CITIC Securities: HBM expected to become the mainstream standard cloud training acceleration memory solution.

According to the research report of CITIC Securities, we believe that in the AI era, the upgrade of memory bandwidth and capacity is essential, and storage-computation integration is a trend. Near memory computation is in a high-growth phase, and there are good investment opportunities. Among them, HBM is expected to become the mainstream memory solution for cloud-based training and inference. In the context of increased U.S. sanctions against China, domestic storage manufacturers are accelerating their catching-up efforts, and the related industry chain has important investment opportunities. In addition, CUBE is expected to become a supplementary path for "breaking the AI storage wall" in the inference/edge computing field, achieving breakthrough bandwidth through customization and advanced packaging, and compensating for process deficiencies with packaging technology. It is currently the preferred solution for meeting AI storage needs in China and is a key direction for domestic storage-computation integration to achieve breakthroughs, laying the foundation for true storage-computation integration.