证券研究报告 | 行业简评报告 2026 年 01 月 30 日 本季营收与毛利率均超指引，公司已与三家客户签订长协 西部数据 FY26Q2 跟踪报告 TMT 及中小盘/电子 西部数据（WDC.O）近日发布 FY26Q2 财报，营收 30.17 亿美元，同比+25%/ 环比+7%，毛利率 46.1%，同比+7.7pcts/环比+2.2pcts。综合财报与交流会议 信息，总结要点如下： 评论： 4、与三家大客户签订长协确立采购量与价格，HAMR 产品将于 2027 年初量产。 1、FY26Q2 营收与毛利率均超指引预期，nearline 硬盘需求持续强劲。 FY26Q2 营收 30.17 亿美元，同比+25%/环比+7%，超指引上限（28-30 亿美元）， 主要系市场对 nearline 硬盘需求强劲拉动；毛利率为 46.1%，同比+7.7pcts/环 比+2.2pcts，超出此前指引上限（44%-45%），毛利率改善主要系持续向高容 量硬盘迁移与制造工厂及整个供应链中的严格成本控制。EPS 为 2.13 美元，超 出指引上限（1.73-2.03 美元）。 2、云与客户端业务同环比均增长，产品位元出货量持续增加 ...

Market Movements - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.37%, and Nasdaq futures down 0.49% [1] - European indices show positive movement, with Germany's DAX up 1.04%, UK's FTSE 100 up 0.45%, France's CAC40 up 0.76%, and the Euro Stoxx 50 up 1.04% [2][3] - WTI crude oil is down 0.61% at $65.02 per barrel, while Brent crude oil is down 0.73% at $69.08 per barrel [3][4] Market News - Trump's nomination of Kevin Warsh for the Federal Reserve chair may face hurdles due to ongoing investigations, with some Republican senators indicating they will block nominations until legal issues are resolved [5] - The financial market perceives Warsh as a more hawkish candidate compared to current chair Powell, potentially leading to tighter monetary policies [5] - Gold and silver prices have seen significant declines, with gold dropping over 5% to $5,099 per ounce and silver down over 12% to $101.4 per ounce, raising concerns about the sustainability of recent price increases [6] - The temporary agreement between Trump and Senate Democrats aims to prevent a government shutdown, although further negotiations are ongoing [6] Investment Strategies - Bank of America indicates that global stock markets are flashing sell signals, with 89% of MSCI stock index prices above their 50-day and 200-day moving averages, surpassing the 88% threshold considered a sell signal [7] - Jeff Gundlach, known as the "new bond king," advises avoiding the US market due to high inflation and a weakening dollar, recommending a 30%-40% allocation to non-US stocks, particularly emerging markets [8] Company News - Apple reported record Q1 earnings of $143.8 billion, a 16% year-over-year increase, driven by a 23% increase in iPhone revenue to $85.3 billion, with significant growth in the Greater China region [9] - Apple CEO Tim Cook announced a partnership with Google to develop a more personalized Siri, while also warning of supply constraints due to 3nm chip production limitations [10] - Sandisk's Q2 revenue is projected to grow 61.2% to $3.03 billion, exceeding market expectations, with a strong performance in data center and consumer segments [11] - Western Digital reported a 25% increase in revenue to $3.02 billion, with net profit surging 296%, driven by AI infrastructure demand [12] - KLA Corporation's Q2 revenue grew 7.2% to $3.3 billion, benefiting from AI infrastructure expansion, but concerns about valuation risks have emerged [13] - Visa's Q1 adjusted earnings were $3.17 per share, a 15% increase, with total payment volume reaching $3.87 trillion, exceeding expectations [14] - ExxonMobil's Q4 adjusted net profit was $1.71 per share, driven by increased oil production and refining margins, while Chevron's Q4 adjusted earnings were $1.52 per share, with plans for production growth [15][16] - Coterra Energy and Devon Energy are reportedly in talks for a potential merger, which could be one of the largest oil and gas deals in recent years [17]

Core Viewpoint - SanDisk has established that AI is reshaping the storage industry, with management stating that NAND is becoming a "key component of AI infrastructure" [2][10]. Group 1: Market Dynamics - Data center revenue for SanDisk surged by 64% quarter-over-quarter, indicating a significant shift in demand driven by AI [7][40]. - The company expects that by 2026, data centers will become the largest market for NAND, surpassing mobile devices for the first time [5][6]. - The demand for NAND capacity is expected to grow nearly 70% by 2026, a substantial increase from previous estimates of 20% and 40% [7]. Group 2: AI's Impact on NAND - AI is driving a structural change in the storage market, with NAND now viewed as essential for meeting global storage needs [10][38]. - The expansion of AI workloads is significantly increasing the demand for storage capacity in data centers and edge computing [10][38]. - SanDisk's high-performance TLC drives are contributing to revenue growth, with new products like the "Stargate" BiCS8 QLC storage expected to generate income in upcoming quarters [8][10]. Group 3: Supply and Capital Expenditure Strategy - Despite strong short-term pricing, SanDisk is committed to its existing capital expenditure plans and is cautious about blindly expanding production [13][14]. - The company is currently in a "severe allocation environment," unable to meet all customer demand, yet it remains disciplined in its supply strategy [14][39]. - SanDisk has extended its joint venture with Kioxia until 2034, ensuring a stable supply base for the next decade [15][16]. Group 4: Financial Performance and Guidance - SanDisk's Q3 gross margin guidance is projected to reach 67%, reflecting strong pricing power in a supply-constrained environment [19]. - The company reported a non-GAAP EPS of $6.20 for Q2, with expectations for Q3 EPS to rise to between $12 and $14 [19][43]. - Revenue for Q2 was $3.025 billion, a 31% increase quarter-over-quarter, driven by strong demand across all end markets [40][41]. Group 5: Traditional Market Challenges - Despite the growth in AI, traditional consumer electronics markets, such as PCs and smartphones, are facing unit sales declines [22][23]. - The CEO acknowledged that while unit sales may drop, increased single-device capacity could partially offset this impact [23]. Group 6: Strategic Initiatives - SanDisk is focusing on long-term agreements with customers to ensure supply certainty and predictable returns, moving away from traditional quarterly negotiations [10][39]. - The company is also prioritizing high-end products and configurations to support storage capacity and profitability [35].

Market Movements - US stock index futures are all down, with Dow futures down 0.32%, S&P 500 futures down 0.37%, and Nasdaq futures down 0.49% [1] - European indices show positive movement, with Germany's DAX up 1.04%, UK's FTSE 100 up 0.45%, and France's CAC40 up 0.76% [2][3] - WTI crude oil is down 0.61% at $65.02 per barrel, while Brent crude oil is down 0.73% at $69.08 per barrel [3][4] Market News - Trump's nomination of Kevin Warsh for the next Federal Reserve Chair may face hurdles due to ongoing investigations, with some Republican lawmakers indicating they will block any Fed nominations until legal issues are resolved [4] - Financial markets perceive Warsh as a more hawkish candidate compared to current Chair Powell, potentially leading to tighter monetary policies that could impact stock and bond market liquidity [4] - Gold and silver prices have seen significant declines, with gold dropping over 5% to $5,099 per ounce and silver down over 12% to $101.4 per ounce, raising concerns about the sustainability of recent price increases [5] Company Earnings - Apple reported record Q1 earnings of $143.8 billion, a 16% year-over-year increase, driven by a 23% increase in iPhone revenue to $85.3 billion, with Greater China sales up 38% [8] - Sandisk's Q2 revenue is projected to grow 61.2% year-over-year to $3.03 billion, exceeding market expectations, with a strong performance in data center and consumer segments [10] - Western Digital's Q2 revenue increased by 25% to $3.02 billion, with net profit soaring 296% to approximately $1.8 billion, also surpassing analyst expectations [11] - KLA Corporation's Q2 revenue grew 7.2% to $3.3 billion, benefiting from AI infrastructure expansion, although concerns about valuation risks have emerged [12] - Visa's Q1 adjusted earnings were $3.17 per share, a 15% increase, with total payment volume reaching $3.87 trillion, exceeding expectations [13] - ExxonMobil's Q4 adjusted net profit was $1.71 per share, driven by increased oil production and refining margins, despite lower oil prices [14] - Chevron's Q4 adjusted earnings were $1.52 per share, with plans to increase production in Venezuela without significant capital expenditure changes [15] Mergers and Acquisitions - Coterra Energy and Devon Energy are reportedly in advanced talks for a merger, which could become one of the largest oil and gas deals in recent years, enhancing their competitive position in the Permian Basin [15][16]

Group 1 - The core viewpoint of the article is that Langke Technology (300042) emphasizes the importance of a diversified supply chain and values its business relationships with both domestic and international storage wafer manufacturers [1] Group 2 - The company responded to investor inquiries on its interactive platform, indicating its commitment to maintaining strong partnerships within the supply chain [1]

Group 1: Market Overview - Major stock index futures declined, with Dow futures down 0.81%, S&P 500 futures down 0.87%, and Nasdaq futures down 1.09% [1] - Gold stocks experienced a significant drop, with gold prices briefly falling below $5000 per ounce. Spot gold decreased by 7.96%, and spot silver fell by 12.79% [1] Group 2: Technology Sector - Chip stocks saw widespread declines, with Nvidia down 1.83%, Intel down 2.53%, and AMD down 2.86% [2] - Apple reported record iPhone sales, with revenue in Greater China reaching $25.53 billion, a year-on-year increase of 37.9%. Overall revenue grew by 16%, and iPhone sales revenue increased by 23% [2] - Western Digital's Q2 revenue reached $3.02 billion, with a net profit of $1.84 billion, a 210% year-on-year increase. However, the stock fell over 5% due to concerns about long-term supply agreements [2] - SanDisk's Q2 revenue surged to $3.03 billion, a 61.2% year-on-year increase, significantly exceeding market expectations. The stock rose by 20.9% following the report [3] Group 3: Corporate Developments - GameStop is preparing to acquire a large publicly traded company, aiming to increase its market capitalization to $100 billion [3] - President Trump nominated Kevin Walsh as the next Federal Reserve Chairman, pending Senate approval [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 铠侠控股株式会社的子公司铠侠株式会社（Kioxia Corporation）与闪迪公司今日宣布，将双方 在铠侠四日市工厂的合资协议延长五年。该协议原定于 2029 年 12 月 31 日到期，现有效期将延 长至 2034 年 12 月 31 日，为两家公司长达 25 年以上的深厚合作关系再添重要里程碑。 此次协议延期凸显了铠侠与闪迪的深度协作 —— 双方将继续借助人工智能赋能的智能制造技术 及规模经济优势，保障先进 3D 闪存的稳定生产。其高端 3D 存储产品对满足生成式人工智能应 用催生的海量需求至关重要。此外，铠侠北上工厂的合资协议也将同步调整，与四日市工厂协议 保持一致，有效期延长至 2034 年 12 月 31 日。 根据这份续约协议，闪迪将向铠侠支付 11.65 亿美元，用于支付制造服务费用及确保持续供货。 该笔款项将在 2026 年至 2029 年期间分期支付。 "我们很高兴能深化与闪迪的战略合作伙伴关系。" 铠侠总裁兼首席执行官早坂伸夫（Nobuo Hayasaka）表示，"这份协议不仅认可了铠侠制造业务的价值，更通过全球最大闪存制造基地的 规模经济效应 ...

Core Viewpoint - Langke Technology focuses on the research, production, and sales of storage products, aiming to provide solutions for the global flash drive and flash application sectors [1]. Group 1: Company Overview - Since its establishment, the company has achieved diversification and orderly expansion through core technology and independent innovation capabilities [1]. - The company's product range now includes SSD solid-state storage, DDR memory, embedded storage, and mobile storage [1].

证券日报网讯 1月30日，德明利在互动平台回答投资者提问时表示，公司业绩表现受行业景气度、业务 开拓、研发创新等多重因素综合影响。公司深耕存储行业多年，具备应对行业周期变化做好供应链管控 与库存管理的核心运营能力。公司未来将进一步把握行业发展机遇，依托在存储领域的技术、供应链及 市场布局等核心优势努力提升经营效益，具体业绩情况请以公司披露的定期报告为准。 （编辑 袁冠琳） ...

Core Viewpoint - Jiangbolong Electronics is expected to achieve significant growth in its 2025 performance forecast, driven by a recovery in the storage industry and the company's technological and product advantages [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.25 billion to 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82% [1][2] - The expected non-recurring net profit is projected to be between 1.13 billion to 1.35 billion yuan, showing a substantial year-on-year growth of 578.51% to 710.6% [1][2] - Revenue is forecasted to be between 22.5 billion to 23 billion yuan, compared to 17.464 billion yuan in the same period last year [1][2] Industry Dynamics - The demand for AI servers and the shift of original manufacturers towards enterprise-level products are driving up storage product prices [1] - Jiangbolong has successfully turned a profit in the first half of the year, with a steady increase in profitability in the second half, particularly in Q4 where the non-recurring net profit is estimated to be between 650 million to 870 million yuan [1] - The company has achieved mass application of several main control chips and completed the first tape-out of the UFS4.1 main control chip, positioning itself as one of the few companies globally with self-research capabilities in this generation of main control chips [1] Market Outlook - The market perceives that server demand is the primary driver for storage needs, but the upgrade cycle of smartphones, particularly iPhones, is also contributing to the current storage price increases [3] - The global HBM market is projected to grow from 5.61 billion dollars in 2024 to 57.09 billion dollars by 2034, with a compound annual growth rate of 26.1% [3] - Major manufacturers like Micron have sold out their HBM capacity for 2025, and enterprise SSD demand is expected to increase by over 30% [3] Future Catalysts - The ongoing storage upgrade cycle for iPhones is expected to continue, with anticipated enhancements in storage parameters for new models in 2026, further driving up storage prices [4] - Continuous upgrades in server computing power are likely to sustain long-term demand for HBM, providing support for Jiangbolong's future development [4] - Recent supply chain research indicates that DRAM and NAND flash prices have entered an upward trend since the end of 2025, which may continue into early 2026, benefiting related companies in the storage industry [4]