电子：存储价格有望进入上行区间，CUBE替代机遇有望加速

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - Storage prices are expected to enter an upward range, with opportunities for CUBE (Customized Ultra-Bandwidth Components) replacement accelerating [2][3] - Major global companies are significantly increasing capital expenditures, with a projected total of $297.2 billion in 2025, representing a year-on-year growth of 36.8% [3] - NAND Flash manufacturers are actively reducing production to alleviate supply-demand imbalances, which is anticipated to lead to a price rebound [3] - The exit of manufacturers from DDR3/DDR4 competition presents a focus on CUBE replacement opportunities, enhancing performance for edge AI applications [3] Summary by Sections Capital Expenditure - In 2025, Meta, Google, Amazon, and Microsoft are expected to have a combined capital expenditure of $297.2 billion, a 36.8% increase year-on-year [3] - Alibaba plans to invest 380 billion yuan in cloud and AI infrastructure over the next three years, setting a record for domestic private enterprises [3] - Domestic companies Tencent, Baidu, and Alibaba are projected to increase capital expenditures by 19.1% in 2025, reaching $15.42 billion [3] Storage Price Trends - NAND Flash manufacturers have recognized the severe impact of oversupply and are adjusting production strategies to avoid prolonged price declines [3] - Samsung has decided to reduce NAND Flash production by over 10% at its Xi'an factory and is also cutting output at other production lines [3] - TrendForce forecasts a significant improvement in NAND Flash supply-demand structure, with prices expected to rise by 10-15% quarter-on-quarter in Q3 2025 [3] CUBE Opportunities - Major DRAM manufacturers are shifting focus to DDR5 and high-bandwidth memory (HBM), planning to cease DDR3 and DDR4 production in 2025 [3] - CUBE solutions are being introduced to optimize memory technology, offering significant advantages for edge AI computing applications [3] - Recommended companies to watch include storage module manufacturers like Demingli, Jiangbolong, and Bawei Storage, as well as storage chip companies like Zhaoyi Innovation and Beijing Junzheng [3]