据港交所1月1日披露，深圳宏芯宇电子股份有限公司(简称：宏芯宇)向港交所主板递交上市申请，中信建投国际为其独家 保荐人。 其中，嵌入式存储为该公司的核心产品，凭借多年技术积累，宏芯宇构建了多元化嵌入式存储产品线，涵盖eMMC、 UFS、ePOP及uMCP，产品可应用于智能手机、平板电脑、AI摄像头等领域。固态硬盘方面，在SATA及PCIe产品线中支持 多代接口规格，如SATA 3.0、PCIe3.0及PCIe4.0，应用场景覆盖范围正由消费级拓展至车规级与企业级，可应用于个人电 脑、数据中心及车载中控系统等领域。另外，宏芯宇的DRAM产品组合涵盖多种产品类别，包括DDR4及DDR5器件、 LPDDR4X及LPDDR5X低功耗存储器，以及DDR4及DDR5 DRAM模组。 现如今，AI技术正加速迈向大规模商业化应用的关键阶段，全球数据量激增推动半导体市场快速增长。存力作为AI技术的 基础支撑，通过存储产品实现对海量数据的存储、管理与调度，直接影响AI部署效率与规模化发展。 在此背景下，存储产品行业正于容量、性能及可靠性三大核心维度实现变革性突破。根据弗若斯特沙利文的资料，全球存 储产品市场规模预计将由2025年 ...

在数字化与智能化交织的今天，AI技术的蓬勃发展正深刻改变着各行各业，而存储技术作为AI应用的 基石，也越来越受到重视。江波龙作为中国存储企业的优秀代表，在AI存储领域展现出了非凡的创新 力与市场洞察力，为AI技术的普及与应用提供了强有力的支撑。 mSSD，端侧AI的新引擎 端侧AI存储：智能时代的核心需求 随着AI技术的不断下沉，端侧AI设备如AI PC、工作站、AI机器人等逐渐成为市场热点。这些设备对存 储提出了更高要求：既要满足高速数据传输，又要具备灵活性与可靠性。在此背景下，端侧AI存储应 运而生，成为连接智能与效率的桥梁。 江波龙发展至今已有20余年，在企业级存储上拥有了深厚技术积累，成功构建了覆盖AI训推全场景的 企业级存储矩阵。从eSSD到RDIMM，再到创新内存解决方案，江波龙不断突破技术边界，为AI智算中 心提供了高效、可靠的存储支持。今年以来，SOCAMM2 新形态内存产品一直是行业内的热门讨论焦 点。江波龙SOCAMM2于2025年9月发布，该产品基于LPDDR5/5x颗粒与CAMM模块化设计，以超高的 传输速率（达8533Mbps）、超低的功耗（仅为标准DDR5 RDIMM的1/3）以及 ...

Core Viewpoint - The article discusses the unexpected trend of rising smartphone prices, which contradicts Moore's Law that suggests prices should decrease as technology improves. This price increase is attributed to significant cost hikes in memory components, driven by supply shortages and increased demand from AI servers [1][2]. Group 1: Price Increases in Smartphones - Xiaomi's new model, the Xiaomi 17 Ultra, has a starting price of 6,999 yuan, which is an increase of 500 yuan from the previous model. The price hike is attributed to substantial increases in the costs of key components such as processors, cameras, and memory [2]. - Other major smartphone manufacturers like OPPO and vivo have also raised prices for their flagship models compared to previous generations, indicating a broader trend in the industry [2]. Group 2: Memory Supply Shortages - The supply of LPDDR4X memory has seen a shortage of approximately 15%-20% due to a shift in production lines, particularly affecting low-capacity products [4]. - The demand for LPDDR5X memory has surpassed 50% penetration in global smartphones, while LPDDR4X is primarily used in mid-range devices. The tightening supply of LPDDR4X is expected to drive prices up and accelerate the transition to LPDDR5X in the smartphone industry [4]. Group 3: Impact of AI on Memory Supply - AI servers are increasingly consuming memory production capacity that was previously allocated to smartphones and computers, leading to supply constraints in the non-server market [6][7]. - OpenAI's partnership with Samsung and SK Hynix for AI data centers is expected to significantly increase memory demand, with projections of up to 900,000 DRAM wafers needed monthly [7]. Group 4: Domestic Manufacturers' Opportunities - The shift of major manufacturers towards high-margin AI storage has created opportunities for domestic DRAM manufacturers, with the storage index rising over 70% this year [9][11]. - Domestic firms are positioned to fill the supply gap in standard DDR5/RDDR5, with expectations of a 15%-20% supply shortfall by 2026. They can leverage lower technical barriers and cost advantages to provide competitive solutions in the PC and server markets [11][12].

// 热点头条 // 1. 英伟达：公司机器人业务总监Jim Fan表示，特斯拉的FSD v14首次让AI通过了他提出的"物理图灵测试"。马斯克随后在X上表示赞同，称FSD v14让人 能够感受到"感知能力正在成长"，并认为特斯拉AI是当前最强的现实世界AI。英伟达称并未收购人工智能芯片初创公司GROQ，仅为技术许可安排，公司 将在未来的产品中整合Groq的产品，Groq仍将是一家单独经营的公司，此前据媒体报道，英伟达拟以约200亿美元收购GROQ。同时，英伟达与AI芯片初 创公司Groq达成非独家推理技术授权协议，计划整合其产品至未来体系，Groq部分高管加盟。 2. 特斯拉：美国国家公路交通安全管理局（NHTSA）对2022款Model 3展开缺陷调查，涉及约17.9万辆车，因机械门锁释放装置隐藏、无标签，在紧急情 况下位置不直观，曾导致一起撞车或火灾和非致命性伤害事故。此外，其FSD v14获英伟达机器人业务总监Jim Fan认可，称首次让AI通过"物理图灵测 试"，马斯克在X上表示赞同，称能感受到"感知能力正在成长"，并认为特斯拉AI是当前最强的现实世界AI。 3. 优必选：公司与卖方订立股份转让协议 ...

Core Viewpoint - The report analyzes the recent doubling of NAND contract prices since Q1 2025, assessing the sustainability of this cycle through historical NAND cycles, supply-demand calculations under AI scenarios, and the impact on the HDD industry [2] Demand Side - The resonance between cloud and edge AI is driving a significant increase in SSD demand, with higher requirements for write speed, IOPS, capacity, and durability due to AI model training and inference [4] - Global NAND Flash shipments are expected to approach 2000EB by 2028, maintaining nearly 30% high growth over the next three years [4][19] Supply Side - Cautious capacity expansion is expected to support prolonged price increases, with a stable yet evolving oligopoly in the NAND market [4] - Major manufacturers are adopting a cautious approach to NAND capacity expansion, focusing on high-density and high-capacity technology transitions [21] - Supply tightness is anticipated to last at least until the end of 2026, with NAND prices likely to remain high [22][23] HDD Market - HDD remains a cost-effective choice for cold storage in cloud computing, with a projected market growth rate of approximately 15% over the next three years [5] - The cost advantage of HDDs is expected to diminish as NAND technology advances, with current price differences between HDDs and SSDs ranging from 4 to 6 times [5] NAND Cycle Review - The NAND market exhibits long cycles with significant price volatility, characterized by severe supply-demand mismatches and differentiated expansion strategies among manufacturers [8] - The current cycle is marked by a supply contraction driving price recovery, followed by structural demand growth driven by AI [14][23] AI Demand - AI is significantly boosting SSD demand, with specific requirements for high-speed writing, IOPS, and large capacity in various training and inference scenarios [15][16] - The anticipated growth in AI applications is expected to sustain high demand for SSDs over an extended period [16] Current Cycle Position - NAND prices are expected to remain elevated in 2026, with data centers and enterprise-level applications showing the highest price tolerance [22] - The demand from data centers is projected to be the largest source of future SSD demand, with long-term supply agreements already in place with major cloud service providers [22][23]

Group 1 - The core issue in the PC DIY market is the significant price increase of memory and storage components, leading to higher overall system costs and discouraging potential customers [1][5][10] - The price of DDR4 memory has surged dramatically, with an increase of approximately 280%, from an average of 70 to 350 per unit [5][8] - The rising costs have resulted in a higher entry barrier for building PCs, with the minimum cost for a basic setup increasing from over 2000 to 3000 [10] Group 2 - The demand for high-bandwidth memory (HBM) is driving a shift in production capacity among major storage manufacturers, as they respond to the needs of cloud service providers [2][16] - The current market is characterized as a "seller's market," with significant price increases across various hardware products, including PCs and smartphones [3][16] - Major manufacturers like SK Hynix and Micron are transitioning production lines to focus on HBM, indicating a strategic shift in response to market demands [21][22] Group 3 - The ongoing price increases are expected to continue, with predictions of DRAM shortages lasting until Q1 2027 and NAND shortages until Q3 2026 [25][26] - The transition to DDR5 memory is being accelerated, with plans to phase out DDR4 production by the end of 2025, further contributing to the price surge [22][23] - Consumer electronics companies are already feeling the impact, with some brands announcing price hikes for their products due to increased storage costs [29][31]

(三)SPD&VPD芯片空间广阔。随DDR5渗透不断扩大，SPD芯片技术规格和单价较DDR4世代更高，在 价值量与需求量的双重维度驱动，DDR5 SPD市场快速发展。SSD升级有望带来VPD成长机会。SSD性 能提升将推动VPDEEPROM产品技术规格升级，VPDEEPROM价值量也有望随性能升级进一步提升。 智通财经APP获悉，广发证券发布研报称，AI的进击时刻，模型创新与CAPEX筑基，AI产业链协同发 展;AI推理驱动存储周期持续向上，扩产与升级同发力。AI驱动存储价格持续上涨，原厂毛利率显著提 升;DRAM和NAND架构升级，设备需求迎来新机;存储代工模式迎来产业变革机会;接口芯片MRDIMM 和VPD打开新空间;建议关注存储产业链相关标的。 广发证券主要观点如下： 存储是Tokens的积分，推理驱动AI存储快速增长 AI服务器中的存储主要包括HBM、DRAM、SSD等，呈现性能逐级下降、容量逐级增加、成本逐级降 低特征。推理驱动AI存储快速增长。(一)内存受益于超长上下文和多模态推理需求，处理大量序列数据 或多模态信息时，高带宽与大容量内存可降低访问延迟、提升并行效率。(二)SSD和HDD是Toke ...

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].

摩根大通报告指出，尽管闪迪受益于AI浪潮驱动的企业级SSD超级周期，但其在该高增长市场中份额仅2%-3%，处于行业跟随地位。同时，当前高利润 环境本质上是行业周期性繁荣，随着2027年前后主要厂商启动新一轮产能扩张，供需结构将趋于宽松，届时行业可能重回"繁荣-萧条"周期。因此，公司 短期超额利润不可持续，长期盈利能力预计将逐步向历史均衡水平回归。 摩根大通给予闪迪"中性"评级，目标价为235美元。该机构认为，尽管闪迪在AI驱动需求与合资成本优势下正处利润高峰，但这更多反映行业周期性景 气，而非结构性改善。 摩根大通分析师Harlan Sur在12月8日发布的首次覆盖报告中表示，公司的长期盈利能力面临双重制约：一是在快速增长的AI存储市场中份额仅2-3%， 处于跟随地位；二是行业"繁荣-萧条"周期预计将从2027年后重现，随着新产能释放，当前供不应求的局面与高定价能力将逐渐消退。 报告指出，考虑到闪迪股价今年至今已上涨超过500%，当前的风险与潜在回报已基本匹配。 即便预计2025-2026年收入增长显著，盈利与现金流亦大 幅提升，这体现的是行业上行阶段的周期性高点，未来或将随供需平衡转向而逐步回归至长期均衡水 ...

对于PC DIY玩家而言，过去几个月可能是近十年来最糟糕的时刻。 时机的选择耐人寻味。今年5月，美光已在广岛工厂首次引入极紫外光刻（EUV）系统用于大规模生产 ——这是生产先进芯片所需的最昂贵制造设备。而随着美中对抗加剧以及台湾地缘政治风险上升，美光 此前集中在台湾的先进HBM芯片生产正面临供应链多元化的压力。 日本新厂的建设，不仅能为美光确保关键的HBM产能，也使日本能够在国内获得AI芯片的核心组件供 应。这座工厂预计将帮助美光追赶在HBM技术领域保持领先的韩国SK海力士。 DDR4和DDR5内存价格不断飙升，固态硬盘在悄然跟涨，甚至显卡厂商也在密谋涨价，组装电脑成本 每天都在变得昂贵，一部分人选择继续等待，一部分人选择降配省钱，也有一部分人无奈选择高价买 入。 但更坏的消息已经出现，美光科技宣布，将在2026年2月底前全面关闭旗下运营了29年的Crucial消费品 牌业务，这个曾经在DIY市场上以物美价廉的原厂品牌，正式退出历史舞台。 这一决定并非突然。美光首席商务官Sumit Sadana直言不讳地指出；"AI驱动的数据中心增长引发了对 存储器的需求激增。美光做出了艰难的决定，退出Crucial消费业务 ...