AI算力需求拉动，存储紧缺持续

Group 1 - The spring market is expected to experience a period of volatility, with a need for adjustment after the initial momentum of the year. The average holding period for A-shares has reached a historical low, indicating excessive trading behavior [1] - The nomination of Kevin Walsh as the Federal Reserve Chairman has led to market pricing in expectations of "QT + rate cuts" and a strong dollar, suggesting a prolonged period of a volatile market before a new upward trend can be established [1] - The AI industry continues to show growth potential, with a transition towards application-level advancements expected in the long term. The recovery of cyclical alpha has not yet reached extreme values, indicating further room for growth [1] Group 2 - TrendForce has significantly revised its forecasts for the first quarter prices of DRAM and NAND Flash products, with conventional DRAM contract prices expected to increase by 90-95% and NAND Flash prices by 55-60% [2] - Despite concerns over consumer electronics demand potentially impacting storage needs, the demand driven by AI computing is becoming dominant, sustaining storage shortages [2] - In the server DRAM segment, major cloud service providers are actively negotiating annual supply agreements, leading to a projected price increase of approximately 90% for the first quarter, marking the highest annual increase on record [3] Group 3 - The demand for high-performance storage devices is expected to exceed expectations due to the expansion of AI application scenarios, with significant order increases for enterprise SSDs anticipated [3] - As traditional storage supply-demand gaps persist, domestic storage manufacturers are under pressure to expand production. Yangtze Memory Technologies has officially registered its third phase, aiming for a 15% share of global NAND flash supply by the end of 2026 [3]