Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, specifically focusing on NAND and SSD sectors driven by AI demand [6]. Core Insights - AI applications are expected to drive a rapid increase in SSD usage, leading to a prolonged boom cycle for both SSD and NAND markets [3][10]. - The global data volume is projected to grow significantly, with active data becoming a larger portion due to AI model applications [19][31]. - The demand for SSDs is anticipated to rise sharply as they meet the high throughput requirements for active data in data centers, surpassing traditional HDDs [10][34]. Summary by Sections 1. AI - The application of AI models is expected to significantly increase the proportion of active data, transforming previously dormant data into frequently accessed data [21][22]. - By 2030, it is estimated that 100% of hot data will be stored on SSDs, reflecting a shift in data storage paradigms [22]. 2. SSD - SSDs are favored for their high read/write speeds and ability to handle high workloads, making them suitable for active data storage in data centers [34][40]. - The power efficiency of SSDs is a significant advantage, especially as data center power demands increase [48][51]. - AI training and inference are driving the development of AI SSDs, which require high performance, large capacity, and energy efficiency [54][56]. 3. NAND - The NAND market is expected to experience a prolonged period of supply-demand imbalance, with limited capital expenditure from leading manufacturers [10][11]. - The concentration of the global NAND market is high, with major players like Samsung, Micron, and SK Hynix focusing on high-bandwidth memory (HBM) rather than expanding NAND production [10][11]. 4. Enterprise SSD - The report highlights several key companies in the semiconductor and storage sectors that are well-positioned to benefit from the ongoing trends, including domestic semiconductor equipment manufacturers and storage module companies [3][13].