存储价格更新：受通用存储多重利好推动，上调 2025 年第四季度及 2026 年平均销售价格（ASP）增长预期-Global Semiconductors_ Memory Pricing Update_ Raising 4Q25E & 2026E ASP Growth Estimates on Multiple Tailwinds from Commodity Memory

Summary of Global Semiconductors Conference Call Industry Overview - The conference call focuses on the Global Semiconductors industry, specifically the memory pricing for DRAM and NAND products. Key Points and Arguments Memory Pricing Update - 4Q25E Memory Contract Prices: Reported increase of +15~20% QoQ due to supply shortages and aggressive procurement by CSPs [2][3] - DRAM/NAND ASP Growth Projections: - DRAM: Expected growth of +12% QoQ (up from +5%) for 4Q25E [3][4] - NAND: Expected growth of +6% QoQ (up from +3%) for 4Q25E [3][5] Long-term ASP Growth Forecasts - 2026E DRAM ASP Growth: Revised from +15.5% YoY to +24.8% YoY driven by demand for GDDR7, SOCAMM, and server DRAM [4] - 2026E NAND ASP Growth: Revised from +17.1% YoY to +22.9% YoY due to increased eSSD orders from hyperscalers [5] Demand Drivers - DRAM Demand: Increased demand attributed to mobile DRAM content in iPhone 17 models and server DRAM [4] - NAND Demand: Driven by rising orders from hyperscalers [5] Investment Recommendations - Buy Ratings: Recommendations to buy SK Hynix and Samsung Electronics based on favorable pricing outlook and multiple tailwinds in mobile and server applications for 4Q25E and 2026E [6] Additional Important Information - Companies Mentioned: - Micron Technology Inc - NVIDIA Corp - Samsung Electronics - SK Hynix - SanDisk Corp [10] - Analyst Certification and Disclosures: Citigroup Global Markets Inc. has acted as manager or co-manager for offerings of securities for some mentioned companies, indicating potential conflicts of interest [7][12][13] This summary encapsulates the critical insights from the conference call, highlighting the expected trends in memory pricing and the underlying factors driving these changes in the semiconductor industry.