Zhongyuan Securities Research Report stated that factors such as memory manufacturers' production cuts, smartphone inventory liquidation, AI and DeepSeek effects will boost NAND Flash demand, and the oversupply situation is expected to ease. According to TrendForce's forecast, the supply and demand structure of the NAND Flash market is expected to improve significantly in the second half of 2025, and NAND Flash prices are expected to rebound in the second half of 2025. Internet companies such as Alibaba and ByteDance continue to increase capital expenditures related to AI infrastructure construction. The demand for domestic substitution of AI and memory is expected to drive domestic memory manufacturers to continuously increase their market share. It is recommended to pay attention to investment opportunities in the domestic memory industry chain.