钙钛矿、固态电池等新兴需求催化下，用碘量或将激增，碘价有望高涨。碘是钙钛矿光伏材料必需组分，主流厂商均采用碘系材料，我们测算1GW钙钛矿 电池组件用碘约10吨。碘也是硫化物固态电解质重要添加剂，目前当升科技、有研集团正积极推广，我们测算1GWh固态电池用碘约90吨。此外，碘供给受 限于海外巨头而相对刚性，医药、面板等传统需求稳定，碘价易涨难跌。我们判断新兴需求放量后碘价有望高涨。建议重点关注拥有优质碘回收产能、拥有 氢碘酸规模产能以及拥有海外碘矿权益的公司。 从基本面出发，10月行业配置思路为：1）胜率思维下，高风险偏好环境中，科技成长和非银金融有望充分受益，建议关注受《关于深入实施"人工智能+"行 动的意见》催化的偏下游应用的方向传媒和计算机，以及强beta 品种券商；2）赔率思维下，"水往低处流"，关注大金融方向涨幅落后的房地产；3）美联储 降息预期升温，关注有色金属和基础化工。4）10 月日历效应，建议关注社会服务板块。 主力净流入行业板块前五：有色金属，国产软件，稀土磁材，军工，风电； 主力净流入概念板块前五：国企改革，一带一路，人工智能，央企改革，云计 算数据中心； 主力净流入个股前十：北方稀土、科 ...

Core Viewpoint - The company is focusing on differentiated, customized, and diversified display module products, with a strong emphasis on complex modules and automotive electronic terminals for future growth [1][2][4]. Group 1: Product Offerings - The company started with black and white LCD products and has expanded to color screens, automotive displays, and complex modules, with revenue contributions of 64% from color LCD modules, 22% from monochrome LCD modules, 11% from displays, and 3% from touch screens [1]. - The company provides customized services to high-quality clients across various industries, including smart home, smart finance terminals, communication equipment, industrial control, energy, healthcare, automotive electronics, and consumer electronics [1]. Group 2: Financial Performance - The company has shown steady growth, with a 5-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [2]. - The average product price increased from 9.7 to 14.6 yuan per unit from 2021 to 2024, reflecting a CAGR of 14% [2]. Group 3: Future Growth Areas - The company is focusing on complex modules and automotive electronic terminals, having made progress in developing smart serial display modules and variable light rearview mirror modules [2]. - The ASIC market is expected to grow rapidly due to the increasing demand for AI applications, with major companies like Google, Intel, and Amazon leading the way [3]. - The enterprise SSD market is projected to reach $39.6 billion globally and $9.1 billion in China by 2029, driven by trends in AI, data centers, and cloud storage [3]. Group 4: Strategic Partnerships - The company is collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise storage modules, focusing on chip research and development, module manufacturing, and application implementation [4]. - Tianlianxin is responsible for developing ASIC chips and enterprise storage products, while Xincun Technology focuses on PCM chip design and manufacturing [4].

消息面上，1)长江电子团队指出存储行业周期反转，供需逻辑改善，AI及数据需求推动DRAM、NAND 等增长，美股存储公司大涨，A股相关标的受关注；2)德明利获阿里、字节等大额存储订单，企业级 SSD收入占比提升，产能扩张计划明确，国产化替代及车规存储布局加速；3)DeepSeek V3.2模型发布推 动AI降本增效，寒武纪等国产芯片厂商完成适配，优化算力部署效率，凸显软硬件协同能力。 截至09月30日09:35，科创芯片ETF指数588920.SH上涨1.99%，其关联指数科创芯片000685.SH上涨 1.92%；主要成分股中，寒武纪-U上涨4.16%，中芯国际上涨3.15%，澜起科技上涨3.10%，海光信息上 涨1.24%，佰维存储上涨6.14%。 券商研究方面，东吴证券指出AI驱动PCB技术全面升级，封装载板正向高线路密度与大尺寸演进，IC封 装基板作为芯片封装核心材料，在线宽线距等关键性能指标上持续突破，以适配CoWoS等先进封装技 术要求，该类高端基板需具备L/S≤2微米的高密度布线能力及100mm x 100mm大尺寸规格，为AI、高性 能计算提供基础支撑；招商证券则关注存储芯片领域，强调美光通过 ...

资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 77.85 | | --- | --- | | 总股本/流通股本（亿股）4.64 | / 4.44 | | 总市值/流通市值（亿元）361 | / 346 | | 52 周内最高/最低价 | 87.66 / 26.25 | | 资产负债率(%) | 60.4% | | | 深圳市领信基石股权投 | | | 资基金管理合伙企业 | | 第一大股东 | (有限合伙)-深圳市领泰 | | | 基石投资合伙企业(有 | | 限合伙) | | 研究所 证券研究报告：电子 | 公司点评报告 股票投资评级 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 香农芯创(300475) 企业级 SSD 需求提升，分销受益 DDR4 存储涨价 l 投资要点 企业级 SSD 需求提升。AI 推理需求催生庞大数据存储需求， 企业级 SSD 需求将快速增长，根据华经产业研究院，2023 年全球 数据量约为 120ZB，预计到 2028 年，全球数据量将上涨至 393.8ZB，带动中国企业级 SSD 行业 ...

Group 1 - HSBC predicts that by 2026, the Shanghai Composite Index will reach 4500 points, the CSI 300 Index will reach 5400 points, and the Shenzhen Component Index will reach 16000 points, representing an increase of 17-20% [1] - Morgan Stanley reports that over 90% of roadshow clients expressed willingness to increase exposure to Chinese assets, marking the highest interest since early 2021 [1] - Fidelity International notes a significant increase in global investors' interest in Chinese assets, with hedge funds showing the highest activity in China's stock market in recent years [2] Group 2 - Barclays states that gold prices do not appear overvalued, with gold ETF holdings at their highest since 2022, and prices have surged over 40% this year [2] - Nomura expects the Reserve Bank of Australia to maintain its cash rate, with a shift towards a less dovish communication stance [3] - Nomura also indicates that volatility in the USD/JPY exchange rate may increase due to upcoming data and events [4] Group 3 - CICC suggests that the credit cycle in both China and the US may be approaching turning points, impacting market directions [9] - Guotai Junan emphasizes the importance of the fourth quarter for cyclical industries and high-growth sectors, with a historical tendency for cyclical industries to perform well [11] - Huatai Securities predicts that PPI year-on-year and industrial profits are likely to continue their recovery trend [14]

转自：新华财经 新华财经北京9月29日电（胡晨曦）A股三大指数9月29日早间低开，随后震荡回升翻红，沪指半日涨 0.13%，创业板指早盘一度涨近3%。盘面上，固态电池概念股表现强势，湘潭电化、多氟多等多股涨 停；证券板块震荡走高，国盛金控涨停创出历史新高，华泰证券、东吴证券、广发证券涨幅居前。下跌 方面，教育股集体大跌，中国高科、凯文教育双双触及跌停；猪肉、食品股同样表现不佳，龙大美食、 傲农生物、温氏股份等多股下挫。 截至午间收盘，沪指报3832.90点，涨幅0.13%，成交5551亿元；深证成指报13355.98点，涨幅1.11%， 成交7291亿元；创业板指报3207.44点，涨幅1.77%，成交3443亿元。科创50指数报1443.35点，跌幅 0.51%，总成交额约576亿元。 热点板块 盘面上，电池、贵金属、证券、金属镍、固态电池、PEEK材料等板块和概念股涨幅居前；教育、煤炭 开采加工、养殖业、芬太尼、跨境支付、乳业等板块和概念股跌幅居前。 机构观点 中信证券：相比于上一轮存储上行周期（2023Q3-2024Q2）是"强预期弱现实"，本轮存储周期上行 是"保守预期→北美CSP上调CAPEX + ...

Core Viewpoint - The current storage cycle is characterized by "conservative expectations" and is driven by increased CAPEX from North American CSPs and overflow demand for HDDs, with expectations of sustained storage market growth at least until the second half of 2026 [1][2]. Supply Side - The previous storage cycle began in June 2023, with major manufacturers reducing production, leading to a balance in supply and demand for DRAM and NAND Flash, resulting in price increases of 20%-70% for DRAM and 80%-200% for NAND Flash from their lows [1][2]. - Current NAND production capacity utilization is around 80%+, with cautious CAPEX planning from NAND manufacturers, which may create a supply gap [4][5]. - Major NAND manufacturers have announced production cuts of 10%-15% since December 2024, focusing on higher-tier products and reducing supply of lower-tier products [2][4]. Demand Side - The surge in AI CAPEX is driving demand for data center storage, with expectations of an 81% and 64% year-on-year increase in AI CAPEX for 2025 and 2026, respectively [3]. - There is a significant supply shortage of HDDs, leading CSPs to consider transitioning to eSSD for cold data storage, with enterprise SSD demand projected to reach 339.2 billion GB by 2026, a 35% increase year-on-year [3][5]. Price Trends - Since September, NAND manufacturers have begun to raise prices, with SanDisk announcing a price increase of over 10% for flash products due to high demand for enterprise eSSD and tight supply of lower-tier products [6]. - NAND Flash wafer and module prices have seen slight increases, with expectations of a 5%-10% price rise in Q4 2025 [6]. Investment Strategy - The industry is optimistic about the sustained demand for enterprise SSDs, with recommendations to focus on companies that are rapidly advancing in enterprise storage and benefiting from price increases [8].

人民财讯9月29日电，中信证券研报认为，相比于上一轮存储上行周期是"强预期弱现实"，本轮存储周 期上行是"保守预期→北美CSP上调CAPEX+HDD需求外溢"，叠加NAND在过去约3个季度的时间里保 持相对较低的产能利用率水平以及海外原厂谨慎的CAPEX预期，存储景气度上行至少将延续到2026年 下半年。建议重视企业级SSD需求景气度，建议重点关注企业级产品进展快、涨价受益逻辑强的存储模 组公司。 ...

Core Viewpoint - The A-share market is experiencing a strong trend with significant capital concentration towards core leading companies in industries with clear trends and solid fundamentals, despite over 3,800 stocks declining [1] Group 1: Market Overview - The A-share market continues to show strength, with the ChiNext Index breaking through 3200 points to reach a new high [1] - Leading stock Ningde Times saw its share price exceed 400 yuan, with a market capitalization reaching 1.84 trillion yuan, surpassing Kweichow Moutai [2][3] Group 2: Policy and Consumption - Eight departments, including the Ministry of Commerce, jointly issued guidelines to promote digital consumption, emphasizing the integration of artificial intelligence (AI) with consumer goods [5][7] - The guidelines focus on four main areas: AI hardware consumption (smartphones, wearables, etc.), AI terminal consumption (smart home appliances), intelligent driving consumption, and new digital consumption trends [8] Group 3: Technology Sector Focus - The market's main focus is on AI and new energy sectors, with significant capital flowing into these areas [9] - The AI industry chain is experiencing growth from upstream hardware (e.g., Inspur Information) to downstream applications (e.g., Kunlun Wanwei) [10] Group 4: Storage Industry Insights - The enterprise storage market is projected to reach approximately 87.8 billion USD by 2025, with a CAGR of about 18.7% from 2024 to 2028, driven by increasing AI demand [12] - The supply side of DRAM is tightening due to transitions between DDR4 and DDR5, leading to price increases for NAND products, with companies like SanDisk raising prices by 10% [12][13] Group 5: Opportunities in Domestic Supply Chain - Domestic storage module manufacturers are expected to benefit from the AI-driven demand and supply constraints, with a focus on high-quality component supply [13] - Key players in the storage industry include manufacturers of storage modules, chips, semiconductor equipment, materials, and packaging [14]

第一财经记者获悉，长江存储科技控股有限责任公司（以下简称"长存集团"）近日召开了股份公司成立 大会，大会选举产生了股份公司首届董事会成员。此举意味着该公司完成了股份制改革。 长存集团是国内唯一一家3D NAND原厂长江存储的母公司。据胡润研究院最新发布的《2025全球独角 兽榜》，长江存储估值1600亿元，位列中国十大独角兽第九。2025年4月，上市公司养元饮品发布对外 投资公告，称旗下子公司泉泓投资出资16亿元投资长存集团，获得后者0.99%的股份，以此计算，长存 集团估值则为1616亿元。 除了4月获得来自泉泓投资、农银投资等16家机构的投资，今年7月，长存集团的股东行列中，还新增了 员工持股平台武汉市智芯计划一号至六号企业管理合伙企业（有限合伙），4月和7月两笔融资额累计超 百亿元。长江存储近期受到关注，还因为公司有扩大产能的动作。本月早些时候，长江存储与湖北长晟 三期共同出资207.2亿元成立长存三期（武汉）集成电路有限责任公司，其中长江存储出资104亿元、持 股50.1931%。 NAND Flash是目前最主要的存储介质之一。从NAND Flash市场格局看，海外厂商仍占据NAND Flash市 ...