Investment Rating - The investment rating for the storage industry is "Positive" and is maintained [8] Core Viewpoints - The current storage cycle is fundamentally different from previous cycles, driven by AI demand which is continuously increasing storage needs. The industry logic is transitioning from a supply-side controlled production cycle to a demand-driven cycle where supply gaps are gradually forming [2][6] - The report maintains a positive outlook on the storage industry due to the prevailing growth logic [2][6] Demand Side Summary - For HDD and SSD, the "train-inference-train" cycle of large models is leading to a sustained expansion in storage demand. Nearline HDD is currently experiencing supply shortages, with delivery times extending beyond 52 weeks. North American CSP manufacturers are locking in HDD production capacity for 2026 based on demand [12] - DRAM demand is also expected to grow, driven by the increasing capacity and shipment of HBM alongside the growth of Server DRAM (e.g., DDR5). If AI PCs and AI mobile devices continue to develop, overall DRAM demand is likely to increase further [12] Supply Side Summary - Over the past few years, storage manufacturers have not effectively released large-scale production capacity, focusing instead on AI-related demand. New capacity takes a long time to come online, leading to a relatively rigid supply release based on utilization rate improvements [12] - The current storage cycle is characterized by a shift from a supply-controlled price cycle to a demand-driven cycle with gradually forming supply gaps [12] Price Outlook - The storage market is expected to see price increases in 2026 due to strong AI demand, with manufacturers continuing to tilt production capacity towards server products, thereby squeezing consumer-grade supply. According to TrendForce, storage prices are expected to rise continuously [12] Industry Chain Summary - The report highlights key companies within the storage industry chain, including module and distribution companies, niche storage firms, supporting industry chain companies, and core players in the Changxin/Changcun industry chain [23]

同时，OpenAI与AMD的一项合作也提振了市场情绪。该交易可能使OpenAI获得AMD10%的股份，而 AMD的高带宽内存主力供应商正是SK海力士和三星电子。这意味着今后OpenAI的AI训练芯片订单会大 量流向AMD，进而增加对两家韩国公司HBM产品的需求。 在传统内存芯片市场，由三星主导的DRAM和NAND业务也迎来强劲周期。受供应短缺推动，产品价格 前景持续向好，市场预计将出现"超级周期"。这些因素共同推动了韩国芯片股的上涨，并使韩国成为今 年全球表现最好的股市之一，基准韩国综合股价指数年内累计涨幅已达50%。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 素材源：吕怡蕾 编辑：康书源 审核：张强 韩国芯片股在10月10日表现强劲，三星电子和SK海力士股价双双创下历史新高，并带动韩国综合指数 （KOSPI）盘中突破3600点，刷新历史纪录。 当日，SK海力士股价一度大涨超过11%，三星电子涨幅也超过6%。韩国综合指数随之拉升，盘中涨幅 ...

消息公布后，AMD股价大涨，本周迄今涨幅已超过40%。同时，英伟达股价本周亦上涨2.6%，此前CEO黄仁勋表示，近几个月需求有所上升。黄仁勋还证 实了英伟达参与资助埃隆·马斯克的AI初创公司xAI，并称他"对他们正在进行的融资机会感到超级兴奋"。 值得一提的是，随着首尔股市结束一周假期恢复交易，三星电子的股价年内累计涨幅已达76%，市值突破3900亿美元。 智通财经APP获悉，在几乎长达一周的假期结束后，韩国芯片制造商SK海力士和三星电子的股价于周五双双创下历史新高，受到一系列人工智能交易(合作) 的提振。FactSet数据显示，SK海力士股价跳涨10%，三星电子上涨近6%，均刷新纪录。这两家公司有望从OpenAI与AMD(AMD.US)的一项交易中获益，该 交易可能使Sam Altman的公司获得AMD 10%的股份。这意味着今后 OpenAI 的 AI 训练/推理芯片订单会大量流向 AMD，而 AMD 的 HBM(高带宽内存)主力 供应商正是 SK海力士和三星电子。 市场普遍看好三星在人工智能应用所需高带宽内存(HBM)领域的追赶态势。此前，规模较小的竞争对手SK海力士在该领域占据先机，但越来越多的资金押 ...

截至6月30日，东芯股份股东户数1.91万，较上期减少6.27%；人均流通股23160股，较上期增加6.69%。 2025年1月-6月，东芯股份实现营业收入3.43亿元，同比增长28.81%；归母净利润-1.11亿元，同比减少 21.78%。 分红方面，东芯股份A股上市后累计派现1.35亿元。近三年，累计派现5572.35万元。 机构持仓方面，截止2025年6月30日，东芯股份十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第三大流通股东，持股732.33万股，相比上期增加66.41万股。国联安中证全指半导体产品与设备 ETF联接A（007300）位居第六大流通股东，持股327.68万股，相比上期增加29.59万股。睿远成长价值 混合A（007119）位居第七大流通股东，持股317.34万股，为新进股东。华夏行业景气混合A （003567）位居第八大流通股东，持股315.99万股，为新进股东。南方中证1000ETF（512100）位居第 十大流通股东，持股286.19万股，相比上期增加54.29万股。博时上证科创板100ETF联接A（019857）退 出十大流通股东之列。 责任编辑：小浪快报 1 ...

（原标题：韩出口过度依赖半导体） 然而，剔除半导体后，韩国出口疲软态势明显。今年前8个月整体出口额为4538.27亿美元，同比微 增0.87%，但化工品、汽车零部件、机械、钢铁等主要品类均出现下滑，半导体之外的出口额为3495.33 亿美元，同比下降2.8%。今年7月和8月整体出口虽小幅增长，但非半导体出口分别下降0.3%和5.5%。 专家警告称，过度依赖半导体将加剧韩国贸易的脆弱性，因其高度周期性可能导致出口大幅波动。韩国 贸易协会指出，2024年韩国出口品类集中度指数高达520，远超日本（389）、中国（129）、法国 （118）等，显示出严重依赖少数品类和市场，需推动出口多元化及新兴产业发展以分散风险。 韩国《每日经济》9月24日报道，韩关税厅当日公布数据显示，今年1至8月半导体出口额达1042.09 亿美元，同比增加15.7%，占整体出口比重升至23%，较2023年的21%和2022年的15.9%进一步提高。受 惠于D-RAM、NAND价格上涨及AI相关高带宽存储器需求扩大，半导体呈现"独自繁荣"态势。 ...

Key Takeaways Micron's Q4 2025 revenues and non-GAAP EPS rose 46% and 157% year over year, fueled by AI-driven demand.Texas Instruments' Q2 2025 sales climbed 16%, while non-GAAP EPS surged 15.6%.Micro's forward P/E of 11.7X and 133.5% YTD gain make it more attractively valued than Texas Instruments.Micron Technology, Inc. (MU) and Texas Instruments Incorporated (TXN) stand at the center of the semiconductor boom, but they operate in very different areas. Micron Technology focuses on making memory chips lik ...

Micron Technology, Inc. (NASDAQ:MU) is one of the high-growth semiconductor stocks that are profitable in 2025. On September 23, the company delivered solid fourth-quarter and fiscal 2025 results, underscoring its leadership in technology products and operational execution. Micron Technology, Inc. (MU) Q4 and Full Year Results Impress on Data Center Business Growth Revenue in the quarter increased to $11.32 billion, up from $7.75 billion delivered in the same quarter last year. The company also delivered ...

摘要 国内外 AI 算力需求加速扩张，OpenAI、谷歌等海外巨头及国内互联网 巨头均积极部署算力，但国内模型能力与海外仍有 2-4 个季度差距，受 益于清晰的演绎方向，国内模型追赶速度较快。 国产半导体产业链整体发展势头强劲，各环节国产化进程稳步推进，制 造环节仍面临卡点。预计 2026 年将成为国产先进制程的重要转折年， 高端 GPU 良率有望显著提升，晶圆厂或迎来主升浪。 华虹具备先进制程注入预期，弹性更大；长鑫存储预计 2026 年上半年 完成上市，将加速存储行业扩产节奏，HBM 年底落地并开始招标，全球 存储涨价趋势明显，华虹在先进制程和存储领域优势显著。 海外 GPU 需求爆发，国内预计 2026 年进入爆发期，利好国内封测产能。 通富微电和永新电子业绩稳健，高端封装 COWS 技术将在 2026 年面临 紧张局面，推动相关企业发展。 EDA 整合速度加快，国产化进程加速，高端 GPU 需求增加是推动因素。 华大九天和概伦电子等企业在 EDA 领域具有重要地位，值得重点关注。 Q&A 近年来国产 AI 算力产业链发生了哪些显著变化？ 国产 AI 算力产业链：产业变化&逻辑变化 20251009 近 ...

Core Viewpoint - Micron Technology has benefited significantly from the surge in memory demand, reporting record quarterly revenue of $11.3 billion, a 4% year-over-year increase, with a gross margin nearing 46% [2]. Financial Performance - The DRAM business revenue grew by 27% quarter-over-quarter to $9 billion, accounting for 79% of total revenue, driven by increased shipments and double-digit average price growth [3]. - Micron's recent quarterly capital expenditure reached $4.9 billion, with plans for annual net capital expenditures of $18 billion by fiscal year 2026 [4]. Market Risks - Despite strong performance, Micron's business model is inherently risky due to the cyclical nature of DRAM and NAND markets, which are prone to significant price fluctuations [3]. - The company's reliance on large-scale enterprise demand and limited business diversification makes it vulnerable to market sentiment shifts [3]. Growth Prospects - Micron's growth narrative is increasingly focused on AI and HBM (High Bandwidth Memory) data center businesses, with HBM revenue nearing $2 billion in the recent quarter and expectations for annual sales to reach $8 billion [4]. - The company is preparing to launch HBM4 products in 2026, which could enhance its competitive edge [4]. Competitive Landscape - Micron has achieved significant technological advancements, including reaching mass production of 1-gamma DRAM and being among the first to scale HBM3E production [7]. - The company benefits from government incentives under the CHIPS Act, which may provide long-term advantages in a competitive market [7]. Cash Flow and Shareholder Returns - Despite substantial revenue, Micron's free cash flow was only $803 million last quarter, raising concerns about its ability to return capital to shareholders amidst high reinvestment needs [5]. - The company faces a prolonged period of high capital expenditures, which could pressure shareholder returns [5]. Other Business Segments - Demand for mobile devices and consumer PCs remains weak, with little sign of recovery, while embedded and automotive technology segments contribute minimally to overall revenue [6]. - If AI-driven demand for large-scale servers slows, Micron may struggle to find support from other business segments [6]. Geopolitical Risks - Geopolitical tensions, particularly with China, pose additional risks to Micron's revenue, as tariffs and export restrictions could impact its significant market presence [6]. Valuation Concerns - Despite recent strong performance, Micron's high valuation, thin profit margins, and limited free cash flow generation capabilities suggest it remains a high-risk investment [8]. - Historical trends indicate that after peak performance, significant corrections often follow, and Micron's fundamentals do not support sustained valuation increases [8].

目前DDR4报价有效期已缩短至不到一个月，代表价格可能在数周内再次上调。 DDR3涨势更强，第四季有望出现高双位数涨幅。 针对NOR Flash，维持第四季上涨5-10%预期。 随着AirPods等物联网产品与服务器需求潜在增长，NOR供应缺口将从低个位数扩大至中个位数。 闪德资讯获悉，据摩根士丹利报告指出，随着主流存储市场转强，DDR4和DDR3在第四季度将有更大涨价空间，传统型 NAND与NOR存储价格稳定迹象逐渐增强，并有望延续至2026年。 DRAM部分，存储供应商已停止向企业客户提供报价，意味价格仍有上行空间。 并将美光上调至"优于大盘"，目前参与内存上行周期仍不晚。 至于NAND，闪迪已与力积电接洽，讨论未来可能的产能支持，但认为合作机率偏低。 预期未来三季，DDR4供应短缺比例将达10-15%，后段制程瓶颈可能进一步加剧这一情况，因此部分DDR4合约价在第四 季可能翻倍。 闪德资讯，一个聚焦关注存储产业供应链和趋势变化的垂直媒体。 预期到2026年，AirPods将占全球NOR需求5–10%，因每副AirPods需使用三颗高密度NOR Flash芯片，意味NOR涨价趋势可 望延续至2026年。 ...