来源： 内容编译自 tom'SHARDWARE 曾 经 价 格 低 廉 的 固 态 硬 盘 （ SSD ， Solid State Drive ） 、 动 态 随 机 存 取 内 存 （ DRAM ， Dynamic Random Access Memory）和机械硬盘（HDD，Hard Disk Drive），如今价格正快速攀升。人工智 能（AI）需求激增与供应受限的双重作用，正造就多年来最紧张的市场格局。 几乎所有分析公司与内存制造商如今都在警告：NAND 闪存与 DRAM 内存即将出现短缺，未来数月 乃至数年，固态硬盘与内存价格将大幅飙升，部分机构甚至预测短缺可能持续十年。这一潜在短缺已 愈发难以忽视，行业发出的警告也愈发严峻——人工智能数据中心的巨大需求，已开始占据全球内存 与闪存产能的主导地位。 过去两年多来，存储升级一直是电脑攒机者难得的 "好消息"。2023 年，固态硬盘价格暴跌至历史最 低点，高性能 NVMe 固态硬盘的售价甚至与普通机械硬盘相差无几。DRAM 内存也紧随其后，价格 跌至近十年未见的低位。但到了 2024 年，形势彻底逆转，NAND 闪存与 DRAM 内存价格双双开启 上涨通道 ...

Market Strategy - The market is experiencing a volume contraction while the semiconductor equipment sector shows strong performance [5][7] - The overall A-share market index increased by 1.40%, closing at 6289.68 points, with the Shanghai Composite Index rising by 0.83% to 3853.64 points [7] - The ChiNext Index rose by 2.28% to 3185.57 points, and the Sci-Tech 50 Index led the major indices with a 3.49% increase [7] Industry Dynamics - The National Energy Administration emphasizes the need for greater efforts to promote high-quality development in the new energy sector, highlighting significant achievements in renewable energy capacity [25][26] - As of August 2025, the total installed capacity of wind and solar power in China exceeded 1.69 billion kilowatts, contributing to 80% of the new power installations since the start of the 14th Five-Year Plan [26] - The gaming industry saw the approval of 145 domestic game licenses in September 2025, a year-on-year increase of 36 licenses compared to September 2024 [27][28] Company Updates - Wanchen Group submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, indicating its growth strategy [31][32] - The company reported a GMV of 42.6 billion yuan in 2024, marking a year-on-year growth of 282%, and operates over 15,365 stores nationwide [32] - The company maintains a high direct procurement ratio of approximately 95%, with an average retail price 20-30% lower than similar products in large supermarkets [32]

Report Industry Investment Rating - The macro and financial sector of the global economy is rated as "Bullish" [1] Core View - The global economy maintains an upward trend, with China implementing the "Artificial Intelligence +" initiative, international capital actively increasing positions in China's technology sector, the US retail and manufacturing showing positive trends, the euro - zone manufacturing PMI breaking above the boom - bust line, and the global AI infrastructure accelerating [1] Summary by Related Catalogs Important Information - From a global perspective, Luobomei is more optimistic about non - US equity markets, especially China, Japan, and Europe. The weakening of the US dollar is expected to promote global capital re - balancing, and the demand for foreign capital to flow back to A - shares and Hong Kong stocks is expected to significantly increase [1] - A Goldman Sachs trader believes that the market is entering a liquidity - driven speculative stage, similar to the situation in 1999 in the US stock market, with the investment logic shifting from fundamentals to liquidity, market positions, and price trends [1] - Hong Kong - related ETFs have become the core carriers of capital inflows, with many products showing high scale and high net capital inflows. As of September 19, the latest scale of E Fund Hang Seng Tech ETF exceeded 20 billion yuan, reaching 20.45 billion yuan [1] - Huaxi Securities believes that Huawei has achieved TB - level ultra - large bandwidth through multi - port aggregation and high - sealing technology. The inter - connection bandwidth of Atlas 950 reaches 16.3PB/s, 62 times that of NVIDIA NVL144, and has achieved a 24% improvement in latency [1] - Samsung has significantly raised the prices of memory and flash products, with DRAM products increasing by up to 30% and NAND flash prices rising by 5 - 10%. Micron and SanDisk have also announced similar price increases [1] - Morgan Stanley says the humanoid robot industry is at a critical turning point, with the global market expected to reach $5 trillion by 2050. China leads the world in commercial orders, with a cumulative order amount of 975 million yuan, and Tesla Optimus V3 has become a global focus [1] Global Economic Logic - China implements the "Artificial Intelligence +" initiative, and international capital actively increases positions in China's technology sector. The US retail in August increased by 0.6% month - on - month, exceeding expectations. The US capital goods imports in July reached $95.8 billion, a new record. The euro - zone manufacturing PMI in August broke above the boom - bust line for the first time since June 2022. Huawei announced the evolution and goals of Ascend chips, and the global AI infrastructure is accelerating [1]

Summary of Huawei's AI Inference Breakthroughs and Storage Innovations Industry and Company Involved - The document focuses on **Huawei** and its advancements in the **AI inference** field, particularly in the context of **storage technology** and its implications for the **financial sector** [1][2][4]. Core Points and Arguments - Huawei has introduced a **fully flash storage server** that utilizes **SSD** and **NAND** technology to enhance operational efficiency in the financial sector, aiming to reduce reliance on **HBM** (High Bandwidth Memory) while complementing it [1][2][3]. - The concept of **"storage instead of computing"** (以存代算) is highlighted as a trend in the industry, with companies like **Kioxia** and **Micron** also pursuing similar technologies to enhance AI model inference by moving vector data from **DRAM** to **SSD** [1][6]. - Huawei's innovations in **SSD storage** include the **DOB (Die on Board)** stacking packaging technology, which allows for ultra-high density and capacity hard drives, with a projected single disk capacity of nearly **256TB** by **2025** [1][7]. - The self-developed **HiSilicon** SSD controller chips, **Hi 1,812** and **Hi 1,822**, are crucial for managing data read/write processes, improving long-term read/write speeds, and extending hard drive lifespan, which is vital for AI development [1][7]. Additional Important Content - The development of AI necessitates higher data storage requirements, with **SSD** being essential due to its ability to retain data integrity after power loss, making it a critical component of AI systems [4][8][9]. - The **"storage instead of computing"** approach enhances AI model inference by pre-storing intermediate computation results on SSDs, thus reducing real-time computation demands and improving system memory capabilities [5][12]. - Huawei's position in the storage industry is significant, as it not only develops its technology but also promotes it through agents like **Tianyuan Dike** and **Jinhua Wei** [10]. - Key technologies and companies to watch in the hardware space include **ACG controller chips** and high-density SSD control chips, with companies like **Hongrida** benefiting from cooling solutions for these technologies [11]. Future Directions - The future of storage technology is moving towards **"storage instead of computing,"** emphasizing memory capabilities to enhance computational efficiency, a direction that is being pursued globally by various enterprises [12][13].

SK 海力士表示，本季度营收和营业利润均超越了去年第四季度最高业绩，创下了季度业绩历史新高。 公司又表示："DRAM 业务领域，全面扩大了 12 层 HBM3E 产品销售，NAND 闪存各应用领域的销售 增加。凭借面向 AI 的存储器领域业界最高水平的竞争力和以盈利为导向的经营活动，延续了良好业绩 趋势。" IT之家 7 月 24 日消息，SK 海力士今天（7 月 24 日）公布了 2025 财年第 2 季度（截至 2025 年 6 月 30 日）报告，营业收入为 22.232 万亿韩元（IT之家注：现汇率约合 1152.28 亿元人民币），同比增长 35%、环比增长 26%。 SK 海力士表示："随着全球大型科技公司积极投资人工智能（AI）领域，面向 AI 的存储器需求持续增 长，公司的 DRAM 和 NAND 闪存出货量均超出预期，由此创下了历史最高业绩。" 在该财季中，营业利润为 9.2129 万亿韩元（现汇率约合 477.5 亿元人民币），同比增长 68%、环比增 长 24%。此外 2025 财年第二季度净利润为 6.9962 万亿韩元，营业利润率为 41%，净利润率为 31%。 得益于此次业绩成果， ...