Market Closure Arrangements - Shanghai Stock Exchange will be closed from October 1 to October 8, 2025, and will resume trading on October 9, 2025 [1] - Shenzhen Stock Exchange will have the same closure schedule as Shanghai, with trading resuming on October 9, 2025 [2] 6G Adoption Forecast - By 2035, approximately 22.3% of global users are expected to adopt 6G technology, compared to 26.6% for 5G at the same development stage [3] AI Investment Growth - Global AI IT investment is projected to reach $1261.9 billion by 2029, with a compound annual growth rate (CAGR) of 31.9% from $315.9 billion in 2024 [4] - The generative AI market is expected to grow at a CAGR of 56.3%, reaching $607.1 billion by 2029, accounting for 48.1% of total AI market investment [4] NAND Flash Price Increase - NAND Flash prices are expected to rise by 5-10% in Q4 due to demand shifts towards QLC Enterprise SSDs and supply shortages in HDDs [5] Second-Hand Car Market - The second-hand car transaction volume in China is expected to reach 1.77 million units in September, reflecting a 4.5% increase compared to the same period in August [5] Fund Manager Incident - West China Li De Fund has terminated the employment of its bond fund manager due to gambling-related administrative detention, emphasizing a commitment to enhancing employee conduct management [6] Company Announcements - Saisir has received approval from the China Securities Regulatory Commission for the issuance of up to 331 million H-shares [7] - China Communication Signal has won four significant railway projects totaling approximately 1.36 billion yuan, representing 4.19% of its projected 2024 revenue [8] - China Railway has secured 11 major engineering projects with a total bid price of approximately 50.215 billion yuan, accounting for 4.34% of its expected 2024 revenue [9] - China Merchants Energy has taken delivery of two new ships, expanding its LNG and dry bulk fleet [10] - Jihong Co. anticipates a net profit increase of 55-65% year-on-year for the first three quarters of 2025 [11] - Dongjie Intelligent has signed a framework agreement for a 3.387 billion yuan automated warehousing project in Malaysia [12] - Hongrun Construction has pre-qualified for a 1.36 billion yuan EPC project [13] - Huakang Clean has won a 136 million yuan engineering project for a new hospital facility [14] Market Performance - The ChiNext Index rose by 1.58%, reaching a three-year high, with significant trading volume and multiple stocks hitting record highs [15]

Sept. 25, 2025 产业洞察 根据TrendForce集邦咨询观察，由于消费市场需求提前在上半年被透支，下半年旺季未能如预期发挥 效应，市场原本普遍预估4Q25价格将进入盘整。然而，HDD供给短缺与过长交期，使CSP（ 云端服 务供应商 ）将储存需求快速转向QLC Enterprise SSD，短期内急单大量涌入，造成市场明显波动。同 时，SanDisk（ 闪迪 ）率先宣布调涨10%，Micron（美光）也因价格与产能配置考量暂停报价，使得 供应端氛围由保守转为积极。在此外溢效应带动下， 预估NAND Flash第四季各类产品合约价将全面 上涨，平均涨幅达5-10% 。 | | 3Q25E | 4Q25F | | --- | --- | --- | | Total NAND Flash | up 3~8% | up 5~10% | | - ST | | I | TrendForce集邦咨询指出，从供给面来看，NAND Flash受惠于上半年减产与优先去化库存，市场供 需平衡明显改善，原厂库存与价格压力同步缓解。除几家大厂规划于明年启动新厂投产外，其余厂商 资本支出多集中于先进制程升级，以优化单位成本 ...