存储行业跟踪：AI驱动需求增长，看好本轮存储周期持续性

Investment Rating - The report maintains an "Overweight" rating for the storage industry [2] Core Views - The demand for storage is expected to grow due to AI-driven needs, with a continuation of the current storage cycle [4] - Prices for DRAM and NAND are projected to rise, with significant increases announced by major manufacturers [2] - Supply constraints are evident as overseas manufacturers adjust production capacity, leading to potential shortages [3] Summary by Sections Price Outlook - Since September, a new round of price increases has been initiated in the storage sector, with SanDisk raising NAND product prices by over 10% and Western Digital planning to increase HDD prices [2] - For Q4 2025, DRAM prices are expected to rise by 15% to 30%, while NAND prices are projected to increase by 5% to 10% [2] Supply Dynamics - Major manufacturers like Micron, Samsung, and SK Hynix are implementing production cuts due to weak NAND demand and price pressures [3] - There is a shift in production focus from traditional DRAM to higher-margin products like DDR5 and HBM, indicating a strategic realignment in response to market conditions [3] Demand Drivers - The demand for SSDs is increasing due to a shortage of HDDs, driven by AI applications requiring high-speed data processing [4] - The North American market is experiencing a significant increase in server NAND demand as HDD supply tightens [4] - Server DRAM demand is expected to grow rapidly, particularly for DDR5 products, with CSPs projected to significantly increase their DRAM procurement by 2026 [4] - The HBM market is forecasted to maintain a compound annual growth rate of 33% until 2030, potentially surpassing DRAM revenue [4] Investment Recommendations - The report suggests focusing on companies such as Zhaoyi Innovation, Demingli, Baiwei Storage, and Purun Co., as they are well-positioned to benefit from the ongoing trends in the storage industry [6]