Market Performance - The A-share major indices weakened, with the Shanghai Composite Index falling by 1.15% to 3885.92, a decrease of 45.13 points [1][2] - The Shenzhen Component Index dropped by 2.09% to 12709.78, down 271.04 points [1][2] - The ChiNext Index declined by 2.56% to 2964.39, a decrease of 77.95 points [1][2] - The Sci-Tech Innovation 50 Index fell by 2.22% to 1298.67, down 29.52 points [2] - The CSI 300 Index decreased by 1.47% to 4498.03, down 66.92 points [2] - The Shanghai 50 Index dropped by 0.94% to 2980.14, down 28.15 points [2] Sector Performance - The lithium battery industry chain, computing hardware, and storage chips experienced significant declines, leading the market downturn [1]

Core Viewpoint - The storage chip market is experiencing a downturn, with significant declines in stock prices for several companies, indicating a challenging environment for the industry [1] Company Summary - Shannon Microelectronics has seen its stock price drop by over 10% [1] - Other companies such as Baiwei Storage, Zhaoyi Innovation, and Shikong Technology are also experiencing declines in their stock prices, following the trend set by Shannon Microelectronics [1]

【导读】日韩股市开盘重挫，AI泡沫隐忧带累科技股走低 亚太市场，不平静！ 隔夜美股巨震，拖累日韩股市下挫。11月21日，日韩股市开盘集体跳水。 韩国KOSPI 200期货开盘下跌4%，韩国KOSPI指数跌超4%。 | 首尔综合指数 | | | --- | --- | | 指 HQ.KOSPI | | | 3870.21 -134.64 -3.36% | | | 11-21 08:29:00 | | | 今开 3908.70 最高 3911.55 | | | 昨收 4004.85 最低 | 3838.70 | | સ્ત્રે મથ 日Ｋ 周Ｋ 季Ｋ | 更多 | | 均价:3869.11 最新:3870.21 -134.64 -3.36% | | | 4171.00 | 4.15% | | 4087.93 | | | 4004.85 | 0.00% | | 3921.77 | | | 9838.70 | -4.15% | | 11:15 08:00 | 14:30 | | MACD ▼ [12,26,9] MACD:2.465 DIFF:-1.136 DEA:-2.368 | | | 16782 | | 对人 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇11月21日｜美联储12月降息预期骤降，日韩股市跟随隔夜美股股下跌。A股开盘，三大指数集体 低开，沪指低开0.87%报3896.66点，深证成指低开1.76%，指低开2.07%。盘面上，锂矿、电池、存储芯 片等板块调整。 ...

美联储12月降息预期骤降，日韩股市跟随隔夜美股科技股下跌。A股开盘，三大指数集体低开，沪指低 开0.87%报3896.66点， 深证成指低开1.76%， 创业板指低开2.07%。盘面上， 锂矿、电池、 存储芯片等 板块调整。 ...

闪迪在科技板块整体抛售、工厂成本担忧以及对NAND闪存涨势能否持续的焦虑等多重压力下，回吐了此前的涨幅。就在几天前，该公司刚刚凭借强劲的 第一季度财报和远超预期的第二季度业绩指引获得市场热捧。 周四，存储芯片制造商闪迪的股价暴跌约20%。该股在科技板块整体抛售、工厂成本担忧以及对NAND闪存涨势能否持续的焦虑等多重压力下，回吐了 此前的涨幅。 但就在几天前，该公司刚刚凭借强劲的第一季度财报和远超预期的第二季度业绩指引获得市场热捧，分析师给出的目标股价一度高达230至300美元。 分析认为在周期性的存储芯片行业，仅有强劲的增长故事是不够的，对利润率和估值的审视正重新成为市场焦点。 尽管交出了亮眼的季度业绩并给出了极为乐观的后续指引，存储芯片制造商闪迪（SanDisk）依然遭遇了股价的崩盘。 此外公司管理层上调指引，预计第二季度每股收益3.00-3.40美元，远超市场共识的1.77美元，营收预期为25.5亿至26.5亿美元。 但这些数字下隐藏着实际制约因素。 约6000万美元的晶圆厂启动成本维持高位，另有1000万至1500万美元的产能利用不足费用持续侵蚀近期利润率。 高盛分析师指出，虽然随着晶圆厂成本消退利润率 ...

Core Viewpoint - SanDisk's stock price plummeted approximately 20% due to a combination of a broader tech sell-off, factory cost concerns, and uncertainty regarding the sustainability of NAND flash price increases [1][4]. Group 1: Financial Performance - SanDisk reported strong Q1 revenue of $2.31 billion, a 23% year-over-year increase, with earnings per share (EPS) of $1.22, significantly exceeding the expected $0.58 [4]. - The company raised its guidance for Q2, projecting EPS between $3.00 and $3.40, well above the market consensus of $1.77, with revenue expectations of $2.55 to $2.65 billion [4]. Group 2: Cost and Profitability Concerns - Despite strong performance, SanDisk faces challenges with approximately $60 million in high wafer start-up costs and an additional $10 to $15 million in underutilization costs impacting recent profit margins [4][5]. - Goldman Sachs analysts noted that while profit margins are expected to "significantly improve" as wafer costs decline, the timeline for this improvement remains uncertain [5]. Group 3: NAND Market Dynamics - The NAND market has seen significant price increases, with Western Digital raising NAND contract prices by 50% in November, and the spot price for 1TB TLC NAND nearly doubling from $4.80 to $10.70 since July [6]. - There is currently a 5% supply shortfall in the NAND market, but strong pricing power is raising concerns about potential inventory accumulation and profit margin uncertainty if demand collapses after customers complete their stockpiling [6]. Group 4: Valuation and Analyst Opinions - SanDisk's valuation is considered high, with the stock price previously exceeding the MarketBeat consensus target of $183, and a price-to-earnings ratio approaching 765, indicating minimal margin of safety for momentum-chasing investors [7][8]. - Analyst opinions are divided, with Bernstein and Fox Advisors maintaining "strong buy" ratings based on tight NAND supply supporting premium valuations, while Weiss Ratings holds a "sell" rating due to valuation and execution risks [8]. Group 5: Future Outlook - Goldman Sachs suggests that for stock price stabilization, investors need to see a substantial reduction in wafer start-up costs before 2026 and stable NAND pricing even amid tightening supply; failure to meet either condition could lead to prolonged adjustments [9].

Group 1 - U.S. storage chip stocks experienced a short-term decline, with SanDisk dropping over 7% and Micron Technology falling more than 2% [1]

Group 1 - The Chinese government is focused on enhancing foreign trade quality and efficiency, aiming to build a unified national market and support high-quality manufacturing development [1] - The U.S. non-farm payrolls increased by 119,000 in September, surpassing expectations, while the unemployment rate rose to 4.4% [2] - Guangdong province plans to establish a digital economy innovation development pilot zone, targeting an AI core industry scale exceeding 440 billion yuan by 2027 [3] Group 2 - Moer Technology, the first domestic GPU company, plans to issue 70 million shares at a price of 114.28 yuan per share, aiming to raise 8 billion yuan [4] - The Netherlands has suspended administrative orders against Nexperia, with China's Ministry of Commerce urging for a complete resolution to semiconductor supply chain issues [5] - China's Ministry of Commerce warned of potential economic countermeasures against Japan if it continues its current stance on Taiwan-related issues [6] Group 3 - Japan's long-term government bonds have seen significant yield increases, raising concerns about potential impacts on global liquidity [7] - The China Chemical and Physical Power Industry Association plans to set a cost red line for lithium iron phosphate pricing to prevent price dumping [9] - The semiconductor industry is expected to face a DRAM shortage until 2027, leading to upward adjustments in target prices for global storage giants [15]

Market Overview - A total of 39 stocks reached the daily limit up today, with 8 stocks on consecutive limit up and 32 stocks failing to maintain the limit, resulting in a limit up rate of 55% (excluding ST and delisted stocks) [1] Key Stocks - HeFu China resumed trading and achieved a limit up for the 13th time in 15 days [1][20] - Zhongshui Fishery advanced to a 5-day consecutive limit up [1][20] - Rongji Software, an AI application stock with Fujian attributes, achieved a 4-day consecutive limit up [1][20] Sector Performance Real Estate Sector - The real estate sector saw several stocks hitting the limit up, including: - Wo Ai Wo Jia with a limit up of 10.03% [6] - Shi Lian Hang with a limit up of 10.16% [6] - San Liu Wu Wang with a limit up of 20.00% [6] - Fu Xing Shares with a limit up of 10.16% [6] - From January to October, the nationwide second-hand housing transaction area increased by 4.7% year-on-year, with second-hand housing accounting for 44.8% of total transactions [5] AI Applications - Stocks related to AI applications performed well, with: - Rongji Software achieving a 4-day consecutive limit up [10] - Wan Tong Technology hitting a limit up of 10.04% [16] Chip Industry - The chip industry is highlighted by the upcoming seminar on advanced technologies and applications in photolithography and integrated circuit materials [17] Other Notable Stocks - Guofeng New Materials achieved a 2-day consecutive limit up of 10.04% due to its involvement in photolithography [18] - Hainan Haiyao reached a 5-day consecutive limit up of 10.00% related to cold medicine [12]