存储芯片走出“黄金”行情，手机厂商承压调价

Core Viewpoint - A significant price surge is occurring in the Shenzhen Huaqiangbei market, surpassing the previous gold price increases in the Shenzhen Shuibei market, driven by rising prices of flagship smartphones and storage chips [1][2]. Group 1: Price Surge in Storage Products - The prices of storage products, including DDR4 and SSD, have doubled in Huaqiangbei, with reports of "daily price changes" reflecting a tense supply-demand relationship [2][5]. - For example, the price of a 16GB DDR4 memory stick has increased from approximately 180-190 RMB to 400 RMB, with expectations of further increases due to chip shortages [5][6]. - SSD prices have also surged, with a 1TB SSD now priced at around 620 RMB, having doubled in a month, and 2TB versions reaching approximately 1200 RMB [5][6]. Group 2: Factors Driving Price Increases - The current price increase is attributed to a supply-demand imbalance, exacerbated by the rising demand for storage driven by artificial intelligence (AI) applications [7][9]. - Major storage manufacturers have shifted production capacity towards high-bandwidth memory (HBM) and DDR5, leading to a significant reduction in the supply of older technologies like DDR4 [10][20]. - The AI boom has created unprecedented demand for DRAM and NAND flash, with AI servers requiring significantly more memory than traditional servers [10][9]. Group 3: Industry Dynamics and Cycles - The storage industry is characterized by strong cyclical properties, with prices often experiencing dramatic fluctuations due to mismatches in supply and demand [12][13]. - Historical trends indicate that each price surge often precedes a subsequent downturn, with the current cycle driven by AI infrastructure investments rather than consumer demand [14][20]. - The industry's oligopolistic nature, dominated by a few key players, allows these companies to exert significant control over pricing and market dynamics [8][20]. Group 4: Company Performance and Market Impact - Major players like SK Hynix have reported substantial revenue growth, with a 39% increase in revenue and a 119% increase in net profit year-on-year [15]. - Companies in the storage supply chain, such as Jiangbolong and Baiwei Storage, are actively increasing inventory to capitalize on the price surge, with Jiangbolong's net profit rising by 27.95% [17][20]. - The performance of distributors like Shannon Chip Creation highlights the challenges faced in the midstream of the supply chain, with revenue growth not translating into profit increases [19].