周二美股市场存储概念股集体飙升，闪迪暴涨27.56%，创下自2月以来的最佳单日表现。西部数据和希捷科技紧随其后，分别大涨16.77%和14.00%。 这一轮行情的直接催化剂来自英伟达CEO黄仁勋在CES上的讲话。他直言： "就存储而言，这目前是一个完全未被开发的市场。这是一个从未存在过的市场， 而且很可能成为全球最大的存储市场，基本上承载全球AI的工作记忆（working memory）。" 与此同时，英伟达在CES上展示了针对代理AI推理优化的新存 储平台，承诺比传统平台提高五倍的能效。 这一轮暴涨并非偶然，而是市场对AI发展阶段认知的深刻修正。美银美林分析师Wamsi Mohan在最新的报告中指出，2026年将是企业级和边缘AI的拐点。随 着多模态AI（包含文本、图像、视频）的普及，数据生成量将呈指数级增长，这将推动硬件支出周期的延续。 随着AI浪潮从训练阶段向推理应用大规模迁移，被视为"AI工作记忆"的存储板块正迎来前所未有的价值重估。 美银认为，AI投资的主题正在从资本支出驱动的模型训练，转向以投资回报率（ROI）为核心的AI推理阶段， 这一转变将使存储、边缘设备和网络连接厂商成 为继GPU之后的新一 ...

这一轮暴涨并非偶然，而是市场对AI发展阶段认知的深刻修正。美银美林分析师Wamsi Mohan在最新的报告中指出，2026年将是企业级和边缘AI 的拐点。随着多模态AI（包含文本、图像、视频）的普及，数据生成量将呈指数级增长，这将推动硬件支出周期的延续。 美银认为，AI投资的主题正在从资本支出驱动的模型训练，转向以投资回报率（ROI）为核心的AI推理阶段，这一转变将使存储、边缘设备和网 络连接厂商成为继GPU之后的新一轮受益者。 AI推理与多模态：数据爆炸的真正推手 随着AI浪潮从训练阶段向推理应用大规模迁移，被视为"AI工作记忆"的存储板块正迎来前所未有的价值重估。 周二美股市场存储概念股集体飙升，闪迪暴涨27.56%，创下自2月以来的最佳单日表现。西部数据和希捷科技紧随其后，分别大涨16.77%和 14.00%。 这一轮行情的直接催化剂来自英伟达CEO黄仁勋在CES上的讲话。他直言："就存储而言，这目前是一个完全未被开发的市场。这是一个从未存在 过的市场，而且很可能成为全球最大的存储市场，基本上承载全球AI的工作记忆（working memory）。"与此同时，英伟达在CES上展示了针对 代理AI推理优化 ...

近日，某存储企业（公司）通过特定对象调研及电话会议形式，接待了来自中泰证券、博普资产、摩根 士丹利、易方达基金等35家机构的调研。公司副总经理、董事会秘书许刚翎，投资者关系经理黄琦，投 资者关系资深主管苏阳春参与接待，就行业趋势、产品布局、供应链管理及技术研发等核心议题与机构 投资者进行深入交流。 投资者关系活动类别 特定对象调研、电话会议 时间 2025年12月23日（周二）10:00-11:00、16:00- 17:30；2025年12月26日（周五）10:00-11:30、14:00-15:30 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B座2301 参与机构 中泰证券、博普资产、创金合信、混沌投资、前 海再保险、安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、富荣基金、鹏华基金、橡果资 管、方正证券、恒越基金、易方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部证券、华夏基 金、东吴证券、万家基金、盘京投资、国寿资产、弘毅远方、中信保诚基金、中邮基金、天弘基金、泰 康基金、大家资产、交银施罗德、平安基金、中海基金等35家 接待人员 副总经理、董事会秘书许刚 翎， ...

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：2025-037 | 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 | 中泰证券、博普资产、创金合信、混沌投资、前海再保险、 | | | 安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、 | | | 富荣基金、鹏华基金、橡果资管、方正证券、恒越基金、易 | | | 方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部 | | 人员姓名 | 证券、华夏基金、东吴证券、万家基金、盘京投资、国寿资 | | | 产、弘毅远方、中信保诚基金、中邮基金、国寿资产、天弘 | | | 基金、泰康基金、大家资产、交银施罗德、平安基金、中海 | | | 基金、国寿资产 | | 时间 | 年 月 日（周二）10:00-11:00 2025 12 23 | | | 2025 年 12 月 23 日（周二）16:00-17:30 | | | 年 月 日（周五）10:00-11:30 2025 12 26 | ...

Market Overview - The main board saw significant gains with companies like Bona Film Group (+10.02%), Tiantong Co., Ltd. (+10.02%), and Zhongci Electronics (+10.01%) leading the charge [1] - The ChiNext board also performed well, with Hengxin Oriental (+20.04%) and Online Offline (+20.00%) showing strong increases [1] - The Sci-Tech Innovation board was led by Dekeli (+20.00%) and Tengjing Technology (+10.54%) [1] - Active sub-industries included SW Printed Circuit Boards (+5.43%) and SW Communication Network Equipment (+3.68%) [1] Domestic News - Aibang ARAI announced that its 12-inch Micro OLED production line has successfully lit up, marking a new phase in silicon-based OLED product mass production [1] - Semiconductor Investment Alliance reported that Shengmei Shanghai has launched several devices compatible with HBM processes, including Ultra ECP 3D equipment for TSV copper filling [1] - United Microelectronics Corporation (UMC) signed a technology licensing agreement with imec for silicon photonics processes, aiming to target next-generation high-speed connectivity applications [1] - Baiwei Storage highlighted the increasing demand for high-bandwidth, low-latency storage chips in robotics, launching products suitable for embodied intelligence [1] Company Announcements - Shenzhou Information disclosed a plan for its controlling shareholder to reduce holdings by up to 28,827,300 shares between December 31, 2025, and March 30, 2026 [2] - Saiwei Microelectronics announced a share reduction plan by Shanghai Lingguan, intending to reduce up to 14,500 shares for personal funding needs [2] - Juguang Technology reported the completion of a share reduction by shareholder Wang Donghui, decreasing his stake from 6.6427% to 3.6427% with a total reduction amounting to 323 million yuan [2] - Zhangyue Technology received a cash dividend of 4.99 million yuan from its associate company, which will positively impact its 2025 financial performance [2] Overseas News - DNP successfully developed a nano-imprint lithography (NIL) template with a line width of 10nm, meeting the miniaturization needs for advanced logic semiconductors [2] - Omdia reported a 3% year-on-year increase in global wearable wristband shipments in Q3 2025, reaching 54.6 million units, with market value rising by 12% [2] - IBM announced an acquisition of Confluent for $11 billion, aiming to integrate it into its software division to enhance AI-driven data platforms [2] - The U.S. government allowed NVIDIA to export its H200 AI chips to China under certain conditions, including a 25% revenue share for the U.S. [2]

格隆汇12月8日丨佰维存储(688525.SH)在投资者互动平台表示，公司已推出适用于具身智能领域的 eMMC、UFS、BGA SSD、LPDDR4X/5/5X等产品，并积极拓展具身智能领域头部客户。 ...

Core Viewpoint - Jiangbolong (301308.SZ) plans to raise up to 3.7 billion yuan through a private placement of A-shares to support its business expansion in AI high-end storage and main control chips [1][3]. Summary by Sections Fundraising Details - The company intends to issue no more than 126 million shares, accounting for up to 30% of the pre-issue total share capital, with a fundraising target of no more than 3.7 billion yuan [3]. - The issuance will be directed towards no more than 35 qualified institutional and other investors, with the share price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. Allocation of Funds - The raised funds will be allocated to four main areas: 1. 880 million yuan for AI high-end storage research and industrialization projects [3]. 2. 1.22 billion yuan for semiconductor storage main control chip series research projects [3]. 3. 500 million yuan for high-end packaging and testing construction projects [4]. 4. 1.1 billion yuan for working capital to support business expansion [4]. Project Investments - The high-end storage research project has a total investment of 930 million yuan, focusing on enterprise-level SSDs and RDIMM memory modules for AI applications [3]. - The main control chip project has a total investment of 1.28 billion yuan, targeting SoC architecture design and firmware algorithm development for various storage technologies [3]. - The high-end packaging and testing project has a total investment of 540 million yuan, aimed at enhancing the company's packaging and testing capacity for embedded storage and SSD products [4]. Company Performance - In the first three quarters of the year, Jiangbolong achieved revenue of 16.734 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 712 million yuan, up 27.95% year-on-year [4]. - After the issuance, the total share capital will increase to approximately 545 million shares, with the actual controllers' combined shareholding ratio decreasing from 42.17% to 32.44% [4].

Core Viewpoint - Bawei Storage, a semiconductor memory company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for self-developed chips, high-performance semiconductor storage solutions, and wafer-level packaging capabilities. Despite benefiting from the AI wave, the company faces profitability challenges in a market dominated by giants like Micron and SK Hynix, with a projected phase of "increased revenue but decreased profit" in the first half of 2025 [1][2][9]. Company Overview - Bawei Storage primarily engages in the research, design, packaging, testing, production, and sales of semiconductor memory, with its main products being semiconductor memory devices [2]. - The company's business segments include embedded storage, consumer-grade storage, and advanced packaging and testing [4][6]. Financial Performance - Since its listing on the Sci-Tech Innovation Board, Bawei Storage has experienced a complete cycle of "downturn-recovery-adjustment" in the semiconductor storage industry. From 2022 to 2023, the company saw revenue growth but transitioned from profit to loss [7]. - In 2024, the company is expected to benefit from a rebound in storage prices and AI demand, achieving a strong turnaround with revenue doubling. However, in the first half of 2025, it is projected to face a phase of "increased revenue but decreased profit," with historical high revenue but a return to phase losses [8][9]. - Specific financial data shows that revenue from 2022 to the first half of 2025 is projected to be 2.986 billion, 3.591 billion, 6.695 billion, and 3.912 billion RMB, with net profits of 71 million, -631 million, 135 million, and -241 million RMB respectively [9]. Market Dynamics - The global storage market is expected to grow significantly, driven by AI data centers, with projections indicating an increase from $263.3 billion in 2025 to $407.1 billion by 2029, representing a compound annual growth rate (CAGR) of 11.5% [11]. - The server segment is anticipated to grow from $26.8 billion in 2020 to $59.4 billion in 2024, with a CAGR of 22.0%, reaching $145.8 billion by 2029 [11]. Industry Structure - The storage product industry chain consists of three segments: upstream wafer and main control chip design and manufacturing, midstream storage product manufacturing, and downstream terminal applications [12]. - Bawei Storage operates as an independent memory manufacturer, focusing on storage solution design, packaging, testing, and large-scale delivery, unlike integrated device manufacturers (IDM) like Micron and SK Hynix, which have pricing power in the industry [14]. Future Outlook - The demand for storage solutions is expected to increase due to the upgrading of storage needs in the AI era, enhancing the value of module manufacturers and solution providers within the industry [16].

Core Viewpoint - The global memory chip industry is experiencing a significant price surge, particularly in the DDR5 and DDR4 segments, driven by increased demand from the AI sector and supply chain constraints [1][2][3]. Group 1: Price Surge and Market Impact - The price of DDR5 16Gb chips rose from $7.68 to $15.5 in just one month, marking a 102% increase, while DDR4 16Gb saw a rise of over 92% [1]. - Major manufacturers like Samsung, SK Hynix, and Micron have paused quotes due to rapid price increases, impacting the consumer electronics sector, particularly smartphone manufacturers [1][2]. - Tier 1 smartphone manufacturers have long-term supply agreements, preventing stockouts, but face pressure from the steep price increases, with LP4X/5X contract prices rising by 40% and UFS prices by 25% to 30% in Q4 [1][2]. Group 2: Supply Chain Dynamics - The demand for memory chips is being reshaped by AI, with AI servers requiring 8 times the DRAM and 3 times the NAND compared to regular servers [2]. - North American cloud service providers have significantly increased their stocking demands, leading to a projected supply shortage for memory chips throughout the next year [2]. Group 3: Cost Implications for Manufacturers - DRAM contract prices in Q4 2025 are expected to rise over 75% year-on-year, increasing the BOM cost for devices by 8% to 10% [3]. - Xiaomi's president acknowledged that the rising costs of memory chips are beyond expectations and will continue to escalate [3]. Group 4: Manufacturer Strategies - Smartphone manufacturers are adopting a strategy of slight price increases combined with a reduction in memory configurations to mitigate the impact of rising costs [4]. - For example, some manufacturers are downgrading RAM configurations from 16GB to 12GB without significantly affecting user experience [4]. Group 5: Challenges for Lower-End Market - The low-end smartphone market is facing more severe impacts from rising memory chip prices, leading to potential production bottlenecks and increased pressure on hardware profit margins [5]. - Smaller smartphone brands may struggle to secure resources, potentially leading to a market reshuffle favoring larger brands [5]. Group 6: Financial Performance of Companies - Transsion Holdings reported a revenue of 49.543 billion yuan for the first three quarters of 2025, a slight decline of 3.3%, with net profit down by 44.97% due to increased supply chain costs [6]. - The company is adjusting its pricing and product structure in response to rising memory chip costs [6]. Group 7: Future Outlook - TrendForce has revised its 2026 global smartphone production forecast from a 0.1% increase to a 2% decrease, indicating potential further downgrades if supply-demand imbalances worsen [7]. - The industry is expected to endure high-pressure conditions for at least another couple of quarters [7].

Core Insights - The global storage chip industry has experienced a significant price surge, with DDR5 16Gb prices increasing by 102% in one month, leading to procurement delays among smartphone manufacturers [1][2][3] - The demand for storage chips is driven by the AI boom, with data centers requiring significantly more DRAM and NAND compared to traditional servers [3][4] - The price increase is expected to continue into the first half of next year, causing smartphone manufacturers to adjust their product strategies and pricing [5][8] Industry Impact - Major smartphone manufacturers like Xiaomi, OPPO, and vivo are facing pressure due to the rapid price increases, with some reporting inventory levels below two months [1][2] - The average contract price for LP4X/5X memory has risen by 40% quarter-over-quarter, while UFS prices have increased by 25% to 30% [2] - The supply chain dynamics are shifting, with manufacturers potentially prioritizing higher-end models over low-end ones due to profit margin pressures [6][7] Company Responses - Transsion Holdings reported a revenue decline of 3.3% year-on-year, with net profit dropping by 44.97%, attributing this to increased supply chain costs and competition [7] - The company is actively adjusting its pricing and product structure in response to rising storage chip costs [7] - Analysts predict that the low-end smartphone market may face significant challenges, potentially leading to a reduction in the production of entry-level models [6][7]