如果要用两个字来形容过去两个月的存储硬件价格变化，我的答案只有两个字——疯狂。从老一代的DDR4内存到主流的DDR5内存，从机械硬盘到固态硬 盘，所有和闪存芯片能扯上关系的硬件都在涨价。 这些硬件的涨价有多夸张？这么说吧，小雷在去年618时买了一对16G的DDR4 3200内存条，当时优惠后的价格是343元。而在一年后的今天，即使有双十一 的优惠活动，同样规格的内存条价格也已经涨到了759元，直接翻了一倍有多。 图源：雷科技 说实话，在看到这个价格的时候，小雷都下意识看了眼电脑右下角的时间，看看自己是否穿越到四、五年前。毕竟上一次看到PC内存卖相近价格的时间， 还是2021年左右，之后内存条的价格就一路走低，最终在2024年跌到了谷底。 估计没有人会想到，2025年的存储市场，会再度迎来一次涨价潮，在一众PC装机佬的哀嚎中，很多人估计都想知道，为什么这两个月的存储硬件会涨得这 么夸张？ AI需求疯涨，存储市场爆发了 存储产品的价格高低，说白了就直接取决于闪存芯片的供货价，可以说今年的涨价风波其实早在去年就已经初现端倪了。彼时小雷还写过一篇文章，分析了 镁光、三星等主要闪存芯片厂商减产的消息，当时就直言减产或许 ...

事实上，自2022年11月ChatGPT诞生引发生成式人工智能热潮并推动全球竞相建设人工智能数据中心 以来，存储芯片制造商就一直在将更多产能转向高带宽内存(HBM)芯片的生产。随着AI和高性能计算 需求激增，HBM在AI服务器GPU中成为主流解决方案。 "过去一两个月需求激增，"半导体分销商Fusion Worldwide总裁Tobey Gonnerman表示，"市场变化确 实快得惊人。抢购行为正在加剧，且将持续升级。客户普遍采取了双倍/三倍下单策略，这与以往多次 短缺时的情形如出一辙。" 产能向高利润产品转移 长鑫存储等中国公司在低端DRAM芯片上日益激烈的竞争，也促使控制全球DRAM芯片市场约70%份 额的韩国三星和SK海力士加速向高端芯片转型。这些厂商自2025年初起便陆续调整战略，逐步减少乃 至计划在2025年底至2026年初完全停止DDR4内存颗粒的生产，将产能全面转向利润更高、技术更先进 的DDR5、HBM等产品。 "市场资金充裕正推动需求增长，"总部位于圣何塞的研究机构TechInsights副董事长Dan Hutcheson指 出，他所指的是近期芯片与数据中心领域的密集交易。 随着内存价格在2 ...

Core Insights - The memory prices are expected to surge in 2025, with DDR4 prices more than doubling, as demand increases due to the AI chip manufacturing boom [1][2] - The global memory chip industry is entering what analysts refer to as a "super cycle," driven by tight supply and increased demand from various sectors [1][2] - Major memory manufacturers like Samsung and SK Hynix are shifting production capacity towards higher-margin products like DDR5 and HBM chips, moving away from DDR4 [2][8] Industry Trends - The demand for DRAM chips has surged, with reports indicating that the average inventory cycle for DRAM chips has dropped to just eight weeks, significantly lower than previous periods [7] - The average price of DDR5 server memory modules has skyrocketed, indicating a shift in market dynamics favoring memory manufacturers [3][8] - The AI boom is coinciding with a new upgrade cycle for traditional data centers and personal computers, further tightening the supply of non-HBM memory chips [2][3] Financial Performance - Memory chip manufacturers are experiencing significant profit margins, with Samsung's standard DRAM business operating profit margin around 40% and HBM at 60% [8] - Stock prices for major memory manufacturers have surged, with Samsung's stock up over 80%, SK Hynix up 170%, and Micron up 140% year-to-date [8] - The current shortage and price increases in memory chips are leading some companies to pass on costs to consumers, as seen with Raspberry Pi's recent price hike [8] Market Outlook - The current market conditions are being described as a classic short supply cycle, with some analysts cautioning against overhyping the "super cycle" narrative [9] - Predictions indicate that the chip industry may enter a recession by 2027, suggesting that the current boom may not be sustainable in the long term [9]

10月15日早盘，A股三大指数小幅高开，科创50ETF（588000）探底回升跌幅收窄。截至10:02，下 跌0.68%，持仓股阿特斯等走强，涨超5%。资金上看，科创50ETF近日呈资金净流入态势，近5日吸金 22.46亿元，近10日吸金18.97亿元。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创50ETF追踪科创50指数，指数持仓电子行业70.55%，计算机行业4.54%，合计75.09%，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。从当前位置来看，参照创业板历史走势，科创未来成长空间值得期 待。看好中国硬科技长期发展前景的投资者建议持续关注。 相关ETF：科创50ETF（588000） 消息面上，存储模组大厂威刚董事长陈立白表示，当前DRAM内存、NAND闪存、固态硬盘 ...

(一)重要市场新闻 1、美股三大指数收盘涨跌不一，道指涨0.44%，纳指跌0.76%，标普500指数跌0.16%，大型科技股多数 下跌，英伟达跌超4%，博通跌超3%，特斯拉、亚马逊跌超1%；英特尔跌超4%，Strategy、Coinbase等 跌超4%，美光科技、Arm等跌超2%；沃尔玛百货收涨5%，创收盘历史新高。纳斯达克中国金龙指数跌 1.95%，中概股普遍下跌，蔚来跌超5%，百度跌超4%，哔哩哔哩跌超3%，世纪互联、阿里巴巴、小鹏 汽车等跌超2%。 2、美联储鲍威尔周二警告称，美国劳动力市场显示出进一步的困境迹象，暗示他可能准备支持本月晚 些时候再次降息。鲍威尔指出："就业的下行风险已经上升。"这是迄今为止最强烈的暗示，表明美联储 官员认为他们有足够的证据支持将美国借贷成本再次下调25个基点。鲍威尔还表示，美联储可能即将结 束长期以来缩减其资产负债表的努力，即广为人知的量化紧缩政策。考虑到美联储长期以来的目标是在 金融体系中留下足够的流动性，以便牢牢控制短期利率和正常的货币市场波动，鲍威尔说，"我们可能 在未来几个月接近这一点，我们正在密切关注一系列指标，以了解这一目标是否已经实现"。 3、现货黄金涨0 ...

Core Insights - Wuxi High-tech Zone Comprehensive Bonded Zone, covering only 3.49 square kilometers, contributes significantly to global markets, producing 14% of the world's storage chips, 20% of mechanical hard drives, 20% of chip capacitors, and 15% of optoelectronic conversion components [1][3] - The zone has attracted over 70 registered enterprises, including major global players like SK Hynix, Murata Electronics, and Seagate Technology, with a total foreign investment of $23.8 billion [1][3] Group 1 - The Comprehensive Bonded Zone is characterized by high-level openness, gathering global quality resources and foreign investment [1][2] - The zone's main industries include integrated circuits, electronic information, and optoelectronic communications, supported by international trade, cross-border e-commerce, and logistics [2][3] - Wuxi High-tech Zone has transformed from an export processing zone to a comprehensive bonded zone since April 2012, enhancing its role in foreign trade and investment [3] Group 2 - In 2024, the zone achieved an import and export total of 174.04 billion yuan, marking a 24.3% year-on-year increase, ranking seventh nationally and second in the province [3] - The zone accounts for 22.6% of Wuxi's total import and export value, despite occupying only 0.05% of the city's area, demonstrating its significant impact on foreign trade [3] - The zone's development is a model for promoting growth through openness, aligning with Jiangsu Province's strategic positioning along the Belt and Road Initiative [3][4]

6 证券研究报告 点评报告 2025 年 9 月 18 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 事件一： 9 月 18 日（星期四）2 点，美联储公开市场委员会（FOMC）2025 年第六次议息 会议。 邮箱：liuxiaoyu@fcsc.com 点评一： 9 月 18 日凌晨 2 点，美联储公布了 2025 年的第六份利率决议,决定将联邦基金 利率区间下调 25 个基点至 4-4.25%，符合市场预期，这是美联储自去年 9 月开 启降息周期以来，今年前五次暂停降息后首次再度重启降息，投票结果显示， 有投票权的 12 位 FOMC 委员中 11 票赞成，1 票反对，就是刚上任的米兰支持降 息 50 个基点，反对人数少于预期。上次投反对票的特朗普的支持者副主席鲍曼 和理事沃勒出人意外投了赞成票。 本次声明与 7 月相比，有以下不同：删掉了有关"上半年经济增长温和"的说 法，改成"经济活动和就业增长已放缓，劳动力市场的下行风险已经增加"。 具体表现就是就业增长已经放缓，失业率略有上升但仍维持在低位，通胀有所 上升且处于略高水平。在新闻发布会上，鲍威尔强调，应将 ...

芯片来了！ 芯片大爆发 9月17日，光刻机指数盘中大幅上涨，涨幅超4%。成份股中，波长光电涨停，福晶科技涨9.29%，茂莱光学涨8.50%，蓝 英装备涨7.01%，新莱应材涨5.97%。 随后，A股半导体芯片股震荡上扬，中芯国际盘中涨超10%，股价再创历史新高，东芯股份、华虹公司、中巨芯、利扬芯 片、芯源微等跟涨。 从消息面上看，主要有以下四个原因： 一是，今早，突然有涉及光刻机的消息刷屏。这可能是光刻机和相关芯片巨头大涨的主因。 二是，9月16日，2025腾讯全球数字生态大会于深圳召开。会上，该公司宣布全面开放自身AI落地能力与优势场景， 全面适配主流国产芯片，推动AI从技术概念加速转化为千行百业的实际应用。 三是，据TrendForce报道，西部数据近日通知客户将逐步提高所有HDD（机械硬盘）产品的价格。西部数据声称， 其存储产品组合中每种容量的需求都达到了前所未有的水平，并且该公司正在投资先进的创新技术。 四是，据彭博报道，美股费城证券交易所半导体指数收涨0.32%，系连续第九个交易日上涨，创2017年以来最长的连 续上涨。涨幅较大的公司包括安森美半导体、英特尔和应用材料公司。人工智能基础设施一直是20 ...

Core Insights - Wuxi High-tech Zone Comprehensive Bonded Zone, covering only 3.49 square kilometers, contributes significantly to global markets, producing 14% of the world's storage chips, 20% of mechanical hard drives, 20% of chip capacitors, and 15% of optoelectronic components [1][2] Group 1: Economic Contributions - The Comprehensive Bonded Zone has attracted over 70 foreign enterprises, including major global players like SK Hynix, Murata Electronics, and Seagate Technology, with a total foreign investment of $23.8 billion [2][3] - In 2024, the bonded zone achieved a total import and export volume of 174.04 billion yuan, marking a 24.3% year-on-year increase, ranking 7th nationally and 2nd in the province [4] Group 2: Industry Characteristics - The zone is characterized by a strong focus on integrated circuits, electronic information, and optoelectronic communications, supported by international trade, cross-border e-commerce, logistics, and maintenance services [3][4] - The presence of world-renowned companies, such as Jabil Electronics, highlights the zone's role in facilitating efficient processing and logistics for foreign clients [3] Group 3: Business Environment - The Wuxi High-tech Zone Comprehensive Bonded Zone is recognized for its excellent business environment, emphasizing integrity, efficiency, and support for foreign investment [4][5] - The zone has evolved from an export processing zone to a comprehensive bonded zone since its upgrade in April 2012, showcasing its adaptability and growth potential [4]

Core Insights - The article highlights the impressive growth and operational efficiency of foreign companies, specifically Jabil Wuxi and Finisar Wuxi, in the Wuxi Comprehensive Bonded Zone, showcasing their resilience in a challenging external environment [1][5]. Group 1: Jabil Wuxi - Jabil Wuxi specializes in manufacturing a wide range of electronic products, from small components to large wind power products, emphasizing their complex engineering capabilities as a core competitive advantage [3]. - The company has achieved significant operational efficiency through high levels of automation and smart logistics, which enhance production processes and quality control [3][4]. - Established in 2004, Jabil Wuxi has been recognized as a global benchmark factory, winning the title of "Global Best Lean Factory" and excelling in the company's global excellence competitions for seven consecutive years [3]. Group 2: Finisar Wuxi - Finisar Wuxi, part of the Coherent Group, reported an industrial output value of 10.55 billion yuan in 2024, marking an 83% year-on-year increase, alongside a fiscal revenue of 109 million yuan, up 40.6% [5]. - The company has capitalized on the growth of the global OpenAI and cloud computing markets by developing the latest generation of optical module products, supported by significant investments from its headquarters [6]. - Finisar Wuxi has also expanded its operations by launching bonded logistics services and relocating its high-power laser repair center to Wuxi, indicating a strategic focus on enhancing production capacity [6]. Group 3: Wuxi Comprehensive Bonded Zone - The Wuxi Comprehensive Bonded Zone, established in 2012, is recognized for its comprehensive functions and favorable policies, contributing significantly to the region's economic performance [7]. - The zone hosts over 70 enterprises, including four Fortune Global 500 companies, and is responsible for a substantial share of global production in various electronic components [9]. - In 2024, the bonded zone achieved an import and export total of 174.04 billion yuan, reflecting a 24.3% growth, and is set to expand its area to accommodate increasing demand [9][10].