原厂陆续发布涨价函，存储器周期继续上行 | 投研报告

Core Insights - The semiconductor industry showed strong performance in September 2025, with the domestic semiconductor sector (CITIC) rising by 13.86%, compared to a 3.20% increase in the CSI 300 index [1][2] - Year-to-date, the semiconductor industry (CITIC) has increased by 55.02%, while the Philadelphia Semiconductor Index rose by 27.91% [1][2] Industry Performance - In September 2025, integrated circuits increased by 11.86%, discrete components by 0.44%, semiconductor materials by 17.92%, and semiconductor equipment by 27.27% [1][2] - The global semiconductor sales continued to grow year-on-year, with a 21.7% increase in August 2025, marking the 22nd consecutive month of growth [3] Market Trends - The demand for AI computing hardware infrastructure remains strong, with significant capital expenditure increases from major cloud providers [3] - The prices of DRAM and NAND Flash continued to rise in September 2025, with expectations for further increases in Q4 2025 [4][5] Investment Opportunities - The ongoing storage demand driven by AI applications and data centers is leading to price hikes from major storage manufacturers [4] - The domestic semiconductor industry is expected to benefit from the increasing market share of local manufacturers due to AI and storage replacement demands [5]