原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Is there any other industry... Where every investor is cheering for shortages and price hikes?
SED reported today that: Samsung / $SKHY "stockpiles have fallen to less than 10 days of supply, and a severe shortage could emerge next year, according to a new forecast"
KB Securities said that the memory market next year will see "the tightest supply conditions in history"
KB Securities projects memory's share of AI infrastructure costs to expand from 40% this year to 57% next year, with others like TrendForce placing next year's figure at 68% (total hyperscaler capex, pretty wild forecast attached)
"Both stocks have fallen 38% from their peaks over the past three months, pushing their price-to-earnings ratios based on next year's expected results down to about three times."
Likewise, commentary around Phison stated they expect extremely tight NAND supply in 2027, so hard to see memory flooding the market or prices collapsing next year...
They gave some color that "soaring NAND prices have forced some Chinese consumer module makers to liquidate inventory, giving Phison opportunities to buy lower-priced stock", so it does show some price declines can coexist with broader shortages.
TLDR: KOSPI + read through for other names like $MU / $SNDK might be happy for 2027 given demand causing shortages + infra spend share increase.
翻译：
还有哪个行业…每个投资者都在为短缺和涨价欢呼？
SED 今日报告称：Samsung / $SKHY “库存已降至不足 10 天供应，依据新预测，明年可能出现严重短缺”
KB Securities 表示，明年内存市场将出现“史上最紧张的供给状况”
KB Securities 预测，内存在 AI 基础设施成本中的占比将从今年的 40% 扩大到明年的 57%，而 TrendForce 等机构则将明年比例定在 68%（整体超大规模厂商资本支出，预测相当激进，见附件）
“过去三个月，两只股票已从峰值下跌 38%，使其基于明年预期业绩的市盈率降至约 3 倍。”
同样，关于 Phison 的评论称他们预计 2027 年 NAND 供应将极度紧张，因此难以看到内存在明年出现供大于求或价格崩盘…
他们补充道，“飙升的 NAND 价格迫使部分中国消费模组厂商清仓库存，为 Phison 提供了以更低价买入库存的机会”，这表明价格下跌可以与整体短缺并存。
TLDR：KOSPI + 关注 $MU / $SNDK 等其他标的，因需求导致短缺和基础设施支出占比提升，2027 年可能表现良好。
Is there any other industry... Where every investor is cheering for shortages and price hikes?
SED reported today that: Samsung / $SKHY "stockpiles have fallen to less than 10 days of supply, and a severe shortage could emerge next year, according to a new forecast"
KB Securities said that the memory market next year will see "the tightest supply conditions in history"
KB Securities projects memory's share of AI infrastructure costs to expand from 40% this year to 57% next year, with others like TrendForce placing next year's figure at 68% (total hyperscaler capex, pretty wild forecast attached)
"Both stocks have fallen 38% from their peaks over the past three months, pushing their price-to-earnings ratios based on next year's expected results down to about three times."
Likewise, commentary around Phison stated they expect extremely tight NAND supply in 2027, so hard to see memory flooding the market or prices collapsing next year...
They gave some color that "soaring NAND prices have forced some Chinese consumer module makers to liquidate inventory, giving Phison opportunities to buy lower-priced stock", so it does show some price declines can coexist with broader shortages.
TLDR: KOSPI + read through for other names like $MU / $SNDK might be happy for 2027 given demand causing shortages + infra spend share increase.
翻译：
还有哪个行业…每个投资者都在为短缺和涨价欢呼？
SED 今日报告称：Samsung / $SKHY “库存已降至不足 10 天供应，依据新预测，明年可能出现严重短缺”
KB Securities 表示，明年内存市场将出现“史上最紧张的供给状况”
KB Securities 预测，内存在 AI 基础设施成本中的占比将从今年的 40% 扩大到明年的 57%，而 TrendForce 等机构则将明年比例定在 68%（整体超大规模厂商资本支出，预测相当激进，见附件）
“过去三个月，两只股票已从峰值下跌 38%，使其基于明年预期业绩的市盈率降至约 3 倍。”
同样，关于 Phison 的评论称他们预计 2027 年 NAND 供应将极度紧张，因此难以看到内存在明年出现供大于求或价格崩盘…
他们补充道，“飙升的 NAND 价格迫使部分中国消费模组厂商清仓库存，为 Phison 提供了以更低价买入库存的机会”，这表明价格下跌可以与整体短缺并存。
TLDR：KOSPI + 关注 $MU / $SNDK 等其他标的，因需求导致短缺和基础设施支出占比提升，2027 年可能表现良好。
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