| | | GAAP | | | | --- | --- | --- | --- | --- | | | Q2FY26 Q1FY26 | Q2FY25 | 0/0 | Y/Y | | Revenue | $3,017 $2,818 | $2.409 | +7% | +25% | | Gross Margin | 45.7% 43.5% | 37.7% | +220 bps | +800 bps | | Operating Income | $908 $792 | $560 | +15% | +62% | | Operating Margin | 30.1% 28.1% | 23.2% | +200 bps | +690 bps | | Diluted Net Income Attributable to Common Shareholders | $1,802 $1,154 | $455 | +56% | +296% | | Diluted Net Income Per Common Share | $4.73 $3.07 | $1.27 | +54% | +272% | 智通财经APP获悉，与闪迪、希捷共同 ...

周四盘后交易中，闪迪(Sandisk)股价飙升超过15%，此前这家存储解决方案提供商公布的第二财季业绩远超分析师 预期，且其第三季度指引令华尔街震惊。 来源：华尔街见闻 内存业者闪迪周四盘后公布财报显示，该公司在2026财年第二财季录得利润和营收的大幅增长，表现不仅大 幅超出华尔街预期，也显著高于公司此前给出的指引，刺激该公司股价盘后一度涨近15%。分析称，随着人 工智能应用不断扩大，对数据存储的需求持续上升，推动了公司业绩的强劲增长。 ...

Market Overview - The U.S. stock market closed mixed, with the Dow Jones Industrial Average up by 55.96 points (+0.11%), while the Nasdaq Composite fell by 172.33 points (-0.72%) and the S&P 500 decreased by 9.02 points (-0.13%) [2] - Major tech stocks showed divergent trends, with Meta Platforms surging nearly 10% and Microsoft plummeting over 10% due to slowing cloud business growth and record capital expenditures [2][3] Company Performance - Meta Platforms (Facebook) closed at $738.195, up 10.39% for the day and 11.83% year-to-date [3] - Microsoft saw a significant drop, closing at $433.195, down 10.06% for the day and 10.43% year-to-date [3] - Nvidia rose by 0.49%, while Google reached a historical high with a 0.68% increase [2][3] - Tesla's stock fell over 3%, marking its first annual revenue decline [2] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 0.35%, with notable gains in online education stocks, particularly TAL Education, which rose over 18% after exceeding earnings expectations [5][6] - Other Chinese tech stocks like NIO, Beike, and Atour also saw increases of over 3% [5] Commodities - Gold and silver experienced significant volatility, initially dropping but ultimately closing up over 1% [7] - WTI crude oil and ICE Brent crude both rose by over 3% amid geopolitical tensions in the Middle East [7] Cryptocurrency Market - Major cryptocurrencies faced a collective downturn, with Bitcoin dropping over 5% to below $84,500, and Ethereum falling over 6% [8] - More than 220,000 traders were liquidated, with total liquidation exceeding $1 billion [8]

Market Overview - The U.S. stock market showed mixed results with major indices fluctuating, as technology stocks experienced divergent trends, with Meta rising by 10% and Microsoft dropping by over 10% [1][2] - The Nasdaq China Golden Dragon Index saw a slight increase of 0.35%, while online education stocks mostly rose, with TAL Education surging over 18% [1][4] Technology Sector - Major tech stocks displayed varied performance; Nvidia increased by 0.52%, Google rose by 0.71% to a historical high, while Microsoft fell over 10% due to slowing cloud business growth and record capital expenditures [2][3] - ServiceNow, despite reporting better-than-expected quarterly earnings, dropped nearly 10% following Microsoft's decline, indicating a broader impact on the software sector [3] Commodities - Gold and silver experienced significant volatility, initially dropping but ultimately closing higher, with COMEX gold and silver both rising over 1% [4][6] - International oil prices surged by over 3% amid rising tensions in the Middle East, with concerns about potential disruptions in oil transport [6] Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 5% to below $84,500, and over 220,000 traders facing liquidation, totaling more than $1 billion in losses [6][7] - The overall market sentiment was negative, with major cryptocurrencies like Ethereum and SOL also experiencing significant drops [7] Chinese Education Sector - TAL Education reported a strong performance with a quarterly earnings surprise, leading to an 18.03% increase in its stock price [5] - Other Chinese education stocks like Yiqi Education and New Oriental also saw positive movements, indicating a recovery trend in the sector [5]

报告期内，存储价格在一季度触底后企稳回升，三季度末因AI服务器需求爆发及原厂产能向企业级产 品倾斜，导致供给进一步失衡，存储价格持续上涨。公司依托高端产品布局、海外业务拓展及自有品牌 优势，上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利润约为6.5亿元至8.7亿元。 报告期内，公司多款主控芯片已经实现批量应用，并成功完成UFS4.1主控芯片的首次流片，成为全球 少数具备该代际主控芯片自研能力的企业。依托主控芯片、固件算法、封装测试的全栈能力，公司已与 多家晶圆原厂及头部智能终端设备厂商构建了深度合作关系，以UFS4.1为代表的旗舰存储产品正在批 量出货前夕。同时，公司已经实现定制化端侧AI存储产品在头部客户的批量出货。报告期内公司还推 出了Wafer级SiP封装的mSSD产品，正在多家头部PC厂商加快导入。上述技术布局与深度协同机制，使 公司在晶圆供应结构性偏紧的环境下，构建起了差异化的供应保障能力与成长潜力。 江波龙（301308）(301308.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润12.5亿元 至15.5亿元，同比增长150.66%至210.82%;扣除非经常性 ...

(本文来自第一财经) 江波龙公告称，预计2025年归属于上市公司股东的净利润为12.50亿元-15.50亿元，比上年同期增长 150.66%-210.82%。报告期内，存储价格在一季度触底后企稳回升，三季度末因AI服务器需求爆发及原 厂产能向企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。公司依托高端产品布局、海外业 务拓展及自有品牌优势，上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利润约为 6.5亿元至8.7亿元。 ...

格隆汇1月29日｜江波龙公告，预计2025年度净利润为12.5亿元至15.5亿元，同比增长150.66%至 210.82%。报告期内，存储价格在一季度触底后企稳回升，三季度末因AI服务器需求爆发及原厂产能向 企业级产品倾斜，导致供给进一步失衡，存储价格持续上涨。公司依托高端产品布局、海外业务拓展及 自有品牌优势，上半年实现扭亏为盈，下半年盈利水平稳步提升，第四季度扣非净利润约为6.5亿元至 8.7亿元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月29日，美股存储板块盘前上涨，希捷科技涨2%，前一交易日收涨19%。西部数据 4.6%，闪迪涨3.6%，美光科技涨2.2%。 ...

Core Viewpoint - The global storage industry is experiencing a super boom cycle driven by structural shortages, fueled by the explosive demand for AI computing power [2][11]. Group 1: Company Performance - In Q4 2025, Samsung's memory business achieved a record sales figure of 37.1 trillion KRW, a 62% year-on-year increase [4][13]. - SK Hynix reported Q4 revenue of 32.8 trillion KRW, marking a 66% year-on-year growth, with an operating profit margin of 58% [7][16]. - For the full year 2025, Samsung's memory business generated total sales of 104.1 trillion KRW, a 23% increase from 2024 [4][13]. - SK Hynix's total revenue for 2025 reached 97.1 trillion KRW, a 47% year-on-year increase [7][17]. Group 2: Capital Expenditure Plans - Samsung plans to increase capital expenditure in the memory sector for 2026, focusing on HBM4 advanced processes and capacity expansion [3][14]. - SK Hynix intends to maintain capital expenditure at around 30% of sales while significantly increasing absolute investment for HBM4E mass production and packaging infrastructure [3][8]. - Samsung's capital expenditure for Q4 2025 rose to 20.4 trillion KRW, with 19 trillion KRW allocated to the Device Solutions division [5][14]. Group 3: Market Dynamics and Future Outlook - Both companies recognize the long-term sustainability of AI-driven high-end storage demand, indicating that current investments are strategic positioning for future technological leadership [3][12]. - Samsung's CFO stated that all production capacity for HBM is fully booked by customer orders, with expectations for HBM sales to triple year-on-year in 2026 [4][13]. - SK Hynix's management noted that despite maximizing production, they cannot fully meet HBM demand, suggesting potential market competition [7][17].

科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数是反映上 海证券交易所科创板市场整体表现的指数，成分股主要为在科创板上市的企业，涵盖了新一代信息技 术、生物医药、新材料、新能源等多个高新技术产业和战略性新兴产业，以体现中国科技创新企业的综 合发展情况。 1月29日，科创综指ETF国泰（589630）回调超2%，行业景气预期受关注，回调或可布局。 天风证券指出，2026年全球DRAM市场供需缺口显著，预计需求同比增长20%-25%，而供应仅增长 15%-20%。AI服务器成为最大需求驱动力，其DRAM需求占比首次超过50%。价格方面，2026年全年涨 势延续，2025年Q4 DDR5 RDIMM合约价涨幅达70%，2026年一季度预计再涨40%以上，96GB及以上高 容量DDR5 RDIMM涨幅更为突出。LPDDR4X/5X因产能分配紧张，预计2026年价格保持高位。下游需 求强劲，北美云厂商2026年资本支出预计增长25%，带动HBM3E/4、高容量DDR5、eSSD等需求大增。 英伟达Rubin架构推动LPDDR5X需求大幅提升，单CPU搭载容量达15TB， ...