According to the CITIC Securities Research Report, global memory chip stock price fluctuations have intensified recently, and the performance has been significantly weaker than other sectors since October. Apart from macroeconomic disturbances, the industry has also become more concerned about the progress of Changxin Technology's 4F² technology. The main reason is market concerns: local Chinese fabs have formed effective technical breakthroughs in the high-margin server DDR5 market, and the narrative logic of overseas giants maintaining high bargaining power through monopoly production capacity will be shaken. Judging from the progress of the industry, DRAM technology is still mainly based on the 6F² unit structure. The implementation of 4F² technology depends on the progress of Samsung Electronics and Changxin Technology. At present, 4F² technology is still in the early stages of verification. In the future, it is still necessary to observe the company's various indicators such as yield, production, gross profit margin, and downstream customer certification in this field. The impact on the short to medium term storage industry is relatively small. It is recommended to focus on investment opportunities for companies in HDD, DRAM, and NAND tracks.

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