全球内存：前所未有的超级周期-Global memory_ Unprecedented super-cycle

Global memory Global Markets Research EQUITY: MEMORY Unprecedented super-cycle DRAM, HBM, and NAND triple super-cycle in 2026F US Big Tech's investments in both AI and conventional servers to boost 2026F memory demand; commodity DRAM/NAND OPM to reach historical high in 2026F OPM for commodity DRAM, currently at 40-50%, appears capable of recovering to levels approaching its previous peak of 70% (in 2017) by 2026F. We expect NAND operating margins, currently at break-even levels, to enter a boom phase, with ...