智通财经APP获悉，今年以来，存储芯片巨头美光科技(MU.US)凭借把握多年期云超算周期的红利，以 及其HBM3E/HBM4产品获得超大规模数据中心客户的强劲订单，增长前景再度焕新，股价也随之飙涨 超250%。 截至年末，美光的迅猛涨势依然还没停下，并在周一续刷历史新高，相比之下，受估值高企与债务风险 加剧影响，部分半导体及存储芯片同业11月在AI概念退潮后陷入调整。 美光股价走强的核心驱动力，在一定程度上源于其此前被严重低估的估值水平——近期市场风格切换， 资金大举涌入美光这类深度价值标的。 更关键的是，美光成功抓住云超算周期的发展机遇，HBM3E/HBM4产品赢得超大规模客户的青睐，这 不仅彻底终结了2022年以来存储芯片需求萎靡、库存高企的困境，更打开了全新的增长空间。 例如，美光明确指出当前市场"供应趋紧"，这也解释了为何其2026年HBM产能已全部售罄。与此同 时，HBM整体市场规模扩张迅猛，预计将从2025年的350亿美元，增长至2028年的1000亿美元，三年复 合年增长率高达41.9%。 在Juxtaposed Ideas看来，这一增长目标并非激进。在云超算周期的大背景下，美光与英伟达(NVD ...

Core Viewpoint - Deep Konka A announced the termination of the plan to acquire 78% of Hongjing Microelectronics due to failure to reach agreement on key terms with the transaction parties [1][6]. Group 1: Acquisition Details - The acquisition plan was initially announced on December 30, with the intention to purchase shares from Liu Wei and 17 other parties at a price of 3.64 yuan per share [5]. - Hongjing Microelectronics specializes in audio and video chip design, having developed over 70 domestic chips for various applications including commercial displays and medical devices [5]. - The acquisition was expected to enhance Deep Konka A's capabilities in high-end display terminals and improve its semiconductor business integration [5]. Group 2: Financial Performance - Deep Konka A's stock price has seen a decline of nearly 11% year-to-date, closing at 4.93 yuan per share on June 10 [1][10]. - The company reported a significant drop in revenue for 2024, with total revenue of 11.11 billion yuan, a decrease of 37.73% compared to the previous year [8]. - The semiconductor and storage chip business accounted for only 1.53% of total revenue, down 94.99% year-on-year [8]. - The company has faced continuous losses, with net profits of -1.47 billion yuan in 2022, -2.16 billion yuan in 2023, and -3.30 billion yuan in 2024 [8][10]. Group 3: Market Conditions and Strategic Changes - The company cited intensified market competition and ongoing supply chain disruptions as factors contributing to its financial struggles [10]. - In April, it was announced that the controlling shareholder would change from Overseas Chinese Town Group to a subsidiary of China Resources, indicating a shift in strategic direction [10].

Core Viewpoint - Konka Group's major shareholder, Overseas Chinese Town Group, will transfer nearly 30% of its shares to China Resources without compensation, indicating a significant change in control and potential strategic realignment for the company [1][3]. Group 1: Shareholder Changes - Overseas Chinese Town announced the transfer of its shares to China Resources as part of a strategy to promote professional integration among state-owned enterprises [3]. - After the transfer, Overseas Chinese Town and its concerted parties will no longer hold shares in Konka, while Panshi Run Chuang and He Mao Company will collectively hold 29.999997% of the shares [3]. Group 2: Financial Performance - Konka has reported continuous losses over the past three years, with total losses amounting to 6.931 billion yuan, including losses of 1.471 billion yuan in 2022, 2.164 billion yuan in 2023, and 3.296 billion yuan in 2024 [3][4]. - The semiconductor and storage chip segment generated revenue of only 17 million yuan in 2024, a staggering decline of 94.99%, while the consumer electronics segment, which accounts for 91.2% of total revenue, saw a slight decline of 0.67% to 10.137 billion yuan [4]. Group 3: Strategic Implications - The transition to China Resources as the controlling shareholder may provide an opportunity for Konka's semiconductor business to improve, given China Resources' established presence in the semiconductor industry [5].