Group 1: Semiconductor Sector Insights - The "14th Five-Year Plan" focuses on domestic key core technology areas, with equipment being a direct beneficiary. Short-term AI computing power demand is driving expansion among domestic and foreign logic and storage chip manufacturers, leading to strong demand for etching and thin film deposition equipment. Long-term, the localization process under the "14th Five-Year Plan" technology self-reliance strategy is more solid [1] - The semiconductor supercycle is expected to be driven by general artificial intelligence, with a forecast of a 100,000-fold increase in total computing power by 2035. Continuous optimism for AI driving the semiconductor supercycle across the entire industry chain, with key stocks including SMIC, Hua Hong Semiconductor, and Cambrian [2] - AI-generated massive data is impacting global data center storage facilities, leading to a significant supply shortage of Nearline HDDs. This is prompting flash memory manufacturers to accelerate the production of ultra-large capacity Nearline SSDs, making high-performance SSDs a market focus [3] Group 2: Storage Market Dynamics - AI demand is significantly increasing storage needs, resulting in a substantial rise in storage prices. The transition of storage manufacturers to HBM, DDR5, and large-capacity NAND is causing higher price increases for DDR4 and small-capacity NAND, further driving up storage prices due to downstream stockpiling demand. The storage market's favorable conditions are expected to persist due to strong growth in AI computing power demand [4] - The technology sector, represented by AI, is expected to continue leading the market. Companies like Haiguang Information and Cambrian have reported significant performance increases, with ample inventory reserves, indicating a sustained high growth trend for the year [5]

Core Viewpoint - NVIDIA has initiated the design plan for its own HBM (High Bandwidth Memory) Base Die, which is expected to start small-scale trial production in the second half of 2027, potentially reshaping the competitive landscape of the next-generation HBM market [2][3]. Group 1: NVIDIA's Strategy - NVIDIA's move to self-design the HBM Base Die aims to provide customers with more modular options on its NVLink Fusion open architecture platform, thereby enhancing its ecosystem control [3]. - The design process will utilize a 3nm process node, which is anticipated to impact the HBM ecosystem significantly [2]. Group 2: Market Dynamics - Currently, SK Hynix holds the highest market share in HBM, primarily using its own design solutions for HBM Base Die [2]. - SK Hynix has announced the provision of new 12-layer HBM4 samples to major clients, featuring a capacity of 36GB and a bandwidth exceeding 2TB per second, representing over a 60% increase compared to the previous generation HBM3E [3]. Group 3: Technical Challenges - The integration of UCIe high-speed interfaces for communication with GPUs and CPUs will significantly increase the design complexity of the Base Die [2]. - ASIC companies like Creative already possess complete IP and design platforms, which may provide an advantage in the evolving HBM landscape [2].