Core Insights - Storage chips are transitioning from a commodity to a core fuel for AI computing, with HBM's "capacity black hole" effect disrupting traditional DRAM supply and increasing demand for enterprise SSDs [3][5][8] - The current supercycle in storage is leading to accelerated differentiation among key players, with Micron (MU) leveraging 1-gamma technology, SanDisk (SNDK) benefiting from high profit elasticity, and Western Digital (WDC) maintaining its position through HAMR technology [3][5][13] - Four catalysts are preventing a decline in storage prices: increased memory demand from AI, a new capital expenditure norm focused on technology upgrades, a shift in power dynamics favoring storage manufacturers, and geopolitical factors ending price wars [3][28][32] Group 1: Market Dynamics - Storage chips have historically been viewed as a commodity, but this perception is changing as they become essential for AI, breaking traditional cyclical valuation patterns [5][8] - HBM is critical for AI performance, consuming DRAM capacity at a rate of 1:3, meaning that as production shifts to HBM, traditional memory supply will significantly decrease [9][10] - The demand for enterprise SSDs is expected to rise as AI applications evolve, with significant increases in data storage needs [11][12] Group 2: Key Players Analysis - Micron (MU) is positioned as the only pure-play DRAM manufacturer in the U.S., benefiting from technological advancements and local incentives, with expectations for EPS to rise due to increased HBM production [17][19] - SanDisk (SNDK), now independent, is recognized for its high sensitivity to enterprise SSD pricing, showing significant stock price increases post-split [20][21] - Western Digital (WDC) is seen as an undervalued player in cold data storage, leveraging its HAMR technology to maintain a competitive edge in HDD markets [22][24] Group 3: Future Outlook - The storage market is expected to enter a phase driven by structural demand changes rather than supply-side reductions, with significant growth anticipated in the next 6-12 months [27][28] - Key catalysts for continued strength in the storage sector include increased AI-driven demand, a shift in capital expenditure focus, changing power dynamics in pricing, and geopolitical stability [28][30][32] - Investment strategies for 2026 suggest a focus on Micron as a core holding, SanDisk for high-growth potential, and Western Digital for defensive stability [33][35][36]

每经AI快讯，1月22日，美股存储板块盘前走强，西部数据涨超4%，美光科技涨超3%，希捷科技涨 2.5%。 ...

Group 1 - The semiconductor industry is expected to have another strong year in 2026, driven by robust AI spending and a cyclical recovery trend, with the overall industry projected to outperform the market [1] - Analysts predict that most companies will report in-line or better-than-expected earnings in the upcoming Q4 2025 earnings season, providing positive guidance for Q1 2026 and the full year, which will support stock performance [1] - Over 70% of covered companies in Q3 have raised earnings forecasts, and this trend is expected to accelerate in the Q4 earnings season [1] Group 2 - The fundamentals supporting strong growth in AI-related infrastructure remain solid, driven by surging inference demand and increased computational intensity of AI workloads, with supply chain capacity largely booked for 2026 [1] - The AI accelerator market is expected to have significant upward potential, with a projected compound annual growth rate of 50% over the next few years, building on an estimated $200 billion investment in 2025 [1] - The semiconductor industry revenue is forecasted to grow by over 15% this year, with wafer fabrication equipment spending expected to increase by 12-15% year-on-year [3] Group 3 - J.P. Morgan maintains an optimistic view on the storage cycle, focusing on how long supply tightness will last, with enterprise SSD demand being a key lever for NAND flash price increases [3] - The semiconductor equipment sector outlook is positive, with capital expenditures expected to show a low-to-high growth pattern by 2026 [3] - Demand in the chip design software and intellectual property sector is stable, likely returning to a pattern of exceeding expectations and raising guidance [3] Group 4 - J.P. Morgan recommends several companies in the semiconductor sector, including Broadcom (AVGO.US), Marvell Technology (MRVL.US), NVIDIA (NVDA.US), Analog Devices (ADI.US), and Micron Technology (MU.US) [4] - In the semiconductor equipment sector, KLA Corporation (KLAC.US) is preferred, while Synopsys (SNPS.US) is recommended in the chip design software space [4] - Other companies of interest include Lam Research (LRCX.US), Cadence Design Systems (CDNS.US), Applied Materials (AMAT.US), and Western Digital (WDC.US) [4]

Core Viewpoint - The global storage prices have accelerated in Q3 and Q4 of 2025, with expectations for Q1 2026 prices to exceed forecasts due to tight supply and increasing AI demand outpacing capacity expansion [1] Group 1: Market Dynamics - AI storage is driving increased demand, necessitating an optimized multi-tier storage system to accommodate the rapidly growing KV cache space [1] - The supply of DRAM is expected to grow slower than demand, with major manufacturers like Samsung and SK Hynix projecting production increases of 5% and 8% respectively for 2026, but still falling short of market needs [3] - NAND supply is becoming more concentrated in enterprise-level products, with expected production cuts from major players like Samsung and SK Hynix due to prioritization of DRAM profitability [3] Group 2: Price Trends - In Q1 2026, DRAM prices are projected to increase by 55%-60% quarter-on-quarter, driven by a shift in production capacity towards server and HBM applications [4] - NAND prices are expected to rise by 33%-38% in the same period, influenced by supply constraints and the prioritization of server demands [4] - Major NAND manufacturers are implementing long-term contracts with significant price increases, with some contracts seeing nearly double the previous prices [4] Group 3: Company Performance - Major global storage companies are set to release strong earnings forecasts, with Samsung predicting a revenue increase of 23% year-on-year for Q4 2025 [5] - Biwei Storage anticipates a revenue increase of 165% year-on-year for Q4 2025, while Nanya Technology expects record revenue and significant profit growth [5] - The upcoming earnings reports from major players like Hynix, Samsung, and Western Digital are expected to positively impact the overall market [7] Group 4: Investment Recommendations - The focus should be on storage manufacturers, storage module/chip companies, and storage testing/packaging sectors due to the ongoing price increases and demand growth [7] - Potential opportunities in storage control chips and interface chips should be monitored as the market evolves [7] - Key investment targets include major global storage companies, module manufacturers, niche storage firms, and testing/packaging service providers [8][9]

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

三、上市公司重要公告 1月21日盘后，奥泰生物披露增持情况；宸展光电、深水海纳、恒帅股份、卫宁健康、祥源新材、卡莱 特、洪兴股份、福石控股、新迅达、东箭科技、雅艺科技、晶瑞电材、雪祺电气、蓝箭电子、闻泰科 技、禾望电气、北方导航、华达新材、格林达、永安期货、信捷电气等21家A股上市公司披露减持情 况。 八、外围市场与关联资产 美股三大指数集体收涨，道指涨1.21%，纳指涨1.18%，标普500指数涨1.16%；大型科技股多数上涨， 英特尔涨超11%，AMD涨超7%，英伟达、特斯拉涨超2%；存储概念股走强，闪迪涨超10%，西部数据 涨超8%；美股地区银行指数涨4.7%，创8月份以来最大单日涨幅。 纳斯达克中国金龙指数收涨2.22%，新氧涨14.93%，百度涨8.20%，世纪互联涨7.17%，1药网涨6.89%。 纳斯达克中国金龙指数收涨2.22%，新氧涨14.93%，百度涨8.20%，世纪互联涨7.17%，1药网涨6.89%。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个 ...

International News - US natural gas futures prices saw a significant increase, with intraday gains reaching up to 30%, currently reported at $5.083 per million British thermal units, after previously recording increases of 29%, 28%, and 27% [1][7] - Precious metals market showed a downward trend, with spot gold prices dropping below $4820, $4810, $4800, and $4790 per ounce, with daily declines of 0.25%, 0.44%, 0.64%, and 0.86% respectively [1][7] - Spot silver also faced pressure, falling below $93, $92, and $91 per ounce, with daily declines of 1.68%, 2.93%, and 3.74% respectively [1][7] - US stock market performed strongly, with all three major indices closing up over 1%, the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16% [1][7] Individual Stocks - Intel shares rose over 11%, reaching a four-year high; AMD increased by 8.3%, SanDisk by over 10%, Western Digital by over 8%, and Micron Technology by over 6% [2][8] - The Nasdaq Golden Dragon China Index rose by 2.22%, with notable gains from individual stocks such as New Oxygen up 14.93%, Baidu up 8.20%, and Century Internet up 7.17% [2][8] - OpenAI's CEO Sam Altman is meeting with top investors in the Middle East to pursue a new round of financing of at least $50 billion, with a post-funding valuation expected between $750 billion and $830 billion [2][8] - Apple plans a major overhaul of Siri, transforming it into a built-in chatbot with new features expected to launch later this year [2][8] Company Dynamics - French dairy company Lactalis announced a recall of multiple batches of infant formula in 18 countries, including China, due to potential contamination with Bacillus cereus toxin [3][9] - Ubisoft canceled the development of six games, including the remake of "Prince of Persia: The Sands of Time" and four unannounced titles [3][10] - The American Petroleum Institute (API) reported an increase of 3 million barrels in US API crude oil inventories last week, compared to a previous increase of 5.278 million barrels [3][10] - President Trump expressed hope for the retention of Kevin Hassett in his current position, with the shortlist for the Federal Reserve chair narrowing to two or three candidates [3][10]

Core Viewpoint - The article highlights a significant surge in semiconductor exports from South Korea, indicating strong global demand driven by the AI wave, which has positively impacted major semiconductor companies' stock prices [1][2]. Group 1: Semiconductor Export Data - In the first 20 days of January 2026, South Korea's semiconductor exports reached $10.73 billion, a year-on-year increase of 70.2%, accounting for 29.5% of total exports, up 9.6 percentage points from the previous year [2]. - For the entire year of 2025, South Korea's semiconductor exports amounted to $173.48 billion, marking a 22.1% year-on-year growth and achieving a historical high [4]. Group 2: Market Reactions and Stock Performance - Following the positive export data, semiconductor stocks surged, with the Philadelphia Semiconductor Index rising by 3.18%, reaching a historical high, and individual stocks like Intel and Micron Technology seeing significant gains [1]. - Citigroup raised the target price for SanDisk from $280 to $490 per share, a 75% increase, citing strong demand for data center memory and favorable supply conditions [5]. Group 3: Future Demand and Supply Dynamics - The demand for storage chips is expected to remain robust due to the increasing need for AI infrastructure, with major companies like SK Hynix reporting that their chip production capacity for 2026 is already sold out [6]. - Global capital expenditures from the top eight cloud providers are projected to increase by approximately 65% year-on-year, with AI servers becoming the fastest-growing segment in data center IT investments [7].

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or ...

Core Viewpoint - The storage sector is experiencing a significant rally, with major companies like Micron Technology, Western Digital, SanDisk, and Seagate Technology seeing substantial stock price increases, driven by a "super bull market" in the storage market, surpassing previous highs from 2018 [1] Group 1: Market Performance - Micron Technology (MU.US) and Western Digital (WDC.US) both rose over 5%, while SanDisk (SNDK.US) increased by over 4%, and Seagate Technology (STX.US) saw a rise of over 1%, reaching historical highs [1] Group 2: Market Dynamics - According to Counterpoint Research, the storage market has entered a "super bull market" phase, with demand driven by the surge in AI and server capacity [1] - Supplier bargaining power has reached an all-time high due to the current market conditions [1] Group 3: Price Forecast - It is projected that storage prices will increase by 40% to 50% by Q4 2025, followed by another increase of 40% to 50% in Q1 2026, and an additional rise of approximately 20% in Q2 2026 [1]