CITIC Securities: Firmly optimistic about the storage industry trend and recommends storage original manufacturers and design companies close to the original manufacturers.

CICC's research report pointed out that since March, there has been a slight price adjustment in the DRAM spot market, but the mainstream DRAM chip spot price is still relatively high compared to the contract premium rate, and the contract price continues to rise; the March contract price for NAND has shown strong growth, with the increase exceeding that of spot prices. TrendForce predicts that the Q2 DRAM/NAND Flash contract prices will increase by 58%-63%/70%-75%, showing another upward adjustment, indicating that the storage industry remains strong. We expect supply to continue to fall short of demand until 2027, with price increases throughout 2026. We are optimistic about the trend of the storage industry and strongly recommend storage manufacturers and design companies closely related to the manufacturers.