· 供应链分析
涉及标的： $NVDA
NOR Flash 会是继 HBM/DRAM 之后的下一个内存供应瓶颈吗？ 近期，MCU（微控制器）、NOR Flash、KGD（裸晶）封装存储以及功率器件的价格上涨了 10% 至 80%。 涉及涨价的公司名单包括： - 华润微 - 中芯国际 - 北京君正 - 戈麦斯微电子 - 盈佳芯 - 兆易创新 - 欧姆龙 - ADI - 英飞凌 所有这些公司都提高了价格。更具体地说，中国的兆易创新将 MCU 和 NOR Flash 的价格提高了 15%–50%，普冉半导体也提高了 NOR Flash 的价格。 这证实了此前关于 $NVDA GB200 NVL72 系统的预测，即每个机架的 NOR 内容成本已超过 600 美元，并可能开始上调至 900 美元（增加 50%）。 投资者通常喜欢听到涨价的声音，因此对于相关敞口： - 宏碁半导体 (YTD: +153%) - 华邦电子 (YTD: +34.91%) 是该板块的两个最佳标的。 因为它们各自拥有 33-35% 的市场份额，尽管 TAM（总可寻址市场）较小。英飞凌等其他公司对于纯主题投资来说只是杯水车薪。
Is NOR Flash the next memory supply squeeze from HBM/DRAM? Recently 10% to 80% hikes were made to: MCUs, NOR Flash, KGD package storage, and power devices recently. The list of companies spanning: - China Resources Microelectronics - SMIC Semiconductor - Belling - Goke Microelectronics - Yingjixin - Maxscend - Omron - ADI - Infineon have all increased prices. More specifically, China's Cmsemicon raised MCU and NOR Flash prices by 15%–50% and Puya Semiconductor raised NOR Flash prices. This helped confirm earlier projections regarding $NVDA GB200 NVL72 systems that NOR content per rack already exceeds $600 and could start hiking rates to $900 (+50% increase). Investors usually like to hear the sound of price hikes so for exposure: - Macronix (YTD: +153%) - Winbond (YTD: +34.91%) are the two best exposures for the segment. Since they both hold 33-35% of market share each, though a smaller TAM. Infineon and others look to a drop in the bucket for pure play exposure.