Market Overview - US stock indices collectively declined, with Nasdaq down 0.74%, S&P 500 down 0.63%, and Dow Jones down 0.24% [1] - Notable stock movements include Meta up 0.38%, Microsoft up 0.2%, and Apple down 3.15% [1] A-Share Market Outlook - Analysts expect a "good start" for A-shares post-holiday, with a potential market structure of "stable large-cap indices and active tech growth" in May [3][4] - The Li Lifeng team from Huaxi Strategy highlights that the easing of China-US trade tensions during the holiday has boosted global risk appetite, leading to a significant rebound in Chinese equity assets [3] - The focus on AI+ is anticipated to be a key theme in May, driven by strong capital expenditure in AI from overseas firms and a critical breakthrough point for domestic tech industries [3] Sector Insights - The demand for AI servers remains robust, with Hon Hai's April revenue increasing by 25.5% year-on-year to NT$641.37 billion, marking the highest for the same period [5] - DRAM prices have seen a significant increase, with Hynix DRAM prices rising over 10% and general DRAM prices for PCs up 22.22% compared to March [5][7] - The rare earth market is experiencing price surges, with dysprosium prices doubling to $850 per kg and terbium prices rising from $965 to $3000 per kg, indicating a potential supply-demand imbalance [7] Regulatory Developments - New regulations for satellite services are set to take effect from June 1, 2025, aimed at enhancing network coverage through direct satellite connections [8] - The introduction of a negative screening mechanism for ESG in the ChiNext index has been approved by the Shenzhen Stock Exchange [6] Company Announcements - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary in Hong Kong and apply for a separate listing [10] - BYD reported a 46.98% year-on-year increase in new energy vehicle sales for the first four months [12] - Apple has issued corporate bonds for the first time since 2023 [6]

Core Viewpoint - The decline in memory prices has ended, with prices expected to stabilize and rebound in Q1 and Q2 of 2025 [1] Group 1: Price Changes - Hynix's DRAM prices have increased by approximately 12% [2] - SanDisk announced a price increase of over 10% for flash memory products starting April 1 [2] - The fixed trading price for DDR4 8Gb DRAM products rose by 22.22% compared to March [2] Group 2: Industry Overview - DRAM and flash memory are essential components in various devices, including PCs, smartphones, SSDs, and USB drives [4][6] - The demand for DRAM is increasing due to the deployment of GenAI in devices, requiring larger memory capacities [7][8] Group 3: Key Companies in A-Share Market - Major DRAM companies include Beijing Junzheng and Deep Technology, with Deep Technology being a leader in DRAM packaging and testing [13] - Key flash memory companies include Zhaoyi Innovation, Dongxin Co., Puran Co., and Jiangbolong [14] - Zhaoyi Innovation and Dongxin Co. have flash memory revenue shares of over 60% [15] Group 4: Company Profiles - Jiangbolong is a leader in storage modules, including SSDs and memory cards [17] - Demingli's SSDs account for 48.20% of its revenue, with mobile storage at 28.01% [21] - Zhaoyi Innovation's storage chip revenue reached 5.194 billion yuan, making up 70.6% of total revenue [23] - Beijing Junzheng's storage chips are its primary revenue source, focusing on consumer markets like security monitoring [24]