半导体：存储芯片无需转向悲观-Semiconductors-Old Memory No Reason to Turn Negative

January 15, 2026 10:30 PM GMT Greater China Semiconductors | Asia Pacific Old Memory: No Reason to Turn Negative Even tighter into 2026: We believe the old memory supercycle from 2Q25 (report in June) will continue to surprise to the upside into 2026 (report in December). Although old memory stocks have shown strong YTD performance in Jan 2026 (Winbond/Nanya/Macronix/PSMC/Gigadevice +26%/+28%/+54%/+28%/+18% vs. TAIEX/SHCOMP +6.5%/+4.5%), we see no reason to turn negative. We are expecting ROE expansion to l ...