<p>➀ The Q1 NAND market remains over-supplied, leading to sustained price declines and financial strain for suppliers.</p><p>➁ Supply and demand are expected to be closer to balance in Q2, driven by production cuts, inventory reductions, and growing demand from AI and DeepSeek applications.</p><p>➂ China's trade-in subsidy policies have stimulated smartphone sales and accelerated depletion of NAND Flash inventory.</p>