Investment Rating - The report maintains a positive investment outlook for the storage industry, highlighting potential recovery and growth opportunities in various segments [2]. Core Insights - The storage industry is experiencing a significant divergence in performance across different segments, with high-end storage products showing resilience while consumer products have reached cyclical lows [6][11]. - The supply-demand dynamics are improving due to targeted production cuts by manufacturers, leading to potential price inflection points for certain NAND products [6][40]. - High-end storage demand remains robust, with domestic manufacturers accelerating the pace of domestic substitution in the high-end storage sector [6][52]. - The trend of increasing storage capacity in edge devices is solidifying, driven by the integration of AI models into consumer electronics [6][52]. Summary by Sections 1. Industry Performance Divergence - The storage industry exhibits strong cyclicality, with high-end storage demand and prices on the rise, while consumer storage prices are under pressure [11][12]. - NAND prices have been particularly weak compared to DRAM, with some products reaching cyclical lows [14][22]. 2. Supply-Demand Dynamics - Targeted production cuts by major manufacturers are leading to an improved supply-demand balance, with some NAND products nearing price recovery [6][40]. - Inventory levels are approaching healthy thresholds as manufacturers actively reduce stock [44]. 3. High-End Storage and Domestic Substitution - Capital expenditures from major cloud service providers are expected to drive continued growth in high-end storage demand, particularly for HBM and eSSD products [52][53]. - Domestic manufacturers are making significant strides in high-end storage technology, with products that rival those of international competitors [57][58]. 4. Edge Storage Expansion and Innovation - The integration of AI into consumer devices is driving increased storage capacity requirements, with notable growth in DRAM capacities for AI-enabled smartphones and PCs [6][52]. - Innovations such as integrated storage solutions are emerging to meet the demands of edge computing [7]. 5. Investment Recommendations - The report suggests focusing on companies benefiting from the recovery in consumer storage, advancements in high-end storage, and innovations in edge storage solutions [8]. - Specific companies to watch include Jiangbolong, Baiwei Storage, and Demingli among storage module manufacturers, and Zhaoyi Innovation and Puran among niche storage chip manufacturers [8].

Group 1 - The storage industry is experiencing significant differentiation across various segments, with high-end storage prices performing well while consumer product prices have dropped to cyclical lows [2][10] - The overall supply-demand balance is improving due to targeted production cuts by original manufacturers, leading to a potential price turning point for certain NAND products [3][20] - High-end storage demand remains strong, and the domestic replacement process is accelerating, with major manufacturers focusing on expanding HBM and eSSD production [4][28] Group 2 - The trend of storage expansion at the edge is confirmed, driven by the increasing penetration of AI in consumer products, leading to higher storage capacity requirements [5][36] - The integration of computing and storage is advancing, addressing the limitations of traditional architectures and enhancing innovation in storage solutions [6][38] - Investment recommendations for 2025 focus on companies benefiting from the recovery of consumer storage, breakthroughs in domestic high-end storage, and innovations in edge storage solutions [6][24] Group 3 - The capital expenditure guidance from major cloud service providers indicates robust growth in high-end storage demand, particularly for HBM and eSSD products [25][26] - Domestic storage manufacturers are rapidly catching up in high-end storage technology, with significant advancements in products like LPDDR5 and PCIe 5.0 SSDs [28][29] - The tightening of U.S. export controls is expected to accelerate the domestic replacement process in the storage industry, impacting both manufacturers and supply chains [31][32]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 3月17日消息，据业内消息，长江存储旗下零售品牌致态或将从四月起上调渠道提货价格，涨幅可能超 10%！ 实际上，长江存储并非存储市场中首家传出涨价消息的厂商。自 2024 年以来，NAND 价格走势疲弱， 终端需求复苏乏力，美光、海力士、三星等存储大厂纷纷重启减产计划，以应对 NAND 价格下行。 闪迪已宣布自4月1日起将 NAND 产品价格提升超 10%，理由是市场供需将转向供不应求，且关税变动 影响供应与成本。美光也要求 NAND 闪存芯片涨价 10%以上，以改善营收利润困境。 不仅如此，三星、SK 海力士等巨头也可能在四月提高 NAND 报价，群联科技董事长潘健成表示，备货 需求提升和主要大厂减产效应显现，NAND Flash 涨价已成现实，且预估今年第三季价格仍继续看涨。 业内人士表示，三星、海力士、美光科技、西部数据和铠侠五大存储原厂减产叠加Meta、谷歌、亚马 逊和微软等全球大厂资本支出增加，以及近期AI应用、企业级存储、消费级存储品牌的增长显著，预 计将整体推动今年下半年的存储市场行情 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 来自闪存市场 ，谢谢。 一周前，NAND原厂闪迪向客户发送涨价函称，闪迪将于今年4月1日开始涨价超10%，该举措适用 于所有面向渠道和消费类产品。美光同样表示将上调渠道经销商拿货价格。 近日，根据渠道反馈，长江存储零售品牌致态也将于4月起面向渠道上调提货价格，幅度或将超过 10%。 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 10万亿，投向半导体 其实早在上个月，现货渠道市场已经早现端倪，根据CFM报价，小容量eMMC以及部分渠道SSD 已经开始上扬，部分渠道低价资源已经率先启动。 在刚刚落幕的CFM|MemoryS 2025上，来自代表全球产业链的嘉宾表示在AI的推动下，算力的爆 发推动存力需求的快速增长，大容量时代已经提前到来成为大会的主要话题。其中，CFM表示， 在企业级应用中32TB SSD已经大规模量产，64TB和128TB需求也快速增加。此外，AI手机和AI PC在今年将迎来质的飞跃，推动终端产品的容量配置，将极大消耗存储产能。 来源： CFM ...

环球市场动态 美 国 通 胀 下 半 年 存 反 弹 隐 忧 股 票 中国股市周二回调，A 股窄幅震 荡，港股情绪偏弱，市场观望特朗 普关税下一步走向；欧洲股市周三 收高，从近期跌势中反弹，市场对 乌克兰可能停火及美国 CPI 数据作 出积极反应；美股科技股推动反 弹，通胀数据缓解经济忧虑。 外 汇 / 商 品 俄乌冲突持续，加上美国公布最新 汽油日均需求为 11 月份以来最 高，周三国际油价上 2%；美国 CPI 数据温和，投资者正在评估美 国经济前景和美联储的利率路径， 伦铜走高，金价上升。 固 定 收 益 美国短期国债领跌，尽管 CPI 数据 温和，但市场对美联储降息的押注 继续减弱。美国 10 年期国债发行中 标收益率低于发行前交易水平。亚 洲投资级债券相对平稳，流动较轻。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 3 月 13 日 .s 入 a. 竹 ▪ 美国 2 月通胀增速全面低于预期和前值，总体 CPI 环比升 0.2% (前值 0.5%)，核心 CPI 环比升 0.2% (前值 0.4%)，总体 CPI 同比升 ...

我们不是资讯的搬运工 而是有态度的发现者 2. 香港证监会发布香港虚拟资产市场监管路线图 3. 上海:经过5年努力中心城公共交通机动化出行分担率不低 于50% 二、行业最新动态 1. 广东推动人工智能与机器人领域立法 机器人行业政策支持不 断,相关个股:光莆股份(300632)、华中数控(300161)等 2. 中国信通院启动多模态智能体技术规范编制 AI智能体迎爆发元 年,相关个股:中控技术(688777)、能科科技(603859)等 3. 知名厂商实施涨价 机构看好存储行业周期复苏,相关个股: 万润科技(002654)、朗科科技(300042)等 万和财富早班车 2025年3月12日 | ● 国内金融市场 ● | | | ● 股指期货 · | | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 3379.83 | 0.41% | 上证当月连续 | 2675.40 | 0.47% | | 深证成指 10861.16 | | 0.33% | 沪深当月连续 | 3930.00 | 0.37% | ...

Core Viewpoint - The storage industry is experiencing a price increase, with major companies Micron and SanDisk planning to raise prices by over 10% starting April 1, reflecting supply-demand changes and the impact of recent tariffs [1][2]. Group 1: Price Increase Announcement - Micron and SanDisk's price adjustments apply to all channels and consumer markets, indicating a strategic response to supply chain challenges and demand fluctuations [1]. - The price increase is seen as a "test" to gauge market reactions, with potential benefits for Taiwanese storage manufacturers like Nanya Technology, Winbond, and Macronix, as well as module manufacturers such as Phison, ADATA, and Team Group [1]. Group 2: Market Demand and Supply Dynamics - The rationale behind the price hike includes upstream manufacturers reducing production, which has begun to stabilize supply-demand conditions, and the implementation of Trump 2.0 tariffs [2]. - There has been an observed increase in orders from module manufacturers, but the sustainability of this demand remains to be seen [3]. Group 3: Future Price Adjustments - SanDisk has communicated to partners that operational costs are rising due to supply chain challenges, and they may implement further price changes in the coming quarters [3]. - The current market still has significant inventory, and while there is a sentiment of withholding supply from upstream manufacturers, the overall impact on supply-demand dynamics is still under observation [3].

Group 1 - The government work report for 2025 proposes a more proactive fiscal policy, with a deficit rate set at around 4%, an increase of 1 percentage point from the previous year, and a deficit scale of 5.66 trillion yuan, up by 1.6 trillion yuan from last year [2][24] - The report emphasizes "appropriate monetary easing," continuing the previous year's stance, and highlights the need for timely adjustments in reserve requirement ratios and interest rates to maintain ample liquidity [2][25] - In the real estate sector, the report aims to stabilize the market and prevent debt defaults among property companies, indicating a focus on maintaining housing market stability [2][26] Group 2 - The report highlights the importance of new technologies in the photovoltaic industry, particularly in addressing the current challenges of slowing demand and oversupply, with a focus on BC and HJT technologies for 2025 [3] - Supply-side reforms are expected to be a major investment theme in the photovoltaic sector, with global demand growth projected at around 10% in 2025, significantly slower than in 2024 [3] - Companies with established positions in the Asia-Pacific and Latin American markets are recommended for investment, as they are likely to benefit from the growing demand in these regions [3] Group 3 - The report indicates a significant increase in AI capital expenditure, with the U.S. government planning to invest $500 billion in AI infrastructure, and China expected to invest at least 500 billion yuan in AIDC over the next three years [4] - The demand for backup power systems driven by AIDC is projected to double, with a significant need for diesel generators in smart computing centers, indicating a robust growth opportunity for domestic manufacturers [4] - The report suggests focusing on domestic OEM manufacturers with pricing power and those linked to leading generator sets, as they are expected to benefit from the increasing demand [4][8] Group 4 - The semiconductor sector is experiencing a price increase for NAND storage, driven by rising demand from the smartphone and PC industries, with expectations for continued price hikes into the second quarter [10][40] - The AI industry's explosive growth is significantly increasing the demand for storage and computing power, particularly for large language models, which require advanced storage systems [10][40] - The report identifies photon chips as a promising solution for enhancing computing capabilities, addressing performance and energy consumption challenges in traditional electronic systems [10][41]

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024, indicating a strong recovery in the storage industry and successful market expansion efforts [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.704 billion yuan, representing a year-on-year growth of 86.71% [2]. - The company recorded a net profit attributable to shareholders of 176 million yuan, marking a turnaround from losses [2]. - The net profit excluding non-recurring items was 74 million yuan, also reflecting a recovery from previous losses [2]. Group 2: Industry Recovery and Market Position - The storage industry is experiencing a recovery, with the company benefiting from its comprehensive capabilities in product planning, design, and advanced manufacturing [3]. - The company has established a strong market presence, securing global operational authorizations from major brands like HP, Acer, and Predator, and has entered the supply chains of first-tier domestic and international clients [3]. - In the mobile sector, embedded storage products have been adopted by clients such as OPPO, Transsion, and Motorola, while SSD products have gained traction with Lenovo, Acer, and HP in the PC sector [3]. Group 3: Product Development and Growth Areas - The company is focusing on AI smartphones and AIPC products, launching embedded storage products like UFS3.1 and LPDDR5/5X, and is expanding into high-capacity LPDDR offerings [4]. - In the wearable technology sector, the company’s ePOP products are gaining traction, with expected revenue of approximately 800 million yuan in 2024, showing significant year-on-year growth [4]. - Collaborations with clients such as Meta for AI glasses are anticipated to drive further business growth in the coming years [4]. Group 4: Research and Development Investment - The company is increasing its investment in R&D, focusing on chip design, storage medium characteristics, and advanced packaging technologies to enhance competitiveness [5]. - In 2024, R&D expenses reached 452 million yuan, reflecting an increase of 80.75% year-on-year [5]. - The subsidiary, Tailai Technology, has developed advanced packaging processes that support the mass production of NAND Flash, DRAM, and SiP chips [5].

Core Insights - The NAND Flash market experienced a significant downturn in Q4 2024, with average selling prices decreasing by 4% and overall revenue dropping to $16.52 billion, a 6.2% decline from Q3 2024 [1][2]. Industry Overview - The decline in NAND Flash prices is attributed to inventory destocking by consumer electronics manufacturers, including PCs and smartphones, leading to a reduction in procurement orders [1]. - Despite suppliers actively reducing production, the traditional seasonal slowdown is expected to result in a further revenue decline of up to 20% in Q1 2025 [1]. - A recovery in the NAND Flash industry is anticipated in the second half of 2025 as production cuts and price stabilization take effect [1]. Company Performance - **Samsung**: Reported Q4 2024 revenue of $5.6 billion, a 9.7% decrease, holding a market share of 33.9%. The company plans to focus on developing Enterprise SSDs and adjusting production plans in response to market changes [2][3]. - **SK Group**: Achieved Q4 2024 revenue of $3.39 billion, down 6.6%, with a market share of 20.5%. The group aims to dynamically adjust production capacity to maximize profits and cater to AI ecosystem demands [2][4]. - **Kioxia**: Recorded Q4 2024 revenue of $2.66 billion, a slight decrease of 0.2%, with a market share of 16.1%. The increase in Enterprise SSD shipments helped mitigate the impact of weak demand in smartphones and PCs [2][5]. - **Micron**: Generated Q4 2024 revenue of $2.28 billion, down 9.3%, with a market share of 13.8%. The company plans to reduce capital investment in NAND Flash and focus on high-capacity products to improve profitability [2][6]. - **Western Digital/SanDisk**: Reported Q4 2024 revenue of $1.88 billion, remaining stable despite price declines. The company anticipates revenue growth starting in Q2 2025 due to increased demand from AI PC trends [2][7].