Core Insights - The explosive growth in AI computing power demand is creating historic opportunities for storage chips, which are essential components in the semiconductor industry and represent a significant portion of the global chip market [1][3]. Industry Overview - The Chinese storage chip market is projected to exceed 1.5 trillion yuan by 2025, with a surge in demand for high-end storage products like HBM and DDR5 [1]. - AI model training is driving exponential increases in memory bandwidth requirements, with Nvidia's H100 AI server needing 640GB of HBM and 2TB-4TB of DDR5, leading to a projected HBM market size of $30 billion by 2025, accounting for 28% of the global DRAM market [3]. Policy Support - China's "14th Five-Year Plan" identifies storage chips as a key area for breakthroughs, with the National Big Fund Phase III focusing on advanced processes and storage technologies to support local companies like Yangtze Memory Technologies and Changxin Memory Technologies [3]. Market Trends - Historical trends show that technological revolutions create new demands that benefit core component suppliers first, as seen in the 5G commercialization and the electric vehicle revolution [3]. Company Analysis - **GigaDevice**: A leader in the global NOR Flash market and automotive DRAM, producing a full range of storage chips with clients including Samsung, Apple, and Huawei [5]. - **Lanqi Technology**: A global leader in memory interface chips, with over 50% market share in DDR5 interface chip shipments and recognized by Intel [5]. - **Jiangbolong**: A leader in storage module packaging and testing, with a partnership with SanDisk to develop 218-layer 3D flash memory technology, achieving a 200% year-on-year revenue increase in enterprise storage products by Q1 2025 [6]. - **Yangtze Memory Technologies**: Engaged in traditional storage and computing industry, focusing on enterprise SSDs, server manufacturing, and AI glasses [8]. - **Confidential Storage Chip Company (Code: 666XXX)**: Specializes in HBM and DDR5 development, with core technologies in 3D stacking and hybrid bonding, expected to see an 80% revenue growth by 2025 and a net profit margin increase to 25% [10].