大摩认为，存储行业短缺态势将持续至2026年底，江波龙凭借产品组合优化、自研控制器成本优势及稳 定供应能力，盈利能力将显著超越上一轮周期峰值。 Part.1 周末闪迪大幅提价的消息对存储公司又形成了新一轮刺激，而卖方机构也纷纷更新了自家的研究报告。 摩根士丹利在最新发布的一份研报中，大幅上调了中资存储公司江波龙的目标价格：在基准假设情景 下，目标价从人民币122元上调为人民币325元；若在乐观假设情景下，目标价定为人民币435元。 江波龙刚刚交出了一份亮眼的三季报，截至11月10日收盘，江波龙收盘报人民币284.07元。 存储超级周期仍处于早期阶段 供应端持续收紧： 模组制造商与上游存储芯片供应商已开始主动限制供应，以应对本轮上行周期的持续性，避免过早释放 产能导致价格回调。 尽管微软、亚马逊等大型云服务提供商试图通过签订2-3年长期协议换取产能加速扩张，但截至报告发 布时尚未与供应商达成一致，供需缺口预计至少持续至2026年底，期间供应商与具备稳定供应链的模组 厂商将持续掌握议价权。 AI驱动结构性增长： AI服务器对高容量eSSD的需求成为核心驱动力，单台 AI 服务器存储容量需求是普通服务器的5-8 倍 ...

科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计74.47%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 （文章来源：每日经济新闻） 展望后市，民生证券指出，存储控制器市场前景明朗，预计2025-2032年复合增长率达14.4%，2032年市 场规模将突破661亿美元。行业呈现独立厂商与IDM厂商共存格局，技术壁垒高企。投资主线聚焦：一 是AI与云计算驱动的高端PCIe5.0控制器需求，二是汽车电子与工业物联网带来的车规级控制器增长机 遇。具备相关技术布局的厂商有望持续受益。 11月4日午后，A股三大指数延续早盘下跌趋势，呈现震荡下行的走势。科创50ETF（588000）午后震荡 下行，最大跌幅为0.61%，日内从早盘高点回调超1%。盘面上，持仓股中微公司涨超6%，华海清科、 拓荆科技等涨超4%；截至发文，科创50ETF（588000）成交额超28亿元，位居同类产品第一。 消息面上，11月3日，业界消息称台积电计划自202 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Broadcom [3][5][42] Core Insights - Broadcom benefits from the global AI wave, with significant growth in semiconductor and software sectors driven by AI demand [1][2][42] - Semiconductor solutions dominate revenue structure, accounting for 58.35% of total revenue in FY2024, with AI-related revenue growing by 220% [1][14] - Infrastructure software revenue reached $21.478 billion in FY2024, showing a year-on-year growth of approximately 181.24% [1][14] Revenue and Profitability - In FY2025H1, Broadcom achieved revenue of $29.92 billion, a year-on-year increase of 22.38%, and net profit of $10.468 billion, up 203.77% [2][17] - The company expects FY2025Q3 revenue to be $15.8 billion, driven by a 35% increase in ASIC sales [2][43] Business Segments - The semiconductor solutions segment includes AI XPU accelerators, network switch chips, and custom ASIC products, while the infrastructure software segment includes VMware Cloud Foundation and virtualization software [13][32] - The semiconductor solutions business is projected to grow at rates of 18.5%, 31.5%, and 25.5% for 2025, 2026, and 2027 respectively [31][43] Financial Projections - Revenue projections for Broadcom are $61.266 billion, $76.340 billion, and $90.654 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of $25.299 billion, $34.561 billion, and $42.479 billion [4][43] - The report anticipates a steady increase in gross margin, reaching 67.6% in 2025 and 69.1% by 2027 [31][32] Valuation - The report suggests a valuation range of $1,658.93 billion to $1,693.49 billion based on a projected PE ratio of 48-49 for 2026 [3][43] - Broadcom's current PE ratios are 55.29, 40.47, and 32.93 for 2024, 2025, and 2026 respectively [43]