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2D-NAND supply continue shrinking from 3D-NAND migration while 3D-NAND supply will significantly increase from 2H17. Demand visibility is the key for market dynamics.2017 CAPEX is up 30％yoy. Memory makers place more money on NAND investment.All new capacity added is 3D-NAND.3D-NAND bit volume likely crossover 2D-NAND from 4Q17.Strongest application:Growing more than 60%yoy, SSDs accounts 40% of NAND demand.Long term NAND demand annual growth can be sustained at 40%.China market NAND consumption is>30% in 2017 and aim for 40% by 2020.