近日，研究机构桑迪亚国家实验室（Sandia National Laboratories）的一则报道引发了行业热议。 英特尔在上世纪70年代一度占据全球DRAM市场90%的份额，成为了无可争议的行业龙头。 报道指出，该实验室与英特尔在内存技术领域取得了重大进展，其共同开展的"先进内存技术"（AMT）项目成功将DRAM相关研发成果转化为新型内存 技术，旨在解决美国国家核安全管理局（NNSA）关键任务中的内存带宽与延迟难题。 这一消息让"英特尔是否会重返DRAM赛道"的猜想浮出水面。 虽然这则新闻并未明确宣告英特尔将大规模重返独立DRAM制造市场，但其中释放的信号却值得玩味。尤其是结合英特尔的历史积淀，且当前DRAM行业 正处于AI超级周期带动的上涨通道之中，这一动向更显微妙。 这个曾经的存储霸主，"重返"的可能性正变得愈发值得探讨。 存储巨头的浮沉 英特尔与DRAM的渊源可以追溯到行业起步之初。 1970年，英特尔推出1103芯片，这是全球首款商业成功的DRAM产品，凭借在价格、密度和逻辑兼容性上对磁芯存储器的全面超越，迅速改写了存储行业 的格局。 当时，1103芯片不仅赢得了HP、DEC、霍尼韦尔等主流计算机 ...

智通财经APP获悉，再涨超6%，截至发稿，涨6.12%，报325.8港元，成交额1.69亿港元。 消息面上，兆易创新此前发布业绩预告，预计2025年实现营业收入92亿元左右，同比增长25%左右；预计实现归母净利润16.10亿元左右，同比增长46%左 右。公司业绩增长主要系AI算力建设提速带动需求显著提升，公司面向PC、服务器、汽车电子等领域产品深度受益，存储行业周期稳步上行，供需结构优 化推动产品价量齐升。 此外，兆易创新拟使用A股募集资金5亿元向全资子公司珠海芯存增资，并由珠海芯存使用A股募集资金向全资孙公司合肥芯存、全资孙公司西安芯存分别增 资3000万元、5000万元，以实施DRAM募投项目。 编辑/Liam ...

Core Insights - The soaring prices of storage chips have led to substantial profits for Samsung Electronics and SK Hynix, but the ongoing supply shortage is opening market opportunities for Chinese manufacturers [1] - Experts warn that if the supply-demand imbalance persists until mid-2027 or longer, it could provide a golden opportunity for Chinese competitors to narrow the technological gap with Korean firms [1] Group 1: Market Dynamics - The storage industry is experiencing a super cycle, with DRAM prices skyrocketing by 300-400% in just a few months [1] - Samsung, SK Hynix, and Micron are unable to meet global demand, creating an entry point for Chinese storage manufacturers [1] - Chinese companies have the potential to expand not only in the consumer retail sector but also in the enterprise market, where even a 5-10% market share could significantly contribute to future growth [1] Group 2: Technological Advancements - Chinese storage manufacturers are rapidly catching up to leading Korean firms, with ChangXin Memory Technologies (CXMT) advancing from HBM2 to HBM3 development in a short timeframe [2] - CXMT's progress is supported by investments from local governments and Huawei, allowing for faster R&D cycles and commercialization of technological innovations [2] Group 3: Strategic Implications - The current market opportunity holds dual value for Chinese companies, as global supply constraints reduce customer sensitivity to technological gaps and high price environments provide ample profit margins for R&D investments [3] - If supply shortages continue until mid-2027 or later, Chinese manufacturers will have more time to acquire technical expertise, posing a risk to Korean firms if they fail to convert current profits into higher technological barriers [3] Group 4: AI Era Considerations - Leading storage companies must adapt to the AI era to maintain their positions, as performance bottlenecks are shifting from core computing capabilities to storage [4] - The increasing use of SRAM, despite its higher costs and larger footprint, is becoming more attractive for certain AI models due to its ultra-low latency [4] - Future technological advancements will focus on TSV density, reducing the distance between memory and core, and developing new interconnect technologies beyond silicon interlayers [4]

格隆汇1月27日丨东芯股份(688110.SH)近日投资者关系活动记录表显示，受到行业上行周期影响，海外 存储原厂进一步将产能转至高利润产品线，对利基型存储产品带来相应的产能挤压。导致供给出现相对 紧缺的情况，公司涉及的存储产品，目前均在价格上涨的通道，呈现持续向好的态势。 ...

证券日报网1月26日讯，东芯股份在接受调研者提问时表示，受到行业上行周期影响，海外存储原厂进 一步将产能转至高利润产品线，对利基型存储产品带来相应的产能挤压。导致供给出现相对紧缺的情 况，公司涉及的存储产品，目前均在价格上涨的通道，呈现持续向好的态势。 ...

(本文来自第一财经) 东芯股份在投资者关系活动记录表中表示，受到行业上行周期影响，海外存储原厂进一步将产能转至高 利润产品线，对利基型存储产品带来相应的产能挤压。导致供给出现相对紧缺的情况，公司涉及的存储 产品，目前均在价格上涨的通道，呈现持续向好的态势。 随着行业需求回暖，公司产品销售呈现积极 态势。公司将积极优化运营效率及库存管理策略，力求把握市场机遇，公司存货主要由原材料、委托加 工物资、库存商品等构成，截至三季度报告期末公司存货为10亿元。公司根据自身库存情况和客户的需 求，并结合对市场的预测拟定采购计划，目前存储市场价格仍在持续修复，库存水平处于可控范围之 内。 ...

东芯股份(688110.SH)在投资者关系活动中称，受到行业上行周期影响，海外存储原厂进一步将产能转 至高利润产品线，对利基型存储产品带来相应的产能挤压。导致供给出现相对紧缺的情况，公司涉及的 存储产品，目前均在价格上涨的通道，呈现持续向好的态势。随着行业需求回暖，公司产品销售呈现积 极态势。公司将积极优化运营效率及库存管理策略，力求把握市场机遇，公司存货主要由原材料、委托 加工物资、库存商品等构成，截至三季度报告期末公司存货为10亿元。公司根据自身库存情况和客户的 需求，并结合对市场的预测拟定采购计划，目前存储市场价格仍在持续修复，库存水平处于可控范围之 内。 ...

[Table_Page] 行业专题研究|电子 2026 年 1 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 5 | | | | AI NAND | 供需紧张，涨价仍有弹性 | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | | SAC 执证号：S0260523050001 | | | | | | | 02 ...

Core Viewpoint - Yonghui Supermarket has reported continuous losses for five consecutive years, with a total loss exceeding 11.6 billion yuan from 2021 to 2025, indicating a significant decline in its financial health and operational efficiency [4][5]. Financial Performance - In 2025, Yonghui is expected to report a net loss of 2.14 billion yuan, compared to a loss of 1.47 billion yuan in the previous year, reflecting an increase in daily losses to approximately 6 million yuan [4]. - Cumulative losses from 2021 to 2025 are as follows: 3.944 billion yuan in 2021, 2.763 billion yuan in 2022, 1.329 billion yuan in 2023, 1.465 billion yuan in 2024, and 2.14 billion yuan in 2025, totaling over 11.6 billion yuan [4]. Strategic Adjustments - Yonghui has attempted various strategies to reverse its declining performance, including launching "Super Species" for fresh food and dining, establishing Yonghui MINI community stores, and exploring warehouse stores and digital transformation, but these efforts have not yielded positive results [4]. - The company has faced increased costs due to store adjustments, supply chain reforms, and asset impairments, which have contributed to the widening losses [5]. Market Reaction - Following the announcement of a support plan from the management of "Fat Donglai," Yonghui's stock price rose over 20% in three consecutive trading days, indicating market optimism regarding the company's transformation efforts [5].

1月25日，据韩国媒体报道，三星电子在今年第一季度将NAND闪存的供应价格上调了100%以上，这一 涨幅远超市场此前预期，凸显了当前半导体市场严重的供需失衡现状。 报道称，三星已于2025年年底完成与主要客户的供应合同谈判，1月起正式实施新价格体系，目前已启 动二季度价格谈判，市场普遍预计涨势将延续。这一消息标志着存储行业全面进入涨价上行周期，对全 球半导体产业链及A股相关标的将产生深远影响。 招商证券表示，截至2026年1月，全球存储产业（以SSD/NANDFlash为主，兼顾DRAM）正处在一轮明 显的涨价上行期，与过去"消费旺季—补库存"式的短周期波动不同，本轮更像结构性紧缺。 此次NAND涨价并非孤立事件，核心源于供需两端的剧烈失衡。需求端，AI技术的爆发式增长成为核心 驱动力，生成式AI向代理型系统进化带来海量数据存取需求，显著推升高IOPS企业级SSD需求；同 时"端侧AI"落地倒逼手机、PC等终端升级高容量存储。 供给端，头部厂商此前投资保守，未进行大规模扩产，叠加制程升级带来的产能置换效应，有效供给严 重不足。东方证券指出，AI需求推动下，NAND与SSD供不应求有望持续，行业供需缺口短期内难 ...