韩国股市多头还预计，随着企业治理改革步伐加快，下一步很可能是通过修订《商法》强制注销库存股。 Matthews Asia的投资组合经理朴素贞（Sojung Park）称："虽然韩国折价幅度有所收窄，但韩国股市的估值与其他 全球主要股指相比，仍然存在显著差距。考虑到韩国上市企业强劲的盈利增长前景和基本面，韩国股市似乎仍被 严重低估了。" 摩根大通分析师团队表示，KOSPI指数在2026年有望触及7500点。该行在报告中将该指数今年的基准目标位设定 在6000点，牛市目标位则定为7500点。他们认为，受芯片价格上涨的推动，权重股三星电子和SK海力士领涨了 KOSPI指数，据测算，这两只股票在2026年仍有45%~50%的上涨空间。此外，该行预计其他非存储类工业板块的 每股收益也将实现约20%的增长。韩国持续推进的企业治理、市场及税收改革预计将成为额外的催化剂。 在韩国国内，韩国股市估值远未达到合理水平的观点在韩国政界也普遍存在，提高股东回报的呼声日益高涨。韩 国执政党共同民主党党首郑清来上周表示，韩国的市净率远低于发达经济体约3倍的平均水平，并呼吁韩国股市应 享有更多溢价。 下一步 KOSPI指数的上涨主要归功于 ...

2026.02. 10 本文字数：1700，阅读时长大约3分钟 作者 | 第一财经 后歆桐 2025年年初至今，韩国股市已上涨121%。不过，多家华尔街机构认为即使市值已上涨1.7万亿美 元，"韩国折价"仍然存在。韩国股市多头预计，随着企业治理改革步伐加快，这波涨势还将继续。 摩根大通预计KOSPI指数年内最高将涨至7500点，比当前水平再上涨超过41%。 "韩国折价"仍存 根据汇编数据，从2025年至2026年2月6日，韩国KOSPI指数已上涨121，市场市值增加了1.7万亿 美元。同期，日本东证指数上涨了36%，美国标普500指数上涨了18%。即使经历了如此大幅的上 涨，韩国KOSPI指数目前的市净率仍仅为1.7倍，日本东证指数和美国标普500指数的市净率则分别 为1.9倍和5.5倍。KOSPI指数成分股的利润预计将在未来12个月内增长一倍以上。相比之下，日本 东证指数成分股的12个月盈利预期增幅为12%。 木星基金管理公司（Jupiter Fund Management）的投资经理康拉德（Sam Konrad）表示，这主 要得益于韩国总统李在明致力于消除"韩国折价"以及全球人工智能（AI）的蓬勃发展。虽 ...

Group 1 - The core viewpoint of the report indicates a significant price increase in memory chips, with NAND flash prices rising over 100% and DRAM prices increasing by 60%-70% in Q1, driven by surging demand from AI servers and data center capital expenditures [1] - The current memory chip price increase is expected to continue until mid-2026, marking a new cycle in the storage chip sector, with strong growth in AI server demand and domestic substitution creating investment opportunities in related listed companies [1] - The price hikes in memory chips are impacting downstream industries, with consumer electronics manufacturers facing cost pressures, leading to potential adjustments in product structure and pricing strategies [1] Group 2 - TSMC reported a record high revenue of $33.73 billion in Q4 2025, a year-on-year increase of 25.5%, exceeding previous guidance, with a net profit of approximately $16.3 billion, reflecting a 35% year-on-year growth [2] - The gross margin reached 62.3%, marking a 3.3 percentage point increase year-on-year, while the operating profit margin was 54%, and the net profit margin was 48.3%, all significantly surpassing market expectations [2] - Advanced process revenue accounted for 77% of total revenue, with 3nm process contributing 28%, indicating a strong growth engine for revenue [2] Group 3 - The passive components market is experiencing a new wave of price increases, with major manufacturers raising prices by 5%-30%, driven by rising raw material costs and increased demand from high-end sectors like AI servers and electric vehicles [3] - Price increases in passive components such as MLCCs, inductors, and resistors are expected to transmit to various downstream applications, influenced by rising wafer processing costs and strong demand in automotive and industrial sectors [3] Group 4 - Companies to watch include IC design firms such as Zhaoyi Innovation, Puran, Dongxin, Beijing Junzheng, and Lanke Technology, as well as storage module manufacturers like Demingli and Shannon Chip Creation [4] - AI-related PCB companies such as Shenghong Technology, Hudian Co., Jingwang Electronics, and Kexiang Technology are also recommended for attention [4]

Market Overview - The A-share market experienced a significant increase, with the Shanghai Composite Index rising by 1.41% to 4,123.09 points, the Shenzhen Component Index increasing by 2.17% to 14,208.44 points, and the ChiNext Index climbing by 2.98% to 3,332.77 points. The total market turnover reached 2.27 trillion yuan, up from 2.16 trillion yuan the previous day [10][5]. - In the Asia-Pacific market, the Hang Seng Index rose by 1.76%, the Nikkei 225 surged by 3.89% to 56,363.94 points, and the Korean Composite Index increased by 4.1% to 5,298.04 points [10][5]. - European markets saw all major indices close higher, with the DAX Index up by 1.19% to 25,014.87 points and the CAC40 Index rising by 0.6% to 8,323.28 points [10][5]. - In the US market, all three major indices closed higher, with the Dow Jones Industrial Average up by 0.04% to 50,135.87 points, marking a new closing high [10][5]. International News - The US plans to reduce the most-favored-nation tariff on Bangladesh to 19%, down from 20%, and provide exemptions for certain textiles, which will support Bangladesh's garment industry [9]. - In the UK, a political "black swan" event occurred as the Prime Minister's chief of staff and communications director resigned amid a scandal involving a former ambassador [9]. - Japan's Prime Minister announced plans to promote nationwide discussions on food tax reductions without issuing new debt, emphasizing fiscal sustainability [9]. Domestic News - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, aiming to support the innovative development of quality listed companies [12]. - The Chinese government is focusing on technological self-reliance and innovation, as highlighted by President Xi Jinping during his recent inspection of a technology innovation center [11]. - A meeting involving multiple departments addressed labor rights for new employment forms, guiding 16 companies, including major delivery services, to improve labor management [13]. Important Announcements - Contemporary Amperex Technology Co., Ltd. plans to launch an employee stock ownership plan for 2026 [15]. - Jinhui Mining intends to acquire Fusheng Mining for 210 million yuan, with an annual gold production capacity of 50,000 tons [15]. - Efort will purchase 100% of Shengpu shares, with stock resuming trading [15].

Core Insights - The demand for computing power driven by generative AI is pushing the limits of chip packaging, leading to a shift from traditional organic substrates to glass substrates, which offer superior flatness, thermal stability, and insulation properties [1] - 2026 is identified as a critical year for the transition of glass substrates from small-scale validation to mass production [1] Industry Dynamics - Intel is advancing its glass substrate commercialization plans and showcased a large glass chip substrate prototype at a recent exhibition in Japan, targeting mass production post-2026 [2] - Samsung is actively pursuing glass substrate development, announcing a joint venture and a commercialization roadmap, while also investing in building a glass substrate ecosystem [2] - Companies from Japan and mainland China, such as BOE and Lens Technology, are making significant progress in glass substrate technology, with predictions of over 10% annual growth in semiconductor glass wafer shipments from 2025 to 2030 [2] Technical Challenges - The main hurdle for the commercialization of glass substrates, particularly for advanced semiconductor packaging, lies in the TGV (Through Glass Via) process, which requires creating micro-sized vias in thin glass and perfect metallization [3] - The current process heavily relies on hydrofluoric acid, posing safety and environmental compliance challenges, prompting experts to explore alternatives like high-temperature alkaline solutions [3] Competitive Advantages - Chinese companies, exemplified by Woge Optoelectronics, are leveraging their extensive experience in chemical management to overcome challenges associated with TGV processing, significantly reducing initial investment and operational costs [6][7] - Woge Optoelectronics has developed a comprehensive management system for handling hazardous chemicals, allowing for a smoother transition to TGV production lines [6] Future Prospects - Woge Optoelectronics is leading the development of GCP (Glass Circuit Board) technology, which is becoming a crucial component in the global electronic information supply chain [7] - The commercialization wave of glass substrates is gaining momentum, with Chinese firms poised to leverage their unique advantages in core processes to compete in the high-end semiconductor packaging materials market [8]

Group 1 - Samsung Electronics is set to begin mass production of HBM4 as early as the third week of February, which will be used in NVIDIA's next-generation AI computing platform, Vera Rubin [2] - The storage industry is expected to see its value rise to $551.6 billion by 2026, driven by the AI boom, which is more than double the value of the foundry industry, projected to reach $218.7 billion [2] - Lingyi iTech has established an embodied intelligence super factory in Beijing, aiming for a production capacity of 10,000 units by 2026, expanding to 50,000 units by 2030 [2] Group 2 - Samsung Display is considering expanding its OLED panel production capacity in response to Apple's plans to launch the iPhone Flip, following the iPhone Fold [2]

基金经理们表示，尽管韩国股市已经涨了1.7万亿美元，但其相对于同类市场的长期折价仍未消失，企 业盈利的增长状况支持这一傲视全球的涨势延续下去。 Kospi指数自2025年初以来已经翻了一倍多，这主要得益于总统李在明努力消除"韩国折扣"，即与公司 治理相关的估值长年相对偏低问题，以及全球人工智能（AI）的蓬勃发展。据Jupiter Fund Management 和Matthews Asia的投资人士称，估值有所改善，但顶多是勉强跟上了盈利预期。 由于韩股仍算便宜，华尔街对Kospi指数今年的走势持乐观看法，摩根大通预期其最高可升至7500点， 也就是说较当前水平上涨逾41%。分析师们表示，前提条件是公司治理改革取得进一步进展。鉴于目前 为止上涨主要由三星电子和SK海力士拉动，其他大部分股票的估值提升有限，因此这轮涨势还有扩大 的空间。 "虽然折价幅度有所收窄，但我认为韩股估值仍有很大缺口，"Matthews Asia的投资组合经理Sojung Park 称。"从强劲的盈利增长状况和基本面来看，这个市场愈发被低估了。" 基金经理们表示，尽管韩国股市已经涨了1.7万亿美元，但其相对于同类市场的长期折价仍未消失，企 ...

Core Viewpoint - The A-share market experienced fluctuations, but the hard technology sector, particularly the Sci-Tech Chip ETF, saw significant gains, indicating strong investor interest and capital inflow [1][4]. Group 1: Market Performance - As of 9:49 AM, the Sci-Tech Chip ETF Huatai (588750) surged over 2%, attracting more than 57 million yuan in investments the previous day [1]. - Key component stocks of the Sci-Tech Chip ETF, such as Yuanjie Technology and Chip Origin, rose over 10%, while Haiguang Information increased by over 5% [2][3]. Group 2: AI and Semiconductor Demand - High demand for AI infrastructure is driving significant capital expenditures from major tech companies, with a projected increase of over 28% in global AI server shipments by 2026 [8]. - Major tech firms, including Microsoft and Meta, are expected to invest over 600 billion USD in capital expenditures by 2026, reflecting the growing importance of AI in their business models [6][8]. Group 3: Semiconductor Market Insights - Goldman Sachs reported that the global memory market will face severe supply shortages in 2026-2027, particularly in DRAM and NAND segments [6]. - The semiconductor market is experiencing a price increase, with storage module prices rising between 13.51% and 60% in January 2026 [9]. Group 4: Investment Opportunities - The Sci-Tech Chip ETF Huatai focuses on high-tech segments of the semiconductor industry, with a significant portion of its index comprising core upstream and midstream components [10][13]. - The index has shown strong growth potential, with a projected net profit growth rate of 97% for the full year of 2025, outperforming peers [14].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Chuang Data**, a leading company in the **computing power leasing** industry in China, focusing on the **cloud computing** and **storage** sectors, with significant developments expected by 2026 [1][2][3]. Key Points and Arguments Computing Power Leasing - **AWS** has announced a **15% price increase** for its AI-specific computing power services, breaking a 20-year trend of price reductions in global cloud computing [1]. - Chuang Data has signed contracts for **21.2 billion yuan** in server procurement by 2025, with multiple large-scale clusters beginning to lease, leading to an expected explosive growth in computing rental income, which is projected to become the largest revenue source by 2026 [1]. - The demand from top-tier clients in the AI sector is rapidly increasing, indicating a significant uptick in market conditions [1]. Storage Business - The company’s storage business is experiencing substantial profit elasticity due to rising prices. Samsung Electronics plans to increase **NAND flash memory prices by over 100%** in Q1 2026, exceeding market expectations [2]. - Chuang Data sources components from major storage manufacturers and recycles storage modules from overseas servers, benefiting from the rising prices in the storage market. In 2024, the company’s storage revenue is expected to reach **4.457 billion yuan**, a **92.4% year-on-year increase** [2]. - The upward trend in storage prices is anticipated to drive further rapid growth in 2025 and 2026, with significant profit potential from inventory accumulation during the price increase cycle [2]. Optical Module Development - The company is actively developing optical modules and has formed strategic partnerships with **Guangwei Technology** and **Guangjia Technology** to enhance production capacity and expand order volumes [3]. - There is potential for gradual integration into domestic and international CSP (Cloud Service Provider) supply chains, contributing to incremental growth opportunities [3]. Future Outlook - The company anticipates a comprehensive explosion in its "computing-storage-connection" business segments by 2026, with significant advancements expected across all areas [3]. - Key risks include potential delays in business progress, increased industry competition, macroeconomic fluctuations, and supply chain disruptions [3].

Summary of Conference Call Notes Company and Industry Overview - The conference call focuses on the computing power leasing industry, specifically highlighting the leading company in this sector, which is positioned to benefit from the increasing demand for AI services and the growth of cloud computing [1][2]. Key Points and Arguments Computing Power Leasing Growth - AWS has announced a price increase of approximately 15% for its AI-specific computing power services, breaking a 20-year trend of declining prices in global cloud computing [1]. - The company has signed contracts for a total of 21.2 billion yuan in server procurement by 2025, indicating a significant increase in computing rental income, which is expected to become the largest revenue source by 2026 [1]. - The demand from top-tier clients is rapidly increasing, with expectations for further expansion in server procurement this year [1]. Explosive Demand for Inference - The company anticipates a surge in inference demand, with its computing resources expected to generate excess returns. Advanced computing clusters are primarily used for model training, and even after a 5-year depreciation period, they will still meet substantial future inference needs [2]. - Historical models like A100 and H100 have maintained strong value retention, indicating a robust market for older models [2]. Storage Business Growth - The storage business is experiencing significant profit elasticity due to rising prices. Samsung Electronics plans to increase NAND flash supply prices by over 100% in Q1 2026, exceeding market expectations [2]. - The company sources components from major storage manufacturers and recycles storage modules from overseas servers, benefiting from the rising prices in the storage market. In 2024, the storage revenue is projected to reach 4.457 billion yuan, a year-on-year increase of 92.4% [2]. - The company is expected to see further rapid growth in storage revenue in 2025 and 2026, driven by the ongoing price increase trend [2]. Strategic Partnerships and Future Outlook - The company is actively expanding its optical module business through strategic partnerships with Guangwei Technology and Guangjia Technology, which are focused on optical module research and development [3]. - The optical module segment is expected to evolve rapidly by 2026, with plans to gradually introduce products to domestic and international CSP clients, contributing to incremental growth [3]. - Overall, the company anticipates a comprehensive explosion in its "computing-power-connect-storage" business by 2026, with significant forward-looking investments [3]. Additional Important Content - Potential risks include slower-than-expected business progress, intensified industry competition, macroeconomic fluctuations, and supply chain disruptions [3].