Core Viewpoint - The article discusses the significant price increase of storage products, with some prices doubling or even tripling since April 2023, driven by supply shortages and rising demand, particularly from the AI sector [1][2][10]. Price Trends - Various storage products have seen dramatic price increases, with some memory modules rising from around 1,000 yuan to 4,200 yuan, marking a threefold increase [4]. - The price of 16GB DDR4 memory modules has more than doubled from under 200 yuan to over 400 yuan since the beginning of the year [6]. Market Dynamics - The surge in storage prices is attributed to a supply-demand imbalance, primarily influenced by the expansion of AI data centers, which has significantly increased the demand for storage chips [10]. - Major tech companies like Alibaba and Microsoft are investing heavily in AI infrastructure, further driving demand for high-capacity storage solutions [10]. Impact on Consumer Electronics - The rising costs of storage components are affecting the prices of consumer electronics, leading to a noticeable decline in orders for assembled computers and increased prices for new smartphones [13]. - For instance, the price difference for the Redmi K90 series smartphones has increased by 600 yuan due to rising storage costs, prompting manufacturers to either raise prices or reduce storage configurations [13]. Opportunities for Domestic Manufacturers - The current shortage in the storage market presents a valuable opportunity for domestic manufacturers to capture market share as global competitors reduce their presence [14]. - The low domestic market penetration of NAND and DRAM products indicates potential growth for local firms through technological advancements and product iterations [14].

Group 1 - The storage industry is experiencing significant price increases, with SanDisk raising NAND flash contract prices by 50% in November, marking at least the third price hike this year [2] - The demand for AI data centers is surging, coupled with limited wafer supply, leading to a widening supply-demand gap in the storage sector [1][2] - NAND flash market demand is expected to exceed supply capabilities, with projections indicating that data centers will become the largest demand source for NAND flash by 2026 [2][3] Group 2 - The current storage shortage is described as the most severe in 30 years, driven by AI demand and increasing SSD requirements [3] - TrendForce reports that NAND flash spot prices are rising significantly due to the release of high contract prices, while suppliers are holding back inventory in anticipation of further price increases [3][4] - Major DRAM manufacturers, including Samsung, have paused contract pricing, leading to a 25% surge in DDR5 spot prices within a week [4]

2025年10月12日 证券研究报告 | 半导体10月投资策略： AI链国产化能力日益增强，存储涨价周期明确 行业研究 · 行业投资策略 电子 · 半导体 投资评级：优于大市（维持） 021-60893306 021-60871321 0755-81982153 021-61761072 010-88005307 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhangdawei1@guosen.com.cn zhanliuyang@guosen.com.cn S0980521080001 S0980521080002 S0980522100003 S0980524100002 S0980524060001 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：张大为 证券分析师：詹浏洋 请务必阅读正文之后的免责声明及其项下所有内容 AI链国产化能力日益增强，存储涨价周期明确 l 9月SW半导体指数上涨14.07%，估值处于2019年以来91.58%分位 2025年9月SW半导体指数上涨14.07%，跑赢电子行业3.1 ...

格隆汇10月10日｜今日A股低开低走，半导体板块全线回调，佰维存储大跌10%，晶合集成跌超9%，中 芯国际跌超6%，科创50ETF、芯片ETF均跌逾3%，但资金逆势抄底，芯片ETF盘中预估涌现2.52亿元的 净买盘。 资金近期持续狂买半导体主题ETF，如"半导体含量超50%"的科创50ETF近5日合计净流入5.37亿元，芯 片ETF近10日合计净流入6.49亿元。科创半导体ETF近10日合计净流入额高达17亿元。 从行情走势来看，在国产替代和存储涨价周期的双重刺激下，昨日早盘半导体板块全线爆发，午后因融 资融券业务规则消息跳水，但鉴于该则规定是2016年以来就存在的明文规定，更多是获利盘兑现导致的 板块波动。 "半导体含量超50%"科创大盘代表：科创50ETF(588000)，-3.77%，权重股包括中芯国际(半导体制造龙 头)、海光信息( CPU及DCU芯片领军企业)、寒武纪(AI芯片)等。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，-2.69%，成份股涵盖中微公司（刻蚀设 备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天岳先进 （碳化硅衬底）。 ...

Core Viewpoint - The announcement of the lifting of the lock-up period for 300 million shares of Jiangbolong (accounting for 71.57% of total shares) on August 5 is expected to have limited liquidity impact, as the controlling shareholder and executives have committed not to reduce their holdings for 12 months, enhancing market confidence in the company's future development and investment value [1][2][3] Group 1: Share Lock-up and Market Impact - The actual share reduction from the original 300 million shares to 119 million shares significantly alleviates market concerns about concentrated lock-up releases, with the proportion of shares available for reduction dropping from 71.57% to 28.30% [2] - The employee shareholding platform, holding 16.53% of shares (0.69 million shares), will also adhere to strict reduction protocols, further decreasing the actual available shares for reduction by 57.98% [2] Group 2: Company Performance and Strategy - Jiangbolong is advancing its business layout in high-end, overseas, and brand sectors, aiming to establish itself as a competitive global semiconductor storage brand, achieving significant breakthroughs in enterprise-level storage and high-end consumer storage [4][5] - In 2023, Jiangbolong achieved revenue of 10.125 billion yuan, marking its first time surpassing the 10 billion yuan threshold, with a projected revenue of 17.464 billion yuan in 2024, reflecting a year-on-year growth of 72.48% [5] - The company has introduced innovative business models such as PTM (Product Technology Manufacturing) and TCM (Technology Contract Manufacturing), enhancing its market position and operational capabilities [5][6] Group 3: Market Trends and Future Outlook - The storage chip industry is currently experiencing a dual drive of technological innovation and demand recovery, with expectations for continued revenue growth due to rising prices and increased orders in the mid-to-high-end segment [6] - Jiangbolong is positioned to benefit from margin elasticity and the growth of mid-to-high-end orders in the short term, while long-term prospects include enhancing profitability and industry leadership through self-developed main control chips and innovative business models [6]