公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来着半导体行业观察综合 。 受 惠 于 人 工 智 能 （ AI ） 产 业 的 强 劲 需 求 推 动 ， DRAM 市 场 正 经 历 一 轮 「 超 级 周 期 」 （ Super Cycle），而韩国两大记忆体制造大厂三星电子和SK 海力士成为这波浪潮中的主要受惠者。由于客 户对高附加值产品以及传统DRAM 的订单量爆增，业界观察认为，两家公司第四季DRAM 的平均售 价（ASP） 预计将大幅上涨，且涨幅高于最初的预期。 根据ZDNet Korea 的报导指出，韩国主要记忆体供应商2025 年第四季DRAM 的ASP 预期将较原先 的估计有显著成长。近期记忆体市场的需求急剧攀升，主要驱动力来自全球大型科技企业积极扩大AI 基础设施的建设。特别是，伺服器用DRAM 和高频宽记忆体（HBM） 等高附加值产品的订单表现尤 为活跃。 然而，供需吃紧不仅限于高阶产品。用于个人电脑（PC） 和智能型手机的通用型DRAM 也面临着极 度严峻的供需短缺困境。造成这一现象的主要原因在于，主要的记忆体供应商将其大部分DRAM 产 能 配 置 于 HBM 的 ...

截至2025年11月21日收盘，和顺石油（603353）报收于30.59元，较上周的28.03元上涨9.13%。本周， 和顺石油11月20日盘中最高价报35.88元，股价触及近一年最高点。11月21日盘中最低价报30.53元。本 周共计2次涨停收盘，无跌停收盘情况。和顺石油当前最新总市值52.59亿元，在炼化及贸易板块市值排 名17/30，在两市A股市值排名3098/5167。 本周关注点 交易信息汇总 和顺石油（603353）因非ST、*ST和S证券连续三个交易日内收盘价格涨幅偏离值累计达到20%，于 2025年11月17日登上龙虎榜，为近5个交易日内首次上榜。 公司拟收购上海奎芯集成电路设计有限公司不低于34%股权，并通过表决权委托合计控制51%表决权， 取得其控制权。 标的公司100%股权价值不高于15.88亿元（增资后估值），预计最终交易金额不高于5.4亿元，公司将安 排中介机构进场开展尽职调查、审计与评估工作。 公司主营业务为加油站零售连锁，现金流充足，但受新能源汽车影响，归母净利润近年有所下滑，因此 寻求转型。奎芯科技是国内少数具备完整高速接口IP产品矩阵的企业，技术领先，半导体IP行业前景广 阔 ...

Core Viewpoint - The shortage and price increase of storage chips may continue for another two to three years, driven by the surge in AI demand, ultimately impacting consumers who will face higher prices for electronic devices like smartphones [1][24]. Market Dynamics - The storage chip market is currently experiencing significant price increases, with DDR5 memory prices rising by 307% in just over two months, and NAND Flash prices also seeing substantial weekly increases [5][6]. - The market is characterized by instability, with manufacturers often not providing clear pricing, leading to panic and confusion among buyers [6][12]. Supply and Demand Imbalance - Despite the price surges, the growth in end-user demand for devices like smartphones and PCs has not kept pace, with global smartphone shipments only increasing by 2.6% year-on-year [7][8]. - The current price increases are primarily driven by supply-side adjustments, as manufacturers are cautious about expanding production capacity after previous overproduction led to price drops [9][12]. AI Demand Impact - The explosion of demand for AI servers from major cloud service providers has redirected production capacity away from consumer electronics, leading to a scarcity of chips for smartphones and PCs [9][10]. - Major manufacturers like Samsung and SK Hynix are prioritizing high-bandwidth memory (HBM) and enterprise solid-state drives (eSSD) for AI applications, which are more profitable than traditional memory products [10][11]. Price Transmission to Consumers - The rising costs of memory components are expected to lead to significant price increases for smartphones and PCs, with manufacturers indicating that they cannot fully absorb the costs [16][18]. - Xiaomi and Lenovo have both acknowledged that the surge in memory prices will necessitate higher retail prices for their products in the coming year [16][19]. Market Segmentation - The storage market is becoming increasingly divided, with large clients having priority access to supply, while smaller brands face severe shortages and higher prices [12][19]. - The shift in focus towards AI has left many smaller players in the consumer electronics space struggling to secure necessary components, leading to a potential reshaping of the market landscape [19][22]. Long-term Outlook - The current supply constraints are expected to persist, with predictions indicating a 40%-50% increase in server storage demand against a supply growth of only 20%-30% [14]. - The ongoing supply-demand imbalance suggests that the price increases for storage chips will not revert to previous levels, making higher prices a new norm for consumers [20][24].

Core Insights - The memory market is experiencing unprecedented price increases, with DDR5 memory prices rising by 307% in just over two months, while NAND Flash prices have also surged significantly [2][6] - The current market dynamics are characterized by a supply-demand imbalance, primarily driven by the explosive demand for AI server storage, which has led to a scarcity of conventional memory products for consumer electronics [6][10] - Major memory manufacturers are prioritizing production for AI applications, resulting in a strategic shift that leaves consumer electronics facing higher costs and potential shortages [11][16] Market Dynamics - Memory prices have skyrocketed, with DDR4 memory prices doubling from earlier this year, reflecting a significant shift from a year ago when the market was struggling with excess inventory [1][2] - The supply chain is under pressure, as manufacturers are cautious about expanding production capacity after previous overproduction led to price declines [5][10] - The demand for high-bandwidth memory (HBM) and enterprise solid-state drives (eSSD) from major cloud service providers is driving the current price increases, with traditional consumer memory products being deprioritized [6][8] Consumer Electronics Impact - The rising costs of memory components are expected to lead to higher retail prices for smartphones and PCs, with manufacturers indicating that they cannot fully absorb the increased costs [11][13] - Companies like Xiaomi and Lenovo have acknowledged that the surge in memory prices will necessitate price increases for their products in the coming year [11][12] - The trend of "downgrading" specifications, such as reducing standard memory from 12GB to 8GB in new smartphone models, is emerging as a strategy to manage costs [12][13] Future Outlook - The supply-demand gap is projected to persist, with global server storage demand expected to grow by 40%-50% while supply increases only by 20%-30% [10][18] - The current market conditions suggest that the memory chip shortage and price increases could last for two to three more years, fundamentally altering the pricing landscape for consumer electronics [18] - Domestic manufacturers are beginning to fill the gaps left by major suppliers focusing on AI, indicating a potential shift in market dynamics and opportunities for smaller players [16][17]

Core Viewpoint - NVIDIA's recent decision to switch from DDR5 to LPDDR memory chips aims to reduce power costs for AI servers, which is expected to significantly boost industry demand and spill over into the consumer electronics market [1][3]. Group 1: Memory Chip Transition - NVIDIA is replacing traditional DDR5 with low-power LPDDR memory to lower AI server power costs, which is anticipated to increase demand in the industry [1]. - The shift to LPDDR is expected to enhance memory value in AI servers, which typically have a higher memory unit value compared to smartphones [1]. Group 2: SOCAMM Performance - SOCAMM, based on LPDDR, is designed for AI servers and offers a 2.5x increase in bandwidth while reducing power consumption by one-third [2]. - SOCAMM's compact design (14x90mm) allows for more efficient server configurations, and it supports a maximum capacity of 128GB per module, enhancing AI model training and inference performance [2]. Group 3: Memory Price Trends - 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 [3]. - The heightened demand for LPDDR from NVIDIA is likely to create broader and more long-term risk factors surrounding advanced chips, affecting the entire consumer electronics market [3].

Core Viewpoint - Bawei Storage, a semiconductor memory company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for self-developed chips, high-performance semiconductor storage solutions, and wafer-level packaging capabilities. Despite benefiting from the AI wave, the company faces profitability challenges in a market dominated by giants like Micron and SK Hynix, with a projected phase of "increased revenue but decreased profit" in the first half of 2025 [1][2][9]. Company Overview - Bawei Storage primarily engages in the research, design, packaging, testing, production, and sales of semiconductor memory, with its main products being semiconductor memory devices [2]. - The company's business segments include embedded storage, consumer-grade storage, and advanced packaging and testing [4][6]. Financial Performance - Since its listing on the Sci-Tech Innovation Board, Bawei Storage has experienced a complete cycle of "downturn-recovery-adjustment" in the semiconductor storage industry. From 2022 to 2023, the company saw revenue growth but transitioned from profit to loss [7]. - In 2024, the company is expected to benefit from a rebound in storage prices and AI demand, achieving a strong turnaround with revenue doubling. However, in the first half of 2025, it is projected to face a phase of "increased revenue but decreased profit," with historical high revenue but a return to phase losses [8][9]. - Specific financial data shows that revenue from 2022 to the first half of 2025 is projected to be 2.986 billion, 3.591 billion, 6.695 billion, and 3.912 billion RMB, with net profits of 71 million, -631 million, 135 million, and -241 million RMB respectively [9]. Market Dynamics - The global storage market is expected to grow significantly, driven by AI data centers, with projections indicating an increase from $263.3 billion in 2025 to $407.1 billion by 2029, representing a compound annual growth rate (CAGR) of 11.5% [11]. - The server segment is anticipated to grow from $26.8 billion in 2020 to $59.4 billion in 2024, with a CAGR of 22.0%, reaching $145.8 billion by 2029 [11]. Industry Structure - The storage product industry chain consists of three segments: upstream wafer and main control chip design and manufacturing, midstream storage product manufacturing, and downstream terminal applications [12]. - Bawei Storage operates as an independent memory manufacturer, focusing on storage solution design, packaging, testing, and large-scale delivery, unlike integrated device manufacturers (IDM) like Micron and SK Hynix, which have pricing power in the industry [14]. Future Outlook - The demand for storage solutions is expected to increase due to the upgrading of storage needs in the AI era, enhancing the value of module manufacturers and solution providers within the industry [16].

Core Viewpoint - Nvidia has decided to switch from DDR5 to LPDDR memory chips for AI servers to reduce power costs, which may significantly impact the supply of consumer-grade memory [1] Group 1: Memory Chip Transition - Nvidia is replacing traditional DDR5 RDIMM with LPDDR to lower AI server power consumption costs [1] - The shift to LPDDR, typically used in mobile devices, is expected to increase demand in the industry significantly [1] Group 2: SOCAMM Performance - SOCAMM, based on LPDDR, offers 2.5x bandwidth improvement over traditional RDIMM and reduces power consumption by one-third [2] - SOCAMM is designed for AI servers, with a compact size of 14x90mm and a maximum capacity of 128GB per module [2] Group 3: Memory Price Trends - 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 [3] - The heightened demand for LPDDR from Nvidia is likely to extend price increases into the consumer electronics market [3]

Group 1 - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 1.56% during the session [1] - The agriculture, forestry, animal husbandry, and banking sectors showed positive performance, while non-ferrous metals and comprehensive sectors faced significant declines [1] - The Consumer Electronics ETF (159732.SZ) fell by 2.63%, with mixed performances among its constituent stocks, including notable gains from Transsion Holdings (+4.11%) and Amlogic (+2.86%), while companies like Bawoo Storage and Dongshan Precision saw declines of -8.86% and -5.79% respectively [1] Group 2 - Nvidia has decided to switch memory types for AI servers from DDR5 to LPDDR to reduce power costs, which is expected to significantly boost industry demand [3] - With Nvidia's increased demand for LPDDR in the server sector, memory prices are anticipated to rise, potentially impacting the supply of consumer-grade memory as well [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, primarily in electronic manufacturing and optical electronics sectors [3]

国泰海通晨报 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【纺织服装研究】亚玛芬体育：公司 25Q3 收入/op margin 均超指引，所有地区加速增长，持 续看好中长期成长性。 2、【生物医药研究】老百姓：行业整体仍有所承压，公司积极加强门店聚焦于下沉策略，看好环 比向好趋势。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 盛开(分析师) 021-23154510 shengkai@gtht.com S0880525040044 钟启辉(研究助理) 021-23185686 zhongqihui@gtht.com S0880125042254 本次评级：增持 现价：34.76 元 海外报告：亚玛芬体育(AS.N)《25Q3 业绩超指引，所有地区实 现加速增长》2025-11-20 2025 年 11 月 21 日 投资建议：考虑到公司 Q3 表现优异，我们上调公司 2025-2027 年归母净利润 ...

SK海力士正在大举扩张先进内存芯片产能，押注人工智能应用从训练转向推理带来的市场机遇。 同时，据华尔街见闻此前文章，SK海力士近期与英伟达完成HBM4供应谈判，成功将价格提升逾50%至 每颗500美元以上。据媒体报道，该公司已提前售罄明年产能，在HBM和通用DRAM市场均占据有利定 价地位。 业内人士预计，SK海力士明年设施投资额将轻松突破30万亿韩元，较今年预计的25万亿韩元大幅增 长。市场预测该公司明年营业利润有望超过70万亿韩元，创下历史新高。 尖端制程产能实现跨越式扩张 SK海力士的产能提升计划集中在最先进的1c DRAM技术节点。 报道指出，据行业消息人士透露，该公司计划明年在利川园区通过工艺升级新增14万片月产能，这被视 为"最低增幅"。部分业内人士表示，SK海力士也在考虑将月产能提高16万至17万片。 按照SK海力士目前每月平均50万片DRAM晶圆进料量计算，超过三分之一的产能将投入到先进的1c DRAM生产。 该公司已将1c DRAM的良率提升至80%以上，该制程主要用于制造DDR5、LPDDR和GDDR7等最新通 用DRAM产品。 这一激进的产能扩张计划显示SK海力士对AI驱动的内存需求持续 ...