吴敏求分析，过去数据中心以CPU为核心，如今转向GPU架构后，运算效能大幅提升，各大云端服务供 应商（CSP）正展开数据中心改造计划，这波AI热潮能延续多久，仍需观察各家投入AI的动能。 吴敏求透露，旺宏NOR Flash产品近期在服务器与数据中心应用出现回温迹象，主要需求集中在 512Mb，也有1Gb至2Gb高容量需求，预期随着带宽扩大、数据传输速率提升，未来3D NOR技术也将成 为关键。 供应链指出，针对生成式AI、高效能运算（HPC）、高阶显卡和服务器等需要高效处理大型数据集和复 杂运算的应用，HBM4的特性和功能至关重要。进一步来看，HBM4是目前HBM3标准的进阶版，提高 了数据处理速度，同时保持更高的带宽、更低的功耗，相较于HBM3，HBM4每个堆栈的通道数将增加 一倍，因此实体占用空间更大。 随着AI服务器搭载的HBM规格从HBM3E走向HBM4，堆栈层数增加的趋势下，推升市场对NOR Flash 用量提升约50%，旺宏订单满手，将在明年首季调涨NOR Flash报价，涨幅上看三成，为业绩吞下大补 丸。 旺宏（2337）搭上AI催动存储器升级大商机，随AI服务器搭载的高带宽存储器（HBM）规格 ...

算力与存储情况更新 20251109 摘要 AI 和国产替代是当前市场主线，尽管 PCB、光模块、液冷等子板块出现 轮动回调，但整体趋势未变。 电力能源板块受关注源于英伟达等龙头公司技术落地和北美缺电问题， 推动燃气轮机和分布式燃料电池等替代发电方式发展。 预计 2026 年国产 AI 算力将在基建需求和政策导向下崛起，尽管市场信 心不足，但长期发展前景乐观。 存储行业景气度高，HBM4 到 HBM3E 价格提升约 50%，带来超级周期 投资机会，预计该周期可持续到 2026 年，四季度及明年一季度业绩有 望逐步兑现。 AI 需求推动产业链发展，DDR5、SSD 和 HDD 价格上涨，行业趋势未 结束，仍处于中盘阶段，投资角度表现出色。 存储市场价格走势不确定，行业内对涨幅预期在 30%至 50%之间，具 体涨幅和时间节点取决于市场供需动态和边际变化。 SSD 在企业级市场占比提升，HDD 供应紧张且价格上涨，国产算力提 升体现在计算能力、设备、材料及零部件等方面，AI 领域国产替代加速。 Q&A 本周科技板块的表现如何，您对其未来走势有何看法？ 本周科技板块表现强劲，尽管存在震荡，但每次回调后都能迅速收复失 ...

Core Viewpoint - The electronic technology sector is under pressure due to new public fund "benchmark" regulations, leading to a decline in the electronic industry index and specific sub-sectors [1][2]. Market Review - The electronic industry index fell by 0.22% during the week of November 3-7, 2025, with consumer electronics down 2.05%, semiconductors down 0.11%, and optical electronics down 1.20% [2]. - In the overseas market, concerns over liquidity due to the ongoing U.S. government shutdown have negatively impacted tech stocks, with the Nasdaq dropping 3.04% and the Hang Seng Tech index down 1.20% [2]. - Notable declines in individual stocks include Nvidia down 7.08%, AMD down 8.82%, and Qualcomm down 5.53%, while storage companies like SanDisk and Micron saw gains of 20.14% and 6.32%, respectively [2]. Industry Updates - The storage sector is experiencing price increases due to shortages, with HBM4 prices exceeding HBM3E by over 50% [4]. - Samsung has postponed the contract pricing for DDR5 until mid-November, with spot prices having tripled [4]. - Major companies are enhancing their computing power collaborations, with significant agreements such as Microsoft's $9.7 billion deal for cloud computing and OpenAI's $38 billion partnership with Amazon for computing resources [3]. Product Launches and Innovations - New AI products are being introduced, including Lenovo's AI glasses V1 and Xiaopeng's humanoid robot, which is expected to enter mass production by the end of 2026 [3]. - Meta is developing the second generation of Meta Rayban Display, aiming for a 2027 release [3]. Future Outlook - The semiconductor sector is anticipated to have investment opportunities, especially with the upcoming release of quarterly reports from major companies like SMIC [5]. - Key beneficiaries to watch include Luxshare Precision, Zhuhai CosMX, Cambricon, Industrial Fulian, Hua Hong Semiconductor, and Tongfu Microelectronics [5].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 11月9日，有媒体报道称，存储芯片大厂闪迪（SanDisk）大幅上调NAND闪存合约价格，涨幅高达 50%。 在美股市场上，闪迪11月7日因数据中心存储芯片销售强劲而大涨超15%，股价再创历史新高。闪迪表 示，预计NAND产品供不应求持续至2026年底，数据中心将成为NAND最大应用市场。 另外，英伟达首席执行官黄仁勋近日表示，Blackwell芯片需求非常强劲。当被问及存储芯片短缺问题 时，黄仁勋称，整个产业正在强劲增长，所以会出现"各种不同东西的短缺"。 此外，据彭博社报道，AI巨头OpenAI致函美国白宫科学与技术政策办公室（OSTP），呼吁美国政府将芯 片法案的税收抵免扩大至AI数据中心。 涨价50% 据多家媒体报道，闪存龙头企业闪迪（SanDisk）11月大幅调涨NAND闪存合约价格，涨幅高达50%。这 一举措凸显出存储市场的供应紧张，主要受人工智能数据中心需求持续爆发及晶圆供应严重受限的双重驱 动。 报道指出，其涨价消息引发整个存储供应链震动，导致创见、宜鼎国际与宇瞻科技等模组厂决定暂停 ...

Core Viewpoint - The profitability of overseas storage manufacturers continues to improve, while some domestic storage module companies are rapidly turning losses into profits. The profit release is expected to accelerate in the second half of 2025, benefiting from the rising prices in the storage market driven by demand from AI and multi-modal applications [1][4]. Demand Side - The demand for storage is significantly increasing in the AI era, shifting from mobile and internet companies to generative AI. Flash storage demand in data centers is projected to grow from 600EB in 2020 to 2.4ZB by 2028. The Sora2 model's deep learning capabilities require substantial storage, consuming nearly 100MB for a 10-second 4K video, which is hundreds to thousands of times more than text storage needs. By 2026, global NAND Flash bit demand is expected to exceed 200EB, with AI driving increased storage needs across various data types [2][3]. Technology Side - Storage manufacturers are set to release HBM4 products in bulk by 2026, with companies like Micron expected to sell out their HBM capacity. Various companies are developing advanced storage solutions, such as CUBE and 3D DRAM, to meet innovation trends. New architectures like CBA are being adopted to enhance performance, and NAND stacking architectures are being proposed to address memory wall issues in data centers and edge AI applications [2][3]. Supply Side - Due to the higher profitability of HBM products, storage manufacturers are actively controlling production capacity to maintain price increases. Capital expenditures are focused on high-end products, with no significant plans for expanding NAND Flash production. Consequently, NAND Flash capital expenditure is expected to remain low in 2026, and new production lines will take time to come online, leading to a supply-demand gap [3][4]. Price Trends - In October, prices for various storage models accelerated, with month-on-month increases ranging from 40% to 100%. The demand from AI servers has prompted storage manufacturers to announce price hikes, with some Taiwanese and mainland module manufacturers following suit, resulting in an overall industry inventory buildup [3][4]. Future Outlook - Unlike the temporary price increases seen in 2024 due to production cuts and price hikes, the current storage industry cycle is primarily driven by the explosion of storage demand in the AI era, coupled with limited supply-side capacity. The supply-demand gap is expected to widen further in the first half of 2026, with price increases likely to continue [3][4].

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源： 内容 编译自 chosun 。 英伟达首席执行官黄仁勋8日表示，他收到了来自三星电子和SK海力士的尖端内存样品。 三雄争霸HBM4 SK 海力士、美光科技和三星电子正在激烈竞争，以期主导 HBM4 市场，该市场估计价值 1000 亿美 元（141 万亿韩元）。 英伟达首席执行官黄仁勋8日在台积电（TSMC）主办的活动上表示："SK海力士、三星电子和美光 这三家都是优秀的内存制造商，他们都已大幅扩充产能以支持英伟达。"他还补充道："我们收到了这 三家公司提供的尖端内存样品。" 针对内存供应可能紧张的担忧，CEO黄仁勋表示："公司业务增长非常强劲，各个机构领域都可能出 现短缺。"他还表示，内存价格可能会上涨，具体取决于公司的运营情况。 在本次活动中，英伟达首席执行官黄仁勋表示，市场对英伟达最新人工智能（AI）芯片Blackwell的 需求"非常强劲"，并且"台积电的晶圆需求也在显著增长"。他还表示，英伟达生产的Blackwell相关 芯片不仅用于图形处理器（GPU），还用于中央处理器（CPU）、网络设备和交换机（高速网络设 备）。 与此同时，台积电CEO魏 ...

周末，芯片领域传来多则重磅消息！ 11月9日，有媒体报道称，存储芯片大厂闪迪（SanDisk）大幅上调NAND闪存合约价格，涨幅高达50%。 在美股市场上，闪迪11月7日因数据中心存储芯片销售强劲而大涨超15%，股价再创历史新高。闪迪表示，预 计NAND产品供不应求持续至2026年底，数据中心将成为NAND最大应用市场。 另外，英伟达首席执行官黄仁勋近日表示，Blackwell芯片需求非常强劲。当被问及存储芯片短缺问题时，黄 仁勋称，整个产业正在强劲增长，所以会出现"各种不同东西的短缺"。 此外，据彭博社报道，AI巨头OpenAI致函美国白宫科学与技术政策办公室（OSTP），呼吁美国政府将芯片法 案的税收抵免扩大至AI数据中心。 涨价50% 据多家媒体报道，闪存龙头企业闪迪（SanDisk）11月大幅调涨NAND闪存合约价格，涨幅高达50%。这一举 措凸显出存储市场的供应紧张，主要受人工智能数据中心需求持续爆发及晶圆供应严重受限的双重驱动。 报道指出，其涨价消息引发整个存储供应链震动，导致创见、宜鼎国际与宇瞻科技等模组厂决定暂停出货并重 新评估报价。其中，创见自11月7日起暂停报价交货，理由为"预期市场行情将 ...

证券研究报告 | 行业深度报告 2025 年 11 月 09 日 AI 时代存储需求推动周期上行，涨价浪潮下厂商盈利能力逐季提升 存储行业深度报告 TMT 及中小盘/电子 我们在今年 3 月发布存储深度报告详述存储行业拐点逻辑，并在 6-10 月半导体 月报中对存储上行趋势进行持续跟踪，进入 25Q3 以来存储行业全面进入加速 上行周期，不同于此前供给侧减产或退出带来的价格短暂上行，本轮存储行业 上行周期主要系 AI 时代下存储需求爆发推动，同时供给侧产能开出有限，因此 行业供需缺口持续扩大，价格加速上涨。在此背景下，海外存储原厂盈利能力 持续提升，国内部分存储模组公司快速扭亏为盈，25H2 利润预计将加速释放， 利基存储芯片和存储产业链配套公司亦将持续受益于存储涨价浪潮，建议重点 关注国内存储模组、利基存储芯片及配套供应链公司机遇。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 512 | 9.9 | | 总市值（十亿元） | 13346.2 | 12.5 | | 流通市值（十亿元） | 11910.2 | 12.2 | 行业指数 % 1m ...

Core Viewpoint - The storage industry has entered an accelerated upward cycle driven by explosive demand from the AI era, with limited supply-side capacity leading to a widening supply-demand gap and accelerating price increases [2][4][6]. Group 1: Demand Drivers - The current upward cycle in the storage industry is primarily driven by the explosive demand from AI servers and multimodal applications, marking a shift from traditional demand sources like smartphones and internet companies [3][4]. - Flash storage demand is expected to grow significantly, with data center storage needs projected to increase from 600EB in 2020 to 2.4ZB by 2028, driven by generative AI [4][8]. - The Sora2 model exemplifies the increased storage requirements, consuming nearly 100MB for a 10-second 4K video, a substantial increase compared to traditional text storage needs [11]. Group 2: Supply-Side Dynamics - Storage manufacturers are focusing capital expenditures on high-margin products like HBM, with limited plans for significant NAND Flash capacity expansion, leading to a constrained supply environment [31][34]. - Major manufacturers like Samsung, SK Hynix, and Micron are reporting record revenues and profit margins, indicating strong demand and effective inventory management [5][43]. Group 3: Price Trends - Storage prices have accelerated in October 2025, with increases ranging from 40% to 100% across various product types, driven by heightened demand from AI servers and proactive price adjustments by manufacturers [37][39]. - Specific products like DDR5 and DDR4 have seen significant price hikes, with DDR5 prices increasing by 102.6% in October [39]. Group 4: Future Outlook - The storage industry is expected to continue its upward trajectory into 2026, with supply-demand imbalances likely to persist, supporting ongoing price increases [6][60]. - Investment opportunities are recommended in both overseas and domestic storage manufacturers, particularly those involved in niche storage chips and supply chain components [6][60].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry is experiencing a downturn due to liquidity concerns in the US, with domestic technology stocks also facing pressure. The electronic industry index fell by 0.22%, with consumer electronics down 2.05% and semiconductors down 0.11% [3][4] - Despite the overall market weakness, there are emerging opportunities in the AI and semiconductor sectors, particularly with upcoming product launches expected at CES in January [7] Summary by Sections Market Review - Domestic technology stocks have declined, influenced by new public fund benchmark regulations. The Nasdaq dropped by 3.04%, while major companies like Nvidia and AMD saw significant declines of 7.08% and 8.82%, respectively [3] - Storage companies performed well, with SanDisk increasing by 20.14% and Micron by 6.32% [3] Industry Updates - The storage sector is experiencing price increases due to shortages, with HBM4 prices exceeding HBM3E by over 50%. Samsung has delayed DDR5 contract pricing until mid-November, with spot prices tripling [6] - AI-related products are gaining traction, with Lenovo's AI glasses and Xiaopeng's humanoid robot generating significant interest [4][5] Investment Recommendations - The report suggests focusing on key beneficiaries such as Luxshare Precision, Zhuhai CosMX, Cambricon, Industrial Fulian, Huahong Semiconductor, and Tongfu Microelectronics as potential investment opportunities [7]