供应消息 华邦电子：今年一季度DRAM合约价延续大涨近50%的涨幅，今年产能已全数售罄，接下来高雄路竹厂 新增的DDR4、LPDDR4产能也已全数售罄。 注：全文732字 预计浏览1分钟。 HMB4：三星将于2月第三周正式向英伟达出货第四代高带宽记忆体（HBM4），成为全球首家向客户 交付量产版HBM4的业者。 项目技术 泽石科技葛店工业园：主体结构已完成100%，计划2026年建成投产运营。项目总投20亿元，一期投产 后计划实现年产SSD模组600万片；二期将聚焦闪存芯片封装测试环节，目标达成年产存储控制器芯片 600万片的产能规模。 企业动态 强一股份：发布公告，已签订了协议，计划投资不低于7.5亿元建设集成电路玻璃基板及器件的研发、 生产和销售项目。 长飞先进：宣布完成超10亿元A+轮股权融资。本轮融资由江城基金等机构参投，融资资金将主要用于 碳化硅功率半导体全产业链技术布局。 芯联集成：与浩思动力达成战略合作，未来5年内双方合作的技术产品预计覆盖约10款混动车型。 澜起科技：在港交所挂牌上市。其发行价为每股106.89港元（约合人民币94.86元），开盘价为每股 168.00港元（约合人民币149.0 ...

February 3, 2026 08:58 AM GMT Greater China Semiconductors | Asia Pacific Morgan Stanley Taiwan Limited+ Old memory: Report on DDR4 price cut incorrect What's new? A few Chinese-language news media outlets in Taiwan (e.g., Wantrich Chinatimes, The Liberty Times, ETtoday) reported today (Feb 3) that CXMT (private) is selling DDR4 at a significant discount to market pricing. Investors have been asking us for our view as to the accuracy of the information. Our take: We believe the reporting is not correct, as ...

公众号记得加星标⭐️，第一时间看推送不会错过。 华邦总经理陈沛铭释出好消息，直言现在价格就是「一直涨」，华邦本季和下季合约价都会维持与去 年第4季相当的涨幅。 即便报价一路涨，客户还是疯狂上门抢产能，「连客户的客户都跑来找华邦下单」，使得华邦今年和 2027年既有与新增产能均已被预订一空。他强调，今年记忆体市况就是「非常好」三个字形容，华邦 逐季涨价，客户仍愿意接受。 产能配置方面，陈沛铭指出，华邦高雄路竹厂持续扩充产能，并力拼提前开出，DRAM第一波装机预 计于6月中旬展开，快闪记忆体（Flash）装机时程则更早，不过，即便新产能逐步加入，整体记忆体 供给仍呈现供不应求。 他并提到，DDR4供给缺口极大，部分客户甚至已「降规」改用DDR3，但华邦的晶圆产能有限，会 尽 力 极 大 化 产 出 ， 尤 其 看 好 LPDDR4 的 成 长 潜 力 ， 相 关 应 用 多 元 ， 涵 盖 各 类 智 能 装 置 、 物 联 网 （IoT）、扫地机器人及无人机等应用，会是华邦今年产能配置的重点。 被动元件，继续涨价 被动元件再次「涨声响起」，继去年的钽电容、今年的芯片电阻与磁珠陆续涨价后，市场用量最大的 积层陶瓷 ...

Core Viewpoint - The automotive industry is facing a severe crisis due to skyrocketing prices of automotive-grade memory chips, particularly DRAM and DDR5, which have surged over 300% since the second half of 2025, significantly impacting production costs without a corresponding increase in vehicle prices [1][3]. Group 1: Price Surge and Cost Impact - Automotive-grade memory prices have dramatically increased, with DRAM prices rising over 300% and automotive-grade DDR5 memory exceeding 300%, leading to an increase of approximately 1,000 yuan in the cost of each vehicle [1][3]. - Despite the rising costs, vehicle prices have remained stable, with industry leaders indicating that the pressure from memory price increases has not yet been passed on to end consumers [1][3]. Group 2: Supply Chain Challenges - The memory shortage has begun to affect production schedules for some automakers, with concerns about supply interruptions leading companies to deploy personnel to monitor supplies and develop alternative sourcing strategies [3][4]. - The automotive industry is facing a significant challenge in securing memory supplies, as the demand from the AI sector is siphoning off production capacity, with AI data centers expected to consume over 70% of high-end memory chips by 2026 [4][6]. Group 3: Market Dynamics and Competition - The automotive memory market is highly concentrated, with Samsung, SK Hynix, and Micron controlling over 90% of the market, leaving automakers with little bargaining power during the supply crisis [7][9]. - The shift in production focus towards AI-related memory products, which offer significantly higher profit margins, has led to a reduction in the availability of automotive-grade memory, exacerbating the supply issues faced by car manufacturers [4][6]. Group 4: Strategic Responses from Automakers - In response to the memory shortage, automakers are adopting strategies such as direct supply agreements with memory manufacturers and establishing strategic safety stock to mitigate the risks of supply disruptions [10][12]. - The competition in the automotive sector is increasingly centered around "smart driving" capabilities, with memory being a critical component that influences the performance and features of intelligent vehicles [10][12]. Group 5: Future Outlook and Industry Trends - The memory shortage is expected to persist until at least 2028, with new chip manufacturing facilities taking 3-5 years to establish, indicating a prolonged period of supply constraints for the automotive industry [9]. - The automotive sector is witnessing a shift towards self-developed technologies, with a significant portion of the market being dominated by domestic brands that are focusing on in-house development of smart driving features [17][18].

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

随着人工智能热潮吞噬全球芯片产能，汽车行业正面临一场比2021年更为棘手的结构性"缺芯"危机，利 润空间恐遭进一步压缩。 据追风交易台消息，摩根士丹利1月22日发布的最新研报显示，全球汽车行业正站在新一轮供应链风暴 的边缘。分析师团队指出，随着人工智能（AI）的爆发式增长，全球存储芯片制造商正将产能大规模 向数据中心倾斜，导致汽车行业依赖的传统存储芯片供应急剧收紧。 此次危机的核心在于成本的剧烈波动与供应的长期错配。摩根士丹利在报告中警告，存储芯片现货价格 的飙升正在迅速传导至汽车制造商。对于利润本就微薄的汽车行业而言，这一冲击是直接且昂贵的。尤 其是对于高度依赖智能化功能的电动汽车（EV），单车成本的潜在增幅令人咋舌，这将直接侵蚀车企 的盈利能力，并可能迫使部分厂商调整全年业绩指引。 与2021年导致全球汽车减产约1200万辆的全面"缺芯"不同，此次危机呈现出"烈度较低但持续时间更 长"的特征。摩根士丹利分析师Javier Martinez de Olcoz Cerdan及其团队认为，虽然恐慌性抢购和库存囤 积可能引发短期的市场混乱，但更深层次的担忧在于供应链的结构性断裂。随着芯片巨头逐步淘汰旧制 程产能， ...

AI需求爆发正把存储市场"抽干" 存储芯片是固态硬盘和内存的关键组成部分，其直接决定了固态硬盘和内存的性能表现。目前常见的存 储芯片包括NAND闪存芯片和DRAM芯片等。近几个月以来，这些存储芯片的价格呈现出持续上涨趋 势。 "相较之下，上游动力电池原材料的价格波动对车价的影响，反而不如近期存储芯片等关键电子元器件 价格变化对整车成本和定价的影响更为显著。"日前，Omdia高级分析师刘运程在接受《每日经济新 闻》记者采访时道出了汽车行业当前面临的一项难题。 动态随机存取存储器（DRAM）广泛应用于智能汽车的信息娱乐系统、高级驾驶辅助功能以及日益集中 的电子架构中。而与此同时，作为电子设备的核心运行内存，DRAM能实现数据随机高速存取，被广泛 应用于服务器、手机、PC等各类需要高速数据处理的场景。 摩根士丹利在近日发布的研究报告中指出，传统存储芯片供需缺口正持续扩大，2025年第二季度至2026 年，行业将迎来新一波超级周期，DDR4（一种计算机内存规格）、DDR3、NOR Flash（一种非易失性 闪存）及SLC/MLC NAND（闪存的两种存储单元）等内存产品供应紧张态势加剧。 "2026年1月，头部企业对 ...

Core Insights - The memory shortage is expected to persist until 2027 due to the strong demand for DRAM driven by artificial intelligence data centers, leading to increased prices across the memory market [1][3] - The current price dynamics are influenced by concerns over future supply shortages, prompting customers to secure memory supplies in advance, which exacerbates the shortage and drives up spot prices [1][3] Group 1: Market Dynamics - The latest round of DRAM price increases began in Q3 2025, with a 13.5% quarter-over-quarter rise, indicating a peak in the market cycle and potential for a correction [3] - Early signals from company earnings reports suggest that prices may rise further by 30% in Q4, driven by fears of supply shortages [3] - The spot price for DDR5 memory used in servers has surged by 100% in some cases, impacting PC manufacturers like HP and Dell, who may remove certain laptop models from their product lines due to high DRAM prices [3] Group 2: AI Infrastructure Impact - The core imbalance in the memory market is attributed to the construction of AI infrastructure, with data center operators heavily investing in AI accelerators that require high-bandwidth memory (HBM) and standard DDR5 memory [4] - An AI server with eight accelerators requires approximately 1.6TB of HBM and 3TB of DDR5 memory, significantly more than a typical non-AI server, leading to a rapid increase in memory demand that exceeds supply capabilities [4] Group 3: Broader Market Effects - The automotive sector, which uses LPDDR4 and LPDDR5 memory, is strategically important for memory suppliers, especially with the rise of autonomous vehicles requiring more memory [5] - The production processes for LPDDR and DDR memory are about 80% similar, meaning that if DRAM companies prioritize AI server production, LPDDR supply will also be affected [5] - Micron's decision to gradually shut down its Crucial consumer business reflects a strategic shift towards higher-margin AI-driven demand rather than consumer products [5] Group 4: Demand and Supply Outlook - Data centers dominate DRAM demand, accounting for about 50% of total bit demand, with AI workloads representing approximately 30% of that demand [6] - Historical trends show that DRAM market cycles can change rapidly, but the typical self-regulating mechanism of high prices leading to reduced demand has not yet occurred due to the insensitivity of data center operators to price increases [6] - Structural constraints in supply relief are evident, as building or expanding a DRAM factory typically takes 2-3 years to reach mass production, with limited new supply expected until 2026 [6][7] Group 5: Future Supply Developments - Companies like CXMT are expanding capacity primarily for domestic clients, while Samsung is prioritizing HBM production over broader DRAM products [7] - SK Hynix's M15X factory is expected to start production in late 2026, and Micron's new factory in Boise is anticipated to increase capacity in 2027 [7] - Until significant capacity increases occur, smartphone and PC manufacturers may need to slow down memory capacity growth or AI infrastructure spending to alleviate price pressures [7]

Core Viewpoint - The semiconductor industry, particularly in DRAM and high bandwidth memory (HBM), is experiencing significant supply shortages driven by strong demand from AI applications, smartphones, and PCs. Major manufacturers are prioritizing production for AI-related products, leading to a competitive landscape for securing supply beyond 2027 [1][4][8]. Group 1: Market Dynamics - Micron Technology has indicated that the demand for HBM is increasing, while traditional markets like smartphones and PCs are facing severe supply shortages [1]. - Counterpoint Research estimates a 2.1% decline in global smartphone shipments this year due to rising costs and memory shortages [2]. - South Asia Technology's management noted the presence of duplicate orders in the DRAM market, prompting a cautious approach to capacity allocation to avoid stockpiling by clients [4]. Group 2: Pricing Trends - The average selling price (ASP) of DRAM increased by 30% in Q4 last year, with expectations of a slight increase in Q1, although not as significant as the previous quarter [5][6]. - TrendForce reported a more than 10% increase in DRAM prices in the second week of January, with predictions of a 55-60% rise in contract prices for Q1 compared to the previous quarter [7][8]. - NAND flash prices are also expected to rise significantly, with a forecasted increase of 33-38% in Q1 [8]. Group 3: Company Performance Expectations - Samsung Electronics is projected to achieve a record operating profit of approximately 133 trillion KRW from its memory semiconductor business, driven by increased shipments of high-value memory and price hikes due to AI data center expansions [9]. - SK Hynix is also expected to report an operating profit of around 115 trillion KRW this year, reflecting the overall positive outlook for the memory semiconductor sector [9].

智能汽车正处于一场与AI算力中心、消费电子巨头的不对等资源争夺战中，而这场争夺战的胜负，或 许直接关系到未来几年中国汽车产业智能化进程的速度与格局。 2026年初，中国车市的价格战硝烟尚未散尽，一场源自产业链上游的涨价潮，又让一些车企掌舵者感到 刺骨寒意。 1月初，蔚来创始人李斌在第一百万辆新车下线媒体沟通会上，向行业发出了预警："今年最大的成本压 力还不是原材料，是内存。现在内存涨价，已经涨疯了。" 无独有偶，理想汽车供应链副总裁孟庆鹏也2025年底的一次行业会议上判断，2026年汽车行业可能面临 存储芯片供应危机，满足率或许不足50%。 在智能汽车竞争进入以"智驾"和"算力"为标志的下半场之际，作为数据存算基石的存储芯片，悄然从稳 定的背景板变成了紧缺的战略资源。智能汽车正处于一场与AI算力中心、消费电子巨头的不对等资源 争夺战中，而这场争夺战的胜负，或许直接关系到未来几年中国汽车产业智能化进程的速度与格局。 成本压力陡增 当前汽车行业所面临的，是一场由价格飙升与供应短缺交织而成的危机，其烈度远超行业预期。"我们 的'神玑'芯片、英伟达芯片、座舱芯片，都要用内存，最近内存涨价是个大事。"李斌的感慨道出了行 ...