港交所官网信息显示，9月29日，深圳市晶存科技股份有限公司（以下简称"晶存科技"）在港交所递交 招股书，公司联席保荐人为招商证券国际、国泰君安国际。 | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]行 | | | --- | --- | | 使與否而定) | | | [编纂]數目 .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | 編纂 股H股(可予重新分配及 | | 視乎[編纂 行使與否而定) | | | 最高 编纂] : | 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027%證監會交易徵 | | | 賽 · 0.00015%會財局交易徵賽及 | | | 0.00565%香港聯交所交易費,須於申 | | | 請時以港元繳足且多繳股款可予退還) | | | 面值 | : 每股H股人民幣1.00元 | | [编纂] | : [編纂] | 晶存科技招股书封面 ▍专注于嵌入式存储产品，于全球该市场独立存储器厂商中排名第二 招股书显示，晶存科技成立于2016年，作为一家全球领先的嵌入式存储产品独立厂商，主要专注于嵌入 式存储产品及其他存储产品的研发、设计、生产和销售。公司 ...

Core Viewpoint - The article discusses the explosive growth potential in the memory market, driven by AI and data center demands, highlighting a "super cycle" in memory pricing and production, particularly for DRAM, HBM, and NAND [2][11][23]. Market Trends - The storage market is experiencing upward trends, with significant price increases in DDR and NAND due to supply chain disruptions and rising demand from AI applications [2][8]. - Recent reports indicate that Micron has raised its server shipment growth forecast for 2025 to approximately 10%, driven by increased demand for AI agents and traditional server workloads [9]. - TrendForce predicts a 5-10% average price increase for NAND Flash products in Q4 due to supply shortages and rising demand from cloud service providers [10]. Price and Profitability Drivers - Key drivers of the current memory super cycle include: 1. Explosive demand for AI and data centers, with traditional server capital expenditures expected to grow by 20-30% by 2026, leading to a 50% increase in DDR4/DDR5 memory demand [14]. 2. Profit margins for DRAM are projected to rise from 40-50% to nearly 70% by 2026, while NAND margins are expected to improve from breakeven to 30-40% [14]. Demand Surge Factors - The recent surge in storage demand is attributed to the transition of AI applications from an "accumulation phase" to a "high penetration phase," significantly increasing user interaction and data generation [19]. - The upgrade in AI technology logic has also amplified the need for DRAM and NAND, with token consumption increasing dramatically due to more complex interactions and multi-modal data processing [20]. - Companies are restructuring their AI infrastructure to implement a tiered storage system, which is driving immediate demand for DRAM and NAND products [21]. Future Outlook - The AI-driven super cycle is expected to last at least until 2027, with potential downturns anticipated in 2028 [23]. - Ongoing negotiations between DRAM manufacturers and NVIDIA regarding HBM pricing are likely to favor DRAM manufacturers, potentially leading to higher growth predictions for the HBM market [25]. Technological Developments - NVIDIA's introduction of the CPX solution is expected to create differentiated demand across storage products, potentially increasing GDDR7 demand while impacting HBM4 negatively in the short term [27]. - NVIDIA is also developing HBF (High Bandwidth Flash) as a cost-effective alternative to HBM, indicating a strategic shift in memory resource allocation [28].

格隆汇9月30日｜雷科防务在互动平台表示，2025年上半年公司在存储芯片领域，在国家"全国产化自主 可控"的战略方针指引下，全面部署嵌入式存储业务，其中民品eMMC完成关键技术迭代升级，存储介 质由国产长江存储X1颗粒成功适配到X4颗粒，成本明显降低,且与国产主流CPU厂家完成兼容性适配， 显著提升产品竞争力。 ...

Core Viewpoint - The storage chip industry is transitioning from oversupply to a critical shortage due to surging demand for nearline SSDs driven by AI applications, with cloud service providers placing orders significantly exceeding previous expectations [1][2]. Group 1: Market Dynamics - The demand for nearline SSDs has skyrocketed, with cloud service providers placing orders of approximately 200EB, surpassing the earlier annual forecast of 150EB [1]. - Morgan Stanley predicts that NAND contract prices will approach double-digit percentage increases by Q4 2025, with further price hikes of 15-20% expected in the first half of 2026 [1]. - Major suppliers like Samsung, SK Hynix, and Micron have announced production halts for DDR4 to focus on high-end products, leading to a supply gap in the traditional storage market [1]. Group 2: Capital Expenditure and Production - Despite the surge in demand, NAND manufacturers are maintaining strict capital discipline due to previous long-term losses, with capital expenditure for NAND wafer fab equipment projected to rise to $13.8 billion for 2026, still below the $15 billion bullish scenario [2][3]. - The focus on higher-margin DRAM business means that NAND capacity expansion is lagging behind [3]. Group 3: Chinese Market Influence - Yangtze Memory Technologies Co. (YMTC) is expected to increase its global market share from 12% in 2025 to 15% in 2026, primarily serving domestic demand without initiating price wars [4]. - Global giants are exiting the low-end market in China, creating opportunities for domestic manufacturers like YMTC [4]. - The establishment of Changjiang Storage's third phase indicates accelerated capacity expansion in the domestic storage industry [4]. Group 4: Industry Opportunities - Various segments of the NAND supply chain are poised to benefit from the price increases, with companies like Zhaoyi Innovation showing signs of recovery with a 21.69% year-on-year revenue growth in H1 2024 [5]. - Module manufacturers like Jiangbolong reported a 143.82% year-on-year revenue increase in H1 2024, benefiting from rising prices and demand [5]. - The domestic storage ecosystem is becoming increasingly robust, with emerging fields like AI smartphones and AIoT driving explosive demand for storage chips [5].

Core Viewpoint - The storage chip sector in the A-share market has shown strong performance despite increased volatility in the overall market, driven by price hikes from international giants and positive forecasts for NAND Flash prices [2][3]. Group 1: Market Performance - From September 4 to September 25, the stock prices of Demingli (001309.SZ) and Jiangbolong (301308.SZ) surged from approximately 86 yuan to 177 yuan and 144 yuan respectively, reaching historical highs [2]. - The price increase expectations were ignited by SanDisk's announcement of a price hike of over 10% for some products, marking the second price increase this year [2]. - Morgan Stanley's report suggests that NAND Flash prices may continue to rise into Q4 2025 and persist into 2026, with CFM forecasting a comprehensive price increase in the storage market during that period [2]. Group 2: Financial Performance of Major Players - Micron's Q4 2025 revenue reached $11.32 billion, a 46% year-on-year increase, with net profit soaring 158% to $3.47 billion [3]. - For the entire fiscal year 2025, Micron's revenue hit a record $37.4 billion, up nearly 50% year-on-year, primarily driven by demand from data centers and AI servers [3]. - Micron's high-value business segments, including HBM and high-capacity DIMM, generated $10 billion in revenue, five times that of the previous fiscal year [3][4]. Group 3: Domestic Manufacturers' Challenges and Strategies - Domestic storage manufacturers like Baiwei Storage and Demingli reported negative net profits in the first half of 2025, reflecting the lingering effects of the previous downturn [6]. - The traditional business model of relying on purchasing storage wafers from international suppliers has limited profit margins for domestic firms [6]. - Domestic manufacturers are shifting focus towards upstream technology to capture higher value, particularly through the development of proprietary controller chips [6][7]. Group 4: Technological Advancements - Jiangbolong has shipped over 80 million units of its self-developed controller chips, with its UFS 4.1 products outperforming market standards [7]. - Baiwei Storage has successfully mass-produced its first domestic eMMC controller chip and is developing UFS controller chips, expected to be ready for production in 2025 [7]. - Demingli has also achieved mass production of its SATA SSD controller chip, which is the first in China to utilize RISC-V architecture [7]. Group 5: Investment and Market Expansion - Baiwei Storage raised 1.871 billion yuan for expanding its advanced packaging and manufacturing facilities, indicating a strategic shift towards higher-value manufacturing [9]. - Domestic firms are targeting enterprise markets, such as data centers and AI servers, where profit margins are higher and customers prioritize reliability over price [10]. - Jiangbolong's enterprise storage revenue reached 693 million yuan in the first half of 2025, a 138.66% increase, while Baiwei Storage has secured core supplier status with major AI server manufacturers [10].

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]

格隆汇9月23日丨恒烁股份(688416.SH)在投资者互动平台表示，公司现有主营产品包括NORFlash存储芯 片、基于Arm®Cortex®-M0+内核架构的通用32位MCU芯片、AI芯片业务（通用AI SoC芯片、AI算法模 型和AI模组板卡）和大容量存储模组产品（SPI NAND、SD NAND、PPI NAND、eMMC、DRAM）， 主要应用下游包含消费电子、工业控制等领域。公司的DDR4模组暂未应用于云端算力。 ...

Market Performance - As of September 22, 2025, the Shanghai Composite Index rose by 0.22% to close at 3828.58 points, the Shenzhen Component Index increased by 0.67% to 13157.97 points, and the ChiNext Index gained 0.55% to 3107.89 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average up by 0.14%, the Nasdaq Composite up by 0.70%, and the S&P 500 up by 0.44% [1] - The Philadelphia Semiconductor Index increased by 1.57%, with notable gains in semiconductor stocks such as NXP Semiconductors up by 2.08%, Micron Technology up by 1.16%, ARM up by 1.10%, Applied Materials up by 5.48%, and Microchip Technology up by 0.38% [1] Industry News - NVIDIA and OpenAI announced a partnership involving a significant data center project and an investment of up to $100 billion from NVIDIA. OpenAI will utilize NVIDIA systems to build and deploy at least 10 gigawatts of AI data centers, equivalent to the electricity consumption of 8 million U.S. households [2] - NVIDIA's CEO stated that 10 gigawatts corresponds to 4 to 5 million GPUs, which is about double the company's total shipments for the previous year [2] - Samsung has raised prices for its DRAM and NAND flash products due to supply constraints, with some DRAM products seeing price increases of up to 30% and NAND flash products increasing by 5% to 10% [2] - A report indicated that OpenAI has signed agreements with companies like Luxshare Precision to develop consumer-grade devices, although Luxshare has not confirmed this [3] - DeepSeek announced an update to its model, improving language consistency and optimizing the performance of its Code Agent and Search Agent [3] - The domestic semiconductor packaging and testing industry is facing a critical breakthrough window, with opportunities arising from the improvement of local manufacturers' production capacity and yield rates [3] Related ETFs - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%) [4] - The semiconductor materials ETF (562590) also emphasizes semiconductor equipment (59%) and materials (24%), benefiting from the expansion of semiconductor demand driven by the AI revolution and technological advancements [4]

Core Viewpoint - The company, Purun Semiconductor, plans to acquire a controlling stake in a target company through cash transactions with existing shareholders, which will lead to indirect control over SHM and inclusion in the company's consolidated financial statements [1]. Group 1: About SHM - SHM is a semiconductor company registered in Hong Kong, focusing on high-performance 2D NAND and derivative memory products, with core competencies in firmware algorithm development, memory chip testing solutions, integrated packaging design, and customized memory products [4]. - SHM has engineering centers in South Korea and Japan, and sales offices across Asia, Europe, and North America, establishing a mature global sales network to provide high-quality flash memory solutions [5]. Group 2: About Purun Semiconductor - Purun Semiconductor (Shanghai) Co., Ltd. was established in 2016 and went public in 2021, headquartered in Shanghai, with branches in Chengdu and sales/support centers in Shenzhen and South Korea, as well as a research center in Suzhou [6]. - The company's main products include NOR Flash and EEPROM non-volatile memory chips, MCU microcontroller chips, and analog products, widely used in IoT, smartphones, wearables, servers, optical modules, industrial control, automotive electronics, and security [7]. Group 3: Impact of Acquisition - If the acquisition is completed, the company will gain control of the target company, leading to significant business synergies, as the main products of both companies (NOR Flash, EEPROM, SLC NAND, eMMC, MCP) will effectively complement each other, forming a complete non-volatile memory product layout [8]. - The company's revenue primarily comes from the Chinese market, while the target company generates most of its revenue from overseas markets, allowing for effective complementarity in sales channels and the formation of a global sales network [9]. - As an IC design enterprise, the company possesses strong independent R&D capabilities, while the target company has rich experience in product performance optimization and manufacturing processes, leading to effective complementarity in design and engineering capabilities [10]. - Overall, the acquisition is expected to create synergies in products, markets, and technologies, enhancing the company's scale and core market competitiveness [11].

Core Viewpoint - The stock of Puran Semiconductor (Shanghai) Co., Ltd. has experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 30% across three consecutive trading days [2][4]. Group 1: Stock Trading Abnormality - The company's stock price increased significantly, leading to a classification of abnormal trading behavior according to the Shanghai Stock Exchange's rules [2][4]. - The specific trading days with abnormal fluctuations were September 12, 15, and 16, 2025 [4]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in the market environment or industry policies [5]. - As of the announcement date, there are no undisclosed major events related to mergers, acquisitions, or other significant transactions that could impact the company [6][9]. Group 3: Acquisition Plans - The company is in the preliminary planning stage for acquiring control of Zhuhai Noah Changtian Storage Technology Co., Ltd., which specializes in 2D NAND and related storage products [7][8]. - The acquisition is still undergoing due diligence and auditing, with no formal agreements signed yet, indicating uncertainty in the transaction [8]. Group 4: Investor Communication - The company urges investors to make rational decisions and be cautious regarding market trends and potential risks associated with the acquisition [8][11]. - The board of directors has confirmed that there are no undisclosed matters that could significantly affect the company's stock price [9].