海力士指引26年位元需求进一步提升，持续看好本轮存储大周期

Investment Rating - The investment rating for the storage industry is "Positive" and is maintained [11]. Core Viewpoints - According to Hynix's Q3 guidance, the demand for DRAM/NAND Flash bits is expected to further increase in 2026 compared to 2025, driven by the ongoing implementation of AI inference [2][7]. - The storage industry is transitioning from a supply-side production control-driven price increase cycle to a demand-driven supply gap formation under AI demand, indicating a significant industry cycle [2][7]. - The growth logic remains dominant, leading to a positive outlook on the storage industry's certain opportunities [2][7]. Summary by Relevant Sections Demand Side - For HDDs, the AI era is driving continuous expansion in storage demand due to the massive data generation. Nearline HDDs are currently experiencing supply shortages, with delivery times extending beyond 52 weeks [11]. - For DRAM and NAND Flash, the ongoing release of AI inference is leading to a definitive growth in demand for semiconductor storage, including HBM, DDR5, and NAND Flash [11]. Supply Side - In recent years, storage manufacturers have not effectively released large-scale production capacity, focusing instead on AI-related demand, gradually shifting existing capacity towards AI storage [11]. - The core change in this storage cycle is the continuous rise in storage demand driven by AI, transitioning from a supply-controlled price cycle to a demand-driven supply gap formation [11]. Price Outlook - The storage market is expected to see price increases in 2026, significantly driven by strong AI demand, with manufacturers continuing to tilt production capacity towards server products, impacting consumer-grade supply [11]. - TrendForce estimates that storage prices are likely to continue rising in 2026, with more pronounced increases in the first half of the year [11]. Investment Opportunities - The report highlights a positive outlook on the storage industry chain, particularly on module and storage design companies benefiting from demand growth, price cycles, and increasing domestic production rates [11]. - Key targets in the Changxin/Changchun industry chain are also favored under the expansion logic of domestic manufacturers [11].