全球科技：内存超级周期——人工智能浪潮推动所有船只上升

Memory – Rising AI Tide Lifting All Boats Summary

The report highlights a new AI-driven super-cycle in the memory market, beginning from April 2025. This cycle is characterized by strong demand for DRAM and NAND memory due to AI growth, with a supply-demand mismatch expected in 2026. Key upgrades include ASML to Overweight due to increased EUV layer counts, SK Hynix from Equal-weight to Overweight given AI and NAND growth, and NAND stocks as a whole with potential for com
munity benefits.

Valuations are elevated, with price targets such as W410,000 for SK Hynix and W97,000 for Samsung Electronics. Commodity memory pricing is expected to strengthen, supporting earnings and capex growth. Opinions emphasize Fadu Inc. as a beneficiary of the eSSD controller market, and upgrades include ASML and NAND module makers.

Risks include potential HBM competition, inventory corrections, and consumer demand weakness. The cycle is anticipated to last 1.5 years, with opportunities from AI applications. From 2024 to 2025, Samsung Electronics saw reduced inventory and improved margins, while SK Hynix benefits from SSD and DRAM pricing improvements. Overall, the market appears favorably positioned for continued growth through 2026.