国产阵营同样发力，长鑫存储订单饱满，兆易创新Q3净利润增68%。涨价潮与技术迭代共振，推动 2025年全球存储市场规模冲向2342亿美元。 企查查数据显示，截至12月17日，2025年我国已注册1.15万家存储芯片相关企业，已超过去五年最高年 份，相比2024年同期增加41.4%。今年新注册企业中，超三成企业位于华南地区，其次是华东地区，占 比29.1%。企业存量方面，截至12月17日，我国现存4.5万家存储芯片相关企业，成立于近三年的企业合 计占比超56%。 1.从注册量来看：今年已注册1.15万家相关企业 企查查数据显示，2020年以来，我国存储芯片相关企业基本逐年增加，2023年我国累计注册8803家存储 芯片相关企业，成为近五年注册量最高的一年，截至12月17日，2025年我国已注册1.15万家存储芯片相 关企业，已超2023年全年，相比2024年同期增加41.4%。 （原标题：AI引爆存储需求！今年已注册存储芯片相关企业超万家） AI算力狂潮下，存储芯片行业迎来"超级周期"——美光财报率先引爆市场，2026财年第一季度营收 136.4亿美元，同比激增57%，12月17日盘后股价涨超7%，年内涨幅达1 ...

消息面上，存储巨头金士顿数据中心SSD业务经理CameronCrandall近日在"TheFullNerdNetwork"播客中表示，未来30天NAND闪存短缺将明显加 剧，SSD价格将在当前基础上进一步上涨。 美光电话会："好日子还在后头！"CEO直言2026年HBM已售罄，正签署"前所未有"长期合同 在此前甲骨文、博通等AI巨头业绩未达投资者期待，引发全球科技股抛售潮之际，美光科技以一份"史上最强"的业绩和展望，为动荡的AI市场注 入了一剂强心针。公司CEO直言，AI驱动的需求正以前所未有的速度爆发，而行业供应短缺将持续到2026年之后，美光甚至只能满足部分关键客 户一半的需求。 在美股周三盘后的财报电话会上，美光董事长兼CEO Sanjay Mehrotra宣布，公司第一财季业绩全面超越预期，并给出了再创历史新高的第二财季 指引。更令市场瞩目的是，他透露公司2026日历年全年高带宽内存（HBM）的供应量已就价格和数量与客户达成协议，全部售罄。 这一系列重磅信息，为近期因部分AI龙头业绩不佳而承压的科技板块提供了急需的支撑。Mehrotra的讲话清晰地向投资者传递了一个信号：内存 市场的供不应求并非短期现 ...

营收达136.4亿美元，环比增长20.49%，同比增长56.60%，同比环比均实现增长，也高于分析师预期的 约 129.5 亿美元。 按GAAP口径计算，净利润为52.4亿美元，环比增63.70%，同比增180.21%。 按非GAAP口径计算，净利润为54.8亿美元，环比增58.03%，同比增169.12%。 来源：格隆汇APP 当地时间12月17日美股盘后，存储芯片大厂美光科技公布2026财年第一财季财报。 该季度公司业绩表现出色，创下多项纪录，对于下一季的业绩指引也远超预期，受消息刺激美光股价周 三盘后大涨8%。该股今年以来已经累计上涨168%。 | 997 | 5日 · 5分钟 15分钟 60分钟 日晚 周围 更多肉嗎 · | 灵给 · 酷加 · 画线 | 一 一 一 一 一 一 一 一 一 二 | | | MU 美光科技 | | | 免费体验L2行情 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 美光科技 分时 成交易 所属行业:信息技术 最新:3281.86 激度:1.79% | | 盘后行情 | | | | ...

周三美股盘后，全球存储芯片巨头美光科技交出超预期财报，盘后股价飙升7%。在AI数据中心需求爆 发与存储芯片供应持续趋紧的背景下，公司2026财年Q1（截至11月27日）营收达136.4亿美元，同比增 长57%，远超分析师预期的129.5亿美元；经调整净利润54.82亿美元，同比大增58%；调整后每股收益 4.78美元，亦大幅领先预期的3.95美元。 | | 225.708 -6.802 -2.93% | | | 立即 ** MI 父勿 | | --- | --- | --- | --- | --- | | | NASDAQ USD 16:00:02 延时15分钟 | | | 1 0 + | | | 盘后价 242.850 涨幅幅 7.60% | | 总量 | 4182.42万 换手 2.67% | | 涨跌幅 | 17.142 盘后量 756.27万 | | 现手 | 100 量比 1.28 | | 卖五 | | | 外留 | 1238.59万 内盘 1758.89万 | | 卖四 | | | 总额 | 70.10亿 振幅 6.76% | | 卖三 | | | 均价 | 230.401 开盘 236.555 ...

Group 1 - The core viewpoint of the article highlights a significant increase in NAND flash memory shortages, leading to further SSD price hikes in the coming 30 days due to rising demand driven by AI and industry capacity adjustments [1] - Kingston's data center SSD business manager, Cameron Crandall, indicated that the global "storage crisis" has intensified over the past few months [1] - SK Hynix has warned that the DRAM supply shortage will persist until 2028, which is a more severe outlook compared to most major investment banks that predict shortages will last until 2027 [1] Group 2 - Major international banks, including UBS, JPMorgan, and Nomura, have forecasted that the DRAM shortage will continue until 2027 [1] - Northeast Securities noted that overseas manufacturers are shifting their mid-range production capacity to high-end products (from DDR4 to DDR5 and traditional DRAM to HBM), creating a significant supply gap in the mid-range market [1] - This shift is expected to drive up prices for related products, providing an opportunity for domestic storage chip manufacturers to rapidly capture market share and experience a dual explosion in mid-to-high-end products [1]

Group 1 - Micron reported strong Q1 FY2026 earnings with adjusted revenue of $13.64 billion, exceeding analyst expectations of $12.95 billion [1] - Non-GAAP operating profit reached $6.419 billion, accounting for 47.0% of revenue, also surpassing the expected $5.37 billion [1] - The company provided a robust Q2 guidance, forecasting revenue of $18.7 billion, significantly above the analyst estimate of $14.38 billion [1] Group 2 - Micron's Q1 revenue from cloud storage was $5.284 billion, showing substantial year-over-year growth, while data center revenue was $2.379 billion [2] - The company emphasized its critical role in the AI ecosystem and is continuously investing to meet the growing demand for storage and memory [2] - Analysts noted that Micron's strong performance and increased capital expenditure reflect a tightening supply-demand balance in the storage market [2] Group 3 - The storage industry supply chain consists of upstream semiconductor equipment and material suppliers, midstream storage chip design and manufacturing companies like Micron and Samsung, and downstream sectors including AI servers, smartphones, and PCs [3] - Increased end-user demand and technological upgrades are driving the demand for midstream storage chips, which in turn boosts the demand for upstream equipment and materials [3] Group 4 - Zhaoyi Innovation is a leading domestic storage chip company in China, with core businesses including NOR Flash, MCU, and DRAM, holding a significant global market share in NOR Flash products [4] Group 5 - China Electronics Port is one of Micron's authorized distributors in the domestic market [5]

Core Viewpoint - Micron Technology (MU.US) has provided an extremely optimistic earnings outlook for the current quarter, significantly exceeding Wall Street analysts' expectations, and has unexpectedly raised its capital expenditure for fiscal year 2026, indicating a strong demand for storage chips driven by the unprecedented global AI boom [1][2][3] Group 1: Earnings Outlook - Micron's revenue forecast for Q2 FY2026 is projected to be between $18.3 billion and $19.1 billion, compared to Wall Street's average expectation of $14.4 billion [3][4] - The company expects a gross margin of 67.0% under GAAP, significantly higher than the analysts' average expectation of 55.7% [4][10] - Micron's adjusted earnings per share for Q2 FY2026 is estimated to be between $8.22 and $8.62, while analysts had anticipated around $4.71 [3][4] Group 2: Market Dynamics - The demand for storage chips, particularly DRAM and NAND products, is surging due to the rapid expansion of AI data centers, leading Micron to halt sales to the PC/DIY market to focus on enterprise-level products [2][7] - Wall Street analysts predict that the overall sales of the DRAM industry will see over 100% year-on-year growth in 2026, with Micron being one of the biggest beneficiaries [2][3] - TrendForce has revised its revenue forecasts for the DRAM industry, expecting approximately $165.7 billion in 2025 (up 73% YoY) and $333.5 billion in 2026 (up 101% YoY) [2][3] Group 3: Competitive Position - Micron is strategically positioned as a key supplier for AI infrastructure, focusing on high-performance storage components essential for AI training and inference systems [9][11] - The company is expected to capture significant market share in the HBM storage systems and enterprise-level SSDs, which are critical for AI applications [14][15] - Micron's capital expenditure for fiscal year 2026 has been raised from $18 billion to $20 billion, reflecting its commitment to expanding production capacity in response to soaring demand [4][10]

Group 1 - The U.S. is preparing to impose new sanctions on Russia's energy sector following President Putin's rejection of a peace agreement regarding Ukraine [4] - The sanctions may target "shadow oil tanker fleets" used for transporting Russian crude oil and the traders facilitating these transactions [4] - New measures could be announced as early as this week [4] Group 2 - Micron Technology reported a strong revenue outlook, with expected revenue between $18.3 billion and $19.1 billion, significantly higher than analysts' average estimate of $14.4 billion [9] - The demand for AI computing hardware is driving growth in the storage chip market, leading to a shortage of personal computer memory chips [9] Group 3 - Amazon is restructuring its AI department, integrating its general AI business with a larger new department that will also include chip development and quantum computing teams [11] - The restructuring follows the announcement of the departure of a key executive, Rohit Prasad, by the end of the year [11] Group 4 - Novartis and Roche are reportedly close to reaching a drug pricing agreement with the U.S. government, which may be announced soon [15] - This agreement could ease trade tensions between the U.S. and Switzerland, with other pharmaceutical companies potentially included in the announcement [15]

Core Viewpoint - Micron Technology is expected to experience significant revenue and profit growth in the first fiscal quarter, driven by the surge in storage chip demand due to AI advancements, despite a recent stock price pullback before the earnings report [2][3][4]. Supply and Demand Imbalance Strengthens Pricing Power - Analysts believe Micron is benefiting from both rising storage chip prices and supply constraints, with demand expected to exceed supply through 2026 [6][8]. - The demand from hyperscale cloud service providers is driving the need for high-value products, which supports Micron's average selling price (ASP) and gross margin [6][8]. - Rosenblatt analyst Kevin Cassidy predicts a 9% quarter-over-quarter increase in Micron's ASP, suggesting that this estimate may still be conservative [7]. Strategic Shift: Divesting Consumer Business to Focus on High-Profit Areas - Micron announced plans to exit its Crucial consumer business to concentrate on enterprise and commercial sectors, aiming to improve supply conditions and support growth in faster-growing segments [8]. - This strategic decision highlights management's focus on high-value end markets, with investors keenly observing comments on capacity ramp-up and how existing capacity can be converted into sellable output for high-margin cloud and data center products [8]. Valuation and Market Outlook - Despite a significant stock price increase this year, analysts generally view Micron's valuation as reasonable, with a forward P/E ratio around 12 times [10]. - Analysts expect strong guidance for the upcoming quarter, with projected revenue of $14.33 billion, a 78% year-over-year increase, and an EPS of $4.78, reflecting a 206% growth [12].

Core Viewpoint - The company is experiencing increased demand for high copper paste due to the rising silver prices, and its recent acquisitions in the storage business indicate a clear long-term growth momentum [1][2]. Investment Highlights - The company is initiating coverage with an "Overweight" rating, projecting EPS of 0.95, 2.92, and 4.24 yuan for 2025-2027, respectively. Based on its leading position and comparable company valuations, a target price of 75.92 yuan per share is set, applying a 26x PE for 2026 [2]. - Silver prices have surged, leading to heightened demand for high copper paste. As of December 15, the Shanghai silver benchmark price reached 14,812 yuan/kg, an increase of 7,232 yuan/kg or 95.4% since the beginning of the year. This price increase has accelerated the company's high copper paste product development, with stable supply to strategic customers and a GW-level production line expected to be operational in Q4 [2]. - The company has successfully optimized the high copper paste solution in terms of seed layer and formulation, enhancing efficiency and cost-effectiveness, and has validated its compatibility with the TOPCon 3.0 process. As strategic customers ramp up production, other leading battery component manufacturers are expected to follow suit, potentially leading to larger-scale shipments next year [2]. Strategic Acquisitions - The company is expanding into the storage sector through acquisitions, having acquired 51% of Inmeng in September 2024 and 62.5% of Jiangsu Jingkai in October 2025. Inmeng focuses on the application development and design of its own brand DRAM storage chips, while Jiangsu Jingkai handles packaging and testing of storage chips [3]. - These acquisitions create an integrated supply chain from application development to wafer testing and packaging, providing the company with a competitive edge in new wafer introduction, cost quality control, and responsiveness to customer needs [3]. - The storage business is rapidly developing, with sales revenue of 269 million yuan achieved in the first three quarters of 2025. Inmeng is accelerating the mass production of AI computing and edge AI-related products, including SOC-DRAM integrated products and low-power high-bandwidth memory (LPW DRAM) [3]. - The storage market is experiencing sustained demand growth, which supports product pricing, while the ramp-up of domestic storage wafer capacity further expands the market space for domestic storage [3].