Group 1: New IPOs - This week (December 22 to 26), there are three new stocks available for subscription: one on the Shanghai Stock Exchange, one on the ChiNext, and one on the Beijing Stock Exchange [1] - The IPOs include Shaanxi Tourism (603402) with an issue price of 80.44 yuan and a price-to-earnings (P/E) ratio of 12.37, New Guangyi (301687) with an issue price of 21.93 yuan and a P/E ratio of 28.59, and Hengdongguang with an issue price of 31.59 yuan and a P/E ratio of 14.99 [2] Group 2: Shaanxi Tourism - Shaanxi Tourism integrates tourism performance, cable cars, dining, and project investment and management, leveraging resources like Huaqing Palace and Mount Hua to create high-quality cultural tourism experiences [3] - The company aims to raise 1.555 billion yuan through its IPO, primarily for projects such as the expansion of the Taishan Xiucheng (Phase II) and Shaohua Mountain National Forest Park cableway, as well as acquiring related equity and assets [3] Group 3: New Guangyi - New Guangyi focuses on the research, production, and sales of high-performance special functional materials, with products including anti-overflow adhesive special films and strong resistance special films [4] - The company plans to raise 638 million yuan through its IPO to fund functional material projects [4] Group 4: Upcoming IPOs - Nine companies are scheduled for IPO meetings this week, including Fuen Co. and Shenglong Co. on the Shenzhen Main Board, Shiya Technology on the Sci-Tech Innovation Board, and Sanrui Intelligent, Dapu Micro, and others on the ChiNext and Beijing Stock Exchange [5] - Dapu Micro will be the first unprofitable company to attend an IPO meeting on the ChiNext, focusing on enterprise-level SSD products and aiming to raise 1.878 billion yuan for R&D and production projects [5]

12月25日，深圳大普微电子股份有限公司（下称"大普微"）将迎来创业板IPO上会审核的关键节点。作为创业板首家申报的未盈利企业，此次上会不仅决 定着这家国产存储企业的资本命运，更被视作A股资本市场对优质未盈利科技企业包容度的"试金石"。若审议通过，大普微将正式摘得"创业板未盈利上 市第一股"的头衔，为后续同类企业开辟上市路径；而其提出的"2026年最早扭亏为盈"的目标，更让这场资本闯关充满了看点与争议。 2024年行业整体增速达187.9%，但大普微营收增速仅85.3%，市场份额从6.4%滑落至3.0%，而2026年长江存储、英韧科技等头部厂商的扩产与技术迭代， 将进一步挤压市场空间，其能否完成份额提升目标存疑。 大普微的闯关无论成败，都将为未盈利科技企业的上市探索提供宝贵经验。若成功过会，将验证创业板对优质未盈利创新企业的包容度，引导更多资本流 向核心技术领域，助力国产替代与科技突破；若未能通过，也将为后续企业敲响警钟，明确监管层在盈利预期合理性、持续经营能力等方面的审核底线。 回溯创业板制度演进脉络，自注册制改革落地之初，监管层便为优质未盈利创新企业预留了上市空间，直至2025年6月相关上市标准正式"激活 ...

博主智慧芯片案内人援引Counterpoint数据指出，2025年第三季度SK海力士以34%的份额位居DRAM市场第一，三星与美光紧随其 后，三大巨头垄断超90%市场。 市场研究机构Counterpoint Research的最新数据显示，2025年第三季度全球DRAM市场呈现高度集中态势。 SK海力士、三星电子和 美光科技三大巨头合计占据约93%的市场份额，主导全球市场格局。 在增长迅速的HBM细分领域，SK海力士更是以 57%的绝对优势占据领先地位，三星和美光分别占据22%和21%的市场份额。随着 AI服务器需求持续爆发，存储芯片市场正经历结构性转变。 01 三强争霸格局稳固 2025年第三季度，全球DRAM市场保持了三足鼎立的竞争格局。SK海力士以 34%的市场份额保持领先，三星电子以33%的份额紧 随其后，美光科技则占据26%的市场份额。 三巨头之间的竞争异常激烈。三星电子在HBM3E等高带宽内存产品上取得进展，并开始向英伟达等客户供货，这帮助其缩小了与 SK海力士的差距。该季度全球DRAM销售额环比大幅增长，增幅约30%，达到403亿至414亿美元，主要受价格上涨和AI相关需求 推动。 三大存储巨头 ...

美光科技股价的强劲表现离不开几大关键因素的推动。首先是全球科技行业的蓬勃发展，特别是 在半导体领域，美光科技凭借强劲的产品和技术能力，在行业中占据了重要的市场地位。随着数 字化、智能化趋势的加速，半导体存储行业出现了快速增长的机会，美光科技是这一潮流的受益 者。 此外，美光科技近期公布的财报大大超出市场预期，第一财季营收达到136.4亿美元，同比增长 56.7%，调整后每股收益为4.78美元。尤其是数据中心对高性能存储芯片的需求爆发，成为推动 美光业绩和股价提升的核心动力。公司预计未来营收和利润将进一步增长，市场预期和投资者信 心因此进一步增强。 美光科技迎来了市场的热烈追捧，12月19日股价上涨6.99%，连涨两天，近两日累计涨幅达 17.91%。盘中股价创下历史新高，成为市场关注的亮点。 对于投资者而言，美光科技的现状和未来的市场前景无疑提供了新的投资机会。投资者可以关注 半导体存储行业的龙头企业，并且应合理配置资产，以应对可能的市场波动。同时，需密切关注 全球经济和行业动态，以便做出更为精准的投资决策。 随着AI技术的不断发展和应用，美光科技等企业正迎来半导体存储行业的新一轮增长机遇。未来 几年，这一领 ...

（文章来源：证券日报） 证券日报网讯 12月19日，万润科技在互动平台回答投资者提问时表示，公司处在半导体存储器的下游 应用环节，通过投资设立的湖北长江万润半导体技术有限公司和深圳万润存储科技有限公司，致力于为 客户提供涵盖存储产品研发设计、生产制造及销售服务为一体的综合解决方案，主要量产产品包括固态 硬盘（SSD）、嵌入式存储（eMMC）和DDR系列内存产品，可应用于消费级、工业级或企业级等存储 应用场景。公司积极布局工业级、企业级和车规级存储市场，加强产品研发投入和市场客户开拓。在存 储领域，公司与华中科技大学集成电路学院创建联合实验室，聚焦存储产品可靠性验证，通过自研测试 软件和硬件，建立测试标准，形成测试体系，构建存储产品的全功能测试平台，不断增强研发测试能 力，助力高可靠性存储产品的研发。在能源服务领域，公司联合中国科学院理化所进行工业节能与余热 回收技术攻关，培育技术竞争力。作为半导体存储器领域的新进入者，公司以市场需求为导向，充分发 挥国有控股上市公司优势，从产品、市场、品牌等多方面抢抓存储行业发展机遇，以期加快做大做强存 储产业，提升主业占比，实现高质量发展。 ...

Core Viewpoint - Jiangbolong (301803.SZ) is planning to raise up to 3.7 billion yuan through a private placement, focusing on memory products, main control chips, and high-end packaging and testing, amid concerns over the reasonableness of allocating nearly 1 billion yuan for R&D personnel salaries and the company's financial pressure reflected by two financing plans within a year [1][5][6]. Group 1: Financing Plans - Jiangbolong intends to raise 3.7 billion yuan through a private placement, with 880 million yuan allocated for AI-related high-end memory R&D, 1.22 billion yuan for semiconductor storage main control chip R&D, 500 million yuan for high-end packaging projects, and 1.1 billion yuan for liquidity support [2][4]. - This marks the second financing plan for the company in 2023, following a previous plan to list in Hong Kong aimed at expanding capacity and enhancing R&D [5]. Group 2: Financial Performance - Despite a recovery in the mobile and PC markets, Jiangbolong's revenue growth has significantly slowed compared to the previous year, with net profit growth primarily driven by non-recurring gains [1][9]. - In the first three quarters of 2025, the company achieved revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, while net profit reached 713 million yuan, up 27.95% [9]. - The company's gross profit margin has declined, with a reported margin of 15.29% in the first three quarters of 2025, down 6.25 percentage points year-on-year [10]. Group 3: Inventory and Cash Flow Issues - Jiangbolong's inventory has been increasing significantly, with values of 3.744 billion yuan in 2022, 5.893 billion yuan in 2023, and 7.833 billion yuan in 2024, leading to negative cash flow from operating activities totaling over 4.3 billion yuan [11]. - As of September 30, 2025, inventory reached 8.517 billion yuan, accounting for 64.08% of current assets, while accounts receivable also increased to 2.76 billion yuan, up 68% year-on-year [11]. Group 4: Management and Shareholder Actions - Prior to the announcement of the financing plan, company executives and major shareholders engaged in significant share sell-offs, with the National Integrated Circuit Industry Investment Fund reducing its stake and cashing out approximately 4.72 billion yuan [7][8]. - Employee shareholding platforms also sold shares, realizing around 755 million yuan, coinciding with a period of stock price increases [8].

从深中通道的滚滚车流，到保税仓内的高效分拣。从"工改"腾出的万亩产业空间，到"创二代"的实业坚 守，再到中国500强企业的全球化布局。中山的经济突围，绝非简单的地理区位优势变现，而是一场覆 盖产业根基、创新生态、空间格局与开放融合的系统性升级。 深中通道通车一年后，中山市鸿芯速航供应链有限公司保税仓库内，一箱箱晶圆和存储器在恒温恒湿环 境中静待分拣。从客户下单到上线生产，全流程仅需2小时——这已是芯片供应链响应速度的极限水 平。而在过去，同样的流程从深圳或香港仓调拨，至少需要24小时。 这个位于中山市翠亨新区马鞍岛的保税仓，是深圳市江波龙电子股份有限公司（以下简称 "江波龙"） 中山存储产业园的"心脏"。作为国内半导体存储行业的龙头企业，江波龙早在 2015年便布局珠江西岸 设立子公司，成为"深仓西进"战略的先行者。 2025年前三季度，中山经济延续稳健增长态势，全市地区生产总值达3038.70亿元，按不变价格计算同 比增长3.6%。其中第二产业增加值1553.41亿元，增长3.5%，占GDP比重保持半壁江山；规上工业增加 值同比增长5.1%，先进制造业增长9.4%，高技术制造业更是以 19.2%的增速领跑， ...

Core Viewpoint - The company, Jiangbolong (301308.SZ), has established a robust supply chain strategy to mitigate risks associated with reduced supply from original manufacturers, ensuring stable production operations and market demand fulfillment [1] Group 1: Supply Chain Strategy - Jiangbolong has diversified its supply chain and formed long-term direct cooperation with major global storage wafer manufacturers, surpassing conventional procurement relationships [1] - The company has signed Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to effectively secure a continuous and stable supply of storage wafers [1]

Core Viewpoint - The internal analysis document from SK Hynix reveals a severe imbalance in the supply and demand of the storage market, predicting that the DRAM supply shortage will persist until 2028, which is more severe than previous forecasts from major investment banks [1] Group 1: Supply and Demand Dynamics - The global storage market is experiencing a "storage crisis" exacerbated by increased demand from AI and adjustments in industry capacity [1] - Major investment banks, including UBS and JPMorgan, previously estimated that the DRAM shortage would last until the first quarter of 2027, with a projected 20.7% increase in DDR memory demand, significantly outpacing supply growth [1] - SK Hynix's analysis indicates that the supply growth of general-purpose DRAM, primarily for consumer electronics, will remain constrained until 2028, failing to meet market demand [1][2] Group 2: Impact on Consumers and Pricing - Consumers will face higher prices for electronic products such as PCs and smartphones due to rising memory costs, with Dell planning to increase prices of its commercial product line by 10%-30% starting December 17 [2] - The price increase will vary based on the storage specifications of the computers [2] Group 3: Production Strategies and Market Trends - Storage manufacturers, including SK Hynix, are adopting conservative capacity expansion strategies, focusing on maintaining profitability rather than significantly increasing DRAM production [3] - The demand for server DRAM is expected to grow exponentially, with AI servers projected to increase their market share from 38% in 2025 to 53% by 2030, driving strong demand for DRAM [3] - The analysis also suggests that the supply growth of consumer-grade NAND flash may lag behind demand due to a surge in demand from the server side, which has higher profit margins [3]

(三)SPD&VPD芯片空间广阔。随DDR5渗透不断扩大，SPD芯片技术规格和单价较DDR4世代更高，在 价值量与需求量的双重维度驱动，DDR5 SPD市场快速发展。SSD升级有望带来VPD成长机会。SSD性 能提升将推动VPDEEPROM产品技术规格升级，VPDEEPROM价值量也有望随性能升级进一步提升。 智通财经APP获悉，广发证券发布研报称，AI的进击时刻，模型创新与CAPEX筑基，AI产业链协同发 展;AI推理驱动存储周期持续向上，扩产与升级同发力。AI驱动存储价格持续上涨，原厂毛利率显著提 升;DRAM和NAND架构升级，设备需求迎来新机;存储代工模式迎来产业变革机会;接口芯片MRDIMM 和VPD打开新空间;建议关注存储产业链相关标的。 广发证券主要观点如下： 存储是Tokens的积分，推理驱动AI存储快速增长 AI服务器中的存储主要包括HBM、DRAM、SSD等，呈现性能逐级下降、容量逐级增加、成本逐级降 低特征。推理驱动AI存储快速增长。(一)内存受益于超长上下文和多模态推理需求，处理大量序列数据 或多模态信息时，高带宽与大容量内存可降低访问延迟、提升并行效率。(二)SSD和HDD是Toke ...