证券日报网讯商络电子11月24日在互动平台回答投资者提问时表示，公司代理销售长鑫、铠侠、兆易、 群联、得一微等头部品牌的存储产品，产品包括NOR/NANDFlash、DRAM、eMMC、SSD等系列。 （文章来源：证券日报） ...

存储市场持续供不应求，本周各类产品价格继续上涨势头。 随着原厂合约价的大幅上涨，现货市场的价格显得更加疯狂。 存储价格的大幅上涨，已经彻底影响到消费电子的整条供应链。 无论是手机厂商、电脑厂商、电动车或者服务器等产品，都在感受着缺货和涨价的双重压力。 不出意外的话，接下来市场上的手机、电脑和显卡价格都将有所上涨。 由于产品全面涨价和供应受限，市场成交量下降，整体成交订单陷入低迷。 另外，部分产品的报价已经翻倍，虽然很多厂商存在需求，但碍于价格过高，只能暂时维持低库存的局面。 DRAM模组销售，已经变为买模组，要搭配主机板，形成配货制。 模组厂受到上游资源涨价，原定于第四季度发布的新产品，目前都已经全面推迟，2026年才会推出。 供应链的各个环节都在观察价格的走势，暂时无法确定未来的产品规划和采购决策。 一方面供应紧张和资源不足，另外一方面，暂停报价和控制接单，市场情况比较混乱。 具体产品方面，DRAM价格继续大幅上涨，现货颗粒价格剧烈波动，成交活跃。 SSD产品价格持续上涨，交期持续延长，出现有价无市的现象。 Flash Wafer市场，原厂合约价全线上涨，现货资源非常紧缺，报价已经翻倍。 USB市场，报价上 ...

Core Viewpoint - The global storage chip contract prices have experienced a rare nonlinear surge since Q2 2025, driven by the high demand for high-bandwidth memory (HBM) from AI accelerators like NVIDIA's H100, leading to a significant impact on traditional PC DRAM and NAND supply and pricing [2][4][18] Supply Chain Dynamics - The demand for high-performance SSDs and HBM has led manufacturers to prioritize production for higher-margin products, resulting in a squeeze on mid-range DDR and client SSD supplies, which in turn drives up spot and contract prices [4][5] - By 2025, the global DRAM market revenue is expected to exceed $200 billion, with HBM contributing over half of the profit growth despite accounting for less than 30% of the market [4][5] Impact on PC Manufacturers - Traditional PC manufacturers like Dell, HP, and Acer are facing significant pressure on profit margins due to rising storage costs, with estimates suggesting a potential decline in PC gross margins by 2-4 percentage points for Dell and HP in FY 2026 [6][10] - The average storage cost increase of 20% for an $800 laptop could add $30-$50 to the bill of materials (BOM), potentially eroding 3-6 percentage points of gross margin if manufacturers cannot fully pass on costs [5][6] Resilience of Lenovo and Apple - Lenovo and Apple are viewed as exceptions that may benefit from the storage price surge due to their strong customer bases and supply chain management capabilities [3][18] - Lenovo's PC business has a high proportion of enterprise customers (over 65%), allowing for better cost transferability and stability compared to competitors reliant on consumer markets [10][12] - Apple's supply chain control and high-end product positioning enable it to transfer costs more effectively, with a lower BOM percentage for storage components [15][16] Competitive Advantages - Lenovo's market share and procurement strategies provide it with significant bargaining power, allowing it to secure better contract prices and prioritize delivery from suppliers [14][18] - Apple maintains a strong position in the supply chain through long-term contracts with suppliers, ensuring priority access to components and lower costs [15][16] Market Outlook - The ongoing surge in storage chip prices is likely to reshape the cost structure of the entire PC industry, with Lenovo and Apple expected to maintain or even expand their market shares amid the turmoil [18]

Accessible version Global Memory Tech Weekly theme: NAND forecast raised, 4Q DRAM ASP cap, Korea small-cap risk Price Objective Change Global NAND forecast slightly up due to Kioxia We lift 3Q/4Q25 global NAND sales forecasts by 2.8%/2.5% (vs our earlier estimates on 31 Oct) at 3.9%/2.5% higher bit shipment projections, which fully offset the near-1% lower ASP assumption. Our revisions are mostly related to Kioxia's Sept'25 quarter results (very strong bit growth: up high-30% QoQ but weaker ASP: down low-si ...

Core Viewpoint - The global storage chip contract prices have experienced a rare nonlinear surge since Q2 2025, driven by the high demand for high-bandwidth memory (HBM) from AI accelerators like NVIDIA's H100, leading to a tightening supply of traditional PC DRAM and NAND [1][3][15] Supply Chain Dynamics - The demand for high-performance SSDs and HBM has led manufacturers to prioritize production for high-margin products, resulting in a squeeze on mid-to-low-end DDR and client SSD supplies, which in turn drives up spot and contract prices [3][7] - By 2025, the global DRAM market revenue is expected to exceed $200 billion, with HBM contributing over half of the profit growth despite accounting for less than 30% of the market [3][15] - Major manufacturers like Samsung, SK Hynix, and Micron are shifting their production capacity towards HBM and enterprise SSDs, leading to a significant reduction in traditional PC DRAM supply [3][6] Impact on PC Manufacturers - Consumer-oriented manufacturers such as Dell, HP, and Acer are particularly vulnerable to rising storage costs due to their high reliance on the consumer market, where price sensitivity is extreme [4][6] - The average selling price of global consumer PCs is projected to be around $620 in 2025, making it difficult for these manufacturers to pass on increased costs without risking a decline in sales [4][6] - Morgan Stanley's report indicates that Dell and HP are the most sensitive to storage price increases, with expected declines in PC gross margins by 2-4 percentage points in FY 2026 [4][6] Resilience of Lenovo and Apple - Lenovo and Apple are viewed as exceptions that may benefit from the storage price surge due to their strong customer bases and supply chain management capabilities [1][6][15] - Lenovo's market share exceeds 25%, with over 65% of its revenue coming from enterprise and government clients, allowing it to better absorb cost increases [8][10] - Apple maintains a dominant position in the high-end market, enabling it to quickly pass on costs to consumers, supported by long-term contracts with suppliers that ensure priority access to components [13][15] Long-term Outlook - The current surge in storage prices is expected to continue, potentially leading to a reshaping of the PC industry, with Lenovo and Apple likely to maintain or even expand their market shares during this period [15]

转自：智通财经 【英唐智控：存储芯片业务同比大幅提升 代理的存储类芯片涵盖DRAM、NANDflash和SSD等多种存储 器件】智通财经11月18日电，英唐智控在互动平台表示，受行业需求影响，公司存储芯片业务同比大幅 提升。公司代理的存储类芯片涵盖DRAM、NANDflash、NORFLASH、EMMC和SSD等多种存储器 件，代理品牌包括佰维、时创意、晶存、东芯、芯天下等。 ...

存储设备公司成长性："价格周期"和"技术周期"共振 带来高斜率 20251117 摘要 全球半导体设备市场由少数头部供应商主导，薄膜沉积领域通常有三家 左右，国内未来预计有两到三家主要公司。泛林集团通过拓展 CVD、ALD 等薄膜沉积技术，全球市占率接近 20%，干法刻蚀方面接 近 40%-50%。 泛林集团收入从 2014 年的 48.6 亿美元增长至 2024 年的 162 亿美元， 年复合增长率 12.8%，利润从 7.2 亿美元增至 42.9 亿美元，年复合增 长率约 20%。预计 2024 年至 2028 年收入复合增长率仍将保持在 10%左右，毛利率计划到 2028 年达到 50%左右。 3D NAND 技术推动了对刻蚀和薄膜沉积设备的需求，范林在 NAND 领 域的收入从 2014-2015 年的 16.3 亿美元增长到 2022 年的 74.7 亿美 元。长江存储被制裁后，中微公司和拓荆公司正在填补市场缺口。 存储器未来发展趋势是 NAND 向更高层数堆叠发展，DRAM 从平面结构 向 3D 结构演进，这将增加对刻蚀与薄膜沉积等装备的需求。逻辑芯片 制程不断演进，单晶圆片资本开支密度大幅提升。 ...

（文章来源：证券日报） 证券日报网讯英唐智控11月17日在互动平台回答投资者提问时表示，公司代理产品线中包含存储类芯 片，涵盖DRAM、NANDflash、NORFLASH、EMMC和SSD等多种存储器件，代理品牌包括佰维、时 创意、晶存、东芯、芯天下等。公司自研芯片（MEMS微振镜、车载显示芯片）均已进入市场化阶段， 改进型版本也在按预定研发计划加速推进中。 ...

国外 高盛的分析师表示，受能源需求不断增长以及低碳技术规模化挑战的推动，全球石油需求预计将持续增 长至2040年。预计石油需求将达到每天1.13亿桶，高于去年的每天1.035亿桶，这得益于喷气燃料和石化 产品缺乏替代品、人工智能带来的推动，以及全球能源需求的总体增长预计将超过石油被低碳替代品取 代的速度。这家美国银行的分析师表示："我们预计2025年至2030年间，年均需求将稳健增长90万桶/ 日，随后到2040年将放缓至10万桶/日。" 2. 大摩：恒指明年底最乐观见34700点，最悲观情景目标为18700点 摩根士丹利发表报告称，在经历2025年的高回报后，2026年将是稳定下来。由于每股盈利增长温和，且 估值稳定在较高水平，指数上涨空间有限。大摩给予恒生指数明年底基本情境目标为27500点；最乐观 情景下目标价34700点；最悲观情景目标为18700点。国企指数明年底的基本情境目标为9700点，最乐观 情景下，明年底目标价12190点；最悲观情景目标6670点。 3. 巴克莱：预测美联储将提前扩表明年2月开始购买国库券 在多位美联储关键官员暗示将扩大资产负债表后，巴克莱策略师预计，美联储将于明年2月开始 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][48]. Core Viewpoints - The NAND market is expected to continue experiencing a supply-demand imbalance, driven by increasing demand from AI-related applications and data centers [2][5]. - The report highlights the strong performance of key companies in the semiconductor sector, with significant revenue growth and optimistic forecasts for future quarters [9][10][12]. Summary by Sections Industry Dynamics - Kioxia reported a revenue of 448.3 billion JPY for FY25Q2, a 30.8% increase quarter-on-quarter, driven by higher bit shipments and AI-related NAND demand [9]. - SMIC achieved a revenue of 17.162 billion CNY in Q3 2025, a 6.9% increase quarter-on-quarter, with a net profit growth of 43.1% year-on-year [10][11]. - Tencent's Q3 2025 revenue reached approximately 192.87 billion CNY, a 15% year-on-year increase, with all main segments showing double-digit growth [12]. - Cisco's Q1 FY2026 revenue grew by 8% year-on-year to 14.9 billion USD, with a notable increase in AI infrastructure orders [13]. Market Review - The electronic industry experienced a weekly decline of 4.77% from November 10 to November 14, 2025, with the semiconductor sector showing mixed performance [14][15]. - The Philadelphia Semiconductor Index fell from 7,156.95 points to 6,811.20 points during the same period, although it remains in an upward trend since April 2025 [19]. High-Frequency Data Tracking - The prices of various memory products, including DDR5 and DDR4, have shown an upward trend from November 10 to November 14, 2025, indicating a tightening supply situation [28]. - The report provides detailed price forecasts for TV and IT panels, with expectations of price stability in certain segments and declines in others due to supply-demand dynamics [24][27]. Investment Recommendations - The report maintains a positive outlook on the entire storage industry chain, recommending key stocks such as Zhaoyi Innovation, Demingli, and Jiangbolong [44]. - It emphasizes the potential of AI to drive growth across the semiconductor value chain, suggesting a focus on companies involved in design, manufacturing, and materials [44].