公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自 经济日报 。 台湾记忆体模组龙头威刚董事长陈立白昨（24）日表示，AI需求涌入，导致记忆体缺货进入20年来 最严重的局面，客户实际能拿到的量仅能原本下单量的三成，「有钱也买不到」，根本不存在重复下 单问题，「因为就算下再多单也没货可拿」。 他并透露，自己现在「有半数的时间是在道歉」，因为无法满足所有客户的订单，预期这波记忆体合 约价涨势将持续至少二至三季以上，2026上半年DRAM与储存型快闪记忆体（NAND Flash）仍将全 面缺货。 针对NAND市况，陈立白分析，原本预期小缺，现在看起来缺货将更严重，原因包括产能遭DRAM排 挤，导致供给减少，固态硬碟（SSD）需求端需填补缺口，全面缺货比DRAM稍晚但缺口更深，价格 涨幅也比先前评估更大。 陈立白昨天出席《冠军之路》职棒纪录片记者会，释出以上讯息。他说，这波记忆体缺货潮，已迫使 国际电子品牌将采购层级提升至最高层，过去多由采购主管或业务负责的谈判，现在改由大型科技公 司董事长、总裁亲自出面要货。 即使品牌厂「一把手」亲自出马，能拿到的记忆体仍极为有限，供应商拥有绝对议价权，多数客户连 ...

近日存储大厂向终端客户更新DDR、LPDDR、NAND、eMMC最新价格,涨幅20%-46%不 等，具体如下： DDR4: 16Gb 最新价格18$,涨幅20% 64GB 最新价格13.2$,涨幅20% 32GB 最新价格7.2$,涨幅20% 8Gb 最新价格8.1$,涨幅11% 4Gb 最新价格3.7$，涨幅19% LPDDR4/4x 最新价格$1.1/Gb，涨幅46.7% LPDDR5/5x 最新价格$0.62/Gb，涨幅29.2% V-NAND: 128GB 最新价格11.4$,涨幅30% 64GB 最新价格7.2$,涨幅33% 32GB v6 最新价格6.5$,涨幅39% eMMC: 16GB 最新价格6.2$,涨幅29% 8GB 最新价格4.55$,涨幅38% 4GB 最新价格4.45$,涨幅39% 兆易创新 LPDDR 发力 兆易创新 在 2025 年第三季度业绩说明会上表示，企业明年将实现自研 LPDDR4X 系列产品 的量产，并着手规划 LPDDR5 小容量产品的研发，同时兆易创新存储业务目前并无 DDR5 产 品的相关规划。 今年第三季度，兆易创新收入同比增长 31.4% 至 26.8 亿元 ...

以下文章来源于36氪财经 ，作者丁卯 张帆 36氪财经 . 然而， 这种对算力 刚性需求 正迅速转化为关键上游供应链的巨大压力。 电话会中， 英伟达指 出， 代工、存储、电力等环节 已成为满足未来增长的关键 瓶颈 。 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 作者 | 丁卯 来源 | 36氪财经（ID： krfinance ） 11月19日，英伟达发布了2026财年第三季度的报告。 扫码加我本人微信 数据显示，FY26Q3，英伟达实现营收570亿美元，同比增长62%， 季度环比增长创纪录地达到 100亿美元，增速为 22%，大超市场预期。其中，最受市场关注的数据中心业务收入达到了512 亿美元，同比增长66%，环比增长25%。 利润方面，本季度，英伟达毛利率达到了73.4%，同期净利润为319.1亿美元，同比增长65%， 对应净利率56%。 英伟达强劲的业绩表现以及电话会中对于AI泡沫等核心关注点的有力回应，一定程度上弱化了近期 市场对于AI估值过高的担忧 ...

November 20, 2025 08:00 PM GMT Greater China Semiconductors | Asia Pacific Old Memory: Investor feedback We address key investor questions amid the recent correction in old memory stock prices. We remain bullish on old memory and reiterate Winbond as our Top Pick. We are seeing a correction in the stock prices of old memory players. However, we continue to expect a structural DDR4 supply shortage and significant pricing upside, along with a widening undersupply gap in MLC NAND and NOR (link). We address key ...

Greater China Semiconductors | Asia Pacific Morgan Stanley Taiwan Limited+ Old memory super cycle unlikely to reverse in near future November 20, 2025 05:46 AM GMT What's new? According to a report in Digitimes today, CXMT (private) will increase capacity for DDR4/LPDDR4, and will "accelerate" DDR5/LPDDR5 supply to alleviate shortages in 2-3 months. The company has not commented. Our take: We were surprised by this newsflow, as we think it is unlikely for CXMT to switch back to DDR4/LPDDR4 given the changes ...

11月19日，英伟达发布了2026财年第三季度的报告。 以下文章来源于36氪财经 ，作者丁卯 张帆 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 AI算力需求引爆存储涨价， 通过挤出效应冲击传统消费电子利润。 文 ｜ 丁卯 编辑 ｜ 张帆 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 数据显示，FY26Q3，英伟达实现营收570亿美元，同比增长62%， 季度环比增长创纪录地达到100亿美元，增速为 22%，大超市场预期。其中，最受市场 关注的数据中心业务收入达到了512亿美元，同比增长66%，环比增长25%。 利润方面，本季度，英伟达毛利率达到了73.4%，同期净利润为319.1亿美元，同比增长65%，对应净利率56%。 英伟达强劲的业绩表现以及电话会中对于AI泡沫等核心关注点的有力回应，一定程度上弱化了近期市场对于AI估值过高的担忧，并强化了算力需求依然 处于指数级爆发阶段的预期。 然而， 这种对算力 刚性需求 正迅速转化为关键上游供应链的巨大压力。 电话会中， 英伟达指出， 代工、存储、电力等环节 已成为满足未来增长的关键 瓶颈 。 今年以来， 在AI需 ...

Group 1 - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 0.82% during intraday trading, while sectors such as media, agriculture, and banking showed gains [1] - The chip sector remained sluggish, with the chip ETF (159995.SZ) falling by 2.72%, and individual stocks like Zhaoyi Innovation and Beijing Junzheng declining by 6.74% and 6.22% respectively [1] - Some individual stocks in the chip sector, such as Wentai Technology and Ruixin Micro, saw slight increases of 0.89% and 0.67% [1] Group 2 - The storage industry is experiencing price increases driven by growing demand for AI servers, with DDR4 product prices rising due to a supply-demand gap, and DDR5 prices increasing by 102.6% in October [3] - DDR3 product prices also rose by 40.4% in October, attributed to production capacity shifting towards DDR3, leading to reduced supply [3] - The NAND Flash products benefited from the expanding storage capacity demand from AI servers, with significant price increases noted since July and August [3] - According to招商证券, the current storage industry cycle is primarily driven by the explosive demand for storage in the AI era, with expectations of continued price increases and improving performance for domestic module and chip manufacturers in Q4 2025 [3]

Core Insights - Memory prices have increased by 50% this year, with expectations of a further 30% rise by Q4 2025 and an additional 20% increase early next year [1] - The supply of traditional LPDDR4 is tightening, driven by strong demand from AI applications, particularly from Nvidia, which is impacting the entire consumer electronics market [1][2] - The current shortage primarily affects low-end smartphones, with potential ripple effects across the smartphone and consumer electronics ecosystem [5] Group 1: Market Dynamics - The shift in production capacity towards higher-end processes is disrupting the overall market structure, leading to price inversion in the spot market [1] - DDR5 prices are expected to double from Q1 2025 to the end of 2026 due to extreme supply constraints [3] - The transition of Nvidia to LPDDR for lower power consumption is creating significant demand that the supply chain struggles to accommodate [2] Group 2: Impact on Manufacturers - The BOM costs for smartphones are rising significantly, with some models experiencing increases of up to 15%, which could compress profit margins and hinder growth [5] - Major chip manufacturers are expected to increase DRAM production by over 20% by 2026, with companies like Samsung and SK Hynix adjusting their production strategies [2] - Macroeconomic risks, including tariffs and geopolitical factors, are adding to the uncertainty in the industry, forcing suppliers and manufacturers to navigate difficult trade-offs [5]

Core Insights - The recent surge in memory prices is primarily driven by increased demand from AI companies for HBM storage, which is squeezing DRAM and NAND flash production capacity [1][8] - The supply shortage in the memory market is currently over 5%, leading to significant price pressures on downstream manufacturers across various sectors, including consumer electronics [1][4] - The memory industry is entering a new upward cycle, influenced by AI's growing demand and a shift in production focus towards higher-margin products like HBM and DDR5 [4][10] Group 1: Price Dynamics - Samsung has announced a 60% price increase for memory chips, impacting the pricing of consumer electronics such as smartphones, laptops, and tablets [1] - The current memory price surge is characterized by a "price inversion" where DDR4 prices have surpassed those of DDR5 due to supply constraints and panic buying [7][15] - Historical data indicates that a 5% supply shortage can lead to a doubling of memory prices, while a 5% surplus could halve them [4] Group 2: Demand Drivers - The demand for NAND flash has shifted significantly due to AI applications, with companies like OpenAI and Gemini generating massive API calls, leading to increased storage needs [8][10] - The average business tasks supported by AI in Chinese enterprises is projected to rise from 28% to 44% over the next two years, further driving demand for memory products [10] - The cloud computing sector's data backup mechanisms are contributing to exponential data growth, necessitating more DRAM and NAND storage [10] Group 3: Industry Impact - The memory supply-demand imbalance is causing significant pressure on consumer electronics manufacturers, with major brands only able to secure 60-80% of their storage needs for the upcoming year [15][16] - The hardware OEM/ODM sector is facing severe profit margin pressures due to skyrocketing NAND and DRAM prices, which have increased by 50% and 300% respectively over the past six months [16] - The shift in focus from consumer electronics to AI server clients for memory allocation is reshaping the competitive landscape, with companies like Dell, HP, and ASUS identified as particularly vulnerable [16] Group 4: Technological Developments - The introduction of HBF technology, which utilizes NAND chips to match the bandwidth of HBM, is expected to expand the application scenarios for memory in AI tasks [18][20] - HBF technology offers significant advantages in terms of cost and capacity, potentially enhancing the efficiency of AI applications [20][21] - However, challenges remain regarding the lifespan and environmental requirements of NAND compared to DRAM, suggesting a potential hybrid architecture of HBM and HBF in the future [23][24]

Core Viewpoint - The storage industry is entering a "super cycle" driven by AI, with a significant increase in demand for high-end products like DDR5 and HBM, while supply is constrained by capacity construction cycles, leading to continuous price increases [1] Group 1: Supply and Demand Dynamics - The supply-demand gap is expected to widen further, with the global storage market entering a super cycle driven by AI [1] - DRAM and NAND demand is projected to increase significantly, with an estimated additional demand of 9EB and 200EB by 2025, potentially doubling in 2026 [1] - The construction cycle for wafer fabs is approximately 2-3 years, and with limited new capacity expected, supply growth will lag behind demand growth [1] Group 2: Domestic Expansion in China - The core logic for the expansion of the storage industry in mainland China is self-sufficiency, with significant capital expenditure expected from companies like Changxin and Changchun [2] - By 2026, the combined expansion of these two companies is projected to reach 10-12 million wafers, with total capital expenditure exceeding $16 billion [2] - The domestic storage chip demand gap is expected to be more severe than overseas, indicating a pressing need for expansion in mainland China [2] Group 3: Valuation and Market Performance - A-share storage equipment is currently undervalued, with significant price increases observed in the storage equipment sector compared to wafer fabs and modules [3] - As of November 7, 2025, companies like Tuojing Technology and Zhongwei Company have year-to-date increases of 128% and 71%, respectively, which are significantly lower than module price increases [3] - The combined market capitalization of certain A-share storage equipment companies is 311 billion, which is lower than the module segment's market capitalization of 500 billion [3] Group 4: Investment Recommendations - The global storage super cycle presents a bullish outlook for A-share semiconductor equipment, with specific recommendations for companies benefiting from high exposure to storage [4] - Key recommended stocks include Tuojing Technology, Jingyi Equipment, and Zhongwei Company, which are expected to benefit from the ongoing trends in the storage industry [4] - Additional recommendations include companies like Beifang Huachuang and Huahai Qingke, which are also positioned to benefit from the super cycle [4]