研报 | AI服务器需求支撑2026年第二季度存储器合约价上行，CSP借长期协议锁定供货

Core Viewpoint - The article highlights a significant increase in DRAM and NAND Flash prices in Q2 2026, driven by shifts in production capacity and strong demand from AI and server applications, despite some risks in end-market demand [2][4][7]. DRAM Market Insights - Conventional DRAM contract prices are expected to increase by 58-63% in Q2 2026, following a 93-98% increase in Q1 2026 [3][4]. - Manufacturers are reallocating production capacity towards server-related applications, leading to a tightening supply and upward price trends, even as some end-market demand faces downward adjustments [4][5]. - The demand for PC DRAM remains supported due to low supply fulfillment rates, prompting PC OEMs to increase prices for procurement [5][6]. NAND Flash Market Insights - NAND Flash prices are projected to rise by 70-75% in Q2 2026, following an 85-90% increase in Q1 2026, driven by AI and data center demands [3][4]. - The supply of NAND Flash is being directed towards enterprise SSDs, while consumer applications are reducing capacity due to price pressures [4][7]. - Despite weak PC demand, expectations for rising client SSD prices and concerns over supply being fully absorbed by server applications are driving inventory replenishment needs [7]. eMMC/UFS and Other Segments - The eMMC/UFS segment is experiencing a price increase due to stable demand from flagship smartphones and slight recovery in automotive and industrial applications [8]. - The supply gap in eMMC/UFS is significant, leading to price hikes, while retail market demand for flash memory products continues to decline under pricing pressure [8].