如果您希望可以时常见面，欢迎标星收藏哦~ 据消息，三星电子已向高通供应下一代低功耗 DRAM——LPDDR6X样品。该产品预计将于2027 年下半年实现商用。 在上一代产品 LPDDR6 尚未正式上市的情况下，三星已提前提供其衍生产品 LPDDR6X 的样品。 一位熟悉三星电子的相关人士表示："能拿到尚在开发中的次世代芯片样品，这并不常见"，并指出 "高通的芯片开发日程看起来非常紧张"。 业内认为，高通索要 LPDDR6X 样品，与其服务器、车载下一代半导体开发进度密切相关。高通 计划在 2027 年推出的 AI 加速器"AI250"上采用 LPDDR6X。 LPDDR 作为低功耗 DRAM，以往主要用于智能手机、笔记本电脑、汽车电子等领域。近来，包 括英伟达在内的 AI 半导体企业也开始在推理芯片中采用 LPDDR，应用范围正进一步扩大。 目前已商用的是第七代产品LPDDR5X。LPDDR6 于去年第三季度通过JEDEC（国际半导体标准 化组织）标准制定。LPDDR6 的最高传输速率为14.4Gbps，最大带宽38.4GB/s，相比 LPDDR5X 分别提升44%和20%。 LPDDR6X 是在此基础上性能 ...

Investment Rating - The report suggests a focus on companies such as SanDisk (SNDK.O), SK Hynix (000660.KS), Samsung Electronics (005930.KS), and Micron Technology (MU.O) due to their potential in the AI-driven storage market [4]. Core Insights - The industry is transitioning from traditional cycles to AI-driven technological premiums and high growth, with storage becoming a critical bottleneck for AI computing efficiency [5]. - AI is driving exponential growth in storage demand, with significant increases in requirements for high-bandwidth memory (HBM) and solid-state drives (SSD) due to the scaling laws of model parameters [5]. - The valuation framework is being reshaped, with revenue growth and net profit margin expansion occurring simultaneously, indicating a period of high operational leverage in the storage sector [5]. Summary by Sections AI Value Chain - The AI value chain includes components such as computing chips (GPUs, CPUs, ASICs), storage (DRAM, SSD, HDD), networking, and energy solutions, highlighting the interconnectedness of these sectors [10][12]. - The storage segment is characterized by oligopolistic features, with high barriers to entry supporting high profitability [12]. Storage Demand and Hardware Architecture - Storage demand is categorized into cold, warm, and hot data, with different storage solutions (HDD, SSD, DRAM) tailored to each category's speed and capacity requirements [20]. - The architecture is structured in layers, with HBM for high-speed access, SSD for intermediate storage, and HDD for large capacity [29]. Large Language Model Storage Requirements - The report details the storage needs of large language models, emphasizing the importance of storage capacity and bandwidth in both training and inference phases [42][47]. - The growth in model parameters necessitates increased storage capacity, with significant implications for the demand for NAND and DRAM technologies [59]. Company-Specific Insights - Micron Technology (MU.O) is focusing on data centers and has made significant advancements in HBM3E technology, with a strong market demand for its products [64][70]. - SanDisk (SNDK.O) has undergone a restructuring, achieving notable revenue growth and improving profit margins through a focus on high-value enterprise SSDs [72][78]. - SK Hynix is benefiting from its early entry into the AI storage market, while Samsung is striving to catch up [79][81].

来源：36氪 为什么AI越强,手机和电脑反而更贵了? 存储芯片进入有史以来最大上涨周期 100 200 300 400 500 600 智能手机应用激增+DDR4 2016年5月至 1920/ 2017年12月 升级换代供给端收缩 疫情期间服务器、PC需求 2020年8月至 15596 2021年7月 激增+供给端收缩 AI需求激增+HBM挤占传 统产能,供需缺口持续扩大 2024年底至今 577% 这不是一轮普通的存储周期,而是被 AI 改写的结构性周期。 数据来源:wind 谁在为这轮周期买单 存储芯片持续涨价,资本市场担心激增的成本压力会 侵蚀下游主机厂的利润空间,苹果、小米、任天堂等 头部主机厂股价承压。 -10 累计跌幅13% 20 累计跌幅近30% 40 累计跌幅近40% -50 任天堂 小米 苹果 数据来源:36氮整理,统计时间为2025年6月高点以来 基本面仍和巨头有差距,但快速追赶中 · 长鑫科技 · 美光科技 · 三星电子 · SK海力士(气泡大小为2025年DRAM月均产能 2022-2024年年均复合增速(%) 80 70 长鑫规模仅为巨头的1/8,但 维持高增速,产能差距明显, 通过 ...

智通财经APP获悉，全球最大规模存储芯片巨头三星电子与SK海力士两大权重股所主导的韩国股市基准股指——Kospi韩国综合指数在经 历周一暴跌超5%之后，今日大举反弹近7%，以及经历上周五大幅下跌的美国存储产品领军者西部数据(WDC.US)与希捷(STX.US)股价携 手大举反弹——尤其是西部数据周一涨幅一度超10%完全覆盖上周五暴跌区间，可谓全面凸显出存储巨头们股价跟随贵金属单日暴跌乃 市场"错杀行为"。从周二亚太市场存储芯片/存储产品板块全线大反弹趋势来看，全球资金对于存储领域的看涨情绪仍然堪称狂热。 在HDD霸主西部数据公司公布强劲业绩与未来展望之后，国际大行瑞银(UBS)近日发布的研报显示，经营执行与行业景气度都在"超预期 兑现"，HDD(尤其是数据中心大容量近线 Nearline HDD)仍处于供应偏紧、且需求强劲的上行周期，但估值与市场情绪已把"好消息"定价 得非常彻底，且HDD两大寡头——希捷与西部数据的长期价格/估值均无法避免周期性均值回归属性。对于想博取基于存储领域的超额投 资收益的投资者们，瑞银暗示应更关注那些纯粹的存储芯片巨头，比如三大存储芯片原厂——三星、SK海力士以及美光科技。 因此瑞 ...

点击招商研究小程序查看PDF报告原文 事件： 25Q4公司营收93.8万亿韩元，同比+24%/环比+9%；营业利润20.1万亿韩元，同比+209%/环比 +65%；净利润19.6万亿韩元，同比+151%/环比+61%，营收及利润均创历史新高。25全年公司营收 333.6万亿韩元，同比+11%；营业利润43.6万亿韩元，同比+33%；净利润45.2万亿韩元，同比 +31%。其中DX部门受新智能手机发布影响减弱以及美国关税后家电需求疲软影响，营收环比出现下 滑；然而DS部门受存储价格走强、HBM和其他高附加值产品销售扩大带动，营收及盈利能力表现强 劲，并完全弥补前者下滑，推动总体营收及利润实现高增。研发投资总额达10.9万亿韩元，环比增加2 万亿韩元，全年总额达37.7万亿韩元，创下纪录。 2、Q4集团4部门营收同比均提升，存储业务营收同比高增62%。 1）分部门： 25Q4 DX/DS/SDC/ 哈 曼 部 门 销 售 额 分 别 为 44.3/44.0/9.5/4.6 万 亿 韩 元 ， 同 比 +9%/+46%/+17%/+17%，环比-8%/+33%/+17%+16%；营业利润1.3/16.4/2.0/0 ...

Core Viewpoint - Nvidia's CEO Jensen Huang refuted claims that the U.S. plans to transfer 40% of Taiwan's semiconductor capacity to the U.S., asserting that the construction of global fabs represents new capacity rather than a transfer of existing capacity [2] Group 1: Semiconductor Capacity and Production - Huang emphasized that TSMC must expand globally to meet the surge in AI-driven chip demand while maintaining Taiwan's core market status [2] - He explained that current wafer demand exceeds Taiwan's physical grid capacity, making overseas production a necessity rather than a political strategy [2] - Despite TSMC's plans to build and expand fabs in the U.S., Europe, and Japan, the majority of production will remain in Taiwan due to its unmatched manufacturing ecosystem [2] Group 2: Importance of Memory and Chip Supply - For Nvidia, substantial capacity in both Taiwan and the U.S. is crucial, with sufficient memory (HBM, DDR5, GDDR7, LPDDR5X, NAND flash) being as important as logic chip capacity [3] - Huang stated that the company is closely collaborating with major HBM suppliers—Samsung, SK Hynix, and Micron—to ensure chip supply for the next-generation AI accelerator, Rubin [3] Group 3: Geopolitical Considerations - Huang discussed the need for legislators to balance three conflicting goals: national security, technological leadership, and economic competitiveness [3] - He refuted comments from Anthropic's CEO regarding the export of advanced AI processors to China, clarifying that the U.S. government has determined that selling Nvidia's H200 processors to Chinese entities does not compromise national security [3] - Huang noted that the approval for these processors to enter the Chinese market now depends on the Chinese government, as Nvidia awaits regulatory approval [3] Group 4: Engagements in Taiwan - During his visit to Taiwan, Huang plans to attend internal Nvidia meetings and Lunar New Year events, as well as meet with TSMC founder Morris Chang and Chairman Mark Liu [3]

Core Viewpoint - The storage industry is entering a new cycle driven by AI and data expansion, with supply-demand tension leading to continuous price increases. The demand for new technologies like HBM is strong, and opportunities for domestic storage development are emerging, leading to an "outperform" rating for the industry [1] Group 1: Market Overview - The storage market is experiencing continuous growth due to increasing demand for storage technology across various sectors of the digital economy. AI-driven storage demand is growing significantly faster than other segments, becoming a key driver of global storage market expansion. The demand for storage in AI servers is rapidly increasing, and the overall storage demand in the server sector is expected to maintain high growth rates [1][2] - Storage product prices are projected to see significant increases by 2025, with further potential rises in 2026. This price surge is driven by both AI servers and general servers, compounded by structural capacity transitions and competitive demand across multiple dimensions, indicating that shortages and price hikes may persist for an extended period [1] Group 2: Supply and Demand Dynamics - Structural supply constraints are expected to continue, with original manufacturers competing for new technological advancements. Capital expenditures in 2026 will focus on process technology upgrades and advanced techniques like hybrid bonding, with limited growth in bit supply, suggesting a persistent supply-demand imbalance throughout the year [2] - The storage industry is transitioning into a "post-HBM era" with the emergence of HBF, driven by rapid growth in the AI inference market. High-performance HBM and LPDDR5X remain in strong demand from leading international suppliers for AI infrastructure [2] Group 3: Domestic Market Developments - Domestic manufacturers are striving for global standards and self-sufficiency in the supply chain, with product strategies focusing on platformization and category upgrades. Longxin Storage has launched LPDDR5X products, while Yangtze Memory Technologies is progressing towards 100% domestic equipment for its third-phase construction [3] - The combination of CBA and 4F2 technologies, along with advancements in hybrid bonding, is seen as a crucial path for domestic storage to achieve competitive advantages. Longyang Storage and Longxin Storage are positioned as leading domestic storage chip manufacturers, with stable operations and a strong commitment to development, presenting numerous opportunities for the industry [3]

Investment Rating - The report assigns a "Outperform" rating to the storage industry, driven by the expansion of AI and data, which is pushing the storage sector into a new cycle with increasing prices and demand for new technologies like HBM [2]. Core Insights - The storage market is experiencing significant growth due to the increasing demand for storage technology across various sectors of the digital economy, particularly driven by AI applications. The demand for AI edge storage is growing at a much faster rate than other segments, becoming a key driver for global storage market expansion [7][14]. - The report highlights that the prices of storage products have already seen substantial increases in 2025 and are expected to rise further in 2026, driven by both AI servers and general server demands. The supply-demand dynamics are complex, with structural capacity constraints and competition across multiple dimensions [7][30]. - The report emphasizes the importance of domestic storage manufacturers in China, such as Changxin Memory and Yangtze Memory Technologies, which are making significant strides in production and technology, potentially reshaping the competitive landscape [7][67]. Summary by Sections Market Overview - The global data generation is projected to reach 213.56ZB by 2025 and exceed 527.47ZB by 2029, with China's data generation expected to grow from 51.78ZB in 2025 to 136.12ZB by 2029, reflecting a CAGR of 26.9% [14][17]. - The capital expenditure of major cloud service providers (CSPs) is expected to increase significantly, with a projected total exceeding $600 billion in 2026, marking a year-on-year growth of approximately 40% [23][26]. Supply Side Dynamics - The supply of storage components is constrained, with a shift in capital expenditure focus towards advanced process technologies and high-value products rather than mere capacity expansion. This is expected to maintain a supply-demand imbalance throughout 2026 [67][70]. - The report notes that HBM technology is becoming increasingly competitive, with significant growth expected in the high-performance memory segment, particularly for AI applications [73][79]. Demand Side Dynamics - The demand for AI storage is rapidly increasing, with traditional HDDs facing supply shortages due to the lack of planned expansions by major manufacturers. This has led to a shift towards high-performance SSDs, particularly QLC SSDs, which are expected to see significant growth in 2026 [83][84]. - High-end DRAM remains a standard for AI applications, with a notable shift towards LPDDR5X memory, which is projected to see a demand increase of 169% in 2026 [86][91]. Investment Opportunities - The report suggests focusing on specific segments within the storage industry that are likely to benefit from the current market dynamics, including distributors and module manufacturers, niche market IC design companies, and domestic semiconductor supply chains [4].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 1月21日消息， 据权威分析机构Clarivate发布的2026年度"全球百强创新机构"榜单，中国存储芯片企业长鑫存储首次登上该榜单！ 值得注意的是，长鑫科技也是本年度7家上榜的中国大陆企业中，唯一的一家半导体存储企业。 这一榜单是衡量企业综合创新水平的国际权威标尺，评估维度涵盖了技术影响力、创新投资力度、全球化布局及独特性等多项核心指标。 在此次榜单中， Clarivate 对长鑫科技上榜给出的理由是： 专注于DRAM存储技术的自主研发与创新，为全球电子产业链提供关键支撑。 | 排名 | 2026年度全球百强创新机构 | 总部所在国家 / 地区 | र्स राष्ट्र | 上榜年度 (2012-2026) | | | --- | --- | --- | --- | --- | --- | | 76 | 宁德时代 (CATL) | 中国大陆 | 汽车 | 2025, 2026 | | | 77 | 富士通 (Fujitsu) | 日本 | 电子和计算机设备 | 2012, 2013, 2014, ...

来源：快科技官方 1月21日讯，据全球知识产权与科技信息分析权威机构科睿唯安（Clarivate）发布的2026年度"全球百强创新机构（Top 100 Global Innovators 2026）"榜单，中国存储芯片龙头企业长鑫科技凭借在DRAM领域的领先研发能力与扎实专利储备首次跻身"全球百强创新机 构"榜单，也是此次上榜的7家中国大陆企业中，唯一一家半导体存储企业。 | 排名 | 2026 年度全球百强创新机构 | 总部所在国家 / 地区 | 行业 | 上榜年度(2012-2026) | | | --- | --- | --- | --- | --- | --- | | 76 | 宁德时代 (CATL) | 中国大陆 | 汽车 | 2025, 2026 | | | 77 | 富士通 (Fujitsu) | 日本 | 电子和计算机设备 | 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026 | | | 78 | 矢崎总业 (Yazaki) | 日本 | 汽车 | 2016, 201 ...