（编辑 袁冠琳） 证券日报网讯 江波龙11月6日发布公告，在公司回答调研者提问时表示，根据CFM闪存市场公布的信 息，随着北美云服务商持续加码AI投资，大规模AI基础设施建设落地，HDD供应已难以满足巨量数据 存储需求，预计HDD将持续缺货并出现明显的供应缺口；云服务商纷纷追加大容量QLCSSD订单，导致 服务器市场需求远超存储原厂原先的供应预期；存储原厂产能转向服务器市场，导致消费级及嵌入式存 储供应收紧。根据CFM闪存市场报道，从部分原厂释出的最新临时合约报价来看，覆盖服务器、手机 及PC等各应用市场的DRAM与NAND产品价格最低涨幅20%，部分报价涨幅超过40%。 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-029 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 类别 | □业绩说明会 □新闻发布会 □路演活动 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 国金证券、盘京投资、光大证券、鹏华基金、长江证券、招 | | 人员姓名 | 商基金、国海证券、国寿养老 | | | 2025 年 11 月 03 日 (周一) 上午 10:00-11:00 | | | 年 月 日 (周一) 下午 2025 11 03 14:00-15:00 | | 时间 | 2025 年 11 月 04 日 (周二) 下午 14:00-15:00 | | | 年 月 日 (周二) 下午 2025 11 04 16:30-18:00 | | 地点 | 深圳市前海深港合作区南山街道听海大道 5059 号鸿荣源前 | | | 海金融中心二期 座 B 2301 | | 上市公司接待人 | 副总经理、董事会秘书 许刚翎 | | 员姓名 | 投资者关系经理 黄琦 | | | 投资者关系资深主管 苏阳春 | | ...

此外，据新浪财经30日报道，三星电子表示2026年HBM销售额将大幅高于今年，已锁定明年HBM客户 的需求；考虑明年扩大HBM生产，预计2026年移动和PC内存芯片将面临供应限制。 国盛证券认为，预计AI驱动的内存半导体超级周期预计会比过去的繁荣时期更加持久和强劲，供应短 缺的情况可能会持续3-4年。据TrendForce报道，第四季旧制程DRAM价格涨幅依旧可观，新世代产品涨 势相对温和，预估整体一般型DRAM（Conventional DRAM）价格将季增8-13%。 公司方面，据开源证券表示， 美股盘后西部数据再度涨超10%，公司为全球NAND存储龙头。 此前由于全球主要HDD制造商西部数据和希捷近年未规划扩大产线，无法及时满足AI巨量存储需求， 近期HDD已出现供应短缺，目前NLHDD交期已从原本的数周，急剧延长为52周以上，加速扩大CSP的 存储缺口。在云服务商在冷数据存储需求方面，当前市场冷数据存储需求缺口约180-200EB，CSP厂商 开始采用SSD加速替代HDD，兴业证券预计大容量的QLCSSD出货可能于2026年出现爆发性增长。 （4）海外原厂及模组厂商：美光、闪迪、西部数据等。 *免责声 ...

Group 1: Tax Revenue and Market Activity - The Ministry of Finance reported that stamp duty revenue for the first three quarters reached 314.2 billion yuan, a year-on-year increase of 34.5% [1] - Securities transaction stamp duty accounted for 144.8 billion yuan, showing a significant year-on-year growth of 103.4% [1] - In September, the number of newly opened margin trading accounts reached 205,400, marking a year-on-year increase of 288% [2] Group 2: Market Trends in Precious Metals - The gold price in Shenzhen's Shui Bei market surpassed 1,000 yuan per gram, reaching 1,006 yuan, up from approximately 796 yuan in early September [3] - Major jewelry brands, such as Chow Tai Fook, have adjusted their prices in response to rising gold prices, with their gold jewelry priced at 1,279 yuan per gram [3] - Lao Pu Gold announced a price increase for the third time this year, with many of its products currently out of stock [3] Group 3: Industry Developments in Battery Recycling - The market for battery recycling in China is expected to exceed 100 billion yuan, with a projected recovery volume of over 300,000 tons by 2024 [4] - The rapid growth of the electric vehicle industry is driving the demand for battery recycling [4] Group 4: Corporate Financial Performance - Pianzaihuang reported a 20.74% decline in net profit for the first three quarters, with revenue down 11.93% [13] - Shentong Technology experienced a remarkable 584.07% increase in net profit year-on-year, with revenue up 34.65% [14] - Ying Shi Network reported a 12.68% increase in net profit for the first three quarters, with revenue growth of 8.33% [15] - Tengjing Technology's net profit grew by 15% year-on-year, with a revenue increase of 28.11% [16] - Jinshiyao expects a net profit increase of 48.99% to 83.95% for the first three quarters [18] Group 5: Market Reactions and Stock Performance - The market saw a significant decline, with the ChiNext index dropping by 3.36% and nearly 4,800 stocks falling [19] - Defensive sectors, such as gas and banking, showed resilience, while several heavyweight stocks weakened [19]

Core Insights - The massive data generated by AI is impacting global data center storage facilities, leading to a supply shortage of Nearline HDDs, which have traditionally been the cornerstone for massive data storage [1] - As a result, high-performance and high-cost SSDs are becoming the market focus, particularly large-capacity QLC SSDs, which are expected to see explosive growth in shipments by 2026 [1] Industry Summary - AI-generated data is creating significant challenges for traditional storage solutions, indicating a shift in demand towards more advanced storage technologies [1] - The anticipated growth in QLC SSD shipments highlights a trend towards higher efficiency and performance in data storage solutions, reflecting the evolving needs of data centers [1]

Group 1 - The core viewpoint of the article highlights that the demand for AI-driven data is causing a severe shortage of Nearline HDDs, leading to a potential explosive growth in QLC SSD shipments by 2026 [2] - Nearline HDDs have a delivery cycle of 52 weeks, an average price of $0.015 per GB, and a maximum capacity of 32 TB, while QLC SSDs have a delivery cycle of 8 weeks, an average price of $0.05-$0.06 per GB, and a maximum capacity of 122 TB [3] Group 2 - NVIDIA is attempting to raise the specifications for HBM4, anticipating that SK Hynix will remain the largest supplier in the initial phase of HBM4 production in 2026 [2] - The global laptop market is expected to see a 2.2% year-on-year increase in shipments in 2025, reaching over 180 million units, driven by production capacity expansion in Southeast Asia [4][5] Group 3 - Meta's recent launch of the Meta Ray-Ban Display Glasses, utilizing LCoS display technology, is expected to increase the market share of LCoS products to 13% by 2026 [8]

Core Insights - The demand for AI is driving a potential surge in storage chip prices, with reports indicating that Micron Technology has paused pricing for various memory products and may increase prices by 20% to 30% [1][3] - The storage market is experiencing a shift towards a seller's market due to supply shortages, particularly in DDR4 and LPDDR4X memory products, which have seen significant price increases since Q2 [3][4] - The growth in AI applications is leading to increased demand for high-performance storage solutions, particularly in data centers, with NAND Flash demand expected to grow by 99.5% in 2024 [4][6] Market Dynamics - Micron Technology has not officially announced price increases, but industry insiders suggest that price hikes are likely due to supply constraints [1] - The NAND Flash market is experiencing tight supply, with companies like Prolan indicating that prices for SLC NAND are expected to rise due to strong demand [1][5] - The transition from traditional HDDs to SSDs is being accelerated by the demand for high-capacity storage solutions, particularly QLC SSDs, which are projected to see explosive growth by 2026 [4] Industry Trends - The AI-driven demand is pushing companies to innovate in high-performance storage products, with a focus on new technologies like CXL2.0 and MRDIMM [4][5] - The market is witnessing a consolidation trend, with companies like Prolan planning acquisitions to enhance their product offerings in the NAND Flash segment [5][6] - The shift in AI processing focus from cloud to edge devices is expected to benefit niche storage markets, as demand for products like NOR Flash and SLC NAND increases [5][6]

Core Viewpoint - The article highlights a significant increase in NAND and DRAM contract prices expected in Q4 2025, driven by AI infrastructure demands and supply constraints [2][3]. Group 1: Price Trends - NAND and DRAM contract prices are projected to rise by 15-20% in Q4 2025, contrasting with typical seasonal price declines [2]. - SanDisk has increased NAND prices by approximately 10% in September, indicating tightening supply conditions [2]. - The demand for high-density 3D NAND products is surging, with cloud service providers actively procuring these products due to their faster read speeds and larger capacities [2][3]. Group 2: Supply Chain Dynamics - Samsung's next-generation V9 NAND is reportedly close to being sold out, as cloud customers are securing capacity early due to its advantages [3]. - TrendForce has noted that traditional DRAM types are under significant pressure, and if cloud orders continue to rise, typical winter discounts on NVMe drives may be less than expected [3]. Group 3: Market Performance - Phison Electronics reported record revenue of NT$59.34 billion in August, a 23% year-over-year increase, attributed to non-consumer demand and closer collaboration with NAND manufacturers [4]. - The article emphasizes that AI is reshaping the cloud storage landscape, leading to stronger pricing power for flash memory manufacturers compared to previous years [4].

Group 1 - Nvidia is under further investigation by the State Administration for Market Regulation for violating China's Anti-Monopoly Law and related regulations regarding its acquisition of Mellanox Technologies [1] Group 2 - Dongguan is promoting the construction of low-altitude demonstration traffic routes, offering subsidies for drone logistics routes and providing significant financial incentives for eVTOL aircraft certification [2] Group 3 - TrendForce reports a severe shortage in Nearline HDDs due to increased AI inference demand, predicting a potential explosive growth in QLC SSD shipments by 2026 [3] Group 4 - Shanghai's government has issued an action plan to promote the high-end medical device industry, aiming for over 500 new domestic Class III medical device registrations and 100 new overseas approvals by 2027 [4] Group 5 - The People's Bank of China in Shanghai emphasizes enhancing financial support for stabilizing foreign trade and investment, reporting a total cross-border RMB payment of 18.83 trillion yuan in the first seven months of the year [5] Group 6 - The Global Supply Chain Development and Stability Xiamen Initiative has been launched, focusing on building a resilient supply chain and integrating technologies like AI and big data [6] Group 7 - Hunan has launched its first low-altitude economic internet platform, allowing users to book drone services similar to ride-hailing apps, focusing on various applications such as logistics and emergency rescue [7][8] Group 8 - The National Data Bureau has announced a list of 140 pilot units for high-quality data set construction, aiming to enhance data management and promote technical exchanges [9] Group 9 - Guangzhou has issued a work plan for becoming a national pilot city for vehicle-to-grid (V2G) applications, targeting significant infrastructure development and energy management by 2027 [10] Group 10 - A multi-functional suborbital manned pre-research project has been approved, focusing on key technologies and system development for commercial suborbital vehicles [11]

Core Insights - The demand for AI-driven data is impacting global data center storage facilities, leading to a shortage of Nearline HDDs [1] - High-performance and high-cost SSDs are becoming the market focus due to the limitations of traditional storage solutions [1] - A significant surge in the shipment of large-capacity QLC SSDs is expected in 2026 [1]