March 31 Investment Warning: Shenzhen Huaqiangbei Memory Modules Being Dumped, Some Models Drop Nearly 30% in Price in One Week

Ask AI · After Memory Chip Prices Plunge, What Lies Ahead—Why Are Merchants Split in Their Views?

Introduction: Caixin/Finance Association (财联社) March 31 investment risk-avoidance pinpoints. Recently, the following potential risk events have emerged in A-share and overseas markets. In terms of domestic economic information, they include: 1) In Shenzhen Huaqiangbei, there is a memory chip (DRAM) sell-off; some vendors say certain models have seen price cuts of nearly 30% within a week; 2) The game between supply and demand for polysilicon has intensified to a boiling point—prices are accelerating to test lows, and the weak trend is hard to change. For companies, key items to watch include: 1) Two consecutive daily limit-up Gui Guang Network (贵广网络) states that the company is not involved in compute-related businesses; 2) Two consecutive daily limit-up Lianhuan Pharmaceutical (联环药业) announces that the LH-1801 project cannot obtain上市 approval in the near term; For overseas markets, key items to watch include: 1) The Nasdaq Composite closed down 0.7%, with chip stocks collectively falling; 2) An Iranian parliamentary bill was approved to impose a toll on ships transiting the Strait of Hormuz.

Economic Information

1, Caixin/Finance Association reporter visited the Shenzhen Huaqiangbei electronics market on March 30 and learned that, since last week, the spot prices of DDR5 memory modules have declined noticeably. In particular, the 32G DDR5 memory modules that were priced at around 3,000 yuan per stick last week are now quoted with price cuts of 500-1,050 yuan per stick this week. “I just processed a batch of products at a price of 2,500 yuan per stick.” A vendor said that some DDR5 products are currently in a sell-off, and even some vendors said their sell-off price is 1,950 yuan per stick. Regarding expectations for the outlook, surveyed merchants are split: some believe there may still be a downward trend ahead, while others believe that because upstream prices are supporting this round of price-cutting, the current downtrend may be difficult to sustain. A listed-company executive who has a memory module business said this sell-off may be due to weak market demand for near-term equipment installation and downstream merchants’ desire for rapid inventory turnover, but price pullbacks will not affect the overall upward trend of the entire storage industry, including memory modules. (Caixin/Finance Association reporter Wang Buwei)

2, In the recent polysilicon market, transaction activity has remained sluggish. The force of supply contraction is limited, and demand recovery is severely lagging. The supply-demand game has fully escalated, with prices continuing to accelerate downwards and maintaining a pressured trading pattern. As of March 27, N-type dense material was 39,000-45k yuan/ton, and granular silicon was 41,000-44k yuan/ton. Prices have fallen for multiple consecutive weeks, and some transactions have pierced the cash cost line of leading companies. Forecast: In the near term, downstream production scheduling will only recover slowly, making it difficult to form effective support for prices; supply contraction is unlikely to change the current situation of high inventories. Combined with multiple pressures on the demand side, it is expected that polysilicon will maintain a weak trend of testing lows and low-level range-bound volatility in the short term, and that stabilization will still require waiting for a tangible rebound in end-market demand and effective inventory destocking. (Zhuochuang Information)

3, After-hours trading session close for some futures contracts: most fell. Low-sulfur fuel oil fell 3.3%, coking coal fell 2.2%, PVC futures fell 3.18%, liquefied petroleum gas futures fell 1.86%, plastic futures fell 2.08%, and polypropylene futures fell 1.69%. Palm oil rose more than 2%, and ethylene glycol futures rose 1.53%.

Company Warnings

1, Gui Guang Network: The company is not involved in compute-related businesses.

2, Lianhuan Pharmaceutical: The LH-1801 project cannot obtain上市 approval in the near term.

3, United Shares (统一股份): The shareholder Xinjiang Rongsheng Investment plans to reduce its stake by no more than 3%.

4, Kairun Shares (凯淳股份): The shareholder Yisong No. 1 plans to reduce its stake by no more than 3%.

5, Tianmu Lake (天目湖): Director Tao Ping and Chen Donghai plan to collectively reduce their stake by no more than 1.79%.

6, Mingyang Electrical (明阳电气): The shareholder Huawei Consulting (华慧咨询) plans to reduce its stake in the company by no more than 1.23%.

7, Bank of Xi’an (西安银行): The shareholder Ningbo Zhongbai plans, when appropriate, to sell 1.43% of the company’s shares.

8, China Tourism Group Duty Free (中国中免): In 2025, net profit will decline year over year by 15.96%.

9, InnoSilicon/Simai? (中颖电子): In 2025, net profit will decline year over year by 55.14%, and it plans to distribute 1 yuan for every 10 shares.

10, Aerospace Electric (航天电器): In 2025, net profit will decline year over year by 47.32%, and it plans to distribute 1.3 yuan for every 10 shares.

11, Lubei Chemical (鲁北化工): In 2025, net profit will decline year over year by 85.34%, and it plans to distribute 0.5 yuan for every 10 shares.

12, China Railway Group (中国中铁): In 2025, net profit will decline year over year by 17.91%, and it plans to distribute 0.86 yuan for every 10 shares.

13, China Suntop Holdings (中超控股): In 2025, it incurred a loss of 22.6481 million yuan.

14, OmniVision Technologies Group (豪威集团): Revenue in the first quarter of 2026 is expected to decline year over year by 0.03%-4.51%. Due to the impact of rising prices of storage chips, the company’s revenue scale for the period will decrease.

15, Fushun Special Steel (抚顺特钢): Net profit in 2025 is a loss of 805 million yuan.

16, Bright Dairy (光明乳业): Net profit in 2025 is a loss of 149 million yuan, turning from profit to loss year over year.

17, Tongrentang (同仁堂): In 2025, net profit will decline year over year by 22.07%, and it plans to distribute 5 yuan for every 10 shares.

18, Hualu Hengsheng (华鲁恒升): In 2025, net profit will decline year over year by 15.04%.

19, Hongxing Shares (洪兴股份): Director Su Qiw en was sentenced to criminal detention of two months according to law for dangerous driving.

20, *ST Xingnong: Due to false records in its 2023 annual report, the company was fined 2.5 million yuan by the Zhejiang Securities Regulatory Bureau.

Overseas Warnings

1, The three major U.S. stock indexes closed mixed: the Dow rose 0.11%, the Nasdaq fell 0.73%, and the S&P 500 fell 0.39% and closed at its lowest level since August last year. Currently, it is less than 1% away from entering a pullback range. Chip stocks fell across the board: the Philadelphia Semiconductor Index fell 4.2%, Western Digital fell by more than 8%, SanDisk fell by more than 7%, Intel fell by more than 4%, and ASML and TSMC both fell by more than 3%. Freddie Mac surged 51% and Fannie Mae jumped 47%. Previously, investor Bill Ackman said its share price could rise sharply soon.

2, U.S. President Donald Trump posted on a social platform on March 30, saying, “The United States is conducting serious negotiations with a brand-new, more rational (Iranian) regime to end our military action in Iran. While we have made significant progress, if an agreement cannot be reached in the short term—even though an agreement will most likely be reached—and if the Strait of Hormuz is not immediately restored to normal operations, we will end this ‘pleasant stay’ in Iran by blowing up and completely wiping out all of Iran’s power plants, oil wells, and Halkh Island. It may also include all desalination plants—these goals we have, up to now, intentionally not touched.”

The Chairman of the Executive Committee of Iran’s National Development Fund, Gazanfar i local time March 30, said that if Iran’s power-generation facilities are attacked, Iran will plunge the entire region into a blackout, and said Iran’s armed forces have such capability. Gazanfari also said that countries that support U.S. and Israeli actions “will sooner or later need to pay for it,” which may be reflected in damage to their own homeland or in future compensation for losses to Iran. Gazanfari said that once the conflict spreads to energy facilities, the main party that suffers damage may be those countries that provide military bases to the United States. In this scenario, these countries may ultimately push for a ceasefire.

3, According to Israeli media reports, on March 30, a refinery in Haifa in northern Israel was attacked and caught fire.

4, U.S. Treasury Secretary Bessent said the oil market faces a supply shortfall of 10 million to 12 million barrels per day. De-sanctioned Russian and Iranian crude oil are at sea; more and more ships are passing through the Strait of Hormuz. As many countries reach agreements with Iran, more supply is being seen.

5, On March 30, the Central Broadcast Television (总台) reporter learned locally that within the U.S. government, discussions are underway on a highly sensitive and extremely high-risk military plan. According to several U.S. officials, the plan would involve U.S. forces directly entering Iran, extracting about 1,000 pounds (about 450 kilograms) of highly enriched uranium material. The operation is extremely complex, and once implemented, U.S. troops may need to remain inside Iran for several days or even longer. It is said that U.S. President Trump has not yet made a final decision on whether to issue an order to carry out the action. White House press secretary Levitt on the 29th emphasized in a statement: “The Pentagon’s role is to be prepared, so as to provide the president with the widest possible range of choices.” The Pentagon and the U.S. Central Command declined to comment on the related action.

6, On March 30, White House press secretary Levitt said that President Trump wants to reach an agreement with Iran before the April 6 deadline. Trump had previously said that, at Iran’s government’s request, the U.S. would pause attacks on Iran’s energy facilities for 10 days, resuming at 8:00 p.m. Eastern Time on April 6.

Israeli military officials and other Israeli leaders said that one month after going to war with Iran, Israel’s military has almost completed bombing all targets it had identified at the start of the conflict. Israel’s military targets inside Iran have entered the “wrap-up stage.” Israel’s political leadership has ordered the army to shift to striking the “economic” targets of the Iranian regime. Israeli security officials said that when the war ends depends on Trump.

7, Iran’s parliamentary National Security Committee passed a bill on charging tolls for ships transiting the Strait of Hormuz. The planned provisions include implementing financial arrangements and a charging system in the form of Iranian rials; banning U.S. and Israeli ships from transiting through the Strait of Hormuz; maintaining Iran and its armed forces’ dominant position; banning countries that participate in unilateral sanctions against Iran from passage; and Iran will cooperate with Oman to develop the relevant legal framework.

(Caixin/Finance Association 翟哲浩)