The storage chip market has recently become completely heated. Western Digital's stock surged 27% in a single day, and Micron Technology also broke through 10% to hit a new all-time high. What is behind this wave of gains? Simply put, it is the疯狂 growth in storage demand driven by the AI boom. International giants like Samsung and SK Hynix have announced that DRAM prices will increase by 60%-70% in the first quarter. What does this mean? Currently, the price of a 256G DDR5 server memory module exceeds 40,000 yuan, and 100 units amount to 4 million yuan. Such a level of increase is indeed rare in the history of chips.

**Storage Chip Manufacturing: The Direct Beneficiaries**

Manufacturers are undoubtedly the first to benefit. Recently, the domestic storage chip sector has collectively exploded, with many leading companies hitting daily limit-ups. This is not a temporary boost but a confirmation from industry analysis that: storage chip prices are entering a significant upward trend, and by 2026, supply shortages will intensify.

In terms of sub-sectors, flash memory chip design companies with high global market share are definitely worth关注. There are also some mid-sized companies with relatively reasonable P/E ratios whose valuations have not yet fully reflected this cycle. For those seeking higher resilience, small-cap stocks have frequently appeared on the涨幅榜 recently, but these stocks also carry higher risk and volatility.

**Semiconductor Equipment: The Necessary Path for Capacity Expansion**

To expand production, equipment must keep pace. That’s why domestic equipment leaders have recently been hitting new historical highs—domestic storage leaders are preparing for large-scale capacity upgrades, planning to complete major equipment updates by the end of 2027. This means equipment companies’ orders are unlikely to be absent.

The AI-driven storage super cycle will create a resonance effect: advanced process nodes and storage capacity expansion will advance together, leading to a relay of equipment demand. Companies involved in etching machines, testing equipment, and other key segments will benefit from this.

**Packaging, Testing, and Distribution: The Invisible Hubs of the Industry Chain**

Chip design and manufacturing are only half the story. Packaging, testing, and distribution are equally important. These companies may not be as glamorous as manufacturing firms, but as essential links in the industry chain, their order growth is certain.

**Demand Side Also Worth Attention**

AI applications and server-related companies, although not directly producing storage chips, are driving the demand side of this cycle in the long run. Once this industry chain expansion truly kicks off, these companies’ orders will also be substantial.

**Cycle Judgment and Risk Reminder**

Is it too late to enter now? According to market forecasts, the global storage chip market will still be in a state of supply shortage in 2026, with a high probability of continued price increases. Unlike previous cycles, this one is compounded by AI server upgrades, smart hardware demand, and other factors, which theoretically will make the cycle more sustainable.

However, it’s also important to recognize the risks. This sector is inherently volatile. Some small stocks have already risen significantly, and their stock prices are relatively high. Careful assessment of the space for追高 and safety margins is necessary. The safest approach is to focus on companies with high earnings certainty and genuine competitiveness in their niche, rather than blindly following the trend.