每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌0.52%，纳指跌0.08%，标普500指数跌0.28%，热门科技股涨跌不 一，甲骨文涨超3%，Meta涨超2%，英伟达、亚马逊涨超1%，苹果、谷歌跌超1%；区块链、稀土概念 涨幅居前，TreaWulf涨超10%，Hut 8涨近4%；贵金属、金属原材料跌幅居前，美国黄金公司、金田跌 超7%，泛美白银跌超3%，美洲白银公司跌超2%。纳斯达克中国金龙指数跌2.03%，中概股多数下跌， 小鹏汽车、蔚来跌超5%，理想汽车、阿里巴巴跌超4%，百度跌近4%，京东跌超2%。 2、现货黄金跌1.6%，报3975.95美元/盎司；COMEX黄金期货跌1.95%，报3991.10美元/盎司；现货白银 历史首次突破50美元/盎司，盘中最高涨至51.24美元/盎司，最终收盘时回落至49.21美元/盎司，涨幅 0.74%；COMEX白银期货跌2.73%，报47.66美元/盎司。国际原油集体收跌，美油主力合约跌1.65%，报 61.52美元/桶；布伦特原油主力合约跌1.57%，报65.21美元/桶。欧洲三大股指收盘涨跌不一，德国DAX 指数涨0.06% ...

Group 1 - The A-share semiconductor sector is experiencing a strong rally, with the ChiNext Semiconductor Equipment ETF (588710) rising over 12% intraday, indicating active market trading [1] - The underlying index, the Shanghai Stock Exchange ChiNext Semiconductor Materials and Equipment Theme Index (950125), increased by 8.83%, with significant gains in constituent stocks such as ShenGong Co. (688233) up 20.01% and Jingyi Equipment (688652) up 13.89% [1] - Over the past week, the ChiNext Semiconductor Equipment ETF (588710) has accumulated a rise of 12.92%, with net inflows totaling 136 million yuan over three of the last five trading days [1] Group 2 - The storage market is witnessing a comprehensive price increase, with DRAM product contract prices expected to rise by 15%-20% quarter-on-quarter in Q3 2025, and NAND Flash product prices projected to increase by 5%-10% [1][2] - The demand for enterprise-level storage products such as eSSD and RDIMM remains high, suggesting a significant improvement in the performance of related storage industry chain companies [2] Group 3 - According to Huatai Securities, the semiconductor equipment market in China is expected to see a shift with "East Rising, West Declining," as global equipment company revenues grew by 24% year-on-year to $34 billion in Q2 2025 [3] - The overall semiconductor capital expenditure for 2025 is projected to increase by 14% to $148 billion, while the global equipment market is expected to grow by 12% to $142 billion [3] - The ChiNext Semiconductor Equipment ETF closely tracks the performance of the Shanghai Stock Exchange ChiNext Semiconductor Materials and Equipment Theme Index, which includes companies involved in semiconductor materials and equipment [3][4] Group 4 - As of August 29, 2025, the top ten weighted stocks in the ChiNext Semiconductor Materials and Equipment Theme Index (950125) account for 71.5% of the index, including companies like Huahai Qingke (688120) and Zhongwei Company (688012) [4]

Group 1: Automotive Industry - The penetration rate of passenger cars equipped with combined driving assistance systems in the new car market has exceeded 60%, reaching 62.6% with sales of 7.76 million units from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - Beijing is committed to advancing the "vehicle-road-cloud integration" infrastructure to support the large-scale operation of high-level autonomous vehicles and the development of connected vehicles [3] Group 2: Semiconductor and Storage Market - The storage market is expected to see a comprehensive price increase in the fourth quarter due to rising demand for NAND flash in AI server shipments, with the company reporting over 80 million units of its PCIe SSD and RDIMM products deployed by the end of July [2] - NAND Flash wafer prices have generally increased by single-digit percentages since early September, with a nearly 10% rise in the price of 512Gb TLC NAND, leading to a price increase in embedded products like eMMC and UFS [5] Group 3: Regulatory Developments - The "Live E-commerce Supervision Management Measures" are set to be officially released, clarifying the legal responsibilities of live e-commerce platforms and operators, and enhancing the regulatory framework [9] - The market regulatory authority and the Ministry of Industry and Information Technology have launched a project solicitation for the 2025 measurement support for new quality productivity development, focusing on key areas such as AI, new energy, and high-end equipment [10] Group 4: Energy Sector - The total electricity consumption in China reached 1,015.4 billion kWh in August, marking a 5% year-on-year increase, with industrial electricity consumption accounting for nearly 60% of the total, indicating a recovery in various industries [11]

Group 1 - The penetration rate of passenger cars equipped with combined driving assistance systems in China exceeded 60%, reaching 62.6% with sales of 7.76 million units from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The Ministry of Industry and Information Technology has identified intelligent connected vehicles as one of the eight key areas to enhance the core competitiveness of the manufacturing industry [1] Group 2 - Jiangbo Long stated that the storage market prices are expected to rise comprehensively in the fourth quarter due to increased demand for NAND in AI server markets [2] - The company has achieved over 80 million units of its full series of products deployed by the end of July, with rapid growth continuing [2] Group 3 - Beijing's Economic and Information Technology Bureau is committed to advancing the "vehicle-road-cloud integration" infrastructure to support the large-scale operation of high-level autonomous vehicles [3] - The city aims to strengthen core technology research focusing on complex environmental perception and intelligent operating systems [3] Group 4 - The International Electrotechnical Commission (IEC) has officially released the first international standard for urban rail transit signaling and control systems, which was organized by China's National Railway Administration [4] Group 5 - The NAND Flash wafer prices have seen a general increase of nearly 10% for 512Gb TLC NAND since early September, with embedded products also experiencing significant price hikes [5] - LPDDR4X prices are expected to rise due to supply constraints and market bullish sentiment [5] Group 6 - The State Administration for Market Regulation and the National Internet Information Office are set to release the "Live E-commerce Supervision Management Measures," which clarify the legal responsibilities of various stakeholders in the live e-commerce ecosystem [8] Group 7 - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have jointly initiated the collection of projects for the 2025 measurement support for new quality productivity development [9] - The focus is on key areas such as new generation information technology, artificial intelligence, and high-end equipment, aiming to support major innovative projects that address critical technological bottlenecks [9] Group 8 - China's total electricity consumption reached 1,015.4 billion kilowatt-hours in August, marking a 5% year-on-year increase, with industrial electricity consumption accounting for nearly 60% [10] - The manufacturing sector's electricity consumption grew by 5.5% year-on-year, the highest increase this year, particularly in raw material industries like steel and chemicals [10]

Group 1 - The core viewpoint is that the NAND market is expected to see a comprehensive price increase in the fourth quarter due to rising demand for server storage driven by the expansion of AI server shipments [1][3] - The company has begun mass importing enterprise-level PCIe SSD and RDIMM products to leading domestic enterprises, with over 80 million of its main control chips deployed by the end of July, indicating rapid growth [3] - The self-developed main control chip is progressing well, with UFS4.1 products currently undergoing validation with multiple Tier 1 manufacturers, suggesting a significant increase in deployment scale for the year [3] Group 2 - The demand recovery in the storage industry chain is driven by AI needs, positioning the company to accelerate market share expansion in the new industry cycle through continuous breakthroughs in enterprise SSD and self-developed main control chips [3]

Core Insights - The demand for "warm data" is expected to exceed 70% by 2035, leading to a shift in data storage requirements from HDD to SSD due to higher performance needs [1][3] - The AI-driven transformation of cold data into warm data is accelerating, increasing the necessity for efficient data processing and storage solutions [2][3] - The supply shortage of Nearline HDD is pushing the adoption of SSDs, with a projected shortfall of 150-200EB in HDD supply [4] Industry Trends - The transition from cold to warm data is reshaping the traditional data structure, with a predicted ratio of 3:7 for "hot-warm" to "warm-cold" data [3] - SSD prices are expected to increase by 5-10% in the short term due to demand from CSPs, while the long-term outlook remains positive as SSD costs decline [5] - The price of enterprise-grade storage components is rising, with SSD prices increasing by 6.93% recently, and DRAM prices also on the rise due to AI demand [5] Investment Opportunities - Companies in the enterprise storage sector are likely to benefit from the rapid growth in cloud capital expenditures, with specific recommendations for eSSD and RDIMM manufacturers [6]

投资建议：国内外云厂Capex快速增长，企业级存储有望持续受益，建议关注：企业级 存储模组：1）eSSD：德明利、江波龙、海普芯创（香农芯创子公司）；2）RDIMM：金泰 克（开普云拟收购）；SSD主控芯片：大普微（拟IPO）、联芸科技。 事件：华为全联接大会2025期间，以"引领AI DC创新，共赢智能未来"为主题的首届数 据中心创新峰会在上海成功举办。华为数据存储产品线副总裁肖德刚认为，AI时代企业对 海量数据的高效处理需求日益迫切，构建AI数据湖已成为必由之路。 AI驱动冷数据变温，SSD应用有望加速渗透。随着大模型训练与推理对数据访问需求快 速增长，大量曾被视为"冷数据"的资源正被重新激活。这些数据因频繁参与模型迭代与实时 推理，逐渐转变为"温数据"，甚至因持续调用而成为"热数据"。根据华为《智能世界2035报 告》预测，2035年温数据的占比有望超过70%，传统的数据三层结构将逐渐演变为"热温-温 冷"两层结构，比例趋于3:7。"热温数据"对于存储硬件介质的性能要求会更高，HDD或难以 满足传输速率高、功耗低的需求，SSD的应用有望加速渗透。 HDD供给短缺，SSD出货有望大幅增长。AI推理需求快速 ...

Core Viewpoint - The storage chip market is experiencing a price increase, driven by both international manufacturers like Micron and SanDisk and domestic companies such as Jiangbolong, with expectations of a comprehensive price rise in the fourth quarter due to various market demands and supply strategies [1][3]. Group 1: Market Dynamics - Recent announcements indicate that SanDisk has raised product prices by over 10%, while Micron has paused pricing for DDR4, DDR5, LPDDR4X, and LPDDR5X, with potential increases of 20%-30% for channel storage products [3]. - The demand for NAND in the server market is expected to rise as AI server shipments increase, alongside new smartphone releases driving a replacement demand [3]. Group 2: Company Performance - Jiangbolong ranks third in total capacity for enterprise-grade SATA SSDs in China and is the leading domestic brand, with its enterprise-grade PCIe SSD and RDIMM products being adopted by major domestic companies [3]. - As of the end of July, Jiangbolong has deployed over 80 million units of its main control chip series, with rapid growth in deployment scale continuing [3]. Group 3: Product Development - The self-developed UFS4.1 products are currently undergoing validation with multiple Tier 1 manufacturers, indicating a significant increase in deployment scale for the year [4].

Summary of Shenzhen Longsys Electronics Co Ltd Conference Call Company Overview - **Company**: Shenzhen Longsys Electronics Co Ltd (301308.SZ) - **Industry**: Technology Semiconductors, specifically NAND memory products - **Date of Call**: September 10, 2025 Key Points Industry Outlook - **NAND Cycle**: The NAND cycle is expected to improve in 4Q25 and 1H26, driven by accelerating AI inference adoption, leading to strong growth momentum in the NAND industry in 2H26 [2][6] - **Pricing Trends**: 2Q results exceeded market expectations due to favorable pricing trends, with a projected mid-single digit percentage increase in blended average selling price (ASP) for 3Q25 [3][6] - **Consumer Electronics Demand**: 4Q pricing hikes may slow due to lukewarm consumer electronics demand, but strong CSP orders could mitigate this impact [3][4] Financial Projections - **Revenue Growth**: Longsys's enterprise business is projected to grow by 50-100% in 2026, with revenue contribution expected to reach Rmb10 billion by 2027, up from Rmb3.6 billion in 2025 [5][14] - **Earnings Estimates**: EPS estimates have been revised to reflect a -4% change for 2025, +22% for 2026, and +29% for 2027, with a 2026 EPS estimate of Rmb3.3, which is approximately 30% higher than consensus [32][34] Business Model and Strategy - **TCM Model**: The Technology-Contract-Manufacture (TCM) model is expected to start contributing revenue from 4Q25, focusing on long-term agreements with clients to stabilize gross margins above 20% in the long term [22][25] - **Market Share**: Longsys aims to increase its market share in the eSSD market, which was 2% in 2024, with significant orders from major CSPs expected to contribute to revenue starting from 2H25 [14][22] Market Dynamics - **AI Demand**: The AI NAND market is projected to account for 34% of the global NAND market by 2029, adding an incremental US$29 billion to the total addressable market (TAM) [12] - **Supply Constraints**: A NAND shortage is anticipated entering 2027 due to strong AI inference demand and limited supply growth [12][14] Price Target and Ratings - **Price Target Increase**: The price target for Longsys has been raised from Rmb100 to Rmb122, reflecting a bullish outlook on the NAND up-cycle and the company's leadership in eSSD [2][6] - **Investment Rating**: The company maintains an "Overweight" rating, indicating a positive investment outlook despite potential near-term NAND cycle weakness [6][32] Additional Insights - **Revenue Recognition Change**: Longsys plans to change its revenue recognition method from gross to net for its TCM business, which may slow top-line growth but enhance gross profit margins [24][25] - **Embedded Storage Market**: Global suppliers are exiting the mobile NAND market in China, prompting Longsys to collaborate with suppliers like SanDisk to serve Tier 1 clients [23] This summary encapsulates the critical insights and projections discussed during the conference call, highlighting the company's strategic direction and market positioning within the NAND industry.

Group 1: Market Position and Product Development - The company ranks third in the total capacity of enterprise-grade SATA SSDs in China for 2024, and first among domestic brands according to IDC data [3] - The company has successfully introduced SOCAMM products, which are designed for AI servers, achieving over 2.5 times the bandwidth and approximately 20% lower latency compared to traditional RDIMM [3] - The company has deployed over 80 million units of its main control chips by the end of July, with rapid growth in deployment scale [4] Group 2: Strategic Partnerships and Business Models - The company has established a TCM (Technology Contract Manufacturing) model, which connects wafer manufacturers directly with core downstream customers, reducing the complexity of traditional storage module business models [4] - A strategic partnership with SanDisk has been formed to launch customized high-quality UFS products and solutions for the mobile and IoT markets [6] - The TCM model has shown good demonstration effects and is expected to achieve breakthroughs in cooperation with more manufacturers and Tier 1 customers [4] Group 3: Product Performance and Future Plans - The UFS4.1 products equipped with self-developed main control chips achieve sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write performance of 630K IOPS and 750K IOPS, significantly outperforming mainstream market products [5] - The company is preparing for the development of the next generation of main control chips to meet the increasing performance demands of AI terminals [5] - The company has launched new embedded products such as UFS4.1, eMMC Ultra, and QLC eMMC, leveraging its self-developed technologies to meet market demands [6]