国泰海通｜电子：存储产业链的“通胀”投资机会

Core Viewpoint - The introduction of NVIDIA's inference context memory storage platform is expected to intensify the supply tightness in the storage market, with NAND and DRAM contract prices projected to increase significantly in Q1 2026 [1][3]. Group 1: NVIDIA's Impact on Storage - NVIDIA's new AI platform, Rubin, integrates six chips and is designed to enhance storage capacity, achieving a fivefold increase in long-context inference performance, total cost of ownership (TCO), and energy efficiency [2]. - The AI-native storage platform, NVIDIA's inference context memory storage, serves as a key-value (KV) cache layer, further driving the demand for storage solutions [2]. Group 2: Market Predictions - According to TrendForce, the global server market is expected to peak in 2026, leading to increased demand for Enterprise SSDs, which will become the largest application for NAND Flash [3]. - The limited production capacity of suppliers is expected to deepen the supply tightness, resulting in a projected increase of 55%-60% for general DRAM contract prices and 33%-38% for NAND prices in Q1 2026 [3]. Group 3: Longsys Technology's IPO and Growth - Longsys Technology's IPO is anticipated to further expand its capital expenditures, as it is the largest and most advanced DRAM R&D and manufacturing enterprise in China [4]. - The company has successfully transitioned from first-generation to fourth-generation process technology and has a comprehensive product range from DDR4 to DDR5 [4]. - Longsys Technology's fixed asset investments from 2022 to the first half of 2025 are projected to increase significantly, with a planned fundraising of 29.5 billion yuan through its IPO [4].