第四季度DRAM合约价涨幅超过50%，行业景气持续上行

Industry Overview - According to TrendForce's latest survey, the DRAM industry revenue is expected to grow by 30.9% quarter-over-quarter in Q3 2025, reaching $41.4 billion, driven by rising contract prices and increased shipment volumes of conventional DRAM and HBM [1] - In Q4, as inventory levels stabilize, the growth rate of shipments is expected to slow down significantly, with conventional DRAM contract prices projected to increase by 45-50% and overall contract prices for conventional DRAM and HBM combined expected to rise by 50-55% [1] - Morgan Stanley indicates that the unprecedented investment in AI infrastructure by large enterprises and government sectors is driving strong demand for core storage chips related to AI training and inference systems, leading to significant revenue growth in data center storage businesses, including HBM storage systems and enterprise-level SSDs [1] - The current storage "super cycle" is anticipated to last longer than historical peaks, with rising storage chip prices expected to continue through 2026 and possibly into 2027 [1] - The industry is experiencing a sustained upward trend, presenting development opportunities for domestic storage manufacturers, with leading companies likely to undergo value reassessment [1] Company Insights - Jiangbo Long focuses on DRAM products, primarily DDR4 and DDR5, and offers a range of mainstream memory types, including LPDDR and various enterprise-level eSSD products [1] - Shannon Semiconductor, as a leading domestic storage distributor and core distributor for SK Hynix in China, has established a "distribution + product" dual-wing development model, positioning itself to achieve performance growth amid the upward storage cycle and the trend of domestic enterprise-level storage [2]