Core Viewpoint - The storage industry is experiencing a price increase, with major companies Micron and SanDisk planning to raise prices by over 10% starting April 1, reflecting supply-demand changes and the impact of recent tariffs [1][2]. Group 1: Price Increase Announcement - Micron and SanDisk's price adjustments apply to all channels and consumer markets, indicating a strategic response to supply chain challenges and demand fluctuations [1]. - The price increase is seen as a "test" to gauge market reactions, with potential benefits for Taiwanese storage manufacturers like Nanya Technology, Winbond, and Macronix, as well as module manufacturers such as Phison, ADATA, and Team Group [1]. Group 2: Market Demand and Supply Dynamics - The rationale behind the price hike includes upstream manufacturers reducing production, which has begun to stabilize supply-demand conditions, and the implementation of Trump 2.0 tariffs [2]. - There has been an observed increase in orders from module manufacturers, but the sustainability of this demand remains to be seen [3]. Group 3: Future Price Adjustments - SanDisk has communicated to partners that operational costs are rising due to supply chain challenges, and they may implement further price changes in the coming quarters [3]. - The current market still has significant inventory, and while there is a sentiment of withholding supply from upstream manufacturers, the overall impact on supply-demand dynamics is still under observation [3].

Group 1 - The government work report for 2025 proposes a more proactive fiscal policy, with a deficit rate set at around 4%, an increase of 1 percentage point from the previous year, and a deficit scale of 5.66 trillion yuan, up by 1.6 trillion yuan from last year [2][24] - The report emphasizes "appropriate monetary easing," continuing the previous year's stance, and highlights the need for timely adjustments in reserve requirement ratios and interest rates to maintain ample liquidity [2][25] - In the real estate sector, the report aims to stabilize the market and prevent debt defaults among property companies, indicating a focus on maintaining housing market stability [2][26] Group 2 - The report highlights the importance of new technologies in the photovoltaic industry, particularly in addressing the current challenges of slowing demand and oversupply, with a focus on BC and HJT technologies for 2025 [3] - Supply-side reforms are expected to be a major investment theme in the photovoltaic sector, with global demand growth projected at around 10% in 2025, significantly slower than in 2024 [3] - Companies with established positions in the Asia-Pacific and Latin American markets are recommended for investment, as they are likely to benefit from the growing demand in these regions [3] Group 3 - The report indicates a significant increase in AI capital expenditure, with the U.S. government planning to invest $500 billion in AI infrastructure, and China expected to invest at least 500 billion yuan in AIDC over the next three years [4] - The demand for backup power systems driven by AIDC is projected to double, with a significant need for diesel generators in smart computing centers, indicating a robust growth opportunity for domestic manufacturers [4] - The report suggests focusing on domestic OEM manufacturers with pricing power and those linked to leading generator sets, as they are expected to benefit from the increasing demand [4][8] Group 4 - The semiconductor sector is experiencing a price increase for NAND storage, driven by rising demand from the smartphone and PC industries, with expectations for continued price hikes into the second quarter [10][40] - The AI industry's explosive growth is significantly increasing the demand for storage and computing power, particularly for large language models, which require advanced storage systems [10][40] - The report identifies photon chips as a promising solution for enhancing computing capabilities, addressing performance and energy consumption challenges in traditional electronic systems [10][41]

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, indicating a strong recovery in the storage industry and successful market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.704 billion yuan, representing a year-on-year growth of 86.71% [2]. - The company recorded a net profit attributable to shareholders of 176 million yuan, marking a turnaround from losses [2]. - The net profit excluding non-recurring items was 74 million yuan, also reflecting a recovery from previous losses [2]. Group 2: Industry Recovery and Market Position - The storage industry is experiencing a recovery, with the company benefiting from its comprehensive capabilities in product planning, design, and advanced manufacturing [3]. - The company has established a strong market presence, securing global operational authorizations from major brands like HP, Acer, and Predator, and has entered the supply chains of first-tier domestic and international clients [3]. - In the mobile sector, embedded storage products have been adopted by clients such as OPPO, Transsion, and Motorola, while SSD products have gained traction with Lenovo, Acer, and HP in the PC sector [3]. Group 3: Product Development and Growth Areas - The company is focusing on AI smartphones and AIPC products, launching embedded storage products like UFS3.1 and LPDDR5/5X, and is expanding into high-capacity LPDDR offerings [4]. - In the wearable technology sector, the company’s ePOP products are gaining traction, with expected revenue of approximately 800 million yuan in 2024, showing significant year-on-year growth [4]. - Collaborations with clients such as Meta for AI glasses are anticipated to drive further business growth in the coming years [4]. Group 4: Research and Development Investment - The company is increasing its investment in R&D, focusing on chip design, storage medium characteristics, and advanced packaging technologies to enhance competitiveness [5]. - In 2024, R&D expenses reached 452 million yuan, reflecting an increase of 80.75% year-on-year [5]. - The subsidiary, Tailai Technology, has developed advanced packaging processes that support the mass production of NAND Flash, DRAM, and SiP chips [5].

Mar. 3, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2024年第四季因PC、智能手机等消费性电子产品厂商持续去化库存， 供应链大幅调整采购订单，造成NAND Flash价格反转向下，平均销售价格季减4%， 整体出货位元也下滑 2%，整体产业营收为165.2亿美元，较2024年第三季减少6.2% 。 营收第三名的Kioxia（铠侠），由于Enterprise SSD出货增加抵销智能手机、PC产品需求疲软的冲击， 2024年第四季营收达26.6亿美元，仅季减0.2%。该公司除了增加NAND Flash产品层数，也将大幅改善传 输速度，积极以现有设备满足技术升级需求。 美光（Micron） Micron（美光）在Enterprise SSD出货表现亮眼，但仍不敌消费需求低迷，2024年第四季NAND Flash营 收季减9.3%，为22.8亿美元，排名第四。2025年Micron将减少NAND Flash资本投资，放缓技术升级，并 着重60TB以上产品需求，以改善盈利。 西部数据/闪迪（Western Digital/SanDisk） 分析2025年第一季市况，尽管供应商已开始积极减产，仍 ...

Group 1: Nvidia Performance - Nvidia reported revenue of $39.331 billion for FY2025Q4, a year-on-year increase of 78%, exceeding analyst expectations of $38.05 billion [2] - Non-GAAP net profit for FY2025Q4 was $22.066 billion, up 72% year-on-year [2] - Gross margin slightly declined to 73% in FY2025Q4 from 74.6% in FY2025Q3 and 76% in FY2024Q4 [2] - Nvidia expects revenue of $43 billion (± 2%) for FY2026Q1, surpassing analyst expectations of $41.78 billion, with an adjusted gross margin forecast of 71% (± 0.5%) [2] - The company delivered $11 billion worth of Blackwell chips in FY2025Q4 [2] Group 2: AI Developments - Anthropic launched the latest model Claude 3.7 Sonnet [3] - Alibaba Cloud's Qwen team introduced a new inference model system called "Deep Thinking (QwQ)" [3] - DeepSeek released open-source DeepEP code [3] - Tesla's Full Self-Driving (FSD) entered the Chinese market, and Xiaomi launched its all-scenario intelligent driving, indicating a focus on AI application deployment [3] Group 3: Investment in AI Infrastructure - Alibaba plans to invest over 380 billion yuan (approximately $53.5 billion) in cloud and AI hardware infrastructure over the next three years, exceeding the total investment of the past decade [4] - This investment marks the largest scale in the history of private enterprises in China for cloud and AI hardware infrastructure [4] - Tencent's AI-native application "Yuanbao" surpassed ByteDance's "Doubao" to become the second on the Apple App Store free list, with downloads exceeding 2 million [4] Group 4: Semiconductor Market Outlook - NAND Flash contract prices are expected to start rising in Q2 2025 due to manufacturers actively reducing production to maintain supply-demand balance [5] - Apacer Technology anticipates a shortage of DDR4 and DDR5 memory in the market by the end of 2025 [5] - If DeepSeek drives demand for AI Edge, DDR5 demand may exceed expectations in 2025, stabilizing or moderately increasing prices [5] Group 5: Robotics and Manufacturing Investments - The Chongqing Economic Information Committee announced the first batch of "challenge" projects in the embodied intelligent robot sector, with companies like Siasun and Changan Automobile included [6] - Chongqing aims for an artificial intelligence industry scale of 20 billion yuan (approximately $2.8 billion) by 2025 [6] - Apple announced plans to invest over $500 billion (approximately 3.6 trillion yuan) in the U.S. over the next four years, including a new advanced manufacturing facility in Houston to produce servers supporting Apple Intelligence [6]

文 ｜ 徐涛 王子源 程子盈 本篇跟踪点评聚焦主流存储，我们观察到原厂控产、产品结构升级之下，近期主流存储现货市场价 格趋稳，部分低端料号微涨。随原厂控产影响显现，行业库存逐步消化，AI拉动需求提升，我们 预计主流NAND Fl a s h 价格有望于2 5Q2开涨，DRAM价格有望于2 5H2企稳向好，存储模组涨价 早于晶圆端，国内模组厂商主要布局NAND产品，2 5Q2有望迎利润拐点，低价存货有望带来利润 弹性，估值有望率先提升，建议关注模组环节投资机会。 ▍ 价格追踪：2 4H2起存储价格下跌，近期部分低端料号现货上涨/波动。 ——DRAM ：周度现货价格中DDR4 1 6Gb / 8Gb部分料号自2 0 2 4年底至今波动上涨约6%，自 2 0 2 5年1月DDR4 8Gb / 4Gb月度价格上涨5%/ 2%，其他DDR4价格底部徘徊，DDR3 /DDR5价格 跌幅持续收窄。本周DDR5日度现货价格微涨。 ——NAND： 现货市场3 2GB eMMC产品价格上涨，上游2 5 6Gb TLC NAND Fl a s h Wa f e r价格 小涨，更大容量的wa f e r及嵌入式、SSD价格仍跌。 ▍ ...

Group 1: Snack Industry - The snack industry is undergoing a transformation driven by channel changes, moving from offline to online, and from traditional retail to membership supermarkets and live-streaming e-commerce [1] - Strong listed snack companies have capitalized on the channel opportunities over the past three years, and this trend is expected to continue into 2025, making snacks one of the most certain growth segments in the food and beverage sector [1] - New channels such as WeChat stores, traditional supermarket adjustments, and instant retail are developing steadily, providing new growth points for listed snack companies [1] Group 2: Storage Industry - The mainstream storage market is stabilizing, with NAND Flash prices expected to rise starting Q2 2025 due to production control by manufacturers and increased demand driven by AI [2] - The DRAM prices are anticipated to stabilize and improve in the second half of 2025, with storage module prices likely to increase ahead of wafer prices, presenting investment opportunities in the module segment [2] Group 3: Analog Chip Industry - The analog chip industry is entering a phase of accelerated consolidation, with domestic leading companies expected to enhance their platforms through both organic growth and acquisitions [4] - The report highlights the importance of observing the integration trends in the domestic analog chip market, drawing parallels with historical overseas mergers and acquisitions [4] Group 4: Asset Allocation - The demand for multi-asset ETFs in China is expected to grow, driven by the need for stable returns and a rich supply of underlying tools [5] - The development of multi-asset ETFs will progress through different stages, starting with simple performance-linked indices and evolving towards more complex models catering to specific needs [5] Group 5: Aviation Industry - The recovery of business travel demand post-Lantern Festival is supporting the recent increase in domestic ticket prices, with passenger flow on key routes recovering significantly [15] - The expectation of increased demand for travel due to economic recovery and the potential for improved utilization of wide-body aircraft on North American routes are positive indicators for airline profitability [15]