Core Viewpoint - The launch of the "Wuhan Industrial Efficiency Guide (2025 Edition)" marks a significant step in enhancing energy efficiency management in Wuhan, providing a quantitative basis and technical support for the city's industrial green transformation [1][2]. Group 1: Energy Efficiency Indicators - The new guide includes a comprehensive energy efficiency indicator system covering 150 sub-industries, 94 major products, and 73 types of energy-using equipment, based on data from 33 major industry categories [1]. - The guide introduces energy efficiency indicators for emerging industries such as lithium-ion batteries, photovoltaic cells, new energy vehicles, and hydrogen energy, facilitating coordinated management between traditional and emerging industries [1]. Group 2: Policy Implementation and Industrial Upgrading - The guide reflects the implementation of national policy directions and includes updated energy efficiency standards for general equipment like transformers, as well as indicators for emerging sectors such as servers, communication bases, and photovoltaic components [2]. - The release of the guide is intended to provide scientific guidance and technical support for the green transformation of industries, enhancing energy output efficiency and promoting low-carbon transitions in the city's industrial economy [2].

Core Insights - The report from CITIC Securities indicates that mainstream storage and niche DRAM prices are rising, with expectations for revenue growth among major storage manufacturers in Q2 2025 and a profitability turning point for storage module manufacturers [1] - It is anticipated that storage prices will maintain an upward trend in Q3 2025, particularly for DDR4 and DDR5 memory [3] Price Review - DRAM prices have shown a moderate increase for DDR5, while DDR4 prices have surged due to accelerated production cuts by manufacturers, with DDR5 contract prices rising approximately 2% and DDR4 prices increasing by 30% on average in May [1][2] - The average price increase for DDR4 8/16Gb chips in May exceeded 30% due to urgent procurement by downstream customers [1] NAND Flash Market - The reduction in production by manufacturers has led to a mild increase in NAND Flash prices, with TLC wafer prices rising by 6% to 14% in March, and SSD prices following suit [2] - Demand for enterprise SSDs continues to rise, particularly from North American CSP manufacturers [2] Price Outlook - For Q3 2025, DDR5 and NAND prices are expected to rise moderately, while DDR4 prices are projected to increase by 8% to 13% [3] - TrendForce forecasts that DDR4 PC/server memory module prices will rise by 18% to 23% and 8% to 13% respectively in Q3 2025 [3] - NAND Flash wafer prices are expected to increase by 3% to 8% in Q2 and 5% to 10% in Q3 2025 [3] Module Pricing - DDR5 memory prices have remained stable, while DDR4 prices have surged by 20% to 64% in the industry and channel markets [2] - SSD prices have seen a slight decline of 3% to 0% in the same period, while mobile storage prices have increased moderately by 0% to 14% [2]

Core Viewpoint - Silicon Motion Technology Corp. (SIMO) is a leading provider of storage solutions for SSDs and other solid-state storage devices, with over 20 years of design and development experience in the industry [1][3]. Group 1: Company Overview - Founded in 1995 in Silicon Valley, California, and listed on NASDAQ in 2005, Silicon Motion has established offices in mainland China, Taiwan, Hong Kong, and the United States [1]. - The company specializes in providing storage solutions for various applications, including smartphones, PC data centers, commercial, and industrial control applications [1]. Group 2: Product Development - Based on NAND Flash characteristics, Silicon Motion has developed a combination of controller chip IPs, leading to the design of ICs equipped with firmware controller chip platforms and complete controller chip Turkey solutions [3]. - The company's controller chips are compatible with various flash memory produced by major manufacturers such as YMTC, Micron, Samsung, SK Hynix, KIOXIA, and Western Digital, supporting 128-layer, 176-layer, 196-layer, and higher-layer 3D TLC and QLC products [3]. Group 3: Market Presence and Solutions - Silicon Motion has deepened its presence in the domestic market over the years, collaborating with well-known domestic storage brands to grow and provide high-quality storage products to consumers [4]. - The company offers customized SSD controller chip solutions for enterprise-level storage, with products already deployed in several large data centers in China [4]. - Additionally, Silicon Motion provides high-performance, compact embedded controller chips and single-chip SSD solutions for industrial control and automotive markets, widely used in domestic, American, and Japanese automotive manufacturers [4].

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The domestic storage giants, CXMT and YMTC, have both achieved quarterly revenues exceeding 1 billion USD in Q1 2025, marking a significant milestone in breaking the long-standing international monopoly in the storage market [3][12] - The global storage market is expected to reach a scale of 167 billion USD in 2024, with a projected growth of 12% for NAND Flash and 15% for DRAM Bit capacity in 2025, driven by the acceleration of AI server deployments and growth in consumer electronics [18][27] - CXMT is expected to increase its DRAM production capacity by nearly 50% this year, with market share projected to rise from 6% to 8% by year-end [4][20] Summary by Sections Market Performance Review - During the week of June 16 to June 20, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The semiconductor sector, represented by the Shenwan Electronics Index, saw a decline of 2.17% [3][29] - The best-performing sector was LED with a decline of 0.46%, while integrated circuit packaging and testing showed a weaker performance with a drop of 3.5% [29] Key Developments in the Industry - CXMT is transitioning its production from DDR4/LPDDR4 to DDR5/LPDDR5, with market shares for DDR5/LPDDR5 expected to rise from approximately 1% to 7% and 9%, respectively [20] - YMTC has successfully achieved mass production of 294-layer 3D NAND and is advancing towards 300-layer NAND development, enhancing its competitive edge in the global market [5][13] Company-Specific Insights - CXMT has become a leader in the domestic DRAM industry, with its production base in Hefei continuously increasing capacity and improving technology to align with international standards [12][19] - The successful emergence of CXMT and YMTC is expected to inspire other domestic storage companies, leading to technological upgrades and development across the entire industry [4][19]

证券研究报告 行业研究 2025 年 6 月 20 日 5 月至今存储价格加速上涨价 行业景气持续 核[心T观ab点le：_Summary] 风险提示： 上述观点主要根据过去数据分析得出，可能因为后续产能出清不理想、下游需求 不如预期，而出现最终结果与分析预测结论相背离的情况。仅供投资分析时参考。 第一创业证券研究所 证书编号：S1080524120001 邮箱：guoqiang@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 7 页 今年 3~4 月份以 Scandisk 为代表的存储厂率先涨价，此后三星电子、SK Hynix 进行减产，并在 5 月份显著提升存储的出货价格，其中有报道称三星将 DDR4 的价格提高约 20%，DDR5 价格提升大约 5%。SK Hynix 将 DRAM 价格上调 12%。 由此 5 月下旬至今存储市场价格加速上涨价，目前价格相对于今年 2 月低点， DDR4 16GB 的价格已经上涨超过 100%，DDR5 16GB 的价格上涨超过 25%，并都 创出 2024 年以来的价格新高。 分析师：郭强 电话：0755-23838533 从存储涨价的驱动因素看，供应 ...

Index Level - The Shanghai Composite Index is still in a downward adjustment phase, with support around the gap at 3320 [3][4] - The ChiNext Index has fallen below its short-term moving averages, indicating potential weakness [3] - Overall market sentiment is low, with a trading volume of only 1.06 trillion, down by 185.7 billion, and a net sell-off of nearly 30 billion by domestic investors [3][4] Market Conclusion - The market is expected to continue its adjustment, and any potential rebounds should be viewed as temporary [4] - Investors should avoid chasing prices and consider maintaining around 50% of their positions [4] Sector Analysis - The banking and insurance sectors are showing strength, while brokerage firms are underperforming [5] - Consumer sectors like liquor are experiencing a rebound, but sustainability is uncertain [6] - The solid-state battery sector remains active, while some technology stocks are showing strength [5] Banking Sector Insights - The rise in bank stocks is attributed to a lack of alternative investment options, with banks offering around 4% dividend yields [7] - Investors are advised to hold existing positions in banks or cautiously enter with a portion of their capital [7] Hot Sector Breakdown - CPO is in a corrective phase but maintains an upward trend, presenting potential buying opportunities [7] - PCB shows a similar upward trend despite recent fluctuations, indicating potential for speculative opportunities [7] - The storage chip sector is in a consolidation phase, requiring further observation for potential upward movements [7] Additional Sector Observations - The innovative drug sector is in its sixth day of adjustment, with a downward trend persisting [8] - Stablecoins and digital currencies are showing signs of trend reversal, necessitating caution if they break below key support levels [8] - The solid-state battery sector is experiencing a slowdown in momentum, but short-term trading opportunities may still exist [8]

早 报 精 选 1、 李强：坚持创新驱动发展，着力扩大有效需求，推动经济运行持续向好。 2、中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》。 3、科创板新设科创成长层，重启未盈利企业上市。 4、证监会：将从从2025年10月9日起允许合格境外投资者参与场内ETF期权交易。 5、特朗普称将继续延长出售TikTok限期，外交部回应。 宏 观 新 闻 1、 中共中央政治局常委、国务院总理李强6月16日至18日在江苏调研。他强调，要 深入贯彻习近平总书记关于做好经济工作的重要指示精神，坚持创新驱动发展，着力 扩大有效需求，进一步营造干事创业浓厚氛围，在深化改革开放中激发高质量发展动 力活力，推动经济运行持续向好。 2、近日，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》。《意 见》明确，经过五至十年的建设，上海国际金融中心能级全面提升，现代金融体系的 适应性、竞争力、普惠性显著提高，金融开放枢纽门户功能显著强化，人民币资产全 球配置中心、风险管理中心地位显著增强，基本建成与我国综合国力和国际影响力相 匹配的国际金融中心。 3、国家金融监督管理总局、上海市人民政府印发《关于支持上海国际金融中 ...

Group 1: Solid-State Battery Industry - The fifth China International Solid-State Battery Technology Conference will be held on June 19-20, 2025, with industry investment reaching 15 billion in the first four months of the year [1] - The Ministry of Industry and Information Technology (MIIT) plans to establish a standard system for solid-state batteries by April 2025, with 6 billion allocated for special research and development [2] - Companies like Puli Technology and Liyuanheng are actively developing solid-state battery technologies and have made significant progress in equipment and process innovations [2] Group 2: Robotics and AI - Ant Group has invested in Lingxin Qiaoshou Technology, which focuses on embodied intelligence platforms crucial for humanoid robots [3] - Companies like Zhenyu Technology and Hanwei Technology are successfully delivering products related to robotics, including linear actuators and flexible sensors [4] - The demand for key components in humanoid robots, such as motors and tactile sensors, is expected to increase, benefiting leading technology firms in the industry [3][4] Group 3: Autonomous Delivery Vehicles - Cainiao has launched a new autonomous delivery vehicle, the Cainiao GT-Lite, priced at 21,800 yuan, with a promotional price of 16,800 yuan [5] - The logistics autonomous vehicle market is entering a phase of large-scale commercialization, driven by technological advancements and decreasing component costs [5] - Companies like Xingwang Yuda and Xiangyou Technology are developing autonomous driving systems and collaborating with postal services to enhance delivery capabilities [6] Group 4: High-Bandwidth Memory (HBM) Market - Samsung Electronics has secured a contract for HBM3E supply from Broadcom, indicating strong demand for high-performance memory in AI applications [7] - The HBM market is expected to experience explosive growth due to increased data center investments and the need for high bandwidth and low power consumption [7] - Companies like Shengmei Shanghai and Saiteng Co. are actively involved in providing equipment and materials for HBM production [8] Group 5: Digital Human Technology - Baidu has launched the industry's first dual digital human interactive live broadcast room, enhancing consumer interaction through advanced AI technology [9] - The development of digital humans is expected to lead to more personalized marketing strategies and improved customer experiences in e-commerce [9] - Companies like New Guodu Holdings are focusing on general-purpose AI technology and multi-modal AI product research [9][10] Group 6: Renewable Energy and Nuclear Fusion - China National Petroleum Corporation plans to invest 655 million yuan in Kunlun Capital for controlled nuclear fusion projects [10] - Several state-owned enterprises are exploring nuclear fusion energy, which is seen as a clean and efficient energy source [11] - Companies like Zhongyou Capital and Xuguang Electronics are involved in nuclear fusion technology development and related projects [11] Group 7: Domestic CPU Market - Shanghai Zhaoxin Integrated Circuit Co., a leading domestic CPU manufacturer, has initiated an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.169 billion yuan [12] - The CPU market in China is projected to grow from 216.032 billion yuan in 2023 to 232.61 billion yuan in 2024, driven by advancements in AI and cloud computing [12] - Companies like Guangdian Yuntong and Zhongke Shuguang are enhancing their capabilities in CPU and GPU products [13]

探底回升缩量行，三千四百绿盘惊。 算力硬科掀涨停，军工长啸贯虹声。 AI眼镜浮光跃，稀土磁材坠叶轻。 CPO连营烽火炽，草甘膦畔落花横。 市场解析： 今天市场下探回升，能否再次突破3400？从技术面来看，沪指90分钟级别，短期出现的序列消失。更值得注 意的是，收盘站上了短期趋势带，这意味着指数有继续进攻的可能。 不过，两市成交额不足1.2万亿，缩量明显，市场进攻动能不足，依旧是场内资金轮动博弈，场外资金仍处于 观望状态。 仅从指数来看，市场仍处于震荡区间。箱底在3340附近，箱顶在3400—3450区间。操作上，继续控制仓位， 维持在五成左右，确保进可攻退可守，待行情方向明朗后再增仓不迟。 板块方向： 昨天刚刚分析过，最近盘面的表现可以关注科技板块，资金可能回流做补涨。今天科技板块集体异动，恭喜 第一时间关注的朋友们。 科技板块异动的原因主要有以下几点： 一是政策方面，重启科创板未盈利企业上市，陆家嘴论坛强调强化资本市场对科技企业的支持，试点IPO预先 审阅机制，吸引内资加速布局半导体设备、通信设备等核心领域。这一消息对相关板块有直接的提振作用。 二是产业消息方面，近期存储、光模块、智能眼镜等领域都有不少利好 ...

Market Overview - The A-share market is experiencing slight fluctuations, with the Shanghai Composite Index closing at 3387.40, down 0.04%, and the Shenzhen Component Index at 10151.43, down 0.12% [2][7] - The overall market capitalization of the Shanghai Composite Index is 6526.16 billion, with a price-to-earnings (PE) ratio of 12.03 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - The biomanufacturing sector is entering a critical phase, with a focus on overcoming the "pilot transformation" bottleneck to scale up the industry, aiming to cultivate over 20 pilot platforms by 2027 [26] - The storage chip market is witnessing price increases, with DDR4 prices rising by 17.50% week-on-week, and NAND products also showing price growth [29][30] - LG Energy Solution has secured an 8GWh order for cylindrical batteries from Chery Automobile, marking a significant contract in the electric vehicle battery supply chain [31] - The humanoid robot innovation center has established a subsidiary in Shenzhen, indicating growth in the robotics sector [33] - Meta and Oakley are launching smart glasses designed for sports, highlighting advancements in AI and wearable technology [35] Company Tracking - Wen's Foodstuffs (300498.SZ) reports continuous improvement in core production metrics for chicken and pig farming, with costs stabilizing [37] - Zhejiang Meida (002677.SZ) has announced an investment in smart driving technology, indicating a strategic shift towards emerging technologies [39] - Midea Group (000333.SZ) plans to repurchase shares worth between 50 to 100 billion, with a maximum repurchase price of 100 yuan per share [41] - Xinhua Medical (600587.SH) has received approval for a new medical device, enhancing its product portfolio in the healthcare sector [42] - Zai Jian Pharmaceutical (688266.SH) has received approval for clinical trials of its drugs for small cell lung cancer, marking a significant step in its oncology pipeline [44] - Ao Jing Medical (688613.SH) has obtained approval for its artificial bone repair material in Vietnam, expanding its market reach [47] - Bozhong Precision (688097.SH) is acquiring a 70% stake in Shanghai Wodian, enhancing its capabilities in industrial automation solutions [49]