高盛连降两韩芯评级：SK海力士三星双跌，HBM价格2026或现首降

Group 1 - Goldman Sachs downgraded SK Hynix's rating for the first time in over three years, leading to a decline in its stock price due to increased competition in the industry [1] - The same day, Goldman Sachs also downgraded Samsung Electronics from "Buy" to "Neutral," causing Samsung's stock to drop by as much as 8.8%, marking its largest single-day decline since April 7 [1] - SK Hynix has benefited from the AI industry boom, significantly increasing its stock price, but faces potential profit pressure if Samsung successfully closes the technology gap in HBM chip certification [1] Group 2 - Goldman Sachs noted that with increasing competition in the HBM market, pricing power is shifting towards Hynix's customers, potentially leading to a price decline in HBM products by 2026 [3] - Despite ongoing risk factors, SK Hynix's stock has risen by 57% this year, outperforming the market, while Samsung's stock has only increased by 23% during the same period [3] - Analysts observed a shift in market sentiment, with foreign institutions beginning to favor Samsung over Hynix, indicating a potential change in investment strategies [3] Group 3 - Future Asset Securities had already downgraded Samsung Electronics' rating prior to Goldman Sachs, predicting that Samsung's market share could gradually erode SK Hynix's dominance starting in 2026 as the next generation of HBM chips begins production [3]