Written during the darkest hour of storage ( GigaDevice )

PortfolioAlert · 2026-03-29T10:45:39+00:00

The article discusses account drawdowns, noting that a correction in the storage industry led to a 10% loss, but remains optimistic about the long-term cycle of storage. It is expected that China Merchants Bank will achieve profits exceeding 20 billion yuan this year, with a market capitalization surpassing 200 billion yuan. Currently, the prices of Zhaoyi Innovation and Purui are not high, emphasizing the importance of focusing on domestic product structure and financial data, and stating that no adjustments will be made unless there is a significant change in the overall logic.

PortfolioAlert

2026-03-29 10:45:39

Abstract generation in progress

Recently, the account has pulled back about 200, which corresponds to a decline of around 10% relative to the market value. This is mainly due to the recent pullback in storage. For us, we are still optimistic about the long-term cycle of storage. As for the fluctuations along the way, they might be somewhat uncomfortable, but as of now, they are still acceptable.

For China Merchants, we are optimistic about this year’s profit exceeding 20 billion. As for the market value, we expect it to surpass 200 billion. Looking at the semi-annual report, we anticipate profits above 9 billion. Moreover, in terms of cycles, we see at least a cycle of over a year. From the current stage, it could even be a cycle of more than two years.

Regarding storage, we believe that the current prices of Zhaoyi Innovation and Puran are not expensive. Of course, they are still quite far from our target points. Currently, whether it’s information from Google or the expectation that American manufacturers will invest in Taiwanese companies to expand production, we focus more on the product structure and financial data of domestic manufacturers, as this will provide better validation for future judgments. In summary, for this account, we rarely make adjustments unless there is a significant change in logic, and currently, there are no plans for adjustments.

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