周四，美光科技(MU.US)跌逾3%，报225.74美元。美光科技于周三表示，计划停止向PC/DIY市场的个 人消费者们销售存储产品，以便该公司能够将产能专注于为高性能AI芯片驱动的算力集群提供足够的 存储类产品。"由AI大浪潮驱动的数据中心规模指数级扩张，已导致对DRAM与NAND系列产品的需求 激增，"美光业务主管Sumit Sadana在一份最新声明中表示。"美光做出了退出Crucial消费者业务这一艰 难决定，以便在增长更快的细分领域中，提升对大型战略客户的存储产品供给和支持。" 全球存储行业的寡头竞争格局，进一步强化了美光的转型紧迫感。当前HBM市场已形成三星、SK海力 士与美光三巨头争霸的格局，前两者凭借先发优势占据了近90%的市场份额，而美光虽起步稍晚，但正 以迅猛势头追赶——其HBM市场份额从2023年的10%快速提升至2024年的10-16%，2025年更将目标锁 定在20-25%。分析认为，美光选择剥离消费业务，本质上是通过"做减法"实现"强聚焦"，集中研发与产 能资源攻克HBM4/HBM4E等先进产品，巩固在高端市场的竞争力。 ...

全球存储行业的寡头竞争格局，进一步强化了美光的转型紧迫感。当前HBM市场已形成三星、SK海力 士与美光三巨头争霸的格局，前两者凭借先发优势占据了近90%的市场份额，而美光虽起步稍晚，但正 以迅猛势头追赶——其HBM市场份额从2023年的10%快速提升至2024年的10-16%，2025年更将目标锁 定在20-25%。分析认为，美光选择剥离消费业务，本质上是通过"做减法"实现"强聚焦"，集中研发与产 能资源攻克HBM4/HBM4E等先进产品，巩固在高端市场的竞争力。 智通财经APP获悉，周四，美光科技(MU.US)跌逾3%，报225.74美元。美光科技于周三表示，计划停止 向PC/DIY市场的个人消费者们销售存储产品，以便该公司能够将产能专注于为高性能AI芯片驱动的算 力集群提供足够的存储类产品。"由AI大浪潮驱动的数据中心规模指数级扩张，已导致对DRAM与 NAND系列产品的需求激增，"美光业务主管Sumit Sadana在一份最新声明中表示。"美光做出了退出 Crucial消费者业务这一艰难决定，以便在增长更快的细分领域中，提升对大型战略客户的存储产品供给 和支持。" ...

证券日报网讯12月4日，江波龙（301308）在互动平台回答投资者提问时表示，公司紧跟高性能存储技 术演进趋势，已正式发布SOCAMM2产品。SOCAMM2产品目前尚未形成收入，公司将根据客户验证情 况和市场需求，有序推进产品商业化进程。 ...

Group 1: Market Trends and Pricing - The demand for CSP in high-performance TLC eSSD and QLC eSSD is expected to rise due to AI applications, while HDD supply remains tight, supporting a continued increase in NAND Flash prices in Q4 [2][3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the contribution to bit output growth in 2026 due to the lag in capacity construction cycles [2] Group 2: Supply Chain and Partnerships - The company has established long-term direct cooperation with major global storage wafer manufacturers, providing a competitive edge in the supply chain [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Technology and Product Development - The company's self-developed controller chip technology offers significant performance and power consumption advantages, utilizing advanced foundry processes and proprietary firmware algorithms [3] - The company has launched several cutting-edge high-performance storage products, including MRDIMM and CXL2.0 memory expansion modules, and is focused on market demand for future product development [3] Group 4: Clientele and Market Engagement - The company actively participates in technology and new product bidding for major clients, with enterprise storage products integrated into the supply chains of leading internet companies, including telecom operators and server manufacturers [3] Group 5: Disclosure Compliance - The activity does not involve any undisclosed significant information [3]

人民财讯12月4日电，江波龙（301308）12月4日在互动平台表示，公司紧跟高性能存储技术演进趋势， 已正式发布SOCAMM2产品。SOCAMM2产品目前尚未形成收入，公司将根据客户验证情况和市场需 求，有序推进产品商业化进程。 ...

Market Performance - The Shanghai and Shenzhen stock markets opened slightly higher on December 4, with the ChiNext index showing a significant rebound after an adjustment, while the Shenzhen Component and Shanghai Composite indices followed suit [1] - By the midday close, the Shanghai Composite Index was at 3879.52 points, up 0.04%, with a trading volume of approximately 408.1 billion yuan; the Shenzhen Component Index was at 13000.88 points, up 0.35%, with a trading volume of about 624 billion yuan; the ChiNext Index was at 3059.76 points, up 0.76%, with a trading volume of around 280 billion yuan [1] Sector Performance - At the opening, sectors such as non-ferrous metals, engineering machinery, and PEEK materials were among the top gainers, while communication equipment, cultivated diamonds, and Hainan Free Trade Zone sectors faced declines [1] - By midday, the humanoid robot industry chain stocks showed significant gains, with other sectors like reducers, exoskeleton robots, PEEK materials, and industrial mother machines also experiencing notable increases [1] Investment Insights - CITIC Securities indicates that the market has entered a "seller's market" by Q4 2025, with a steep upward trend expected in mainstream storage DRAM/NAND and niche storage prices, anticipating a supply-demand imbalance to persist until the end of 2026 [2] - China International Capital Corporation highlights the inclusion of controllable nuclear fusion in the national future industrial system, marking a shift towards strategic technological breakthroughs, with a focus on superconducting cables, lasers, and monitoring systems as investment opportunities [2] - CITIC Construction Investment notes a significant increase in storage investment enthusiasm, with planned projects in Inner Mongolia expected to double compared to this year, driven by high load growth and the ongoing development of renewable energy [2] Industry Developments - The unveiling of the Songjiang Satellite Internet Industry Cluster on December 4 aims to establish Shanghai as a global hub for satellite internet, with over 50 upstream and downstream enterprises gathered, projecting an industry scale exceeding 20 billion yuan by 2024 [3] - The International Atomic Energy Agency held its first AI and Nuclear Energy seminar, discussing how nuclear energy can meet the growing power demands of AI data centers and the integration of AI in nuclear technology development [4]

Core Viewpoint - The current storage upcycle began in Q2 2025, driven by "supply optimization + AI demand," with significant price increases expected to continue through at least the end of 2026 [1][6] Historical Cycle Review - Demand-driven price increases are more significant and sustainable, as seen in the 2016-2019 cycle where supply-demand imbalances led to substantial price hikes [2] - DRAM/NAND mainstream particle spot prices saw a maximum increase of 223% during previous cycles, lasting 12-18 months, while the current cycle's price increase is primarily due to supply contraction [2][3] Current Price Dynamics - As of mid-November 2025, DRAM (DDR4/DDR5) spot prices increased by up to 896%/377%, and NAND Flash spot prices rose by 282%, with contract prices lagging behind [4][5] - Current DDR4/DDR5 spot prices have reached historical highs, exceeding 2024 peaks by approximately 5-10% [5] Future Outlook - The visibility of storage price increases over the next six months is high, with contract prices expected to catch up to spot prices, maintaining a favorable industry outlook until at least the end of 2026 [6] - The market has entered a seller's phase since September, with price increases across all categories, and significant price hikes anticipated for enterprise SSDs and niche storage products [6][9] Investment Strategy - The industry is in the early stages of a super cycle, with high visibility of shortages and expected price increases in contracts, particularly benefiting companies closely aligned with storage manufacturers [9] - Recommendations include focusing on niche storage companies, those rapidly progressing in enterprise storage, and companies involved in enterprise SSD/memory chip design [9]

Core Viewpoint - The report from CITIC Securities indicates that since Q2 2025, the mainstream storage prices have experienced significant absolute increases due to "supply optimization and AI-driven demand" [1] Group 1: Market Conditions - The market has fully transitioned into a "seller's market" by Q4 2025, with steep price increases observed [1] - Despite the current seller's market, the industry is still in the early stages of a super cycle, suggesting continued growth potential [1] Group 2: Future Outlook - High visibility of shortages is expected over the next six months, supporting a positive outlook for mainstream storage DRAM/NAND and niche storage prices in the first half of 2026 [1] - Contract prices are anticipated to rise rapidly, aiming to catch up with the increases in spot prices, indicating sustained demand exceeding supply at least until the end of 2026 [1]

人民财讯12月4日电，中信证券表示，存储仍处于超级景气周期初期，目前未来半年缺货可见度高，合 约价涨价幅度在2026年一季度末之前有望扩大或维持，累计涨幅追赶现货价涨幅。预计行业供不应求至 少持续至2026年底，乐观看待本轮结构性周期景气的持续性。更贴近存储原厂的公司在上行周期受益程 度更大、盈利持续性更强，核心推荐1)利基型存储开启涨价；2)企业级存储进展快、涨价受益逻辑强的 公司；3)企业级SSD/内存配套芯片设计公司有望间接受益。 ...

Core Viewpoint - The report from CITIC Securities indicates that despite entering a "seller's market" in Q4 2025, the industry is still in the early stages of a super cycle, with high visibility of shortages in the next six months [1] Group 1: Market Conditions - The main storage segments, including DRAM and NAND, are expected to see price increases in the first half of 2026 [1] - Contract prices are anticipated to rise rapidly, catching up with the increases in spot prices [1] - The industry is expected to experience a supply-demand imbalance that will last at least until the end of 2026 [1] Group 2: Industry Outlook - The current cycle's prosperity is viewed optimistically, suggesting a sustained period of growth in the storage market [1]