Core Insights - The chairman of Adata Technology, Chen Libai, stated that the demand for AI has led to the most severe memory shortage in 20 years, with customers receiving only 30% of their ordered quantities, indicating a significant supply constraint [2][3] - The current memory shortage is expected to last for at least two to three more quarters, with DRAM and NAND Flash anticipated to remain in short supply until the first half of 2026 [2] - The shortage has forced international electronics brands to elevate procurement discussions to the highest levels, with company leaders personally negotiating for supplies [2] Supply and Demand Outlook - Chen emphasized that concerns about repeat orders due to shortages are unfounded, as safety stock levels are critically low and customers cannot purchase even with available funds [3] - Major manufacturers like Samsung, SK Hynix, and Micron are advancing production processes, but the new capacity is insufficient to meet demand, particularly for DDR4 and DDR5, which are in tight supply [3] - The NAND Flash market is facing a more severe shortage than initially expected, driven by production capacity being shifted to more profitable DRAM, leading to a deeper supply gap [3] Impact on Traditional Electronics - The competition for supplies from cloud service providers (CSPs) has tightened the supply chain for traditional electronics manufacturers, with Taiwanese companies receiving only 50% to 70% of the quantities they did a year ago [3]

工业和信息化部近日印发通知，启动国家新兴产业发展示范基地创建工作。示范基地面向2035年和"十 五五"时期国家发展战略，聚焦新一代信息技术、新能源、新材料、生物、高端装备、智能网联新能源 汽车、绿色环保、低空装备、航空航天等新兴产业重点领域。计划到2035年，创建100个左右园区类示 范基地、1000个左右企业类示范基地。 此外，11月23日，第二十二届中国国际半导体博览会（IC China 2025）在北京国家会议中心开幕。工业 和信息化部有关负责人表示，将从三方面推动集成电路产业高质量发展。一是促进产业链协同创新。围 绕集成电路设计、制造、封测、设备、材料等全产业链环节，加强资源整合和优化配置，推动集成电路 产业与人工智能、新能源、智能网联汽车等战略性新兴产业深度融合，拓展应用场景，提升产业链价 值。二是持续营造良好产业环境。三是坚持开放合作。提升国际合作层次和水平，支持建立区域性合作 平台，深化技术标准合作，共同制定全球通用的行业标准。 电子行业延续高景气度，2025年前三季度整体营收同比增长11%，归母净利润同比增长29%。其中，消 费电子板块受益于传统旺季，第三季度营收和归母净利润同比分别增长19% ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自半导体行业观察综合 。 昨日，一份名为《长江存储业务调整告知信》的截图在微信群广为流传。该截图以长江存储的口吻写 道：尊敬的广大朋友、各级代理商大家好:由于存储系列产品原材料不断上涨，我司已接连调整商品 的出货价格。但无奈，受全球存储系列原材料制约，我司暂时调整关闭致钛T600、致钛SSD、致钛 TiPlus7100s系列生产线，同时各级授权平台将不再大批量补货，生产线暂时关闭调整约30天左右， 为您带来不便，深感抱歉。 对此，长江存储做出了回应，并否认。 长江存储表示，今日，致态品牌关注到一张恶意伪造的长江存储官网公告截图在互联网传播，杜撰长 江存储和零售品牌致态不实信息。 致态品牌严正声明，该截图为虚假信息。长江存储及旗下致态品牌从未发布过此信息，请勿信、勿 传。 长江存储指出，广大用户可访问长江存储官方网站(www.ymtc.com)查询公司和产品信息。所有关于 致态品牌的信息及动态，均以致态官方发布为准。 值得一提的是，在今年九月，长江存储科技控股有限责任公司（以下简称"长存集团"）召开了股份公 司成立大会，大会选举产生了股份公司首届 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自 经济日报 。 台湾记忆体模组龙头威刚董事长陈立白昨（24）日表示，AI需求涌入，导致记忆体缺货进入20年来 最严重的局面，客户实际能拿到的量仅能原本下单量的三成，「有钱也买不到」，根本不存在重复下 单问题，「因为就算下再多单也没货可拿」。 他并透露，自己现在「有半数的时间是在道歉」，因为无法满足所有客户的订单，预期这波记忆体合 约价涨势将持续至少二至三季以上，2026上半年DRAM与储存型快闪记忆体（NAND Flash）仍将全 面缺货。 针对NAND市况，陈立白分析，原本预期小缺，现在看起来缺货将更严重，原因包括产能遭DRAM排 挤，导致供给减少，固态硬碟（SSD）需求端需填补缺口，全面缺货比DRAM稍晚但缺口更深，价格 涨幅也比先前评估更大。 陈立白昨天出席《冠军之路》职棒纪录片记者会，释出以上讯息。他说，这波记忆体缺货潮，已迫使 国际电子品牌将采购层级提升至最高层，过去多由采购主管或业务负责的谈判，现在改由大型科技公 司董事长、总裁亲自出面要货。 即使品牌厂「一把手」亲自出马，能拿到的记忆体仍极为有限，供应商拥有绝对议价权，多数客户连 ...

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The report highlights that the expansion of DRAM production capacity by original manufacturers is squeezing NAND production capacity, leading to a tight supply situation [1] - Global smartphone sales are beginning to slow down, with Q3 2025 shipments estimated at approximately 300 million units, a year-on-year increase of about 0.5% [22] - The global wafer foundry revenue is expected to reach $199 billion in 2025, a year-on-year increase of 25%, and is projected to exceed $230 billion in 2026 due to the expansion of AI applications [27] Market Indices - The overseas AI chip index fell by 5.05% this week, with AMD and Marvell down 17.4% and 10.4% respectively [1][10] - The domestic AI chip index also decreased by 5.3%, with significant declines in companies like Hengxuan Technology and Zhaoyi Innovation [1][10] - The storage chip index dropped by 15.3%, with Shannon Semiconductor experiencing a decline of 27.6% [1][15] Industry Data - Chinese panel manufacturers are accelerating the expansion of AMOLED production capacity, expected to increase their global share from 34% in 2020 to 48.2% by 2025 [23] - The global wafer foundry market is projected to grow significantly, reaching $3.9 trillion by 2030 [27] - DRAM prices have seen a cumulative increase of 50% this year, with current market prices for DDR5 and DDR4 showing significant discrepancies [30][31] Major Events - Samsung plans to expand its 2nm foundry process capacity to 21,000 wafers per month by the end of 2026, a growth of 163% from the end of 2024 [39] - SK Hynix anticipates adding 20,000 wafers of 1c DRAM capacity by the end of 2025, with further expansions planned for 2026 [41] - Apple has significantly increased its chip orders from TSMC, expecting to add 4 to 5 million A19 and A19 Pro chips in the next two months [42]

长鑫存储发布DDR5内存新品 据长鑫存储官网消息，在11月23日开幕的第二十二届中国国际半导体博览会（IC China）上，长鑫存储以"双 芯共振，5力全开"为主题，首次全面展示DDR5和LPDDR5X两大产品线最新产品。 长鑫存储发布了最新的DDR5产品系列：最高速率达8000Mbps，最高颗粒容量24Gb，并推出UDIMM、 SODIMM、CUDIMM、CSODIMM、RDIMM、MRDIMM、TFF MRDIMM等七大模组及新型产品，覆盖服务 器、工作站及个人电脑等全场景领域，满足各领域的高端市场需求。 长鑫存储同台展出了近期发布的LPDDR5X产品，该系列针对移动市场旗舰产品，最高速率10667Mbps，最高 颗粒容量16Gb，并涵盖12GB、16GB、24GB、32GB等容量的多种封装解决方案。 11月23日，在第二十二届中国国际半导体博览会（IC China）上，长鑫存储发布了最新的DDR5产品系列，最 高速率达8000Mbps，最高颗粒容量24Gb。同时，长鑫存储还在现场展示了最高速率10667 Mbps、最高颗粒容 量16Gb的最新LPDDR5X移动端内存。 长鑫存储表示，公司通过DDR与LP ...

Core Viewpoint - The shortage and price increase of storage chips may continue for another two to three years, driven by the surge in AI demand, ultimately impacting consumers who will face higher prices for electronic devices like smartphones [1][24]. Market Dynamics - The storage chip market is currently experiencing significant price increases, with DDR5 memory prices rising by 307% in just over two months, and NAND Flash prices also seeing substantial weekly increases [5][6]. - The market is characterized by instability, with manufacturers often not providing clear pricing, leading to panic and confusion among buyers [6][12]. Supply and Demand Imbalance - Despite the price surges, the growth in end-user demand for devices like smartphones and PCs has not kept pace, with global smartphone shipments only increasing by 2.6% year-on-year [7][8]. - The current price increases are primarily driven by supply-side adjustments, as manufacturers are cautious about expanding production capacity after previous overproduction led to price drops [9][12]. AI Demand Impact - The explosion of demand for AI servers from major cloud service providers has redirected production capacity away from consumer electronics, leading to a scarcity of chips for smartphones and PCs [9][10]. - Major manufacturers like Samsung and SK Hynix are prioritizing high-bandwidth memory (HBM) and enterprise solid-state drives (eSSD) for AI applications, which are more profitable than traditional memory products [10][11]. Price Transmission to Consumers - The rising costs of memory components are expected to lead to significant price increases for smartphones and PCs, with manufacturers indicating that they cannot fully absorb the costs [16][18]. - Xiaomi and Lenovo have both acknowledged that the surge in memory prices will necessitate higher retail prices for their products in the coming year [16][19]. Market Segmentation - The storage market is becoming increasingly divided, with large clients having priority access to supply, while smaller brands face severe shortages and higher prices [12][19]. - The shift in focus towards AI has left many smaller players in the consumer electronics space struggling to secure necessary components, leading to a potential reshaping of the market landscape [19][22]. Long-term Outlook - The current supply constraints are expected to persist, with predictions indicating a 40%-50% increase in server storage demand against a supply growth of only 20%-30% [14]. - The ongoing supply-demand imbalance suggests that the price increases for storage chips will not revert to previous levels, making higher prices a new norm for consumers [20][24].

Core Insights - The memory market is experiencing unprecedented price increases, with DDR5 memory prices rising by 307% in just over two months, while NAND Flash prices have also surged significantly [2][6] - The current market dynamics are characterized by a supply-demand imbalance, primarily driven by the explosive demand for AI server storage, which has led to a scarcity of conventional memory products for consumer electronics [6][10] - Major memory manufacturers are prioritizing production for AI applications, resulting in a strategic shift that leaves consumer electronics facing higher costs and potential shortages [11][16] Market Dynamics - Memory prices have skyrocketed, with DDR4 memory prices doubling from earlier this year, reflecting a significant shift from a year ago when the market was struggling with excess inventory [1][2] - The supply chain is under pressure, as manufacturers are cautious about expanding production capacity after previous overproduction led to price declines [5][10] - The demand for high-bandwidth memory (HBM) and enterprise solid-state drives (eSSD) from major cloud service providers is driving the current price increases, with traditional consumer memory products being deprioritized [6][8] Consumer Electronics Impact - The rising costs of memory components are expected to lead to higher retail prices for smartphones and PCs, with manufacturers indicating that they cannot fully absorb the increased costs [11][13] - Companies like Xiaomi and Lenovo have acknowledged that the surge in memory prices will necessitate price increases for their products in the coming year [11][12] - The trend of "downgrading" specifications, such as reducing standard memory from 12GB to 8GB in new smartphone models, is emerging as a strategy to manage costs [12][13] Future Outlook - The supply-demand gap is projected to persist, with global server storage demand expected to grow by 40%-50% while supply increases only by 20%-30% [10][18] - The current market conditions suggest that the memory chip shortage and price increases could last for two to three more years, fundamentally altering the pricing landscape for consumer electronics [18] - Domestic manufacturers are beginning to fill the gaps left by major suppliers focusing on AI, indicating a potential shift in market dynamics and opportunities for smaller players [16][17]

Group 1 - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 0.82% during intraday trading, while sectors such as media, agriculture, and banking showed gains [1] - The chip sector remained sluggish, with the chip ETF (159995.SZ) falling by 2.72%, and individual stocks like Zhaoyi Innovation and Beijing Junzheng declining by 6.74% and 6.22% respectively [1] - Some individual stocks in the chip sector, such as Wentai Technology and Ruixin Micro, saw slight increases of 0.89% and 0.67% [1] Group 2 - The storage industry is experiencing price increases driven by growing demand for AI servers, with DDR4 product prices rising due to a supply-demand gap, and DDR5 prices increasing by 102.6% in October [3] - DDR3 product prices also rose by 40.4% in October, attributed to production capacity shifting towards DDR3, leading to reduced supply [3] - The NAND Flash products benefited from the expanding storage capacity demand from AI servers, with significant price increases noted since July and August [3] - According to招商证券, the current storage industry cycle is primarily driven by the explosive demand for storage in the AI era, with expectations of continued price increases and improving performance for domestic module and chip manufacturers in Q4 2025 [3]

Core Insights - The MTS2026 Memory Trend Seminar will be held on November 27, 2025, in Shenzhen, featuring discussions on the storage industry in the AI era, including topics like wafer foundry, DRAM, NAND Flash, and SiC/GaN technologies [2][4][19]. Speaker Lineup - Notable speakers include executives from major companies such as Intel, Huawei, Solidigm, and others, who will present on various themes related to advanced data storage and AI [4][5][6][10]. Agenda Overview - The seminar will feature a series of keynote speeches, including topics like the impact of AI on wafer foundry dynamics, the role of Intel's Xeon processors in cloud intelligence, and the future of AI storage [9][10][11]. - The event will also include a TechFuture Awards ceremony and discussions on market trends and innovations in storage technology [10][11]. Event Details - The seminar is scheduled for November 27, 2025, from 9:00 AM to 5:30 PM at the Shenzhen Renaissance Hotel [9][14].