Huachuang Securities: High growth in enterprise demand driving a new storage super cycle, optimistic about storage prices in 25Q4 and 26.

Huachuang Securities released a research report stating that storage prices have risen across the board recently. In addition to the logic of shrinking DDR4 supply, the main reason is the resurgence of data center construction momentum, and the significant increase in storage requirements for AI servers, driving a new cycle of innovation and significantly increasing storage demand. With the construction of data centers and the increase in storage capacity per server cabinet, the company is optimistic about storage prices in the fourth quarter of 2025 and 2026.