研报 | 4Q25 DRAM价格延续涨势，服务器需求提前发酵、旧制程产品涨幅仍较大

Core Insights - The article discusses the current trends in the DRAM market, highlighting the price increases for various types of DRAM due to supply constraints and shifting demand towards high-end applications [2][4][6]. DRAM Price Trends - Overall Conventional DRAM prices are expected to increase by 8-13% in Q4 2025, while HBM blended prices are projected to rise by 13-18% [2][3]. - The demand for Server DRAM is anticipated to grow significantly in 2026, with major US CSPs planning to start procurement earlier to secure supply [4][5]. Segment Analysis - PC DRAM: Prices are expected to rise slightly due to limited supply as manufacturers shift capacity to Server DRAM. However, overall PC DRAM procurement is projected to decrease due to reduced OEM shipments [4][5]. - Mobile DRAM: LPDDR4X prices are forecasted to increase by over 10% in Q4 2025 due to supply constraints, while LPDDR5X is also expected to maintain an upward price trend [6]. - Graphics DRAM: GDDR7 prices are set to rise significantly due to strong demand from the market, particularly for NVIDIA's RTX6000 series, while GDDR6 prices will also increase but at a slower rate [6]. - Consumer DRAM: Supply remains limited, and while prices are expected to rise, the demand from buyers has slowed down after significant price increases in the previous quarter [7].