Investment Rating - The investment rating for the storage industry is "Positive" and is maintained [8] Core Viewpoints - The current storage cycle is fundamentally different from previous cycles, driven by AI demand which is continuously increasing storage needs. The industry logic is transitioning from a supply-side controlled production cycle to a demand-driven cycle where supply gaps are gradually forming [2][6] - The report maintains a positive outlook on the storage industry due to the prevailing growth logic [2][6] Demand Side Summary - For HDD and SSD, the "train-inference-train" cycle of large models is leading to a sustained expansion in storage demand. Nearline HDD is currently experiencing supply shortages, with delivery times extending beyond 52 weeks. North American CSP manufacturers are locking in HDD production capacity for 2026 based on demand [12] - DRAM demand is also expected to grow, driven by the increasing capacity and shipment of HBM alongside the growth of Server DRAM (e.g., DDR5). If AI PCs and AI mobile devices continue to develop, overall DRAM demand is likely to increase further [12] Supply Side Summary - Over the past few years, storage manufacturers have not effectively released large-scale production capacity, focusing instead on AI-related demand. New capacity takes a long time to come online, leading to a relatively rigid supply release based on utilization rate improvements [12] - The current storage cycle is characterized by a shift from a supply-controlled price cycle to a demand-driven cycle with gradually forming supply gaps [12] Price Outlook - The storage market is expected to see price increases in 2026 due to strong AI demand, with manufacturers continuing to tilt production capacity towards server products, thereby squeezing consumer-grade supply. According to TrendForce, storage prices are expected to rise continuously [12] Industry Chain Summary - The report highlights key companies within the storage industry chain, including module and distribution companies, niche storage firms, supporting industry chain companies, and core players in the Changxin/Changcun industry chain [23]

Dell Technologies Inc. (NYSE: DELL ) has been surging in recent days after the company upgraded its outlook based on exposure to AI. Crucially, even after the price surge, Dell’s valuation remains competitive, and while marginsMarkets rise and fall, booms come and go, and the world keeps ticking. Ultimately, I believe observing megatrends, as difficult as they can be to spot, let alone fully comprehend, can yield insights into the advance of human society, which in turn could pave the way for many useful in ...

8 October 2025 | 5:00AM EDT Equity Research Global Technology: Semiconductors: Semi Cap & Storage Previews: Raising 2026 WFE estimates, plus tactical ideas for 3Q earnings Raising global WFE estimates; see elevated expectations into 3Q reports AMAT (Buy) – Expect upside to guidance, driven by an improved memory spending outlook. We remain positive on AMAT into the quarter, despite the company's recent weak guidance last quarter plus incremental BIS export controls on customers in China. We continue to belie ...

October 1, 2025 07:05 AM GMT Electronic Components | Japan Aug HDD/SSD Data: Ongoing Capacity Growth for DC use in Both HDD and SSD Nearline HDDs for DC use face production limits due to media and head capacity, keeping volume growth constrained. Watch whether TDK resumes head supply to vendors other than Toshiba. Key Takeaways August HDD output +1.6% YoY, +0.5% MoM: August HDD production volume announced by Techno Systems Research (TSR) on Sep 30 was 11.00mn units (10.83mn a year ago, 10.95mn a month ago). ...

节后四季度电子行业投资机会梳理 20251007 摘要 算力需求持续增长，除英伟达外，AMD、ATC 等厂商或将获得更多市场 份额，海外 ASIC 和国产算力存在补涨机会，A 股通富微电及 PCB、液 冷产业链值得关注。 华为升腾系列芯片 2025 年表现低于预期，但最新发布的 950、960、970 系列在生态兼容性和技术支持上取得进展，预计 2026 年华为升腾产业链将迎来增长。 PCB 领域正焦倍版和预埋电容等新技术值得关注，液冷技术因散热密度 增加和节能需求将持续发展，英维克、飞荣达等公司存在潜在机会。 存储行业三季度价格环比二季度增长显著，业绩表现亮眼，DRAM 和 SSD 价格持续提升，产业链机会包括 SSD、DRAM 以及 HDD 领域。 美股 HPD 表现推动股价上涨，HDD 短缺导致价格上涨，企业加速转向 SSD，尽管 HDD 单单位容量成本较低，但 SSD 在企业级存储速度上具 有优势，国内厂商 ESSD 解决方案预计明年量产。 存储行业本轮周期由供需共振驱动，超越上一轮周期，近期 DRAM 和 SSD 价格均有所提升，10 月第一周和 9 月下旬期间 SSD 涨幅较明显。 端侧设备方面， ...

1. AMD与OpenAI美东时间10月6日宣布达成6吉瓦（GW）算力协议，为OpenAI下一代AI基础设施提供 多代AMD Instinct GPU支持。首批1吉瓦AMD Instinct MI450 GPU部署计划于2026年下半年启动。受此 消息影响，AMD大涨超11%。 2025年9月30日，截至收盘，沪指涨0.52%，报收3882.78点；深成指涨0.35%，报收13526.51点；创业板 指微涨，报收3238.16点。科创半导体ETF涨0.46%，半导体材料ETF跌0.36%。 隔夜外盘：截至收盘，道琼斯工业平均指数微跌；纳斯达克综合指数涨1.12%；标准普尔500种股票指 数涨0.58%。费城半导体指数涨3.40%，恩智浦半导体涨2.76%，美光科技涨5.84%，ARM涨4.66%，应 用材料涨2.81%, 微芯科技涨3.02%。 行业资讯： 4. 国内大模型头部厂商智谱正式发布并开源新一代大模型GLM-4.6，在Agentic Coding等关键能力上实 现大幅提升。据介绍，在公开基准与真实编程任务中，GLM-4.6的代码能力已对齐Claude Sonnet 4，超 过DeepSeek-V3. ...

假期间海外存储公司集体爆发，韩股SK海力士涨近15%、三星涨6%，美股方面美光科技、闪迪涨超 17%。 据智通财经报道，OpenAI公司CEO Sam Altman近期访问韩国期间，与韩国两大芯片巨头三星电子和SK 海力士达成协议。 声明透露，随着星际之门项目在全球扩张，来自OpenAI的总需求可能达到每月90万片晶圆。SK集团在 声明中强调，这一预测需求是当前全球高带宽存储器（HBM）产能的两倍多。 央视财经也在4日报道，过去半年，全球存储芯片价格持续上涨。特别是最近一个月，涨价消息越发密 集。摩根士丹利的最新研报预测，人工智能热潮下，存储芯片行业预计迎来一个"超级周期"。 公司方面，据上市公司互动平台表示， 东芯股份：公司表示推进"存、算、联"一体化战略布局，目前1xnm闪存产品研发及产业化项目已实现 量产并已实现产品销售，2xnm制程SLC NAND Flash产品系列研发持续推进，此外公司控股GPU公司上 海砺算，后者芯片正按计划进行客户送样以及量产工作。 万润科技：公司半导体存储器产品可应用于消费级、工业级及企业级等存储应用场景，控股股东长江产 业投资是湖北省省属的产业投资平台，也是长江产业投资集团 ...

Key Takeaways Western Digital shipped 190 exabytes in Q4, up 32% year over year, led by nearline drive demand.Shipments of 26TB CMR and 32TB UltraSMR drives more than doubled, topping 1.7 million units in June.WDC projects Q1 FY26 revenues of $2.7B and earnings of $1.54, backed by robust data center demand.Western Digital Corporation (WDC) is experiencing strong growth driven by the surging demand for high-capacity storage fueled by cloud computing and AI. As the company delivers cutting-edge HDD technology ...

近期以来，多国芯片巨头上调产品报价。据央视财经报道，过去半年，全球存储芯片价格持续上涨。特 别是最近一个月，涨价消息越发密集。 据《科创板日报》不完全统计： 进一步细分来看，在DRAM、HBM普遍昂贵且供给紧张的背景下，NAND有望成为AI时代新一轮主流 存储选择。 据悉，三星电子已着手开展HBF高带宽闪存产品的概念设计等前期开发工作。所谓HBF，是一种类似 HBM的专为AI领域设计的新型存储器架构，区别在于HBF使用NAND闪存代替DRAM。被称作"HBM之 父"的韩国科学技术院（KAIST）教授金正浩指出，当前的人工智能瓶颈在于内存带宽和容量，速度较 慢但容量更高的NAND闪存可以作为补充。 摩根士丹利预计，到2026年NAND闪存将出现高达8%的供应缺口。 此外，群联电子董事长潘健成近日接受采访时表示，SSD将成为大容量存储的主流选择，但目前与HDD 对比，两者占比为2：8，由于SSD新增容量不足，预期2026年起NAND闪存将严重短缺，且未来十年供 应都将紧张。 9月下旬，三星电子发出第四季度提价通知，计划将部分DRAM价格上调15%至30%，NAND闪存价格 上调5%至10%。 NAND闪存控制芯片 ...

此外，华为也在近期宣布，自昇腾950PR开始，昇腾AI芯片将采用华为自研的HBM。其中，昇腾950搭载自研的HBM HiBL 1.0；昇腾 950DT升级至HBM HiZQ 2.0。 为什么是HBM？ AI时代， 存储芯片已从配角跃升为核心瓶颈与突破口。 随着大模型参数规模与训练数据量的爆炸式增长，传统内存技术已成为制约算力发挥 的"内存墙"， 而HBM凭借其超高带宽、低功耗和小体积特性，正成为AI芯片的主流选择。 全球科技巨头纷纷将HBM作为战略要地。 在日前的财报会上，美光特别强调， 预计半导体芯片、特别是HBM的供不应求情况将会加剧。 公司CEO Sanjay Mehrotra透露，当前半导体 存储领域，DRAM库存已低于目标水平，NAND库存持续下滑；而HBM产能需求增长显著，产能已被锁定，预计2026年HBM出货量增速将 超过整体DRAM水平，成为半导体存储板块的核心增长驱动力。 具体HBM产品中，美光表示， 已与几乎所有客户就2026年绝大部分HBM3E产能达成定价协议；公司正在与客户就HBM4进行讨论，供应"非常紧 张"。 券商指出，人工智能技术的蓬勃发展推动大模型训练走向规模化，但真正创造持续 ...