巨头产能迁移叠加手机旺季，存储芯片迎来涨价潮

Core Viewpoint - The storage chip market is experiencing a simultaneous rise in both product transactions and stock market performance, indicating a new upward cycle in the storage industry [1][2]. Industry Overview - The current market trend reflects the storage industry entering a new upward cycle after inventory adjustments in the first quarter of this year, with major manufacturers shifting production capacity towards higher-margin products like DDR5 and LPDDR5 [2][3]. - Major manufacturers such as Micron and Samsung have announced production cuts for DDR4 and LPDDR4, further tightening the supply in the terminal storage market, particularly for mobile devices [2][4]. Company Strategies - Micron has decisively shifted its strategy away from mobile NAND products due to poor market performance, focusing instead on SSDs and NAND solutions for automotive and other markets [4][9]. - The company is also adjusting its DRAM product line to enhance value positioning, particularly in high-demand areas like HBM (High Bandwidth Memory) for AI servers [4][10]. Market Dynamics - The DRAM segment is benefiting more directly from the AI model wave, while NAND Flash has been a drag on upstream manufacturers' performance, leading to ongoing production cuts in NAND products [3][5]. - Despite the anticipated reduction in LPDDR4X production, demand for these products is unexpectedly rising, with contract prices projected to increase by 24%-36% by Q3 2025 [6][8]. Future Projections - Micron expects DRAM supply to tighten further by 2026, while the NAND market is anticipated to improve [11]. - TrendForce forecasts an 8%-13% increase in general DRAM prices in Q4, with the inclusion of HBM products potentially raising the increase to 13%-18% [11].