11月25日，A股延续反弹，AI（人工智能）概念股集体飙升。作为全年主线，AI板块此前因获利盘 集中兑现及美股"AI泡沫"担忧而大幅回撤。当下投资者最关心的是：如何理性看待并参与这轮AI行情？ 在止于至善投资总经理何理看来，当前机会主要存在于算力、应用两端。其中，算力端关键看存储 ——AI计算需要大量数据高速进出，高带宽、大容量的HBM（高带宽内存）、HBF（高带宽闪存）等 已成为GPU（图形处理器）乃至AI服务器升级的必然方向。 对于普通投资者而言，投资AI领域需要注意哪些？ "思维转变是第一步，投资方法转变是第二步，方向比努力更加重要，方向对了努力才有价值，否 则努力有可能会变成阻力。"何理表示，一是从方法上来说，别再靠猜趋势、画K线、听消息；二是树 立价值投资观念，赚企业长期发展的钱。具体投资上，何理自创了一个价值投资公式：价值投资≈好资 产+好价格，缺一不可。 AI和互联网的投资思维有何不同？何理认为，互联网商业模式通常分to B、to C两类，靠单点垄 断、抢占用户时长，做的是流量生意；AI商业模式则是to Task，由多模型协作完成具体任务，追求单位 任务效率，做的是算力/任务生意。AI投资思维也 ...

Core Insights - The storage module industry is experiencing a significant shortage driven by AI demand, with NAND Flash prices increasing by approximately 50% this month, and DRAM prices for DDR4 and DDR5 also rising [2] - NAND Flash applications in AI have surged recently, leading to a shift in supplier capacity towards AI applications, with expectations of a substantial market opportunity due to HDD shortages [2] - The major DRAM manufacturers have no plans to increase DDR4 production, anticipating a gradual exit from the DDR4 market by 2026, which limits supply and drives prices up [2] Group 1: Company Performance - In Q3, the company reported revenues of 4.109 billion, a quarter-over-quarter increase of 27.2% and a year-over-year increase of 63.2%, with a net profit of 1.511 billion, reflecting a quarter-over-quarter increase of 259% and a year-over-year increase of 334% [3] - The company is primarily focused on industrial control, with DDR4 still dominating product shipments, while expecting an increase in DDR5 shipments as customers transition [2] Group 2: Market Trends - SanDisk predicts that the NAND Flash supply shortage will persist until at least the end of 2026, with indications that the tight supply situation may extend into 2027 [4] - The demand for NAND Flash is driven by long-term trends, capital investments, and industry transitions, with data centers expected to become the largest segment for NAND Flash by 2026 [4] - SanDisk's wafer fabs are operating at full capacity to replenish significantly reduced inventories, and the company is optimistic about the long-term growth of the data center market [4][6] Group 3: Future Outlook - SanDisk's revenue guidance for Q2 FY2026 is projected between 2.55 billion and 2.65 billion, exceeding market expectations, with adjusted earnings per share forecasted between 3.00 and 3.40 [6] - The company reported a 26% quarter-over-quarter growth in data center revenue, with ongoing collaborations with major data center clients [7] - BiCS8 technology is expected to dominate production by the end of FY2026, currently accounting for 15% of total shipments [7]