美联储威廉姆斯：资产负债表现已进入稳定运行模式。

Upstream shortages and price increases since mid‑last month have sustained upward pressure on channel DDR5 module prices. Retail channel brands have raised retail quotes, prompting memory module makers to follow suit; DDR4 modules, which fell in Q1, are beginning to rebound. Modules built with overseas and domestic dies still carry a price gap: overseas original DDR5 secondary‑grade dies remain scarce and expensive, so PC buyers specifying those dies pay a premium. If upstream resources are increasingly locked in ahead of delivery, tighter supply could push domestic DDR5 secondary‑die prices higher and narrow finished‑module price differentials across die origins.

China June year-to-date urban fixed-asset investment -5.7% YoY, vs -4.9% expected and -4.1% prior.