存储狂潮！高盛1月渠道调查：DRAM价格近期面临强劲上涨

Group 1: Market Sentiment and Price Dynamics - Goldman Sachs' January 2026 DRAM market sentiment indicator signals a strong "buy" and indicates an impending price surge due to a significant premium of 172% for DDR4 spot prices over contract prices, which is historically unsustainable [1][4] - The current market pricing is severely misaligned, necessitating a substantial adjustment in contract prices as DDR5 spot prices have also begun to rebound significantly since early 2026 [2][4] Group 2: Demand and Revenue Growth - Demand for AI servers continues to accelerate, with hardware demand increasing due to a rise in rack-level AI server shipments, evidenced by Taiwanese ODM manufacturers reporting explosive revenue growth, such as Nanya Technology's revenue soaring by 445% [3][4] - The server market has shown consistent high growth, with December server ODM monthly revenue increasing by 94% year-on-year, marking the 13th consecutive month of over 50% year-on-year growth [4][5] Group 3: Company Outlook and Valuation - Goldman Sachs maintains a "buy" rating for Samsung Electronics and SK Hynix, citing extreme spot price premiums and ongoing revenue surges from ODMs as indicators of a "super cycle" in the storage industry [6][8] - Target prices are set at 180,000 KRW for Samsung Electronics and 700,000 KRW for SK Hynix, with expectations of a 50% quarter-on-quarter increase in DRAM average selling prices for Q1 2026 [8]