存储芯片行业周度跟踪：集邦咨询预计25Q1 NAND平均合约价降10~15%，TechInsights预计2025年HBM出货量同比增长70%

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6]. Core Insights - NAND Flash average contract prices are expected to decline by 10-15% in Q1 2025 due to rising inventory and decreasing order demand [1][21]. - DRAM prices showed mixed trends, with an average fluctuation of -2.24% to 1.43% in the last week, while new OCTRAM technology was developed by Kioxia to reduce power consumption [2][22]. - HBM shipments are projected to increase by 70% year-on-year in 2025, driven by the growing demand from AI and data-intensive applications [3][24]. Summary by Sections NAND Market - According to TrendForce, NAND Flash average contract prices are forecasted to drop by 10-15% in Q1 2025, with a challenging market environment due to high inventory and low demand [1][21]. - The spot prices for 22 NAND products varied between -1.79% and 3.08%, with an average change of 0.47% [1]. DRAM Market - The DRAM market experienced an average price fluctuation of -2.24% to 1.43% last week, with 7 products increasing in price and 9 decreasing [2]. - Kioxia announced the development of OCTRAM technology, which utilizes oxide semiconductor transistors to significantly reduce leakage current and power consumption [2][22]. HBM Market - TechInsights predicts a 70% year-on-year growth in HBM shipments in 2025, primarily due to the increasing reliance on high bandwidth memory in AI and data center applications [3][24]. - The growth in HBM demand is expected to reshape the DRAM market, with manufacturers prioritizing HBM production over traditional DRAM products [3][24]. Investment Recommendations - The report maintains a positive outlook on the HBM industry chain, benefiting from the rapid development of advanced computing chips, and suggests focusing on companies like Saiteng Co., Yishitong, and Lianrui New Materials [4]. - For the storage chip sector, the report recommends East China Semiconductor and suggests paying attention to companies like Zhaoyi Innovation and Hengshuo Co. due to expected recovery driven by supply-side price increases and rising demand from AI applications [4].