12月24日，A股的存储芯片板块卷土重来，华海诚科（688535.SH）涨12.88%，德明利（001309.SZ）涨超9%，中芯国际 （688981.SH）、香农芯创（300475.SZ）、北京君正（300223.SZ）、江波龙（301308.SZ）、佰维存储（688525.SH）、普 冉股份（688766.SH）、恒烁股份（688416.SH）均录得上涨。港股方面，中芯国际(00981.HK)、华虹半导体(01347.HK)亦 表现不俗。 消息面，据韩国《朝鲜日报》消息，三星电子、SK海力士等存储供应商已上调明年HBM3E价格，涨幅接近20%。 供应方面，存储厂商预计明年第六代HBM（即HBM4）需求将增加，加大对其产能投入，导致HBM3E产能遭到积压。需求 方面，除了英伟达之外，来自谷歌、亚马逊等公司的订单量也大幅增加。 业内人士指出，本轮存储产品的涨价潮或超出市场预期。相关存储芯片产商的未来业绩有望大幅抬升，股价表现有望再超 预期。 摩根士丹利预测，鉴于明年存储领域可能出现供需失衡，内存芯片行业将迎来 "超级周期"。市场需求高企的背景下，存储 芯片行业也开始出现供不应求、涨价、转变订货模式等一系列连锁 ...

责任编辑：陈平 12月23日，随着本周创纪录的期权结算日逼近，加密货币市场正经历显著的震荡下行。Moneta Markets 外汇观察到，比特币（BTC）在周一美国交易时段失守88000美元关口，尽管此前一度冲高至90000美元 上方，但动能衰竭导致回撤。与此同时，以太坊（ETH）也未能站稳3000美元。在这种背景下，防御性 仓位的增加以及市场流动性的收紧，预示着投资者在步入2026年之际持有更为审慎的态度。 在资产价格走软的同时，部分关联个股表现出一定的韧性。Hut 8（HUT）受AI数据中心长期租赁协议 及分析师上调评级的利好驱动，逆势上涨约16%。相比之下，Coinbase和Robinhood等交易平台股票虽处 于红盘，但已明显脱离日内高点。Moneta Markets外汇表示，衍生品交易所Deribit即将迎来史上最大规 模的期权到期，总价值超过285亿美元的比特币和以太坊期权将于本周五结算。这一数额已占据该平台 未平仓合约总量的半数以上，对现货市场产生巨大的磁吸效应。 市场分析认为，2025年的年终到期不仅是规模上的突破，更象征着市场从纯粹的投机转向由政策驱动 的"超级周期"。相关数据显示，比特币在 ...

"这款内存条9月初价格为100多元，现在价格涨了3倍多，从没见过涨这么快的。"华强北市场赛格通信 一楼的存储产品经销商陈女士，指着柜台里摆放的一款内存条样品告诉记者。 "一天一个价。"近日，记者在广东深圳华强北市场走访时，多名存储器经销商感慨，自今年9月起，全 球存储器市场迎来罕见的涨价行情。 据第三方调研机构集邦咨询顾问（深圳）有限公司发布的数据，主流型号存储器的现货价格9月初以来 较上季度大涨307%。 从经销商手中不断上涨的报价单，到小米、惠普等消费电子企业不得不面对的成本压力，存储器涨价正 通过层层传导，给产业带来一定影响。存储器价格为何出现快速上涨？这一波动对产业链上下游带来哪 些机遇和挑战？ 行业景气度有望延续 在记者采访过程中，面对如此短时间的巨大涨幅，不仅经销商直呼"没见过"，多位从业多年的存储器企 业负责人和行业分析师也称实属首次。 存储器被誉为"全球半导体产业风向标"，在半导体市场中占据重要份额。由于行业竞争格局高度集中， 其周期波动幅度大于整个半导体行业。回顾历史，存储器的每一轮大周期都与技术革新密切相关。 "本轮上行周期的核心原因，是人工智能技术迭代带来数据总量的指数级跃升，催生了海量 ...

来源：澳洲财经见闻 加密市场或将进入"超级周期"，比特币"四年周期"或不再适用 资金将用于扩展其合规与运营基础设施，以开发全栈RWA平台。该公司短期目标为代币化价值5亿美元的RWA，约占当前代币化资产市场规模的2%。当 前RWA市场主要由美国国债产品、私人信贷和机构另类基金主导，代币化货币市场基金等资产类型也在快速增长。行业人士预计，随着监管环境趋明， 未来一年该市场可能迎来更强劲增长。 3 法国金融科技公司Lyzi将加密货币支付引入保时捷、兰博基尼经销商 1 4 Pye Finance完成500万美元种子轮融资，Variant与Coinbase Ventures领投 据Bloomingbit报道，币安创始人赵长鹏在阿布扎比举行的比特币中东会议上表示，比特币"四年周期"或许不再适用，并提及随着机构参与度提升，市场可 能进入"超级周期"。所谓超级周期，是指机构和监管资本流动对市场的影响，强于以传统减半事件为核心的价格周期。赵长鹏还称，有关国家层面比特币 储备的讨论可能会扩散开来。他提出，若美国就战略储备展开讨论成真，其他国家可能会纷纷效仿。 2 RWA代币化网络Real Finance宣布获得2900万美元私募 ...

Core Viewpoint - The global memory market has experienced a significant price increase since September, with mainstream memory prices rising over 300%, leading to cost pressures for consumer electronics companies like Xiaomi and HP [1][2]. Group 1: Market Dynamics - The current price surge in memory products is characterized by rapid speed, large magnitude, and a wide range of affected models, driven by strong demand from cloud service providers for both standard and AI servers [2][3]. - The demand for DRAM and NAND Flash memory in AI servers is significantly higher, with DRAM demand being approximately eight times that of standard servers and NAND Flash demand about three times [3]. - The memory industry is entering a new "super cycle," with expectations of continued high demand driven by advancements in artificial intelligence and data requirements [3][9]. Group 2: Impact on Industry Chain - Upstream companies, such as semiconductor equipment manufacturers, are benefiting from the price increase, with strong order volumes reported [4]. - Midstream companies are seeing revenue and profit growth due to rising product prices, with companies like Shenzhen Baiwei Storage Technology reporting a 68.06% year-on-year increase in revenue [5]. - Downstream consumer electronics manufacturers face significant challenges as memory price increases lead to higher overall production costs, potentially resulting in higher prices or reduced specifications for end products [5][6]. Group 3: Domestic Development and Innovation - China's data storage capacity is projected to reach 1580 exabytes by the end of 2024, with a focus on enhancing domestic manufacturing capabilities in key storage components [7][8]. - Domestic companies are making significant strides in the memory industry, with firms like Yangtze Memory Technologies and Changxin Memory Technologies rapidly increasing their market share and technological capabilities [8]. - Companies are actively investing in R&D and capacity expansion to capitalize on the current market cycle, with announcements of fundraising for high-end memory development and production projects [9].

在与中国当地企业的竞争日益激烈的背景下，Tokyo Electron计划扩大销售用于人工智能 （AI）服务器的先进半导体的制造设备。负责财务的常务执行董事川本弘指出："到2026财年 面向先进半导体（的制造设备）将增至总销售额近4成，足以弥补中国市场的下滑"，表示将 力争实现中期经营计划中提出的销售额营业利润率超过35%的目标。 记者： Tokyo Electron在7月下调了2025财年的业绩预测，10月又进行了上调。有观点 认为半导体行业已进入需求急剧扩大的"超级周期"，您如何看待制造设备的需求趋势？ 川本弘： 在旺盛的数据中心投资背景下，半导体存储器的需求强劲，价格大幅上涨。作 为客户的存储器厂商的设备开工率提升，我们已售出设备的改造需求等也在增长。 不过，在短期存储数据的DRAM领域，新增设备采购的大规模投资预计要等到2026年下 半年客户工厂腾出空间后才会启动。长期存储数据的NAND型闪存厂商的投资则会稍晚一些。 因为NAND市场行情对设备需求的传导存在时间差。 接受《日本经济新闻》采访的Tokyo Electron常务执行董事川本弘 Tokyo Electron的CFO川本弘：我们在中国市场的销售 ...

摩根士丹利报告指出，传统存储市场正迎来由供应短缺驱动的强劲"超级周期"，预计2026年第一季度 DDR4合约价格可能飙升超100%，NOR Flash价格也将大幅上涨。报告认为当前周期远未结束，市场盈利 预测过于保守，现在获利了结为时过早。 在市场目光几乎全部聚焦于AI高带宽内存（HBM）的喧嚣之时，摩根士丹利的一份最新研报为那些寻找非 拥挤交易的投资者提供了关键线索。 12月4日，由分析师Daniel Yen和Charlie Chan领导的大摩团队，在针对大中华区科技半导体的报告中指 出，"传统存储"市场正在酝酿一场供需错配的完美风暴。对于仍在犹豫是否该在近期反弹中落袋为安的投 资者，大摩的结论异常明确： 周期才刚刚开始，现在下车为时尚早。 这不是获利了结的时候 大摩早在今年二季度末就预判了传统存储的供应短缺将驱动一轮"超级周期"。如今，这一预判正在兑现， 合约价格已在三季度末开始回升。从历史规律来看，纯粹的传统存储上升周期通常持续3-4个季度，这意味 着上涨动能远未耗尽。 报告直言不讳地指出，市场对于2026年的盈利预测可能仍过于保守： "这还不是获利了结的时候……共识盈利预期在2026年可能会有非常有意 ...

Core Insights - A "super cycle" of rising storage chip prices is impacting the global electronics supply chain, with major manufacturers like Samsung and SK Hynix announcing price increases of up to 30% for DRAM and NAND flash memory by Q4 2025 [1] - The price of DDR4 1Gx8 chips has surged by 158% since early September, while DDR5 2Gx8 chips have increased by 307%, driven primarily by AI demand [1] - Domestic brand Changxin Storage, the world's fourth-largest DRAM manufacturer, is focusing on high-end products like DDR5 to reduce reliance on foreign suppliers [3][10] Industry Impact - The price increase is rapidly affecting downstream markets, with reports of hard drive prices rising by 350 CNY in Shenzhen [3] - Companies are adjusting their procurement strategies, with B-end clients shifting from short-term to long-term stockpiling to lock in costs [5] - Xiaomi's Redmi K90 series saw price increases of 100-500 CNY due to rising storage costs, which are expected to compress profit margins in the mid-to-high-end smartphone market [5][6] Market Dynamics - Not all manufacturers are raising prices; Huawei's Mate 80 series was launched at a lower price point, indicating differing market strategies [6] - Global smartphone and laptop shipment forecasts have been downgraded by 2% and 2.4% respectively for 2026, suggesting a potential market shake-up [6] - The current supply-demand imbalance in the storage market could lead to sustained high prices, with a 5% supply reduction potentially doubling prices [7] Opportunities for Domestic Manufacturers - The AI-driven demand surge is creating opportunities for domestic storage manufacturers, with expectations of a 30.9% revenue increase in the DRAM industry by Q3 2025 [8] - Changxin Storage has launched DDR5 products with competitive specifications, indicating its capability to compete with international brands [10] - The shift in focus from major suppliers to niche markets presents opportunities for domestic firms like Changxin and Zhaoyi Innovation to capture market share [12][15]

Core Viewpoint - The article discusses the significant price increase of storage chips, particularly DRAM, driven by surging demand from AI infrastructure and a supply shortage, with expectations of further price hikes in the coming months and years [2][3][5]. Group 1: Market Dynamics - The global DRAM market is experiencing a supply-demand imbalance, leading to rapid price increases, with 512GB storage prices rising nearly 500 yuan compared to the previous month [2][3]. - Major tech companies like Dell and HP have issued warnings about potential storage chip shortages due to increased demand for AI infrastructure, predicting price hikes for their products [3][4]. - Counterpoint Research indicates that memory prices have already risen by 50% this year, with an additional expected increase of 50% by the second quarter of 2026 due to critical chip shortages [5][6]. Group 2: Company Responses - Lenovo's chairman, Yang Yuanqing, anticipates that the shortage and price increases of components, including storage, will persist throughout 2026, driven by the growing demand for AI-related infrastructure [4]. - Xiaomi's president, Lu Weibing, noted that the current rise in memory prices is a long-term trend influenced by AI demand, and the company has secured supply agreements for 2026 to mitigate cost pressures [4]. - Companies are adapting by potentially increasing product prices and seeking alternative suppliers to ensure adequate memory supply [3][4]. Group 3: Future Projections - Counterpoint predicts that major chip manufacturers will increase DRAM production by over 20% by 2026, but the current supply constraints primarily affect traditional products, impacting lower-cost consumer electronics [5][6]. - The shift in demand towards advanced memory types, such as LPDDR, poses significant challenges for the supply chain, as major players like NVIDIA are increasing their consumption, further straining resources [5][6]. - Analysts suggest that the current memory chip price surge may continue for several quarters, driven by strong demand across both advanced and traditional memory sectors [6].

Core Insights - The global DRAM market is experiencing a supply-demand imbalance, leading to rapid price increases for storage chips, particularly driven by the surge in AI infrastructure demand [1][2][3] Group 1: Market Dynamics - The price of 512GB storage has increased by nearly 500 yuan compared to the previous month, indicating significant price inflation in the storage chip market [2] - Counterpoint Research reports that memory prices have risen by 50% this year, with an expected additional 50% increase by Q2 2026 due to critical chip shortages [4][5] - Major PC manufacturers like Dell and HP are issuing warnings about potential price hikes for their products due to rising storage chip costs and supply constraints [2][3] Group 2: Company Responses - Lenovo's chairman predicts that the shortage and price increases of components, including storage, will persist throughout 2026, prompting the company to secure optimal contracts with suppliers [3] - Xiaomi has proactively signed supply agreements for 2026 to mitigate the impact of rising storage costs and may consider price adjustments and product upgrades to alleviate cost pressures [3] - SK Hynix and Micron are adjusting their production strategies in response to the increased demand for advanced memory, with expectations of significant production growth in the coming years [5][6] Group 3: Future Outlook - The semiconductor industry is entering what analysts describe as a "super cycle," with manufacturers aggressively stockpiling memory chips amid soaring demand [6] - The shift in demand from traditional LPDDR4 to advanced memory types like HBM is causing market disruptions, with significant implications for supply chains [4][5] - Analysts predict that the price of DDR5 memory modules could double by the end of 2026 due to the ongoing supply constraints and heightened demand from major players like NVIDIA [5][6]