Investment Rating - The report maintains a "Buy" recommendation for the semiconductor storage industry, highlighting a new storage supercycle driven by enterprise demand growth [3]. Core Insights - The semiconductor storage industry is experiencing a significant price increase across both DRAM and NAND Flash segments, driven by strong enterprise demand and supply optimization [7][10]. - AI server requirements are reshaping the storage landscape, leading to innovations and increased demand for high-capacity storage solutions [8][9]. Summary by Sections 1. Enterprise Demand Growth and Price Increases - DRAM prices are expected to rise significantly in Q4 2025 due to a recovery in server construction momentum and increased demand for DDR5 products [13][17]. - NAND Flash prices are also on the rise, with a forecasted average increase of 5-10% in Q4 2025, driven by supply optimization and growing enterprise demand [19][26]. 2. Impact of AI Servers on Storage Requirements - The expansion of cloud service providers' capital expenditures is expected to exceed $420 billion in 2025, driven by the rapid growth of AI server demand [27][28]. - The application of low-power memory, such as LPDDR5X, is becoming crucial for data centers to manage energy consumption while meeting high-performance requirements [39][40]. 3. Related Companies - Key companies to watch include Jiangbolong, Demingli, and Zhaoyi Innovation, which are positioned to benefit from the rising demand in the storage sector [10][11].