Core Viewpoint - The Indian information and communication technology (ICT) export reached over $115.1 billion in the first half of the year, marking the second-highest level in history, driven by the demand for artificial intelligence (AI) data centers and record semiconductor exports [1]. Group 1: Export Performance - The ICT export from South Korea in the first half of the year amounted to $115.16 billion, representing a year-on-year increase of 5.8% [1]. - In June, the export value was $22.03 billion, showing a growth of 4.7% compared to the previous year [1]. - The semiconductor export reached $73.31 billion in the first half, with an increase of 11.4%, setting a new record for the first half of the year [1]. Group 2: Product-Specific Trends - The export of computers and peripheral devices grew by 10.8%, reaching $6.64 billion, driven by the expansion of AI servers and the demand for solid-state drives (SSD) in data centers [2]. - Conversely, the display and mobile phone sectors experienced declines, with display exports falling to $1.29 billion, a decrease of 33.7% [3]. - Mobile phone exports also decreased to $0.79 billion, down 6.2% year-on-year, influenced by reduced exports of semiconductors and sensor modules [3]. Group 3: Regional Export Dynamics - Exports to the United States, Taiwan, and Japan increased, while exports to China (including Hong Kong) and the European Union decreased [4]. - Exports to the U.S. reached $14.42 billion, up 14.5%, with a continuous growth streak for 20 months [4]. - Exports to Taiwan and Japan grew to $3.61 billion and $0.4 billion, with increases of 54.6% and 20.6%, respectively [4]. - Exports to China amounted to $7.89 billion, down 9.4%, despite a 16.9% increase in computer and peripheral device exports [4]. - Exports to the EU and India were $0.93 billion and $0.42 billion, reflecting declines of 5.3% and 6.3% respectively [5].

Core Viewpoint - Demingli's revenue increased significantly in Q1 2025, but net profit declined sharply, indicating challenges in profitability despite growth in sales [2][17]. Financial Performance - In Q1 2025, Demingli achieved total revenue of 1.252 billion yuan, a year-on-year increase of 54.41%, while the net profit attributable to shareholders was -69.09 million yuan, a year-on-year decrease of 135.34% [2]. - The gross profit margin for Q1 2025 was only 5.85%, a significant decline of 11.9 percentage points quarter-on-quarter and a drop of 31.44% year-on-year [7]. - Accounts receivable surged by 44.94% quarter-on-quarter and 146.96% year-on-year to 575 million yuan, accounting for 45.9% of revenue, indicating increased collection risks [9]. Market and Product Analysis - Demingli's revenue structure shows that solid-state drives (SSDs) account for 48.20%, mobile storage for 28.01%, and embedded storage for 17.67%, with emerging enterprise storage businesses still in the cultivation phase [3]. - The company is heavily reliant on consumer-grade storage products, which constituted 86% of revenue in 2024, leading to vulnerability in the face of market fluctuations [13]. Competitive Positioning - Compared to competitors like Jiangbolong and Zhaoyi Innovation, Demingli faces higher debt risks and lower gross margins, with a significant reliance on consumer markets [10][11]. - Jiangbolong has a more balanced product mix and is better positioned in the automotive and enterprise storage sectors, while Zhaoyi Innovation benefits from a diversified product portfolio [11][12]. Strategic Initiatives - Demingli is accelerating its focus on enterprise storage and automotive-grade storage, with plans to enhance R&D investments and product certifications to improve market positioning [13][14]. - The company aims to achieve mass production of PCIe 4.0 SSDs by Q3 2025 and increase the revenue share of automotive-grade storage to over 15% [13]. Industry Outlook - The storage market is currently experiencing a downward cycle, with NAND Flash prices declining by 10%-15% year-on-year, particularly affecting consumer-grade products [6]. - Future growth in the storage industry is expected to be driven by high-end products, particularly in AI servers and smart automotive applications, as demand begins to recover [19].

美国特朗普政府将智能手机、半导体制造设备等电子相关产品排除在对等关税的对象之外。接受了国内 科技企业的要求。走一步算一步的政策未能克服国际分工高度发展的供应链的现实。 现有关税累计达到145%的对华加征关税将导致智能手机大幅涨价，特朗普政府寻求避免这种状况。特 朗普政府似乎认为，推进的国内半导体工厂和人工智能（AI）数据中心建设离不开半导体制造设备和 存储设备等的进口。 美国海关和边境保护局(CBP)在美国东部时间4月11日晚发布的通知中宣布了这一消息。随后，美国白 宫公布了特朗普总统签署的文件。特朗普在该文件中以原本排除在外的"半导体"定义中包括智能手机和 半导体制造设备为由，将其排除在对等关税对象之外。 豁免措施的适用将追溯到启动作为对等关税第一阶段的一律征收10%的4月5日。特朗普4月12日针对有 关半导体的关税措施向记者表示，"将在周一(14日)回答，做出明确解释"。 豁免措施的适用将追溯到启动作为对等关税第一阶段的一律征收10%的4月5日。有分析认为，成为对等 关税豁免对象的项目占美国从中国进口总量的23%…… 中国商务部4月13日针对称将智能手机等商品排除在外发表发言人谈话，称这是修正错误做法的一 ...

SSD作为PC和服务器设备的存储器，用于数据的长期存储 1~3月份的价格比上一季度下降8%。PC存储器的需求较弱，服务器存储器的势头也有所减弱…… 配置在个人电脑（PC）上的存储器固态硬盘（SSD）的大宗交易价格连续2个季度下跌。1~3 月份的价格比上一季度下降8%。PC存储器的需求较弱，服务器存储器的势头也有所减弱。低 价的中国产存储器的存在也逐渐引起关注。 固态硬盘作为PC和服务器设备等的存储器，用于数据的长期存储。大宗交易价格由作为卖方 的日本国内外存储器制造商和作为买方的设备制造商等按季度决定。 1~3月，SSD中作为指标的TLC（三电平单元）的256GB产品为每件约29.9美元。容量较大的 512GB产品为每件约56.0美元。均比2024年10~12月便宜了8%左右。有声音表示，部分交易比 10~12月下降了15%左右。 PC存储器需求持续低迷，无法达成预期交易、商品过剩的情况仍在持续。虽然市场看好10月 美国微软停止支持"Windows10"系统后的PC更新换代需求，但目前整体上"复苏趋势比去年 弱"（大型电脑厂商）。 SSD的主要零部件NAND闪存的行情也受到了影响。NAND用于智能手机等设备的 ...

玻璃基板可用作 HDD 的记录介质 ， 通常是由超薄、精密加工的玻璃制成，具有高度的平整度、良好的光学透过性以及出色的热稳定性 。由于它 能抵抗振动和冲击，并且即使做得更薄也不易弯曲，因此有助于增加每个硬盘驱动器的板数，这意味着更高的容量。 HDD用玻璃基板行业目前现状分析 生产高度集中 目前HDD用玻璃基板的生产厂家仅剩Hoya一家，且其三个生产基地均位于东南亚（分别在泰国、越南和老挝）。 下游市场萎缩 HDD行业总体发展相对成熟，但面临来自固态硬盘（SSD）强烈的竞争。尽管SSD市场增长迅速，但HDD特别是在大容量和低成本存储方面依然 占据着重要位置，尤其在数据中心、企业级存储和大数据处理领域，HDD的需求依然很强。但在笔记本电脑等应用领域，其被SSD逐步替代，下 游市场对HDD的整体需求处于萎缩状态。下游用户目前仅剩希捷科技、东芝和西部数据。 技术进步 玻璃基板的制造技术持续改进，特别是在表面处理和光滑度方面的提升，使得它能够满足更高密度存储需求。随着MRAM（磁阻随机存取存储 器）和HAMR（热辅助磁记录）等新技术的发展，玻璃基板也在不断被用来支撑新的存储介质和磁头。 HDD用玻璃基板发展趋势 更高密 ...