存储的未来属于"技术派"。 如果我们把这个逻辑从原厂平移到存储解决方案厂商身上，谁掌握了先进封装，谁就能在红海中杀出 一条血路，构建起别人进不来的护城河。 在这个赛道里，风云君此前多次覆盖的一家公司——佰维存储（688525.SH），已经于10月向港交所 提交了上市申请，并在昨天甩出了一份堪称"炸裂"的成绩单： 预计2025年全年营收将突破百亿大关，最高达120亿元；尤其是第四季度，单季归母净利润预计 高达8.2亿至9.7亿元，同比暴增超12倍（1225%-1450%），环比也翻了两倍有余！ 这惊人的爆发力，不仅得益于存储价格的企稳回升，更源于其在AI端侧领域的高速增长以及晶圆级 先进封装能力的持续强化。佰维存储是业内最早布局研发封测一体化的公司，也是目前全球唯一具备 晶圆级先进封测能力的独立存储解决方案厂商。 （来源：佰维存储港股招股书） | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 半导体行业的底层逻辑正在发生巨变。 大家都在盯着AI算力，盯着英伟达的GPU，但少有人注意，在那场惊心动魄的存储原厂大战中，海 力士是如何超过三星的？这背后靠的不是产能，而是H ...

Group 1: Regulatory Issues - Huayang Lianzhong received an administrative penalty notice from the Beijing Regulatory Bureau of the China Securities Regulatory Commission, indicating two violations: failure to disclose non-operating fund occupation by the controlling shareholder and under-provisioning for bad debts, leading to inflated profits in 2021 and 2022 [2][3] - The company is facing a fine of 5 million yuan, while the controlling shareholder Su Tong will be fined 7.5 million yuan, and another individual, Guo Jianjun, will be fined 200,000 yuan [3] Group 2: Stock Market Impact - Following the administrative penalty notice, Huayang Lianzhong's stock will be subject to risk warnings, changing its name to "ST Huayang" and limiting daily price fluctuations to 5% [4] - The company has reported a net profit loss for three consecutive years, with a revenue of 2.031 billion yuan in 2024, a year-on-year decrease of 63.07%, and a net loss of 547 million yuan [4] Group 3: Upcoming Stock Unlocking - Next week, 31 stocks will face unlocking, with a total market value of 23.481 billion yuan, with Rongbai Technology having the largest unlocking value at 5.707 billion yuan [6][10] - The average stock price of the 31 companies has increased by 9.5% since August [10] Group 4: Performance of Specific Stocks - Keg Precision Machinery has seen the highest increase in stock price this month at 31.54%, with 0.25 billion shares facing unlocking next week [11] - Among the stocks with price declines, Xuantai Pharmaceutical and *ST Yedao have experienced significant drops, with *ST Yedao down 6.46% since August [12] Group 5: Institutional Research - Several companies facing unlocking, including Ninebot Company-WD and Bawei Storage, have recently received institutional research, indicating positive investor interest [13] - Ninebot Company-WD plans to distribute over 300 million yuan in cash dividends, representing 24.19% of its net profit for the first half of 2025 [13]