1月22日，根据TrendForce集邦咨询最新研究，AI的创新带来市场结构性变化，数据的存取量持续扩 大，除了依赖高带宽、大容量且低延迟的DRAM产品配置，以支撑大型模型参数存取、长序列推理与多 任务并行运作之外，NANDFlash也是高速数据流动的关键基础元件，因此存储器已成为AI基础架构中 不可或缺的关键资源，更成为CSP的兵家必争之地。在有限的产能之下必须达成更多的分配，带动报价 不断上涨，连带使得整体存储器产业产值逐年创高，预估2026年达5516亿美元，2027年则将再创高峰达 8427亿美元，年增53%。 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the advanced packaging sector, particularly in the semiconductor testing and packaging industry, which is experiencing heightened market attention due to capacity constraints and rising material costs [1][2]. Core Insights and Arguments 1. **CoWoS Capacity Shortage** TSMC's CoWoS (Chip on Wafer on Substrate) is undergoing continuous expansion, yet the capacity remains insufficient. This has led to demand overflow to other packaging and testing companies such as ASE and KYEC, resulting in tight capacity [1]. 2. **Rising Material Costs** The prices of precious metals like gold, silver, and copper are on the rise, with gold prices increasing over 70%, silver prices rising over 170%, and copper prices up approximately 36% from early to late 2025. This surge in material costs is expected to lead to price hikes in metal packaging materials [1]. 3. **Strong Demand for Storage** The demand for storage solutions, particularly from DRAM and NAND Flash manufacturers, is robust. Companies like Powertech, HwaCom, and Nanya are seeing a surge in orders, pushing capacity utilization rates to near full capacity. Recent price adjustments for testing and packaging services have reached increases of up to 30% [2]. 4. **Potential for Further Price Increases** Several packaging companies have indicated that due to overwhelming orders, there may be a second wave of price increases in the near future [3]. 5. **Increased Capital Expenditure (Capex) Projections** - TSMC's capital expenditure for 2026 is expected to exceed initial forecasts. - ASE has continuously raised its capex projections. - KYEC's capex for 2026 is projected to reach a historical high of 39.4 billion New Taiwan Dollars. - Changdian Technology is also increasing investments, with a capex of 8.5 billion for 2025. - Tongfu Microelectronics is planning a total investment of approximately 3.5 billion for storage and computing testing projects. - Yongxi Electronics intends to invest 2.1 billion for a factory in Malaysia. This indicates that 2026 will be a significant year for capital expenditures in both domestic and international packaging companies, benefiting upstream equipment and materials sectors [4]. Other Important Insights - The overall trend in the semiconductor packaging industry suggests a tightening of capacity and increasing costs, which could present both challenges and opportunities for investors in related sectors. The anticipated capital expenditures signal a strong commitment to growth and expansion within the industry [4].

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) decreased by 3.20% as of January 13, 2026 [1] - Key component stocks such as Shenkong Co. led the decline with a drop of 6.63%, followed by Jingyi Equipment at 5.52% and Jinhong Gas at 5.40% [1] - The Sci-Tech Semiconductor ETF (588170) fell by 3.26%, with a latest price of 1.69 yuan and a trading volume of 649 million yuan, indicating active market trading [1] Group 2: Investment in Semiconductor Industry - SK Hynix announced a significant investment of 19 trillion KRW (approximately 12.9 billion USD) to build an advanced chip packaging plant in South Korea, aimed at meeting the surging demand for AI-related storage chips [2] - The new factory is set to begin construction in April this year, with completion targeted by the end of next year [2] - The global competition in the AI sector is driving a sharp increase in demand for high-bandwidth memory (HBM), with an expected annual growth rate of 33% in the HBM market from 2025 to 2030 [2] Group 3: Semiconductor Industry Outlook - Guosen Securities highlighted that Microchip's CEO reported a broad recovery across multiple end markets, with initial orders for the new quarter significantly better than the same period last year [2] - The demand for storage is being driven by AI, while prices remain in an upward cycle, with TrendForce predicting a 55-60% quarter-on-quarter increase in general DRAM contract prices for Q1 2026 [2] - The semiconductor equipment and materials industry is crucial for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution [3]

智通财经APP获悉，财通证券发布研报称，AI需求带动存储器芯片需求，对DRAM的消耗不再局限于 HBM和DDR5，还正拓展至LPDDR和图形DRAM领域。2025年下半年，LPDDR的整体价格涨幅超 50%。中国存储产业的双引擎长江存储和长鑫存储奋力破局，另一方面，国内上市公司也积极推进国产 设备研发。 需求旺盛，供不应求导致存储器价格飙升 TrendForce数据显示，2025年第三季度，DRAM价格较去年同期大幅上涨171.8%。涨势在第四季度持续 发酵，甚至一度导致三星、SK海力士、美光等原厂暂停DDR5合约报价，市场陷入极度紧张状态。2025 年下半年，LPDDR的整体价格涨幅超50%。 中国存储产业的双引擎奋力破局 全球存储市场集中度较高，竞争格局较为稳定，三星、SK海力士、美光等厂商稳居前列;国产存储芯片 企业奋起直追。DRAM芯片龙头长鑫存储已实现DDR5/LPDDR5X的技术突破与产品供应，出货量有望 逐步攀升。国产NANDFlash龙头厂商长江存储已实现QLC、TLC等多款产品的技术突破。据 Counteropint预测，长鑫存储于2025年7月正式启动上市辅导，积极融资。长鑫存储2025年 ...

Core Insights - The global memory chip market is experiencing a severe "storage shortage" driven by AI demand and industry capacity adjustments, with major players like Samsung and SK Hynix ramping up production to meet this demand [1][2] - Micron Technology has shifted its focus to high-performance AI chip requirements, announcing plans to stop selling certain consumer products by February 2026 [1][2] - The average prices of storage products have been rising, marking the beginning of a new growth cycle in the global memory chip market [1][6] Global Storage Shortage - The "storage shortage" has intensified due to AI-driven demand and capacity adjustments, with SK Hynix predicting DRAM supply shortages will last until 2028, more severe than most forecasts [1][2] - Micron's recent financial report showed a significant increase in gross margin, attributed to surging AI data center demand [2][10] - Major storage companies have raised product prices, with Micron increasing prices by 20%-30% for various DRAM products [3][4] AI-Driven Storage Supercycle - The current storage cycle is characterized by explosive demand for AI servers, leading to a structural supply-demand gap [8][10] - Unlike previous cycles driven by smartphone upgrades, this cycle is fueled by the transition of AI applications from training to inference, increasing the need for high-performance storage solutions [8][10] - The shift in production focus towards high-margin products like HBM and DDR5 is creating a permanent supply gap in traditional storage areas [8][10] Price Trends and Market Dynamics - Recent data indicates that prices for various DRAM and Flash products continue to rise, with specific prices reported for different memory types [6] - The ongoing price increases are expected to persist in the short term, particularly for DDR4 and mid-range NAND products, while long-term trends will depend on AI demand and capacity releases [9][10] - The price hikes may impact consumer electronics costs, potentially affecting future sales volumes [10] Institutional Focus - Various securities firms are highlighting investment opportunities in the memory chip sector, particularly in companies involved in high-performance storage solutions and those adapting to AI-driven demand [12][13] - Key players in the memory chip market include companies specializing in storage design, packaging, and testing, with a focus on high-end products and innovative solutions [12][13]

Core Viewpoint - The report from China Merchants Securities indicates an optimistic outlook for AI-related companies like NVIDIA and AMD, with NVIDIA projecting $500 billion in revenue from its Blackwell and Rubin series products over the next five quarters [1] - AMD achieved a record high revenue in Q3 2025 and anticipates a compound annual growth rate (CAGR) of over 60% for its data center business [1] Group 1: AI and Semiconductor Industry Outlook - NVIDIA and AMD are both optimistic about AI expectations, with NVIDIA's upcoming products expected to significantly boost revenue [1] - AMD's Q3 2025 revenue reached a historical peak, with strong growth anticipated in the data center segment [1] Group 2: Market Trends and Price Movements - The semiconductor index in A-shares underperformed compared to the Philadelphia Semiconductor Index and the Taiwan Semiconductor Index in October 2025, with declines of 5.96% and 3.53% respectively [2] - Since Q3 2025, there has been a comprehensive price increase in DRAM and NAND, with October seeing accelerated price hikes due to rising demand from AI servers [5] Group 3: Demand and Supply Dynamics - Demand in certain consumer electronics sectors is recovering, driven by innovations in AI and automotive applications, with global smartphone shipments increasing by 2.6% year-on-year in Q3 2025 [3] - The supply side shows a recovery in capacity utilization rates, with TSMC reporting strong demand for AI data centers and SMIC achieving a capacity utilization rate of 95.8% in Q3 2025 [4] Group 4: Sales Performance - Global semiconductor sales reached $64.97 billion in September 2025, reflecting a year-on-year increase of 25.1% [6] - Sales in the Americas and Asia-Pacific regions showed significant growth, with the Americas up 30.6% year-on-year and Asia-Pacific up 47.9% [6] Group 5: Industry Chain Tracking - The storage sector is experiencing an upward trend in prices, benefiting from downstream expansion trends, while demand for advanced processes remains robust [7] - TSMC anticipates that AI demand will exceed expectations, projecting a CAGR of over 45% from 2024 to 2029 [7]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index rising above 4000 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.06 trillion yuan, an increase of 182.9 billion yuan compared to the previous trading day. The Shanghai Index rose by 0.97%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.84% [1] Sector Performance - The computing power sector rebounded, with domestic computing power leading the gains. The Science and Technology Innovation Chip ETF rose by 4.73%, the Integrated Circuit ETF by 3.82%, the Chip ETF by 3.71%, and the Semiconductor Equipment ETF by 3.48% [2][3] AI and Storage Market Dynamics - Due to the AI demand, major overseas manufacturers are shifting their production capacity towards DDR5 and HBM, leading to a supply-demand mismatch and price increases for DDR4 and other products. From Q2 2025, mainstream storage product prices have been rising quarter-on-quarter, with NAND Flash prices also increasing. The price hikes are expected to continue due to sustained AI demand, potentially exacerbating the tight supply situation through 2026 [6][8] Electric Grid Sector Opportunities - The electric grid sector is poised for historical opportunities, driven by the increasing power demand from AI data centers. The U.S. is projected to face a power shortfall of approximately 73.2 GW from 2025 to 2030, which could rise to 201 GW if data center growth exceeds expectations. This situation may lead to new opportunities for domestic electric grid companies, particularly in the context of power exports [11][12]

Core Viewpoint - The company focuses on the research, design, and sales of small to medium capacity NAND Flash, NOR Flash, and DRAM products, which are widely used in various sectors including network communication, security monitoring, consumer electronics, industrial control, and automotive electronics [2] Group 1 - The company reported that the sales prices of its products are currently on an upward trend due to the recovery of downstream demand [2]

Group 1: Market Overview - The storage chip sector experienced a collective surge, with stocks like Jiangbolong hitting the daily limit, driven by a price increase in storage chips [1] - Major manufacturers such as SanDisk announced a price hike of over 10% for flash products, while Samsung and Micron also indicated price increases of 10%-30% for their products [1][2] - The price increase trend for storage chips began in Q3 of the previous year, as major companies shifted production from low-margin DRAM to higher-margin products like DDR5 and HBM [1] Group 2: Future Price Projections - The CFM flash memory market report forecasts continued price increases in Q4 2025, with server eSSD prices expected to rise by over 10% and DDR5 RDIMM prices projected to increase by 10%-15% [2] - Other product categories, including Mobile embedded NAND and LPDDR4X/5X, are also expected to see price increases ranging from 5%-15% [2] Group 3: Company Performance - Jiangbolong, a leading domestic semiconductor storage manufacturer, faced a revenue decline of 4.41% in Q1 2025, resulting in a net loss of 1.52 billion yuan [3] - In Q2 2025, Jiangbolong's performance improved significantly, achieving a record high revenue of 59.39 billion yuan, a 39.53% increase from the previous quarter, and a net profit of 2.34 billion yuan, up 215.94% [4] - The company attributed the fluctuations in performance to a recovery in storage demand and improved supply-demand dynamics in the market starting from March 2025 [4]

Market Overview - On September 12, the storage sector experienced a significant opening surge, with companies like Deminor hitting the daily limit, and others such as Dongxin Co., Jiangbolong, and others seeing substantial increases [1] Company Insights - **Xingsen Technology (002436.SZ)**: A pioneer in the domestic IC packaging substrate industry, with applications in mobile memory modules [3] - **Deminor (001309.SZ)**: Transitioning from losses and planning to reduce holdings; has established a comprehensive storage product matrix including mobile storage and solid-state drives [3] - **Dongxin Co. (688110.SS)**: One of the few companies in mainland China providing a full range of storage chips including NAND Flash, NOR Flash, and DRAM [3] - **Jiangbolong (301308.SZ)**: A leading domestic storage module company, with memory products covering mainstream types like LDDR memory modules [3] - **Beiyi Innovation (603986.SS)**: A leader in the storage field, focusing on the development and sales of memory chips and microcontrollers, ranking first globally in non-foundry Flash supply [3] Industry Trends - Major US storage leaders like Micron and SanDisk saw collective gains, with SanDisk announcing a 10% price increase across all channels for consumer products, indicating a potential new pricing cycle due to changing supply-demand dynamics [5][6] - The global DRAM market size increased approximately 17% quarter-on-quarter to $30.9 billion in Q2 2025, driven by the rise of generative AI and increasing demand for DRAM contracts and HBM shipments [6] - Nvidia's launch of the RubinCPX GPU aims to enhance speed in handling massive data, utilizing GDDR7 memory, which could lead to increased demand for DRAM [5][6] - The establishment of Changchun's third phase company marks a significant step in China's semiconductor industry, potentially breaking the monopoly of Samsung and SK Hynix in the NAND market [6]