证券研究报告 行业研究 2025 年 6 月 20 日 5 月至今存储价格加速上涨价 行业景气持续 核[心T观ab点le：_Summary] 风险提示： 上述观点主要根据过去数据分析得出，可能因为后续产能出清不理想、下游需求 不如预期，而出现最终结果与分析预测结论相背离的情况。仅供投资分析时参考。 第一创业证券研究所 证书编号：S1080524120001 邮箱：guoqiang@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 7 页 今年 3~4 月份以 Scandisk 为代表的存储厂率先涨价，此后三星电子、SK Hynix 进行减产，并在 5 月份显著提升存储的出货价格，其中有报道称三星将 DDR4 的价格提高约 20%，DDR5 价格提升大约 5%。SK Hynix 将 DRAM 价格上调 12%。 由此 5 月下旬至今存储市场价格加速上涨价，目前价格相对于今年 2 月低点， DDR4 16GB 的价格已经上涨超过 100%，DDR5 16GB 的价格上涨超过 25%，并都 创出 2024 年以来的价格新高。 分析师：郭强 电话：0755-23838533 从存储涨价的驱动因素看，供应 ...

Core Viewpoint - The news highlights the unusual situation in the A-share market where the actual controller of Xinhenghui Electronics Co., Ltd. disclosed plans to reduce holdings to repay debts, raising concerns about corporate governance and financial stability [2][3]. Company Overview - Xinhenghui was established with the controlling shareholder being Henghui Electronics, originally controlled by Chen Tongsheng. After a debt crisis in 2017, the control shifted to Yu Renrong and Ren Zhijun through a restructuring process [3][4]. - Yu Renrong holds 31.94% of the shares, making him the largest shareholder, while Ren Zhijun holds 19.31%, serving as the chairman [4]. Financial Maneuvering - Ren Zhijun acquired control through a loan from Yu Renrong, with a current debt balance of 116 million yuan, due by January 25, 2029. The loan has an annual interest rate of 12% [6][7]. - Ren plans to use dividends from Xinhenghui's IPO to repay the loan and may transfer shares back to Yu Renrong to settle remaining debts, potentially altering their shareholding proportions [7]. Business Performance - The traditional smart card business has shown stable but limited growth, with sales revenues of 561.81 million yuan, 583.29 million yuan, and 562.29 million yuan for 2022, 2023, and 2024, respectively [8]. - The etched lead frame products, a newer segment, have seen increasing sales from 77.41 million yuan in 2022 to 193.80 million yuan in 2024, although production quality issues were previously encountered [8]. Market Competition - In the flexible lead frame market, Xinhenghui holds a 32.32% market share as of 2023, competing against major players like France's Linxens, which has a 63.23% share [9]. - Price competition has intensified due to aggressive pricing strategies from competitors, leading to a decline in market prices for flexible lead frames [9]. Raw Material Costs - The company faces rising costs for key raw materials, including cyanide potassium and gold wire, which accounted for 27.61%, 27.41%, and 23.84% of total procurement costs in the respective years [10]. - The average procurement prices for these precious metals have increased significantly, with year-on-year rises of 14.23% and 29.10% expected in 2023 and 2024 [10].

Core Insights - WTI crude oil has risen to $77 per barrel, marking a daily increase of 3.31% [1] - Brent crude oil has also seen a significant rise of 3.00%, currently priced at $77.29 per barrel [1] Price Movements - WTI crude oil price increase: 3.31% [1] - Brent crude oil price increase: 3.00% [1]

美、布两油短线走高0.4美元，WTI原油向上触及76美元/桶，日内涨约2%；布伦特原油现涨约1.9%。 WTI原油 布伦特原油 ...

Core Viewpoint - European natural gas benchmark futures prices rose by over 5% on Thursday, following a slight pause after five consecutive days of increases. Traders are closely monitoring the developments of the conflict between Israel and Iran, although global natural gas flows have not yet been affected by the situation [1]. Group 1 - European natural gas benchmark futures prices increased by more than 5% on Thursday [1] - The previous trading day saw a slight pause after five consecutive days of price increases [1] - Traders are paying close attention to the developments in the Israel-Iran conflict [1]

今年一季度，现货黄金价格上涨约19%，创下1986年9月以来国际金价最大季度涨幅。在这个节骨眼上，作为中国珠宝前五大品牌中 唯一一家未上市的公司，周六福珠宝正式通过主板上市聆讯。 在世界各国央行增持黄金分散外汇风险；为应对国际复杂多变的局面、提前布局避险资产的趋势下，国际金价在近期得到持续上涨的 支撑。 然而，作为黄金珠宝企业，周六福和一众同行一样，黄金价格大涨，自身利润并没有跟上涨幅。曾一度比肩老铺黄金的净利率水平， 也成了回不去的昨天。 一、增收难增利 在传导机制上，由于黄金价格太透明，很难有差价空间，黄金珠宝类的企业赚的基本是固定比例的加工费。所以，当金价疯狂上涨 时，企业率先承受的是原材料成本提高的负担，以及金价过高导致消费意愿降低的客流减少，收入增速短期承压的风险。 2022年至2024年，周六福收入分别为31.02亿元、51.5亿元、57.18亿元；同期年内利润分别约为5.75亿元、6.60亿元、7.06亿元。收入 增速分别为66.02%和11.03%；利润增速14.78%和6.97%，均呈现大幅下降。 此外，公司毛利率也由2022年的38.7%下跌至2024年的25.9%，净利率从18.5%下跌 ...

期货热点追踪 红枣期货强势翻红，期价触及两个月高点，机构分析表示，价格大涨主要还是交易所下调红枣保证金导 致，市场资金热度积极跟进，最终能否持续走高，仍需后续天气演化带来的实质性产能变化来验证 相关链接 ...

Core Insights - European natural gas TTF prices increased by 3.4%, reaching €40.01 per megawatt hour [1] Price Movement - The TTF price rise indicates a significant shift in the European natural gas market, reflecting potential supply and demand dynamics [1]

铂金价格创2014年以来新高，因供应紧张。 ...

受天青石（碳酸锶核心原料）供应链端格局改变影响，天青石价格端上涨让A股碳酸锶板块企业股价出 现明显异动，其中金瑞矿业（600714.SH）连获两个涨停。 那么，天青石价格上涨到底能影响金瑞矿业多少利润？ 碳酸锶价格上涨 金瑞矿业主营产品包括碳酸锶、金属锶、铝锶合金等，广泛应用于磁性材料、电子陶瓷、冶金及烟花焰 火等领域。本轮金瑞矿业核心上涨逻辑来源于天青石价格攀升导致的碳酸锶价格骤升。 从最近一年碳酸锶价格变化不难发现，其价格已从去年低点不足8000元/吨涨至目前16000元/吨。碳酸 锶价格上涨始于去年三季度，由于国内淘汰"间歇碳化法"生产工艺（限期2025年3月），叠加6万吨产能 的河北辛集化工破产，接近10万吨产能关停导致供需缺口达20%，就此拉开涨价序幕；去年12月占全球 供应15%的碳酸锶出口大国墨西哥天青石精炼厂发生火灾，价格单日跳涨10%。加之近阶段伊朗阿巴斯 港爆炸，让碳酸锶价格在一年内上涨一倍。 | 时间节点 价格（元/吨） 涨幅事件与驱动因素 | | --- | | 2024年8月底 7,850 环保政策前平稳期 | | 2024年9月底 8,250 政策淘汰间歇碳化法，部分产能技改开始 ...