全球AI资本开支持续加码，存储步入全面涨价行情

Core Viewpoint - The storage market is experiencing a significant upward trend due to production cuts by major manufacturers, leading to inventory depletion and price increases in both NAND Flash and DRAM markets [1][2]. Group 1: Production Cuts and Market Impact - Major storage manufacturers have announced production cuts: Micron by 10%, Samsung by 15%, SK Hynix by 10% in the first half of the year, and Kioxia starting in December 2024 [1][2]. - As a result of these cuts, the global NAND Flash market price index increased by 9.2% and the DRAM market price index surged by 47.7% in the first half of 2025 [1][2]. Group 2: DRAM Market Dynamics - In Q3 2024, some manufacturers will shift traditional DRAM capacity to higher-margin products like DDR5 and HBM, leading to a price surge for DDR4 and LPDDR4X starting in Q2 [2]. - The average fixed trading price for PC DRAM (DDR4 8Gb 1Gx8) reached $3.90 in July, a 50% increase month-over-month, marking four consecutive months of significant price hikes [2]. Group 3: AI-Driven Demand and Price Trends - Increased capital expenditures in AI by major companies like Google, Microsoft, Amazon, and Meta are driving demand for enterprise storage [3]. - SanDisk announced a price increase of over 10% for its products, citing growth in AI applications and data center storage needs [3]. Group 4: Domestic Market Opportunities - The trend of domestic substitution is gaining momentum, with the potential for "China's cloud infrastructure" to replicate overseas market conditions from Q4 2022 [4][5]. - Domestic storage manufacturers are expected to benefit from the expansion of AI infrastructure and the increasing demand for enterprise-level storage solutions [5]. Group 5: Beneficiary Companies - Key beneficiaries in the storage module sector include Demingli, Jiangbolong, Baiwei Storage, Shannon Chip, and Kaipu Cloud [6]. - Advanced storage manufacturers such as Zhaoyi Innovation, Hengshuo Co., and Beijing Junzheng are also positioned to benefit [6].