1月25日，据韩国媒体报道，三星电子在今年第一季度将NAND闪存的供应价格上调了100%以上，这一 涨幅远超市场此前预期，凸显了当前半导体市场严重的供需失衡现状。 报道称，三星已于2025年年底完成与主要客户的供应合同谈判，1月起正式实施新价格体系，目前已启 动二季度价格谈判，市场普遍预计涨势将延续。这一消息标志着存储行业全面进入涨价上行周期，对全 球半导体产业链及A股相关标的将产生深远影响。 招商证券表示，截至2026年1月，全球存储产业（以SSD/NANDFlash为主，兼顾DRAM）正处在一轮明 显的涨价上行期，与过去"消费旺季—补库存"式的短周期波动不同，本轮更像结构性紧缺。 此次NAND涨价并非孤立事件，核心源于供需两端的剧烈失衡。需求端，AI技术的爆发式增长成为核心 驱动力，生成式AI向代理型系统进化带来海量数据存取需求，显著推升高IOPS企业级SSD需求；同 时"端侧AI"落地倒逼手机、PC等终端升级高容量存储。 供给端，头部厂商此前投资保守，未进行大规模扩产，叠加制程升级带来的产能置换效应，有效供给严 重不足。东方证券指出，AI需求推动下，NAND与SSD供不应求有望持续，行业供需缺口短期内难 ...

Summary of Conference Call on Storage Sector Investment Opportunities Industry Overview - The NOR Flash market is experiencing a price increase, primarily in mid-to-large capacity products, with major companies in mainland China issuing price hike notifications, expecting a rise of approximately 10% in Q3 driven by demand from emerging markets such as AI PCs, AI servers, and AI headphones [1][3] Key Companies and Their Performance - **Zhaoyi Innovation**: As the second-largest NOR Flash supplier globally, the company is set to benefit directly from the price increase in mid-to-large capacity products. Its MCU and DRAM product lines are also showing continuous growth in revenue and gross margin [1][4] - **Puran**: Holds a significant share in the NOR Flash market, with mid-to-large capacity products accounting for 30% of its portfolio. The company is expected to benefit further if prices for small-to-medium capacity NOR Flash also rise in the second half of the year, and it is actively expanding its MCU product line for diversification [1][4] - **Dongxin**: Recently launched high-performance graphics cards and expanded into the GPU sector. Its main revenue sources include SSD NAND Flash, DRAM, and NOR products, which will benefit from rising storage prices [1][4] - **Hengsuo**: Focuses on NOR Flash capacities ranging from 32MB to 128MB, positioning itself to benefit from future price increases [1][5] Domestic IC Design Companies - Domestic IC design companies are expected to gradually improve revenue and gross margins this year, effectively restoring net profits. For instance, Zhaoyi Innovation is expanding its market through customized storage solutions in collaboration with AI-related clients, while Puran is diversifying by expanding its MCU product line. Dongxin is enhancing its competitiveness by moving from storage to GPU, and Hengsuo is expected to achieve revenue growth by focusing on the small-to-medium capacity NOR Flash market [1][6] Storage Module Companies - Storage module companies such as Jiangbolong, Demingli, Baiwei, and Xiangnong are anticipated to realize revenue and profit during the ongoing price decline of DRAM and NAND Flash in Q3. These companies are expected to capture market demand changes to achieve business growth, making them noteworthy during the current cyclical upturn [2][7] Investment Opportunities - The current investment opportunities in the storage sector highlight Zhaoyi Innovation, Puran, Dongxin, and Hengsuo as key companies to watch. Each company is positioned to benefit from the ongoing price increases and market demand shifts [1][4]