2025.11. 06 消息面上，韩国半导体巨头SK海力士5日表示，已与英伟达就明年HBM4的供应完成了价格和数量谈 判，媒体报道称，SK海力士在谈判中占据上风，HBM4价格比目前供应的HBM3E价格高出50%以 上。 美光科技9月24日公布的2025财年第四财季财报（截至2025年8月28日）显示，该季度公司营收达 到113.2亿美元，同比增长46%，毛利率达到45.7%，盈利能力同比大幅提升。财报电话会中，管理 层表示，这一业绩得益于高价值数据中心产品的产能爬坡以及DRAM在各终端市场的广泛定价优 势。 财报电话会表示，2025财年，美光科技HBM、大容量DIMM内存条和低功耗服务器DRAM的合计收 入达到100亿美元，较上一财年增长超过五倍。彼时，美光科技还提到，近期已向客户送样HBM4产 品，正与客户就HBM4规格与采购量进行积极磋商，预计将在未来几个月内完成协议签署。 伴随着头部企业股价上涨和行业对HBM4价格的高预期，市场对存储行业的未来需求增长表示乐观。 美光预计，2025年行业DRAM位元需求增长率将处于高十位数百分比区间。花旗分析师Christopher 本文字数：902，阅读时长大约1.5 ...

Core Viewpoint - The price increase of HBM4 has significantly impacted Micron Technology's stock, which rose by 8.93% to $237.50, marking a year-to-date increase of 183.01% [1][2] Group 1: Stock Performance - Micron Technology's stock reached a historical high of $239.88 during trading, with a 52-week high of $237.62 and a low of $61.44 [1][2] - The stock has shown a substantial increase of 183.01% year-to-date, reflecting strong market performance driven by AI trends [1][2] Group 2: Financial Performance - For the fourth fiscal quarter of 2025, Micron reported revenues of $11.32 billion, a 46% year-over-year increase, with a gross margin of 45.7% [3] - The company expects combined revenue from HBM, high-capacity DIMM memory, and low-power server DRAM to reach $10 billion in fiscal year 2025, growing over five times from the previous fiscal year [3] Group 3: Market Demand and Trends - The demand for storage solutions is being driven by the growth of AI servers, AI-enabled smartphones, and other AI devices, leading to increased requirements for various types of DRAM [4] - The storage industry is optimistic about future demand growth, with expectations of high double-digit percentage growth in DRAM bit demand for 2025 [3][4] - Citigroup analyst Christopher Danely predicts a 25% increase in DRAM prices in the fourth quarter compared to the third quarter, marking the highest quarterly increase since the 1990s [3] Group 4: Related Market Movements - On November 6, several domestic storage-related stocks also experienced price increases, indicating a broader market trend [5]