近日，中国工业互联网研究院（简称"工联院"）举办"稳定币与工业数字资产研讨会"，围绕稳定币政策 监管、工业数字资产转化、RWA与工业互联网融合发展等核心议题，展开交流研讨。工业和信息化部 信息技术发展司有关同志到会指导。工联院围绕稳定币发展与监管框架和应用场景、稳定币技术特点及 支付体系复盘与展望、全球稳定币市场格局与香港监管新生态三个主题，从理论梳理、技术解析、实践 路径三个维度，系统分析了稳定币的发展脉络、技术架构、监管政策及应用场景，阐释其对支付体系的 影响，并提出借助香港相关条例搭建国际数字货币与数字人民币桥梁的思路。 每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年7月18日 星期五｜ NO.1 全球首只人民币代币化基金宣布成立 2025年7月17日，华夏基金（香港）宣布成立两只代币化货币市场基金：华夏美元数字货币基金、华夏 人民币数字货币基金，分别以美元和人民币计价。华夏人民币数字货币基金是全球首只人民币代币化基 金。从产品相关资料来看，代币化基金与传统基金的底层资产一致，均为债券、货币市场工具等证券资 产，受到相关法律及监管要求约束，但从所有权来看，与基金管理人集中登记、投资者持有基金份额的 形式 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自 trendforce 。 随着内存巨头逐步减少 DDR4 的产量，DRAM 价格不断攀升，NAND 价格也势必随之上涨。据 《商业时报》报道，业内人士预测第三季度 NAND 价格将上涨，其中 512Gb 以下产品的涨幅最 大。 TrendForce指出，随着供应商将重点转向利润率更高的产品，整体流通供应趋紧。展望第三季 度，TrendForce预计NAND Flash平均合约价格将上涨5%至10%。 《商业时报》表示，价格飙升主要是由于美光和闪迪等主要制造商从 2024 年下半年开始减产。报 道还称，由于制造商大规模减产，预计 NAND 供应短缺将持续到 2025 年下半年，甚至可能延续 到 2026 年。 根据《商业时报 》此前报道，全球五大NAND闪存制造商已减产，推动内存价格上涨。该报道指 出，包括三星、SK海力士、美光、铠侠和西部数据在内的主要NAND制造商均已在2025年上半年 启动了10%至15%的减产计划。 512Gb，TLC/QLC价格保持坚挺 值得注意的是，此次涨价幅度最大的是容量低于 512Gb 的产品，因为这些低利润产品是优先 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing robust growth driven by AIoT, industrial control, and automotive electronics, with significant revenue increases reported by key players such as Rockchip (H1 revenue up 64% YoY, net profit up 185%-195% YoY), Espressif (net profit up 65%-78% YoY), and Tailing Micro (net profit up 267% YoY) [2][13][18] - The storage sector is witnessing a recovery with Demingli reporting H1 revenue of 3.8-4.2 billion yuan, reflecting a YoY increase of 75%-93%, and a narrowing of losses in Q2, indicating a potential turning point for profitability [2][20][28] - Price forecasts for Q3 indicate a significant increase in DRAM prices, with expectations of a 15%-20% rise, and NAND Flash prices expected to increase by 5%-10%, driven by strong demand from AI investments and enterprise-level storage needs [3][14][29][30] Summary by Sections 1. Performance Forecasts - The design sector is seeing comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [2][18] - The equipment and materials sector is also on a steady upward trend, with domestic equipment manufacturers like Changchuan Technology and Yitang Co. benefiting from domestic substitution and successful customer expansion [2][19] 2. Storage Price Outlook - Q3 price forecasts for DRAM show a comprehensive increase, with Consumer DDR4 expected to rise by 40%-45% and Server DDR4 by 28%-33% [3][30] - NAND Flash prices are also expected to rise, with enterprise SSDs projected to increase by 5%-10% and 3D NAND wafers by 8%-13% [3][14][30] 3. Recommended Stocks - Key stock recommendations in the storage sector include Jiangbolong, which is expected to benefit from price increases and domestic substitution, with a projected revenue growth of 200% YoY by Q1 2025 [4][15] - Other recommended companies span various segments, including design (e.g., Rockchip, Espressif), equipment (e.g., Changchuan Technology), and materials (e.g., Dinglong Technology) [6][16]

Group 1: Technology Sector Recovery - Technology stocks have rebounded significantly over the past three months, with the Nasdaq Composite index rising 21% during this period, although it is only up 7% year to date [2][3] - The recovery is attributed to a broad market rally, which has led to substantial increases in the stock prices of many technology companies [2] Group 2: Micron Technology - Micron Technology's stock surged 58% in the last three months, trading at an attractive valuation of 22 times trailing earnings and a forward earnings multiple of 10 [5][11] - The company's revenue for Q3 fiscal 2025 reached $9.3 billion, a 37% year-over-year increase, with adjusted earnings growing over three times to $1.91 per share [6] - Micron is well-positioned in the memory market, controlling 24% of the DRAM market and 12% of the NAND flash storage market, with the overall memory market projected to reach $302 billion by 2030 [8] Group 3: Nvidia - Nvidia's stock increased by 43% in three months, with analysts expecting a 53% revenue growth in the current fiscal year, approaching $200 billion [12][14] - Despite facing export restrictions to China, Nvidia's fiscal Q1 results exceeded expectations, and the company is gaining traction in the global AI chip market [13][15] - The sovereign AI market presents a significant revenue opportunity for Nvidia, with estimates suggesting it could unlock $50 billion annually, and potentially up to $1.5 trillion according to Oppenheimer [15][16]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 多款 AI 眼镜重磅新品陆续发布，存储 器价格持续上涨 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 07 月 11 日 -15% -4% 7% 18% 29% 40% 51% 61% 2024.07 2024.11 2025.03 2025.07 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：美国半导体出口管制再 升级，存储器价格持续回升》 2025-06-13 《半导体行业月报：半导体行业 25Q1 稳健 增长，端侧 AI 助力 SoC 厂商高速成长》 2025-05-12 《半导体行业月报：美国"对等关税"政策 落地，关注半导体自主可控方向》 2025-04- 08 联系人：李智 投资要点： 2025 年 3 月闪迪、美光等存储原厂发布涨价函，表示 4 月起调涨 存储器价格。根据中国闪存市场的数据，2025 年 3 月至 6 月 DRAM、NAND Flash 综合价格指数环比持续回升，DRAM 指数上 涨约 ...

资料来源：东莞证券研究所，iFind 超配（维持） 半导体行业双周报（2025/06/27-2025/07/10） 行 业 内资半导体巨头 IPO 进程提速，AI 硬件自主可控趋势增强 2025 年 7 月 11 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 行 半导体行业指数近两周涨跌幅：截至2025年7月10日，半导体行业指数近两 周（2025/06/27-2025/07/10）累计下跌1.18%，跑输沪深300指数2.80个百 分点；2025年以来申万半导体行业指数累计上涨1.10%，跑输沪深300指数 0.81个百分点。 SAC 执业证书编号： 细分板块涨跌幅：截至2025年7月10日，申万半导体板块各细分指数近两周 大多上涨，涨跌幅从高到低依次为：SW分立器件（2.79%）＞SW集成电路封 测（1.28%）＞SW半导体设备（1.20%）＞SW半导体材料（0. ...

3Q25新旧世代DRAM交替，合约价走势分化，Consumer DDR4将季增逾40% 根据Tr endFor c e集邦咨询最新调查，由于三大DRAM原厂将产能转向高阶产品，并陆续宣布 PC/Se rve r用DDR4以及Mobil e用LPDDR4X进入产品生命周期末期(EOL)，引发市场对旧世代 产品积极备货，叠加传统旺季备货动能， 将推升2025年第三季一般型DRAM(Conventional DRAM)价格季增10%至15%，若纳入HBM，整体DRAM涨幅将季增15%至20% 。 点击右边 阅读原文 了解更多详情 预估3Q25 NAND Flash合约价季增5%至10%，手机需求弱抑制eMMC、UFS涨幅 根据Tr endFor c e集邦咨询最新调查，NAND Fl a sh市场历经2025年上半年的减产与库存去化， 供需失衡情况已明显改善。随着原厂转移产能至高毛利产品，市场流通供给量缩减。需求面则 有企业加码AI投资，以及NVIDIA（英伟达）新一代Bl a ckwe ll芯片大量出货支撑。展望第三季 NAND Fl a sh价格走势， 预估平均合约价将季增5%至10%，但eMMC、UFS产品因 ...

点击 关注我们 报告发布日期：2025年7月8日 报告名称:《半导体7月投资策略： TI扩产以支持未来需求，存储价格继续上涨 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 半导体7月投资策略: TI扩产以支持未来需 求, 存储价格继续上涨 2025-07-08 | 胡剑 胡慧 叶子 张大为 詹浏洋 6月SW半导体指数上涨5.96%，估值处于2019年以来 64.82%分位2025年6月SW半导体指数上涨5.96%,跑输 电子行业2.90pct,跑赢沪深300指数3.46pct;海外费城 半导体指数上涨16.57%，台湾半导体指数上涨8.15%。 从半导体子行业来看,集成电路封测(+9.24%)、分立器 件(+8.18%)、半导体设备(+7.05%) 涨跌幅居前;模 拟芯片设计(+3.88%)、数字芯片设计(+5.41%)、半 导体材料(+5.43%)涨跌幅居后。截 ...

交银国际研究 | 科技行业月报 | | | | | --- | --- | --- | --- | | 部分科技股创新高，建议继续抓住 | AI 投资主线 | 评级: | 领先 | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | | 部分科技指数创历史新高，科技股整体跑赢大盘。全球股市维持强劲走 势，且科技股普遍相比大盘走势更加强劲。MSCI 全球指数/纳斯达克 100 较 4 月 7 日的低位分别反弹约 24%/31%，并不断突破历史新高。 台积电 6 月营收同比增 27%，看好 2H25 2 纳米持续扩大的技术优势。我们 看好台积电在 2H25 进入 2 纳米量产后持续扩大的技术优势，预计 2 纳米产 能爬升节奏或与 3 纳米产能爬升节奏相仿，且 2 纳米初始客户流片数量大于 之前 3 纳米和 5 纳米流片数量。 预计存储价格 2H25 继续保持上涨趋势：DDR4 合约平均价继续明显上涨， DDR5 现货平均价 6 月开始恢复高速增长，NAND Flash 合约平均价延续年初 以来的增长趋势。我们认为，关税缓解后持续补库影响下，存储价格对今年 智能手机和消费 ...

Group 1 - The NAND Flash market has seen significant improvement in supply-demand balance due to production cuts and inventory reduction in the first half of 2025, with expectations of a 5% to 10% increase in average contract prices for the third quarter [1] - The client SSD market is expected to grow by 3% to 8% in the third quarter, driven by better-than-expected inventory reduction by OEM/ODM, a wave of upgrades due to Windows 10 support cessation, and demand from new CPU launches [1][2] - The enterprise SSD demand is anticipated to continue growing in the third quarter, supported by increasing orders from North American general server demand and strong orders from first-tier Chinese customers, with contract prices expected to rise by 5% to 10% [2] Group 2 - The mobile device segment, particularly eMMC, is expected to see flat demand in the third quarter due to previously satisfied consumer needs and reduced purchasing power, with contract prices projected to increase by 0% to 5% [2] - UFS market demand remains uncertain, with supply limited due to a focus on high-margin products, leading to a forecasted contract price increase of 0% to 5% in the third quarter [2] - The overall NAND Flash output is declining, and manufacturers are prioritizing high-margin products, which is expected to result in wafer prices increasing by 8% to 13% in the third quarter [3]