(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 ...

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by AI demand, prompting major companies like Jiangbolong and Demingli to announce significant fundraising plans for expansion [2][10]. Group 1: Fundraising Plans - Jiangbolong plans to raise up to 3.7 billion yuan for projects focused on storage technology development, NAND Flash controller chip design, and packaging/testing of storage chips [5][6]. - Demingli aims to raise 3.2 billion yuan, with funds directed towards expanding SSD and DRAM production, as well as establishing a smart storage management headquarters [9][10]. Group 2: Market Dynamics - The storage industry is expected to see price increases continue into the first half of next year due to supply chain adjustments and urgent inventory preparations [2][12]. - AI servers require significantly more storage than traditional servers, with DRAM usage approximately eight times higher and NAND Flash usage three times higher, driving demand for high-performance storage [6][10]. Group 3: Investment Focus - Jiangbolong's investment will focus on high-end storage solutions for AI applications, including enterprise-level PCIe SSDs and RDIMM products [7][8]. - Demingli's expansion projects will emphasize high-capacity SSDs and reliable DRAM products to meet the growing needs of data centers and cloud computing [10][11]. Group 4: Industry Outlook - The global semiconductor storage market is projected to grow to $214.8 billion by 2026, presenting opportunities for domestic manufacturers [11]. - Both companies are optimistic about the market's future profitability, with expectations of a supply-demand imbalance in the coming years [12][15]. Group 5: Operational Strategies - Jiangbolong and Demingli are implementing strategies to ensure stable supply chains and inventory management amid market volatility [14][15]. - Companies are adopting a "quantity-based" procurement strategy to align production with current inventory levels, ensuring they can respond to supply shortages effectively [13][15].

全球存储芯片行业周期性上行之际，佰维存储正迎来关键节点。 A股上市近三年后，37 岁"创二代"孙成思正推动市值超500亿元的佰维存储加速叩关港股。 业务规模扩张、资本开支攀升、财务波动加剧，以及监管层补充材料要求，共同构成这家深圳半导体公司的新阶段考验。 01 "创二代"进场 佰维存储的成长路径颇具典型性，由技术型创始人与具备市场化思维的接班人共同推动，逐步构建起如今的业务版图。 公司创始人为孙日欣，1986年毕业于西南交通大学计算机系自动控制专业后，被分配到铁道部第一设计院计算机运用中心工作。 上世纪九十年代，改革开放事业如火如荼。受此影响，孙日欣辞去铁饭碗，开启创业之路。 1995年，孙日欣在深圳成立了一家贸易公司，创办"BIWIN"品牌，主要销售硬盘驱动器和软性磁盘等计算机部件产品。 1999年，孙日欣成立了一家工厂，开始布局硬件生产环节，专注于闪存模块、显卡的代工制造。 2009年金融危机后，孙日欣逆势建设晶圆封测工厂，为后续发展奠定基础。 2010年9月，孙日欣、徐林仙夫妇联合另外2人成立深圳泰胜微科技有限公司，注册资本500万元，夫妇俩合计出资80%。 2010年前后，公司正式进军嵌入式存储及SS ...

Core Viewpoint - The storage industry is experiencing a significant expansion wave driven by increasing demand from AI applications, with major companies like Jiangbolong and Demingli announcing substantial fundraising plans to enhance production capacity and technology development [1][2][3]. Group 1: Fundraising and Expansion Plans - Jiangbolong plans to raise up to 3.7 billion yuan for investments in storage technology development, NAND Flash controller chip design, and packaging testing [1][3]. - Demingli has announced a fundraising plan of 3.2 billion yuan aimed at solidifying its full-chain technical capabilities from storage controller chip R&D to module delivery [1][3]. - Both companies are focusing on expanding production to capture market share amid a booming storage market driven by AI demand [2][3]. Group 2: AI Market Focus - Jiangbolong's fundraising will support high-end storage development projects targeting AI applications, including enterprise-level PCIe SSDs and RDIMM products [4][7]. - Demingli's fundraising is also directed towards high-capacity and high-performance SSDs and DRAM products, reflecting a strong alignment with AI market needs [8][9]. Group 3: Market Dynamics and Future Outlook - The storage market is expected to experience a prolonged upcycle due to surging demand from data centers and AI applications, with predictions of a 16.2% growth in the global semiconductor storage market by 2026 [10][11]. - Both companies are preparing for potential supply shortages in the coming years, with Jiangbolong and Demingli indicating that the supply-demand imbalance will become more pronounced in late 2026 and early 2027 [11][12]. - The companies are adopting strategies to manage inventory and pricing effectively to navigate the challenges posed by the industry's cyclical nature and technological advancements [12][13]. Group 4: Financial Health and Cash Flow - Jiangbolong and Demingli are facing cash flow challenges, with Demingli reporting negative operating cash flows over the past few years and a high debt ratio of 73.28% [12][13]. - Jiangbolong has also indicated a pressing need for funds, having proposed an H-share listing to address its financial requirements [12].

美光是全球三大存储厂商之一。据市场调研机构集邦咨询数据，2025年三季度，美光是全球第三大 DRAM厂商，市场份额为25.7%；在NAND市场，美光该季度的市场份额为14.2%，位列第四。对于美 光退出消费级存储业务，存储行业专业媒体CFM闪存市场(CFM Market)评价称，在供需天平已然失衡 的当下，美光的离场无疑让消费级市场的不确定性进一步加剧。 人工智能大模型的爆发式增长，重塑了存储芯片需求。 在全球存储市场供需天平剧烈变化、量价齐升的时刻，存储芯片巨头美光近期做出重要调整。 近日，美光宣布将退出消费存储品牌英睿达(Crucial)业务，称自2026年3月起，消费者将无法再通过零 售商和电商平台购买到新的英睿达产品。对此，美光解释称，退出英睿达业务是一个艰难的决定，面对 AI驱动下数据中心需求的爆发式增长，公司必须对产能与资源进行重新配置，全力押注增长更快、利 润空间更高的企业级及AI战略客户。 而拥有极强存储芯片定价权的三星、SK海力士、美光三巨头，正成为涨价周期中的直接受益者。 从财报来看，三巨头显著受益于涨价潮，利润率大幅提升。2025年第三季度，三星电子存储业务销售额 达26.7万亿韩元(约 ...

①人形机器人+宇树科技+存储芯片，已推出适用于具身智能领域存储产品，并应用于宇树科技的智能机器 狗，这家公司是全球最大的AI新兴端侧半导体存储供应商； ②数据中心+液冷，推进液冷、HVDC等新产 品落地，携手GPU厂商提供高效算力服务，这家公司是领先的数据中心综合服务商，受益全球基建需求扩 容。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

目前，美国专利局目前正在对长江存储在美国对美光专利提起的两起专利无效IPRs请求进行"国家安全 审查"。 11月10日，美国专利商标局要求长江存储给出理由，解释为何在已被列入实体清单的情况下，其IPR申 请仍应被受理。 值得注意的是，长江存储对美光在中国的这三项专利发起无效的时间是在9月底和10月，早于美国对长 江存储实施"国家安全审查"之前，二者之间并无直接关联。 快科技12月8日消息，在全球专利诉讼持续多年之后，长江存储首次在中国本土对美国存储巨头美光科 技的中国专利发起了无效挑战。 2025年12月3日至4日，国家知识产权局先后公开了三起长江存储挑战美光3D存储专利的案件信息。 涉及的三项专利名称分别是：具有大致垂直的邻近半导体结构的存储器阵列及其形成、三维存储器及形 成所述三维存储器的方法、电荷存储设备、系统及方法。 【本文结束】如需转载请务必注明出处：快科技 责任编辑：黑白 美光也在中国对长江存储的至少8件专利发起了无效挑战，但由于中国专利局尚没有类似可以拒绝受理 的规定，美光发起的这些挑战目前均处于正在审理阶段。 ...

野村证券认为，全球存储产业将进入DRAM、NAND与HBM"三重超级周期"，在AI服务器与通用服务器投资同步回暖下，2026年市场规模或飙升 至4450亿美元、同比近翻倍。HBM4放量、eSSD需求或翻倍，加上洁净室短缺限制扩产，推高DRAM与NAND价格与利润率至历史高位。 数据中心存储转型，引爆NAND与eSSD市场 野村证券在5日发布的报告中指出，全球存储市场正迎来前所未有的"三重超级周期"（Triple Super-Cycle），DRAM、NAND和HBM（高带宽内 存）的需求将在2026年同时爆发。 野村证券预测，受人工智能基础设施建设及传统服务器投资回暖的驱动，全球存储市场规模有望在2026年同比增长98%至4450亿美元，并在2027 年进一步扩大至5900亿美元。 报告强调， 这一轮超级周期将持续至2027年，主要动力来自强劲的需求增长与有限的供应扩张之间的供需错配。 野村预计，2026年DRAM和 NAND的需求将分别增长30%，而HBM的需求增幅将高达63%。在供应受限的背景下，产品价格将大幅上涨，预计DRAM和NAND的平均售价 （ASP）将分别跃升46%和65%，推动存储芯片制造商的营 ...

人民财讯12月8日电，佰维存储12月8日在互动平台表示，由于机器人在执行环境感知、运动控制、语音 交互等任务时，必须快速存储和读取这些数据，极大提升了机器人对高带宽、低延迟、大容量存储芯片 的需求。公司已推出适用于具身智能领域的eMMC、UFS、BGA SSD、LPDDR4X/5/5X等产品，并积极 拓展具身智能领域头部客户。根据第三方媒体拆解报告，宇树科技的Go2智能机器狗中已应用公司的 LPDDR4X、eMMC存储产品。 ...

Core Viewpoint - The storage industry is experiencing a significant price surge, driven by strong demand from AI applications, leading to a structural shift in the market dynamics [1][5][10]. Price Increases - SK Hynix announced a contract price increase of up to 30% for DRAM and NAND in Q4 [1]. - SanDisk raised NAND flash contract prices by approximately 50%, marking the largest single price increase in this round [1]. - The price of LPDDR4 is expected to rise significantly due to supply shortages, with projections indicating that its market share will drop to 26% by 2026, while LPDDR5 will increase to 73% [1][6]. Market Dynamics - The surge in storage prices is attributed to the booming demand for AI servers, which has led manufacturers to shift production capacity towards high-end products like HBM and DDR5, resulting in a shortage of traditional storage chips [1][5][6]. - The demand for DRAM in AI servers is eight times that of regular servers, and the demand for NAND is three times higher, further straining supply [5]. Impact on Consumer Electronics - The ongoing price increases are expected to affect consumer electronics, with smartphone prices likely to rise as manufacturers adjust to increased component costs [1][5]. - Retail prices for smartphones and laptops are already being adjusted in response to rising storage costs, with expected declines in shipment growth for these devices in 2026 [7][9]. Future Projections - By 2026, the DRAM market is projected to grow by 20% in supply volume, with revenue reaching $300.6 billion, an 85% increase year-over-year [9]. - NAND Flash market supply is expected to grow by 21%, with revenue reaching $110.5 billion, a 58% increase [9]. - Capital expenditures for major manufacturers like Samsung, SK Hynix, and Micron are anticipated to increase significantly, with growth rates of 17%, 25%, and 40% respectively by 2026 [10][11]. Supply Chain Challenges - New production capacities being built by major manufacturers will have limited impact on supply in 2026, leading to continued tightness in the market [11]. - Smaller manufacturers may face increased pressure and need to adopt flexible strategies to secure storage components [11].