产业咨询机构集邦咨询今日发布最新研报也显示： 今日（1月5日），据《韩国经济日报》援引行业匿名人士消息，三星电子与SK海力士计划在2026年第 一季度将服务器DRAM价格较2025年第四季度提升60%至70%。报道称，两家公司同时向个人电脑与智 能手机DRAM客户提出了相近幅度的涨价方案。 此次提价策略基于企业对市场需求持续走强的预判。据悉，三星与SK海力士坚持采用季度合约而非长 期协议，以灵活适应价格变动。行业预计，在AI算力需求爆发及数据中心投资扩大的推动下，DRAM 价格有望在2027年前保持逐季度阶梯式上涨的态势。 今日（1月5日），据《韩国经济日报》援引行业匿名人士消息，三星电子与SK海力士计划在2026年第 一季度将服务器DRAM价格较2025年第四季度提升60%至70%。报道称，两家公司同时向个人电脑与智 能手机DRAM客户提出了相近幅度的涨价方案。 产业咨询机构集邦咨询今日发布最新研报也显示： 此次提价策略基于企业对市场需求持续走强的预判。据悉，三星与SK海力士坚持采用季度合约而非长 期协议，以灵活适应价格变动。行业预计，在AI算力需求爆发及数据中心投资扩大的推动下，DRAM 价格有望在202 ...

手机品牌即便在淡季对存储器需求不强，然因Mobile DRAM供给紧缩情况难在短期内改善，且未来数季合约价可能再升高，品牌于第一季维持较强拉货 力道。预计LPDDR4X、LPDDR5X皆呈现供不应求、资源分配不均情况，价格走强。 根据TrendForce集邦咨询最新调查，2026年第一季由于DRAM原厂大规模转移先进制程、新产能至Server、HBM应用，以满足AI Server需求，导致其他市 场供给严重紧缩，预估整体一般型DRAM(Conventional DRAM)合约价将季增55-60%。NAND Flash则因原厂控管产能，和Server强劲拉货排挤其他应用， 预计各类产品合约价持续上涨33-38%。 | | 4Q25 | 1Q26E | | --- | --- | --- | | Total DRAM | Conventional DRAM: up 45~50% HBM Blended: up 50~55% | Conventional DRAM: up 55~60% HBM Blended: up 50~55% | | Total NAND Flash | up 33~38% | up 33~3 ...

Jan. 5, 2026 产业洞察 根据Tr e n dFo r c e集邦咨询最新调查，2 0 2 6年第一季由于DRAM原厂大规模转移先进制程、新产 能至Se r v e r、HBM应用，以满足AI Se r v e r需求，导致其他市场供给严重紧缩， 预估整体一般 型 DRAM(Conv enti ona l DRAM) 合 约 价 将 季 增 5 5 - 6 0% 。 NAND Fl a s h 则 因 原 厂 控 管 产 能 ， 和Se r v e r强劲拉货排挤其他应用，预计各类产品合约价持续上涨3 3 - 3 8%。 | | 4Q25 | 1Q26E | | --- | --- | --- | | Total DRAM | Conventional DRAM: up 45~50% HBM Blended: up 50~55% | Conventional DRAM: up 55~60% HBM Blended: up 50~55% | | Total NAND Flash | up 33~38% | up 33~38% | 由于北美CSP业者加码AI基础建设，2 0 2 6年全球Se r v e ...

近日，越南的一位网友在社交媒体"脸书"上曝光了一起让无数硬件爱好者心碎的"惨案"。12月16日，一位名为"Dũng Hoàng"的越南网友在社交媒体上哭诉， 家中10岁的儿子将自己囤积的一整箱（50块）三星固态硬盘全部掰坏了。 Dũng Hoàng还随文配上了一张令人触目惊心的照片：桌面上整齐地码放着几十块被严重弯曲的SSD。他在帖文中绝望地写道，自己刚刚进货了一整盒三星 SSD，正准备在硬件价格上涨的行情下销售，结果被10岁的儿子拿去当成了玩具，直接经济损失可能高达1亿越南盾（在当前汇率下约合人民币2.9万元）。 面对一片狼藉，这位网友崩溃地自嘲称自己是"世界上最惨的爸爸"，并控诉道："真是个逆子，不揍他一顿都说不过去。" 在国际存储价格持续上扬的背景下，这位网友的经历显得格外引人注目。日前，金士顿数据中心SSD业务经理Cameron Crandall在一档博客节目中警告称， 未来30天NAND Flash短缺将明显加剧，SSD价格将在当前基础上进一步上涨。他直言道，这波涨价幅度在其任职金士顿的29年里前所未见。 他表示，NAND价格自2025年第一季度以来已暴涨246%，其中约70%的涨幅集中在最近60天 ...

(一)半导体存储 存储行业迎来上行周期，AI驱动供需失衡推动价格进入超级周期。本轮存储上行周期的核心驱动力是 AI算力基础设施的爆发性需求，特别是AI服务器对存储的用量是普通服务器的数倍，带动HBM、 DDR5、企业级SSD等高性能存储需求激增。在供给端，三大原厂(三星、SK海力士、美光)将产能优先 分配给高利润的HBM和DDR5等领域，导致用于传统服务器和消费电子的DDR4等成熟制程产品产能被 挤压，供应紧张。同时，全球存储供应商的库存水平已降至历史低位。在需求端，AI推理应用普及使 得"冷数据"和"温数据"的调用需求增加，进一步推动了对大容量SSD的需求，QLCSSD因其高密度和成 本优势正在加速替代传统HDD。受益标的：(1)存储模组：香农芯创、江波龙、佰维存储、德明利等;(2) 存储芯片：兆易创新、澜起科技、东芯股份、普冉股份等。 (二)半导体测试设备 智通财经APP获悉，东兴证券发布研报称，AI逻辑正在不断强化：①算力需求快速增长，在生成式人工 智能蓬勃发展的推动下，算力行业维持高景气。②AI芯片崛起，端侧AI领域百花齐放。③AI工作负载 的指数级增长正在增加数据中心的功率需求。该行建议沿着AI创新 ...

Group 1: NAND Flash Market Dynamics - The supply of NAND Flash wafers is tightening, with contract prices for some products increasing by over 60% in November 2025 due to strong demand from AI applications and enterprise SSD orders [2] - The top five NAND Flash brands reported a 16.5% quarter-over-quarter revenue increase in Q3 2025, approaching $17.1 billion, driven by robust demand for enterprise SSDs and improved average selling prices [3][4] - The average monthly price increase for various NAND Flash products reached between 20% to over 60%, indicating a rapid price surge across all capacity segments [2] Group 2: Smartphone Production Trends - Global smartphone production increased by 9% quarter-over-quarter in Q3 2025, reaching 328 million units, driven by the traditional peak season and new product launches [5][6] - Samsung led the smartphone market with a production of 63 million units, followed by Apple with 57 million units, reflecting a competitive landscape among major brands [6] Group 3: Enterprise SSD Market Growth - The enterprise SSD market experienced significant growth in Q3 2025, with the top five brands achieving a 28% quarter-over-quarter revenue increase, totaling $6.54 billion, marking a new high for the year [8] - The demand for enterprise SSDs surged due to the expansion of AI infrastructure and general server construction by North American cloud service providers [8] Group 4: Impact of Memory Prices on Consumer Electronics - Rising memory prices are significantly increasing the costs of consumer electronics, leading to higher end-product pricing and impacting the consumer market [9] - The forecast for game console shipments in 2026 has been revised down from a 3.5% decline to a 4.4% decline due to the impact of soaring memory prices [9][10]

Market Overview - On December 3, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3878 points, down 0.51% [1][4] - The Hong Kong stock market exhibited mixed results, with the Hang Seng Index falling 0.34% to 25858.89 points, while the Hang Seng Technology Index rose slightly by 0.02% [1][4] - In the U.S. market, all three major indices closed higher, with the S&P 500 up 0.3% at 6849.72 points, and the Dow Jones Industrial Average increasing by 0.86% to 47882.9 points [1][4] NAND Flash Market Insights - According to TrendForce, the overall NAND Flash prices are expected to continue rising in the fourth quarter, with price increases projected between 20% and 25% [2][5] - The demand for Enterprise SSDs has surged due to cloud service providers expanding AI infrastructure, leading to a 16.5% quarter-over-quarter revenue increase for the top five NAND Flash brands, nearing $17.1 billion [2][5] - The improvement in supply-demand balance and increased sales proportion of Enterprise SSDs have contributed to rising average selling prices (ASP) across manufacturers [2][5] Government Bond Issuance - The Ministry of Finance plans to issue the 76th phase of 2025 book-entry discount treasury bonds, with a total competitive bidding face value of 600 billion yuan [3][6] - This bond has a term of 91 days and will be issued at a discount price below the face value, starting interest accrual on December 4, 2025 [3][6] - The bidding for this bond will take place on December 3, 2025, from 10:35 AM to 11:35 AM [3][6]

Market Dynamics - LME metal futures closed higher, with LME copper rising by $342 to a record high of $11,488 per ton, and LME tin increasing by $1,740 to $40,780 per ton, marking the largest increase in copper delivery applications since 2013 with a surge of 50,575 tons to 56,875 tons [1] - The U.S. stock market saw a significant rise in robotics stocks, with Nauticus Robotics soaring over 135% and iRobot nearly 80%, following reports of the White House's plans to accelerate the development of the robotics industry [1] - The ADP report indicated a surprising decline in U.S. private sector employment by 32,000 jobs in November, contrasting with the previously revised increase of 47,000 jobs in October, raising concerns about the labor market [2] Industry Developments - Credo, a leader in the active copper cable (AEC) sector, reported Q2 FY2026 revenue of $268 million, a 272% year-over-year increase, highlighting growth driven by AI in the copper cable and AEC industry [7] - The upcoming 2025 Cultivated Diamond Industry Conference in Zhengzhou is expected to benefit from the rising demand for diamonds in semiconductor cooling applications, with the global cultivated diamond market projected to grow to 36.8 billion yuan by 2025 [8] - OpenAI is addressing increased error rates in its ChatGPT service for enterprise clients and has finalized the acquisition of Neptune, a startup focused on AI model training monitoring tools [11] Company Announcements - Arrow Yuan Technology has established a large-scale liquid rocket production and testing base in Hangzhou with a total investment of 5.2 billion yuan, aiming for an annual production capacity of 25 units of the Yuan Voyager-1 rocket [5] - Ideal Automotive launched its first AI smart glasses, Livis, priced from 1,999 yuan, with a government subsidy reducing the price to 1,699 yuan for orders placed before December 31 [6] - Macro Construction announced that its bipedal humanoid robot, Matrix Super Intelligence, will officially launch its next-generation product next year [13]

Core Insights - The demand for Enterprise SSDs is expected to remain strong due to the ongoing expansion of AI infrastructure by Cloud Service Providers (CSPs), leading to a projected 16.5% quarter-over-quarter revenue increase for the top five NAND Flash brands, approaching $17.1 billion in Q3 2025 [1] Group 1: Market Dynamics - The production cuts implemented in the first half of the year have proven effective, improving the supply-demand imbalance in the second half of the year [1] - The increase in the sales proportion of Enterprise SSDs has contributed to a rise in the average selling price (ASP) across manufacturers [1] Group 2: Future Outlook - AI applications are expected to continue driving demand for high-performance TLC and QLC Enterprise SSDs in Q4 [1] - Despite a return to normal inventory levels and natural losses during process transitions limiting shipment growth, the ongoing shortage of HDD supply is anticipated to support a continued increase in overall NAND Flash prices, with product price increases projected between 20% to 25% [1]

智通财经APP获悉，根据TrendForce集邦咨询最新调查，2025年第三季因云端服务业者(CSP)持续扩建AI 基础建设，对Enterprise SSD(企业级SSD)需求强劲，带动前五大NAND Flash品牌商合计营收季增 16.5%，逼近171亿美元。其中，Kioxia(铠侠)第三季受惠于AI Server需求、智能手机季节性因素和其 BiCS8技术转换，位元出货量环比大幅增长，营收季成长高达33.1%，逾28.4亿美元。 分析各供应商第三季营收表现，Samsung(三星)Enterprise SSD销售强劲，推升第三季营收季增15.4%至 60亿美元，以32.3%市占维持第一名。 排名第二为SK Group[SK集团，含SK hynix(SK海力士)及Solidigm(思得)]，营收近35.3亿美元、季增 5.7%。子公司Solidigm专注于生成式AI需要的QLC Enterprise SSD，贡献集团营收显著。Kioxia(铠侠)第 三季受惠于AI Server需求、智能手机季节性因素和其BiCS8技术转换，位元出货量环比大幅增长，营收 季成长高达33.1%，逾28.4亿美元，排名第三，市占也 ...