中芯国际：存储器、BCD供不应求都在涨价

Core Viewpoint - The outlook for 2026 indicates that the return of the supply chain overseas and the replacement of old products by domestic customers will continue to provide growth opportunities for the domestic industry chain [1] Group 1: Market Dynamics - Strong demand for artificial intelligence is squeezing the supply of storage chips for mid-to-low-end applications, leading to supply shortages and price increases for terminal manufacturers [1] - Terminal manufacturers may raise prices to offset rising costs, which could result in decreased demand for end products [1] - Orders for mid-to-low-end products are decreasing, while orders related to AI, storage, and mid-to-high-end applications are increasing [1] Group 2: Company Positioning - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [1] - The company will prioritize support for iterative products in R&D, engineering, and capacity to stabilize product prices and enhance control over average selling prices (ASP) [1] Group 3: Pricing Trends - Prices for storage and BCD are increasing due to supply shortages, while prices for stable categories like CIS and LCD Drivers have stabilized [1] - Prices for new, competitive products are rising, while prices for non-iterative standard products are expected to decline [1]