中国智能卡行业需求现状与投资发展策略分析报告2026年版 【出版机构】：鸿晟信合研究院 【内容部分有删减·详细可参鸿晟信合研究院出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 第1章：智能卡行业研究范围界定及发展环境剖析 1.1 智能卡行业的研究范围界定 1.1.1 智能卡的概念界定 【全新修订】：2025年11月 （1）智能卡的定义 （2）智能卡的组织构造 1.1.2 智能卡的产品分类 （1）按镶嵌芯片分类 （2）按交换界面分类 （3）按应用领域分类 （4）按数据传输方式分类 1.1.3 本报告统计口径及研究范围说明 1.2 智能卡行业政策环境分析 1.2.1 行业监管体系 1.2.2 行业规范标准 1.2.3 行业发展相关政策汇总及重点政策解读 （1）行业发展相关政策汇总 （2）行业发展重点政策解读 1.2.4 行业发展中长期规划汇总及解读 1.2.5 政策环境对智能卡行业发展的影响分析 1.3 智能卡行业经济环境分析 1.3.1 宏观经济现状 （1）国内生产总值增长分析 （2）固定资产投资增长分析 （3）工业经济增加值增长分析 1.3.2 宏观经济展望 1.4 智能卡行业 ...

Core Viewpoint - The company has established a closed-loop layout in the semiconductor storage supply chain, collaborating with major global and domestic players in the industry [2] Group 1: Company Collaboration - The company has formed deep partnerships with foreign semiconductor giants such as Micron, Toshiba, and Kioxia, as well as significant domestic enterprises [2] - The collaboration enables the company to provide a range of storage products including SSDs, DRAM, PSSD, PHDD, HDD, and storage cards [2] Group 2: Product Offering and Market Coverage - The company's storage products are designed to cover various sectors including smart terminals, automotive electronics, laptops, and desktop computers, both embedded and non-embedded [2] - The business scope has expanded to include markets in China, Singapore, and Malaysia [2]

Core Viewpoint - The company has established a closed-loop layout in the semiconductor storage supply chain, collaborating with major global and domestic players in the industry [1] Group 1: Company Collaboration - The company has formed deep partnerships with foreign semiconductor giants such as Micron, Toshiba, and Kioxia, as well as significant domestic enterprises [1] - The collaboration focuses on providing a range of storage products including solid-state drives (SSD), DRAM memory modules, portable solid-state drives (PSSD), portable hard disk drives (PHDD), hard disk drives (HDD), and memory cards [1] Group 2: Product Offering and Market Reach - The company's storage products are designed to cover a wide array of applications, including smart terminals, automotive electronics, laptops, and desktop computers, in both embedded and non-embedded fields [1] - The business scope has expanded to include markets in China, Singapore, and Malaysia, showcasing the company's global brand operation capabilities [1]

Core Viewpoint - The company has established a closed-loop layout in the semiconductor storage supply chain, collaborating with major global and domestic players in the industry [1] Group 1: Company Collaboration - The company has formed deep partnerships with foreign semiconductor giants such as Micron, Toshiba, and Kioxia, as well as significant domestic enterprises [1] - The company provides a range of storage products including solid-state drives (SSD), memory modules (DRAM), portable solid-state drives (PSSD), portable hard disk drives (PHDD), mobile hard drives (HDD), and storage cards [1] Group 2: Market Coverage - The company's storage products are widely applicable across various sectors including smart terminals, automotive electronics, laptops, and desktop computers, covering both embedded and non-embedded fields [1] - The business scope has expanded to include countries such as China, Singapore, and Malaysia [1]

Core Viewpoint - The memory chip market is experiencing significant price increases, with flash memory prices expected to rise by 50% on top of already high October prices, indicating a deliberate strategy by manufacturers to maximize profits [1] Group 1: Market Dynamics - Many flash memory suppliers have announced limited or paused shipments in response to market volatility, leading to a situation where suppliers are both hoping for further price increases while fearing that excessive price hikes could hinder future inventory [1] - The storage chip supply situation is critical, with major manufacturers like Adata reporting shortages across all four key product lines: DDR4, DDR5, NAND Flash, and HDD [6] - The transition from a period of oversupply to severe shortages in the flash memory market is attributed to increased demand from emerging technologies like AI, which has drastically changed the supply-demand balance [6] Group 2: Financial Performance - Notable storage brands have reported extraordinary profits, with Transcend's Q3 revenue increasing by 27% quarter-over-quarter and 63% year-over-year, and a net profit surge of 334% [2] - Micron's recent Q3 financial report showed a historical high in revenue, with a gross margin increase of 39% year-over-year [4] - SK Hynix reported a Q3 revenue of 24.4489 trillion KRW (approximately 1209.52 billion RMB), a 39% year-over-year increase, with net profit soaring by 119% [4] Group 3: Impact on End Products - The price surge in flash memory is affecting standard storage products like SSDs and memory cards, with even mechanical hard drives experiencing price increases due to the overall market conditions [8] - Smartphone manufacturers are also feeling the pressure, as the cost of essential components like DRAM and NAND Flash chips is rising, leading to increased retail prices for devices [9] - The Redmi K90 series saw price adjustments due to upstream cost pressures, highlighting the direct impact of memory chip prices on consumer electronics [12] Group 4: Future Outlook - The current price increase trend is expected to persist until at least mid-2026, driven by ongoing high demand from AI-related projects and limited production capacity [13] - The potential for price stabilization hinges on increased investment in production capacity by domestic flash memory companies, although challenges remain in acquiring necessary manufacturing equipment [13] - Consumers are advised to consider purchasing storage hardware sooner rather than later, as prices are unlikely to drop significantly in the near term [14]

Core Viewpoint - The company, Demingli, is experiencing growth in its core business of flash memory control chip design and development, with a focus on AI PC memory modules and benefiting from the depreciation of the RMB [2][4]. Group 1: Company Overview - Demingli specializes in the design, research, and development of flash memory control chips and storage module products, including storage cards, storage disks, and solid-state drives, primarily targeting the mobile storage market [2]. - The company has established a robust supply chain system through partnerships with leading global chip foundries such as SMIC and UMC [2]. - Demingli has been recognized as a "specialized and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [3]. Group 2: Financial Performance - For the period from January to September 2025, Demingli achieved a revenue of 6.659 billion yuan, representing a year-on-year growth of 85.13%, while the net profit attributable to shareholders was a loss of 27.0765 million yuan, a decline of 106.42% year-on-year [9]. - The company's overseas revenue accounted for 69.74% of total revenue, benefiting from the depreciation of the RMB [4]. Group 3: Product Development - On June 28, 2024, Demingli launched a new series of DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, with a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, compatible with mainstream CPU platforms and operating systems [2]. Group 4: Market Activity - As of November 5, the stock price of Demingli increased by 0.30%, with a trading volume of 2.782 billion yuan and a turnover rate of 8.06%, bringing the total market capitalization to 50.975 billion yuan [1].

Core Viewpoint - The storage chip prices have started to rise since September, accelerating in Q4 due to increased demand from downstream manufacturers, leading to a supply shortage and significant stock price increases for companies like Bawei Storage [2][3]. Group 1: Company Overview - Bawei Storage is a leading independent semiconductor storage solution provider, focusing on AI applications and possessing unique full-stack technology capabilities [3][7]. - The company has established partnerships with major global clients, including Meta, Xiaomi, and OPPO, across various applications such as smart mobile devices and AI [3][4]. Group 2: Financial Performance - Bawei Storage's revenue for 2022, 2023, and projected for 2024 is approximately 2.986 billion, 3.591 billion, and 6.695 billion RMB, respectively, with profits showing fluctuations [8][9]. - In the first half of 2025, the company reported a revenue increase of 13.70% year-on-year, reaching 3.912 billion RMB, despite a net loss of 241 million RMB [8][10]. Group 3: Product Segmentation - The revenue distribution for the first half of 2025 shows that smart mobile and AI applications accounted for 43.0%, PC and enterprise storage for 34.9%, and smart automotive and other applications for 20.0%, indicating a balanced revenue structure [12][14]. Group 4: Market Position and Strategy - Bawei Storage plans to use the funds raised from its Hong Kong IPO to enhance R&D capabilities, expand globally, and explore strategic investments and partnerships [2][3]. - The company is the only independent storage solution provider globally with wafer-level packaging capabilities and is projected to be the largest independent storage manufacturer by revenue in 2024 [7][8]. Group 5: Inventory and Cash Flow - The company has maintained high inventory levels, with figures reaching 4.382 billion RMB in the first half of 2025, which poses potential risks of impairment [15]. - Bawei Storage has recorded negative operating cash flow in recent years, with a net cash outflow of 701 million RMB in the first half of 2025 [14][15].

Core Viewpoint - The company has established a robust supply chain system for storage agency business, collaborating with leading semiconductor manufacturers globally [1] Group 1: Business Partnerships - The company has built strong partnerships with major international storage manufacturers such as Micron, Kioxia, and Toshiba, as well as leading domestic semiconductor firms [1] - The semiconductor division provides a range of products including SSDs, DRAM, PSSD, PHDD, HDD, and storage cards, showcasing its core competitiveness in global brand operations [1] Group 2: Market Coverage - The company's storage chip products are applicable across various sectors including smart terminals, automotive electronics, laptops, desktops, servers, and AI+ embedded and non-embedded fields [1] - The business operations have expanded to cover multiple countries including China, Singapore, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam [1]

Core Viewpoint - The company, Demingli, is focused on the design and development of flash memory control chips and storage module products, with a significant emphasis on the mobile storage market. The company has recently launched new memory modules for AI PCs, which are expected to enhance its market position and revenue growth [2][4]. Company Overview - Demingli is located in Shenzhen, Guangdong Province, and was established on November 20, 2008. It went public on July 1, 2022. The company's main business includes the design and development of flash memory control chips, optimization of storage module application solutions, and sales of storage module products [8]. - The revenue composition of the company is as follows: embedded storage products 41.37%, solid-state drives 37.34%, mobile storage products 13.06%, and memory modules 8.22% [8]. Recent Developments - On June 28, 2024, Demingli launched a new series of DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, featuring a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, compatible with mainstream CPU platforms and operating systems [2]. - The company has established strong partnerships with leading global chip foundries such as SMIC and UMC, enhancing its supply chain capabilities [2]. Market Position - Demingli has been recognized as a "specialized and innovative" small giant enterprise, which is a prestigious title in China for companies that excel in niche markets, possess strong innovation capabilities, and maintain high market share [3]. - As of the latest report, the company's overseas revenue accounts for 69.74%, benefiting from the depreciation of the RMB [4]. Financial Performance - For the first half of 2025, Demingli reported a revenue of 4.109 billion yuan, representing a year-on-year growth of 88.83%. However, the net profit attributable to the parent company was -118 million yuan, a decrease of 130.43% compared to the previous year [9]. - The company has distributed a total of 78.2496 million yuan in dividends since its A-share listing [10].

Core Viewpoint - The company, Demingli, is experiencing fluctuations in stock performance and is positioned in the semiconductor industry, focusing on storage solutions and benefiting from the depreciation of the RMB [1][4]. Company Overview - Demingli specializes in the design and development of flash memory controller chips and storage module products, with a product range that includes storage cards, storage disks, and solid-state drives, primarily targeting the mobile storage market [2][8]. - The company was established on November 20, 2008, and went public on July 1, 2022 [8]. Product Development - On June 28, 2024, Demingli launched a new series of DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, featuring a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, compatible with mainstream CPU platforms and operating systems [2]. Market Position - Demingli has been recognized as a "specialized and innovative" small giant enterprise, indicating its strong market presence, innovation capabilities, and high market share in niche markets [3]. - The company reported that 69.74% of its revenue comes from overseas, benefiting from the depreciation of the RMB [4]. Financial Performance - For the first half of 2025, Demingli achieved a revenue of 4.109 billion, representing a year-on-year growth of 88.83%, while the net profit attributable to shareholders was -118 million, a decrease of 130.43% year-on-year [9]. - The company's main business revenue composition includes embedded storage products (41.37%), solid-state drives (37.34%), mobile storage products (13.06%), and memory modules (8.22%) [8]. Shareholder Information - As of October 10, 2023, Demingli had 36,900 shareholders, an increase of 22.38% from the previous period, with an average of 4,350 circulating shares per person, a decrease of 17.98% [9]. - The company has distributed a total of 78.2496 million in dividends since its A-share listing [10].