Core Insights - The company Jiangbolong (301308) has successfully developed UFS4.1 products, a feat achieved through its self-developed main control chip, positioning itself among a few global enterprises capable of such advancements [1] Group 1 - The UFS4.1 products developed by the company outperform comparable market products in terms of process, read/write speed, and stability, as verified by original manufacturers and third-party testing [1] - The company has received recognition from major storage manufacturers, including SanDisk, and has also gained approval from several Tier 1 clients, accelerating the integration process [1]

Core Viewpoint - Jiangbolong (301308.SZ) has established long-term agreements with wafer suppliers, enhancing supply chain resilience and diversity, while achieving breakthroughs in UFS4.1 products with self-developed main control chips [1] Group 1: Long-term Agreements and Supply Chain - The company has signed long-term contracts (LTA) or memorandums of understanding (MOU) with wafer suppliers, indicating a commitment to long-term direct cooperation with wafer manufacturers [1] - This framework contributes to a robust and diversified supply chain, which is crucial for operational stability [1] Group 2: Product Development and Market Recognition - The company has successfully developed UFS4.1 products using its self-developed main control chips, marking a significant technological advancement [1] - Testing by original manufacturers and third parties has shown that the UFS4.1 products outperform comparable market products in terms of process, read/write speed, and stability [1] - The products have received recognition from major storage manufacturers, including SanDisk, and have been acknowledged by several Tier 1 clients, with the integration process accelerating [1]

Supply Chain and Market Trends - The company maintains strong relationships with major wafer suppliers through long-term agreements, ensuring supply chain resilience and diversity [2] - Recent trends show a price increase in storage products due to high demand from North American cloud service providers investing in AI, leading to a tightening supply for consumer and embedded storage products [3] Business Performance and Product Development - The company ranks third in total capacity for enterprise SATA SSDs in China and first among domestic brands, with ongoing expansion in enterprise storage product offerings [3] - The company has launched four series of self-developed controller chips, with over 100 million units deployed, indicating rapid growth in deployment scale [5] New Product Innovations - The company is actively developing high-performance storage products for data centers, including the newly released SOCAMM2, designed specifically for AI data centers, which shows significant improvements in bandwidth and power consumption [4] - The UFS4.1 product, developed in collaboration with SanDisk, has demonstrated superior performance in process, read/write speed, and stability compared to market alternatives, with accelerated adoption among Tier 1 clients [5]

Strategy Insights - The report highlights strong performance in the innovative drug sector and solid-state batteries, while robotics has seen a significant decline [1][8] - Key themes to focus on include innovative drugs, solid-state batteries, lithium batteries, energy storage, robotics, and commercial aerospace [2] Theme Investment Review - During the week of November 10-14, 2025, innovative drugs showed notable strength, while solid-state batteries experienced slight gains. Other sectors, particularly AI, faced declines [8] - The computing power index fell below the 60-day moving average, with MFI and RSI indicators continuing to decline [8] - The robotics index dropped, with MACD reaching its lowest point since April 7, and MFI entering the oversold zone below 20 [8] - Innovative drug stocks surpassed the 30-day moving average, with MACD trending upwards and MFI indicators showing an upward movement, though not yet in the overbought zone [8] - Solid-state batteries remain in an upward trend, with MA30 providing support, but MFI showed a significant decline this week, indicating a potential weakening of upward momentum [8] - Other sectors such as commercial aerospace, controllable nuclear fusion, quantum technology, and low-altitude economy are experiencing general fluctuations or weakness, but no clear oversold signals have emerged [8] Industry Chain Tracking AI Sector - The recent decline in storage was triggered by Kioxia's disappointing earnings, attributed to a fixed-price agreement with Apple that prevented it from benefiting from spot price increases. This is seen as an individual company issue rather than an industry turning point [41] - Future stock selection may shift from a broad rally to structural opportunities driven by AI, with a focus on core stocks that can benefit from rising storage prices [41] - Close monitoring of upstream manufacturers' capacity expansion plans and the actual implementation of AI demand is recommended [41] Lithium Battery Sector - Recent strong performance in lithium battery stocks is primarily driven by explosive growth in AIDC's electricity demand [42] - AIDC's power consumption has surged due to increased GPU power and AI cabinet upgrades, leading to significant power investment expansion [42] - AIDC's high reliability requirements for backup power are driving rapid growth and even premium pricing in the backup power market, with price increases expected to continue due to persistent supply-demand gaps [42] Technological and Industrial Developments - Baidu launched its native multimodal model, Wenxin Model 5.0, with 2.4 trillion parameters, aiming to enhance AI applications across various industries [47] - Avenzo's EGFR/HER3 dual antibody ADC drug received fast-track designation from the FDA, marking a significant breakthrough for domestic dual antibody ADCs internationally [47] - The successful launch of 13 low-orbit satellites using the Long March 12 rocket from Hainan's commercial aerospace launch site demonstrates advancements in China's commercial aerospace capabilities [47] - Developments in brain-computer interfaces and humanoid robots are also noted, indicating progress in these cutting-edge technologies [47]

Group 1 - The core viewpoint is that China's economic transformation is accelerating, leading to a demand for quality assets, particularly in the technology sector, despite recent adjustments in the A-share market [1] - The light communication sector has shown strong performance, with over 70% of listed companies reporting earnings growth in the first three quarters, driven by expanding demand for AI computing power [3] - The storage sector is experiencing a significant economic turning point, with expectations of 300GWh of new installations next year, driven by marketization of renewable energy and capacity pricing [3] Group 2 - Gold prices have weakened following significant outflows from gold ETFs, indicating that the previous surge was largely speculative, with fundamental support for gold diminishing [5] - Recent changes in domestic gold policies, such as taxation on gold jewelry, are aimed at curbing speculation but are not expected to have a substantial impact on gold prices [5] - The short-term outlook for gold is influenced by easing geopolitical tensions and expectations of a Federal Reserve rate cut, although long-term support remains due to concerns over the dollar's creditworthiness [5] Group 3 - The short-term market trend is weak, with limited new capital entering the market and a lack of significant profit-making opportunities [7] - The Shanghai Composite Index has seen a rise in large-cap stocks, while the overall market remains cautious, indicating a mixed sentiment among investors [11] - The technology sector and value stocks are expected to be key focus areas, with strong performance in the computing power supply chain following recent adjustments [11]

Core Viewpoint - The company is focusing on the full industry chain layout in the storage field, particularly on NAND Flash and DRAM products and technologies [2]. Group 1 - The company was asked about the classification of its storage modules, whether they are consumer-grade or enterprise-grade [2]. - The company confirmed that its computing center utilizes its own enterprise-grade storage modules [2]. - The company indicated that details regarding its business operations will be available in future periodic reports and announcements [2].

Core Viewpoint - The company is currently focusing on the full industry chain layout in the storage sector, specifically targeting NAND Flash and DRAM as the two main related products and technologies [1] Group 1 - The company is engaged in the storage field with a comprehensive industry chain strategy [1] - The primary focus is on NAND Flash technology [1] - The secondary focus is on DRAM technology [1]

Core Viewpoint - The company has established a comprehensive storage business that spans the entire industry chain from storage chip packaging and testing to storage module assembly, focusing on NAND Flash and DRAM as the two main products and technologies [1] Group 1 - The company's storage business covers the entire industry chain [1] - The focus is on NAND Flash and DRAM technologies [1]

Group 1 - A new 3D printing technology has been developed by scientists at Carnegie Mellon University, successfully creating microDeltas, miniature delta robots that are expected to play significant roles in micro-manipulation, micro-assembly, minimally invasive surgery, and wearable haptic devices [2] - In Q3 2025, the global storage market reached a record high of $58.459 billion, with the DRAM market growing 24.7% to $40.037 billion and the NAND market increasing 16.8% to $18.422 billion. Samsung regained its position as the leading DRAM supplier with a market share of 34.8%, slightly ahead of SK Hynix at 34.4% [2] - Foton Motor announced that its jointly developed semi-solid-state battery has been mass-produced and is performing well in the market, while solid-state batteries are still in the technology reserve and product development phase [2] - Momenta and BMW Group have announced the development of a new generation of intelligent driving assistance solutions for the Chinese market, which will first be featured in the domestically produced BMW iX3, set to begin production in 2026 [2]

Core Viewpoint - The overall industry prosperity index continued to decline in October, but the rate of decline has slowed down, with improvements noted in essential consumption, midstream manufacturing, and large financial sectors, while TMT (Technology, Media, and Telecommunications) shows continued differentiation [1] Group 1: Industry Insights - The essential consumption, midstream manufacturing, and large financial sectors are leading in terms of prosperity improvement [1] - The TMT sector continues to exhibit a mixed performance, indicating varying levels of recovery across different segments [1] Group 2: Investment Strategy - A short-term "barbell" strategy is recommended, suggesting a balanced allocation across growth, cyclical, and dividend stocks [1] - Focus on identifying sectors with improving prosperity that have a degree of sustainability, as well as those with relatively low valuations and chip positions [1] - Potential recovery opportunities are highlighted in sectors such as non-ferrous metals, chemicals, new energy, general automation, storage, military industry, and insurance [1] - Additionally, there is a suggestion to consider left-side positioning in certain consumer and service sectors, such as dairy products [1]