<p>TradingKey - 在 4 月 8 日的美国夜间交易时段，一只上市不足一周的 ETF 突然飙升。Roundhill Memory ETF（代码：DRAM）在夜间交易中一度上涨超过 18%，而其持有的美光科技（MU）上涨 8%，闪迪（SNDK）上涨 7%，西部数据（WDC）上涨 8%，整个存储行业在夜间交易中集体反弹。在前一个交易日，该 ETF 收于 29.16 美元，单日涨幅为 5.04%。上市不足一周，其累计涨幅已超过 11%。</p>
<h2>1. 什么是 DRAM ETF？</h2>
<p>2026 年 4 月 2 日，Roundhill Investments 在美国 Cboe BZX 交易所推出了全球首个纯内存主题 ETF，代码为 DRAM。与通常持有涉及芯片设计、设备制造和代工厂等多家公司的典型半导体 ETF 不同，DRAM ETF 保持严格的选择标准：公司必须从内存业务中获得超过 50% 的收入才能被纳入。</p>
<p>截至 2026 年 4 月 5 日，该 ETF 共持有 9 只股票。前三大持股分别是美光科技（24.63%）、三星电子（24.11%）和 SK 海力士（23.08%），三者合计占投资组合的 70% 以上。其余持股比例为：闪迪（4.90%）、东芝（4.86%）、西部数据（4.77%）、希捷（4.73%）、南亚科技（3.89%）和华邦电子（2.40%）。费用比率为 0.65%，该基金为主动管理，持股每季度重新平衡。</p>
<p>值得注意的是，该 ETF 利用一种名为 “总回报掉期” 的金融工具来持有部分资产，这意味着其实际风险敞口可能超过 100%，使其结构比直接持有股票的标准 ETF 更为复杂。</p>
<h2>II. 夜间飙升的原因是什么？</h2>
<p>夜间交易的集中反弹并非偶然。在过去 24 小时内，内存供应链释放了三层积极信号，每一层都比上一层更为重要。</p>
<p><strong>第一层是盈利验证。</strong> 三星电子于 4 月 7 日发布了 2026 年第一季度的盈利指引，营业利润飙升至 57.2 万亿韩元，同比增长 755%，单季度利润已超过整个 2025 财年的水平。收入约为 133 万亿韩元，同比增长 68.1%，这是三星上市以来首次季度收入超过 100 万亿韩元。同一天，A 股内存分销商 Shannon Semiconductor 预测其第一季度归属于股东的净利润将同比增长 6,714% 至 8,747%。整个供应链的盈利能力正在飙升。</p>
<p><strong>第二层是价格上涨信号的持续增强。</strong> 三星电子已与主要客户敲定了第二季度的定价，DRAM 合约价格在第一季度上涨 100% 后，将再上涨 30%。全球半导体研究公司 TrendForce 提供了更为乐观的预测：整体 DRAM 合约价格预计在第二季度将环比上涨 58% 至 63%，而 NAND 闪存合约价格预计将上涨 70% 至 75%。</p>
<p><strong>第三层涉及行业规则的深刻变化。</strong> 微软（MSFT）和谷歌（GOOGL）目前正在与 SK 海力士谈判三年的长期 DRAM 供应协议。与传统合同不同，这些协议首次引入了价格底线保障和 10% 至 30% 的预付款机制——买方不再等待市场价格波动寻找便宜货，而是主动提前支付以确保未来的产能。三星也据报道正在与微软和谷歌讨论三至五年的长期供应安排，而美光已确认签署了首个五年的战略客户协议。三大内存制造商同时向长期协议的转变在内存行业历史上是前所未有的。</p>
<h2>III. 异常现象：现货价格下跌，期货上涨</h2>
<p>在夜间交易的狂潮背后，存储市场正经历罕见的分歧：DDR4 现货价格在一天内暴跌超过 30%，32GB 模块从 2100 元降至 1320 元。“内存条价格暴跌” 成为热搜，DDR5 套件在一个月内下跌近 30%。</p>
<p>然而，合约市场则完全相反——2026 年第一季度 DRAM 合约价格预计环比飙升 90% 至 95%，第二季度的涨价已锁定。</p>
<p><strong>为何会出现这种分歧？</strong></p>
<ul>
<li><strong>现货市场</strong>：服务于中小企业和分销渠道，该市场规模小且波动性大。在过去一年中，某些规格的价格飙升超过 1,900%，而大量库存现在正以恐慌的方式释放；直接触发因素是谷歌的 “TurboQuant” 算法论文，声称内存压缩效率提高了六倍。</li>
<li><strong>合约市场</strong>：占总交易量的 90% 以上，服务于顶级云服务提供商和电子制造商，该市场使用反映真实供需的季度定价。受 AI 数据中心繁荣的推动，八大云服务提供商的资本支出预计在 2026 年将超过 6000 亿美元，增长率为 40%；北美云服务提供商通过长期协议支付 50% 至 60% 的溢价以确保 HBM 产能。同时，制造商优先考虑高利润的 HBM 产能，导致消费级供应被动收缩，新的产能预计最早要到 2027 年底才能释放。</li>
</ul>
<h2>IV. 投资 DRAM ETF 的关键考虑因素是什么？</h2>
<p>首先是集中风险。前十大持股总计占比超过 70%；因此，美光、三星或 SK 海力士的价格波动将显著影响该 ETF 的净资产值（NAV）。晨星分析师建议，这类主题 ETF 更适合作为投资组合中的 “卫星配置”，持仓比例应保持在较低水平。</p>
<p>其次是地缘政治风险。SK 海力士已向美国证券交易委员会提交上市申请，计划通过美国存托凭证（ADRs）在美国市场上市，募资规模约为 67 亿至 100 亿美元。一旦上市完成，美光将失去作为 “唯一在美上市的 DRAM 公司” 的独特性，这可能引发资本的转移。</p>
<p>第三是行业周期性风险。尽管人工智能正在改变内存行业的运营动态，但其强烈的周期性特征并未完全消失。过度扩产后价格下跌的风险仍然是长期持有者必须面对的不确定性。</p>
<h2>V. 结论</h2>
<p>DRAM ETF 的诞生以及在隔夜交易时段的集中突破，不仅反映了对内存公司的重新估值；它们还标志着在人工智能时代技术供应链权力结构的深刻变化。随着微软和谷歌等科技巨头开始进行预付款以 “确保” DRAM 供应，内存芯片的战略重要性已不再是一个可以忽视的变量。</p>
<p>对于散户投资者而言，该 ETF 更像是一个观察窗口，而非核心持有工具。如果您对人工智能供应链有深入了解，并愿意承担高行业集中风险，它可以作为半导体行业 ETF 的补充。如果您对该领域较为陌生，建议首先关注合同价格趋势、三大制造商的产能规划以及云服务提供商的资本支出趋势——这些变量才是真正决定内存行业发展轨迹的关键。</p>
<p>了解更多</p>

美光科技

三星电子

DRAM

<p>Roundhill Memory ETF（DRAM）在隔夜交易中上涨超过 18%，这得益于三星电子的强劲财报和 DRAM 合约价格的上涨。该 ETF 最近推出，专注于那些超过 50% 收入来自内存业务的公司。尽管内存条的现货价格有所下降，但由于微软和谷歌等主要参与者正在谈判长期协议，合约价格预计将显著上涨。该 ETF 的持股包括美光科技和三星，这两家公司共同主导了投资组合</p>

<p>TradingKey - During the U.S. overnight trading session on April 8, an ETF listed for less than a week suddenly surged. The Roundhill Memory ETF (Ticker: DRAM) jumped over 18% at one point during overnight trading, while its holding, Micron Technology ( MU) rose 8%, SanDisk ( SNDK) rose 7%, Western Digital ( WDC) rose 8%, as the entire storage sector rallied collectively during the overnight session. In the previous trading day, the ETF closed at $29.16, a single-day gain of 5.04%. Having been listed for less than a week, its cumulative increase has already exceeded 11%.</p>
<div class="lb-trans"><p>TradingKey - 在 4 月 8 日的美国夜间交易时段，一只上市不足一周的 ETF 突然飙升。Roundhill Memory ETF（代码：DRAM）在夜间交易中一度上涨超过 18%，而其持有的美光科技（MU）上涨 8%，闪迪（SNDK）上涨 7%，西部数据（WDC）上涨 8%，整个存储行业在夜间交易中集体反弹。在前一个交易日，该 ETF 收于 29.16 美元，单日涨幅为 5.04%。上市不足一周，其累计涨幅已超过 11%。</p>
</div><h2>1. What is a DRAM ETF?</h2>
<div class="lb-trans"><h2>1. 什么是 DRAM ETF？</h2>
</div><p>On April 2, 2026, Roundhill Investments launched the world's first pure-play memory-themed ETF on the U.S. Cboe BZX Exchange, under the ticker DRAM. Unlike typical semiconductor ETFs, which usually hold a broad array of companies involved in chip design, equipment manufacturing, and foundries—thereby significantly diluting the weight of memory chips—the DRAM ETF maintains strict selection criteria: a company must derive more than 50% of its revenue from memory businesses to be included.</p>
<div class="lb-trans"><p>2026 年 4 月 2 日，Roundhill Investments 在美国 Cboe BZX 交易所推出了全球首个纯内存主题 ETF，代码为 DRAM。与通常持有涉及芯片设计、设备制造和代工厂等多家公司的典型半导体 ETF 不同，DRAM ETF 保持严格的选择标准：公司必须从内存业务中获得超过 50% 的收入才能被纳入。</p>
</div><p>As of April 5, 2026, the ETF holds a total of 9 stocks. The top three holdings are Micron Technology (24.63%), Samsung Electronics (24.11%), and SK Hynix (23.08%), which together account for over 70% of the portfolio. The remaining weights are: SanDisk (4.90%), Kioxia (4.86%), Western Digital (4.77%), Seagate (4.73%), Nanya Technology (3.89%), and Winbond (2.40%). The expense ratio is 0.65%, and the fund is actively managed with holdings rebalanced quarterly.</p>
<div class="lb-trans"><p>截至 2026 年 4 月 5 日，该 ETF 共持有 9 只股票。前三大持股分别是美光科技（24.63%）、三星电子（24.11%）和 SK 海力士（23.08%），三者合计占投资组合的 70% 以上。其余持股比例为：闪迪（4.90%）、东芝（4.86%）、西部数据（4.77%）、希捷（4.73%）、南亚科技（3.89%）和华邦电子（2.40%）。费用比率为 0.65%，该基金为主动管理，持股每季度重新平衡。</p>
</div><p>Notably, the ETF utilizes a financial instrument called a &#34;Total Return Swap&#34; to hold a portion of its assets, meaning its actual risk exposure may exceed 100%, making its structure more complex than standard ETFs that hold shares directly.</p>
<div class="lb-trans"><p>值得注意的是，该 ETF 利用一种名为 “总回报掉期” 的金融工具来持有部分资产，这意味着其实际风险敞口可能超过 100%，使其结构比直接持有股票的标准 ETF 更为复杂。</p>
</div><h2>II. What are the reasons behind the overnight surge?</h2>
<div class="lb-trans"><h2>II. 夜间飙升的原因是什么？</h2>
</div><p>The concentrated rally in the overnight session did not happen in a vacuum. Over the past 24 hours, the memory supply chain has released three layers of positive signals, each more significant than the last.</p>
<div class="lb-trans"><p>夜间交易的集中反弹并非偶然。在过去 24 小时内，内存供应链释放了三层积极信号，每一层都比上一层更为重要。</p>
</div><p><strong>The first layer is earnings validation.</strong> Samsung Electronics released its Q1 2026 earnings guidance on April 7, with operating profit soaring to 57.2 trillion won, a 755% year-on-year increase, with single-quarter profits already exceeding those of the entire 2025 fiscal year. Revenue was approximately 133 trillion won, up 68.1% year-on-year, marking the first time Samsung’s quarterly revenue has surpassed 100 trillion won since its listing. On the same day, A-share memory distributor Shannon Semiconductor forecasted that its Q1 net profit attributable to shareholders would grow by 6,714% to 8,747% year-on-year. Profitability is surging across the entire supply chain.</p>
<div class="lb-trans"><p><strong>第一层是盈利验证。</strong> 三星电子于 4 月 7 日发布了 2026 年第一季度的盈利指引，营业利润飙升至 57.2 万亿韩元，同比增长 755%，单季度利润已超过整个 2025 财年的水平。收入约为 133 万亿韩元，同比增长 68.1%，这是三星上市以来首次季度收入超过 100 万亿韩元。同一天，A 股内存分销商 Shannon Semiconductor 预测其第一季度归属于股东的净利润将同比增长 6,714% 至 8,747%。整个供应链的盈利能力正在飙升。</p>
</div><p><strong>The second layer is the continued strengthening of price hike signals.</strong> Samsung Electronics has already finalized Q2 pricing with major customers, with DRAM contract prices set to rise by another 30% following a 100% hike in Q1. Global semiconductor research firm TrendForce offers an even more optimistic forecast: overall DRAM contract prices are expected to increase 58% to 63% quarter-on-quarter in Q2, while NAND flash contract prices are projected to rise 70% to 75%.</p>
<div class="lb-trans"><p><strong>第二层是价格上涨信号的持续增强。</strong> 三星电子已与主要客户敲定了第二季度的定价，DRAM 合约价格在第一季度上涨 100% 后，将再上涨 30%。全球半导体研究公司 TrendForce 提供了更为乐观的预测：整体 DRAM 合约价格预计在第二季度将环比上涨 58% 至 63%，而 NAND 闪存合约价格预计将上涨 70% 至 75%。</p>
</div><p><strong>The third layer involves profound changes in industry rules.</strong> Microsoft ( MSFT) and Google ( GOOGL) are currently negotiating three-year long-term DRAM supply agreements with SK Hynix. Unlike traditional contracts, these agreements introduce price floor guarantees and a 10% to 30% prepayment mechanism for the first time—buyers are no longer waiting for market price fluctuations to find bargains, but are proactively paying upfront to secure future capacity. Samsung is also reportedly discussing three- to five-year long-term supply arrangements with Microsoft and Google, while Micron has confirmed the signing of its first five-year strategic customer agreement. The simultaneous shift by the three major memory manufacturers toward long-term agreements is unprecedented in the history of the memory industry.</p>
<div class="lb-trans"><p><strong>第三层涉及行业规则的深刻变化。</strong> 微软（MSFT）和谷歌（GOOGL）目前正在与 SK 海力士谈判三年的长期 DRAM 供应协议。与传统合同不同，这些协议首次引入了价格底线保障和 10% 至 30% 的预付款机制——买方不再等待市场价格波动寻找便宜货，而是主动提前支付以确保未来的产能。三星也据报道正在与微软和谷歌讨论三至五年的长期供应安排，而美光已确认签署了首个五年的战略客户协议。三大内存制造商同时向长期协议的转变在内存行业历史上是前所未有的。</p>
</div><h2>III. An Anomaly: Spot Prices Fall, Futures Rise</h2>
<div class="lb-trans"><h2>III. 异常现象：现货价格下跌，期货上涨</h2>
</div><p>Behind the overnight trading frenzy, the storage market is experiencing a rare divergence: DDR4 spot prices plunged over 30% in a single day, with 32GB modules dropping from 2,100 yuan to 1,320 yuan. &#34;Memory stick prices falling off a cliff&#34; hit trending searches, and DDR5 kits fell nearly 30% within a month.</p>
<div class="lb-trans"><p>在夜间交易的狂潮背后，存储市场正经历罕见的分歧：DDR4 现货价格在一天内暴跌超过 30%，32GB 模块从 2100 元降至 1320 元。“内存条价格暴跌” 成为热搜，DDR5 套件在一个月内下跌近 30%。</p>
</div><p>However, the contract side is the complete opposite—Q1 2026 DRAM contract prices are set to surge 90%–95% quarter-over-quarter, and Q2 price hikes have already been locked in.</p>
<div class="lb-trans"><p>然而，合约市场则完全相反——2026 年第一季度 DRAM 合约价格预计环比飙升 90% 至 95%，第二季度的涨价已锁定。</p>
</div><p><strong>Why the divergence?</strong></p>
<div class="lb-trans"><p><strong>为何会出现这种分歧？</strong></p>
</div><ul>
<li><strong>Spot market</strong>: Serving SMEs and distribution channels, this market is small in scale and highly volatile. Over the past year, certain specifications skyrocketed over 1,900%, and massive stockpiles are now being released in a wave of panic; the direct trigger was Google's &#34;TurboQuant&#34; algorithm paper, which claimed a sixfold increase in memory compression.</li>
<li><strong>Contract market</strong>: Accounting for over 90% of total volume and serving top-tier cloud providers and electronics manufacturers, this market uses quarterly pricing that reflects real supply and demand. Driven by the AI data center boom, capital expenditures of the eight major cloud providers are expected to exceed $600 billion in 2026, a 40% growth rate; North American cloud providers are paying 50%–60% premiums to secure HBM capacity through long-term agreements. Meanwhile, manufacturers are prioritizing high-margin HBM capacity, leading to a passive contraction in consumer-grade supply, with new capacity not expected to be released until late 2027 at the earliest.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>现货市场</strong>：服务于中小企业和分销渠道，该市场规模小且波动性大。在过去一年中，某些规格的价格飙升超过 1,900%，而大量库存现在正以恐慌的方式释放；直接触发因素是谷歌的 “TurboQuant” 算法论文，声称内存压缩效率提高了六倍。</li>
<li><strong>合约市场</strong>：占总交易量的 90% 以上，服务于顶级云服务提供商和电子制造商，该市场使用反映真实供需的季度定价。受 AI 数据中心繁荣的推动，八大云服务提供商的资本支出预计在 2026 年将超过 6000 亿美元，增长率为 40%；北美云服务提供商通过长期协议支付 50% 至 60% 的溢价以确保 HBM 产能。同时，制造商优先考虑高利润的 HBM 产能，导致消费级供应被动收缩，新的产能预计最早要到 2027 年底才能释放。</li>
</ul>
</div><h2>IV. Key considerations for investing in DRAM ETFs?</h2>
<div class="lb-trans"><h2>IV. 投资 DRAM ETF 的关键考虑因素是什么？</h2>
</div><p>First is concentration risk. The top three holdings account for over 70% in total; therefore, price fluctuations in Micron, Samsung, or SK Hynix will significantly impact the ETF's net asset value (NAV). Morningstar analysts suggest that such thematic ETFs are more suitable as &#34;satellite allocations&#34; within a portfolio, with positions kept at a low proportion.</p>
<div class="lb-trans"><p>首先是集中风险。前十大持股总计占比超过 70%；因此，美光、三星或 SK 海力士的价格波动将显著影响该 ETF 的净资产值（NAV）。晨星分析师建议，这类主题 ETF 更适合作为投资组合中的 “卫星配置”，持仓比例应保持在较低水平。</p>
</div><p>Second is geopolitical risk. SK Hynix has submitted a listing application to the U.S. SEC, planning to list on the U.S. market via ADRs with a fundraising scale of approximately $6.7 billion to $10 billion. Once the listing is complete, Micron will lose its uniqueness as the &#34;only U.S.-listed DRAM company,&#34; which could trigger a diversion of capital.</p>
<div class="lb-trans"><p>其次是地缘政治风险。SK 海力士已向美国证券交易委员会提交上市申请，计划通过美国存托凭证（ADRs）在美国市场上市，募资规模约为 67 亿至 100 亿美元。一旦上市完成，美光将失去作为 “唯一在美上市的 DRAM 公司” 的独特性，这可能引发资本的转移。</p>
</div><p>Third is industry cyclical risk. Although AI is changing the operational dynamics of the memory industry, its strongly cyclical nature has not entirely disappeared. The risk of price declines following excessive capacity expansion remains an uncertainty that long-term holders must confront.</p>
<div class="lb-trans"><p>第三是行业周期性风险。尽管人工智能正在改变内存行业的运营动态，但其强烈的周期性特征并未完全消失。过度扩产后价格下跌的风险仍然是长期持有者必须面对的不确定性。</p>
</div><h2>V. Conclusion</h2>
<div class="lb-trans"><h2>V. 结论</h2>
</div><p>The birth of the DRAM ETF and the concentrated breakout during the overnight trading session reflect more than just a revaluation of memory companies; they signal a profound shift in the power structure of the technology supply chain in the AI era. As tech giants like Microsoft and Google begin making prepayments to &#34;secure&#34; DRAM supplies, the strategic importance of memory chips is no longer a variable that can be ignored.</p>
<div class="lb-trans"><p>DRAM ETF 的诞生以及在隔夜交易时段的集中突破，不仅反映了对内存公司的重新估值；它们还标志着在人工智能时代技术供应链权力结构的深刻变化。随着微软和谷歌等科技巨头开始进行预付款以 “确保” DRAM 供应，内存芯片的战略重要性已不再是一个可以忽视的变量。</p>
</div><p>For retail investors, this ETF serves more as an observation window rather than a core holding tool. If you have a deep understanding of the AI supply chain and are willing to assume high sector concentration risk, it can function as a supplement to semiconductor industry ETFs. If you are new to the field, it is advisable to first monitor contract price trends, the capacity planning of the three major manufacturers, and the capital expenditure trends of cloud service providers—these variables are the true keys that determine the trajectory of the memory sector.</p>
<div class="lb-trans"><p>对于散户投资者而言，该 ETF 更像是一个观察窗口，而非核心持有工具。如果您对人工智能供应链有深入了解，并愿意承担高行业集中风险，它可以作为半导体行业 ETF 的补充。如果您对该领域较为陌生，建议首先关注合同价格趋势、三大制造商的产能规划以及云服务提供商的资本支出趋势——这些变量才是真正决定内存行业发展轨迹的关键。</p>
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Memory Chip ETF Surges Over 18% in Overnight Trading, Is It Worth Investing?

- 美国储存行业的 Roundhill Memory ETF（DRAM）在上市不到一周后暴涨 18%。  
- Micron、SanDisk 和 Western Digital 股票同时上涨，反映出整个储存行业的集中上涨。  
- 行业供应链传出盈利、涨价和长期协议的利好信号，推动了该 ETF 的快速上涨。

记忆芯片 ETF 在隔夜交易中飙升超过 18%，是否值得投资？