11月涨幅20%-60%，闪存涨价扩散至所有品类

Group 1 - The overall NAND Flash demand is expected to be driven by AI applications and strong orders for Enterprise SSDs, with average monthly price increases of 20% to over 60% across various products in November 2025 [1] - The demand surge is attributed to the rapid increase in high-capacity storage needs driven by AI applications, coupled with HDD supply constraints, leading cloud service providers to shift towards NAND systems, creating a structural gap rather than a short-term market fluctuation [1] - Capital expenditures among major manufacturers are becoming more cautious due to previous market fluctuations, with a focus on advanced process iterations and Hybrid Bonding technology rather than new capacity expansion, resulting in significant limitations on supply growth [1] Group 2 - QLC technology is being adopted at an unprecedented rate for AI warm/cold data storage layers, with a 33% higher storage capacity per die compared to TLC, significantly reducing the unit cost of storing large AI datasets [2] - By 2026, the market penetration rate of QLC SSDs in the Enterprise SSD segment is expected to reach 30% [2] - Companies like Demingli are accelerating their focus on high-capacity, high-performance SSD products, particularly in the enterprise SSD and QLC NAND application areas [2] - Jiangbolong plans to achieve mass production of QLC eMMC products in 2024, leveraging self-developed eMMC controller chips and firmware technology, positioning itself as one of the few companies capable of mass-producing QLC eMMC products [2]