其中，存储芯片与数据存储相关股票成为当日市场焦点，多只个股录得显著涨幅，推动相关板块表现远 超大盘平均水平。 存储概念股飙升是周二美股交易的显著特征。以闪迪(SNDK.O)为代表的存储股领涨，股价大幅上涨超 过27%，创下盘中历史新高，且最近五个交易日累计涨幅近43%。 美东时间周二（1月6日）美国股市延续年初上涨态势，标普500指数与道琼斯工业平均指数双双收于历 史新高，纳斯达克指数也实现稳步上涨。 与此同时，市场整体资金流向也表现出较为明显的板块轮动趋势。尽管科技七巨头中部分权重股涨跌互 现，但存储与半导体细分领域的上涨动力强劲，带动费城半导体指数等相关指数录得较好表现。此外， 贵金属品种如黄金、白银也延续开年以来的上涨态势，进一步反映出投资者在风险资产与避险资产之间 的分化布局。 周二市场的上涨背景还与技术大会与企业业绩预期密切相关。全球最大科技展之一的拉斯维加斯消费电 子展（CES）上，多家龙头企业发布了新一代产品与技术路线，市场对AI与数据中心基础设施的长期增 长前景持较乐观态度。 这种预期延伸至存储板块，使得投资者对相关公司未来盈利能力给予更高估值。虽然市场仍在等待本周 即将公布的关键经济数据，如 ...

2025年的存储市场正上演冰火两重天：企业级SSD需求激增推动 QLC NAND 产能被提前锁定，而机械硬盘（HDD）的供应危机却达到顶峰 —— 交付周 期突破24个月，部分云厂商被迫签署2026年长约以保障供货。这场矛盾的背后，是数据洪流与存储性价比的刚性需求碰撞。 华为高级副总裁、华为云CEO、数据存储产品线总裁周跃峰直言，中国今天已经解决CPU、内存、固态硬盘等器件的国产化，唯一没有解决国产化的存 储器件就是机械硬盘HDD。然而，中国已是数据大国，仅中国市场的机械硬盘（HDD）年消耗量就接近600亿元。这一核心技术的缺失，使中国产业在全 球供应链中处于被动地位。 HDD 是英文 Hard Disk Drive 的缩写，也叫硬盘驱动器，也可以简称为硬盘，用于长期存储和检索电子数据。区别于 SSD（固态硬盘），大家常说的 HDD 主要指传统的机械硬盘。 机械硬盘（HDD）的核心内部组件主要包含旋转盘片、读写磁头以及机械臂这三部分。盘片是表面覆盖磁性涂层的圆形磁盘，涂层可被磁化以记录数 据，读写数据时，读写磁头会检测或改变盘片表面的磁场状态，进而将磁场信号转化为数字电信号，传输至电脑等电子设备，同时，盘片会在 ...

Core Insights - Huawei has officially launched the global call for the 2025 Olympus Mons Awards, marking the sixth year of this global event [1] - The awards aim to address challenges in data processing in the AI era, including high computational costs, complex protocol stacks, knowledge base construction difficulties, and increased storage costs [1] Prize Details - The total prize pool for this year's Olympus Mons Awards remains at 3 million yuan, with two main awards of 1 million yuan each and five Pioneer Awards of 200,000 yuan each [1] - Since its establishment in 2019, the Olympus Mons Awards have attracted over 320 scholars from 12 countries, awarding 6 main awards and 18 Pioneer Awards [1] Previous Winners - The 2024 Olympus Mons Award was awarded to Professor Wu Yongwei's team from Tsinghua University for their innovative "data exchange for computation" technology [2] - Pioneer Awards in 2024 were given to teams from Fudan University, Huazhong University of Science and Technology, Peking University, City University of Hong Kong, and Technical University of Berlin [2] - The 2023 Olympus Mons Award was awarded to teams from ETH Zurich and Shanghai Jiao Tong University, with Pioneer Awards going to teams from National University of Singapore, KAIST, Peking University, and the Institute of Computing Technology, Chinese Academy of Sciences [2]

IT之家 12 月 26 日消息，华为今日官宣，第六届奥林帕斯奖正式启动全球征集。 IT之家注："奥林帕斯奖"（OlympusMons Awards）是由华为公司于 2019 年起设立，旨在鼓励全球科研工作者投入数据存储 领域基础理论研究，突破关键技术难题，加速科研成果产业化，实现产学研合作共赢。 奥林帕斯奖自设立以来，已吸引全球 12 个国家的超过 320 名学者参与，共评出 6 个奥林帕斯奖和 18 个奥林帕斯先锋奖。 2025 年设置 2 个奥林帕斯奖（每个 100 万元奖金）、5 个奥林帕斯先锋奖（每个 20 万元奖金），获奖人 / 团队可以和华为 建立技术交流渠道并获得科研助力。 IT之家附 2025 奥林帕斯难题如下： 方向一：面向 AI 时代的创新介质技术 AI 的发展与广泛应用，驱使冷数据变温、温数据变热、热数据处理开销变大；研究以存补算、以存换算的新范式，超高密 度信息记录以及层次化大内存创新技术，打造高性能、大容量、高性价比的存储系统。 难题 1：基于 SSD 的存算融合与高效索引技术 带宽 HBM 1~4TB/s DRAM 100GB/s 大容量 7~32GB/s SSD 成本 ($/G ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-12 2025-02 2025-05 2025-07 2025-10 2025-12 -12% -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 联芸科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 44.83 | | --- | --- | | 总股本/流通股本（亿股）4.60 | / 2.93 | | 总市值/流通市值（亿元）206 | / 131 | | 52 周内最高/最低价 | 65.80 / 37.05 | | 资产负债率(%) | 18.1% | | 第一大股东 | 杭州弘菱投资合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 联芸科技(688449) 联芸芯途，主控领航 l 投资要点 营收净利稳健增长，扣非净利增幅显 ...

Core Insights - The AI large model has significantly boosted the high bandwidth memory (HBM) market, making the storage industry a focal point with a global market size reaching hundreds of billions of dollars [1][2] - Despite the challenges posed by international giants and internal price wars, there is optimism for the future of China's storage industry, which has achieved substantial domestic production capabilities [1][2] Industry Challenges - The domestic storage industry is facing a dual challenge: technological barriers from international competitors and intense price competition within China [1][2] - The lack of core technology in mechanical hard drives (HDD) positions the Chinese industry in a passive role within the global supply chain, despite a high annual consumption rate of nearly 60 billion yuan [4][5] Opportunities in AI - The rise of AI is creating two main opportunities: increased investment in global AI data infrastructure and the strategic importance of data preservation, driven by the establishment of the National Data Bureau [4][6] - The storage industry is undergoing a transformation, with a shift from processor-centric to data-centric IT architectures, necessitating high bandwidth storage solutions [6][7] Technological Advancements - Huawei is set to launch an AI data platform that integrates AI functionalities into storage, indicating a shift from traditional storage roles to intelligent data platforms [6][7] - The traditional data storage hierarchy is being simplified, with all data potentially needing to be accessed at any time, thus requiring storage solutions that offer both high capacity and cost-effectiveness [6][7] Industry Development - The Chinese storage industry has made significant strides, with advancements in key technologies and a complete industrial chain, allowing for competitive positioning in various critical sectors [2][5] - There is a call for domestic storage companies to move beyond price competition and focus on technological innovation to enhance their global competitiveness [5][7]

Core Viewpoint - The acquisition of a 6.4969% stake in Hangzhou Hualan Microelectronics Co., Ltd. by Garden Holdings has led to a significant drop in its stock price following an inquiry from the Shanghai Stock Exchange regarding the transaction [1][2] Group 1: Stock Performance - On December 2, Garden Holdings' stock price fell sharply, reaching a decline of 9.74% to 21.49 yuan per share, with a brief touch of the daily limit down [1] - From January 2 to December 1, the company's stock had previously seen a cumulative increase of 214.12% [1] Group 2: Transaction Details - Garden Holdings announced plans to purchase the stake for 112 million yuan, stating that the transaction does not constitute a related party transaction or a major asset restructuring, and does not require shareholder approval [1] - The company is involved in a full industry chain of landscaping services, while Hualan Micro is a provider of components in the domestic data storage sector [1] Group 3: Inquiry from Shanghai Stock Exchange - The inquiry from the Shanghai Stock Exchange highlighted that Hualan Micro had previously applied for an IPO in December 2022 but withdrew the application in May 2024 [2] - Hualan Micro reported revenues of 565 million yuan in 2022 and 221 million yuan in the first nine months of 2023, with net profits of -111 million yuan and -78 million yuan respectively, indicating a trend of declining revenue and increasing losses [2] - The exchange requested explanations regarding the reasons for Hualan Micro's continuous losses, comparisons with industry peers, and the rationale behind the transaction's valuation and payment arrangements [2]

Group 1: Industry Insights - The 2025 Data Storage Industry Conference will be held in Guangzhou, focusing on the theme "Building a New Ecosystem for Storage, Creating a New Future for AI" [1] - The conference will release a series of forward-looking and practical industry results, discussing key topics such as cross-domain collaboration and technology integration [1] - The global data storage market exceeds 26 trillion yuan, highlighting the importance of enhancing China's industry competitiveness and building advanced data storage capabilities for digital economic development [1] Group 2: Technological Developments - Magnetoelectric storage technology is expected to be a focal point of the conference due to its high speed, low power consumption, and non-volatility [1] - Huawei updated its progress on new magnetoelectric storage technology at the 2025 Global Connectivity Conference, aiming to overcome storage bottlenecks in AI computing and improve overall system efficiency [1] - Digital China released the Shenzhou KunTai AI high-performance distributed storage solution, which combines Huawei's storage technology to meet the high capacity and I/O demands of the AI era, creating a differentiated competitive advantage [2] Group 3: Company Strategies - STMicroelectronics has made early investments in magnetoelectric coupling technology, possessing technical reserves and patents, and is expected to become a new medium for enterprise-level storage [1] - STMicroelectronics is the only joint innovation partner of Huawei in the field of magnetoelectric storage [1]

Core Viewpoint - The article discusses the evolution and advancements in NAND flash memory technology, particularly focusing on 3D NAND and its implications for data storage density and efficiency in various applications, including artificial intelligence and data centers [2][10]. Group 1: NAND Flash Memory Evolution - NAND flash memory has transformed data storage and retrieval since its introduction in the late 1980s, becoming essential in devices from smartphones to data centers [2]. - The shift from 2D to 3D NAND technology has allowed semiconductor companies to overcome limitations in traditional memory size reduction, leading to increased storage density [2][10]. - The industry is now focusing on enhancing storage unit density (measured in Gb/mm²) while reducing the cost per bit, with commercial NAND flash reaching up to four bits per cell [2][10]. Group 2: Technological Innovations - A significant advancement is the transition from floating gate transistors to charge trap cells, which improves read/write performance and allows for higher storage density due to smaller manufacturing sizes [3][10]. - The GAA (Gate-All-Around) architecture is being applied in 3D NAND, allowing for vertical stacking of storage units and efficient addressing through horizontal word lines [5][10]. - Future developments aim to achieve over 1000 layers in 3D NAND by 2030, with current chips already exceeding 300 layers, presenting challenges in maintaining uniformity and increasing manufacturing complexity [10][12]. Group 3: Addressing Challenges - The reduction of z-axis spacing between storage layers is crucial for lowering costs while increasing storage capacity, with current spacing around 40 nanometers [15][31]. - Techniques such as integrating air gaps between adjacent word lines are being explored to mitigate cell interference and improve performance [17][22]. - The introduction of charge trap layer separation is being tested to enhance the storage window and prevent charge migration, which could lead to better data retention and performance [26][29]. Group 4: Future Directions - The semiconductor industry is actively researching innovative architectures to maintain advancements in storage density beyond 2030, including horizontal arrangements of conductive channels and trench architectures [32]. - The demand for higher storage capacities is driven by applications in cloud computing and artificial intelligence, pushing the industry towards achieving 100 Gb/mm² storage density [32].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company reported a significant revenue increase in Q3 2025, achieving 3.387 billion yuan, representing a year-over-year growth of 86.43% and a quarter-over-quarter growth of 18.14%. The net profit attributable to shareholders was 266 million yuan, with a year-over-year increase of 33.44% [2][4]. - The company's strategic focus on a "three-in-one" model of computing power base, cloud services, and smart terminals is expected to drive future growth, supported by a robust order backlog in the intelligent computing power business [2][8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 11.09 billion yuan, with a year-over-year growth rate of 49.7%. The net profit attributable to shareholders is expected to reach 1.138 billion yuan, reflecting a growth rate of 64.5% [4][9]. - The earnings per share (EPS) is forecasted to increase from 2.00 yuan in 2024 to 3.29 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 85 in 2024 to 52 in 2025 [4][9]. Business Segments Overview - The intelligent computing power products and services segment generated 1.221 billion yuan in revenue in H1 2025, with a gross margin of 20.60%. The company is enhancing its R&D efforts to improve its computing service platform [8][9]. - The server and peripheral remanufacturing business saw revenue of 835 million yuan in H1 2025, with a year-over-year growth of 119.49%. The company has developed core capabilities in automated chip disassembly, leading to improved production efficiency and product quality [8][9]. Market Position and Valuation - The target price for the company's stock is set at 212.68 yuan, with the current price at 169.41 yuan, indicating a potential upside [4][5]. - The company has a total market capitalization of 58.636 billion yuan, with a circulating market value of 58.468 billion yuan [5].