行情速递 ① 主 板 领 涨 ， 达 华 智 能 (+10.12%)/ 方 正 科 技 (+10.05%)/ 环 旭 电 子 (+10.02%)/ 格 尔 软 件 (+10.02%)/广合科技 (+10.00%)/ ②创业板领涨，科翔股份(+20.00%)/香农芯创(+20.00%)/航天智装(+19.98%)/ ③科创板领涨，普冉股份(+20.00%)/生益电子(+19.99%)/恒烁股份(+18.08%)/ ②翰博高新，发布2025年第三季度报告/2025年第三季度公司实现营业收入 8.70亿元/同比增长33.34%/归母净利润达1,766万元/同比大增153.33%/ ③可立克，发布2025年第三季度报告/2025前三季度公司实现营收41.05亿 元/同比增长24.86%/归母净利润达2.32亿元/同比增长52.51%/ ④杰创智能，发布2025年第三季度报告/2025前三季度公司营收5.99亿元/ 同比增长30.73%/归母净利润达2277万元/同比由亏转盈/ ④活跃子行业，SW通信网络设备及器件 (+7.49%)/ SW印制电路板 (+7.06%)/ 国内新闻 ① 艾邦ARAI眼镜资讯，理湃光晶完成 ...

Core Viewpoint - The storage chip market is experiencing an unprecedented price surge driven by AI demand, leading to a structural imbalance in supply and demand [1][2][6]. Group 1: Price Surge and Market Dynamics - The price increase in the storage chip market has been ongoing for over six months, with no signs of slowing down as it enters the fourth quarter [3][5]. - Recent data shows that the price of DDR4 16Gb 3200 has surged to $13.00, a 30% increase from the previous week, while the price of 512Gb Flash Wafer has risen over 20% since October [3][4]. - The overall price of DRAM, including HBM, is expected to increase by 13%-18% in the fourth quarter [4]. Group 2: AI Demand and Supply Chain Impact - The core driver of the current price surge is the explosive demand for HBM driven by AI, which is disrupting the traditional supply-demand balance in the storage industry [2][6]. - Major manufacturers are prioritizing production capacity for high-end Server DRAM and HBM, leading to a shortage of older products like DDR4 and LPDDR4X, which may last until the first half of 2026 [2][9]. - The demand for AI infrastructure is projected to reach $400 billion this year, significantly increasing the need for storage chips [6]. Group 3: Industry Response and Strategies - Domestic storage manufacturers are actively stockpiling inventory and raising prices in anticipation of continued demand and price increases [10][11]. - Some companies, like Jiangbolong, are adopting a stockpiling strategy to ensure profitability, while others, like Langke Technology, are focusing on inventory clearance to reduce volatility [10][11]. - Companies are also exploring high-value areas such as HBM and advanced packaging to capitalize on the structural changes in the market [12]. Group 4: Market Reactions and Future Outlook - The capital market has reacted positively to the ongoing "super cycle," with significant stock price increases for storage chip companies [5]. - The transition to DDR5 and the slowdown in the shift from DDR3 to DDR4 in consumer electronics indicate a strategic response to the supply constraints [9][12]. - As HBM production capacity is expected to increase, there may be an oversupply of HBM3e by 2026, but HBM4 is anticipated to remain in short supply due to its technical barriers [12].