SHO-Time: Memflation Continues: Implications of FX Intervention Risk: Changes to the Focus List

研报英文原文证据摘录

SHO-Time: Memflation Continues: Implications of FX Intervention Risk: Changes to the Focus List

IdeaM

Exhibit 3: Estimated Production Capacity of CXMT and YMTC Exhibit 4: Yield Rates (%) of CXMT and the Three Major

(kwpm) Memory Manufacturers

100 600 CXMT (DRAM) Center (kwpm)

550 YMTC (NAND) Center (kwpm)

500 75

50 350

250 25

0 100

CXMT DDR5 CXMT HBM3 Majors mature DRAM 2026 2027 2028

(Samsung/SK/Micron)

Source: SemiAnalysis, Omdia, TrendForce/Counterpoint, Reuters, Morgan Stanley Research; Estimates

are by SemiAnalysis, Omdia, TrendForce/Counterpoint, Reuters, and Morgan Stanley Research Source: ChosunBiz, Tom's Hardware, SemiAnalysis, Morgan Stanley Research

Brokers linking Chinese and Japanese companies are now beginning to emerge. One

notable example is Miyakoshi Holdings. In March 2026, the company launched a new

business focused on commodity semiconductors and robotics-related components. It

announced (available only in Japanese) that twelve Chinese companies have requested

support for entering the Japanese market, and that it is establishing agency agreements to

distribute their products for Japanese companies. The company is also acquiring

technology trading firms to integrate procurement, sales and technical support, with initial

deliveries to Japanese customers scheduled for this autumn.

The emergence of such brokers has positive implications. Japanese companies could

benefit from broader procurement options. Greater access to Chinese memory and

commodity semiconductors may improve their bargaining power with incumbent

suppliers. Even if companies such as Nintendo and Sony do not immediately adopt

Chinese components, simply having alternative sourcing options could strengthen their

negotiating position with existing suppliers.