Core Viewpoint - The storage sector is experiencing a new round of price increases driven by strong AI demand and supply constraints from overseas manufacturers [1][2] Price Outlook - It is expected that DRAM and NAND prices will continue to rise, with conventional DRAM prices projected to increase by 8-13% in Q4 2025, and if HBM is included, the increase could reach 13-18%. NAND Flash contract prices are also expected to rise across all product categories, with an average increase of 5-10% [2][1] Supply Dynamics - Overseas manufacturers are facing capacity adjustments and shortages due to weak NAND Flash demand and price pressures. Companies like Micron, Samsung, and SK Hynix have initiated production cuts, shifting focus from lower-margin traditional DRAM to higher-margin products like DDR5 and HBM. There is a notable shortage of capacity as some manufacturers have ceased production of older DRAM products [3][4] Demand Drivers - AI applications are significantly boosting the demand for storage solutions, particularly HDDs and SSDs. The shortage of HDDs has led to increased demand for SSDs, as major HDD manufacturers have not expanded production lines to meet the surging demand. The lead time for NL HDDs has extended to over 52 weeks, creating a storage gap. Server DRAM demand is also expected to grow rapidly, driven by cloud service providers, with HBM demand projected to maintain a compound annual growth rate of 33% until 2030 [4][3]
上海证券：AI驱动需求增长 看好本轮存储周期持续性
智通财经网·2025-10-21 06:28