半导体设备+存储板块再次大涨，还有哪些投资机会？ 20260107 摘要 国产半导体设备零部件公司能力提升，从单一方向发展至平台化，AI 存 储和成熟制程逻辑芯片扩展带来积极影响，海外 Fabless 公司回流及国 产化率硬性要求推动国产化进程。 存储行业自 2026 年初供货紧张、涨价，蔓延至整体，AI 需求紧张，消 费电子、汽车电子及工业等领域受冲击，海外闪迪等公司股价大幅上涨。 半导体制造方面，建议关注存储敞口高的环节及标的，如中微公司、拓 荆科技等；国产化率较低但具潜力前道量检测环节，如精测电子和中科 飞测；零部件板块预计 2025 年四季度触底反弹，推荐江丰电子。 精测电子近期发布累计 5.47 亿及单个 5.7 亿核心订单，市场对其完成 全年 20 亿订单指引由悲观转乐观，其薄膜厚度测量等设备具领先优势， 有望批量上量。 江丰电子靶材业务全球领先，市占率第二，布局金属与非金属材料加工， 垂直一体化增强竞争力，零部件业务涵盖多品类，是国内少有的平台型 企业。 Q&A 当前半导体设备零部件和存储板块的市场表现如何？有哪些主要驱动因素？ 半导体设备零部件和存储板块近期股价表现强劲，主要受到几个因素的推动 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [3] Core Insights - The U.S. Department of Commerce has revised export control regulations, adding 32 entities to the restricted list, including 23 from China, indicating a trend towards self-sufficiency in the domestic supply chain [2] - Oracle's first-quarter revenue reached $14.9 billion, a 12% year-over-year increase, with cloud revenue growing 28% to $7.2 billion, driven by strong demand for high-performance cloud infrastructure [1][2] - The demand for HVLP copper foil is expected to increase significantly, with a projected monthly demand of 600-700 tons, highlighting a growing supply-demand gap in the industry [1][2] Summary by Sections Section 1: Industry Dynamics - The report emphasizes a global resonance in computing power, with Oracle's strong performance and significant growth in its remaining performance obligations (RPO) reaching $455 billion, a 359% year-over-year increase [1] - The revision of export control regulations by the U.S. is seen as a catalyst for the rise of domestic capabilities in various sectors, particularly in semiconductors and integrated circuits [2] Section 2: Market Trends - AI storage prices are set to rise, with Micron announcing a price increase of 20%-30% for its storage products, indicating a new growth phase in the industry [2] - The report identifies key players in the upstream and domestic computing chain, including companies like 德福科技 (Defu Technology) and 寒武纪 (Cambricon) [3]

Group 1: Market Outlook and Trends - The demand for high-performance computing and storage hardware is expected to grow due to continuous investments by cloud service providers in AI hardware, particularly in the server sector [3] - The storage market began to recover gradually from the end of March 2025, following a series of production cuts announced by major storage manufacturers [3] - The first quarter of 2025 saw a revenue of 319 million CNY for enterprise storage products, representing a year-on-year growth of over 200% [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology, manufacturing, and market capabilities [5] - The customer base for the company's enterprise storage products is diverse, including large internet companies and telecom operators, indicating strong adaptability and recognition across various industries [5] Group 3: Product Development and Innovation - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The UFS products utilizing the self-developed main control chips are expected to maintain and expand the company's leading position in the embedded storage market [6] Group 4: Business Model and Inventory Strategy - The TCM model aims to establish a new type of supply-demand relationship, enhancing visibility and reducing price volatility impacts [7] - The company is transitioning towards a service and value-driven model, adjusting inventory strategies flexibly based on market conditions and business development needs [7]