自9月以来，存储行业可以说是资本市场中表现最为亮眼的板块。以A股为例，截至11月13日，香农芯创（300475）(300475.SZ)、德明利（001309） (001309.SZ)、江波龙（301308）(301308.SZ)、佰维存储(688525.SH)自9月以来的最大股价涨幅分别为423%、258.94%、288%、142.45%，可见该板块股票在 市场上的强劲势头。 面对行业已经开始的高景气周期，股价在短期内已实现翻倍的佰维存储于近日有了新动作。智通财经APP观察到，佰维存储已开启了赴港上市新征程，其于 10月28日向港交所主板提交上市申请书，华泰国际为独家保荐人。 据弗若斯特沙利文的资料显示，佰维存储是全球唯一一家具备晶圆级封装能力的独立存储解决方案提供商。若以2024年的相关收入计算，佰维存储是全球最 大的拥有自主封装制造的独立存储制造商。且公司亦是全球最大的AI新兴端侧半导体存储解决方案供应商，在各类AI端侧应用领域处于领先地位。 佰维存储表示，公司此次赴港上市所募集资金将用于升级迭代自研主控芯片、存储解决方案设计以及提高先进封测能力，同时，公司把部分资金用于国际扩 张以及寻找潜在的战略投资、 ...

Core Viewpoint - The storage industry has shown remarkable performance in the capital market since September, driven by a structural supply-demand imbalance and rising product prices due to increased AI computing power and strategic capacity reductions by major producers [1][2]. Group 1: Market Performance - Since September, stocks in the storage sector, such as Shannon Chip Creation and Bawei Storage, have seen significant price increases, with Bawei Storage's stock rising by 142.45% [1]. - The storage industry is expected to maintain its upward trend in market conditions at least until the second half of 2026 [1]. Group 2: Company Overview - Bawei Storage is the only independent storage solution provider globally with wafer-level packaging capabilities and is the largest independent storage manufacturer with proprietary packaging manufacturing as of 2024 [2]. - The company plans to use funds raised from its upcoming Hong Kong listing to upgrade its self-developed main control chips, enhance storage solution design, and expand its advanced packaging capabilities [2]. Group 3: Revenue Growth - Bawei Storage's revenue has shown rapid growth, with figures of 2.986 billion, 3.591 billion, and 6.695 billion RMB for 2022, 2023, and 2024 respectively, indicating a strong upward trend [7]. - The company’s revenue from smart mobile and AI emerging sectors, PC and enterprise storage, and smart automotive applications accounted for 55.4%, 30.5%, and 12.5% of total revenue in 2024 [8]. Group 4: Profitability and Challenges - Bawei Storage's adjusted net profit fluctuated significantly, with figures of 78.27 million, -500 million, and 473.3 million RMB for 2022, 2023, and 2024 respectively, indicating volatility in profitability [10][11]. - The company's gross margin was 12.8% in 2022, dropped to -2.1% in 2023 due to falling product prices, and rebounded to 17.3% in 2024 [12]. Group 5: Inventory and Strategic Positioning - As of September 30, 2025, Bawei Storage's inventory reached 5.695 billion RMB, reflecting a 61% year-on-year increase, which supports short-term performance but raises concerns about sustainability [14]. - The company emphasizes a diversified supply strategy to ensure stable access to key raw materials, which is crucial for its ongoing business expansion [14]. Group 6: Technological and Market Position - Bawei Storage has established a full-chain technical capability encompassing chip design, solid-state algorithms, and advanced packaging, positioning itself well in high-growth sectors like AI and smart automotive [15]. - The company’s strategic layout indicates potential for sustained growth in the medium to long term, contingent on leveraging current market conditions and its upcoming listing [16].

Core Viewpoint - The storage industry has shown remarkable performance in the capital market since September, driven by a structural supply-demand imbalance and rising product prices due to increased AI computing power and strategic capacity reductions by major producers [1][2]. Group 1: Market Performance - The stock prices of key players in the storage sector, such as Shannon Chip and Bawei Storage, have seen significant increases, with Bawei Storage's stock rising by 142.45% since September [1]. - The overall market sentiment indicates that the high prosperity cycle in the storage industry is expected to continue at least until the second half of 2026 [1]. Group 2: Company Overview - Bawei Storage is the only independent storage solution provider globally with wafer-level packaging capabilities and is the largest independent storage manufacturer with proprietary packaging manufacturing as of 2024 [2]. - The company plans to use funds raised from its upcoming Hong Kong listing to upgrade its self-developed main control chips, enhance storage solution design, and expand its advanced packaging capabilities [2]. Group 3: Revenue Growth - Bawei Storage's revenue has shown rapid growth, with figures of 2.986 billion, 3.591 billion, and 6.695 billion RMB for the years 2022, 2023, and 2024 respectively, indicating a strong upward trend [7][8]. - The revenue breakdown for 2024 shows that smart mobile and AI emerging applications account for 55.4%, PC and enterprise storage for 30.5%, and smart automotive and other applications for 12.5% [8]. Group 4: Profitability and Challenges - The company has experienced significant fluctuations in net profit, with adjusted net profits of 78.27 million, -500 million, and 473.3 million RMB for 2022, 2023, and 2024 respectively, indicating the cyclical nature of the storage industry [10][11]. - The volatility in profits is attributed to the need for module manufacturers to stock up in advance, leading to potential losses during downturns when prices drop [11]. Group 5: Inventory and Strategic Positioning - Bawei Storage's inventory has increased significantly, reaching 5.695 billion RMB by September 30, 2025, which supports short-term performance but raises concerns about sustainability once inventory benefits diminish [14]. - The company emphasizes a diversified supply strategy to ensure stable access to key raw materials, which is crucial for its ongoing business expansion [14]. Group 6: Technological and Market Position - Bawei Storage has established a full-chain technical capability encompassing chip design, solid-state algorithms, and advanced packaging, positioning itself well in high-growth sectors like AI and smart automotive [15]. - The company's strategic layout indicates potential for sustained growth in the medium to long term, contingent on effectively leveraging the current industry boom and its upcoming listing [16].

各位老铁早上好，帮主郑重的早间观察又如约而至！今早的财经消息可太有看头了，黄金价格飙破1300元/克，特斯拉人形机器人要扩产到千万台，还有光 伏、储能赛道的真利好和小风波，做了20年财经记者、死磕中长线的我，今天就帮大伙儿扒扒里面的门道，不搞虚头巴脑的，只聊能落地的机会和避坑指 南。 先说说宏观大环境，昨晚美股道指接着创历史新高，银行和黄金板块领涨，这背后是市场在押注美国政府停摆即将结束，还有美联储的利率政策动向。虽然 亚特兰大联储行长要退休，且表态支持维持利率到通胀达标，但劳动力市场降温、部分经济数据可能缺失，都让降息预期没降温，这对全球资产定价影响不 小。国内这边更给力，境外投资者持有A股市值超3.5万亿元，全球前40大投资机构还在增持中国股票，说明外资对咱们市场的信心越来越足，加上中美经贸 领域在推进合作，这些都是中长期的利好支撑，市场的大环境在慢慢变好。 人形机器人赛道也传来重磅消息，特斯拉要扩建得州超级工厂，专门用来量产Optimus，目标年产能1000万台，2027年就启动量产。做了20年财经记者，我 知道这种巨头明确量产规划的信号有多重要，这意味着行业要从研发阶段迈入规模化落地阶段了。不只是特斯 ...

Group 1: Market Developments - The Shanghai Stock Exchange International Investor Conference opened on November 12, with the China Securities Regulatory Commission (CSRC) emphasizing the stability and potential of the Chinese economy, and plans to deepen comprehensive reforms in investment and financing [2] - The CSRC aims to enhance the inclusiveness and adaptability of capital market systems, promoting reforms in the ChiNext board and accelerating the implementation of the "1+6" policy for the Sci-Tech Innovation Board [2] - The CSRC will also focus on expanding long-term investments from social security, insurance, and pension funds, while enhancing the stability of the capital market to prevent extreme fluctuations [2] Group 2: Industry News - The China Photovoltaic Industry Association issued a statement refuting false information circulating online, asserting that the industry is progressing steadily and will combat malicious attempts to undermine the sector [3] - The National Energy Administration released guidelines to promote the integrated development of distributed renewable energy, encouraging the construction of integrated energy facilities in transportation hubs and advancing building-integrated photovoltaics [4] - The Ministry of Education and six other departments outlined plans to strengthen science and technology education in primary and secondary schools, aiming for a comprehensive educational ecosystem by 2035 [5] Group 3: Company Updates - JA Solar clarified recent rumors circulating about the company, stating that misleading information has harmed its reputation and that it reserves the right to pursue legal action against the spread of false claims [6] - Contemporary Amperex Technology Co., Ltd. (CATL) announced that its fifth-generation lithium iron phosphate battery has begun mass production [7] - Zhejiang Dongri clarified that it does not engage in "brain-computer interface" business, addressing market speculation [8] Group 4: Market Analysis - Debon Securities noted a divergence in index performance, suggesting a shift in market preference towards defensive and growth sectors, with a focus on insurance and banking stocks [11] - Guotou Securities highlighted that AI demand has disrupted traditional storage cycles, leading to a new "super cycle" in the industry, with significant price increases expected due to rising enterprise-level storage needs driven by AI [12]

5、海博思创：与宁德时代签订战略合作协议，2026年至2028年公司采购电量累计不低于200GWh。 宏 观 新 闻 早 报 精 选 4、美股银行与黄金板块领涨，国际油价大幅收跌。 1、 中共中央政治局委员、国务院副总理何立峰12日晚在京会见美中关系全国委员会董事会执行副主席格林伯格、会长欧伦斯。何立 峰表示，中美在经贸领域拥有广阔合作空间，中美双方应相向而行，共同维护好、落实好两国元首釜山会晤重要共识和成果，加强合 作、管控分歧，推动中美经贸关系稳定发展。 2、上海证券交易所国际投资者大会11月12日正式启幕。在开幕式上，中国证监会副主席李明表示，强化战略性力量储备和稳市机制 建设，提升资本市场内在稳定性，坚决防止市场大起大落、急涨急跌。李明介绍，目前境外投资者持有A股的市值超过3.5万亿元， 是A股市场的重要参与力量。 3、瑞银投资银行近日发布报告称，今年三季度，外国机构投资者进一步增持中国股票。全球前40大投资机构的中国股票持仓升至 1.1%，为2023年一季度以来的最高水平。 4、美联储再现人事变动，亚特兰大联储行长博斯蒂克意外宣布将于明年2月退休。博斯蒂克同日还表示支持将利率保持原状，直至 通胀降至 ...

消息面上，三星电子、SK海力士和铠侠等正在谋划推动NAND价格上调。去年一整年，NAND售价几 乎停留在成本价水平。据悉，三星目前正与海外大型客户讨论明年的供货量，并在内部考虑将价格上调 20%至30%以上。同时，三星、SK海力士、铠侠、美光这四大存储龙头今年下半年都纷纷削减NAND闪 存供应量。(格隆汇) 存储概念股走强，闪迪涨约4.8%创新高；美光科技涨超3%，Pure Storage、西部数据涨超1%。 ...

Group 1: Semiconductor Industry - The semiconductor industry is experiencing structural opportunities driven by AI demand and domestic substitution, characterized by capacity expansion and supply chain security [1][16]. - Global silicon wafer shipments are expected to reach 12.824 billion square inches in 2025, with a year-on-year growth of 5.4%, and this growth trend is projected to continue until 2028 [16]. - The advanced process capacity (≤7nm) is expected to grow from 850,000 wafers per month in 2024 to 1.4 million wafers per month by 2028, with a compound annual growth rate (CAGR) of 14% [16]. Group 2: AI Computing - AI capital expenditures are surging, with major cloud service providers (CSPs) increasing their investments in AI infrastructure, leading to growth opportunities in PCB, liquid cooling, optical modules, and HVDC [2][48]. - CSPs' capital expenditures are expected to continue rising, with North American companies like Microsoft, Amazon, Google, and Meta showing significant year-on-year increases in their capital spending [48][52]. - The demand for AI computing is driving the need for high-end PCB products, particularly in GPU acceleration cards, with a clear trend towards advanced technologies such as HDI and CoWoP [56]. Group 3: Storage - The storage industry is entering a "super cycle" driven by AI demand, breaking traditional storage cycle models, with prices rising and technological innovations leading the investment narrative [3]. - Despite expectations of a downturn in 2024, the market is rebounding in the first half of 2025 due to high enterprise storage demand from AI servers and strict capacity control by leading manufacturers [3]. - The transition from planar to 3D DRAM technology is becoming crucial, with the 4F² combined with CBA technology expected to increase bit density by approximately 30% [3]. Group 4: Consumer Electronics - The consumer electronics sector is witnessing a significant shift as major companies like Apple and Meta transition from technology layout to market realization, with AI innovations providing macroeconomic momentum for the industry [9]. - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, indicating that the industry has entered a high-growth phase [9]. - The market for optical displays and storage components is expected to benefit from the increasing demand for smart glasses and other AI-driven consumer electronics [9].

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its shift from a previously planned A-share listing to a Hong Kong listing [1][2]. Company Overview - Jincun Technology specializes in embedded storage products, focusing on research, design, production, and sales of these products [1][4]. - The company's product range includes DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package (MCP) embedded storage products (eMCP, uMCP, ePOP), as well as solid-state drives and memory modules [4]. Market Position - According to a report by Frost & Sullivan, Jincun Technology ranks second among independent storage manufacturers globally in terms of shipment volume in the embedded storage market for 2024, first among global LPDDR independent manufacturers, and first among independent storage manufacturers in mainland China with self-developed embedded main control chips [5]. Financial Performance - Revenue figures for Jincun Technology from 2022 to 2024 are as follows: 2.096 billion RMB in 2022, 2.402 billion RMB in 2023, and projected 3.714 billion RMB in 2024. Net profits for the same years are 44.42 million RMB, 37.01 million RMB, and projected 88.89 million RMB [7][8]. - In the first half of 2025, the company achieved revenue of 2.060 billion RMB, a year-on-year increase of 19.33%, but net profit decreased by 6.18% to 115 million RMB [7]. Inventory and Cash Flow - Jincun Technology's inventory levels have increased significantly, with figures of 682 million RMB in 2022, 873 million RMB in 2023, 1.162 billion RMB in 2024, and 2.001 billion RMB in the first half of 2025, representing approximately 65.6%, 58.1%, 50.0%, and 61.6% of current assets respectively [9]. - The company has faced ongoing cash flow challenges, with net cash outflows from operating activities of -179 million RMB in 2022, -230 million RMB in 2023, -491 million RMB in 2024, and -261 million RMB in the first half of 2025 [9][10].

人民财讯11月12日电，江波龙(301308)11月12日在互动平台表示，综合第三方信息来看，云服务商纷纷 追加大容量QLC SSD订单，导致客户需求远超存储原厂原先的供应预期，目前各大存储原厂在报价上 仍然保持着向上的态势。 转自：证券时报 ...