美东时间周四，顶着疲软的劳动力市场数据，美股三大指数低开高走集体收涨，标普500指数距10月高位只差71点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47882.90 | 23454.09 | 6849.72 | | +408.44 +0.86% +40.42 +0.17% +20.35 +0.30% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7701.49 | 25645.75 | 6864.75 | | -107.49 -1.38% +39.75 +0.16% +24.50 +0.36% | | | 大型科技股涨跌不一，特斯拉涨超4%，谷歌涨超1%，微软跌超2%，Meta、英伟达跌超1%。 有色金属、加密储备概念股涨幅居前，美国铝业公司涨超6%，Coinbase、凯撒铝业涨超5%，Strategy涨超3%。存储概念股、锂矿股走低，SanDisk跌超 5%，Lithium、美光科技、西部数据跌超2%。 此外，美联储新主席的面孔逐渐清晰。据央视新闻报道，美国总统特朗普称很可能在2026年初公布下任美国联邦储备委员会主席提名人选。 ...

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.86%, Nasdaq up 0.17%, and S&P 500 up 0.3% [1] - The Nasdaq China Golden Dragon Index fell by 1.38%, with most popular Chinese concept stocks declining, including NIO and Xpeng down over 4%, and Li Auto and New Oriental down over 3% [1] Technology Sector - Large tech stocks showed mixed performance, with Tesla rising over 4% and Google up over 1%, while Microsoft fell over 2% and Meta and Nvidia dropped over 1% [2] - The performance of storage and lithium stocks declined, with SanDisk down over 5% and other companies like Micron Technology and Western Digital down over 2% [2] Employment Data - The U.S. ADP employment numbers for November showed a decrease of 32,000 jobs, the lowest level since March 2023, falling short of market expectations [3] Federal Reserve Insights - Deutsche Bank indicated that Jerome Powell may remain on the Federal Reserve Board after his term as Chairman ends, potentially to maintain the independence of monetary policy [4] - The Federal Reserve's deferred asset size has begun to shrink, indicating a potential end to its ongoing losses, which were primarily due to high interest rates [5] Cryptocurrency Market - Following a significant drop at the beginning of December, the cryptocurrency market stabilized, with a survey showing only 7.5% of traders expecting a "crypto winter," down from 30% previously [6] Currency Exchange Rates - The Chinese yuan appreciated against the U.S. dollar, with the central parity rate adjusted up by 40 basis points to 7.0754, marking the highest level since October 14, 2024 [7]

Pure Storage绩后重挫超26%，闪迪跌超7%，西部数据跌4.3%，美光科技跌3.2%。消息面上，Pure Storage发布2026财年第三季度业绩，营收为9.645亿美元，略超过市场预期的9.55亿美元；调整后每股 收益为0.58美元，符合预期；非通用会计准则下营业利润率为20.3%，略高于去年同期的20.1%。尽管公 司营收超预期并上调全年指引，投资者似乎仍对业绩感到失望。(格隆汇) ...

Core Viewpoint - The AI storage market is experiencing significant growth, prompting companies to accelerate their investment and development efforts in high-end storage solutions to meet increasing demand driven by AI technologies [1][2]. Group 1: Company Developments - Jiangbolong plans to raise up to 3.7 billion yuan for R&D and industrialization of high-end storage solutions targeting the AI sector, semiconductor storage control chips, and high-end packaging and testing [1]. - Demingli aims to raise up to 3.2 billion yuan for expanding SSD and DRAM production, as well as establishing a smart storage management and R&D headquarters [2]. - Zhaoyi Innovation reported rapid market share gains for its DDR4 8Gb products and plans to mass-produce self-developed LPDDR4 series products next year [3]. Group 2: Market Trends - The demand for storage is being driven by the exponential growth of generative AI and large model technologies, leading to a significant increase in data processing needs [1]. - DRAM spot prices surged, with DDR5 chips increasing by 30% in one week due to tight supply and limited shipments from major module manufacturers [2]. - The storage industry is expected to enter a prolonged "super cycle" due to AI-driven supply shortages, with market demand continuing to rise [1][2]. Group 3: Industry Standards and Collaboration - The establishment of the Future Storage working group aims to develop AI storage standards and promote a technical framework for storage architecture and performance evaluation [3][4]. - The working group will focus on key technologies such as KV Cache optimization and storage acceleration for AI inference [3].

Core Viewpoint - The article discusses the current state and future prospects of the Chinese storage industry, emphasizing the challenges posed by international competition and internal price wars, while also highlighting the opportunities presented by the rise of AI and data storage needs [3][4][6]. Industry Challenges - The global storage market has reached a scale of nearly $100 billion, but many domestic storage manufacturers in China are still caught in price wars, while international giants have their HBM production capacity booked until 2027 [3][6]. - The mechanical hard disk (HDD) market in China consumes nearly 60 billion yuan annually, but the lack of core technology and insufficient production capacity puts the industry in a passive position amid global supply fluctuations [3][8]. Opportunities in the Storage Industry - Despite challenges, there is optimism about the future of the Chinese storage industry, with significant advancements in domestic technology and production capabilities [4][6]. - The annual data generation in China has increased dramatically, and the country has achieved a high level of domestic production in storage components and systems [4][6]. AI's Impact on Storage - The rise of AI is driving demand for storage solutions, with major global players like Samsung, SK Hynix, and Micron shifting their production towards HBM-related chips, leading to a tightening supply of standard storage products [6][8]. - The development of AI is reshaping the storage industry, necessitating a shift from traditional IT systems to data-centric architectures that can handle massive data processing and transmission [9][10]. Future Directions - Huawei plans to launch an AI data platform that integrates AI capabilities into storage solutions, indicating a shift towards intelligent data platforms rather than mere data storage [10][12]. - The traditional data tiering system is being simplified in the AI era, with all data potentially needing to be accessed at any time, which requires new storage media that can handle large volumes economically [11][12]. Call for Innovation - There is a strong call for domestic storage companies to move beyond low-level price competition and focus on technological innovation to enhance their competitiveness in the global market [12]. - The storage market is projected to grow significantly as digitalization transitions to intelligence, highlighting the importance of accelerating technological advancements in the storage industry [12].

2025.12. 03 本文字数：2831，阅读时长大约5分钟 作者 | 第一财经 郑栩彤 近期多款新机上市，与前代相比涨价100~300元。但存储业内预计，更大幅度的涨价还在后面。 "我跟客户说如果要买智能终端产品就赶紧买，未来会涨疯，会突然之间变得很贵，这是存储史诗级 涨价导致的。"存储厂商深圳市时创意电子股份有限公司董事长倪黄忠说。记者从市场研究机构 TrendForce集邦咨询获悉，目前手机厂商的存储水位普遍偏低，这意味着后续要继续生产就需要接 受存储的价格涨幅。 突然的存储大幅涨价让一些厂商猝不及防。记者了解到，不论原厂、模组厂还是下游消费电子厂商， 对这场史无前例的涨价都没有充足准备，未来的供需状况也难精准预判。 产业链缺少准备 "11月之前，产能就已经预订完，3年内的订单都排上日程，至少明年的产能已经没有了。"近期一场 展会上，一家NAND闪存原厂的相关负责人告诉记者，没有可腾挪的产能是目前的最大问题。 NAND闪存原厂生产的晶圆被卖给第三方存储模组厂，制成SSD（固态硬盘）、嵌入式存储，再卖 给手机、电脑、服务器等终端厂商。记者了解到，这些模组厂近期难以从原厂拿到充足的货源，导致 自身缺货。 ...

产业链缺少准备 作者 | 第一财经 郑栩彤 近期多款新机上市，与前代相比涨价100~300元。但存储业内预计，更大幅度的涨价还在后面。 "我跟客户说如果要买智能终端产品就赶紧买，未来会涨疯，会突然之间变得很贵，这是存储史诗级涨价导致的。"存储厂商深圳市时创意电子股份有限公 司董事长倪黄忠说。记者从市场研究机构TrendForce集邦咨询获悉，目前手机厂商的存储水位普遍偏低，这意味着后续要继续生产就需要接受存储的价格 涨幅。 突然的存储大幅涨价让一些厂商猝不及防。记者了解到，不论原厂、模组厂还是下游消费电子厂商，对这场史无前例的涨价都没有充足准备，未来的供需 状况也难精准预判。 "11月之前，产能就已经预订完，3年内的订单都排上日程，至少明年的产能已经没有了。"近期一场展会上，一家NAND闪存原厂的相关负责人告诉记 者，没有可腾挪的产能是目前的最大问题。 NAND闪存原厂生产的晶圆被卖给第三方存储模组厂，制成SSD（固态硬盘）、嵌入式存储，再卖给手机、电脑、服务器等终端厂商。记者了解到，这些 模组厂近期难以从原厂拿到充足的货源，导致自身缺货。 "我们的客户包括手机品牌代工厂，而上游NAND闪存原厂从现在到明年的 ...

Group 1 - TrendForce forecasts a 45-50% quarter-over-quarter increase in final conventional DRAM contract prices for Q4, with overall DRAM contract prices expected to rise by 50-55% [1] - Adata's chairman anticipates a complete shortage of DRAM and NAND Flash in the first half of 2026, with NAND shortages expected to be deeper and with larger price increases than previously assessed due to reduced supply from earlier DRAM capacity constraints [1] - The "14th Five-Year Plan" emphasizes technological self-sufficiency, positioning the domestic computing power sector as a market focus, while also maintaining optimism about the storage cycle and innovation cycle in consumer electronics driven by the AI wave [1] Group 2 - The Guotai 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily price fluctuation of 20%, reflecting the performance of 50 high liquidity and large market capitalization stocks from the ChiNext market [1] - The index's constituent stocks are primarily distributed across high-growth sectors such as power equipment and biomedicine, showcasing a combination of technological innovation and sustained growth potential [1]

Macro Strategy - The macro environment is influenced by both domestic and overseas factors, with domestic demand data showing improvement but a decline in manufacturing PMI in October impacting market confidence [1] - The dual uncertainties in the market have led to a strong risk-averse sentiment, causing the index to shift downwards and enter a phase of low-volume consolidation [1] - Policy measures such as liquidity support and industrial guidance are providing market support, with fiscal issuance and monetary continuation effectively countering funding disturbances [1] - The consumption technology sector is experiencing structural differentiation in earnings reports, with companies like Meituan, JD, and Alibaba facing profit adjustments due to intensified competition, while Tencent and Xiaomi are achieving profit growth through overseas expansion and premiumization [1] Industry Analysis - The AI sector is witnessing technological breakthroughs that open new paths for commercialization, with differences in corporate profitability becoming a key variable affecting market expectations [1] - The semiconductor demand is being validated by the performance of companies like Broadcom and Micron, shaping the performance of technology stocks [4] - The gold market is influenced by interest rate expectations, with a significant probability of a 25bps rate cut in December, which is expected to provide ongoing support for gold prices [5][19] - The Nasdaq 100 index is experiencing volatility driven by AI-related concerns, with market sentiment stabilizing following dovish signals from the Federal Reserve [2][4][17] Company-Specific Insights - BYD's November sales increased month-on-month, with a focus on high-end products and exports, although profit forecasts for 2025-2027 have been adjusted downwards due to intensified industry competition [12] - Net profit forecasts for China Gas have been lowered due to weaker-than-expected gas volume growth, but free cash flow is improving, maintaining a "buy" rating [14] - Net profit predictions for NetDragon are optimistic, with AI empowering its gaming and education sectors, leading to a "buy" rating [14] - Baiwei Storage is positioned as a core beneficiary of the AI storage "super cycle," focusing on high-performance embedded storage for AI wearable devices [15]

突然的存储大幅涨价让一些厂商猝不及防。记者了解到，不论原厂、模组厂还是下游消费电子厂商，对这场史无前例的涨价都没有充足准备，未来的供需状 况也难精准预判。 产业链缺少准备 "11月之前，产能就已经预订完，3年内的订单都排上日程，至少明年的产能已经没有了。"近期一场展会上，一家NAND闪存原厂的相关负责人告诉记者， 没有可腾挪的产能是目前的最大问题。 NAND闪存原厂生产的晶圆被卖给第三方存储模组厂，制成SSD（固态硬盘）、嵌入式存储，再卖给手机、电脑、服务器等终端厂商。记者了解到，这些模 组厂近期难以从原厂拿到充足的货源，导致自身缺货。 "我们的客户包括手机品牌代工厂，而上游NAND闪存原厂从现在到明年的产能都被订完，业内存储原厂状况普遍如此。""HDD（机械硬盘）明年产能订完 了，交期52周以上，HDD填不上的缺口由SSD来弥补，导致SSD缺货，国内CSP（大型云服务厂商）现在对于SSD的颗粒规格已经不挑了，能找到就 要。""我们SSD产能被订完，11月停止报价，业内很多SSD模组厂也暂停报价了。"多家NAND闪存模组厂的市场负责人向记者表示。 大型模组厂和品牌厂商会直接向上游存储原厂下订单，除此之外，市面 ...