Group 1: Flash Memory Market - TrendForce predicts a 10% quarter-on-quarter increase in NAND flash prices by Q3 2025, driven by AI demand and enterprise SSD growth [1] - Major NAND flash manufacturers, including Samsung and SK Hynix, have reduced production by 10%-15% in Q2 2023 to address oversupply [1] - The storage price trend shows a rebound in Q2 2023, with DRAM and NAND flash contract prices expected to rise by 3%-8% [1] Group 2: Star Flash Technology - Huawei's WATCH5 series will be the world's first smartwatch to support Star Flash technology, which is expected to disrupt the short-range wireless communication market [2] - Star Flash technology is projected to reach a global market size of over $6 billion by 2025, with a compound annual growth rate of 117.2% [2] Group 3: Nuclear Power Industry - The U.S. government plans to construct 10 large nuclear power plants by 2030 and quadruple nuclear power capacity by 2050, aiming to reform the nuclear energy sector [3] - Domestic projects related to nuclear fusion are accelerating, with significant achievements in high-temperature plasma research [3] Group 4: AI Computing Power - Huawei has launched the Ascend Super Node technology, which is the largest scale interconnection in the industry, enhancing AI computing capabilities [4] - The demand for computing power in North America is creating growth opportunities for the AI industry and related supply chains [4] Group 5: Humanoid Robots - The first global competition featuring humanoid robots took place in Hangzhou, marking a significant milestone for the robotics industry [5] - The humanoid robot sector is expected to accelerate development, with increased policy support and market participation from various industry players [5] Group 6: 5G Satellite Communication - The International Telecommunication Union has approved a detailed specification for 5G satellite radio interfaces, enhancing the integration of satellite and terrestrial communication systems [6] - The development of 5G non-terrestrial networks (NTN) is expected to enable seamless global coverage and low-latency communication [6]

如果您希望可以时常见面，欢迎标星收藏哦~ 在日前举办的"IMW 2025"上，三星电子关于下一代 DRAM 和下一代 NAND 闪存的演变。 在DRAM部分，三星首先回顾了DRAM单元多年来的演变。 在 1990 年代，平面 n 沟道 MOS FET 是单元选择晶体管（单元晶体管）的标准。然而，进入21 世纪，短沟道效应和关断漏电流已变得无法忽视。一种在不缩短沟道长度的情况下使横向（水平） 方向微型化的晶体管结构被设计出来并被用于DRAM单元晶体管。随着光刻技术的不断缩小， DRAM单元的面积可以不断缩小。 与此同时，DRAM 单元阵列布局在 2010 年代得到了改进。 DRAM单元的尺寸是根据设计规则 （或最小加工尺寸）"F：特征尺寸"进行比较的。原则上，可能的最小单元是 2F（垂直尺寸）x 2F（水平尺寸）= 4F2，但这极难实现。 2010年代，通过改进DRAM单元阵列的布局，单元面积从传统的"8F2"缩小到"6F2"。即使加工尺 寸相同，单元面积也减少了25%。这种"6F2"布局至今仍是大容量DRAM使用的标准。 在"6F2"布局中，通过将字线和沟道嵌入到衬底中，单元晶体管的面积得以减小。源极和漏极水 ...

Core Viewpoint - The management of Bawei Storage is optimistic about the company's future development, with executives committing not to sell their shares in the secondary market within the year following the planned share reduction [1] Company Summary - Bawei Storage's executives plan to reduce their holdings, with the total shares to be sold being minimal compared to the company's total share capital, thus having a limited impact [2] - The company has seen significant growth in embedded storage revenue, with a more than doubling increase expected in 2024, indicating a positive trend in demand diversification within the storage industry [2] - Bawei Storage's storage packaging technology is leading domestically, particularly in the AI glasses sector, providing a competitive edge in low power consumption and fast response times [3] - The company is enhancing its advanced packaging capabilities, which will support both its storage product development and meet customer demands for integrated storage solutions [3] Industry Summary - The storage industry is expected to experience healthy growth with the emergence of new products such as AI terminals and intelligent robots, moving away from a reliance on traditional smart terminals [2] - Localized demand from downstream terminal enterprises in China is becoming increasingly clear amid global trade disputes, further supporting the industry's growth [2]

May. 26, 2025 产业洞察 | | 2Q25E | 3025F | | --- | --- | --- | | Blended | up 3~8% | up 5~10% | | NAND Flash | | | | Source: TrendForce, May 2025 | | Trend Force | 根据TrendForce集邦咨询最新调查，以北美大厂为主的云端服务业者(CSP)持续加强AI投资，预期将 带动企业级SSD（Enterprise SSD）需求于2025年第三季显著成长。在成品库存水位偏低的背景下， 预期Enterprise SSD市场将转为供应吃紧，这将支撑价格出现上涨，季增幅度有望达到10%。 然而，近期存储需求回暖，这波成长动能一方面来自NVIDIA GB200等高阶AI Server陆续出货；另一 方面，今年初开始HDD订单加量反映企业扩建趋势，预期全年将持续增长。可见在CSP的Server建置 需求维持稳健下，SSD与HDD皆受益于企业资本支出扩张，迎来订单成长。 TrendForce集邦咨询指出，今年初由于供应商执行保守产能策略，NAND Flash市场逐步转向供需平 ...

Core Viewpoint - The company announced a minor share reduction plan by some directors and senior management to alleviate financial pressure related to the subscription of restricted stock, which is not expected to impact the company's governance or operations significantly [1] Group 1: Share Reduction Plan - The company plans to reduce a total of up to 84,125 shares, accounting for no more than 0.0182% of the total share capital [1] - The reduction is aimed at easing the financial burden of subscribing to the 2024 restricted stock incentive plan, which is linked to the company's market value [1] - The management has committed not to reduce their holdings in the secondary market within the current year after the completion of this reduction [1] Group 2: Business Growth and Strategy - The company is one of the few in the industry with advanced storage and packaging capabilities, focusing on innovation in the AI era [2] - Significant growth in revenue and profit is expected in 2024 due to the company's strategic expansion into domestic and international markets [2] - From Q2 2025, the company anticipates a gradual recovery in revenue and gross margin, with projected revenue from AI glasses expected to grow over 500% year-on-year [2] Group 3: Strategic Direction - The company will adhere to the "R&D and Packaging Integration 2.0" strategy, enhancing its core competitiveness in the storage industry through technological innovation and collaboration [3] - The company aims to establish closer partnerships with clients by leveraging its comprehensive solutions in high-performance storage and advanced packaging [3]

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 5月24日，据网信中国微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本市 场不实信息、开展非法荐股、炒作虚拟货币交易等的账号、网站。"爱股票App"等账号发布资本市场不 实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交易。"小 北呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 （二）行业掘金 1、2025年5月25日晚，《CMG世界机器人大赛系列赛》机甲格斗擂台赛将在杭州举行，宇树科技以合 作方身份参加比赛。这场机器人格斗比赛中，背后是门槛极高的技术考验。比起走路、跳舞，格斗场景 对结构稳定性和抗冲击性提出了近乎严苛的要求，它不仅要求机体结构足够刚硬、重心稳定，还要在短 时间内完成高强度对抗动作。另外智元机器人也迎来新一轮融资，2025年5月24日，京东、上海具身智 能基金参与了智元机器人的新一轮融资。根据智元机器人规划，灵犀X2 预计将于2025 年下半年实现规 模化出货，2026年底，预计出货量将达到数千台。 点评：近期人形机器人行业迎来技术验证与商业化落地的双重催化，赛事 ...

（原标题：业绩爆发却遇控股股东减持 翔港科技资本动向成谜？） 2025年5月25日晚间，国内包装印刷一体化解决方案龙头企业翔港科技（603499.SH）发布公告称，控 股股东、实际控制人董建军因个人资金需求，计划在未来三个月内通过集中竞价和大宗交易方式减持不 超过648.42万股公司股份，占公司总股本的3%。这一消息引发市场高度关注，尤其是在公司2024年净 利润暴增755.25%、2025年一季度净利润再翻7倍的背景下，控股股东的减持行为被视为资本动向的重 要信号。 资本运作空间：减持后，董建军仍持有超过50%的股份，控制权未受实质影响。减持所得资金可能用于 支持公司未来投资或业务拓展。 业绩爆发式增长：从包装印刷到跨界投资的"双轮驱动" 根据翔港科技2024年年报及2025年一季报数据，公司业绩呈现爆发式增长。2024年，公司实现营业收入 8.85亿元，同比增长27.55%；归母净利润达6573.08万元，同比增长755.25%；扣非净利润更是同比暴增 3038.20%。进入2025年，一季度业绩继续高歌猛进，营收同比增长50.41%至2.58亿元，归母净利润同比 增长737.38%至4118.35万元。 ...

Group 1: Global Storage Market Trends - The global storage market is expected to grow rapidly from 2024 to 2025, driven by advancements in technologies such as 3D NAND, HBM, and PCIe 5.0, which enhance server and consumer storage capabilities [4][36]. - AI consumer electronics are opening new application scenarios, necessitating continuous innovation from storage manufacturers to adapt to market changes [4][36]. Group 2: Technological Developments in Storage - High-layer 3D NAND Flash technology is continuously improving storage density, with companies like Samsung and SK Hynix advancing to over 300 layers, and Samsung's 400-layer NAND expected to enter mass production by 2025 [1][26]. - The demand for server storage is surging, with NAND applications projected to account for 30% and DRAM for 34% of the market by 2025 [2][30]. - QLC NAND technology is entering a mature phase, with performance and reliability enhancements, making it suitable for read-intensive applications [2][38]. Group 3: Consumer Storage Product Applications - AI PCs are driving storage upgrades, with global PC shipments expected to reach 261 million units by 2025, and AI PC penetration projected at 35% [3][45]. - The global smartphone market is also seeing increased storage demand, with shipments expected to reach 1.21 billion units by 2025, and AI smartphones penetrating 30% of the market [4][4]. Group 4: AI Consumer Electronics Opportunities - AI glasses are emerging as a new market hotspot, with expected shipments of 10 million units by 2025, driven by companies like Ray-Ban Meta and ByteDance [5][5]. - The integration of AI in various consumer electronics is raising storage performance and capacity requirements, indicating a trend towards deeper collaboration between storage technology and AI [6][6]. Group 5: Server Storage Market Analysis - The capital expenditure of major tech companies for AI infrastructure is significantly increasing, with Microsoft, Google, Amazon, and Meta projected to spend a combined total of over $320 billion in 2025 [60][63]. - The demand for AI servers is expected to grow, with the number of AI servers projected to reach 180,000 units by 2025, reflecting a 29% year-on-year increase [73][73].

每经记者｜杨建 每经编辑｜彭水萍 （一）重磅消息 5月24日，据"网信中国"微信公众号消息，近期，国家网信办会同金融管理部门依法处置一批散布资本 市场不实信息、开展非法荐股、炒作虚拟货币交易等的账号、网站。"爱股票App"等账号发布资本市场 不实信息。"侃哥说财经"等账号开展非法荐股。"火哥聊加密"等账号、网站宣传炒作虚拟货币交 易。"小北呦"等账号散布金融领域黑灰产信息。涉及的账号、网站已被依法依约关闭。 （二）券商最新研判 东方证券：沪综指震荡整固后，仍有潜力冲高3400点 1、近期持续强势的北交所股票突然下跌，从跌幅居前的北证50成分股来看，不少个股年内涨幅较大， 个股下跌实质是消化前期较大涨幅，投资者对此类涨幅较大个股要保持谨慎。当成长风格调整时，银行 板块就会充当市场定海神针，近日银行板块上涨，上海银行、成都银行等创出新高，本轮LPR利率、存 款利率等调降，整体息差影响偏积极，银行基本面有望持续稳健，板块高股息性价比凸显，值得稳健投 资者中长线持有。 2、从近几日题材热点来看，并购重组、创新药、固态电池、无人驾驶等表现相对稍强，但持续性有待 观察，显示市场并没有主流强势板块，符合调整市场表现，沪综指 ...

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：2025-010 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观√电话会议 □其他 参与单位名称及 人员姓名 诺安基金、银华基金、东方财富证券、太保资产、东吴证券、 长江资管 时间 2025 年 5 月 19 日 (周一)下午 13:30-14:30 2025 年 5 月 20 日 (周二)下午 13:30-15:00 2025 年 5 月 20 日 (周二)下午 15:30-17:00 2025 年 5 月 21 日 (周三)上午 10:00-11:00 地点 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 海金融中心二期 B 座 2301 上市公司接待人 员姓名 副总经理、董事会秘书许刚翎 投资者关系经理黄琦 投资者关系资深主管苏阳春 | | 1、如何看待 2025 年存储价格走势？ | | | --- | --- | --- | | | 答：展望 2025 年，云服务提供商对 AI 硬件的持续投资， | | | | 将推动对高性能计算和存储硬件的需求，服务器领域的高 ...