Institution: Continue to view storage demand as exceeding expectations

MetaMuskRat · 2026-03-23T13:37:23+00:00

CITIC Securities believes that, driven by AI demand, the storage industry will continue to be in short supply until 2027. Ping An Securities points out that overseas CSPs are increasing their investment in AI infrastructure, which is promoting a rise in storage demand. Southwest Securities states that the domestic storage industry chain is accelerating its development in the global context, with technological innovation driving breakthroughs in China's storage sector.

MetaMuskRat

2026-03-23 13:37:23

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China Securities believes that driven by AI demand, the storage industry remains in the early to mid-stage of a super cycle, with supply and demand imbalance expected to last at least until 2027. Since February, Kioxia’s performance and guidance have exceeded expectations, NAND contract prices for the first quarter have increased, and leading domestic module manufacturers have released performance announcements for January and February that also exceeded expectations, further confirming that the storage industry remains at a high level of prosperity. We continue to be optimistic about storage demand exceeding expectations, and expect the supply-demand imbalance to persist until the end of 2027. Key recommendations: 1) Storage module companies: strong short-term performance growth potential; 2) Storage design companies: ongoing focus on original storage manufacturers and design firms close to OEMs.

Ping An Securities believes that overseas CSPs are continuously increasing investment in AI infrastructure, steadily boosting enterprise storage demand, and driving the storage industry to maintain upward momentum. Mainstream storage products are experiencing simultaneous increases in volume and price. Given the current high prosperity of AI, this storage cycle is expected to be stronger and more sustained than the previous one, with related industry chain companies likely to see significant profit improvements.

Southwest Securities believes that, riding the wave of AI, the domestic storage industry chain is experiencing a comprehensive rise: against the backdrop of a booming global storage industry, domestic storage companies are rapidly emerging by leveraging engineer dividends, robust infrastructure, and complete industry chain support. Relying on independent architectural innovation and process iteration, these companies are expanding capacity and steadily improving yield rates, making breakthroughs in AI computing power, consumer electronics, and enterprise markets, shifting China’s storage industry from scale growth to technological leadership.

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