民生证券：AI驱动存储升级 eSSD有望加速渗透

Core Insights - The demand for "warm data" is expected to exceed 70% by 2035, leading to a shift in data storage requirements from HDD to SSD due to higher performance needs [1][3] - The AI-driven transformation of cold data into warm data is accelerating, increasing the necessity for efficient data processing and storage solutions [2][3] - The supply shortage of Nearline HDD is pushing the adoption of SSDs, with a projected shortfall of 150-200EB in HDD supply [4] Industry Trends - The transition from cold to warm data is reshaping the traditional data structure, with a predicted ratio of 3:7 for "hot-warm" to "warm-cold" data [3] - SSD prices are expected to increase by 5-10% in the short term due to demand from CSPs, while the long-term outlook remains positive as SSD costs decline [5] - The price of enterprise-grade storage components is rising, with SSD prices increasing by 6.93% recently, and DRAM prices also on the rise due to AI demand [5] Investment Opportunities - Companies in the enterprise storage sector are likely to benefit from the rapid growth in cloud capital expenditures, with specific recommendations for eSSD and RDIMM manufacturers [6]