但2025年9月26日傍晚，位于韩国大田市的韩国国家情报资源管理院警报骤响。监控画面里，服务器机架被火光吞没，冷却系统失灵，自动灭火装置来不 及反应。 几个小时后，火被扑灭，但数据被烧光了。 858TB的政府云数据一夜消失，韩国政府约75万名公务员最近约7年的相关工作文件皆成历史遗失档案。 这是一个国家级存储系统的"记忆丧失"时刻。由于备份在同区域，冗余机制未能及时启用，所有数据均无法恢复。 一次火灾暴露了一个事实：现代存储系统不是弱在硬件，而是弱在没有提前预警、决策和自救。 那一刻，行业突然意识到，存储技术的竞争逻辑已不再仅仅是更贵的硬盘和更多的副本，而是让存储拥有"看见、预判、决策"的能力，而这样的智能化能 力恰恰是AI独有的。 大田的夜色本该是安静的。 一夜之间，647套政府业务系统集体宕机，机场旅客因电子身份证失效滞留，银行支付网络崩溃…… 从这件事我们也可以窥探到数字时代背后存储技术急需攻克的弱点。 第一，缺乏提前预警能力。火势并非瞬间爆发，温度异常、电源波动、冷却失效等征兆早已出现，但系统既没有感知机制，也没有将这些信号转化为风险 判断的能力。它只是被动运行，直到彻底崩溃。 第二，无法动态调度资源 ...

Core Insights - The 2025 Data Storage Industry Conference was held in Guangzhou, focusing on enhancing China's competitiveness in the global data storage market [2][3] - The global data storage market has exceeded 2.6 trillion yuan, highlighting the need for China to strengthen industry collaboration and establish a self-reliant standard system [2] Group 1: Industry Developments - China Electronics Standardization Association hosted the conference, with the China Electronics Standardization Association Data Storage Professional Committee responsible for its execution [2] - The Future Storage working group was officially established to draft AI storage series group standards, aiming to leverage advantages in AI storage [2] Group 2: Strategic Initiatives - The working group will focus on "AI data semantics" to develop storage architecture, interface protocols, and performance evaluation standards for large model training [2] - The first key topic will be "AI inference storage acceleration," targeting breakthroughs in KV Cache optimization and storage-computing network collaboration [2] Group 3: Leadership and Vision - Zhongke Shuguang was appointed as the chair of the professional committee, emphasizing the importance of policy guidance, demand-driven approaches, ecosystem thinking, and standards as a key focus [3] - The goal is to transition from "adapting and following" to "defining architecture," thereby enhancing China's international influence in the storage industry [3]

Core Viewpoint - Flash memory prices are experiencing a significant increase, with some products seeing price rises close to 40% due to supply constraints and surging demand driven by AI applications [1][6][7] Price Trends - 1Tb QLC has increased by 25.00% to $12.50 - 1Tb TLC has risen by 23.81% to $13.00 - 512Gb TLC has the highest increase at 38.46%, now priced at $9.00 - 256Gb TLC has increased by 14.58% to $5.50 [1][2] Supply and Demand Dynamics - Major storage companies like Samsung, SK Hynix, Kioxia, and Micron have collectively reduced NAND supply since the second half of this year, with reductions of 15% for Samsung, 20% for SK Hynix, and 12% and 18% for Kioxia and Micron respectively [6][7] - The shift towards QLC production for AI data centers has further squeezed traditional NAND capacity, exacerbating supply shortages [7] Industry Insights - The demand for NAND storage is surging due to the rapid development of AI technologies, with AI servers requiring three times the NAND of traditional servers, leading to a spike in large-capacity SSD demand [7] - Companies are engaging in "panic buying" to secure NAND allocations, resulting in many suppliers' quotas for next year being fully booked [7] - The storage industry is predicted to enter a "super cycle," with the global market potentially reaching $300 billion by 2027 [7]

自9月以来，存储行业可以说是资本市场中表现最为亮眼的板块。以A股为例，截至11月13日，香农芯创（300475）(300475.SZ)、德明利（001309） (001309.SZ)、江波龙（301308）(301308.SZ)、佰维存储(688525.SH)自9月以来的最大股价涨幅分别为423%、258.94%、288%、142.45%，可见该板块股票在 市场上的强劲势头。 面对行业已经开始的高景气周期，股价在短期内已实现翻倍的佰维存储于近日有了新动作。智通财经APP观察到，佰维存储已开启了赴港上市新征程，其于 10月28日向港交所主板提交上市申请书，华泰国际为独家保荐人。 据弗若斯特沙利文的资料显示，佰维存储是全球唯一一家具备晶圆级封装能力的独立存储解决方案提供商。若以2024年的相关收入计算，佰维存储是全球最 大的拥有自主封装制造的独立存储制造商。且公司亦是全球最大的AI新兴端侧半导体存储解决方案供应商，在各类AI端侧应用领域处于领先地位。 佰维存储表示，公司此次赴港上市所募集资金将用于升级迭代自研主控芯片、存储解决方案设计以及提高先进封测能力，同时，公司把部分资金用于国际扩 张以及寻找潜在的战略投资、 ...

爱建证券近日发布电子行业周报：SKhynixCEOKwakNoh-Jung在韩国首尔举办 的"SKAISummit2025"峰会上，正式宣布公司转型"全线AI存储创造者"的新愿景，同时揭晓 了包含定制化高带宽内存（CustomHBM）、AI专用DRAM（AI-D）及AI专用NAND（AI- N）在内的三大存储新路线。 以下为研究报告摘要： 投资要点： 存储芯片涨价带动其他电子Ⅲ上涨。本周（2025/11/03-11/07）SW电子行业指数 （-0.09%），涨跌幅排名21/31位，沪深300指数（+0.82%）。SW一级行业指数涨跌幅前五 别为：电力设备（+4.98%），煤炭（+4.52%），石油石化（+4.47%），钢铁（+4.39%）， 基础化工（+3.54%），涨跌幅后五分别为:美容护理（-3.10%），计算机（-2.54%），医药 生物（-2.40%），汽车（-1.24%），食品饮料（-0.56%）。本周SW电子三级行业指数涨跌 幅前三分别是：其他电子Ⅲ（+4.88%），被动元件（+4.85%），印制电路板（+4.32%）； 涨跌幅后三分别是：品牌消费电子（-3.60%），模拟芯片设计（-2.25%） ...

Core Viewpoint - The storage industry is experiencing a significant transformation driven by AI demand, leading to a structural growth phase rather than a traditional cyclical recovery [2][40]. Group 1: Financial Performance of Major Companies - Samsung Electronics reported a strong rebound in its storage business, achieving an operating profit of 12.2 trillion KRW in Q3 2025, a 32.6% year-on-year increase and a 159.6% quarter-on-quarter increase, marking the highest level in nearly three years [3][6]. - SK Hynix achieved record performance in Q3 2025, with operating income reaching 11.38 trillion KRW, a 62% year-on-year increase, and a net profit of 12.6 trillion KRW, reflecting a 119% surge [11][13]. - Western Digital's Q1 FY26 revenue reached $2.818 billion, a 27% year-on-year increase, with cloud services contributing significantly to its growth [22][23]. Group 2: Market Dynamics and Demand Drivers - The demand for high-performance storage chips, particularly HBM and DDR5, is being driven by the booming AI server and high-performance computing markets, with HBM sales volume increasing by 80% quarter-on-quarter [8][29]. - The global storage market is facing a structural supply-demand imbalance, with AI applications significantly increasing the demand for HBM, leading to price hikes and a shift in production focus towards high-value products [33][34]. Group 3: Technological Advancements and Capacity Expansion - Samsung plans to invest 47.4 trillion KRW in capacity upgrades by 2025, with 86% of the budget allocated to the semiconductor sector, focusing on expanding DRAM production lines to meet HBM4 demand [8][38]. - SK Hynix is advancing its 1c nm DRAM process and plans to launch HBM4, with a significant portion of its production capacity already secured for 2026 [19][21]. - Micron Technology is focusing on high-end demand, with a projected capital expenditure of $13.1 billion in FY26 to expand HBM and high-capacity storage product capacity [30][38]. Group 4: Strategic Partnerships and Long-term Agreements - Major storage companies are forming long-term agreements with AI leaders, with SK Hynix and Samsung securing contracts for HBM supply with NVIDIA and OpenAI, indicating a trend towards long-term demand visibility [36][37]. - Western Digital has received procurement orders from its top seven customers for the first half of 2026, ensuring stable production capacity and reducing inventory volatility risks [24].

Core Viewpoint - The storage industry is experiencing a significant price increase driven by supply constraints and strong demand, particularly from AI applications, which is expected to continue until at least the end of 2026 [2][3][4]. Part 1: Storage Super Cycle - The storage super cycle is still in its early stages, with DRAM prices increasing unexpectedly, particularly DDR5 PC memory prices rising by 25-30% quarter-on-quarter, and server DRAM prices increasing by 28-33% [3]. - NAND prices are also strong, with enterprise SSD contract prices up 25-30% and eMMC/UFS prices up 20-25%, while 3D NAND wafers have seen a quarter-on-quarter increase of 65-70% due to capacity constraints [3]. - Current NAND average selling prices are approximately $0.08-$0.09 per GB, with a potential increase of 40%-60% to reach the previous cycle peak of $0.13 [3]. Part 2: Supply Constraints - Module manufacturers and upstream chip suppliers are actively limiting supply to maintain price stability during this upcycle [4]. - Major cloud service providers like Microsoft and Amazon are attempting to secure long-term agreements for capacity expansion but have not yet reached consensus with suppliers, leading to a supply-demand gap expected to last until at least the end of 2026 [4]. Part 3: AI-Driven Growth - The demand for high-capacity eSSD from AI servers is a core growth driver, with storage capacity needs for AI servers being 5-8 times that of regular servers [5]. - The proliferation of edge AI devices is further driving the upgrade of consumer storage, transitioning the storage industry from a "consumer-led" to a "enterprise + AI-led" growth model [5]. Company-Specific Advantages - Jiangbo Long is expanding its enterprise business, with enterprise SSD revenue expected to rise from 15% in 2024 to 28% in 2026, significantly boosting overall gross margins from 18% in 2025 to 25% [6]. - The company has achieved a 12%-15% cost reduction by developing its own storage controllers, enhancing product competitiveness and supporting higher profit margins [7]. - Jiangbo Long has established long-term partnerships with key chip suppliers like Samsung and Micron, ensuring stable wafer supply and maintaining over 70% capacity utilization in a tightening supply environment [8]. Financial Forecasts - Revenue and profit forecasts have been significantly raised, with projected revenues for 2025, 2026, and 2027 now at 240.59 billion, 382.00 billion, and 452.79 billion yuan respectively, and net profit forecasts adjusted to 14.82 billion, 43.08 billion, and 51.55 billion yuan [9]. - The embedded storage business is expected to benefit from AI edge device demand, with projected revenue of 183.25 billion yuan in 2026, a 77% year-on-year increase [10]. Valuation Logic - The target price is based on a residual income model, with an implied 11x price-to-book ratio for 2026, aligning with the global trend of valuation reassessment in the storage sector due to the AI super cycle [11]. Scenario Analysis - In the base case scenario, the target price is set at 325 yuan, assuming a continued supply-demand gap and stable AI-driven demand growth [12]. - In an optimistic scenario, the target price could reach 435 yuan, driven by a 90% year-on-year increase in AI server shipments and significant growth in enterprise SSD demand [14][15]. - In a pessimistic scenario, the target price could drop to 90 yuan due to weak demand and excess supply, with a projected decline in smartphone and PC shipments [17][18]. Investment Strategy - The report maintains an overweight investment rating for Jiangbo Long, highlighting its position as a key beneficiary of the storage super cycle, supported by ongoing supply constraints, enterprise business expansion, and AI-driven structural demand [19].

Group 1 - A-share market shows a divergence in hotspots, with consumer sectors like duty-free and food & beverage leading the gains, particularly China Duty Free Group hitting a two-year high [1] - The implementation of new duty-free policies in Hainan has resulted in a significant increase in shopping amounts and visitors, with a total of 5.06 billion yuan in shopping and 72,900 visitors, marking year-on-year increases of 34.86% and 3.37% respectively [1] - AI storage concept stocks have surged following a 50% price increase in NAND flash contracts by SanDisk, indicating supply tightness in the storage market [1] Group 2 - Market analysts predict rapid rotation of hotspots in the absence of policy and performance catalysts, with consumer sectors being crucial for economic stability [2] - The third-quarter reports of listed companies show resilience in fundamentals, highlighting structural strengths amid a focus on high-quality development and technological self-reliance [2] - The current tightening of overseas liquidity is not expected to lead to systemic risks, and A-shares are anticipated to maintain resilience supported by stable economic and policy expectations [2] Group 3 - Looking ahead to 2026, the restructuring of international monetary order and the AI revolution are expected to support the performance of Chinese assets, with a more balanced market style anticipated [3] - Recommendations for investment focus on three main lines: growth in prosperous sectors, breakthroughs in external demand, and cyclical reversals [3] - The A500 ETF is showing positive momentum, with significant gains in key stocks such as Li'an Micro, Jiuan Medical, and China Duty Free, indicating a strong performance in the A-share market [3]

Core Viewpoint - The report from Ping An Securities indicates that Jiangbolong achieved a net profit attributable to shareholders of 713 million yuan in the first three quarters of 2025, representing a year-on-year increase of 27.95% [1] - In Q3, the company reported a net profit of 698 million yuan, showing a remarkable year-on-year growth of 1994.42% and a quarter-on-quarter increase of 318.94% [1] Financial Performance - For the first three quarters of 2025, Jiangbolong's net profit reached 713 million yuan, up 27.95% year-on-year [1] - In Q3 alone, the net profit was 698 million yuan, reflecting a significant year-on-year increase of 1994.42% and a quarter-on-quarter rise of 318.94% [1] Business Trends - The company has continued the improvement trend observed since Q2 2025, with multiple business areas achieving sustained breakthroughs and significant operational performance improvements [1] - The ongoing high demand for AI is driving storage needs, and the successful inventory digestion in the industry has led to a rebound in storage prices since Q2 2025 [1] Market Outlook - Given the current favorable market supply and demand conditions, the upward cycle in storage is expected to continue [1] - As a leading storage manufacturer in China, the company is well-positioned to benefit from this upward industry cycle, with expectations for continued improvement in profitability [1]

Investment Rating - The report maintains a positive investment rating for the storage industry, highlighting the ongoing upward cycle driven by AI demand and limited supply capacity [2]. Core Insights - The storage industry has entered an accelerated upward cycle since Q3 2025, primarily driven by explosive demand from the AI era, leading to a significant supply-demand gap and rapid price increases [1][11]. - The profitability of overseas storage manufacturers continues to improve, with domestic storage module companies also experiencing a turnaround in profitability [6][51]. - The report emphasizes the importance of focusing on domestic storage module companies, niche storage chip manufacturers, and supporting supply chain companies as key investment opportunities [7]. Summary by Sections 1. AI Era Driving Storage Demand and Price Increases - The current upward cycle in the storage industry is characterized by sustained price increases due to surging demand from AI applications, with a notable shift from mobile and internet-driven demand to generative AI [6][12]. - Data center storage demand is projected to grow from 600EB in 2020 to 2.4ZB by 2028, indicating a significant increase in storage requirements [13][18]. 2. Profitability of Overseas Manufacturers and Domestic Module Companies - Major overseas manufacturers like Samsung and Micron reported record revenues and profitability in Q3 2025, with Samsung achieving a sales figure of approximately $18.7 billion, marking a 20% year-on-year increase [51]. - Domestic storage module manufacturers have improved their profitability, with many turning losses into profits as they increase inventory levels in anticipation of rising prices [55]. 3. Investment Recommendations - The report suggests focusing on overseas storage companies such as SanDisk, Micron, SK Hynix, and Western Digital, as well as domestic companies like Jiangbolong, Baiwei Storage, and Zhaoyi Innovation [7][56]. - The overall supply-demand gap in the storage industry is expected to widen further in 2026, with prices likely to continue rising, making it a favorable environment for investment [6][7].