电子行业存储芯片周度跟踪：NAND持续涨价，SK海力士展示12层HBM4

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Viewpoints - NAND prices are experiencing an upward trend due to supply reductions and increased demand from AI applications, with an average price change of 0.93% for 22 NAND product categories last week [1] - DRAM prices are also rising, with an average increase of 2.34% across 18 product categories, driven by strong demand for large-capacity storage [2] - SK Hynix has made a technological breakthrough by showcasing its 12-layer HBM4 samples, which are expected to enter mass production in the second half of 2025, offering over 2TB per second data processing speed [2][29] Summary by Sections NAND Market - Major players like Samsung and SK Hynix have joined the price increase trend for storage chips, with NAND prices rebounding faster than expected [1][30] - The current market is characterized by a general price increase due to manufacturers controlling supply and a strong demand for large-capacity storage [3][31] DRAM Market - The MemoryS 2025 summit highlighted that server memory consumption has surpassed that of mobile devices, indicating a supply-demand imbalance for large-capacity storage [2][29] - The demand for HBM in the DRAM sector is projected to grow significantly, with AI applications driving this trend [2] HBM Market - SK Hynix's 12-layer HBM4 is a significant advancement, expected to enhance performance by over 60% compared to the previous generation [2][29] - The demand for HBM is anticipated to accelerate due to the rapid development of advanced computing chips [4] Investment Recommendations - The report suggests focusing on companies benefiting from the growth in the HBM industry, such as Saiteng Co., Yishitong, and Lianrui New Materials [4] - For storage chips, companies like Dongxin Co. and Zhaoyi Innovation are recommended due to the expected recovery in the industry driven by supply-side price increases and AI demand [4]