供需严重失调，Nand闪存一季度预计涨价90%供需严重失调，Nand闪存一季度预计涨价90% \u003cdiv class=\"rich_media_content\"\u003e\u003cp style=\"text-align: left\"\u003e\u003c!--VERTICAL_CARD_BEGIN_0--\u003eNAND闪存\u003c!--VERTICAL_CARD_END_0--\u003e市场正经历新一轮剧烈供需失衡。受AI基础设施建设需求爆发与供给扩张受限双重驱动，闪存价格涨势持续加剧，市场格局正在加速重塑。\u003c/p\u003e\n\u003cp style=\"text-align: left\"\u003e据集邦科技（TrendForce）最新调查，2025年第四季全球NAND闪存前五大品牌厂商营收合计大幅季增23.8%，达211.7亿美元。\u003cstrong\u003e展望2026年第一季，TrendForce已将整体NAND闪存价格预估上调至季增85%至90%，营收水平有望再度成长。\u003c/strong\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\n\u003cp style=\"text-align: left\"\u003e供需失衡的核心驱动力来自北美云端服务供应商（CSP）大规模布建AI服务器基础设施，带动\u003c!--VERTICAL_CARD_BEGIN_1--\u003e企业级SSD\u003c!--VERTICAL_CARD_END_1--\u003e需求爆发式增长。\u003c/p\u003e\n\u003cp style=\"text-align: left\"\u003e与此同时，HDD严重缺货、交期过长引发的转单效应进一步加剧NAND闪存短缺，推升价格涨势，各大原厂继续拉抬价格的意愿强烈。\u003c/p\u003e\n\u003ch2 style=\"text-align: left\"\u003e\u003c!--HPOS_0--\u003e五大厂商营收全线季增，SK集团涨幅居首\u003c/h2\u003e\n\u003cp style=\"text-align: left\"\u003e2025年第四季，主要NAND闪存供应商营收普遍录得强劲增长，但各家表现分化明显。\u003c/p\u003e\n\u003cp style=\"text-align: left\"\u003e三星以66亿美元营收位居第一，季增10%，然而市占率下滑至28%。TrendForce指出，\u003c!--SECURE_LINK_BEGIN_0--\u003e三星\u003c!--SECURE_LINK_END_0--\u003e产品平均销售价格虽明显成长，但出货量因前一季高基期及制程转换损失而呈现季减，拖累整体表现。\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\n\u003cp style=\"text-align: left\"\u003eSK集团以47.8%的季增幅度领跑行业，营收达52.1亿美元，市占22.1%，排名维持第二。其出货成长动能主要来自移动端NAND闪存与企业级SSD两大产品线。\u003c/p\u003e\n\u003cp style=\"text-align: left\"\u003e铠侠营收33.1亿美元，季增16.5%，营收与出货量均创单季新高。美光营收季增24.8%至近30.3亿美元，排名第四，该公司持续提高\u003c!--VERTICAL_CARD_BEGIN_2--\u003eQLC\u003c!--VERTICAL_CARD_END_2--\u003e产出，并扩大供应采用第九代NAND闪存技术的产品，有助于2026年\u003c!--VERTICAL_CARD_BEGIN_3--\u003e位元产出\u003c!--VERTICAL_CARD_END_3--\u003e成长。\u003c!--SECURE_LINK_BEGIN_1--\u003eSanDisk\u003c!--SECURE_LINK_END_1--\u003e营收近30.3亿美元，季增31.1%，排名第五，受惠于整体NAND供应短缺，该公司积极拓展此前较弱的服务器领域，数据中心业务出现大幅进展。\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\n\u003ch2 style=\"text-align: left\"\u003e\u003c!--HPOS_1--\u003e扩产有限叠加AI需求爆发，高价态势料将延续全年\u003c/h2\u003e\n\u003cp style=\"text-align: left\"\u003eTrendForce指出，2026年在可预见NAND闪存扩产有限、AI需求持续爆发的背景下，价格将维持高涨态势。\u003c/p\u003e\n\u003cp style=\"text-align: left\"\u003e\u003cstrong\u003e从供给端来看，各大原厂并未选择大规模扩充产能，而是加速技术迭代\u003c/strong\u003e，并将产品重心转移至122TB及245TB等大容量QLC企业级SSD，以满足\u003c!--VERTICAL_CARD_BEGIN_4--\u003e生成式AI\u003c!--VERTICAL_CARD_END_4--\u003e对大容量与高传输速度的需求。产能资源持续向服务器端倾斜，消费类产品供应因此受到明显排挤。\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\n\u003cp style=\"text-align: left\"\u003e这一结构性转变意味着，企业级市场与消费级市场之间的供需分化将进一步加深。对于依赖消费类NAND产品的下游厂商而言，供应紧张与价格压力或将持续；而深度布局企业级SSD及AI存储解决方案的供应商，则有望在本轮涨价周期中持续受益。\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. ';counter-increment:olCounter;font-variant-numeric:tabular-nums;display:inline-block}.rich_media_content ul[data-ex-list]{--ul-list-style-type: circle;list-style-type:none;position:relative}.rich_media_content ul[data-ex-list].nonUnicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.5)}.rich_media_content ul[data-ex-list].unicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.8)}.rich_media_content ol:not([data-ex-list]){padding-left:revert}.rich_media_content ul:not([data-ex-list]){padding-left:revert}.rich_media_content table{display:table;border-collapse:collapse;margin-bottom:var(--news-bottom-distance)}.rich_media_content table th,.rich_media_content table td{word-wrap:break-word;border:1px solid #ddd;white-space:nowrap;padding:2px 5px}.rich_media_content table th{font-weight:700;background-color:#f0f0f0;text-align:left}.rich_media_content table p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content table th{background:var(--news-tabel-th-night-color)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content table th{background:var(--news-tabel-th-night-color)}}.rich_media_content .qqnews_image_desc,.rich_media_content p[type=om-image-desc]{line-height:20px!important;text-align:center!important;font-size:14px!important;color:#666!important}.rich_media_content div[data-exeditor-arbitrary-box=wrap]:not([data-exeditor-arbitrary-box-special-style]){max-width:100%}.rich_media_content .qqnews-content{--wmfont: 0;--wmcolor: transparent;font-size:var(--wmfont);color:var(--wmcolor);line-height:var(--wmfont)!important;margin-bottom:var(--wmfont)!important}.rich_media_content .qqnews_sign_emphasis{background:#f7f7f7}.rich_media_content .qqnews_sign_emphasis ol{word-wrap:break-word;border:none;color:#5c5c5c;line-height:28px;list-style:none;margin:14px 0 6px;padding:16px 15px 4px}.rich_media_content .qqnews_sign_emphasis p{margin-bottom:12px!important}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{padding-left:30px}.rich_media_content .qqnews_sign_emphasis ol\u003eli{list-style:none}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep:first-child::before{margin-left:-30px;content:counter(olCounter,decimal) ''!important;counter-increment:olCounter!important;font-variant-numeric:tabular-nums!important;background:#37f;border-radius:2px;color:#fff;font-size:15px;font-style:normal;text-align:center;line-height:18px;width:18px;height:18px;margin-right:12px;position:relative;top:-1px}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis{background:#262626}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis{background:#262626}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}}.rich_media_content h1,.rich_media_content h2,.rich_media_content h3,.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{margin-bottom:var(--news-bottom-distance);font-weight:700}.rich_media_content h1{font-size:20px}.rich_media_content h2,.rich_media_content h3{font-size:19px}.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{font-size:18px}.rich_media_content li:empty{display:none}.rich_media_content ul,.rich_media_content ol{margin-bottom:var(--news-bottom-distance)}.rich_media_content div\u003ep:only-child{margin-bottom:0!important}.rich_media_content .cms-cke-widget-title-wrap p{margin-bottom:0!important}\u003c/style\u003e\u003c/div\u003e 
