存储芯片行业周度跟踪：美光科技在新加坡兴建HBM先进封装厂，存储现货市场整体成交较为一般

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, with current spot prices showing mixed trends [1][23] - DRAM prices have also shown a slight decline, with an average drop of 0.09% last week, and a forecasted decrease of 8-13% in contract prices for Q1 2025 [2][23] - Micron Technology is investing approximately $7 billion in a new HBM advanced packaging facility in Singapore, expected to start operations in 2026, to meet the growing demand from AI applications [2][25] Summary by Sections 1. NAND Flash Market - According to TrendForce, the average contract price for NAND Flash is projected to decrease by 10-15% in Q1 2025 due to rising inventory and declining order demand [1][23] - Spot prices for 22 NAND categories showed a weekly fluctuation between -0.65% and 1.25%, with an average change of 0.12% [1] 2. DRAM Market - Kioxia has developed a new OCTRAM technology, which is a type of 4F² DRAM that significantly reduces leakage current and power consumption [2][23] - The average spot price for DRAM showed a slight decline, with 18 categories experiencing a price fluctuation between -2.16% and 1.09% [2] 3. HBM Market - Micron's new HBM facility in Singapore is the first of its kind in the region and aims to enhance production capacity to support AI growth [2][25] - The HBM4 technology is expected to outperform HBM3E by over 50% in terms of performance, with mass production anticipated in 2026 [25] 4. Market Conditions - The overall spot market for storage is experiencing weak transactions, with price reductions in SSDs and memory modules due to aggressive pricing strategies from some manufacturers [3][22] - The embedded market is facing an oversupply, leading to price adjustments for large-capacity embedded and LPDDR 4X products [3][22] 5. Investment Recommendations - The report suggests focusing on companies benefiting from the rapid development of advanced computing chips in the HBM supply chain, such as Saiteng Co., Yishitong, and others [4] - For storage chips, companies like Dongxin Co. and others are recommended due to expected price recovery driven by supply-side dynamics and AI demand [4]