知名PE清仓了

作者：冯雨晨文章来源：投资界

2026-07-29 17:21

作者：冯雨晨文章来源：投资界

2026-07-29 17:21

邦小白快读

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本文核心披露了全球私募股权投资史上的经典案例：贝恩资本投资日本存储巨头铠侠十年，赚得170亿美元超高回报，同时梳理了AI时代存储赛道的发展现状，干货如下

1. 事件完整脉络：2018年贝恩资本联合财团以180亿美元接盘东芝存储，后更名为铠侠，受AI浪潮带动存储需求爆发，铠侠股价最高涨近50倍，贝恩资本从2025年11月开始逐步减持，今年7月彻底清仓，整体回报率接近初始投资的20倍。

2. 实操投资启示：硬科技投资要做耐心资本，学会在低谷等待、在高峰兑现收益，AI带来的存储产业升级是明确的长期风口，投资要顺应产业趋势，同时也要能承受行业周期波动带来的短期压力。

本文透露出AI时代全球存储行业的格局变化与未来趋势，能为存储相关品牌商提供多维度参考，干货如下

1. 行业消费与产品趋势：AI算力爆发带动高带宽存储需求暴涨，海外存储原厂纷纷调整产能转向高端产品，导致消费级存储供给收缩，全品类存储价格大幅上涨，部分型号涨幅超300%，AI驱动的存储需求升级是未来行业核心增长方向。

2. 赛道格局机会：当前全球存储赛道分化明显，铠侠主做NAND闪存，长鑫科技主做DRAM内存，国内本土龙头长江存储、长鑫科技已经快速崛起，本土品牌商可以依托本土龙头探索合作机会，分享赛道增长红利。

3. 行业规律提示：存储行业周期性极强，品牌商需要提前布局周期低谷，把握风口带来的红利，也要警惕高点回调风险。

本文梳理了全球存储赛道的最新变化，给存储相关卖家明确的机会提示与风险提醒，干货如下

1. 当前市场机会：AI爆发带动全品类存储产品价格上涨，DRAM和NAND价格创下近十年新高，全球资本市场对存储赛道需求旺盛，国内本土存储企业已经快速崛起，长鑫科技上市后市值突破3万亿元，深圳存储四小龙股价集体翻倍，说明本土存储赛道增长空间充足，卖家可以布局相关品类抓住增长机会。

2. 风险提示：存储行业周期性极强，当前海外存储巨头已经从6月高点回撤30%到50%不等，市场已经处于热度极高的人声鼎沸阶段，卖家需要警惕周期拐点带来的价格下跌与库存积压风险。

3. 经营启示：不管是布局还是变现都要把握节奏，低谷坚持布局，高峰及时锁定收益，不要过度贪婪。

AI浪潮下全球存储行业格局生变，给存储及上下游产业链工厂带来诸多发展启示与商业机会，干货如下

1. 产品生产与设计需求方向：AI爆发带动高端高带宽存储需求大幅增长，三星、SK海力士等海外原厂都在调整产能转向高端存储产品，国内存储生产工厂可以抓住这次产业转移的机会，加大高端存储产品的研发投入与产能布局，抓住需求风口。

2. 商业合作机会：当前全球存储行业格局洗牌，本土存储龙头长江存储、长鑫科技已经快速崛起，成长为赛道核心玩家，本土上下游配套工厂可以主动绑定本土龙头企业，获得稳定的订单与增长空间，分享本土存储产业崛起的红利。

3. 长期发展启示：硬科技制造需要长期技术沉淀，要接受前期持续投入与短期亏损，只要坚持技术升级，就能等到产业风口到来，同时可以积极对接长期资本，获得发展需要的资金支持。

本文透露出存储行业最新发展趋势与市场痛点，给存储相关服务商提供了明确的发展方向参考，干货如下

1. 行业发展趋势：AI技术爆发带动存储行业进入新一轮增长周期，全球市场对存储产品尤其是高端存储的需求极其旺盛，整个赛道处于快速扩张阶段，市场规模持续增长，给各类相关服务商带来了大量的业务机会。

2. 当前客户核心痛点：存储行业属于强周期行业，企业在周期低谷会面临估值偏低、退出渠道不畅、持续盈利难的问题，同时存储行业需要持续高额的研发投入，企业对长期稳定资本的需求非常强烈，配套的产业服务需求也在增长。

3. 业务发展方向：资本服务商可以布局耐心资本，陪伴硬科技企业穿越周期获得高额回报；产业服务商可以抓住高端存储产能升级的浪潮，为本土存储企业提供设备、技术等配套服务，分享行业增长红利。

存储赛道的爆发给各类半导体产业平台、资本市场平台带来了新的需求与发展方向，核心干货启示如下

1. 市场对平台的核心需求：硬科技存储企业需要长期的资本支持，在IPO退出环节对资本市场平台有适配性需求，不少存储企业经历多次IPO失败才成功上市，说明平台需要针对硬科技企业的成长规律，调整上市门槛与估值体系，适配科技企业长期成长的特点。

2. 平台运营与招商方向：当前存储赛道处于政策与市场双重风口，优质存储企业数量多、增长潜力大，平台可以加大对本土存储产业链相关企业的招商力度，吸引优质存储企业落地或上市，优化平台的企业结构，提升平台整体价值。

3. 风向规避提示：当前存储赛道市场热度极高，海外存储巨头已经从高点出现30%到50%的回撤，平台需要及时提示市场风险，引导投资者理性投资，避免过度炒作带来的大幅市场波动，维护平台稳定。

本文记录了全球存储行业最新产业变动与经典投资案例，给产业研究领域提供了丰富的研究素材与新方向，干货如下

1. 产业发展新动向：AI算力爆发彻底改写了全球存储行业的格局，高端存储需求暴涨带动全行业价格上涨，本土存储企业长鑫科技、长江存储快速崛起，长鑫科技上市后市值突破3万亿元，打破了海外厂商对存储赛道的长期垄断，全球存储行业形成了新的竞争格局。

2. 投资模式新动向：硬科技领域耐心资本的投资模式获得了市场验证，贝恩资本、合肥国资、国内民营投资机构坚持长期投资，穿越行业周期获得了超高回报，打破了过去私募股权赚快钱的传统模式，证明长期耐心资本更适配硬科技产业的发展规律。

3. 待研究新问题：存储行业强周期背景下，资本如何平衡周期波动与长期风口，本土存储产业如何借AI风口突破技术封锁，这些都是产业研究领域值得深入挖掘的新问题。

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

This article centers on a classic case in the history of global private equity investment: after holding a 10-year stake in Japanese memory giant Kioxia, Bain Capital reaped an extraordinary return of $17 billion. It also outlines the current development status of the memory industry in the AI era, with key takeaways as follows:

1. Full timeline of the deal: In 2018, a Bain Capital-led consortium acquired Toshiba Memory for $18 billion, which was later renamed Kioxia. Fueled by the AI boom that triggered explosive growth in memory demand, Kioxia's stock rose by nearly 50x at its peak. Bain Capital began gradually reducing its stake in November 2025, fully exiting its position in July this year, with a total return close to 20x the initial investment.

2. Practical investment insights: Hard tech investing requires "patient capital" – the ability to wait through industry downturns and cash out gains during peaks. AI-driven memory industry upgrading is a clear long-term growth trend, so investors should align with industry shifts while being prepared to withstand short-term pressure from cyclical industry fluctuations.

This article reveals the changing landscape and future trends of the global memory industry in the AI era, offering multi-dimensional insights for memory-related brand owners. Key takeaways are as follows:

1. Consumer and product trends: The boom in AI computing has spurred a massive surge in demand for high-bandwidth memory. Overseas original memory manufacturers have all shifted production capacity to high-end products, leading to tightened supply of consumer-grade memory and sharp price increases across all product categories, with some models seeing gains of over 300%. AI-driven memory demand upgrading is set to become the core growth driver for the industry going forward.

2. Landscape and opportunity: The global memory market is now sharply segmented, with Kioxia focusing on NAND flash and ChangXin Memory Technologies (CXMT) specializing in DRAM. Domestic Chinese leaders YMTC and CXMT have risen rapidly. Local brand owners can explore partnership opportunities with these domestic leaders to capture a share of the sector's growth dividend.

3. Industry insight: The memory sector is highly cyclical. Brand owners should build their positions in advance during downturns to capture windfall gains from growth cycles, while remaining alert to the risk of corrections after market peaks.

This article sorts out the latest shifts in the global memory sector, delivering clear opportunity signals and risk warnings for memory-related sellers. Key takeaways are as follows:

1. Current market opportunities: The AI boom has driven price increases across all memory product categories, with DRAM and NAND prices hitting 10-year highs. Global capital markets are bullish on the memory sector, and Chinese domestic memory players have risen rapidly. Following its IPO, CXMT has a market capitalization exceeding 3 trillion yuan, and the four leading Shenzhen-based memory stocks have all doubled in price, signaling ample growth room for the domestic memory sector. Sellers can stock related categories to capitalize on this growth opportunity.

2. Risk warning: The memory industry is extremely cyclical. Leading overseas memory players have already pulled back between 30% and 50% from their June highs, and the market is now at extreme levels of speculative fervor. Sellers should watch for the risk of price drops and inventory gluts caused by a cyclical inflection point.

3. Operational guidance: Sellers should pace their entry and exit strategies: build positions steadily during downturns, lock in gains promptly at peaks, and avoid excessive greed.

The AI wave has reshaped the global memory industry landscape, bringing development insights and business opportunities for factories across the memory and its upstream and downstream supply chains. Key takeaways are as follows:

1. Product design and production direction: The AI boom has driven sharp growth in demand for high-end, high-bandwidth memory. Overseas original manufacturers including Samsung and SK Hynix are all shifting production capacity to high-end memory products. Chinese domestic memory factories can seize this industrial transfer opportunity, ramp up R&D investment and capacity expansion for high-end memory products, and capitalize on the demand boom.

2. Business collaboration opportunities: The global memory industry is currently undergoing a major reshuffle. Domestic Chinese leaders YMTC and CXMT have risen rapidly to become core players in the sector. Local upstream and downstream supporting factories can proactively align with these domestic leading firms to secure stable orders and growth room, and share the dividend from the rise of China's domestic memory industry.

3. Long-term development insight: Hard tech manufacturing requires long-term technological accumulation, and requires accepting sustained upfront investment and short-term losses. As long as companies persist in technological upgrading, they will eventually be able to capitalize on industry growth waves. They can also actively seek partnerships with long-term capital to secure the funding needed for expansion.

This article reveals the latest development trends and core market pain points in the memory industry, offering clear strategic guidance for memory-related service providers. Key takeaways are as follows:

1. Industry development trend: The AI boom has pulled the memory industry into a new round of growth cycle. Global demand for memory products, especially high-end memory, is extremely strong, and the entire sector is in a phase of rapid expansion with continuous growth in market size, bringing substantial business opportunities for all types of related service providers.

2. Core current customer pain points: The memory industry is highly cyclical. Companies face low valuations, limited exit channels, and difficulties maintaining consistent profitability during industry downturns. Meanwhile, the industry requires continuous high R&D investment, so enterprises have strong demand for long-term stable capital, which in turn drives growing demand for supporting industrial services.

3. Business development direction: Capital service providers can build out "patient capital" strategies to partner with hard tech companies through industry cycles and earn high returns; industrial service providers can capitalize on the wave of high-end memory capacity upgrading by providing equipment, technology and other supporting services for domestic Chinese memory enterprises to share the industry's growth dividend.

The boom in the memory sector has created new demand and development directions for all types of semiconductor industry platforms and capital market platforms. Key insights are as follows:

1. Core market demand for platforms: Hard tech memory companies require long-term capital support, and have specific needs for capital market platforms for IPO exits. Many memory firms went through multiple failed IPO attempts before going public, which shows that platforms need to adjust listing thresholds and valuation frameworks to align with the growth pattern of hard tech companies, and adapt to the characteristics of long-term growth for technology firms.

2. Platform operation and investment promotion direction: The memory sector is currently benefiting from both policy tailwinds and strong market demand. There are a large number of high-quality memory companies with strong growth potential. Platforms can step up investment promotion efforts for domestic memory industry chain companies, attract high-quality memory firms to list or establish a presence on the platform, optimize the platform's enterprise structure, and enhance the overall value of the platform.

3. Risk mitigation guidance: The memory sector is currently at extremely high market heat, and leading overseas memory players have already corrected 30% to 50% from their peaks. Platforms should proactively communicate market risks, guide investors to invest rationally, avoid extreme market volatility driven by excessive speculation, and maintain platform stability.

This article documents the latest industrial changes and a classic investment case in the global memory industry, providing rich research materials and new directions for the industrial research community. Key takeaways are as follows:

1. New industrial development trends: The boom in AI computing has completely reshaped the global memory industry landscape. A surge in demand for high-end memory has driven industry-wide price increases, and domestic Chinese players CXMT and YMTC have risen rapidly. CXMT's post-IPO market capitalization exceeded 3 trillion yuan, breaking the long-term monopoly of overseas players in the memory sector and forming a new competitive landscape for the global industry.

2. New investment model trends: The "patient capital" investment model for hard tech has been market-proven. Bain Capital, Hefei state-owned assets, and Chinese private investment institutions have persisted with long-term holdings, navigated industry cycles, and earned extraordinary returns. This breaks the traditional private equity model of chasing quick profits, and proves that long-term patient capital is better aligned with the development pattern of the hard tech industry.

3. New research questions: Against the backdrop of the memory industry's strong cyclicality, how can capital balance cyclical fluctuations and long-term growth trends, and how can China's domestic memory industry break through technological blockades by leveraging the AI boom – these are new questions worthy of in-depth exploration in industrial research.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

大洋彼岸，一家存储龙头被PE清仓了。

主角是日本存储巨头铠侠——乘着AI东风，其股价一度猛涨接近50倍。君子豹变之际，身后大股东贝恩资本透露，截至今年7月已彻底清仓，合计收益达到170亿美元（约合人民币1151亿元）。

换言之，贝恩资本赚回1100亿元，缔造全球私募股权史上回报纪录。

“铠侠这样的机会可遇而不可求，对所有相关方而言都是一次极为出色的结果。”贝恩资本执行合伙人说道。在市场人士看来，如此大规模的股份交易得以兑现，意味着买方机构的需求依然旺盛。

同为存储大厂，和长鑫科技专注DRAM运行内存赛道不同，铠侠主要生产NAND闪存。放眼国内，真正在这一赛道上前进的是来自武汉的长江存储。

回看昨夜，海外存储巨头一夜惊魂，相较于6月高点回撤30%至50不止。而另一边，长鑫科技新股王登顶，市值超3万亿元。冷静与狂热之间，所有人都在关切AI时代存储的未来格局。

10年前，逆势重仓

要卖得漂亮，也要买得逢时。

目光拉回2016年，日本综合机电制造商东芝因旗下核电子公司西屋电气遭遇巨额亏损，叠加财务造假丑闻，陷入了资不抵债、面临退市的绝境。

是年，百年巨头东芝焦头烂额，不得不卖资产填补亏空。旗下存储业务就是这个时候被列进了甩卖清单——但在2017财年，东芝存储器部门的营业利润就高达5000亿日元，堪称当时东芝最赚钱的业务。

在许多人看来，以东芝存储当时的盈利能力，再等一等，无需出售东芝就能自救。但正如“人永远赚不到自己认知外的钱”，受制于东芝内部重电领域的长期决策文化，需要持续高额投入的存储部门最终还是被放弃了。

分拆、筹资、解困，消息一出，各路竞购方纷纷涌来。

整个2017年，据悉至少有十家公司参与竞标，包括美光、SK海力士、西部数据、博通（与银湖资本一道）、亚马逊、谷歌、苹果、鸿海集团等。

最终，真正买家浮出水面。贝恩资本联合SK海力士、苹果、戴尔、希捷等组成财团，在2018年以180亿美元将东芝存储约55%的股份接盘下来，其中贝恩资本出资超10亿美元。后于2019年，东芝存储独立更名为铠侠（Kioxia），确立了存储价值服务商定位。

杀出重围的故事看似美妙，但这笔交易争议也不少。

众所周知，存储行业周期性极强，在东芝决定出售时，存储刚好借智能手机发展已经走过一轮超级周期。而贝恩资本收购落定之时，随着手机市场已经开始触及天花板，换机周期延长，导致对存储芯片的需求疲软，东芝存储的NAND Flash价格也滑向下行周期。

因此，当时不少声音认为贝恩资本“买在了山顶”。没有人料到，AI浪潮带来的存储需求爆发彻底改写命运。

格局生变，卖在人声鼎沸时

史诗级反转登场。

2025年下半年开始，AI算力爆发式增长让高带宽存储（HBM）成为抢手货，三星电子、SK海力士及美光等存储原厂调整产能向高端产品转移，导致消费级存储供给被大幅挤压。于是，存储产品全线涨价：2026年一开年，DRAM和NAND Flash产品价格就创下近十年新高，部分型号累计涨幅甚至超过300%。

躁动首先烧到了资本市场。合计占据全球DRAM市场超9成份额的三星、SK海力士和美光等存储巨头，自去年6月来股价最高涨幅分别在5倍至10倍不止。

还有生产NAND产品的铠侠和闪迪。过去一年，铠侠股价累计涨幅一度接近50倍，在今年6月中旬市值甚至一度达到56万亿日元（约合3450亿美元），超过丰田汽车成为日本市值最高的公司；闪迪同样如此，2025年6月至今年6月，股价累计涨幅逾50倍。

放眼国内，同样上演过热烈。典型的如“深圳存储四小龙”——江波龙、德明利、佰维存储、大普微，过去一年来股价纷纷翻倍，在今年6月中旬合计市值一度近9000亿元。

正是人声鼎沸时。

自2025年11月开始，贝恩资本开启对铠侠的大规模减持，在今年6月中旬，其持股比例从2025年12月的约44%降至约14%，直到今年7月初，贝恩资本完全清仓。

“我们不再持有任何铠侠股份”，7月早些时候，贝恩资本的执行合伙人David Gross在接受采访时正式表示。最新消息是，据《日经新闻》估计，贝恩资本出售所持股份实现了约2.5万亿日元（约合170亿美元）的收益。

计算下来，回报率接近初始投资的20倍，造就十年全球半导体行业最经典的私募股权案例之一。

耐心，再耐心一点

再一次证明，硬科技领域耐心资本的胜利。

外界可能不知道，在2025年铠侠开启股价暴涨之前，贝恩资本连续多年承受着来自各方面的压力：

由于消费电子需求疲软和存储价格暴跌，铠侠IPO计划在2020、2021、2022、2024经历了四次接连流产。上市退出无门之际，2023年传出铠侠与西部数据NAND业务合并，若合并成行将超越三星成为全球第一大NAND厂商，但由于SK海力士强烈反对合并方案，这个把蛋糕做大的策略也最终无果。

直到2024年年底，铠侠终于登陆东京证券交易所，但上市表现并不及预期，整体估值仅7500亿至7800亿日元（约50亿美元），甚至相较贝恩资本当年180亿美元收购总对价都大幅缩水。

在低谷时陪伴和等待，在巅峰时无愧于赞扬。

这一幕也发生在长鑫科技投资人身上。2016年，长鑫科技第一条产线都还没正式投片，合肥国资出资144亿元投资长鑫，在当时国内DRAM技术、设备和人才几乎为零的背景下，这笔投资无疑是一场豪赌；同样，在2021年，长鑫科技产品尚未大规模放量、业绩依旧在亏损，在大多数人还在观望和犹豫的时候，华登和基石资本等众多机构坚定重仓，走过穿越孤独的五年。

千帆尽过。7月27日，长鑫科技正式登陆科创板，市值超3万亿元，成为A股历史上首个开盘即破万亿市值的硬科技新股。

优秀的科技企业需要时间沉淀，理性的投资同样需要耐心陪伴。在5年、8年，甚至10年的潜行路上，“也许悲观的人是正确的，但乐观的人永远能收获回报。”

注：文/冯雨晨，文章来源：投资界(公众号ID：pedaily2012)，本文为作者独立观点，不代表亿邦动力立场。

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