Nvidia(US:NVDA) Orient Securities·2026-01-06 14:13Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [5]. Core Insights - NVIDIA has launched a context memory storage platform for inference, indicating a continuous expansion in AI storage demand. This platform aims to create a new memory layer optimized for inference between GPU memory and traditional storage, supporting long-term AI operations [3][6]. - The bottleneck in AI inference is shifting from computation to context storage, leading to a significant growth in demand for storage chips. As AI models become more complex, the need for high-frequency data access will drive changes in storage architecture [6][7]. - The ongoing shortage of storage capacity presents historic opportunities for domestic storage manufacturers, especially as international competitors may have limited expansion capabilities. Domestic companies like Changxin Technology and Yangtze Memory Technologies are positioned to benefit from this trend [6][7]. Summary by Sections Investment Recommendations and Targets - The report highlights several investment targets in the semiconductor and storage sectors, including: - Semiconductor equipment companies: Zhongwei Company, Jingzhida, Jingyi Equipment, Weidao Nano, Tuojing Technology, and Northern Huachuang [3][7]. - Domestic packaging and testing companies: Deep Technology, Huicheng Co., and Tongfu Microelectronics [3][7]. - Logic chip manufacturers: Jinghe Integration [3][7]. - Companies focusing on edge AI storage solutions: Zhaoyi Innovation and Beijing Junzheng [3][7]. - Companies benefiting from storage technology iterations: Lianqi Technology and others [3][7]. - Domestic storage solution providers: Jiangbolong, Demingli, Baiwei Storage, and Lenovo Group [3][7].