证券研究报告 行业研究 / 行业点评 2025 年 09 月 02 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：华虹半导体筹划收购华力微 控股权》2025-08-25 《电子行业周报：Amazfit 产业链迎来业绩拐 点》2025-08-20 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 NVIDIA 推出 Jetson AGX Thor 超级 电脑 ——电子行业周报（2025/8/25-8/29） 风险提示：1）国际贸易摩擦加剧 2）下游需求不及预期 3）技术升级进度滞后 《人工智能月度跟踪：WAIC 2025 聚焦多种大 模型、AI 算力芯片和服务器》2025-08-18 《电子行业专题报告：全品类科技硬件产品的 贸易风险分析》2025-08-15 《电子行业点评：AI 时代半导体的变与不变》 2025-08-13 请仔细阅读在本报告尾部 ...

Core Viewpoint - SK Hynix's launch of the 321-layer 2Tb QLC NAND flash memory marks a significant technological breakthrough and a strategic move to tap into the AI data center market, potentially signaling the start of a new storage cycle [1][2][3]. Industry Cycle Dynamics - The storage chip industry is characterized by pronounced "bullwhip effects," where minor demand fluctuations lead to significant inventory and price volatility [4]. - The industry has historically experienced cycles of oversupply leading to price crashes, followed by recovery phases driven by demand resurgence [5]. Strategic Positioning - SK Hynix's introduction of the 321-layer QLC NAND is a bet on the structural demand brought by the AI wave, positioning itself to capture the growing AI data center market [6][7]. - The AI sector is currently the largest incremental demand source for the global semiconductor industry, with a focus on balancing capacity, performance, and cost [7]. Competitive Landscape - The global NAND market is dominated by four major players: Samsung, SK Hynix, Micron, and Kioxia, with SK Hynix aiming to leverage QLC technology to penetrate the AI data center segment [8][9]. - The competitive dynamics are shifting as companies adapt to the 300-layer demand phase, with SK Hynix focusing on QLC as a breakthrough strategy [9]. Investment Logic - Securing large-scale AI clients could grant significant pricing power in the next 2-3 years, as the growth certainty in the AI market surpasses that of traditional consumer electronics [10]. - The 321-layer QLC NAND serves not only as a product but also as a strategic asset for SK Hynix to enhance its bargaining power [11]. Profitability Considerations - The profitability of storage manufacturers is heavily influenced by their ability to manage cost curves relative to price declines, with higher storage density potentially reducing unit costs [12]. - SK Hynix's recent performance in the NAND sector has been lackluster, making the QLC launch a strategic choice to seek a recovery in profit margins [12]. Capital Expenditure Strategy - Capital expenditure is a critical variable in the semiconductor industry, where over-investment can lead to oversupply and under-investment can result in missed opportunities [13]. - SK Hynix's decision to launch high-layer QLC NAND amid a general contraction in capital spending reflects a counter-cyclical strategy aimed at gaining a technological edge [13][14]. Long-term Contracts and Market Stability - Data center clients prefer long-term supply agreements to ensure stable supply and cost control, which could lead to significant contracts for SK Hynix if the 321-layer QLC proves successful in AI applications [14][15]. - Such contracts would not only stabilize revenue but also enhance predictability in cash flow and profitability, potentially increasing market valuation multiples [16]. Valuation Implications - The successful integration of the 321-layer QLC into data centers could serve as a revenue growth driver and a factor in restructuring valuation frameworks [17]. Geopolitical Considerations - The semiconductor industry faces geopolitical uncertainties, with policies from the US, Japan, South Korea, and China influencing supply chain security [18][19]. - SK Hynix's advancement in high-density NAND production aligns with national strategic interests in AI infrastructure, reflecting the interplay between technology and geopolitical positioning [20]. Investment Trends - The launch of the 321-layer QLC NAND is seen as a potential catalyst for a new upward cycle in the storage industry, driven by counter-cyclical technological advancements [20][21]. - The demand from AI data centers provides a structural growth opportunity, while early entry into AI applications may enhance SK Hynix's pricing power in the global NAND market [21].

Group 1: Technology Sector Developments - Huawei Cloud is adjusting its R&D organization to enhance cloud services and invest more resources in AI and computing industries, particularly focusing on the Pangu model [2] - Elon Musk's xAI has filed a lawsuit against OpenAI and Apple, accusing them of illegal collusion to hinder competition in the AI sector [3] - Waymo, a subsidiary of Alphabet, has received the first permit for autonomous vehicle testing in New York City, planning to test eight self-driving cars in Manhattan and Brooklyn [4] Group 2: Automotive Industry Updates - Huawei's HarmonyOS Intelligent Mobility has launched its first model priced below 200,000 yuan, with pre-sales starting at 169,800 yuan, marking a shift towards more affordable offerings [5] Group 3: Financial Performance and Market Reactions - Pinduoduo reported Q2 2025 revenue of approximately 104 billion yuan, with a year-on-year growth slowdown to 7% and a net profit decline of 4%, indicating a focus on long-term ecological investments over short-term profits [6] Group 4: Semiconductor and AI Innovations - SK Hynix has begun mass production of its 321-layer QLC NAND flash memory, targeting the AI data center market for 2024 [13] - Suiryan Technology and Xizhi Technology have launched China's first xPU-CPO optoelectronic co-packaged chip, enhancing communication density by 40% [14] - Chipmaker Chipone reported a significant increase in new ASIC design orders, with a 700% quarter-on-quarter growth, driven by demand in AI [11] Group 5: Corporate Actions and Investments - Beijing Junzheng plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [15] - Tianyue Advanced announced that its shareholder plans to reduce its stake by up to 2% due to funding needs [16] - Lianchuang Electronics intends to repurchase a 33.33% stake in Hefei Zhixing Optoelectronics for 107 million yuan, consolidating its ownership [17] - Huazhi Technology plans to invest 10 million yuan in an industry fund focused on embodied intelligence [18] - Songyan Power has completed a multi-billion A++ round of financing, marking its third round of funding this year [19]