Group 1 - The Bank of Japan is expected to raise interest rates by 25 basis points on the 19th of this month, with limited impact on global liquidity due to previous rate hikes since March last year [1] - The most dangerous phase of liquidity shock has passed, as the futures market has already closed the most active "carry trade" positions, and the Federal Reserve's expansionary policy is stabilizing market liquidity expectations [1] - Concerns about the "AI bubble" in the US stock market and the overall vulnerability of the market may lead to a liquidity shock triggered by the yen's interest rate hike [1][2] Group 2 - The technology sector in the US stock market may experience adjustments that could prompt the Federal Reserve to resume quantitative easing, leading to a quick recovery in capital markets [2] - The outlook for major asset allocation remains positive for gold and RMB assets, driven by China's expanding export surplus and the potential for the Federal Reserve to restart interest rate cuts, which will support the long-term appreciation of the RMB [2] Group 3 - The optical fiber and cable industry is showing signs of recovery, with prices entering an upward channel, as retail prices for scattered fibers have rebounded by approximately 15%-20% [3] - The demand for high-value products such as multimode and ultra-low loss fibers is surging due to the explosion of AI computing power, leading manufacturers to shift capacity towards high-end products [3][4] - The growth in overseas demand is driving a strong "volume and price increase" trend in exports, with export values for optical rods, fibers, and cables expected to grow by over 50% year-on-year by October 2025 [3] Group 4 - Domestic manufacturers are maintaining restraint in expanding core optical rod capacity due to previous years of capacity clearing and management, which will limit short-term supply amid rapidly increasing demand [4] - The mismatch between supply and demand in the context of sustained demand growth will support continued price increases in the optical fiber industry [4]

Core Viewpoint - Micron Technology has announced its exit from the consumer storage brand Crucial, effective March 2026, to reallocate resources towards enterprise and AI-driven markets, reflecting a strategic shift in response to the explosive growth in data center demand driven by AI [2][6]. Group 1: Company Strategy and Market Position - Micron is one of the top three memory manufacturers globally, holding a 25.7% market share in DRAM and 14.2% in NAND as of Q3 2025 [3]. - The decision to exit the consumer storage market is seen as increasing uncertainty in the consumer segment, while the major players like Samsung and SK Hynix benefit from rising prices in the memory market [3][6]. - Micron's revenue for Q4 FY2025 reached $11.32 billion, a 46% year-on-year increase, with a gross margin of 45.7%, up 9.2 percentage points [4]. Group 2: Market Dynamics and Trends - The demand for high-bandwidth, low-power memory products has surged due to the rise of AI applications, prompting major manufacturers to shift their focus towards high-value products like HBM and DDR5 [6][7]. - The current price increase in memory chips is driven by a structural shift in demand, primarily due to AI server investments, which is expected to continue into 2026 [6][8]. - The supply of mature memory products like DDR4 is anticipated to remain tight until at least mid-2026, as manufacturers prioritize advanced process technologies [7][8]. Group 3: Impact on the Domestic Market - The exit of major players from the consumer storage segment creates opportunities for domestic memory manufacturers to fill the supply gap, potentially gaining market share [10][11]. - Companies like GigaDevice have already begun to benefit from the strategic shift of larger firms, with their DRAM business showing significant recovery in profitability [10][11]. - Recent advancements in domestic memory products, such as the launch of DDR5 series by ChangXin Memory, indicate a competitive shift in the market landscape [11].