2026年开年，存储芯片涨价潮仍在持续升级，这股涨价势头已从上游芯片制造端全面传导至消费电子、AI 硬件、AIoT终端等下游领域，引 发终端产品涨价、出货量下修等连锁反应。 据行业最新数据，2026年第一季度通用型DRAM合约价格环比涨幅将达55%至60%，NAND闪存产品价格也将上升33%至38%，其中消费级 大容量QLC产品涨幅不低于40%。另据韩媒报道，三星电子与SK海力士计划在2026年第一季度将服务器DRAM价格较2025年第四季度提升 60%-70%。报道称，两家公司同时向个人电脑与智能手机DRAM客户提出了相近幅度的涨价方案。 "存储价格2023年三季度已走出历史底部，2024年为首轮强反弹，2024年四季度至2025年上半年的'回调+品类分化'小周期后， 真正全面、宽 基的强上行大概率在2026年兑现。 "有券商电子研究员在接受《科创板日报》记者采访时表示， 本轮周期的核心驱动是需求错配、资本开支 与技术迁移，周期或将持续到2026年末甚至2027年。 笔电龙头集体调价 出货量预期下修 台湾工商时报援引业内消息称，模组厂普遍面临颗粒短缺与下游配货压力，大型模组厂实际获取的颗粒量仅为原需求的30 ...

开栏语 2025年，是全球经济在复苏与重构中寻找新平衡的一年，也是中国产业在经历了数年技术积淀、市场激 荡与模式探索后，进入深度分化与价值重塑的关键节点。我们不再仅仅追逐风口，而是更冷静地审视风 口之下正在发生的改变：存储芯片"超级周期"搅动市场，国产正凭借成熟的性能、稳定的供应突围； 新能源汽车穿越价格战，驶向全球化的深海；金价暴涨，点燃一场现代淘金热；AI大模型卸下炫技光 环，沉入产业毛细血管；短剧现象则掀开了内容消费的底层革命。 这一年的核心叙事是分化与沉淀，当所有行业都在接受价值的重新丈量，真正的机遇只属于那些穿透周 期噪音、构筑内生力量的建设者。我们在此记录这场静默而深刻的重塑——潮水退去时，留在岸上的才 是这个时代真正的重量。 图/IC 风浪越大鱼越贵，刘成就坐上了芯片这艘船。 "不可思议。"在深圳华强北经营电子器件生意二十余年的刘成明显感受到这个行业的巨浪。他回忆，自 己从U盘、MP3时代一路走来，经历过多次存储芯片周期，"但这一次涨价的幅度和持续时间，超乎想 象"，而收益也随之实现了"一年顶三年"。 AI热潮引发需求爆发，叠加国际大厂产能调整，存储芯片价格一路飞涨。今年以来，DRAM与NAND ...

Core Viewpoint - The prices of solid-state drives (SSDs) and memory chips have surged dramatically, driven primarily by increased demand from the AI industry, leading to a significant imbalance between supply and demand [12][24]. Price Trends - A 2TB SSD that was priced at 478 yuan two years ago has now increased to 1199 yuan, indicating a substantial price hike [2][17]. - The price of 32GB DDR5 memory has risen from around 700 yuan in mid-September to approximately 1300-1500 yuan, reflecting an increase of over 100% in just two months [6][8]. Market Dynamics - Major storage manufacturers like Samsung and SK Hynix have confirmed that prices for DRAM and NAND flash memory are expected to rise by up to 30% by Q4 2025 [8][21]. - The current market is characterized by extreme volatility, with prices changing rapidly, sometimes within a single day [10]. AI Impact - The demand for high-bandwidth memory (HBM) has surged due to the needs of AI model training, which requires significantly more memory than traditional servers [13][15]. - The shift in focus from DDR4 and DDR5 to HBM by major manufacturers has led to a reduction in the production of consumer-grade memory, further driving up prices [15][24]. Consumer Electronics - The price differences in smartphones have widened significantly due to rising storage costs, with the price gap between different memory configurations increasing from around 300 yuan to as much as 900 yuan [19][20]. - Xiaomi executives have acknowledged the unsustainable rise in storage costs, indicating that consumers may have to accept these higher prices [20]. Future Outlook - Analysts predict that the price increases driven by AI demand will continue at least until 2026, with no immediate relief in sight for consumers [21][22]. - The current situation is distinct from previous price surges, as it is fundamentally driven by technological advancements in AI rather than mere market manipulation [24].

Core Insights - The price increase of the Redmi K90 series is attributed to the significant rise in memory costs, which has affected multiple smartphone manufacturers [2][6][24] - The surge in memory prices is primarily driven by the booming demand for AI-related products, particularly from companies like NVIDIA, which has led to a reallocation of production capacity away from traditional memory products [7][12][24] - The smartphone market is expected to experience a polarization, with high-end brands like Apple and Huawei less affected by memory price increases compared to budget brands like Xiaomi and OPPO, which may struggle to maintain profitability [13][17][24] Price Increases and Market Dynamics - The Redmi K90 standard version is priced at 2599 yuan, which is 300 yuan more than its predecessor, with additional costs for higher storage options [2] - Many smartphone manufacturers, including Xiaomi, OPPO, and Vivo, are facing pressure to increase prices due to rising memory costs, with some already raising prices for flagship models [18][19] - TrendForce predicts that the overall smartphone prices will increase by 5%-15% in 2026, with an average increase of around 500 yuan per device [18][24] Impact of AI on Memory Prices - The demand for AI computing has drastically increased the need for high-bandwidth memory (HBM), leading manufacturers to prioritize HBM production over traditional memory types [9][12] - The profit margins for HBM are significantly higher than those for standard mobile memory, incentivizing manufacturers to allocate more resources to AI-related products [12][11] - The current memory price surge is expected to last longer than typical cycles due to cautious production expansion by suppliers fearing an AI bubble [24] Consumer Experience and Product Adjustments - Many smartphone manufacturers are resorting to reducing specifications in new models to offset rising costs, which has become a common practice in the industry [19][22] - The reduction in features, such as screen resolution and camera quality, reflects a broader trend of cost-cutting measures in response to increased material costs [22] - The high-end brands like Apple and Huawei are less likely to pass on costs to consumers, maintaining their pricing strategies without significant adjustments [16][17]

Core Insights - Xiaomi Group reported Q3 financial results with revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit reached 11.3 billion yuan, up 80.9% year-on-year, setting a historical record [1] - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan, down 3.2% year-on-year, but shipment volume has increased for nine consecutive quarters [1] Revenue Breakdown - IoT and lifestyle products revenue was 27.6 billion yuan, a year-on-year increase of 5.6% [1] - Internet services revenue reached 9.4 billion yuan, up 10.8% year-on-year, with overseas internet revenue hitting a historical high of 3.3 billion yuan [1] - Revenue from innovative businesses such as smart electric vehicles and AI exceeded 29 billion yuan, growing over 199% year-on-year [1] Market Position - Xiaomi's 17 series smartphones sold approximately 2.118 million units by the 45th week of 2025, ranking second in sales, following Apple's 9.471 million units [3] - The 17 series has shown strong performance since its launch in September, with a significant market share compared to competitors like vivo and OPPO [3] Pricing Challenges - Global storage chip prices have risen significantly, impacting the consumer electronics sector and leading to price increases across various smartphone brands [3][5] - Xiaomi's Redmi K90 series faced criticism for large price gaps between different storage versions, attributed to rising storage costs [3] - The company anticipates that the pressure from rising costs will be greater in the coming year, potentially leading to significant retail price increases [5] Strategic Responses - Xiaomi has secured supply agreements with partners for 2026, ensuring stable supply despite rising costs [6] - The company plans to absorb part of the increased memory costs through price adjustments while also improving product structure to mitigate the impact [6] - The focus on high-end product offerings is seen as a key strategy to manage price volatility and enhance profitability [6][7]

Group 1 - The A-share market continues to show weakness, with the three major indices experiencing fluctuations and declines, while the Kexin 50 ETF (588000) shows a narrowed increase of 0.77% in the afternoon session [1] - The semiconductor sector remains strong, with key stocks such as Cambrian Technology rising over 3%, and Jingchen shares increasing by 15%, indicating robust performance in this industry [1] - A price surge in storage chips is noted, with Samsung's 32GB DDR5 server memory contract price soaring by 60% compared to September, and SanDisk raising NAND flash contract prices by up to 50%, leading to a halt in shipments by some module manufacturers [1] Group 2 - The semiconductor industry's positive outlook is supported by favorable demand from AIGC and consumer sectors, with expectations for accelerated domestic semiconductor industry localization [1] - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, aligning well with the development of cutting-edge industries like artificial intelligence and robotics [2] - The ETF also covers various high-tech fields, including semiconductors, medical devices, software development, and photovoltaic equipment, suggesting a strong long-term growth potential for China's hard technology sector [2]

Core Viewpoint - The price of various storage products has significantly increased since April, with some products experiencing price hikes of up to three times, driven by supply shortages and rising demand, particularly from the AI sector [1][2][7]. Price Trends - Storage product prices have generally doubled, with specific examples showing a 300% increase, such as a 64GB memory module rising from around 1000 yuan to 4200 yuan [2][4]. - The price of 16GB DDR4 memory modules has increased from under 200 yuan at the beginning of the year to over 400 yuan by mid-November [4]. Market Dynamics - The surge in storage prices is attributed to a supply-demand imbalance, primarily influenced by the expansion of AI data centers and increased capital expenditure by major tech companies [7][8]. - Major companies like Alibaba and Microsoft are investing heavily in AI infrastructure, further driving demand for high-capacity storage solutions [7]. Industry Impact - The price increases are affecting the consumer electronics market, leading to higher prices for products like computers and smartphones, with assembly shops reporting a decline in orders due to increased costs [10]. - Smartphone manufacturers, including Xiaomi, have acknowledged that rising storage costs are forcing them to increase product prices or reduce storage configurations [10]. Opportunities for Domestic Manufacturers - The current shortage in the storage market presents a significant opportunity for domestic manufacturers to capture market share as global competitors reduce their presence [11].

Core Viewpoint - The article discusses the significant price increase in memory products, particularly DRAM and SSDs, driven by a "super cycle" in the memory supply chain, influenced by rising demand from the AI industry and structural supply constraints [5][17][29]. Group 1: Price Trends - The price of 16GB DDR4 memory has surged from around 200 RMB to over 400 RMB within a year, with some models increasing by more than 300% [10][12]. - The price of high-end DDR5 memory has also doubled, with some models reaching prices close to 2000 RMB, reflecting a significant increase in demand [12][20]. - The average price of mainstream 1TB PCIe4.0 SSDs has risen by over 60% since the beginning of the year, with some models seeing price hikes of up to 80% [15]. Group 2: Demand Drivers - The AI industry's growth is the primary driver of increased demand for memory, with AI servers requiring eight times more DRAM than standard servers [18][20]. - The demand for memory is further exacerbated by the recovery of the consumer electronics market and the rise of smart technologies, such as smart cars, which require higher storage capacities [25][29]. Group 3: Supply Constraints - Major memory manufacturers like Samsung and SK Hynix are shifting production towards high-end chips, reducing the supply of DDR4 memory [21][22]. - The discontinuation of DDR4 production by leading manufacturers indicates a persistent supply shortage, which is expected to last until at least mid-2026 [24][22]. Group 4: Market Speculation - Speculative behavior in the market has amplified price volatility, with some dealers hoarding memory products in anticipation of further price increases [26][28]. - The article warns that while there may be opportunities for profit, the risks associated with speculation in the memory market are high, and many may end up as "bag holders" [30][36]. Group 5: Future Outlook - The transition from DDR4 to DDR5 and HBM is irreversible, suggesting that the memory market will continue to see price increases [29]. - Domestic memory manufacturers are expected to gain market share as they ramp up production, potentially stabilizing prices in the long term [36].

Core Insights - The article discusses the significance of entrepreneur IP in corporate online promotion and presents a ranking of entrepreneur influence on Douyin based on various metrics such as follower count, engagement, and content performance [1] Group 1: Entrepreneur IP Rankings - The top-ranked entrepreneur is Yu Chengdong from Huawei, with 17.587 million followers, gaining 1.112 million new followers in October, and receiving 943,000 likes on his content [2][7] - Lu Weibing from Xiaomi ranks second, with 2.797 million followers, adding 135,000 new followers and achieving 859,000 likes through 22 posts focused on the REDMI K90 series [2][9] - Zhou Yunjie from Haier ranks third, with 1.804 million followers, gaining 270,000 new followers and receiving over 2.07 million likes across 12 posts [2][11] Group 2: Content Performance and Engagement - Yu Chengdong's content primarily revolves around technology education and product promotion, with a notable video on noise-canceling headphones receiving over 250,000 likes [7] - Lu Weibing's most engaging post featured a product showcase and a lottery, which attracted over 270,000 participants [9] - Zhou Yunjie's content combines humanistic themes with technological strength, including a viral Mid-Autumn Festival video that garnered over 700,000 likes [11] Group 3: New Entrants and Trends - New entrants to the ranking include Xu Fei from Xiaomi, who gained 18,000 followers and received 293,000 likes on 10 posts [3] - The article notes a trend of entrepreneurs leveraging social media to enhance brand visibility and engage with audiences through storytelling and product promotion [18]

Core Insights - The article discusses the rising prices of flagship smartphones in China as companies prepare for the Double Eleven sales period, highlighting the impact of increased component costs, particularly for storage [2][5][6] - The competition among smartphone manufacturers is shifting from price wars to a focus on product quality, brand strength, and user experience [3][13] Price Trends - Many smartphone manufacturers have reported price increases for their standard flagship models compared to previous generations, with some models seeing price hikes of over a hundred yuan [5][6] - Realme's GT8 Pro model has crossed the 5000 yuan price point, indicating a willingness to explore higher price segments despite rising costs [6][7] Market Dynamics - The reduction in consumer subsidies has led to a more competitive environment where brands must rely on their product offerings and brand appeal to attract customers [3][10] - The high-end smartphone market is experiencing growth, with Chinese brands like Xiaomi and Vivo reporting significant sales increases in the premium segment [7][10] Component Costs - The rising costs of components, especially storage chips, are affecting pricing strategies across the industry, with manufacturers facing pressure to balance profitability and competitiveness [5][8][13] - Companies are exploring different pricing strategies based on market characteristics, with some adopting conservative price increases while others implement slight hikes to maintain market share [8][10] Product Development Focus - Manufacturers are increasingly investing in product differentiation through enhanced features such as gaming performance and camera capabilities, targeting specific consumer segments [10][12] - Collaboration with imaging technology firms, like Realme's partnership with Ricoh GR, is becoming a trend to enhance product offerings and meet consumer demands [12][13] Future Outlook - The competition in the high-end smartphone market is expected to intensify, with brands focusing on product innovation, self-developed chips, and user insights to create a competitive edge [13][14] - The Double Eleven sales event is seen as a critical test for brands to demonstrate their ability to balance cost and user experience, which will influence their future market positioning [13][14]