存储价格跟踪：现货市场整体维持平淡，部分低容量嵌入式产品价格上涨

Investment Rating - The industry investment rating is "Outperform the Market (Maintain)" [1] Core Viewpoints - The overall spot market for storage remains flat, with some low-capacity embedded product prices increasing due to supply shortages and rising demand [1] - The demand for new products in the consumer market has been delayed, but AI terminals may drive a market recovery [1] Summary by Sections Section 1: Storage Spot Market - The storage spot market remains flat, with some low-capacity embedded product prices increasing. The DXI index for DRAM prices rebounded from 38981.99 on November 29 to 40543.40 on December 9 [10][12] - Flash wafer prices remain unchanged, while DDR4 16Gb eTT prices decreased to $1.90, with other DDR prices stable [13] - The channel market for SSDs and memory sticks remains unchanged, with low-price resources still in short supply [17] - The industry market for SSDs and memory sticks also remains unchanged, with no significant demand changes as the year-end approaches [17] Section 2: Consumer Market Demand - The revenue of major storage manufacturers in Taiwan showed improvement in November compared to the previous month, but year-on-year comparisons remain lower [38] - Companies like Phison Electronics reported a steady growth in demand for high-capacity NAND storage modules, while Nanya Technology expects a slight improvement in operational conditions [39] - Winbond Electronics noted stable order conditions driven by new gaming and console demands, while the overall PC application demand is expected to recover in 2024 [41][42] - Adata's revenue in November showed a year-on-year decrease, but the company remains optimistic about the storage market in 2025 due to AI demand [46] Section 3: Embedded Market - The low-capacity eMMC prices have slightly increased due to demand from POS machines and ongoing supply shortages, while high-capacity eMMC and UFS prices have slightly decreased due to low stocking intentions [25] - The LPDDR market is experiencing significant price drops due to intense competition among low-capacity products [25]