内存市场更新：解决人工智能对 HBM 产能的需求

In this report, we try to address the FAQs from investors on the HBM industry in recent weeks: 2026 pricing, base logic die specs and design ownership changes, and the recent CSP capex hike implications to HBM S/D. We maintain our pecking order in the Asian memory space: SKH > SEC > NYT. Technology - Semiconductors Jay Kwon AC (82-2) 758-5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Sangsik Lee J P M O R G A N Asia Pacific Equity Research 20 August 2025 Memory Market U ...