元器件数据汇总_2025 年 12 月存储产品生产趋势；数据中心产能稳步扩张_ Component Data Deposition_ Storage production trends in December 2025; solid expansion in capacity for data centers

Summary of J.P. Morgan's Analysis on Electronic Components Sector Industry Overview - The report focuses on the electronic components sector, specifically analyzing trends in HDD (Hard Disk Drive) and SSD (Solid State Drive) production as of December 2025, with a particular emphasis on data center storage capacity expansion [1][8]. Key Insights HDD Production Trends - HDD production volume reached 11.3 million units in December 2025, marking an 11% YoY increase but a 0.3% MoM decrease [6]. - Nearline HDDs accounted for 6.7 million units (+15% YoY, -2% MoM) [6]. - HDD production capacity was 158.5EB, reflecting a 32% YoY increase but a 5% MoM decrease [6]. - High-capacity nearline HDDs (24TB or larger) constituted approximately 68% of total production [6]. - The total HDD production volume for full-year 2025 was 129.5 million units (+7% YoY), with nearline HDDs making up 74.8 million units (+68% YoY) [6]. SSD Production Trends - SSD production volume was 31.9 million units in December 2025, representing a 13% YoY increase but an 8% MoM decrease [3]. - Enterprise/data center SSDs accounted for 5.6 million units [3]. - SSD production capacity reached 51.1EB, a 54% YoY increase but a 0.2% MoM decrease [7]. - The average capacity of enterprise SSDs increased to 5.5TB [7]. - For the full year 2025, SSD production volume totaled 375.0 million units (+17% YoY), with enterprise SSDs accounting for 56.5 million units (+41%) [9]. Market Dynamics - Demand for enterprise SSDs is primarily driven by data centers, particularly from hyperscalers, with inquiries increasing from major server manufacturers like Dell/EMC and HPE [9]. - The report indicates that while short-term memory shortages and price surges may negatively impact end-user demand and share prices, the medium-term growth potential remains strong [1]. Recommendations - J.P. Morgan recommends buying shares of TDK, identified as a top pick among HDD electronic components makers, especially during price dips [1]. Additional Insights - The report highlights a gradual upward trend in HDD production volume, which has outperformed the typical seasonal decline seen over the past 20 years [6]. - The share of SSDs in total capacity has been increasing, reaching 17.4% in December 2025, up from 16.3% in November 2025 and 13.3% in December 2024 [9]. - The total production capacity for enterprise HDDs, nearline HDDs, and enterprise/data center SSDs was 176EB in December 2025, reflecting a 39% YoY increase [9]. This comprehensive analysis provides a detailed overview of the electronic components sector, particularly focusing on HDD and SSD production trends, market dynamics, and investment recommendations.