan, 5.93952 billion yuan, 386.74 million yuan, 290.83 million yuan, and 138.24 million yuan respectively [3] - A-share storage module companies have been increasing R&D investments in enterprise storage, high-end consumer storage, overseas business, and self-developed main control chips, which are expected to drive profitability through internal growth factors [3] - Jiangbo Long has the highest R&D investment of 700.86 million yuan for the first three quarters of 2025, followed by Baiwei Storage with 409.93 million yuan, while Demingli, Wanrun Technology, Tongyou Technology, and Langke Technology have significantly lower investments [3] Group 3 - In terms of year-on-year growth rates for R&D investments, Langke Technology shows a notable increase of 32.2264%, followed by Demingli at 25.7229% and Baiwei Storage at 20.9762%, while Jiangbo Long, Wanrun Technology, and Tongyou Technology have much lower or negative growth rates [4] - Jiangbo Long and Baiwei Storage are positioned as leading companies in the industry, with both high inventory levels and R&D investments, which significantly exceed their peers, allowing them to build a competitive moat and widen the gap with competitors [4]

Core Viewpoint - The article highlights the strong performance of SMIC in Q3 2025, with revenue and gross margin exceeding guidance, driven by high capacity utilization and strong demand across various sectors, despite a conservative outlook for Q4 2025 due to seasonal factors and customer ordering patterns [2][4]. Financial Performance - In Q3 2025, SMIC reported revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8%, surpassing guidance of 5-7% [2][10]. - The gross margin for Q3 2025 was 22%, up 1.5 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding the guidance of 18-20% [2][10]. - The net profit attributable to shareholders was $192 million, reflecting a year-on-year increase of 28.9% and a quarter-on-quarter increase of 44.7% [2][10]. Capacity and Utilization - The capacity utilization rate reached 95.8% in Q3 2025, an increase of 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter, indicating strong demand and supply constraints [2][10]. - The wafer shipment volume was 2.499 million pieces, equivalent to 8-inch wafers, with a quarter-on-quarter increase of 4.6% [17]. Sector Performance - Smartphone revenue in Q3 2025 was $510 million, down 4.5% year-on-year and 7.4% quarter-on-quarter, primarily due to capacity adjustments and seasonal fluctuations in customer demand [3]. - Revenue from computers and tablets was $336 million, up 2.5% year-on-year and 9.9% quarter-on-quarter, while consumer electronics revenue reached $873 million, up 12.7% year-on-year and 14.9% quarter-on-quarter [3]. - Industrial and automotive revenue surged by 66.6% year-on-year and 21.8% quarter-on-quarter, reflecting strong demand in these sectors [3]. Q4 2025 Outlook - The company provided a conservative revenue guidance for Q4 2025, expecting a quarter-on-quarter growth of 0-2% and a gross margin of 18-20% [4][10]. - The cautious outlook is attributed to customer hesitance regarding year-end orders and the traditional seasonal slowdown, particularly in the smartphone market [4][10]. Strategic Insights - The company anticipates an acceleration in capacity expansion to meet growing domestic demand, particularly in the storage and logic chip sectors [4][10]. - The ongoing trend of domestic substitution is expected to continue, with a stable order flow and a focus on enhancing production capabilities [4][10].

Core Viewpoint - Shanghai Zhixi's reduction of shares in Purun Co., Ltd. indicates a strategic move to meet funding needs, while the company's stock performance and financial results reflect market volatility and operational challenges [1][3][4] Group 1: Shareholder Actions - Shanghai Zhixi reduced its holdings by 5.5832 million shares, accounting for 3.77% of the total share capital, raising approximately 596 million yuan [1] - The transfer price was set at 106.66 yuan per share, representing a discount of about 27% compared to the closing price of 146.14 yuan on November 3 [3] - The transaction involved 24 buyers, including several private equity funds and international investment institutions such as UBS AG, J.P. Morgan Securities plc, and Morgan Stanley International [3] Group 2: Company Financial Performance - For the first three quarters, the company reported revenue of 1.433 billion yuan, a year-on-year increase of 4.89%, while net profit attributable to shareholders was 59.0492 million yuan, a decline of 73.73% [4] - In Q3 alone, revenue reached 527 million yuan, up 11.94% year-on-year, but net profit fell by 79.37% to 18.3158 million yuan [4] - The company's short-term performance is under pressure due to shareholder reduction and market sentiment fluctuations, but long-term focus remains on storage cycles and new product launches [4]

Core Viewpoint - The recent surge in prices of storage products such as SSDs and DDR4 memory in Shenzhen's Huaqiangbei market has been attributed to increased demand driven by AI applications, leading to significant price increases over the past three months, with some products doubling in price [4][5][6]. Price Surge in Storage Products - SSD prices have seen dramatic increases, with SanDisk's 1TB SSD rising from approximately 300 yuan to 588 yuan, and Samsung's 1TB SSD reaching 1,020 yuan, reflecting a substantial demand-supply imbalance [5][6]. - DDR4 memory prices have also surged, with Samsung's 16GB DDR4 memory now priced between 410-420 yuan, up from 200 yuan just three months ago, indicating a shift in production focus towards higher-end products like DDR5 [6]. Market Dynamics and Supply Chain - The price increase is not consumer-driven but rather a result of AI server demands reshaping the supply chain, as manufacturers prioritize HBM and DDR5 production over older technologies [7]. - Companies that can anticipate market trends and manage inventory effectively are positioned to benefit from the current storage cycle [7]. A-Share Market Performance - The storage sector has shown remarkable performance in the A-share market, with companies like Jiangbolong reporting a net profit of 713 million yuan in the first three quarters, a dramatic increase of 1,994.42% year-on-year [7]. - Other companies such as Baiwei Storage and Shannon Chip Innovation have also reported significant profit increases, reflecting successful inventory strategies during this price surge [7][8]. Stock Price Increases - The stock prices of key players in the storage sector have risen significantly this year, with Shannon Chip Innovation up 498.59%, Jiangbolong up 223.47%, Baiwei Storage up 103.57%, and Lanke Technology up 93.26% [8].

Group 1 - The total number of ETFs reached 31.6 trillion shares as of November 9, 2023, an increase of 508.56 billion shares or 19.17% from the end of last year, with a total scale of 5.74 trillion yuan, up by 2,003.92 billion yuan or 53.7% [1][2] - Over 300 new ETF products were launched this year, bringing the total number of ETFs to 1,354 [1] - Among the ETFs, 69 products saw a scale increase of over 10 billion yuan, with several technology-related products performing exceptionally well, such as the Fortune Hong Kong Internet ETF, which increased by 62.65 billion yuan [1] Group 2 - The rapid growth in ETF scale this year is attributed to the increased attractiveness of technology assets and the significant contribution from newly launched products [2] - New ETFs launched this year include 277 equity funds with over 150 billion yuan in issuance and 32 bond funds with over 90 billion yuan in issuance, indicating a strong investor preference for equity assets [2] - The technology sector is expected to remain a crucial part of China's economic development, providing long-term growth momentum for sub-sectors like large models and software applications, as well as benefiting from policy support in areas like cybersecurity and quantum computing [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index has risen by 2.21%, with significant gains in constituent stocks such as Yuanjie Technology (up 14.37%) and Shengke Communication (up 4.34%) [2] - The Bosera Sci-Tech Chip ETF (588990) has increased by 2.04%, reaching a latest price of 2.45 yuan, and has seen a cumulative increase of 41.28% over the past three months [2] - The trading volume for the Bosera Sci-Tech Chip ETF was 9.21 million yuan, with a turnover rate of 1.3% [2] Group 2 - SK Hynix has confirmed its leading position in the HBM market, with prices for the sixth-generation high bandwidth memory (HBM4) supplied to Nvidia increasing by over 50% compared to the previous generation [3] - TrendForce forecasts a quarter-on-quarter increase of 18%-23% for general DRAM prices and 23%-28% for HBM prices in Q4 2025, indicating a significant upward adjustment [3] - The demand for storage solutions, particularly in AI applications, is expected to drive a sustained upward cycle in the storage market, with projections extending at least until the second half of 2026 [4] Group 3 - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index account for 60.55% of the index, with companies like Haiguang Information and Cambricon leading the list [5] - The semiconductor industry ETF has seen a net inflow of 54.88 million yuan over the past five trading days, indicating positive investor sentiment [4]

Core Viewpoint - The A-share market has returned to the 4000-point level for the first time in over ten years, driven by strong performance in technology sectors such as CPO concepts, semiconductors, and AI computing [1][2]. Market Performance - The Shanghai Composite Index has increased over 45% since the "924" market rally began last year, with the Shenzhen Component Index rising over 66% and the ChiNext Index soaring over 110% [2]. - The total market capitalization of A-shares has grown from 52 trillion yuan to 107 trillion yuan over the past decade, with the number of stocks increasing from 2662 to 5440 and the number of investors rising from over 93 million to more than 240 million [2]. Sector Analysis - The rise of "hardcore technology stocks" has established a strong technology sector as the main market driver, while the food and beverage sector is recognized as a long-term bull market with a 135% increase over the past decade [6]. - The top ten stocks that have outperformed the market since August 2015 have all seen price increases exceeding tenfold, with significant contributions from the electronics, communications, and power equipment industries [2]. Consumer Sector Outlook - The consumer sector, particularly the liquor industry, is showing signs of stabilization after a prolonged adjustment period, with the China Securities Liquor Index recently forming a W-shaped bottom pattern [7][8]. - The price-to-earnings ratio of the liquor sector is approximately 18.72 times, down about 63% from its peak in 2021, indicating a growing valuation advantage [10]. Policy and Economic Context - The "14th Five-Year Plan" emphasizes enhancing technological self-reliance, positioning new productive forces as a core driver of economic growth over the next five years [6]. - Despite a projected slowdown in China's economic growth to 4.5% in 2025, supportive policies such as infrastructure spending and social security improvements are expected to benefit consumption scenarios, including social gatherings and business banquets [11]. Investment Strategy - Investors are advised to consider a dual approach: actively pursuing technology stocks for aggressive growth while also allocating to the consumer sector, particularly liquor, for defensive positioning [13].