Group 1 - The A-share market experienced a collective decline on November 5, with the Shanghai Composite Index dropping by 0.38% during the session. The retail, coal, and social services sectors showed positive performance, while the computer and communication sectors faced significant declines [1] - In the consumer electronics sector, the Consumer Electronics ETF (159732.SZ) fell by 1.36%. Notable performers included Anker Innovations, which rose by 0.79%, and Xinwangda, which increased by 0.77%. However, companies like Zhaoyi Innovation and Wentai Technology saw declines of 4% and 3.5%, respectively [1] Group 2 - According to Omdia, global smartphone shipments are projected to reach 320.1 million units in Q3 2025, reflecting a year-on-year growth of 3%, indicating signs of recovery after a weak first half of the year [3] - Open Source Securities expressed optimism regarding the A-share electronics sector, anticipating increased certainty for price increases in storage and sustained high demand in the consumer electronics industry for Q4. The sector is expected to benefit from AI infrastructure growth in North America and domestically [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant focus on electronic manufacturing, semiconductors, and optical electronics [3]

证券之星消息，2025年11月4日江波龙（301308）发布公告称公司于2025年10月30日接受机构调研，富国 基金、恒越基金、东北证券、国信证券、巴克莱参与。 具体内容如下： 问：如何看待存储涨价的幅度？ 5、公司 UFS4.1 目前的进展情况如何？公司未来会在高端嵌入式领域取得多大的业务规模？ 答：根据 CFM 闪存市场公布的信息，随着北美云服务商持续加码 I 投资，大规模 I 基础设施建设落地， HDD 供应已难以满足巨量数据存储需求，预计 HDD 将持续缺货并出现明显的供应缺口；云服务商纷纷 追加大容量 QLC SSD 订单，导致服务器市场需求远超原厂原先的供应预期；原厂产能转向服务器市场， 导致消费级及嵌入式存储供应收紧。根据CFM 闪存市场报道，9月至 10 月下旬，现货市场 512Gb TLC/1Tb TLC/QLC NND 普遍价格累计涨超近 40%。 2、晶圆涨价将如何影响公司的利润水平？ 晶圆采购至存储器销售的生产周期间隔，决定了存储晶圆价格上行时对公司毛利率将产生正面影响，但原 材料价格波动仅为业绩结果的部分因素。近年来公司在企业级存储、高端消费类存储、海外业务以及自研 主控芯片等方面 ...

答：晶圆采购至存储器销售的生产周期间隔，决定了存 储晶圆价格上行时对公司毛利率将产生正面影响，但原材料 价格波动仅为业绩结果的部分因素。近年来公司在企业级存 储、高端消费类存储、海外业务以及自研主控芯片等方面持 续取得突破，内生性成长因素将更直接且持续地驱动公司盈 利能力的提升。 3、如果存储供应出现短缺，公司如何保障资源供应稳 定性？ 深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-028 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 类别 | □业绩说明会 □新闻发布会 □路演活动 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 富国基金、恒越基金、东北证券、国信证券、巴克莱 | | 人员姓名 | | | | 2025 年 10 月 30 日 (周四) 下午 15:00-16:00 | | | 年 月 日 (周四) 下午 2025 10 30 16:00-17:30 | | 时间 | 2025 年 10 月 31 日 (周五) 上午 10:00-11:30 | | | 年 月 日 (周五) 下午 2025 ...

东海证券近日发布电子行业周报：台积电2025Q3营收实现331.0亿美元，超出指引上 限，同比增长40.8%，净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数 据，2025年第三季度全球智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动 下持续复苏，但中国能手机出货量约0.68亿台，同比下降0.6%，延续下降趋势。 以下为研究报告摘要： 投资要点： 电子板块观点：台积电2025Q3营收实现331.0亿美元，超出指引上限，同比增长40.8%， 净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数据，2025年第三季度全球 智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动下持续复苏，但中国能手 机出货量约0.68亿台，同比下降0.6%，延续下降趋势。当前电子行业需求处于温和复苏阶 段，关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 台积电2025Q3营收实现331.0亿美元，同比增长40.8%，净利润同比增长39.1%，7nm及 以下制程营收占比74%，预计2025Q4公司营收介于322-334亿美元之间。台积电发布 ...

2025 年 10 月 14 日 3Q25 业绩持续增长，重点关注存 行 业 研 究 / 行 业 点 评 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 储涨价和算力业绩兑现 看好 —— 电子行业 2025 年 Q3 业绩前瞻 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 电子 - ⚫ 先进制程：全球半导体版图重塑，自主可控背景下有望实现追赶。2025 年自主可控基 调不变，中美关系下出口管制特别是半导体 AI 部分边际加强，先 ...

Group 1: Semiconductor Market Dynamics - Domestic computing power surged and then retreated, with semiconductor stocks rising over 4% during the day before a pullback at the close. The Sci-Tech Chip ETF (589100) rose by 2.98%, Chip ETF (512760) by 2.96%, Integrated Circuit ETF (159546) by 2.78%, and Semiconductor Equipment ETF (159516) by 2.62% [1] - A report from the U.S. House of Representatives' "Special Committee on China" highlighted that due to differing regulations among the U.S., Japan, and the Netherlands, some equipment manufacturers can still sell to certain Chinese companies, which has benefited firms like ASML and Applied Materials. The committee urged for an expansion of export bans on chip manufacturing equipment to China [3] Group 2: AI Infrastructure Developments - OpenAI's Sora2 model was released, marking a significant advancement in AI video generation capabilities, particularly in simulating complex physical actions [4][6] - OpenAI has signed contracts for substantial computing power, including a $300 billion deal with Oracle for the next five years and a potential $100 billion investment from NVIDIA for data center infrastructure [10] - AMD has also entered a four-year agreement with OpenAI to provide 6 gigawatts of AI chip power, which is expected to generate hundreds of billions in revenue for AMD [11] Group 3: Memory and Storage Market Trends - Reports indicate that major DRAM manufacturers in South Korea and the U.S. have paused pricing for enterprise customers, leading to a projected price increase of over 30% for DRAM in Q4, with some specifications potentially exceeding a 50% increase [13] - The demand for storage is expected to rise significantly due to the proliferation of video generation models, which require more storage capacity, exacerbating supply-demand imbalances in the memory market [13] Group 4: Future Market Outlook - The AI sector is entering a new acceleration phase, with significant investments in computing power from various companies, including NVIDIA, AMD, and Oracle, indicating a robust growth trajectory [14] - The storage market is experiencing a shift towards high-bandwidth memory (HBM) and DDR5, driven by the profitability of AI chips, leading to a supply-demand mismatch [14] - Investment strategies should focus on both North American and domestic computing power, with specific attention to ETFs that represent these sectors [14][15]

Market Overview - The first trading day after the holiday saw a strong opening, with the Shanghai Composite Index rising above the 3900-point mark, reaching its highest level since August 2015 [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.65 trillion, an increase of 471.8 billion compared to the previous trading day [1] - The Shanghai Composite Index closed up 1.32%, the Shenzhen Component Index up 1.47%, and the ChiNext Index up 0.73% [1] ETF Performance - Gold stock ETFs led the market with a rise of 9.47% [2] - Mining ETFs and Nonferrous 60 ETFs also performed well, closing up 8.58% and 8.44% respectively [2] Gold Market Insights - The weakening of the US dollar credit continues to support gold prices in the long term [2] - The Federal Reserve recently lowered the federal funds rate target range by 25 basis points to between 4.00% and 4.25% [2] - There is a division among Fed officials regarding the extent of future rate cuts, with a majority expecting at least two more cuts this year [2] Global Political Developments - The US government has been in a shutdown for a week due to budget disagreements, with multiple funding bills failing to pass [3] - In France, Prime Minister Leclerc resigned after just 27 days in office, marking a significant political crisis for President Macron [3] - In Japan, a new leader of the ruling Liberal Democratic Party has been elected, advocating for expansionary fiscal policies [3] Commodity Supply Issues - The Grasberg copper mine in Indonesia has faced significant operational disruptions due to a recent accident, leading to a projected reduction in global copper supply [6] - The International Energy Agency has projected a copper supply gap of 20% by 2035, indicating potential price increases in the future [8] Semiconductor Sector Developments - The semiconductor sector saw significant gains, with major ETFs like the Sci-Tech Chip ETF and Chip ETF rising by 2.98% and 2.96% respectively [9] - A report from the US House of Representatives calls for an expansion of export bans on semiconductor manufacturing equipment to China [10] AI and Computing Infrastructure - OpenAI has made significant agreements for computing power, including a $300 billion deal with Oracle and a partnership with AMD for chip supply [17][18] - The demand for storage is expected to rise due to the proliferation of video generation models, potentially leading to price increases in DRAM [20] Investment Recommendations - Investors are advised to focus on gold stock ETFs, mining ETFs, and Nonferrous 60 ETFs due to favorable market conditions [6] - The semiconductor sector remains a strong investment focus, particularly in light of ongoing geopolitical tensions and supply chain issues [21]

Market Overview - A-shares are showing strong pre-holiday performance, with the Shanghai Composite Index up by 0.52% and the Hang Seng Index up by 0.87% [1] - Trading volume remains robust at 2.1 trillion yuan, indicating sustained investor interest [1] Sector Performance - Resource stocks, lithium batteries, and real estate sectors are performing well, while high-tech stocks are experiencing profit-taking [1] - The storage chip sector is witnessing a significant price increase, with DRAM prices rising by approximately 20% and NAND flash prices increasing by 5-10% in Q3 [4] - The storage sector is driven by strong AI demand and strategic supply shifts, leading to a structural market change rather than a temporary supply contraction [4] Company Highlights - Companies in the storage sector, such as Jiangbolong and Demingli, are experiencing significant stock price increases, with Jiangbolong up by 178.03% year-to-date [5] - The release of the DeepSeek-V3.2-Exp model has positively impacted domestic computing power companies, although some stocks like Cambrian and Haiguang Information saw volatility [2][4] Commodity Trends - Gold prices have surged, reaching a new high of $3,850 per ounce, while copper futures have also increased by over 2% [5] - The copper market is facing two narratives: the increasing demand for electricity in North America and the urgent need for grid upgrades in Europe, positioning copper as a critical resource [7] Market Sentiment - Analysts express cautious sentiment regarding A-shares, predicting only a 1.2% increase by year-end and a 5.5% increase by mid-2026, citing overcrowding in the AI sector and high valuations [9] - The upcoming U.S. economic events, including potential government shutdowns and employment data, are crucial for global market trends [9] Lithium Industry Update - The deadline for lithium mining companies in Yichun to submit resource verification reports is September 30, with no indications of production halts reported [12]

Group 1 - Multiple money market funds, including Tianhong Yu'ebao, have announced a reduction in management and custody fees to better meet investor needs [1] - Tianhong Yu'ebao's custody fee has been lowered from 0.08% to 0.07%, with a fund size of 793.219 billion yuan as of June [1] - Guoxin Guozheng Cash Growth Fund has adjusted its management and custody fees to 0.2% and 0.07% respectively [1] Group 2 - The National Energy Administration reported that China's total electricity consumption reached 1,015.4 billion kWh in August, marking a 5.0% year-on-year increase [1] - This is the first time globally that monthly electricity consumption has exceeded 1 trillion kWh for two consecutive months, driven by high summer temperatures [1] - Industrial electricity consumption in August was 590.9 billion kWh, accounting for nearly 60% of total consumption, with manufacturing electricity usage growing by 5.5% year-on-year [1] Group 3 - IDC reported that global smart camera shipments reached 32.784 million units in Q2 2025, a 0.9% year-on-year increase [2] - The Asia-Pacific market (excluding China and Japan) and the US and Canada have seen year-on-year declines in smart camera shipments [2] - China's smart camera market shipped 23.592 million units, with a growth rate of 3.1%, indicating a gradual slowdown [2] Group 4 - The State Administration for Market Regulation is set to release the "Live E-commerce Supervision Management Measures," which clarify the legal responsibilities of various stakeholders in live e-commerce [3] - The measures aim to strengthen supervision and establish a closed-loop regulatory enforcement system [3] Group 5 - Embedded NAND and LPDDR4X products have seen a price increase due to rising resource costs and increased market inquiries [3] - NAND Flash wafer prices have generally increased by single-digit percentages, with 512Gb TLC NAND prices rising nearly 10% [3] Group 6 - Alibaba's Qwen has updated three large models, including an open-source multimodal model and an image editing model [4][5] Group 7 - Fat Donglai has reportedly spent over 10 million yuan on packaging design for its self-operated mooncake gift boxes [5] Group 8 - Jiangsu Jiangshun Precision Technology Group received a regulatory letter from the Shenzhen Stock Exchange for inaccuracies in its financial disclosures [6] Group 9 - *ST Wanfang's major shareholder's stock was auctioned off twice without success, raising concerns about potential changes in control [6] - The company is under investigation for information disclosure violations [6] Group 10 - China Electric Research announced a preliminary share transfer price of 24.09 yuan per share for its shareholder's inquiry [7] Group 11 - Tianzhou Culture plans to invest up to 450 million yuan of idle funds in low-risk financial products [8] Group 12 - Yishitong intends to repurchase shares worth between 30 million and 55 million yuan, with a maximum price of 40.69 yuan per share [9] Group 13 - Libaba Co. plans to invest 50 million yuan in the establishment of a private equity fund focusing on key industries in the Yangtze River Delta [10] Group 14 - Dayu Water-saving announced a joint bid for a high-standard farmland project worth 106 million yuan [11] Group 15 - Wan'an Technology's subsidiary has been selected as a supplier for a major domestic automotive group, with an expected sales total of approximately 280 million yuan over five years [12] Group 16 - The ChiNext index experienced a rebound, closing up 0.21%, with significant activity in the semiconductor sector [13]

Group 1 - Micron has decided to suspend quotes for DDR4, DDR5, LPDDR4X, and LPDDR5X, with industry rumors suggesting a potential price increase of 20%-30% for channel storage products [1][2] - The supply-demand balance is shifting towards a seller's market, leading to a price surge for DDR4 and LPDDR4X starting from Q2, which is expected to continue into the first half of next year [1][2] - The supply of DDR5 and LPDDR5X is expected to tighten in the second half of the year due to HBM capacity constraints and the transition between old and new processes, resulting in a comprehensive price increase in the DRAM market [1][2] Group 2 - NAND storage price increase sentiment is rising, with SanDisk announcing price hikes, leading to a rapid increase in industry and channel market prices [1][2] - Flash wafer prices have risen by 1.82%-6.25%, with the highest weekly increase for SSD 256GB in the industry market reaching 8.62% [1][2] - The supply side is implementing price increase strategies for certain NAND resources, significantly raising the urgency for industry clients to procure, with expectations of continued price increases for enterprise storage in Q4 due to rising demand [1][2] Group 3 - Samsung's 12-layer stacked HBM3E has successfully passed NVIDIA certification, positioning itself in the HBM supply chain [3] - Samsung aims to develop the next-generation HBM4 technology, achieving a data transfer rate of 11Gbps, making it the first company to reach this milestone [3] - As original manufacturers increase investment in HBM competition and reduce niche DRAM capacity, domestic Tier 2 niche DRAM suppliers are expected to gain greater market space [3] Group 4 - The storage market remains robust, with domestic advanced storage capacity continuously expanding, driven by AI servers and terminals, alongside opportunities for domestic substitution [4] - Relevant stocks in the storage industry include: Zhaoyi Innovation (603986.SH), Puran (688766.SH), Demingli (001309.SH), Baiwei Storage (688525.SH), Beijing Junzheng (300223.SZ), Langke Technology (300042.SZ), Dongxin Co. (688110.SH), Jiangbolong (301308.SH), Hengshuo Co. (688416.SH), Wanrun Technology (002654.SZ), Deep Technology (000021.SZ), Tongyou Technology (300302.SZ), Juchen Co. (688123.SH), and Lianyun Technology (688449.SH) [4]