According to the CITIC Securities Research Report, although 2025Q4 has fully entered the “seller's market” with a steep rise slope, it is still in the early stages of the super boom cycle. We are still optimistic that mainstream storage DRAM/NAND and niche storage prices will continue to rise at 26H1. Contract prices are expected to continue to rise rapidly to catch up with the increase in spot prices, and the industry is in short supply at least until the end of 2026. We are optimistic about the continuation of the current cycle of the boom.

According to the CITIC Securities Research Report, although 2025Q4 has fully entered the “seller's market” with a steep rise slope, it is still in the early stages of the super boom cycle. We are still optimistic that mainstream storage DRAM/NAND and niche storage prices will continue to rise at 26H1. Contract prices are expected to continue to rise rapidly to catch up with the increase in spot prices, and the industry is in short supply at least until the end of 2026. We are optimistic about the continuation of the current cycle of the boom.