Group 1 - The core viewpoint is that niche storage, particularly in the context of AI demand, is expected to open up new growth opportunities beyond the existing market, with price adjustments for products like MCU and NOR Flash ranging from 15% to 50% [1] - AI demand is anticipated to drive incremental growth in niche storage, with increasing requirements for NOR Flash capacity due to the growth of AI terminal BIOS programs and code volume [1] - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a tightening market for products like MLC NAND Flash, which is projected to see a 41.7% reduction in global capacity by 2026 [2] Group 2 - Domestic manufacturers are positioned strongly in the niche storage market, with companies like Zhaoyi Innovation and Puran achieving significant market shares in NOR Flash and SLC NAND, indicating a competitive advantage as global suppliers exit the niche storage sector [3] - The market share of domestic firms in niche storage is expected to benefit from the ongoing supply constraints caused by the withdrawal of overseas manufacturers, enhancing their competitive position [3] - Investment opportunities are identified in various domestic storage chip design firms and semiconductor equipment companies, highlighting a broad range of potential beneficiaries from the niche storage market dynamics [4]

电子行业 行业研究 | 动态跟踪 投资建议与投资标的 ⚫ 利基存储紧缺持续，AI 需求打开增量空间。相关标的：国内存储芯片设计厂商兆易 创新、普冉股份、聚辰股份、东芯股份、北京君正、恒烁股份等；国产存储模组厂 商江波龙、德明利、佰维存储等；受益存储技术迭代的澜起科技、联芸科技、翱捷 科技等；半导体设备企业中微公司、精智达、京仪装备、微导纳米、拓荆科技、北 方华创等；国内封测企业深科技、汇成股份、通富微电等；配套逻辑芯片厂商晶合 集成等。 风险提示 AI 落地不及预期，技术迭代速度不及预期，国产化进展不及预期 国家/地区 中国 行业 电子行业 报告发布日期 2026 年 01 月 29 日 看好（维持） | 薛宏伟 | 执业证书编号：S0860524110001 | | --- | --- | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 021-63326320 | | 李晋杰 ...