Group 1 - Kioxia's annual performance forecast significantly exceeds market expectations, with revenue and net profit targets higher than analyst predictions by approximately 35% to 60% [1] - Demand for storage driven by AI computing power is becoming dominant, leading to a sustained shortage in storage [1] - In the DRAM sector, major cloud service providers (CSPs) in North America and China are actively negotiating long-term agreements for server DRAM supply, resulting in a projected price increase of about 90% in Q1, marking the highest increase on record [1] Group 2 - The market demand for high-performance storage devices is expected to exceed forecasts due to the expansion of AI inference applications, with major CSPs in North America starting to ramp up orders for Enterprise SSDs from the end of 2025 [2] - The supply gap is prompting buyers to aggressively stock up, leading to a projected price increase of 53-58% for Enterprise SSDs in Q1 2026, the highest quarterly increase on record [1][2] - Financial Street Securities anticipates that the trend of tight storage capacity will continue into 2026, with domestic manufacturers like "Two Storage" having sufficient motivation to expand production, benefiting the domestic storage industry chain [2] Group 3 - Zhaoyi Innovation, a global leader in NOR Flash, is expanding into niche DRAM and MCU markets, accelerating its growth in automotive electronics and AI terminal markets [3] - Daway Co., Ltd. has a subsidiary, Daway Chuangxin, whose main products include various DRAM products (DDR3, DDR4, LPDDR4X, DDR5) and NAND Flash products (eMMC, BGA NAND Flash) [3]

Group 1 - The price of RAM, particularly DDR5, has skyrocketed, with 64GB desktop memory kits becoming more expensive than a Sony PlayStation 5 and some larger kits exceeding high-end desktop GPUs [1] - The surge in RAM prices is primarily driven by overwhelming demand from AI computing giants, which are consuming a significant portion of available memory manufacturing capacity [2][3] - TrendForce predicts that AI-centric memory will account for 70% of global memory hardware output this year, leaving little capacity for consumer products [2] Group 2 - Major memory chip manufacturers are reallocating production capacity towards high-bandwidth memory (HBM) and server-grade DDR5, further reducing supply for consumer-grade chips [3] - Micron has exited the consumer memory market entirely, closing its long-standing sub-brand Crucial, which will impact supply for PC manufacturers as well [3] - The price increases are expected to persist for a year or longer, as AI software and hardware companies secure supply contracts for unproduced wafers and chips [3] Group 3 - The price increases are not limited to DDR5 memory modules; DDR4 and DDR3 prices are also rising, affecting older memory standards that still meet basic needs [4] - The supply shortage is impacting other components that rely on memory, such as graphics cards, which use dedicated memory for rendering and AI workflows [4] - Prices for GDDR6 and GDDR7 memory have more than tripled in the past six months, leading to higher costs for both desktop and laptop graphics cards [4] Group 4 - As PC users face memory shortages, they may turn to high-speed solid-state drives (SSDs) and software solutions, but the companies producing DRAM also manufacture the NAND chips used in SSDs [5] - The demand for DRAM is diverting production capacity away from NAND chips, causing NAND wafer prices to rise, with a month-over-month increase of 60% reported last November [5]

公众号记得加星标⭐️，第一时间看推送不会错过。 众所周知，个人电脑（PC）主系统内存——正式名称为随机存取存储器，简称 RAM——的价格已经 失控。在过去的几个月里，DDR5 RAM（最新标准）模组的价格一路飙升，翻了一倍甚至更多。一 套 64GB 的台式机内存套件迅速变得比索尼 PlayStation 5 还要昂贵，而一些更大容量的套件现在的 价格甚至超过了高端台式机 GPU。这种疯狂的价格上涨也开始蔓延到较旧的内存类型，比如 DDR4 和 DDR3。 这些价格上涨将影响每一个依赖内存或存储的产品——但我现在想专注于笔记本电脑。笔记本电脑使 用的物理模组与台式机不同，但底层的内存颗粒是相同的，且容易受到相同的价格压力影响。作为 PCMag 领先的笔记本电脑专家之一，我可以告诉你：对于今年需要新电脑的人来说，情况即将变得 困难。 此外，这种供应短缺正在影响其他将内存作为整体一部分的组件。最直接的连锁反应将冲击显卡，显 卡依赖专用显存来辅助图形渲染和本地 AI 工作流。（撇开内存紧缺不谈，显卡本身的需求也在大幅 增加。）这些显卡所使用的 GDDR6 和 GDDR7 显存价格也因同样的原因上涨：每 Gb 的成本在 ...

Group 1: Memory Market Insights - The general manager of Winbond, Chen Peiming, announced that prices are expected to continue rising, with contract prices for this and next season maintaining similar increases as Q4 of last year [2] - Despite rising prices, demand remains strong, with customers eager to secure production capacity, leading to full bookings for both existing and new capacities through 2027 [2] - The memory market is described as "very good," with Winbond planning to increase prices quarterly while customers are willing to accept these increases [2] Group 2: DRAM and Flash Memory Production - Winbond is expanding production capacity at its Kaohsiung facility, with DRAM installations expected to begin in mid-June, while Flash memory installations will start even earlier [2] - There is a significant supply shortage in DDR4, prompting some customers to downgrade to DDR3, but Winbond aims to maximize output, particularly focusing on the growth potential of LPDDR4 [2] Group 3: Passive Components Price Trends - Passive components, including MLCCs, are experiencing price increases, with recent adjustments in the Chinese market showing price hikes of up to 20% [3] - Major Taiwanese manufacturers like Yageo and Walsin are expected to follow suit with price increases in their contract prices due to the overall upward trend in passive component pricing [3][4] Group 4: Market Dynamics for Passive Components - The demand for tantalum capacitors has surged due to their adoption in high-end AI servers, leading to significant price increases of 20-30% for large-sized polymer tantalum capacitors [4][5] - The increasing use of MLCCs is attributed to their small size and reliability, making them essential in high-density AI server applications [4] Group 5: Financial Outlook for Key Players - Yageo's revenue from tantalum capacitors is approximately 18-22%, with MLCCs contributing 18-20% to its revenue, indicating a diversified product line benefiting from current market trends [5] - Japanese companies Murata and TDK have also reported positive financial forecasts, with Murata's order-to-shipment ratio exceeding 1 for five consecutive quarters, indicating strong demand [5][6]

来源：36氪 为什么AI越强,手机和电脑反而更贵了? 存储芯片进入有史以来最大上涨周期 100 200 300 400 500 600 智能手机应用激增+DDR4 2016年5月至 1920/ 2017年12月 升级换代供给端收缩 疫情期间服务器、PC需求 2020年8月至 15596 2021年7月 激增+供给端收缩 AI需求激增+HBM挤占传 统产能,供需缺口持续扩大 2024年底至今 577% 这不是一轮普通的存储周期,而是被 AI 改写的结构性周期。 数据来源:wind 谁在为这轮周期买单 存储芯片持续涨价,资本市场担心激增的成本压力会 侵蚀下游主机厂的利润空间,苹果、小米、任天堂等 头部主机厂股价承压。 -10 累计跌幅13% 20 累计跌幅近30% 40 累计跌幅近40% -50 任天堂 小米 苹果 数据来源:36氮整理,统计时间为2025年6月高点以来 基本面仍和巨头有差距,但快速追赶中 · 长鑫科技 · 美光科技 · 三星电子 · SK海力士(气泡大小为2025年DRAM月均产能 2022-2024年年均复合增速(%) 80 70 长鑫规模仅为巨头的1/8,但 维持高增速,产能差距明显, 通过 ...

Core Viewpoint - The article discusses the rising prices and demand for various semiconductor components in January, highlighting specific products that have seen significant price increases and market interest [3][4][9][12][16][18][21][25]. Group 1: NOR Flash - The prices of NOR Flash products W25Q128JV and W25Q64JV have increased, with W25Q128JV rising from approximately 6 RMB to 8-10 RMB, and W25Q64JV from around 3 RMB to 5-8 RMB [4][6]. - The global second-ranked NOR Flash, GD25Q128ESIGR, has also seen a price increase from nearly 4 RMB to 4-6 RMB, with its applications in industrial control and consumer electronics [21]. Group 2: Motion Sensors - The ICM-42688-P motion tracker has experienced a price surge from about 30 RMB to 50-60 RMB, with some quotes exceeding 70 RMB, while ICM-42670-P has risen from 5-6 RMB to 15-16 RMB [9][11]. - Both sensors are designed for low-power applications in AR/VR, wearables, and IoT devices [11]. Group 3: DDR Memory - The DDR3 memory chip MT41K256M16TW-107:P has seen its price rise from just over 20 RMB to around 30 RMB [12][13]. - The DDR5 chip H5CG48AGBDX018N has experienced a dramatic price increase, reaching approximately 390 RMB, up from around 46 RMB [16]. Group 4: eMMC - The eMMC chip KLM8G1GETF-B041 has increased in price from 70-80 RMB to about 120 RMB, with a significant rise from 28 RMB a year ago [18][19]. Group 5: MEMS Accelerometers - The LIS3DHTR MEMS accelerometer has seen its price fluctuate between 1.7-2.5 RMB, with a notable increase from 2 RMB at the end of last year [25].

NAND Flash现货市场： 智通财经APP获悉，根据TrendForce最新发布的存储现货价格趋势报告，DRAM方面，DDR4/DDR5价格上涨以及成本转嫁方面的挑战导致工厂采购停滞， 现货市场交易清淡，但由于持续的供应短缺，报价依然居高不下。与此同时，NAND现货价格持续上涨，但由于价格高企、消费需求疲软以及即将到来的 春节期间晶圆厂产能利用率的不确定性，部分买家持观望态度。 详情如下： DRAM现货市场： 由于DDR4及部分DDR5价格涨幅过大、成本转嫁困难，工厂已暂停采购，导致现货交易停滞;但因供应端持续短缺，报价仍维持高档。相较之下，DDR3 凭借低价优势吸引买气转向，本周询单增温并持续有实际成交，带动价格小幅上扬，成为现货市场唯一的动能来源。主流颗粒DDR4 1Gx8 3200MT/s在本 周(1/21-1/27)的均价涨幅为1.98%(由US$30.30上涨至US$30.90)。 近期现货价格持续上调，但在现货价格明显处于高档、消费型需求表现疲弱，以及春节假期将近影响工厂稼动率等因素下，部分买方暂时采取观望态度。 然而，现货供应商对后市价格走势仍持正向看法，未选择让价出货，使得市场成交量表现平 ...

由 于 DDR4 及 部 分 DDR5 价 格 涨 幅 过 大 、 成 本 转 嫁 困 难 ， 工 厂 已 暂 停 采 购 ， 导 致 现 货 交 易 停 滞；但因供应端持续短缺，报价仍维持高档。相较之下，DDR3凭借低价优势吸引买气转向， 本周询单增温并持续有实际成交，带动价格小幅上扬，成为现货市场唯一的动能来源。主流颗 粒 DDR4 1Gx 8 3 2 0 0MT/s 在 本 周 ( 1 / 2 1 - 1 / 2 7 ) 的 均 价 涨 幅 为 1 . 9 8% （ 由 US$ 3 0 . 3 0 上 涨 至 US$ 3 0 . 9 0）。 NAND Fl a sh现货市场： 近期现货价格持续上调，但在现货价格明显处于高档、消费型需求表现疲弱，以及春节假期将 近影响工厂稼动率等因素下，部分买方暂时采取观望态度。然而，现货供应商对后市价格走势 仍持正向看法，未选择让价出货，使得市场成交量表现平淡。本周(更新至1 / 2 6 ) 5 1 2Gb TLC Wa f e r现货价格上涨5 . 5 8%，均价达US$ 1 6 . 3 1 0。 根 据 Tr e n dFo r c e 最 新 发 布 的 存 储 ...

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6]. Core Views - The company is expected to achieve steady revenue and net profit growth in 2025, driven by the ongoing niche storage cycle and advancements in AI storage solutions [4][9]. - The report highlights the company's proactive approach in customizing storage products for edge AI applications, positioning it well to capitalize on emerging market trends [9]. Financial Summary - The company is projected to generate revenues of approximately RMB 92.03 billion, RMB 120.41 billion, and RMB 160.16 billion for the years 2025, 2026, and 2027, respectively [6][8]. - The expected net profits for the same years are RMB 16.10 billion, RMB 28.35 billion, and RMB 36.18 billion, indicating significant growth rates of 46.1% and 76.0% for 2025 and 2026, respectively [6][8]. - The report anticipates a substantial increase in the company's earnings per share (EPS), projected at RMB 2.31, RMB 4.07, and RMB 5.19 for 2025, 2026, and 2027, respectively [8][10]. Market Performance - The company's stock has shown strong performance, with absolute returns of 121.3% over the past 12 months, significantly outperforming the Shanghai Composite Index [2][3]. - The report notes a positive market sentiment towards the company's stock, with a relative performance of 93.0% against the index over the same period [3]. Industry Outlook - The report emphasizes the ongoing uptrend in the storage industry, particularly in niche storage segments, which is expected to continue benefiting the company [4][9]. - The demand for DRAM products is projected to rise, with significant price increases noted in the market, particularly for DDR4 products, which have seen a price surge of 369% from July 2025 to January 2026 [9].