Accessible version Weekly theme: DDR5 rally, Rubin memory up 2.5x, Samsung's HBM3e, China's upside Industry Overview DDR5 spot-price up 10% this week, hitting a new high It was a surprise to see a 10% spot-price rally in 16Gb DDR5 (legacy DDR4 8Gb also up 6%) this week, hitting a new record high (near-US$7 vs 2023-2024 low: US$4). DDR5 price recovery has been very gradual YTD, posting only 1-2% WoW. We believe three catalysts drove the sudden increase: (1) stronger demand (memory content increase and replac ...

Group 1 - The People's Bank of China maintains the 7-day reverse repurchase rate and the Medium-term Lending Facility (MLF) rate unchanged, indicating a steady approach while observing external monetary easing and domestic inflation recovery [2] - Global economies are showing resilience against tariff impacts, with manufacturers adapting through production shifts, price adjustments, and inventory management, suggesting a potential return to demand-driven fundamentals if policy expectations stabilize [3] - China's rare earth magnet exports reached a seven-month high in August, increasing by 10.2% month-on-month to 6,146 tons and 15.4% year-on-year, supported by demand from the new energy vehicle and wind power sectors [4] Group 2 - Oil prices have risen temporarily due to geopolitical risks, but institutions predict potential oversupply in Q4 and 2026, creating downward pressure on long-term prices, with short-term dynamics influenced by geopolitical factors and inventory levels [5] - Huawei unveiled its AI chip and computing roadmap, introducing the Ascend 950, 960, and 970 series, along with the Atlas computing platform, highlighting breakthroughs in self-developed high-bandwidth storage [6] - Volkswagen Group has set aside approximately €5.1 billion to address delays in Porsche's electric vehicle launches, reflecting adjustments in the automotive industry's transition to new energy vehicles amid global demand slowdown and increased competition in China [7] Group 3 - BYD has implemented new payment norms for suppliers, committing to complete acceptance within three working days and payment within 60 days, aimed at alleviating cash flow pressures in the supply chain and stabilizing supplier engagement [8]