en.Wedoany.com Report on Mar 30th, Since the beginning of this year, bolstered by a robust recovery in industry fundamentals and significant improvements in corporate performance, the A-share memory chip sector has delivered a remarkable performance, staging a considerable upward trend. According to data from Choice Financial Terminal, as of March 25, 2026, the China Securities Memory Chip Industry Index has accumulated a year-to-date gain of 19%, fully reflecting the market's positive expectations for the industry's upward cycle. Although sector valuations have recovered from earlier lows, multiple mainstream institutions have pointed out in recent research views that driven by multiple factors, the current boom cycle in the memory industry may exhibit greater persistence and resilience than previously anticipated by the market. The valuation levels of related companies still have room for further revaluation and improvement, and the industry is currently at a critical window where the high boom is being sustained and confirmed.
Institutional analysis suggests that the core logic supporting the continued spread of the industry's boom and potentially extending the current upward cycle is primarily based on the following points. First, the vigorous development of the artificial intelligence (AI) wave has brought unprecedented structural incremental demand for memory chips, especially high-performance DRAM (such as HBM, High Bandwidth Memory) and NAND Flash. Whether it's the massive data throughput and caching requirements on the training side or the reliance on high-bandwidth, low-latency memory on the inference side, memory chips have become indispensable key hardware in the AI computing power system, with a clear and defined path for technological upgrades and value enhancement. Second, from the supply side, global major memory manufacturers have continued to implement strict capacity control and capital expenditure discipline over the past few quarters. Supply-side growth remains rational and restrained, keeping the industry's supply-demand dynamics healthy and inventory levels relatively low, laying a solid foundation for stable and recovering product prices. Finally, the current recovery is gradually spreading from initial traditional consumer electronics fields like smartphones and personal computers to broader areas such as servers, automotive electronics, and industrial control. This diversification of demand provides the industry cycle with stronger resilience against volatility.
Overall, institutions generally believe that, driven by the combined effects of AI-driven innovative demand, orderly supply-side expansion, and continuously broadening application scenarios, the memory chip industry is undergoing a high-quality growth cycle propelled by technology and demand. At the current juncture, the high boom trend in the industry shows no signs of weakening; instead, it is being validated and strengthened in more segmented fields. This provides listed companies within the industry chain that possess core technologies, optimized product structures, and customer advantages with sustained momentum for performance growth and investment attractiveness.
