全球存储 - 2026 年存储超级周期的五大关键点与个股思路-Global Memory Tech-Top-5 checkpoints for 2026 memory super-cycle and stock ideas

Global Memory Tech Top-5 checkpoints for 2026 memory super- cycle and stock ideas Price Objective Change 1. 2026 super-cycle: similar to 1990s, DRAM sales up 51% Global memory sales are expected to hit new highs in 2026 (DRAM US$196bn, +51% YoY; NAND US$114bn, +45%) even after 2024-25 upturn. ASP hike (DRAM +33% YoY / NAND +26%) should be the key contributor rather than bit growth (+14% / +15%). We also assume 10%+ sales growth in 2027. This is an exceptionally longer upturn due to AI and similar to 1992-95 ...