Micron Technology(US:MU) Yong Xing Zheng Quan·2025-06-17 10:49Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The report highlights a positive outlook for the HBM industry chain, driven by the rapid development of advanced computing chips and the semiconductor cycle recovery led by storage [4] - NAND flash demand is expected to increase significantly due to AI data centers, with Kioxia planning to double its production capacity by FY2029 [1][28] - DRAM prices are anticipated to continue rising in Q3 2025, with a reported average increase of 10.50% across 18 product categories [2][28] Summary by Sections NAND Market - Kioxia aims to double its NAND production capacity within five years to meet the growing demand from AI data centers, with current NAND prices showing a weekly fluctuation of -2.86% to 5.14% [1][28] - The supply of old process DRAM resources remains tight, leading to price increases for various memory products [3][28] DRAM Market - DRAM prices have shown a significant upward trend, with an average increase of 10.50% last week, and all monitored product categories experienced price rises [2][28] - Tenxun is optimistic about DRAM price increases continuing into Q3 2025, driven by stable demand from AI and industrial applications [2][28] HBM Market - Micron has delivered samples of its 36GB 12-layer HBM4, which is set to enter mass production in 2026, featuring over 60% performance improvement compared to the previous generation [2][29] - The HBM industry is expected to benefit from increased demand for computing chips, with several companies recommended for investment, including Saiteng Co., Yishitong, and Lianrui New Materials [4] Investment Recommendations - The report recommends focusing on companies benefiting from the HBM industry's growth and the recovery of the semiconductor cycle, including Dongxin Co. and Zhaoyi Innovation [4]