CITIC Securities: Investors Should Watch Companies in the HDD, DRAM and NAND Segments

36Kr learned that a CITIC Securities research report says global memory chip stocks have recently become more volatile and have significantly underperformed other sectors since October. Beyond disturbances from macro factors (rising crude oil prices, with inflation and interest rate expectations picking up again), industry attention has also turned more closely to CXMT's 4F² technology progress. The main reason is market concern that Chinese domestic foundries could effectively break through in the high-margin server DDR5 market, undermining the narrative that overseas giants can maintain extremely high pricing power by monopolizing capacity. In terms of industry progress, DRAM technology is still dominated by the 6F² cell structure, and the commercialization of 4F² technology depends on progress by Samsung Electronics and CXMT. At present, 4F² technology remains in an early verification stage, and its impact on the memory industry over the short to medium term is relatively small, though companies' yields, output, gross margins and downstream customer certification will still need to be monitored. The report recommends watching investment opportunities in companies in the HDD, DRAM and NAND segments.