存储芯片行业周度跟踪：NAND大厂或减产稳价，存储现货行情平稳

Investment Rating - The industry investment rating is "Maintain Accumulate" [6] Core Viewpoints - NAND flash memory is currently in oversupply, leading major manufacturers like Samsung, SK Hynix, and Micron to plan production cuts in 2025 to stabilize prices. Recent data shows that the price fluctuations for 22 types of NAND particles ranged from -1.23% to 2.50%, with an average change of 0.42% [1][23] - The DRAM market is expected to begin recovering in the second quarter of 2025, as indicated by Nanya Technology's management, who noted a shift in customer attitudes due to regional economic stimulus measures [2][24] - The overall storage market is in a consolidation phase, with trading activity being relatively subdued. Despite manufacturers implementing production adjustments, the market remains in a state of supply-demand imbalance, leading to price declines in most applications except for AI servers [3][23] Summary by Sections NAND Market - Major manufacturers are planning production cuts in 2025 to address the oversupply of NAND flash memory, with a focus on stabilizing prices. The current market faces challenges, particularly in non-enterprise SSD segments, where demand is lower than expected [1][23] DRAM Market - Nanya Technology anticipates a recovery in the DRAM market starting in Q2 2025, supported by positive customer sentiment following economic stimulus initiatives. Recent price changes for 18 DRAM types showed fluctuations between -1.07% and 1.36%, with an average change of 0.09% [2][24] HBM Market - Micron plans to ramp up production of advanced HBM processes in Taiwan, with expectations for the HBM4 generation to begin production in 2026. This growth is driven by strong demand from AI applications [2][25] Investment Recommendations - The report suggests focusing on the HBM industry chain, which is expected to benefit from the rapid development of advanced computing chips. Recommended companies include Saiteng Co., Yishitong, Lianrui New Materials, and Huahai Chengke. For storage chips, companies like Dongxin Co., Zhaoyi Innovation, Hengsuo Co., and others are highlighted as potential investments [4][29]