不查不知道，我居然用了三到四个云盘服务，拥有的云盘总容量高达10T。另外，在家里的犄角旮旯，我还找到若干硬盘，里头散落了一些不知 道何时存进去的照片或视频。鉴于本人收纳能力严重欠缺，一定还有漏网的硬盘躲在某个角落，我人生中某些影像记录正以零和一的形式存储其 中，极有可能永远也不能被唤醒，成为记忆尘埃。 这几天，我忙于在各个云盘和硬盘里收集整理我拍过的相片和视频。 我将所有找到的照片和视频，统一上传到某个云盘。为了以防万一，我还在硬盘里做了备份。查了一下，照片有三万多张，视频有上千条。这些 文件加起来其实不到一个T，但换算成字节，可就是上千亿计了。 我挺怀念小时候，那些拍照很隆重的岁月，但也不排斥如今这个按快门像敲键盘一样快的时代。只是，当你面对三万多张照片的时候，不能不有 一点点"害怕"——自己竟然有过那么多琐屑的瞬间。想到再过三十多年，自己老得一塌糊涂的时候，翻开几十万张记载着自己一生片段的云端相 片本，恐怕会一时找不到重点，只觉得一辈子如此杂乱无章。 或许这些记忆得以留存，它让我们每个人都成为了记忆体的"亿万富翁"，这本身便有意义。用我特别喜欢的科幻作家特德·姜在《呼吸》里的话说 便是：我们的建筑，我们的 ...

Summary of Dongshan Precision's Conference Call Industry and Company Overview - **Company**: Dongshan Precision - **Industry**: PCB (Printed Circuit Board) manufacturing, AI technology, automotive components, and consumer electronics Key Points and Arguments Financial Performance - **Revenue**: In Q3 2025, total revenue reached 27.07 billion yuan, a year-on-year increase of 2.28% driven primarily by the PCB business [4][5] - **Net Profit**: Net profit attributable to shareholders decreased by 14.61% to 1.223 billion yuan [2][4] - **Gross Margin**: Gross margin slightly improved to 13.79%, despite increased depreciation and amortization costs of 200-300 million yuan due to new capacity coming online [2][4] - **Cash Flow**: Operating cash flow net amount was 2.95 billion yuan, showing slight growth year-on-year [4] Business Segments Performance - **Soft Board Business**: Benefited from new model releases, leading to revenue recovery [2][4] - **AI Demand**: Increased demand for HDI (High-Density Interconnect) and high-layer boards due to AI applications [2][4] - **Hard Disk Business**: Maintained steady performance [2] - **Touch Display and Precision Manufacturing**: Performance was subdued due to external factors [2] - **LED Business**: Continued decline due to industry demand weakness and overcapacity [2][4] Strategic Initiatives - **AI Infrastructure**: The company is actively investing in AI-related PCB production, with phase one expected to be operational by mid-2026 [2][6] - **Acquisition of Solstice Optoelectronics**: The acquisition is progressing, with most of the share transfer payment completed [2][8] - **Apple iPhone 17**: Sales performance has been strong, with millions of Display components delivered [2][6] Future Outlook - **MOTEC AI PCD Orders**: New capacity expected to be ready by Q2 2026, primarily to meet domestic cloud service provider demands [2][7] - **Automotive Business**: Efforts to expand into domestic new energy vehicle companies are ongoing, with stable demand from overseas clients [2][7] - **CMD Acquisition**: Ongoing with plans to stabilize and optimize production capacity in Europe [3][11] Challenges and Risks - **Management Expenses**: Increased management expenses by 151 million yuan year-on-year, primarily due to intermediary fees related to acquisitions [4][21] - **Trade Conflicts**: Minimal direct impact from US-China trade tensions, with a dual circulation strategy in place [2][15] Other Important Insights - **LED and Touch Display Strategy**: Plans to dispose of underperforming LED business while continuing to develop touch display products in collaboration with partners [2][14] - **Market Position**: The company has established a strong position in the soft board market, ranking second globally and first domestically [2][22] - **Future Strategic Direction**: Focus on leveraging flexible PCBs, touch displays, and precision manufacturing to support stable cash flow and drive AI infrastructure development [2][24] This summary encapsulates the key insights from Dongshan Precision's conference call, highlighting financial performance, strategic initiatives, and future outlook while addressing challenges faced by the company.

本报（chinatimes.net.cn）记者石飞月 北京报道 "囤硬盘可比买黄金挣钱多了。"10月16日，白羽（化名）对《华夏时报》记者表示，他在今年3月花569 元买的希捷4T硬盘，如今卖价已经涨到了919元。这只是存储产品涨价的一个缩影，过去半年多以来， 全球包括芯片和设备在内的存储产品基本全线涨价，三星电子、美光科技等存储厂商纷纷宣布上调价 格。 这场席卷全球的存储涨价潮背后，是AI革命引发的行业结构性变革。随着人工智能浪潮席卷全球，市 场对高端存储芯片的需求彻底爆发，三星电子、美光科技等头部厂商的产能纷纷向高利润的高端存储芯 片领域产品倾斜，导致传统存储产品供不应求。不过，这场变革在引发全球供应链震荡的同时，也为国 产存储厂商带来了前所未有的市场机遇。 头部厂商纷纷提价 "现在全球的存储产品都在涨价。"10月16日，一位电脑组件专营店的工作人员告诉记者。他以一款当前 售价为399元的三星DDR4内存条为例，透露其价格已比之前上涨了数十元。在另一家内存专卖店中， 记者咨询了一款标价429元的SK海力士DDR4内存条。店员称，该产品目前较涨价前已上调近百元。"这 波涨价已经持续了一段时间，目前仍在继续。 ...

Group 1 - The Ministry of Ecology and Environment emphasizes the need to strengthen tracking research on new technologies such as fusion [1] - The storage industry is experiencing a significant price increase, with contract prices from South Korean manufacturers expected to rise by 20%-30% [2] - Major cloud service providers are projected to increase capital expenditures to over $420 billion in 2025, driven by AI server demand and GPU procurement [3] Group 2 - UBS indicates that if the MSCI China Index drops to 74, it will attract strong buying interest from investors [4] - CITIC Securities continues to recommend the energy storage sector, highlighting the positive fundamentals of the lithium battery industry [5] - Shanghai has officially launched a high-end medical device cluster, aiming to significantly increase the number of approved medical devices by 2027 [6] Group 3 - China Unicom has officially opened a nationwide reservation channel for eSIM services, with over 60,000 reservations already made [7] - Shanghai has achieved 37 overseas licensing transactions for innovative drugs in the first eight months of this year, amounting to $18.8 billion [8] - The Shanghai Environment and Energy Exchange has launched the "CSI Shanghai Environment Exchange Green Transition Index" to guide capital towards green transformation [9] Group 4 - Future Intelligence has completed a Series A financing round led by Ant Group, marking its third investment round this year [10]

Group 1: Nuclear Fusion - The CRAFT facility achieved significant progress with the successful testing and acceptance of the prototype component for the divertor, which has a steady-state thermal load capacity of 20 MW/m² and a plasma-facing surface alignment error of less than 1 mm, marking a successful development of the largest and highest thermal load divertor prototype designed in China [1] - Guojin Securities believes that controllable nuclear fusion has become a key focus in the energy strategies of major global economies, with China accelerating relevant policies to lead the development of the controllable nuclear fusion industry [1] Group 2: Storage Chips - Major manufacturers have decided to halt DDR4 production, leading to an ongoing supply shortage and significant price increases, with contract prices expected to rise by 20%-30% [1] - The demand for NAND flash memory is driven by cloud service providers, and shortages are expected to continue into the first half of next year [2] Group 3: eSIM Technology - China Unicom launched a nationwide reservation channel for eSIM services, with over 60,000 reservations already made, indicating preparation for the upcoming iPhone Air [3] - eSIM technology is expected to drive the transition to a "cardless era" in mobile devices, with GSMA Intelligence predicting that global eSIM smartphone connections will reach 1 billion by the end of 2025 and 6.9 billion by 2030 [3] Group 4: Solid-State Batteries - A breakthrough in solid-state lithium batteries was achieved by introducing iodine ions into sulfide electrolytes, significantly improving the interface contact and achieving a capacity retention rate of 90.7% after 2400 cycles at a current density of 1.25 mA/cm² [4] - The global market for solid-state batteries is projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan, and China is expected to capture 40% of the global market share [5] Group 5: Charging Infrastructure - China has built the largest charging facility network in the world, with 17.348 million charging facilities by the end of August 2025, equating to two charging stations for every five vehicles [5]

刘某说，被抢行李箱内的平板电脑、硬盘和给女儿的礼物均已丢失，最终只能带着留有弹孔的背包回 国。他还说，警方告诉他，巴西持枪抢劫案频发，追回失物希望渺茫。 报道称，刘某10月5日在网络上分享这段经历时感慨自己实在幸运。结合此次遭遇，他特别提醒赴巴西 游客注意安全：比如不要在室外闲逛，避免穿着醒目服装或携带行李箱行走，最重要的是面对持枪劫匪 时应留下财物保护自己。 该经历还引发网民热议，有人祝福"大难不死必有后福"，还有网友建议"跨国企业应当为员工提供适当 的安全培训"。 【环球网报道 记者 赵建东】据香港《南华早报》9日报道，一名中国商人近日在巴西遭遇持枪抢劫，歹 徒对他开枪但他没有感到疼痛，以为歹徒用的是假枪，几小时后这名男子在机场过安检时却发现一颗子 弹嵌在他的笔记本电脑里。 报道称，这名男子姓刘，当地时间10月1日工作结束后他叫了一辆出租车去机场准备回国。为了透口 气，刘某并未在酒店内等候，而是步行至百米外的加油站等待出租车，这时一辆黑色汽车突然停在他面 前，从车里下来一名戴黑色面罩的男子，手里拿着枪冲向他。刘某抓起装有护照、钱包、笔记本电脑的 背包就跑，途中他回头看见劫匪朝他开了两枪，但因没有感到任何疼 ...

Summary of Conference Call Notes Industry Overview - The conference call focuses on the hard disk drive (HDD) industry, particularly the companies Seagate and Western Digital (WD) [1][2]. Key Insights and Arguments - **Nearline Storage Demand**: There is a significant increase in nearline storage demand, with a projected growth rate of 25% over the next three years. HDD supply shortages are expected to persist until 2026, granting pricing power to Seagate and WD, which will drive the adoption of high-capacity HDDs and the application of Hammer technology [1][3]. - **Cloud Computing Capital Expenditure**: There is a strong correlation (R-squared of 0.9) between cloud computing capital expenditure and HDD revenue growth. Continuous upward adjustments in cloud capital spending indicate robust growth potential for HDD revenues, benefiting related companies [1][4]. - **Impact of Artificial Intelligence (AI)**: The shift in AI towards multimodal reasoning is leading to an exponential increase in data storage needs, as the volume of generated data (images, videos) far exceeds that of text files. This trend is expected to significantly drive HDD demand [1][5]. - **Supply Shortages and Pricing Power**: The ongoing HDD supply shortage is providing Seagate and WD with pricing power, encouraging customers to adopt higher-capacity HDDs. This situation is also promoting the use of profit-generating technologies like Hammer, with Seagate's gross margin expected to reach 40% by the end of fiscal year 2026 [1][6]. - **Valuation of WD and Seagate**: The valuation methods for WD and Seagate involve comparing them with semiconductor hardware and networking companies related to data centers. Despite leading in revenue growth and cloud service revenue share, their price-to-earnings ratios are relatively low. Regression analysis suggests that their current enterprise value/sales ratio of 4-4.5 should rise to around 8, indicating significant upside potential. Target prices are set at $171 for WD and $265 for Seagate [1][7][8]. Other Important Insights - **Beneficiaries of the HDD Cycle**: The long-term strong HDD cycle not only benefits WD and Seagate but also positively impacts TDK (a key supplier of HDD heads and arms), Hoya (the sole supplier of glass substrates for HDD heads), and storage companies like SanDisk and Micron, which are also rated as buy due to the current strong NAND flash cycle driven by HDD shortages [2][9].

Market Overview - The market opened lower but rebounded throughout the day, with the ChiNext Index rising over 2% and the STAR 50 Index increasing by more than 3% [1] - The semiconductor sector saw significant gains, with over 20 stocks hitting the daily limit, including ShenGong Co., Jiangfeng Electronics, and Northern Huachuang [1] - The total trading volume reached 2.34 trillion yuan, with more than 4,400 stocks in the Shanghai, Shenzhen, and Beijing markets closing higher [1] Semiconductor Equipment - The semiconductor equipment sector experienced a surge, with Longchuan Technology hitting a 20% limit up and major players like Tongfu Microelectronics and Northern Huachuang also seeing gains [4] - Reports indicate that the price of the last 3nm process CPU has increased by approximately 20%, with a further expected increase of over 50% for the upcoming 2nm process [4] - The domestic storage leader, Yangtze Memory Technologies, has established its third phase, contributing to rising prices in memory and flash chips [4] Robotics - The robotics sector showed signs of recovery, with stocks like Awat New Materials and Hongdou Co. hitting the daily limit [7] - Alibaba announced a collaboration with NVIDIA for Physical AI at the 2025 Alibaba Cloud Conference, indicating a growing interest in AI applications [7] - The emergence of companies focused on embodied intelligence is driving the development of humanoid robots, with significant participation from domestic and international firms [7] Solid-State Batteries - The solid-state battery sector continued to strengthen, with leading companies like XianDao Intelligent reaching new historical highs [9] - Multiple automakers plan to adopt all-solid-state batteries around 2027, accelerating the industry's commercialization process [11] - The National Energy Administration is promoting the establishment of a high-safety battery storage system, including solid-state battery technologies [11][17] Photovoltaics - The photovoltaic sector saw a collective surge, with TCL Technology and other major players like Sunshine Power and Longi Green Energy experiencing significant gains [12] - The price index for polysilicon has slightly increased, with market demand remaining strong despite some production adjustments expected in October [14] - The industry is undergoing a "reverse internal competition" initiative, aiming to improve supply-side conditions and enhance product quality [14]

Core Viewpoint - The semiconductor sector in the A-share market has shown significant strength, with multiple stocks experiencing substantial gains, driven by rising prices in advanced semiconductor manufacturing processes and supply shortages in related components [1][2]. Group 1: Stock Performance - ShenGong Co. (688233) reached a 20% increase, closing at 44.51 with a total market value of 75.80 billion and a year-to-date increase of 90.29% [2]. - Jiangfeng Electronics (300666) rose by 15.97%, with a latest price of 95.50 and a market capitalization of 253 billion, reflecting a year-to-date increase of 38.09% [2]. - Changchuan Technology (300604) saw a 14.24% increase, closing at 91.70 with a market value of 578 billion and a year-to-date increase of 108.26% [2]. - Other notable performers include Huicheng Co. (688403) with a 13.30% rise, MicroNano (12.52%), and Shengmei Shanghai (10.19%) [2]. Group 2: Market Drivers - Industry reports indicate that TSMC's last-generation 3nm CPU prices have increased by approximately 20% compared to the previous generation, with a further expected price increase of over 50% for the upcoming 2nm process [1]. - The semiconductor inflation is being fueled by high demand and supply shortages for memory chips and hard drives, contributing to the overall market strength [1].

Group 1 - The storage industry has seen a significant transformation, with established companies like Seagate Technology and Western Digital becoming popular among investors, experiencing stock price increases of 156% and 137% respectively over the past year [1] - The surge in demand for AI infrastructure has allowed these traditional companies to emerge as key players, as their hard drives are essential for training AI models, while Micron's high-bandwidth DRAM memory is also crucial for AI computing [1][2] - There are concerns about a potential bubble in the market, drawing parallels to the internet boom of the late 1990s, as secondary and tertiary stocks are rapidly gaining attention in the later stages of the market cycle [1] Group 2 - The surge in AI infrastructure investment is beneficial for chip manufacturers, with major companies like Microsoft and Alphabet investing heavily in hardware to support AI workloads, leading to increased market interest in stocks of companies like Seagate and Western Digital [2] - The prices of memory and hard drives have risen significantly due to the expanding influence of AI, with companies like Micron frequently adjusting product pricing in response to market demand changes, reflecting future demand expectations [2] - While established storage companies are beginning to share in the market benefits brought by AI, concerns about an AI bubble and the rapid pace of stock price increases remain pressing issues for the industry [2]