Industry Trends
Core Insights
Industry Trend: The AI revolution is reshaping storage value, with structural upgrades driving growth.
The global storage industry is undergoing a historic transformation from cyclical fluctuations to technology-driven growth. The explosive demand for AI is driving exponential increases in storage performance and capacity requirements. HBM technology, with its high bandwidth characteristics, has become the value center of AI accelerator cards, accounting for over 50% of the material costs of high-end GPUs. The pace of technological iteration continues to accelerate, with HBM3e becoming the mainstream, holding over 75% market share, while HBM4 is expected to launch by the end of 2025. Enterprise SSDs are also entering a period of explosive growth, with the global market size expected to reach $30 billion by 2025 (over $8 billion in China), and the penetration rate of PCIe 5.0 interfaces rapidly increasing. According to Frost & Sullivan data, the penetration rate of global server DDR5 modules is expected to reach 85% by 2025, with server memory shipments projected to be 184 million units, potentially growing to 307 million units by 2030, with a compound annual growth rate of 10.8% from 2025 to 2030.
Domestic Breakthrough: Technical barriers have been completely overcome, with the IPO of DaPu Micro marking an industry turning point.
DaPu Micro, as the first unprofitable storage company in Shenzhen to pass IPO, signifies that domestic storage technology is capable of competing in the high-end market. The company has broken the overseas monopoly with its full-stack self-research capabilities in “main control chips + firmware algorithms + modules,” successfully entering the supply chains of global AI giants like NVIDIA and DeepSeek by 2025. The domestic ecosystem is showing a virtuous cycle where upstream breakthroughs drive downstream growth: 1) Upstream drive: Longxin/Changchun wafer technology upgrades are pushing module manufacturers into the high-end market; 2) Demand leverage: Alibaba’s storage demand of 38 billion yuan opens up space for local manufacturers.
Price Increase Logic: The wave of price increases confirms the industry turning point, with AI driving structural shortages.
Recently, Micron has suspended pricing and plans to increase prices by 20%-30%, while SanDisk has seen cumulative increases of over 10%. This is fundamentally a restructuring of supply and demand in the storage chip industry triggered by the AI computing power revolution. Supply-side manufacturers are prioritizing capacity allocation for HBM and North American customers, leading to an expanded supply gap for DDR4. On the demand side, Alibaba has announced a three-year investment of 38 billion yuan in AI hardware, with AI server penetration rates expected to jump from 11% in 2024 to 22% in 2030, and single-machine storage configurations increasing from 1.2TB to 2.6TB. This mismatch in supply and demand will continue to ferment in the fourth quarter: overseas manufacturers will prioritize supplying North American customers who are more accepting of price increases, further squeezing the domestic supply chain. It is expected that server NAND prices will rise more than anticipated, and DDR4 may see extreme spikes due to capacity contraction, while DDR5 will maintain high premiums supported by AI server demand.
Related Targets
Storage Modules: Capcloud (Kingtech), Demingli, Jiangbolong, Baiwei Storage, Shannon Chip Creation; Storage Chips: Gigadevice, Lianqi Technology, Dongxin Co., Ltd., Puran Co., Ltd.(Note: Except for Capcloud, the other targets have not yet been covered by research reports and are only a limited listing of related companies, not as investment recommendations.)
Risk Warning
Policy developments may fall short of expectations; downstream demand may not meet expectations.
Research Report Information
Securities Research Report: 【Northeast Computer】Industry Trends | Storage Chips: Triple Logic Resonance Initiates a New Cycle of Volume and Price Growth
External Release Date: September 15, 2025
This report’s analyst: Zhao Yuyang S055052505001
Historical Articles
【Northeast Computer x AI】Industry Trends | The U.S. Revises Export Control Regulations, Accelerating the Development of Domestic Supply Chains
【Northeast Computer x AI】Industry Trends | Computing Power as the Basis, Global AI Resonance Moment
【Northeast Computer x AI】Capcloud: Expanding AI Large Model + Computing Power Business, Fully Opening Growth Ceiling of Main Business
Team Introduction
Zhao Yuyang Chief Analyst in ComputerIndustry
SAC: S0550525050001
Master’s degree from Shanghai University of Finance and Economics, with 5 years of sell-side research experience, previously engaged in computer industry research at Western and Huaxi Securities, 10th Choice Best Analyst, 1st place in the 11th and 12th Wind Gold Medal Analyst, skilled in top-down analysis of industry chain trends, uncovering investment opportunities, balancing value and elasticity.
Phone: 19534078860
Liao Lanqi Computer Industry Researcher
SAC: S0550125080006
Liao Lanqi, Master’s degree from Nanyang Technological University, with 2 years of sell-side experience, previously engaged in coal industry research at Dongwu Securities and Guosheng Securities, the team won first place in the New Fortune Energy Mining Industry for 2023-2024, with a solid work style, active personality, and a passion for uncovering individual stocks.
Phone: 16621608688
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