截至2025年10月10日 11点02分，上证科创板半导体材料设备主题指数下跌2.63%。成分股方面涨跌互 现，华海诚科领涨3.81%，中科飞测上涨2.86%，芯源微上涨1.19%；中芯国际领跌6.95%，天岳先进下 跌6.07%，沪硅产业下跌5.34%。科创半导体ETF（588170）下跌2.82%，最新报价1.52元。流动性方 面，科创半导体ETF（588170）盘中换手19.03%，成交5.24亿元，市场交投活跃。规模方面，科创半导 体ETF（588170）最新规模达28.09亿元，创成立以来新高。份额方面，科创半导体ETF（588170）近2 周份额增长2.34亿份，实现显著增长。资金流入方面，科创半导体ETF（588170）最新资金净流出 6605.50万元。 消息面上，存储产业新一轮缺货潮愈演愈烈。据Digtimes消息，虽然国庆期间供应渠道商及买家放假， 但询单需求热度却没有减弱，存储现货市场价格快速飙升。近一周来，DDR4 DRAM涨幅已超12%， DDR5 16Gb现货价格则涨8.5%。威刚、十铨、宇瞻等业内多家存储模组厂观察到市场价格涨势强劲， 决定暂停报价，等待长假后涨价行情更为明确时再 ...

2025年10月9日，截至收盘，沪指涨1.32%，报收3933.97点；深成指涨1.47%，报收13725.56点；创业板 指涨0.73%，报收3261.82点。科创半导体ETF涨2.77%，半导体材料ETF涨2.98%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌0.52%；纳斯达克综合指数跌0.08%；标准普尔500种股票 指数跌0.28%。费城半导体指数涨3.40%，恩智浦半导体跌1.87%，美光科技跌2.14%，ARM跌2.33%， 应用材料涨1.28%，微芯科技跌1.58%。 行业资讯： 2. 存储产业新一轮缺货潮愈演愈烈。据Digtimes消息，虽然国庆期间供应渠道商及买家放假，但询单需 求热度却没有减弱，存储现货市场价格快速飙升。近一周来，DDR4 DRAM涨幅已超12%，DDR5 16Gb 现货价格则涨8.5%。威刚、十铨、宇瞻等业内多家存储模组厂观察到市场价格涨势强劲，决定暂停报 价，等待长假后涨价行情更为明确时再敲定价格。其中，威刚率先从上周实施暂停报价，以缺货最为严 重的DDR4、DDR5为主，而NAND Flash、SSD等产品仍维持继续报价出货，之后十铨、宇瞻等相继跟 进暂停。 3. ...

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌0.52%，纳指跌0.08%，标普500指数跌0.28%，热门科技股涨跌不 一，甲骨文涨超3%，Meta涨超2%，英伟达、亚马逊涨超1%，苹果、谷歌跌超1%；区块链、稀土概念 涨幅居前，TreaWulf涨超10%，Hut 8涨近4%；贵金属、金属原材料跌幅居前，美国黄金公司、金田跌 超7%，泛美白银跌超3%，美洲白银公司跌超2%。纳斯达克中国金龙指数跌2.03%，中概股多数下跌， 小鹏汽车、蔚来跌超5%，理想汽车、阿里巴巴跌超4%，百度跌近4%，京东跌超2%。 2、现货黄金跌1.6%，报3975.95美元/盎司；COMEX黄金期货跌1.95%，报3991.10美元/盎司；现货白银 历史首次突破50美元/盎司，盘中最高涨至51.24美元/盎司，最终收盘时回落至49.21美元/盎司，涨幅 0.74%；COMEX白银期货跌2.73%，报47.66美元/盎司。国际原油集体收跌，美油主力合约跌1.65%，报 61.52美元/桶；布伦特原油主力合约跌1.57%，报65.21美元/桶。欧洲三大股指收盘涨跌不一，德国DAX 指数涨0.06% ...

Core Insights - The Shanghai Stock Exchange's Sci-Tech Innovation Board New Generation Information Technology Index has surged by 5.98%, with significant gains in component stocks such as Huahong Semiconductor (up 20.00%) and Hush Silicon Industry (up 15.50%) [1][3] - The Sci-Tech Information Technology ETF (588100) has also increased by 6.07%, marking its third consecutive rise [1] - The ETF has shown strong trading activity with a turnover rate of 32.69% and a transaction volume of 1.18 billion yuan, indicating a vibrant market [3] Market Performance - As of September 30, the Sci-Tech Information Technology ETF has achieved a net value increase of 136.63% over the past three years, ranking 37th out of 1883 index equity funds [3] - The ETF's highest single-month return since inception was 32.25%, with the longest consecutive monthly gains reaching four months and an overall increase of 63.37% [3] AI and Semiconductor Demand - The demand for AI computing power is rapidly expanding, driven by applications like Sora and collaborations between OpenAI and AMD, leading to increased storage needs and a recovery in NAND prices [3][4] - Trendforce forecasts a comprehensive price increase of 5% to 10% for NAND Flash products in Q4 2025 [3] - China's wafer fabrication capacity is expected to grow at a CAGR of 8.1% from 2024 to 2028, with mainstream nodes (22nm-40nm) projected to grow at a CAGR of 26.5%, potentially capturing 42% of global capacity by 2028 [3] Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, supported by major companies like Deepseek, Alibaba, and Tencent increasing their reliance on domestic computing power [4] - The commercialization of AI is still in its early stages, with significant demand for computing power across various applications such as AI video, AI agents, autonomous driving, and robotics [4] Top Holdings - As of September 30, the top ten weighted stocks in the Sci-Tech Innovation Board New Generation Information Technology Index include Haiguang Information, SMIC, and Cambricon, collectively accounting for 57.93% of the index [5] - The performance of key stocks includes SMIC (up 7.10%), Haiguang Information (up 6.98%), and Cambricon (up 4.15%) [7] Investment Focus - The Sci-Tech Information Technology Index focuses on sectors such as chips, software, cloud computing, big data, and artificial intelligence, providing a comprehensive exposure to AI hardware, algorithms, models, and applications [7]

存储芯片概念9日盘中再度走强，截至发稿，灿芯股份、华虹公司20%涨停，均创出新高；德邦科技涨 超13%，北京君正、中微公司涨超10%，通富微电、深南电路、雅克科技等均涨停。 行业方面，CFM闪存市场近日发布2025年四季度存储市场展望报告。报告指出，预计四季度，服务器 eSSD涨幅将达到10%以上，DDR5 RDIMM价格涨幅约10%—15%；Mobile嵌入式NAND涨幅约5%— 10%，LPDDR4X/5X涨幅约10%—15%；PC端LPDDR5X/D5价格涨幅预计将落在10%—15%，cSSD价格 涨幅达5%—10%。2025年四季度，由于大型云服务商对高容量DDR5和eSSD新增需求显著，9月以来服 务器客户加单动作频频，新增订单需求超过原厂原计划的预期供应量，预计四季度eSSD涨幅将达到 10%，DDR5 RDIMM涨幅约10%—15%，原厂64GB DDR4 RDIMM价格或上涨15%至20%。 中信证券近日指出，9月以来，根据Bloomberg、CFM闪存市场，NAND Flash Wafer和部分存储模组均 有不同程度上涨，涨幅个位数。展望后续，Trend Force预计2025年四季度NAN ...

如何看待本轮 AI 存储"超级周期"20251008 为什么认为这一轮存储板块进入超级周期？ 这一轮存储板块进入超级周期主要原因在于 AI 需求的强劲拉动。供需错配只是 周期性因素，而 AI 的发展带来了持续且巨大的增量需求。从供给侧来看，海外 厂商逐渐将更多产能资源倾斜到 AI 相关产品，如 DDR5、HBM、SSD 等，使 得传统消费类嵌入式产品产能缩减，导致价格上涨。此外，由于过去两年 DRAM 和 NAND 稼动率较低，各家厂商资本开支不大，因此 2025 年上半年难 以满足新增的巨大 AI 需求。从需求侧来看，随着 AI 从训练转向推理，对高性 能存储如 DDR5、SSD 等产品的需求增加。同时，大容量数据处理呈指数级增 长，使得 SSD 成为主流选择，但其新增容量不足预计会导致未来几年闪迪、耐 耐闪存持续短缺。 存储价格近期有哪些变化？ 根据 CFM 闪存市场报价显示，今年第三季度 NAND Flash 市场综合价格指数 上涨 5%，DRAM 市场综合价格指数上涨近 20%。9 月份单月内 NAND Flash 综合指数上涨约 5%，DRAM 则上涨约 2.6%。此外，多家厂商宣布提价计划， 例如 ...

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

公众号记得加星标⭐️，第一时间看推送不会错过。 NAND Flash 也呈现类似趋势。2026 年 NAND Flash 需求增长率预计为 13.8%，生产增长率预计为 14.0%，供需将保持平衡。 iM 证券分析师宋明燮指出："HBM 在 2024-2025 年经历了爆发式增长，但 2026 年随着竞争对手进入市场、供应规模扩大，其增长速度很可能放缓。" 与之相对，他 分析称："长期处于价格下跌态势的 NAND Flash，目前已触底，未来有相对走强的空间。" 智能手机、服务器需求成关键变量 需求层面，智能手机与服务器被视为核心影响变量。 来源 ： 内容来自 编译自zdnet 。 过去几年拉动行业景气度的高带宽内存（HBM），将因竞争加剧而增长放缓；反观动态随机存取内存（DRAM）与闪存（NAND Flash），则有望凭借供需平衡实 现良好业绩。 根据 iM 证券 6 日发布的报告，2025 年 DRAM 需求增长率已上调至 19.3%，小幅高于行业 18.1% 的生产增长率。展望 2026 年，受全球经济放缓影响，DRAM 需求 增长率预计为 14.1%，生产增长率预计为 14.2%。 https://z ...

芯片板块大爆发！ 在隔夜美股芯片股集体大涨后，10月2日亚洲交易时段，港股、韩股芯片股亦集体大涨，SK海力士一度大涨超12%，港股中芯国际涨超8%。 消息面上，全球存储芯片市场迎来新一轮价格飙升，此次涨价潮由供需失衡、技术迭代与地缘政治多重因素驱动，国内外市场反应强烈，机构 普遍看好行业未来两年景气度。 摩根士丹利近日预测，鉴于明年存储领域可能出现供需失衡，内存芯片行业将迎来 "超级周期"。 芯片股集体大涨 10月2日，港股高开高走，半导体板块表现强势。截至发稿，Wind香港半导体指数涨幅超过6%，盘中一度涨超7%。 个股方面，中芯国际涨超8%，华虹半导体涨超4%，股价均创新高。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 8490 | 骏码半导体 | 0.188 | 0.025 | 15.34% | | 2203 | 脑洞科技 | 0.345 | 0.035 | 11.29% | | 0981 | 中芯国际 | 86.250 | 6.700 | 8.42% | | 0650 | 普达特科技 | 0.295 | 0.015 | ...

芯片板块大爆发！ 在隔夜美股芯片股集体大涨后，10月2日亚洲交易时段，港股、韩股芯片股亦集体大涨，SK海力士一度大涨超12%，港股中芯国际涨超8%。 消息面上，全球存储芯片市场迎来新一轮价格飙升，此次涨价潮由供需失衡、技术迭代与地缘政治多重因素驱动，国内外市场反应强烈，机构普遍看好行业未来两 年景气度。 摩根士丹利 近日预测，鉴于明年存储领域可能出现供需失衡，内存芯片行业将迎来 "超级周期"。 芯片股集体大涨 10月2日，港股高开高走，半导体板块表现强势。截至发稿，Wind香港半导体指数涨幅超过6%，盘中一度涨超7%。 个股方面，中芯国际涨超8%，华虹半导体涨超4%，股价均创新高。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 8490 | 骏码半导体 | 0.188 | 0.025 | 15.34% | | 2203 | 脑洞科技 | 0.345 | 0.035 | 11.29% | | 0981 | 中芯国际 | 86.250 | 6.700 | 8.42% | | 0650 | 普达特科技 | 0.295 | 0.015 ...