摩根士丹利：预计DDR4涨价延续至四季度，维持大中华半导体行业“有吸引力”观点

摩根士丹利：预计DDR4涨价延续至四季度，维持大中华半导体行业“有吸引力”观点

2026-08-18 11:32

ChainThink 消息，8 月 18 日，据摩根士丹利最新大中华半导体报告，该行维持大中华科技半导体行业“有吸引力”观点，预计 DDR4 涨价动能将延续至今年四季度，部分旧型存储品类价格上行周期或持续至 2027 年。

报告称，主流存储大厂继续退出 DDR4 等成熟产品供给，旧型存储供需关系仍在改善。摩根士丹利预计，DDR4 价格三季度将上涨约 50%，四季度仍将出现双位数涨幅；

消费电子相关需求也在扩散，而非仅由服务器需求推动。

摩根士丹利最看好 SLC NAND 价格表现，预计其三季度和四季度价格均将上涨 50% 以上，主要受产能约束及供应商缺乏重新分配晶圆产能意愿影响。

报告还认为，MLC 需求向 SLC 迁移将支撑 2027 年上半年价格继续上行；NOR Flash 在近期涨价后，四季度可能再次涨价，动能延续至 2027 年上半年。

个股方面，摩根士丹利上调华邦电、旺宏、兆易创新和力积电盈利预测。

其中，华邦电 2026 至 2028 年 EPS 预测分别上调 17%、30% 和 34%，旺宏分别上调 139%、144% 和 147%。

兆易创新目标价由 888 元下调至 750 元，但 2026 至 2028 年 EPS 预测仍分别上调 108%、49% 和 48%。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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