Summary of the Conference Call on HDD & SSD Shipment Volumes Industry Overview - The conference focused on the electronic components industry in Japan, specifically the HDD (Hard Disk Drive) and SSD (Solid State Drive) markets for data centers (DCs) [1][2] Key Points Shipment Volumes - Shipment volumes of NL HDDs and Enterprise SSDs for data centers have shown a recovery after bottoming out in Q3 2023, with NL HDDs at 8.95 million units and Enterprise SSDs at 9.0 million units [3] - Projections indicate a rise to 16.53 million units for NL HDDs and 14.2 million for Enterprise SSDs in Q4 2024, followed by a slight decline in Q1 2025 [3] - For 2025, NL HDD shipments are expected to reach 66.58 million units (+13.7% YoY) and Enterprise SSDs to 54.20 million units (+8.4% YoY) [4] Production and Capacity - The total shipment volume for NL HDDs is projected at 1,349 Exabytes (EB) in 2025 (+28.9% YoY) and 195 EB for Enterprise SSDs (+17.8% YoY) [4] - The average capacity per NL HDD is expected to increase by 15.6% to 20.70TB in 2025, driven by advancements in recording density technologies [4] Market Dynamics - The GB cost for Enterprise SSDs is projected to be 7.9 times higher than NL HDDs in 2025, indicating a continued segmentation in usage based on cost and access speeds [12] - WDC (Western Digital Corporation) is expected to gain market share in NL HDDs, with projections of 46.3% market share in 2025, up from 39.2% in 2023 [13] Bottlenecks and Challenges - The bottleneck in increasing NL HDD output is attributed to testing capacity limitations and shortages in media and head supplies [14] - The transition to higher capacity HDDs (24-26TB) is pushing the limits of existing testing tools, complicating production ramp-up [14] SSD Shipments by Application - SSD shipments for various applications are showing growth, with Enterprise SSDs expected to grow by 11.3% YoY and PC SSDs by 8.1% YoY [15] - The total SSD shipment volume is projected to reach 32.61 million units, reflecting a 10.2% YoY increase [15] Additional Insights - The production volume of HDD heads has not kept pace with the demand, with a significant drop from the peak in 2021 [14] - The market is expected to see a mild growth in average unit prices for NL HDDs due to balanced supply and demand conditions [14] This summary encapsulates the key insights from the conference call regarding the HDD and SSD markets, highlighting trends in shipment volumes, production capacity, market dynamics, and challenges faced by the industry.

Macro Strategy - The GDP growth rate remains resilient, with an expectation to achieve the annual growth target of 5% [9] - In Q3, GDP grew by 4.8% year-on-year, while cumulative growth for the first three quarters was 5.2% [9] - Industrial added value in September increased by 6.5% year-on-year, exceeding expectations [9] - Exports outperformed expectations with a year-on-year growth of 8.3%, while domestic consumption showed pressure with a growth of 3.0% [9] - The report suggests that the current economic environment may lead to potential monetary easing in Q4 [2] Fixed Income - The report discusses opportunities in the Sci-Tech bond ETF, emphasizing the inclusion criteria for bonds with an implied rating of AA+ or higher [3] - It highlights the preference for smaller-scale bonds (40 billion or below) and the focus on public company bonds and financial bonds [3] - The report indicates that bonds issued by central state-owned enterprises are more likely to be included in the ETF [3] Industry Analysis Dazhu CNC (301200) - The company reported a significant revenue increase of 66.53% year-on-year, reaching 39.03 billion yuan in the first three quarters of 2025 [17] - The net profit attributable to shareholders grew by 142.19% year-on-year, driven by strong demand for AI computing power [17] - The company maintains a "buy" rating with profit forecasts of 6.97 billion, 11.43 billion, and 17.30 billion yuan for 2025-2027 [17] CATL (300750) - The company revised its net profit forecast upwards to 690 billion, 862 billion, and 1066 billion yuan for 2025-2027, reflecting a growth of 36%, 25%, and 24% respectively [8] - The report maintains a "buy" rating with a target price of 567 yuan for 2026 [8] Yanjing Beer (000729) - The company is expected to benefit from the growth of its flagship product U8, with net profit forecasts of 16.02 billion, 19.11 billion, and 22.62 billion yuan for 2025-2027 [8] - The report maintains a "buy" rating based on the company's strong dividend policy and growth potential [8]

Core Insights - Pixelligent Technologies LLC has launched PixMicro™, a new family of micro-imprintable formulations aimed at enhancing high-performance sensors, microlens arrays, waveguides, 3D printed optics, CPO, and Diffractive Optical Elements (DOEs) [1][3] Product Features - PixMicro™ offers unmatched transparency, ultra-low haze, and refractive indices of up to 1.90 in solvent-free formulations, enabling device manufacturers to achieve sharper visuals, smaller form factors, and improved efficiency and costs [2][6] - The product line is compatible with both glass and plastic substrates, as well as existing manufacturing processes, providing flexibility for a wide range of applications [3][6] Market Positioning - The introduction of PixMicro™, alongside established product lines like PixNIL® and PixJet®, positions Pixelligent at the forefront of the rapidly growing optical sensors, XR devices, and IT OLED markets [4]

天眼查App显示，近日，沧州环昂电子有限公司成立，法定代表人为孙文治，注册资本50万人民币，经 营范围为一般项目：电子元器件制造;电力电子元器件制造;电子元器件批发;电子元器件零售;电力电子 元器件销售;其他电子器件制造;光电子器件制造;电子元器件与机电组件设备销售;光伏设备及元器件销 售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Yunnan Nuanan Electronic Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is involved in various sectors including IoT technology services, electronic product sales, and manufacturing of electronic components [1] Company Overview - The legal representative of the company is Dai Hongjian [1] - The business scope includes IoT technology research and development, sales of household appliances, and sales of new energy vehicles [1] - The company also engages in the operation of electric vehicle charging infrastructure and provides technical services and consulting [1]

来源：环球网 【环球网科技综合报道】10月21日消息，据外媒报道，美国杜克大学的电气工程师取得重大突破，成功 开发出一种全新的印刷技术，该技术能够制造出功能完备且可回收的电子产品，为电子行业可持续发展 带来新可能。 据介绍，此项新技术的一大亮点在于，它可以实现非常小的亚微米级组件的打印。这一特性使得电子产 品在微型化和集成化方面有了更多可能，有望推动电子设备向更小、更高效的方向发展。 在环保意义层面，该技术为减少显示器行业对环境的影响开辟了一条全新途径。杜克大学电气与计算机 工程及化学系 Edmund T. Pratt, Jr. 杰出教授 Aaron Franklin 介绍道："我们的工艺打印出的碳基晶体管可 以完全回收，并且性能与行业标准相当。"这一成果意味着在满足电子产品性能需求的同时，能够大幅 降低电子废弃物对环境造成的压力，实现资源的高效循环利用。（青山） ...

Core Viewpoint - Huizhou Boyi Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a focus on technology services and electronic products sales [1] Company Overview - The company is engaged in a wide range of activities including technology services, development, consulting, and transfer [1] - It also involves in the sales of electronic products and components, as well as providing intermediary services in technology [1] Business Scope - The operational scope includes domestic trade agency, enterprise management consulting, and manufacturing of power electronic components [1] - Additional activities encompass the sale of optical electronic devices, electronic components, and battery sales [1] - The company is involved in IoT application services and smart manufacturing equipment sales [1] - Other services include information technology consulting, human resources services, and maintenance of electronic and mechanical equipment [1]

Core Insights - The global MLCC market is facing increased uncertainty in Q4 2025, impacting consumer and investment confidence, which may pressure year-end consumer spending [2] - Some smartphone brands have reduced Q4 orders by 12-15%, while laptop demand has decreased by 8-10% [2] - AI Server orders continue to grow but are concentrated among a few ODM manufacturers like Foxconn, Quanta, and Wistron [2] - The iPhone 17 series has seen unexpectedly strong shipments, leading to a 5% month-on-month increase in orders for MLCC suppliers like Murata and Taiyo Yuden, but this is insufficient to offset the overall market demand decline [2][3] - The MLCC market is polarized, with major players benefiting from AI Server and Apple product demand, while other manufacturers face weak demand in mobile and laptop sectors [3] Market Dynamics - Murata's MLCC shipments exceeded 140 billion units in September, setting a historical record [3] - The B/B Ratio (book-to-bill ratio) has declined significantly for other manufacturers due to cautious inventory management amid weak demand [3] - Suppliers are adjusting production capacity, enhancing automation, and sourcing local materials to reduce costs in response to market challenges [3] - The overall MLCC market is supported by AI infrastructure, but consumer electronics demand remains weak, exacerbated by global uncertainties [3] - It is anticipated that only high-end MLCC revenues will maintain steady growth, while the outlook for consumer-grade MLCC orders is bleak [3]

Core Insights - A new individual business named Nanchang High-tech Zone Tianyang Electronic Products Business Department has been established, with a registered capital of 100,000 RMB [1] - The legal representative of the business is Wan Yan [1] Business Scope - The business operates in various sectors including electronic product sales, wholesale of electronic components, sales of electronic vacuum devices, and retail of computer hardware and software [1] - Additional services include technical services, development, consulting, and advertising production [1] - The business is also involved in the sale of security equipment and special labor protection products, as well as the repair of electrical equipment [1]

Core Viewpoint - Nanchang Zhan'an Electronics Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various electronic and semiconductor-related manufacturing and sales activities [1] Company Summary - The legal representative of Nanchang Zhan'an Electronics Co., Ltd. is Xiong Xiaoqiang [1] - The company’s registered capital is 100,000 RMB [1] - The business scope includes manufacturing and sales of electronic components, optoelectronic devices, semiconductor lighting devices, and integrated circuit design [1] - The company also engages in technology services, development, consulting, and promotion related to electronic components [1] Industry Summary - The company operates in the electronic components and semiconductor industry, which includes a wide range of activities from manufacturing to retail [1] - The industry encompasses the design and sale of wearable smart devices and electronic products, indicating a focus on innovative technology [1] - The scope of operations includes both wholesale and retail of electronic components, highlighting a comprehensive approach to market engagement [1]