AI技术创新与供需格局变化，共同驱动存储景气周期 | 投研报告

中国能源网2025-12-09

万联证券近日发布AI产业系列深度报告：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度历史新高，且已连续两个季度增长，其中DRAM市场规模环比增长24.7%至400.37亿美元，NAND市场规模环比增长16.8%至184.22亿美元。以下为研究报告摘要：行业核心观点：存储市场规模较大，有望迎来以AI驱动的新一轮景气周期：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590318193?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-09 14:04","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590318193","market":"us","top_or_hot":-1,"title":"AI技术创新与供需格局变化，共同驱动存储景气周期 | 投研报告","media":"中国能源网","content":"<div>\n<p>万联证券近日发布AI产业系列深度报告：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度历史新高，且已连续两个季度增长，其中DRAM市场规模环比增长24.7%至400.37亿美元，NAND市场规模环比增长16.8%至184.22亿美元。以下为研究报告摘要：行业核心观点：存储市场规模较大，有望迎来以AI驱动的新一轮景气周期：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209150034a72cbd17&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI技术创新与供需格局变化，共同驱动存储景气周期 | 投研报告</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI技术创新与供需格局变化，共同驱动存储景气周期 | 投研报告\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 14:04 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209150034a72cbd17&s=b><strong>中国能源网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>万联证券近日发布AI产业系列深度报告：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度历史新高，且已连续两个季度增长，其中DRAM市场规模环比增长24.7%至400.37亿美元，NAND市场规模环比增长16.8%至184.22亿美元。以下为研究报告摘要：行业核心观点：存储市场规模较大，有望迎来以AI驱动的新一轮景气周期：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209150034a72cbd17&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1852331112.SGD","symbol_name":"Blackrock World Technology Fund A2 SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209150034a72cbd17&s=b","article_id":"2590318193","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209150034a72cbd17&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590318193","pubTimestamp":1765260264,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"资本支出的持续扩张有望全面带动AI服务器需求升温，进而拉动存储器等上游供应链需求。为应对AI算力旺盛需求，存储大厂调整产能规划至HBM等高端环节，减产或停供DDR4等传统产品，使相关产品价格大幅上扬。国产DRAM龙头厂商长鑫存储已实现DDR5/LPDDR5X的技术突破与产品供应，出货量有望逐步攀升。AI驱动、技术创新叠加供需格局变化，国内存储厂商、模组厂商有望充分受益于存储新一轮景气周期。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601012":"隆基绿能","688525":"佰维存储","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","BK4579":"人工智能","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","BK4588":"碎股","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4605":"半导体精选","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","BK4551":"寇图资本持仓","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4168":"多种金属与采矿","BK4023":"应用软件","BK4532":"文艺复兴科技持仓","MU":"美光科技","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","BK4554":"元宇宙及AR概念","BK4512":"苹果概念","BK4543":"AI","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","BK4527":"明星科技股","BK4553":"喜马拉雅资本持仓","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","BK4585":"ETF&股票定投概念","HBM":"HudBay Minerals Inc","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4141":"半导体产品","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4566":"资本集团","LU0056508442.USD":"贝莱德世界科技基金A2","BK4587":"ChatGPT概念","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4528":"SaaS概念","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H"},"translate_title":"AI technology innovation and changes in supply and demand pattern jointly drive the storage boom cycle | Investment Research Report","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601012":1.81,"688525":1.85,"HBM":0.62,"MU":1.88},"content_text":"万联证券近日发布AI产业系列深度报告：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度历史新高，且已连续两个季度增长，其中DRAM市场规模环比增长24.7%至400.37亿美元，NAND市场规模环比增长16.8%至184.22亿美元。以下为研究报告摘要：行业核心观点：存储市场规模较大，有望迎来以AI驱动的新一轮景气周期：据CFM闪存市场数据显示，2025Q3全球存储市场规模创造季度历史新高，且已连续两个季度增长，其中DRAM市场规模环比增长24.7%至400.37亿美元，NAND市场规模环比增长16.8%至184.22亿美元。当前存储芯片有望迎来以AI驱动的新一轮景气周期，需求拉动力更强、存储技术迭代进一步加速、供给端产能调控策略升级，同时短期供给端新增产能有限，供需缺口有望维持，本轮存储行业涨价持续性或更强。投资要点：服务器存储受益于云厂商资本开支加速，端侧存储有望持续扩容：全球八大核心云端服务提供商2025年以来均加大资本投入以响应AI数据中心与云端运算的旺盛需求，根据TrendForce集邦咨询预测，2025年全球八大云厂商资本支出总额年增率预计为65%，并预期2026年行业仍将维持积极投资节奏，合计资本支出将突破6000亿美元，年增率达40%。资本支出的持续扩张有望全面带动AI服务器需求升温，进而拉动存储器等上游供应链需求。在存储器下游应用中，服务器存储占比有望进一步提升，NAND领域，算力中心积极应用超高容量eSSD提升性能、降低能耗；DRAM方面，随着支持DDR5的处理器平台渗透率提升、搭载AI加速芯片的AI服务器出货放量，服务器DDR5及HBM需求快速增长。同时，2024-2025年全球手机及PC出货量持稳，AI手机、AIPC等智能终端加速渗透，端侧存储有望持续扩容。技术创新驱动存储市场成长，供给端调控产能致DDR4等供不应求：HBM、DDR5引领高端DRAM市场，其中HBM技术持续迭代，存储容量与带宽不断提升，主流AI加速卡多数采用HBM配置方案，有望推动HBM市场规模稳步增长；DDR5在企业级与数据中心客户的应用规模有望持续提升。NAND市场方面，QLC NAND技术逐步成熟，兼顾大容量、低功耗、高性能的QLC SSD成为企业级存储新星，渗透率有望提升。为应对AI算力旺盛需求，存储大厂调整产能规划至HBM等高端环节，减产或停供DDR4等传统产品，使相关产品价格大幅上扬。存储市场集中度较高，国产存储技术突破有望提升出货量，产业链迎来发展机遇：全球存储市场集中度较高，竞争格局较为稳定，三星、SK海力士、美光等厂商稳居前列。国产DRAM龙头厂商长鑫存储已实现DDR5/LPDDR5X的技术突破与产品供应，出货量有望逐步攀升。国产NANDFlash龙头厂商长江存储已实现QLC、TLC等多款产品的技术突破。AI驱动、技术创新叠加供需格局变化，国内存储厂商、模组厂商有望充分受益于存储新一轮景气周期。此外，存储景气周期有望推动存储厂商提升资本开支，上游半导体设备有望受益。投资建议：AI浪潮持续推进，云厂商资本开支加速，服务器存储需求旺盛；同时AI+消费终端等应用加速渗透，端侧存储持续扩容，存储行业有望迎来以AI驱动的新一轮景气周期。1）存储原厂，需求端迎来AI强驱动，供给端存储厂商产能调控叠加技术创新加速，行业供需缺口或进一步扩大，产品价格上涨态势有望延续，关注存储厂商盈利能力提升带来的投资机遇；同时国内存储厂商技术持续突破，国产份额有望提升，关注存储行业国产替代的投资机遇。2）存储模组厂商，国内存储模组厂商毛利率有所回升，同时备货力度持续加大，叠加下游终端需求改善，模组厂商盈利能力有望改善，关注模组厂商业绩转暖的投资机遇。3）上游设备供应商，存储景气周期有望推动存储厂商提升资本开支，提振上游半导体设备行业需求，建议关注设备领域龙头厂商。风险因素：中美科技摩擦加剧；AI应用发展不及预期；国产技术突破不及预期；下游终端需求不及预期；市场竞争加剧。(万联证券 夏清莹,陈达)","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590318193","isCrawlerRequest":true}