20cm速递｜关注科创芯片ETF国泰（589100）投资机会，存储芯片周期上行获市场关注

Group 1 - The storage industry has experienced three complete cycles since 2010, with the current upcycle driven by the explosion of demand from AI servers and multimodal applications, leading to a continuous expansion of the supply-demand gap [1] - Starting from March 2025, niche DRAM prices have begun to rise, with NAND Flash and DDR5 products seeing accelerated price increases in Q2 and Q3 of 2025, and some models experiencing month-on-month price increases of 40-100% in October [1] - On the demand side, AI has driven data center storage needs from 600EB in 2020 to 2.4ZB by 2028, with applications like Sora2 significantly increasing storage consumption [1] Group 2 - Technological advancements such as HBM4, which is expected to be mass-produced in 2026, along with innovations like CBA architecture and HBF solutions, are enhancing performance in the storage sector [1] - On the supply side, original manufacturers are focusing on expanding HBM production, while capital expenditures for NAND Flash remain low, indicating that new capacity in 2026 will still be insufficient to meet demand [1] - In Q3 2025, overseas manufacturers achieved record high revenues, while domestic module manufacturers are seeing accelerated profit releases, suggesting a positive outlook for the industry [1] Group 3 - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which has a daily fluctuation of up to 20%, reflecting the overall performance of listed companies in the semiconductor materials, equipment, design, and manufacturing sectors [2] - This index features a high degree of domestic substitution and is characterized by high industry concentration, benefiting from policy support and the ongoing growth in AI computing power demand [2]