CITIC Securities has indicated that the memory industry is currently in the nascent stages of an unprecedented boom cycle, with the shortage becoming even more acute over the upcoming six months. Projections suggest that by the end of the first quarter of 2026, the rise in contract prices could either widen or hold steady, potentially aligning the cumulative increase with that of spot prices. The prevailing supply-demand imbalance within the industry is forecast to endure until at least the close of 2026, ensuring the sustainability of this structural cycle boom. Notably, firms with closer ties to memory manufacturers are poised to reap greater benefits and sustain profitability over a longer period. CITIC Securities strongly advocates for companies that are set to profit from escalations in niche memory prices, rapid advancements in enterprise-level memory, and substantial gains from price hikes, as well as those engaged in designing enterprise-level SSDs and memory support chips.