大摩认为，存储行业短缺态势将持续至2026年底，江波龙凭借产品组合优化、自研控制器成本优势及稳 定供应能力，盈利能力将显著超越上一轮周期峰值。 Part.1 周末闪迪大幅提价的消息对存储公司又形成了新一轮刺激，而卖方机构也纷纷更新了自家的研究报告。 摩根士丹利在最新发布的一份研报中，大幅上调了中资存储公司江波龙的目标价格：在基准假设情景 下，目标价从人民币122元上调为人民币325元；若在乐观假设情景下，目标价定为人民币435元。 江波龙刚刚交出了一份亮眼的三季报，截至11月10日收盘，江波龙收盘报人民币284.07元。 存储超级周期仍处于早期阶段 供应端持续收紧： 模组制造商与上游存储芯片供应商已开始主动限制供应，以应对本轮上行周期的持续性，避免过早释放 产能导致价格回调。 尽管微软、亚马逊等大型云服务提供商试图通过签订2-3年长期协议换取产能加速扩张，但截至报告发 布时尚未与供应商达成一致，供需缺口预计至少持续至2026年底，期间供应商与具备稳定供应链的模组 厂商将持续掌握议价权。 AI驱动结构性增长： AI服务器对高容量eSSD的需求成为核心驱动力，单台 AI 服务器存储容量需求是普通服务器的5-8 倍 ...

此前业内对NAND闪存四季度合约价上涨已有预期，但远不及50%，例如TrendForce给出的平均涨幅预 估为5%-10%。 因此，闪迪最新的这一涨价消息自然引发了整个存储供应链震动，导致创见（Transcend）、宜鼎国际 （Innodisk）与宇瞻科技（Apacer Technology）等模组厂决定暂停出货并重新评估报价。其中，创见自 11月7日起暂停报价交货，理由为"预期市场行情将继续向好"，言外之意即是"价格还可能进一步上 涨"。 这是该龙头年内至少第三次涨价，其4月宣布全系涨价10%后，又在9月初涨价10%，打响存 储涨价"第一枪"，引发美光等存储龙头跟进涨价。 AI数据中心需求高涨叠加晶圆供应受限，存储行业供需缺口正快速拉大。在这一背景下，又一家龙头 发出涨价函。 据台湾电子时报消息，闪存龙头闪迪（SanDisk）11月大幅调涨NAND闪存合约价格，涨幅高达50%。 值得注意的是，这是闪迪今年以来至少第三次涨价，其在4月宣布全系涨价10%之后，又在9月初针对全 部渠道和消费类产品执行10%普涨，打响存储涨价"第一枪"，并引发了美光等存储龙头跟进涨价。 至于DRAM端，在此之前三大原厂已暂停报价。 ...

以下文章来源于科创板日报 ，作者小K 科创板日报 . 值得注意的是， 这是闪迪今年以来至少第三次涨价 ， 其在4月宣布全系涨价10%之后，又在9月初针对全部渠道和消费类产品执行10%普 涨，打响存储涨价"第一枪"，并引发了美光等存储龙头跟进涨价。 此前业内对NAND闪存四季度合约价上涨已有预期，但远不及50%，例如TrendForce给出的平均涨幅预估为5%-10%。 因此，闪迪最新的这一涨价消息自然引发了整个存储供应链震动，导致 创见（Transcend）、宜鼎国际（Innodisk）与宇瞻科技（Apacer Technology）等模组厂决定暂停出货并重新评估报价。 其中，创见自11月7日起暂停报价交货，理由为"预期市场行情将继续向好"，言外 之意即是"价格还可能进一步上涨"。 闪迪发出涨价函之前，已了解客户的2027年需求预期，且对NAND闪存市场需求给出了颇为乐观的预测： 当地时间11月6日，公司高管在2026财年第一财季（截至今年10月3日）财报公布后的电话会议上表示， 下游合约订单正从传统的按 季度提交转向连续多季的长约，客户为了寻求供应稳定，正与闪迪分享对2027年全年的需求预测。市场对闪迪NA ...

市场消息 美股风雨飘摇?摩根大通力挺：回调就是上车机会，大胆抄底！尽管市场对人工智能(AI)交易的可持续性日益担忧，但摩根大通 却从中看到了投资机会。该行表示，将抓住年底前任何抛售机会逢低买入，包括本周因科技股估值担忧引发的大幅回调。由摩 根大通市场情报团队全球主管Andrew Tyler领导的分析师们写道："我们会在年底前逢低买入。"分析师们表示，他们相信美股 的牛市格局依然完好，并预计标普500指数将在"短期内"强势突破7000点大关。这意味着该基准指数将从当前水平再上涨3%。 该行对美股前景保持乐观的原因包括：强劲的美国经济、强劲的企业盈利、关键逆风正在消退。 "AI泡沫"引发市场恐慌之际，花旗高呼逢低买入。全球股票市场近日因"AI泡沫论调"持续发酵而从历史最高位持续回调。花旗 资深美国市场股票策略师Drew Pettit认为，"大量利好已经被计入市场价格之中"，但是他强调道，短期市场疲软/向下回调可能 在投资者们普遍预期之内，支撑股票市场长期牛市的"人工智能基本面叙事"依然完好无损，这可能为回调期间创造重大逢低买 入机遇。在测算因AI泡沫冲击导致的潜在美股市场回调程度时，Pettit预估，若将未来盈利 ...

Core Viewpoint - SanDisk (SNDK.US) reported Q1 FY2026 earnings that significantly exceeded Wall Street analysts' expectations, highlighting the ongoing demand surge for storage products driven by AI training and inference needs [1][3][5] Financial Performance - SanDisk's Q1 revenue reached $2.308 billion, a 23% year-over-year increase and a 21% quarter-over-quarter increase, surpassing the expected $2.1 billion [3][4] - The company's Non-GAAP adjusted earnings per share were $1.22, well above the previous quarter's $0.29 and the analysts' forecast of $0.89 [3] - Operating income surged to $176 million, reflecting an 878% quarter-over-quarter increase, while net income was approximately $112 million, a significant recovery from a loss of $23 million in the previous quarter [4][3] - Gross margin improved to 29.8%, up from 26.2% in the previous quarter [4] Market Position and Outlook - SanDisk, as a standalone entity since its split from Western Digital in 2025, has seen its stock price increase nearly 500% due to the unprecedented demand for storage driven by AI [2][5] - The company expects Q2 FY2026 revenue to be between $2.55 billion and $2.65 billion, exceeding the analysts' average estimate of $2.36 billion [5] - Analysts are optimistic about the storage sector, with Morgan Stanley and Bank of America raising their target prices for SanDisk significantly, indicating strong bullish sentiment [5] Industry Trends - The demand for enterprise SSDs is expected to grow significantly, with projections indicating a CAGR of over 35% from 2024 to 2030, particularly driven by AI inference and training workloads [7][10] - The AI infrastructure investment cycle is creating a "storage supercycle," benefiting major storage companies like SanDisk, Seagate, and Western Digital [10][11] - The integration of high-capacity enterprise SSDs in AI data centers is becoming critical, as they provide the necessary balance of throughput, latency, and energy efficiency for AI workloads [6][7]

Group 1: Trade and Economic Outlook - Goldman Sachs indicates that even if the U.S. Supreme Court rules Trump's tariffs illegal, the overall impact on trade will be limited, with a predicted decrease in the probability of maintaining tariffs by about 10 percentage points [1] - The Supreme Court's decision is expected between December 2025 and January 2026, and if tariffs are deemed illegal, the government may need months to refund approximately $115 to $145 billion in tariffs [1] - Jefferies maintains a low allocation stance on U.S. Treasuries, noting that the Supreme Court's ruling on tariffs could lead to significant market volatility [3] Group 2: Monetary Policy and Interest Rates - TD Securities forecasts a 25 basis point rate cut by the Bank of England in November, with a close vote expected at 5-4 [4] - Danske Bank also anticipates a 25 basis point rate cut by the Bank of England, highlighting the importance of the votes from the Governor and Deputy Governor [7] - The Bank of England's decision-making is influenced by ongoing inflation and labor market conditions, with a cautious approach to further easing [7] Group 3: Commodity and Sector Analysis - CITIC Securities predicts that gold prices will continue to rise, driven by geopolitical tensions and weak U.S. economic performance [8] - CITIC Securities also notes that the white liquor industry is at a bottom, with a recovery expected in 2026, while the beer sector is anticipated to see stable revenue and profit [9] - CITIC Securities reports that the aluminum sector is experiencing high profit expansion, with demand for electrolytic aluminum exceeding expectations [10] Group 4: Market Trends and Investment Strategies - CITIC Securities highlights that the current market rally is characterized by an increase in total deposits and a need for improvement in total wealth [11] - The firm expects that 2026 will be a critical year for real estate companies to repair their balance sheets, with some firms potentially reaching profitability [12] - The outlook for AI capital expenditures remains optimistic, with significant growth expected in 2025 and 2026, despite uncertainties in 2027 [13]

Core Viewpoint - The demand for AI data centers is driving a reevaluation of the storage industry, leading several Wall Street investment banks to significantly raise their target prices for NAND supplier SanDisk [1][4]. Group 1: Target Price Adjustments - Bank of America Merrill Lynch raised SanDisk's target price from $125 to $230, maintaining a buy rating, citing a need to reassess the company's price-to-book ratio to 3-4 times [1]. - Mizuho Securities increased SanDisk's target price from $180 to $215, keeping an outperform rating [1]. - Jefferies raised SanDisk's target price from $60 to $180, also maintaining a buy rating [1]. Group 2: Financial Projections - Bank of America revised SanDisk's fiscal year 2026 EPS forecast from $6.93 to $8.00, a 15.4% increase, and revenue expectations from $8.91 billion to $9.17 billion, a 2.9% increase [1]. - The firm anticipates a 16% compound annual growth rate for SanDisk's revenue from fiscal years 2025 to 2028, with EPS expected to grow over five times during the same period [1][4]. Group 3: Market Dynamics - The data center segment accounted for approximately 12% of SanDisk's revenue in the first half of fiscal year 2025, doubling from 6% year-over-year [3]. - Enterprise SSD (eSSD) products are becoming the core growth engine for SanDisk, with eSSD margins nearing 50%, expected to contribute nearly one-third of total gross profit [3]. - The ongoing shortage of HDDs is driving demand for eSSD products, which is expected to support pricing resilience despite overall NAND average selling prices facing downward pressure [3][4]. Group 4: Supply and Demand Imbalance - The current AI data center construction boom and shortages in NAND and HDD are pushing manufacturers' gross margins to historical highs [4]. - Bank of America expects SanDisk's stock to be revalued to at least 3-4 times its book value, based on a strong storage cycle [4]. - The firm has raised EPS forecasts for fiscal years 2027 and 2028 to $14.38 and $16.04, respectively, significantly above previous estimates [4]. Group 5: Industry Outlook - Mizuho and Jefferies both express confidence in SanDisk's resilience in NAND pricing, anticipating sales and margin improvements in 2026 due to limited supply [5]. - The storage industry is expected to continue benefiting from AI growth, with increasing demand for high-capacity storage solutions [5].

Hua Hong Semiconductor (SEHK:01347) Q3 2025 Earnings Call November 06, 2025 04:00 AM ET Company ParticipantsPeng Bai - Chairman and PresidentZiyuan Wang - Summer AssociateDaniel Wang - EVP and CFOConference Call ParticipantsTony Shen - Technology AnalystQingyuan Lin - Senior AnalystNone - AnalystLeping Huang - Chief Technology Analyst and Head of TMT ResearchNone - AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to Hua Hong Semiconductor's third quarter 2025 earnings conference call. ...

华创证券发布研报称，近期存储价格全面上涨，除DDR4供给收缩逻辑以外，主要系数据中心建置动能 回暖，且AI服务器大幅提升存储要求，驱动新一轮创新大周期，从而大幅提高存储需求。随着数据中 心建设以及服务器单柜存储配置提升，该行对25Q4及26年存储价格预期乐观。 (2)NANDFlash：供给优化&企业级需求攀升，价格强势上涨。受人工智能应用以及数据中心、客户端和 移动领域日益增长的存储需求的推动，闪迪于25年9月宣布对所有渠道和消费者客户的产品价格调涨 10%以上。25年9月以来，在原厂控货+涨价双重驱动下，现货Flash Wafer价格强势上涨，截至2025年10 月29日，TLC闪存256Gb/512Gb/1Tb价格相比25年9月2日价格涨幅16.7%/61.3%/27.0%。由于颗粒端价格 持续拉升，SSD成品9月起同步跟涨。据Trendforce预测，由于供给优化&企业级SSD需求攀升，预计 25Q4NAND合约价有望全面上涨，平均涨幅达5-10%。 AI服务器大幅提升存储要求，驱动新一轮创新大周期 全球数据中心基础设施扩建浪潮升温，其中存储器为数据存储直接载体，大模型迭代下容量&性能同步 进阶，近年 ...

智通财经APP获悉，估值高达5000亿美元的全球AI应用领军者OpenAI在过去一个月里与一众科技巨头们所达成的AI算力资源供 给协议，规模已膨胀至数千亿美元，整体规模已经非常接近OpenAI首席执行官山姆·阿尔特曼所展望的规模高达1.4万亿美元AI 算力基础设施庞大支出规划。 对于"AI芯片霸主"英伟达(NVDA.US)、HBM存储系统的三大霸主——SK海力士、三星与美光，以及西部数据、闪迪以及希捷 等一众数据中心企业级存储产品巨头们来说，可谓是OpenAI近期超大规模AI算力基础设施签约(从规模高达5000亿美元的"星际 之门"AI超级基建项目，再到最新锁定的亚马逊AWS算力超级大单)的最大受益势力。 在这些OpenAI所签署的攸关无比庞大AI算力基础设施资源供给的许多协议里，英伟达广受市场欢迎且性能与生态愈发强大的 AI GPU算力集群成为最为关键的AI算力基础设施庞大订单受益方，其次则是专注于数据中心高性能存储产品的巨头们。此 外，其他AI芯片领军者们以及云计算服务提供商们也在合力分食这块OpenAI所带来的"超级大蛋糕"。 最新的一笔交易于美东时间周一早间重磅宣布，合作方是亚马逊旗下的全球最大规模云 ...