According to a research report released by the League of Nations Minsheng Securities, it continues to be optimistic about the current storage supercycle. Strong AI demand, strengthened supply constraints, long-term cooperation locks in profits, and increased shareholder returns are jointly driving the profit center upward. On the demand side, AI training is evolving at an accelerated pace towards inference and agentic AI, which not only continues to drive HBM demand, but also significantly increases server DRAM and enterprise SSD configuration requirements. Storage requirements spread from a single HBM to a wider range of data center storage. At the same time, supply expansion is still relatively limited due to advanced manufacturing processes, packaging and capacity switching constraints, and DRAM and NAND prices are expected to continue to rise at a high base, and the price increase is clearly stronger than the traditional cycle.

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