CITIC Securities: Memory supply shortage continues; keep watching long-term agreements and shareholder returns.

A CITIC Securities research report states that the memory sector experienced notable corrections in June-July 2026 and since October 2026. Against the backdrop of slowing product price increases, market concerns over memory supply-demand and the competitive landscape have further amplified sector volatility. From the perspective of memory companies' 26Q3 financial reports, the memory supply shortage is expected to persist through 2028 and beyond, with customers' demand to lock in supply driving active signing of long-term agreements, while a new round of shareholder return policies by memory manufacturers is further advancing. We recommend continued attention to investment opportunities in segments such as HDD, DRAM, and NAND.