Investment Rating - The industry investment rating is maintained as "Add" [7] Core Views - The report highlights the expected increase in 1Tb NAND supply in the second half of 2025 due to some manufacturers shifting production to advanced processes [1] - Micron has made significant progress in the 1-gamma DRAM technology node, with a notable increase in yield rates [2] - AMD's new MI350 series AI chips feature HBM3E memory capacity that is 1.6 times that of NVIDIA's GB200/B200, indicating competitive advancements in AI workloads [3] - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices remain stable due to market rationalization [4] Summary by Sections NAND Market - CFM reports that some NAND manufacturers are transitioning to advanced processes, which is expected to increase 1Tb NAND supply starting in the second half of 2025. Last week, NAND spot prices varied from 0.00% to 3.82%, with an average change of 1.56% [1][28] DRAM Market - Micron has achieved significant advancements in the 1-gamma DRAM technology node, with yield improvements surpassing previous records. The spot prices for DRAM increased by an average of 9.19% last week, with a range of 0.14% to 24.70% [2][28] HBM Market - AMD's MI350 series GPUs, designed for AI workloads, feature up to 288GB of HBM3E memory and 8TB/s memory bandwidth. The MI355X model has a memory capacity 1.6 times that of NVIDIA's comparable models, showcasing AMD's competitive edge [3][29] Market Trends - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices are stabilizing as the market becomes more rational. The overall supply situation remains challenging, with DDR4 memory delivery times still extended [4][30] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain benefiting 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 [5]