China's memory push gains ground across LPDDR6, advanced NAND, with HBM still the test

The surge in AI-driven memory demand is reshaping global supply chains. Advancements by CXMT and YMTC in LPDDR6 and advanced NAND are eroding market share of overseas players. This creates a ripple effect across upstream materials like silicon wafers and photoresists, while midstream packaging and testing face capacity realignment. Geopolitical tensions amplify supply chain risks, forcing companies to navigate dual standards and export controls, raising operational costs. Competitors such as Samsung and SK Hynix may accelerate investments in Taiwan and Hong Kong, China, to maintain high-end competitiveness. Over the next 12–24 months, HBM will remain a focal point, yet the domesticization of traditional DRAM and NAND is expected to persist, leading to a structural divergence: high-end constrained, mid-tier breakthrough.