TF Securities(SH:601162) 智通财经网·2025-10-20 03:57Core Viewpoint - The essence of the storage supercycle is a transition from "cyclical" to "structural," driven by AI technology, leading to significant growth in data center storage demand and innovation in storage technology [1] Group 1: Market Trends - NAND and DRAM prices are expected to continue rising in Q4, with an estimated increase of 8-13% for conventional DRAM and 5-10% for NAND Flash products [3] - The price of 1Tb Flash Wafer has increased by nearly 15% and 512Gb Flash Wafer by over 20% in the past month, driven by supply constraints and price hikes [3] Group 2: Domestic Market Opportunities - Domestic storage chip manufacturers are gaining market share as international giants shift focus to high-end products, creating a window for domestic alternatives [4] - Companies like Yangtze Memory Technologies are rapidly penetrating the enterprise market, with their SSDs widely used by major cloud service providers [5] Group 3: Production Capacity Expansion - Yangtze Memory Technologies plans to increase its monthly production capacity to 150,000 wafers by the end of 2025, aiming for a 15% share of the global NAND market [5] - Longsys Memory's DRAM production is expected to reach 2.73 million wafers per year, positioning it as the fourth-largest DRAM manufacturer globally [5] Group 4: Technological Innovations - The emergence of "storage as computation" technology is set to revolutionize storage, allowing for significant reductions in latency and costs associated with AI inference processes [6] Group 5: Investment Recommendations - Companies to watch in the storage module and control sector include Jiangbolong, Demingli, and others, while notable storage chip companies include Zhaoyi Innovation and others [7][8]