Key Takeaways TurboQuant cuts AI memory needs, boosting sentiment for AI-focused ETFs. Memory-linked ETFs drop on fears of softer demand, despite solid outlook. Analysts see short-term profit-taking, not a structural hit to chip demand. Google’s new “TurboQuant” technology recently claimed that it can reduce memory usage for large language models by at least sixfold, which in turn could cut the overall cost of training artificial intelligence (AI), per Bloomberg, as quoted on Yahoo Finance.Since memory is a ...

2026.03. 24 本文字数：2644，阅读时长大约4分钟 作者 | 第一财经 魏中原 普冉股份（688766.SH）3月22日同步披露了2025年年度报告和资产收购公告。 财报显示，公司全年实现营业收入23.2亿元，同比增长约28.6%，归母净利润为2.08亿元，同比减 少近三成，呈现典型的"增收不增利"局面。报告期内，公司的毛利率同比下降5.19个百分点，研 发、管理及销售费用的攀升，以及较为积极的备货策略导致的存货减值损失，共同侵蚀了利润。 与此同时，普冉股份宣布拟以发行股份、可转换公司债券及支付现金相结合的方式，作价2.47亿元 收购珠海诺亚长天存储技术有限公司（下称"诺亚长天"）剩余49%股权。这已是公司继2025年3 月、11月后的第三次资本运作，交易完成后诺亚长天将成为普冉股份控股子公司。 在存储芯片行业迎来AI驱动的景气周期背景下，普冉股份股价过去10个月累计涨幅达376%，但业 绩表现却未能匹配估值提升，基本面验证时刻正在到来。 截至3月23日收盘，普冉股份股价报273.11元，跌2.46%，总市值404亿元。 毛利率受双重挤压 年报显示，普冉股份全年实现营业收入23.2亿元，同比增长2 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，中微半导体（深圳）股份有限公司发布了关于公司签订对外投资意向协议的公告。 公告指出，基于战略规划考虑与公司加速存储芯片业务发展需要，公司拟使用自有资金16,000.00万 元向珠海博雅进行增资，认购珠海博雅12,500,000.00元的新增注册资本，其余147,500,000.00元计 入资本公积。本次交易完成后公司持有珠海博雅 20.00% 的股份，珠海博雅将成为公司的参股公司。 据介绍，珠海博雅是一家由海归博士参与创建成立的芯片设计公司，成立于2014年，是专注于NOR Flash 等存储芯片研发设计的国家高新技术企业、国家专精特新小巨人企业、广东省博士工作站、广 东省工程中心、广东省工业设计中心。 创始人DI LI ，美国国籍，拥有中国永久居留权，北京大学物理系学士，美国德克萨斯大学电子工程 专业博士。DI LI 博士为"国家重大人才工程入选者"、"广东省重大人才工程入选者"、"珠海市一类 高层次人才"、"珠海市创新创业团队带头人"，历任 Micron Technology, Inc.（美国美光公司）器件 工程师、高级工程师、闪型存储器仿真项目主 ...

企查查工商变更信息显示，2026年3月3日，存储芯片龙头兆易创新（603986）正式入股杭州微纳核芯，推动其注册资本增至157.53万元（仅增资0.949万 元）。笔者认为这并非单纯财务投资，而是兆易创新卡位存算一体赛道的重要信号。从行业观察来看，这一小额增资更像是合规性股权登记，不排除后续 兆易创新会追加投资，或推动双方在NOR Flash存内计算领域开展联合研发。 通常工商注册资本的小幅增加仅代表新股东象征性入股，实际投资金额远高 于此。 | | | 杭州微纳核芯电子科技有限公司 | 查一下 | 脂 应用 - | 11.30 企业中心 | | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 73 | 法律诉讼 | 经营风险 | 经营信息 91 | 企业发展 98 | 知识产权 334 | 历史信息 15 (1 | | 法定代表人 | 葛晓欢 益 关联企业 12 | 登记状态 | 存续 | 成立日期 | 2021-04-23 | | | | | 注册资本 | 157.5276万元 山 | 实缴资本 | 46.1531万元 1 | | | 组织机构代码 | ...

Core Viewpoint - The storage industry remains in a high state of prosperity, driven by strong demand and better-than-expected performance from key players like Kioxia and Bawei Storage, with expectations of supply shortages continuing into the first half of 2027 [1][8]. Price Review - DRAM prices showed a mixed trend in February, with spot prices fluctuating between -3% to +12%, while contract prices for DDR5 and DDR4 increased by 4% and 8% respectively [1]. - NAND Flash prices continued to rise significantly in February, with spot prices increasing by 10% to 26% and contract prices up by 37% to 67% [1]. - Module prices for DDR4/5 remained stable, while SSD prices increased by 0% to 13% and mobile storage prices rose by 10% to 25% [2]. Price Outlook - DRAM contract prices are expected to rise by 90% to 95% in Q1, with major manufacturers like Samsung and SK Hynix planning further price increases in Q2 [2]. - NAND Flash prices are projected to increase by 85% to 90% in Q1 due to strong demand from AI servers, surpassing previous expectations of 55% to 60% [2]. Demand Assessment from Overseas Manufacturers - SK Hynix anticipates a year-on-year growth of over 20% in DRAM bit demand and 15% to 20% in NAND bit demand for 2026, with inventory levels at approximately four weeks [4]. - SanDisk expects data center bit demand to grow by over 60% in 2026 [4]. - Kioxia forecasts a long-term CAGR of about 20% for NAND market bit demand, with significant revenue growth expected in FY4Q25 [4]. Domestic Storage Company Performance Expectations - Bawei Storage projects revenue of 4 to 4.5 billion yuan for January-February, representing a year-on-year increase of 340% to 395%, with net profit expected to rise by 922% to 1086% [5].

Company Overview - Micron Technology is a leading provider of semiconductor memory solutions, specializing in high-performance memory and storage technologies such as DRAM, NAND flash memory, and 3D Xpoint memory [1] - The company's mission is to be the most efficient and innovative global provider of semiconductor memory solutions [1] Market Demand and Growth - Micron is capitalizing on the AI boom with its high-bandwidth memory (HBM) solutions, which are essential for powering AI, high-performance computing, and large-scale analytics [2] - The demand for Micron's HBM has surged, with its capacity for 2026 already sold out, indicating high revenue visibility [3] - Zacks Consensus Estimates predict that Micron's revenues will more than double in 2026, with earnings per share expected to triple [3] Sales and Earnings Estimates - For the current quarter (February 2026), the Zacks Consensus Estimate for sales is $19.15 billion, with year-over-year growth estimated at 137.77% [4] - The earnings per share estimate for the current year (August 2026) is $34.94, reflecting a year-over-year growth of 321.47% [5] Strategic Partnerships - Micron is strengthening partnerships with major players in the AI industry, including NVIDIA, AMD, and Intel, to enhance its position in the AI infrastructure market [6][7] - Long-term agreements with cloud and enterprise customers are expected to provide stable revenue streams and mitigate pricing volatility [7] Financial Position - Micron has a strong balance sheet, exiting the first quarter of fiscal 2026 with cash and investments totaling $12 billion and total liquidity of $15.5 billion [8] - This financial strength allows the company to pursue strategic acquisitions and invest in growth initiatives [8] Stock Performance - Over the past year, Micron's shares have increased by 340%, indicating strong market performance [9] - The stock has found support at its 10-week moving average, suggesting a continuation of its upward trend [9] Conclusion - Micron is experiencing significant growth driven by triple-digit earnings growth and a strong position in the AI supply chain [12]

Core Viewpoint - Dongxin Co., Ltd. reported a revenue of 921 million yuan for 2025, marking a year-on-year increase of 43.76%, but incurred a net loss of 195 million yuan, compared to a loss of 167 million yuan in the previous year [4] Financial Performance - The company achieved a revenue of 921 million yuan, reflecting a growth of 43.76% year-on-year [4] - The net profit attributable to shareholders was a loss of 195 million yuan, compared to a loss of 167 million yuan in the same period last year [4] - The non-recurring net profit was a loss of 222 million yuan, slightly worse than the loss of 201 million yuan in the previous year [4] - Basic earnings per share were -0.45 yuan, with a weighted average return on equity of -6.22%, down by 1.23 percentage points from the previous year [4][19] Valuation Metrics - The price-to-book ratio (LF) is approximately 19.9 times, and the price-to-sales ratio (TTM) is about 80.78 times [4] - Historical price-to-earnings ratio trends indicate significant fluctuations, with the company experiencing a negative P/E ratio due to ongoing losses [5][6] Market Context - The company operates in the non-volatile memory chip market, including NAND Flash, NOR Flash, and DRAM, which is benefiting from a new industry upcycle driven by artificial intelligence [14] - Demand in downstream applications such as telecommunications, security monitoring, consumer electronics, industrial control, and automotive electronics is showing signs of recovery and structural growth [14] - The company is focusing on its core storage chip business and has seen a recovery in product sales prices, leading to improved gross margins and profitability in its storage segment [14]

Core Viewpoint - The company, Zhaoyi Innovation, indicates that its storage products, including NOR Flash, SLC NAND Flash, and niche DRAM, are benefiting from price increases due to improvements in the storage cycle [1] Group 1 - The company operates in the storage product sector, which includes NOR Flash, SLC NAND Flash, and niche DRAM [1] - The storage cycle improvement is leading to price increases for the company's products [1] - The company will provide specific operational details in its upcoming Q1 2026 report [1]

Investment Rating - The report indicates a positive investment outlook for the company, with a projected revenue growth of 25% and a net profit increase of 46% for the year [2][3]. Core Insights - The company is positioned to benefit from the upward cycle of the storage industry and the successful implementation of its technological strategies [3]. - The storage segment remains the core of the company's business, contributing two-thirds of total revenue [5]. - The company is gaining market share in the niche DRAM market, ranking seventh globally and second in mainland China [10]. - The company aims to capture at least one-third of the domestic niche DRAM market, valued at $3 to $4 billion, over the next five years [19]. Summary by Sections Industry Overview - The storage industry is expected to expand significantly, reaching a market value of $551.6 billion by 2026, driven by AI demand and supply constraints [2]. - The company focuses on a technology integration direction termed "perception, storage, computing, control, and connectivity" [4]. Business Segments - The company operates in three main segments: storage, control, and perception, with storage being the most critical [4]. - The storage chips cover NOR Flash, NAND Flash, and DRAM, primarily focusing on lower-end niche products [7]. Financial Performance - The company anticipates its niche DRAM business revenue to exceed the initial target of 50% year-on-year growth, potentially becoming the second-largest product line [16]. - In the first half of 2025, the MCU segment contributed approximately 1.111 billion yuan, accounting for about 26.8% of total revenue [17]. Market Position - The company is the leading player in the NOR Flash market in mainland China, with a global market share ranking of second [26]. - The company’s NOR Flash products are integrated into high-profile products like Meta's Ray-Ban smart glasses and ByteDance's Ola Friend headphones [30].

Core Viewpoint - Wuxi NCE Power Co., Ltd. (新洁能) announced a price increase of at least 10% for its MOSFET products, effective from March 1, 2026, due to rising costs of raw materials and key precious metals [1][4]. Group 1: Price Adjustment Details - The price adjustment applies specifically to MOSFET products [4]. - The increase is set to take effect on March 1, 2026 [4]. - The company expressed regret for any impact this adjustment may have on customers and seeks their understanding and support [4]. Group 2: Company Background and Financial Performance - Wuxi NCE Power Co., Ltd. is a leading player in the domestic power semiconductor sector, focusing on the research, design, and sales of power devices such as MOSFETs and IGBTs [6]. - The company's products are widely used in various downstream sectors, including new energy vehicles, smart grids, industrial control, and consumer electronics [6]. - In the first three quarters of 2025, the company reported a total revenue of 1.385 billion yuan, a year-on-year increase of 2.19%, and a net profit attributable to shareholders of 335 million yuan, up 0.7% year-on-year [6]. - However, the third quarter of 2025 saw a decline in revenue to 456 million yuan, down 5.5% year-on-year, and a net profit of approximately 99.4 million yuan, down 13.23% year-on-year, indicating pressure on profitability [6]. Group 3: Industry Context - The price increase by Wuxi NCE is part of a broader trend of rising prices in the domestic chip market, with several companies, including Zhongwei Semiconductor and Guoke Microelectronics, also announcing price hikes ranging from 10% to 80% across various product categories [6]. - This price surge is driven by cost pressures and increased demand from AI applications, affecting not only storage chips but also power semiconductors and other critical components [6][7]. - Recent reports indicate significant price increases in the semiconductor industry, with NAND flash contract prices rising by 55%-60% and server DRAM prices increasing by nearly 90% [7].