存储芯片市场迎来新一轮涨价潮 国产替代迎机遇（附相关核心标的）

Core Viewpoint - The storage chip industry is entering a new price increase cycle driven by changes in supply and demand dynamics, strategic adjustments within the industry, and the AI computing revolution reshaping the market [1][6]. Price Increase Dynamics - Micron has notified customers that it will suspend quotes for all storage products, including DDR4, DDR5, LPDDR4, and LPDDR5, with potential price increases of 20%-30% [2][3]. - SanDisk has already announced a price increase of over 10% for its storage products, citing strong demand in AI applications and data centers [2]. - The price index for DRAM has risen approximately 72% in less than six months, with DDR4 and LPDDR4X experiencing significant price hikes [3][4]. Supply-Side Factors - Major manufacturers have reduced production, shifting capacity from traditional products to high-end products, leading to a tight supply of traditional storage products [4]. - Companies like Samsung, SK Hynix, and Micron have announced plans to stop producing DDR4 memory, focusing instead on DDR5 and HBM products [4]. - The withdrawal from DDR4 production has created a significant supply gap, with DDR4 prices surging above those of DDR5 [4]. Demand-Side Factors - The explosion of AI has led to a substantial increase in demand for high-end storage chips, particularly in AI servers and data centers [5]. - Major Chinese internet companies are significantly increasing their capital expenditures for AI infrastructure, with Alibaba planning to invest over 380 billion yuan in the next three years [5]. - The global server DDR5 module penetration rate is expected to reach 85% by 2025, with a compound annual growth rate of 10.8% from 2025 to 2030 [5]. Market Opportunities for Domestic Companies - The contraction of overseas giants' product lines presents a historic opportunity for Chinese storage companies, with predictions that they could capture over 30% of the global DDR5 market by 2025 [7]. - Domestic companies are beginning to establish themselves in the niche DRAM market, benefiting from the shift in demand towards high-end products [7][8]. - Several A-share listed companies are actively developing storage chip technologies, with notable advancements in DDR4 and DDR5 products [8]. Industry Outlook - The global storage industry is undergoing a historic transformation driven by technology, with the current price increase reflecting a turning point in the industry [6]. - The AI-driven demand is expected to reshape the performance and capacity requirements for storage chips, indicating a structural change in the market [6].