研报 | 原厂产能倾向Server应用，2026年第一季度各类存储器产品价格全面持续上涨

Core Insights - The article highlights a significant increase in DRAM and NAND Flash contract prices due to supply constraints and rising demand from AI server applications, with DRAM prices expected to rise by 55-60% and NAND Flash by 33-38% in Q1 2026 [3][5][4]. DRAM Market Analysis - In Q1 2026, conventional DRAM prices are projected to increase by 55-60%, while HBM blended prices will rise by 50-55% [4]. - The supply-demand gap for DRAM is widening, with U.S. CSPs securing supplies at high prices, leading to a forecasted increase of over 60% in server DRAM prices [5]. - Despite a potential slowdown in PC shipments, DRAM manufacturers are tightening supply to PC OEMs, resulting in higher prices for PC DRAM modules [6]. - The demand for mobile DRAM remains strong despite seasonal weakness, with supply constraints expected to persist, leading to price increases for LPDDR4X and LPDDR5X [6][7]. NAND Flash Market Analysis - The NAND Flash market is driven by AI applications, with enterprise SSD demand expected to surpass mobile applications for the first time in 2026 [8]. - Client SSD prices are anticipated to rise by at least 40% in Q1 2026 due to supply constraints from data center SSDs [8]. - eMMC/UFS demand is showing signs of weakness, with a significant seasonal decline in mobile shipments, although Chromebook demand is growing due to government projects [9]. - NAND Flash wafer prices are expected to continue rising due to limited supply for module manufacturers, as manufacturers prioritize high-margin products [10].