公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：本文编译自SEMI 。 细分市场增长 预计逻辑与微电子领域将引领设备扩张，2026 年至 2028 年期间总投资额将达到 1750 亿美元。预计 代工厂将成为这一增长的主要驱动力，而这主要得益于 2 纳米以下工艺的产能扩张。关键推动因素包 括环绕栅极 (GAA) 架构和背面供电等先进技术，这些技术对于提升芯片性能和功耗效率，以应对日 益苛刻的人工智能工作负载至关重要。更先进的 1.4 纳米工艺技术预计将于 2028-2029 年实现量 产。此外，人工智能性能的提升预计将推动边缘设备（包括汽车电子、物联网应用和机器人技术）的 大幅增长。除了先进工艺之外，所有节点和各种电子设备的需求预计将大幅增长，从而推动成熟工艺 设备的投资。 预计内存细分领域将位居第二，三年支出总额达 1360 亿美元，标志着该细分领域开启新一轮增长周 期。预计 2026 年至 2028 年，DRAM 相关设备投资将超过 790 亿美元，其中 3D NAND 投资将达 到 560 亿美元。人工智能训练和推理推动了各类内存需求的全面增长。人工智能训练需要更大的数 据传输带宽和极低的延迟，显 ...

Core Insights - Changjiang Storage Technology Co., Ltd. (Chang Storage Group) has officially established its joint-stock company and elected its first board of directors, marking a significant step in its shareholding reform and governance structure upgrade [1][2] Group 1: Company Overview - Chang Storage Group is a key player in the domestic semiconductor industry, headquartered in Wuhan, Hubei, and has developed a diversified and collaborative industrial ecosystem [2] - The company covers core sectors including manufacturing, foundry, packaging and testing, industrial investment, park operation, and innovation incubation, forming a complete value chain from product R&D to production and investment [2] Group 2: Market Position and Future Prospects - Chang Storage's wholly-owned subsidiary, Changjiang Storage, is the only 3D NAND manufacturer in China and has secured over 10 billion in financing from a diverse range of stakeholders, including state-owned, private, industrial, and financial capital [2] - The current global AI computing boom is driving up demand for storage chips, and the recent share reform is expected to inject new momentum into the company's technological breakthroughs, capacity expansion, and domestic substitution process, positioning it to seize growth opportunities in the global storage chip market [2]

Market Overview - The market experienced fluctuations with the ChiNext index dropping over 2% in the afternoon session. AI hardware stocks, such as optical modules, faced declines, while the wind power sector saw significant gains with companies like Weili Transmission and Jixin Technology hitting the daily limit. Overall, more than 3,300 stocks in the Shanghai and Shenzhen markets were in the red, with a total transaction volume of 2.17 trillion yuan [1]. Wind Power Sector - The wind power sector surged today, with companies like Jixin Technology and Jiaze New Energy achieving consecutive daily limits. The sector is catalyzed by China's commitment to reducing greenhouse gas emissions by 7%-10% from peak levels by 2035 and increasing wind and solar power capacity to six times that of 2020, targeting 3.6 billion kilowatts. Morgan Stanley predicts an acceleration in wind power installations during the 14th Five-Year Plan, with annual additions exceeding 110 GW, driven by favorable pricing and demand for offshore wind projects [4][6]. Domestic Chip Sector - The domestic chip sector remained active, with companies like Yangyuan Beverage and Xianglong Electric achieving consecutive daily limits. Changjiang Storage Technology recently completed its shareholding reform, indicating a valuation of 160 billion yuan. JPMorgan has raised its global storage market forecast, predicting a market size of nearly $300 billion by 2027, driven by increasing demand from cloud service providers [7][9]. New Energy Vehicles - The new energy vehicle sector saw significant gains, with companies like Zhejiang Xiantong and Tianqi Mould hitting daily limits. The launch of the new AITO M7 model saw over 10,000 units reserved within five minutes and over 30,000 in one hour. Analysts suggest that the integration of intelligent technologies in vehicles is expected to drive sales growth, supported by favorable policies and increasing market penetration of new energy vehicles [10][12]. Other Active Sectors - Other sectors such as environmental protection and military industry showed notable activity, while pharmaceuticals and PCB sectors experienced the largest declines [12].

（一）重要市场新闻 点评：存储器市场此轮涨价潮的背后，主要受云端服务提供商（CSP）需求推动。云服务供应商在2025 财年资本支出提高180亿美元，直接推高了AI领域对存储的需求。美光将在9月23日发布的2025财年第 四季度财报中给出远超市场预期的业绩指引。存储行业的持续回升主要由产能受限和超出预期的需求推 动。多家超大规模云厂商对NAND企业级固态硬盘的大额追加订单，正将NAND供给从消费市场转向企 业市场。CFM闪存市场指出，DRAM价格指数半年内上涨约72%，预计四季度企业级存储价格将上 涨。概念股包括同有科技、力源信息、朗科科技等。 2、9月24日，数字人民币国际运营中心业务平台推介会在上海举行，向各相关机构集中宣传介绍数字人 民币跨境数字支付平台、数字人民币区块链服务平台及数字资产平台功能，标志着数字人民币国际运营 中心正式运营。中国人民银行副行长陆磊表示，中国人民银行致力于为改善全球跨境支付体系提供开 放、包容和创新的解决方案，提出的"无损、合规和互通"三原则已成为法定数字货币跨境基础设施建设 的基本准则，目前已初步构建数字人民币跨境金融基础设施体系。据介绍，数字人民币跨境数字支付平 台探索运用 ...

（原标题：长江存储母公司 长存集团完成股改） 产业版图来看，长存集团已逐步构建了"闪存制造、晶圆代工、封装测试、产业投资、园区运营与创新 孵化"等业务板块协同发展的产业生态。该业务体系涵盖了从产品研发、生产制造到产业投资、创新孵 化的全价值链环节，共同增强了长存集团的综合实力。 从技术实力看，长存集团已成为国内半导体产业发展的重要推动力量。其全资子公司长江存储系国内唯 一的3D NAND原厂，注册资本约1246亿元。在胡润研究院最新发布的《2025全球独角兽榜》中，长江 存储以1600亿元估值首次入围，位列中国十大独角兽第9位、全球第21位，成为半导体行业估值最高的 新晋独角兽。 为进一步扩大产能与技术优势，9月5日，长江存储与湖北长晟三期共同出资207.2亿元成立长存三期 （武汉）集成电路有限责任公司，其中长江存储出资104亿元、持股50.1931%；湖北长晟三期出资103.2 亿元，持股49.8068%。 9月25日，长江存储母公司长江存储科技控股有限责任公司（下称"长存集团"）召开股份公司成立大 会，大会还选举产生了股份公司首届董事会成员。此举意味着长存集团股份制改革已完成。 公开信息显示，2025年4 ...

| | 华特气体 | 77.88 | 公司的电子气 微电子等知衫 | | --- | --- | --- | --- | | | 江丰电子 | 218.55 | 公司铜互连转 | | 材料供应 | 立昂微 | 221.82 | 公司与长江花 | | | | | 系，为其提í | | | 雅克科技 | 226.72 | 公司为长江在 | | | 鼎龙股份 | 271.88 | 公司抛光垫产 | | | | | 的认证 | | | 安集科技 | 368.29 | 公司主营CM | | | 深科技 | 391.76 | 公司承接长沈 | | 封测等合作 | 江波龙 | 413.96 | 公司与长江花 | | --- | --- | --- | --- | | | 通富微电 | 572.38 | 公司是长江花 作 | | | 兆易创新 | 1331.22 | 公司与长江花 | | | 澜起科技 | 1555.80 | 长江存储在३ 节芯片 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 图了解长江存储概念股 据澎湃新闻报道，长江存储科技控股近日召 产生了首届董事会成员，此举意味着 ...

Core Viewpoint - Changjiang Storage Technology Co., Ltd. has completed its shareholding reform, enhancing its corporate governance structure and attracting significant investment from various institutions, indicating strong market confidence in the semiconductor industry [3][4]. Group 1: Company Developments - On September 25, Changjiang Storage held its inaugural shareholders' meeting, marking the completion of its shareholding reform and the establishment of its first board of directors [3]. - In April 2025, Yangyuan Beverage announced a 1.6 billion investment in Changjiang Storage, with 15 other institutions participating, leading to a total financing exceeding 10 billion [3]. - Changjiang Storage has become a key player in China's semiconductor industry, with its subsidiary being the only domestic 3D NAND manufacturer, boasting a registered capital of approximately 124.6 billion [3]. Group 2: Market Position and Valuation - Changjiang Storage entered the Hurun Global Unicorn List with a valuation of 160 billion, ranking 9th in China and 21st globally, making it the highest-valued new unicorn in the semiconductor sector [4]. - The global demand for storage chips is expected to rise due to the ongoing AI computing boom, with the storage chip market projected to reach 1.584 trillion by 2031, reflecting a compound annual growth rate of 9.3% from 2025 to 2031 [4]. Group 3: Industry Impact - The emergence of Changjiang Storage and another domestic leader, Changxin Storage, is expected to significantly influence the domestic storage and semiconductor industries, promoting technological upgrades and reducing reliance on imported chips [5]. - The establishment of Changjiang Storage's new entity, Changxin Phase III, with a total investment of 20.72 billion, aims to expand production capacity and enhance technological advantages [4].

《科创板日报》记者从相关人士处获悉，总部位于湖北武汉的长江存储科技控股有限责任公司（下称"长存集团"）日前举行股份公司成立大会，选举 产生了股份公司首届董事会成员。 武汉新芯目前正在冲刺科创板IPO，于2024年9月申报获受理，目前已完成首轮问询回复。据了解，武汉新芯IPO拟募资48亿，其中43亿元 将用于12英寸集成电路制造生产线三期项目的投资，5亿元将用于特色技术迭代及研发配套项目。两项目合计投资金额达310亿元。 当前，全球AI算力热潮持续推高存储芯片需求，行业迎来新一轮成长周期。根据QYResearch的预测，全球存储芯片市场销售额将在2031年 达到15840亿元，2025-2031年复合增长率为9.3%。在这一背景下，长存集团等国内企业正瞄准结构性机遇加速发展。 为进一步扩大产能与技术优势，今年9月5日，长江存储与湖北长晟三期共同出资207.2 亿成立长存三期（武汉）集成电路有限责任公司， 其中长江存储出资104亿元、持股50.1931%；湖北长晟三期出资103.2亿元，持股49.8068%。 作为估值超1600亿元的行业独角兽，长存集团完成股改，进一步优化了公司治理结构，是提升公司竞争力、实现战 ...

Core Viewpoint - Changjiang Storage's parent company has completed its shareholding reform, marking a new phase for the domestic storage leader [2] Company Summary - Changjiang Storage Technology Holding Co., Ltd. held its inaugural shareholders' meeting, indicating the completion of its shareholding reform and an upgrade in corporate governance [2] - The company has attracted significant investment, with over 10 billion yuan raised from various institutional investors, including state-owned and private capital [2] - Changjiang Storage has established a comprehensive industrial ecosystem covering flash memory manufacturing, wafer foundry, packaging and testing, industrial investment, park operations, and innovation incubation [2][3] Industry Summary - Changjiang Storage has become a key player in the domestic semiconductor industry, being the only 3D NAND manufacturer in China with a registered capital of approximately 124.6 billion yuan [3] - The company has been recognized in the Hurun Research Institute's 2025 Global Unicorn List with a valuation of 160 billion yuan, ranking 9th in China and 21st globally [3] - The global storage chip market is projected to reach 1.584 trillion yuan by 2031, with a compound annual growth rate of 9.3% from 2025 to 2031, driven by the ongoing demand for AI computing power [3] - The rise of domestic storage companies like Changjiang Storage and Changxin Storage is expected to enhance China's position in the global semiconductor supply chain and reduce reliance on imported storage chips [4]

Core Insights - Longji Technology's storage business revenue surged over 150% year-on-year in the first half of the year, significantly outperforming the industry average, raising questions about the sustainability of this growth [1] Group 1: Market Trends - The storage chip supercycle has begun, driven by three main factors: 1. Explosive demand for AI servers leading to a surge in high bandwidth memory (HBM) demand, with a projected market growth rate of 80% by 2025 [3] 2. Acceleration of domestic substitution as local chip leaders like Yangtze Memory and Changxin Memory ramp up production, with domestic orders for Longji Technology reaching 40% in the first half of 2025 [3] 3. Technological upgrades from DDR4 to DDR5, increasing packaging prices by over 30%, and advancements in 3D NAND stacking from 128 layers to over 200 layers [3] Group 2: Fundamental Analysis - Longji Technology has three strengths and three weaknesses: - Strengths: 1. Strong technical barriers, being one of only three global companies capable of HBM packaging [4] 2. Deep customer relationships with major clients like Apple, Qualcomm, and domestic leaders [4] 3. Leading capacity layout with a monthly production capacity of 82,000 chips and an industry-leading yield rate of 99.5% [4] - Weaknesses: 1. A 24% year-on-year decline in net profit for the first half of 2025 due to increased financial costs from the acquisition of a semiconductor company [5] 2. Operating cash flow decreased by 22.7% year-on-year, indicating pressure from significant expansion investments [5] 3. High valuation with a dynamic PE of 35.3 times for 2025, above the industry average of 28 times [5] Group 3: Valuation Assessment - Short-term valuation is under pressure with a projected PE of 35.3 times for 2025 and 29.0 times for 2026, while long-term valuation could be reasonable if storage business growth continues, potentially lowering PE to 24.3 times by 2027 [6] - If the storage business share increases from the current "mid-teens" to over 30%, the valuation could shift from "packaging factory" to "high-end manufacturing," targeting a PE of 40 times [6] Group 4: Investment Strategy - Ideal buying point is at or below 35 yuan, with current price at 38.73 yuan being slightly high [7] - Position management suggests limiting single stock positions to 8% and total positions in the packaging sector to 15% [7] - Key indicators for monitoring include monthly capacity utilization rates and HBM packaging yield rates [7]