Zhongtai Securities(SH:600918) Xin Lang Zheng Quan·2025-12-01 04:09Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn Best Analyst award was won by Zhongtai Securities in the electronics sector, with team members including Wang Fang, Yang Xu, Li Xuefeng, Liu Bowen, Hong Jialin, Ding Beiyu, and Kang Lixia [1] Group 2 - The storage super cycle is expected to begin, with mainstream and niche prices rising across the board, maintaining a tight supply-demand situation through 2026 [2] - The current round of storage price increases started in Q2 2025, with Q3 showing an expanded increase driven by the explosive demand from AI inference, and Q4 price hikes exceeding expectations [2] - The profitability of storage companies has significantly improved since Q3, and with continued price increases, profitability is expected to sustain [2] - AI is driving high demand for storage, with tight supply anticipated until 2026; mainstream storage demand is robust due to server needs and stable consumer electronics, while AI PCs and AI smartphones will contribute additional growth [2] - Limited new capacity for DRAM and conservative expansion for NAND, primarily through process upgrades, will lead to sustained tightness in supply through 2026 [2] - The exit of three major manufacturers has led to a contraction in supply for niche storage, with continued tightness expected for niche DRAM, SLC NAND, and NOR Flash prices starting to rise from Q3 [2]