On October 24, the Shanghai Composite Index surpassed its previous high of 3936.58 points, increasing by more than 0.4% and reaching 3940 points, marking a new high not seen since August 19, 2015. Among the leading sectors in the market today were storage chips, quantum technology, and commercial aerospace. Notably, stocks in storage chips like Yingxin Development (维权)
This morning at 10 a.m., a press conference was held to discuss and interpret the spirit of the Fourth Plenary Session of the 20th Central Committee. The "14th Five-Year Plan" was updated to include goals for “technological independence and self-reliance” and “key core technology breakthroughs,” alongside overseas catalysts in the quantum and computing fields, which have strengthened the mid-term logic for the semiconductor sector, emphasizing innovation-driven and self-controlled strategies as national objectives from policy formulation to industry chain endpoints.
Additionally, a research team led by researcher Sun Zhong from Peking University’s Artificial Intelligence Research Institute, in collaboration with the Integrated Circuit Institute, has successfully developed a high-precision, scalable analog matrix computation chip based on resistive random-access memory, achieving analog computation systems that match digital computation in precision for the first time. Meanwhile, Google announced it has attained the world’s first verifiable “quantum advantage” algorithm, “Quantum Echoes,” on its self-developed Willow chip, operating at a speed 13,000 times faster than the strongest supercomputer. The related paper was published in Nature, signaling that quantum computing has entered a verifiable practical phase. Anthropic also confirmed a multi-billion dollar collaboration with Google Cloud, acquiring up to one million TPU chips and over one gigawatt of computing power to train the next generation of Claude models, indicating that AI computing infrastructure is entering a phase of large-scale expansion.
In ETF news, the Sci-Tech Chip ETF BoShi
The Semiconductor Industry ETF
Relevant institutions cited TrendForce stating that NAND Flash suppliers are accelerating their shift towards high-capacity Nearline SSDs. According to DRAMexchange, during the two weeks prior (20251013-1017), spot prices for 22 categories of NAND chips fluctuated between a decrease of 0.98% and an increase of 6.67%, with an average fluctuation of 3.59%. Notably, 0 part numbers remained stable, 22 saw price increases, and none experienced price drops. Reports indicate that due to enormous supply gaps in the HDD market, NAND Flash manufacturers are accelerating their technological transitions, investing in the production of ultra-large capacity Nearline SSDs like 122TB and even 245TB, alleviating previous uncertainties regarding future demand.
Winbond Electronics stated that their revenue for Q3 2025 reached a peak not seen in 12 quarters, and Q4 is expected to see DRAM price increases exceeding those of Q3. According to DRAMexchange, in the same period, spot prices for 18 categories of DRAM fluctuated between increases of 2.43% and 40.56%, with an average fluctuation of 17.13%. Last week, all 18 part numbers exhibited upward trends, with none showing declines or remaining stable.
Reports also indicate that storage giant Winbond’s consolidated revenue for September 2025 amounted to 7.92 billion New Taiwan dollars, reflecting a quarter-on-quarter growth of 12.94% and a year-on-year growth of 9.52%. The consolidated revenue for Q3 2025 reached 21.77 billion New Taiwan dollars, showing a quarter-on-quarter growth of 3.58% and a year-on-year growth of 2.15%, witnessing the highest point in 12 quarters. The company benefitted from a rise in niche DRAM prices and optimization in product mixes, leading to a significant rebound in operational momentum in Q3.
SEMI reported that global semiconductor equipment investments reached 33.07 billion USD in Q2 2025, supported by increased demand for advanced logic processes and high-bandwidth memory (HBM). According to SEMI data, the global semiconductor equipment market size grew by 24% year-on-year in Q2 2025, hitting 33.07 billion USD, marking a 3% quarter-on-quarter increase. SEMI analysts note that this growth was driven by increased demand for advanced logic processes and HBM, as well as rising shipments to Asia.
With spot NAND and DRAM supply tightening, flash memory prices rose strongly across the board last week. Reports from the CFM Flash Market indicate a rapid rise in prices across all resources, including NAND and DRAM, driven by manufacturer supply interventions. As upstream resource prices continue to climb and supplies tighten, production costs for related products surged, leading to widespread price increases for storage products across server, smartphone, PC, and other application sectors.
Currently, the supply-side stance continues to be a major determinant affecting the entire storage market. If tight conditions persist on the resource side, the balance of supply and demand will increasingly shift toward sellers, intensifying storage manufacturers' tendencies to hold stock and resist sales, leading to an ongoing upward trend in prices for final storage products. We remain optimistic about the HBM industry chain benefiting from the rapid development of advanced computing chips, as well as the semiconductor cycle recovery led by storage sectors.
The Sci-Tech Chip ETF BoShi