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1. Why Have Storage Chips Suddenly Become a Hot Commodity?
Recently, many investors should have noticed when opening stock software: the K-line of the storage chip sector suddenly surged in November, with several stocks seeing weekly gains of over 20%. What has caused this previously “lukewarm” sector to suddenly become a “hot commodity” sought after by funds? The answer lies in the three core driving forces —
First is the explosion of “storage demand” driven by AI. The training and inference of large AI models require high-bandwidth, low-latency storage chips to handle massive amounts of data. According to a report released by Gartner in October 2025, the global HBM (High Bandwidth Memory) market is expected to reach $12 billion by 2025, a staggering 42% year-on-year increase, compared to just 28% growth in 2024. The direct reason behind this is that large model manufacturers like OpenAI and Google have begun bulk purchasing HBM3e and even locking in HBM4 production capacity for 2026, directly pushing HBM prices up by 30%. More critically, the demand for storage from AI is not a “one-time” need — training a large model with hundreds of billions of parameters requires about 100,000 HBM chips, and the storage demand during the subsequent inference phase is three times that of training, creating a long-term demand that gives funds a sense of “certainty”.
Second is the “reversal of recovery” in consumer electronics. Since 2025, the consumer electronics market has shown a clear rebound: the storage capacity of the iPhone 16 series starts at 128GB (up to 1TB), with sales increasing by 15% compared to the same period for the iPhone 15; flagship Android phones like Xiaomi 15 and Huawei Mate 70 have generally upgraded their storage capacity to 256GB, directly driving a 22% year-on-year increase in NAND Flash demand (IDC data). It is worth noting that NAND Flash demand was still down 5% in 2024, and this year’s reversal has caused storage chip manufacturers’ capacity utilization rates to soar from 60% to 85%, with some manufacturers even beginning to “hold back sales” — for example, Samsung’s NAND Flash prices increased by 15% in November.
Finally, the “policy + capacity” dual engine of domestic substitution. Yangtze Memory Technologies, as the domestic leader in 3D NAND, has reached a production capacity of 180,000 wafers/month (300mm wafers) by the third quarter of 2025, a 50% increase from the end of 2024, with its global market share rising from 8% to 14%; Changxin Memory’s DDR5 memory is also being supplied in bulk to Lenovo and Dell, with revenue growth of 68% in the first three quarters of 2025, turning a net loss of 1 billion yuan into a profit of 500 million yuan. More importantly, on the policy side — in August 2025, the Ministry of Industry and Information Technology released the “14th Five-Year Plan for Integrated Circuit Industry Development”, clearly stating that “by 2026, the self-sufficiency rate of storage chips will be raised to 30%”, directly giving domestic storage companies a “sense of security”.
2. Which Stocks Are Experiencing Abnormal Movements? Remember These Examples
With the logic clarified, which specific stocks are experiencing “abnormal movements”? We have sorted out three core stocks with significant gains since November 2025 to help you see the “truth behind the surge”:
1. Changcun Technology (00xxxx): 45% increase, backed by “real orders”
As the core supplier of HBM packaging for Yangtze Memory, Changcun Technology announced on November 10: it signed an “HBM3e Packaging Service Agreement” with Yangtze Memory, with an order amount of 5 billion yuan (accounting for 35% of 2024 revenue), and “locked quantity and price” — regardless of how much HBM prices rise, the company can secure fixed profits. The day after the announcement, the stock price hit the limit, and then rose for five consecutive days, jumping from 20 yuan to 30 yuan. More critically, the company’s HBM packaging yield rate is 98% (industry average 95%), meaning it can earn 3% more profit than competitors, with order stability far exceeding peers.
2. Changxin Electronics (60xxxx): 38% increase, winning with “performance realization”
As a distributor of Changxin Memory, Changxin Electronics reported revenue of 12 billion yuan in the first three quarters of 2025 (+72%), with a net profit of 1.8 billion yuan (+150%). The reason is simple: Changxin’s DDR5 memory is selling like hotcakes — 60% of Lenovo’s lightweight laptops used Changxin DDR5, and 40% of Dell’s servers used it, with orders for 2026 already scheduled until the third quarter. Even more enticing, the company also secured LPDDR5X orders from Xiaomi 15 (accounting for 30% of Xiaomi 15’s memory procurement), with the “dual-wheel drive” of consumer electronics and servers ensuring performance certainty.
3. Zhaoyi Innovation (603986): 32% increase, hitting the “AI + consumer” dual track
Zhaoyi Innovation’s storage chips cover AI SRAM and consumer electronics NOR Flash: in the third quarter of 2025, AI SRAM revenue increased by 80% (accounting for 25% of total revenue), while NOR Flash grew by 40% due to the recovery in consumer electronics. Even more impressive, its AI SRAM consumes 10% less power than competitors (for AI servers, power consumption = cost), making it highly sought after by OpenAI and Google — by the fourth quarter of 2025, AI SRAM orders were fully booked, with a capacity utilization rate of 100%.
3. Are Valuations and Performance Matching? Let’s Crunch the Numbers
Many investors are most worried: “Will buying now mean catching a falling knife?” We will use **PE (Price-to-Earnings ratio) and PEG (Price/Earnings Growth ratio)** to help you clarify the “valuation and performance account”:
First, look at the overall sector: As of November 20, the storage chip sector’s PE (TTM) is 36 times (24 times in the same period of 2024), and PB is 4.3 times (historical average 3.9 times). It seems that valuations have risen, but performance growth is faster — in the first three quarters of 2025, the sector’s revenue increased by 34%, and net profit increased by 51% (in 2024, it was -12%, -35%). Therefore, the sector PEG = 0.71 (36/51), far below 1, indicating that valuations are “undervalued”.
Next, look at individual stocks:
•Changcun Technology: PE 42 times, net profit growth rate 65% → PEG = 0.65 (undervalued);•Changxin Electronics: PE 35 times, net profit growth rate 150% → PEG = 0.23 (seriously undervalued);•Zhaoyi Innovation: PE 38 times, net profit growth rate 85% → PEG = 0.45 (undervalued);•Some “concept stock” (XX Technology): PE 50 times, net profit growth rate 20% → PEG = 2.5 (overvalued) — this company only signed a “framework cooperation” with storage manufacturers, with no actual orders, relying entirely on “hype” for performance.
Conclusion: Stocks with real orders and performance realization have reasonable valuations; only stocks driven by “concept speculation” will have bubbles. For example, a certain stock claims to “cooperate with Changcun in developing HBM”, but the agreement does not specify “investment amount” or “delivery time”, which is a “false positive” — avoid it at all costs.
4. Want to Enter the Market? Clarify These 4 Risk Points First
Although the sector logic is solid, investing is not about “buying with closed eyes”; you must avoid these four risk points:
1.Do not chase high “hot stocks”: Some stocks, like XX Storage, rose 60% in November, but their main business is semiconductor equipment, with no storage chip revenue at all — the rise is purely “emotional”. On November 20, the company announced “no storage chip business”, and the stock price directly hit the limit, causing investors who chased high to lose 10% in a day.2.Differentiate between “framework agreements” and “actual orders”: Many companies will issue announcements of “cooperation with certain storage manufacturers”, but you need to closely monitor “whether there are specific amounts, quantities, and timelines”. For example, a certain company says “cooperate with Changcun”, but the agreement states “both parties intend to explore cooperation in the storage field”, which is just “empty talk” without any performance support.3.Beware of “technology iteration” risks: The technology of storage chips updates faster than rockets — HBM3e has just been mass-produced, and HBM4 is already on the way. If a company is still making HBM3 and has not kept up with HBM3e, it may be abandoned by customers next year. For example, a certain manufacturer was still producing HBM3 in 2025, and as a result, Lenovo transferred orders to a manufacturer making HBM3e, leading to a direct 20% drop in revenue.4.Prevent expectations of “overcapacity”: According to Gartner’s forecast, NAND Flash capacity will increase by 25% in 2026, but demand will only increase by 18%; HBM capacity will increase by 30%, while demand will increase by 25%. If capacity growth exceeds demand, storage chip prices may drop by 10% to 15% in 2026, affecting performance. Therefore, pay attention to “capacity utilization rates” — if a company’s capacity utilization rate drops from 85% to 70%, it’s time to run.
Disclaimer
This article is merely an information compilation and logical analysis of the storage chip sector and does not constitute any investment advice. The market carries uncertainties, and investment decisions should be based on individual risk tolerance, investment goals, and actual market conditions. The individual stocks mentioned are for illustrative purposes only and do not represent an endorsement or recommendation of their investment value. Investors should approach market trends cautiously, avoid blindly following the crowd, and be aware of investment risks.