Group 1 - The core viewpoint of the article highlights that the global DRAM market is experiencing an unprecedented price surge, with memory prices significantly outpacing traditional safe-haven assets like gold [2][4]. - Since July 2025, DRAM prices have been rapidly increasing, with most categories seeing price increases of over 100%, and DDR4 and DDR5 memory prices rising 2-3 times within the year [5][6]. - The article emphasizes that the current price increase is unprecedented, with industry professionals noting that such rapid price hikes have never been seen before [5][6]. Group 2 - The primary driver of the current memory price surge is the explosive growth in AI demand, which has created a structural supply-demand imbalance, with AI servers requiring 8-10 times more DRAM than regular servers [7]. - Major cloud service providers are placing large orders, further exacerbating the trend of manufacturers prioritizing server storage over consumer-grade memory [7]. - On the supply side, strategic reductions by major manufacturers like Samsung, SK Hynix, and Micron are amplifying the supply gap, as they focus resources on high-margin products like HBM and DDR5 [8]. - Micron has raised prices by approximately 20% after resuming quotes, while Samsung and SK Hynix have also increased prices for various DRAM products by 15%-30% and up to 30%, respectively [8].

智通财经获悉，英伟达首席执行官黄仁勋一席话，再度点燃了存储类股的做多热情。周二，Sandisk Corp.(SNDK.US)股价飙升28%，创下去年2月以来最佳单日表现。该股在2026年前三个交易日内累计暴 涨超过47%，自去年4月22日触及低点以来，涨幅已高达惊人的1080%。当日，该公司成为标普500指数 中表现最佳的成分股，西部数据(WDC.US)和希捷科技(STX.US)等其他存储公司亦录得两位数涨幅，紧 随其后。 美国银行分析师瓦姆西·莫汉在1月4日的一份客户报告中写道，Sandisk及其他存储公司被视为2026年"AI 推理与边缘AI"发展的"核心受益者"。莫汉预计，各机构出于训练、分析和合规目的将保留日益增多的 数据，对存储的需求将"同步飙升"。他特别提及了无人机、监控、汽车和运动科技等领域应用的增长。 "迄今为止，AI投资主题的焦点一直集中在资本支出和推动AI模型训练上，这催生了硬件支出的下一波 浪潮，"莫汉写道，"展望2026年及未来，我们预计AI推理将占据主导地位。" 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 行情的催化剂来自黄仁勋在国际消费电子展(CES)上的表态。" ...

每经AI快讯，1月7日，存储行情持续强劲，南方两倍做多海力士盘初大涨近10%，年内累涨超30%；南 方两倍做多三星电子涨超4%。 ...

将时针拨回2025年下半年，半导体存储市场经历了一场近乎疯狂的"过山车"。受上游原厂减产效应的滞后释放，叠加AI存储需求的暴增，半导体存储市场 迎来了一轮史诗级的涨价潮。短短数月内，晶圆价格飙升数倍，厂家经营节奏从上半年的"去库存"切换至"抢供应"的模式。对于大多数消费类存储品牌而 言，这是一个令人窒息的时刻：供应成本被动拉抬，利润空间被极度压缩。在这一轮周期中，行业的集体本能是"降成本、砍预算、收缩战线"，试图通过 涨价将成本压力简单地传导给下游，在这场博弈中生存。 然而，就在这股寒流尚未散去的2026年开年，CES（国际消费类电子产品展览会）开展前夕的拉斯维加斯，聚光灯却打在了一个看似"反常识"的组合上： 雷克沙（Lexar）宣布了一项大手笔的战略动作——正式成为阿根廷国家队的官方全球合作伙伴，"中国存储品牌"与"世界冠军球队"的名字并列出现在大 屏幕上。 外界看到的是逆势扩张的豪赌，但在行业视角下，这是品牌发展到特定阶段的必然选择。在产品同质化严重、容易受到供应周期波动的存储行业，究竟什 么样的品牌才能穿越周期，活得更久？ 01 三十年积淀下的底气与博弈 雷克沙选择了一条难而正确的路：以高端价值定位对抗 ...

Core Viewpoint - The storage chip industry is entering a super cycle driven by the increasing demand for AI applications, leading to significant price hikes and a bullish market outlook for storage-related stocks [1][2]. Group 1: Market Dynamics - The demand for DRAM and NAND in AI servers is projected to be 8 times and 3 times that of regular servers, respectively, with storage capacity per server increasing by over 10 times [1]. - Samsung and SK Hynix have raised their server DRAM prices by 60% to 70% compared to the previous quarter, anticipating worsening supply shortages [2]. - TrendForce forecasts that by 2026, AI and server applications will account for 66% of DRAM production capacity, with the global storage market expected to reach $263 billion [3]. Group 2: Company Developments - Chengbang Co. has established a complete storage R&D chain and is investing 58 million yuan to acquire a controlling stake in Chip Testing Technology, enhancing its capabilities across the entire storage product lifecycle [4]. - The company reported a remarkable 127.95% year-on-year increase in net profit for Q3 2025, with storage revenue constituting over 70% of its total revenue [5]. - Chengbang's current market capitalization is approximately 4 billion yuan, significantly below the industry average PE ratio of 30-35, indicating a potential undervaluation [6].

Core Viewpoint - Jinqiu Fund's portfolio company, Mingxin Qirui, has successfully completed a Pre-A round financing exceeding 100 million RMB, indicating strong market confidence in the potential of new storage and computing technologies [2][5]. Group 1: Financing Details - The recent financing round was led by Guokai Kechuang and Lenovo Capital, with participation from several other investors including Zhongxin Juyuan and Xiaomi's strategic investment arm [2]. - This funding will be utilized for core RRAM technology research and team expansion, aiming to accelerate the mass production of RRAM technology products [2]. Group 2: Company Background and Development - Mingxin Qirui was established in May 2024 and focuses on advanced resistive random-access memory (RRAM) technology, addressing the "memory wall" issue by providing integrated AI high-performance solutions and customized storage IP/chip products [5]. - The company has made significant progress in commercializing high-density storage solutions and has established collaborations with multiple upstream and downstream enterprises to tackle storage manufacturing technology [5]. Group 3: Market Recognition and Future Plans - The financing round reflects a high recognition of Mingxin Qirui's technological innovation and the promising development potential of the new storage and computing industry [5]. - The company aims to deepen its focus on new storage and computing technologies, leveraging innovation to deliver superior products and services to clients [5].

Core Viewpoint - Shenzhen Hongxin Yu Electronics Co., Ltd. (referred to as Hongxin Yu) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1]. Company Overview - Since its establishment in December 2018, Hongxin Yu has focused on storage products, including embedded storage, solid-state drives (SSDs), DRAM, and mobile storage [3]. - The company has developed a full-stack platform covering four core technologies: main control chip design and development, firmware algorithm development, testing system development, and storage medium characteristic analysis, enabling it to offer customized storage products [3]. - According to Frost & Sullivan, based on 2024 revenue, Hongxin Yu ranks as the fifth largest independent memory manufacturer globally and the second largest in mainland China [3]. Product Offerings - Embedded storage is the core product, with a diverse product line including eMMC, UFS, ePOP, and uMCP, applicable in smartphones, tablets, and AI cameras [3]. - The SSD product line supports multiple generations of interface specifications, including SATA 3.0, PCIe 3.0, and PCIe 4.0, expanding from consumer-grade to automotive and enterprise applications [3]. - The DRAM product portfolio includes various categories such as DDR4, DDR5, LPDDR4X, and LPDDR5X low-power memory [3]. Market Trends - The semiconductor market is experiencing rapid growth driven by the surge in global data volume and the commercialization of AI technology [4]. - The global storage products market is projected to grow from USD 263.3 billion in 2025 to USD 407.1 billion by 2029, with a compound annual growth rate (CAGR) of 11.5% [4]. - The semiconductor industry is entering a strong upward cycle, with the storage chip market exhibiting "super cycle" characteristics, particularly for DRAM and embedded storage, with monthly price increases exceeding 30% for some DRAM products [4]. Competitive Position - Hongxin Yu is the largest independent memory manufacturer in the smartphone sector globally, maintaining strong partnerships with well-known companies in the consumer application space, including Xiaomi, Transsion, OPPO, Vivo, TCL, and Baidu [5]. - The company has begun supplying storage products for automotive applications and has successfully entered the Tier 1 supplier chain for automotive manufacturers [5]. - Hongxin Yu anticipates mass production of storage products for enterprise applications by 2026 [5]. Financial Performance - Hongxin Yu's revenue for 2023 and 2024 is projected to be approximately RMB 8.78 billion and RMB 8.72 billion, respectively [6]. - For the nine months ending September 30, 2025, the company reported a year-on-year revenue growth of 14.6%, reaching approximately RMB 7.74 billion [5]. - The company is expected to achieve profitability in 2024, with an estimated annual profit of approximately RMB 480 million, driven by significant revenue increases in product lines such as DRAM [5].

Core Viewpoint - The S&P 500 index experienced an annual increase of 16.65% to 17% by the end of 2025, with significant gains in data storage and semiconductor sectors driven by AI investment trends [1][9]. Group 1: Top Gainers in S&P 500 - SanDisk (SNDK) achieved a remarkable annual increase of 559%, although it was not officially counted in the best stocks due to its late inclusion in the index [1][21]. - Western Digital (WDC) saw a stock price surge of 268%, benefiting from strong demand for high-capacity storage solutions driven by AI data centers [11][15]. - Micron Technology (MU) recorded a 227% increase, capitalizing on the AI data wave and exceeding market expectations in its financial performance [18]. - Seagate Technology (STX) experienced a rise of 219%, with its high-margin hard disk products in demand due to AI's impact on data storage needs [15]. - Robinhood Markets (HOOD) had a gain of 186% to 226%, operating in the financial services and online trading platform sector [5]. Group 2: Top Losers in S&P 500 - The Trade Desk (TTD) faced a significant decline of 67% to 70.1%, becoming the worst-performing stock in the S&P 500 due to economic uncertainties and high competition in the digital advertising sector [10][27]. - Fiserv (FISV) dropped by 67%, reflecting challenges in the fintech and payment industry [10][27]. - Deckers Outdoor (DECK) saw a decline of 49% to 56.7%, impacted by weak performance forecasts and analyst downgrades [10][27]. - Alexandria Real Estate (ARE) experienced a drop of 45% to 49%, affected by pressures in the real estate investment trust sector [10][27]. Group 3: Market Observations - The market winners in 2025 were concentrated in data storage and semiconductor sectors, benefiting from the AI-driven demand for data center infrastructure [9][10]. - Conversely, the losers were spread across digital advertising, consumer goods, real estate, and healthcare sectors, facing pressures from high interest rates and slowing consumer spending [9][10]. - The AI investment theme has shifted from technology breakthroughs to infrastructure development, indicating potential future investment opportunities in data storage and related sectors [23].

招股书显示，长鑫科技目前无控股股东和实际控制人。截至招股书签署日，公司第一大股东清辉集电持股21.67%，第二大股东长鑫集成持股11.71%，其 他持股5%以上的股东还包括国家集成电路产业投资基金二期（大基金二期）、合肥集鑫及安徽省投，分别持股8.73%、8.37%及7.91%。此外，阿里、腾 讯、招银国际、人保资本、建信金融、国调基金、君联资本、小米产投等均位列其股东行列。公司的股权结构较为分散，且前十大股东中多为国资背景或 产业基金，不存在单一持股比例超过50%的股东。 从产品进展来看，长鑫科技在成立后的九年间采取"跳代研发"策略，连续推出了四代工艺技术平台。招股书披露，目前公司已完成从DDR4、LPDDR4X到 DDR5、LPDDR5/5X的产品覆盖和迭代。其中，长鑫科技发布的LPDDR5X产品最高速率达到10667Mbps，较上一代提升66%；首款国产DDR5产品速率高 达8000Mbps。这些产品广泛应用于服务器、移动设备、个人电脑及智能汽车等领域。 根据Omdia数据统计，按2024年产能和出货量计算，长鑫科技已成为中国第一、全球第四的DRAM厂商。2025年第二季度，长鑫科技的全球市场份额增至 ...

长鑫存储 IPO 在即，当前我们如何看存储产业链？ 20251231 摘要 长兴科技预计 2025 年第四季度收入同比增长 38%至 56%，达到 229 亿至 259 亿元，全年收入预计在 550 亿至 580 亿元之间。扣非归母净 利润预计在 38.6 亿至 40.6 亿元之间，实现扭亏为盈，主要受益于存储 器价格上涨和产能提升。 长兴科技 2025 年上半年产能利用率高达 94.63%，显示下游需求旺盛。 2022 年至 2025 年上半年资本开支分别为 354 亿、437 亿、712 亿和 241 亿元，表明公司积极扩产，并对未来发展充满信心。 国内 DRAM 市场规模预估为 600-700 亿美元，长兴科技作为国内龙头， 市占率仍有提升空间，预计将继续增加资本开支以扩大生产能力，满足 不断增长的市场需求。 兆易创新主要依靠长兴进行利基 DRAM 代工，受益于利基 DRAM 涨价 和长兴产能支持，预计 2026 年利润保底 35 亿，有望达到 40 亿以上。 定制化存储业务也具有增长潜力。 Q&A 长兴科技上市对整个行业及供应链有哪些影响？ 长兴科技上市后，其募资扩产的确定性更强，将对板块产生明显的公 ...