记者丨叶麦穗 编辑丨杨希 肖嘉 见习编辑林芊蔚 周一韩国金融市场因假期休市，周二韩国市场出现暴跌， 韩国综合指数（ KOSPI ）大跌 7.24%，创下自2024年8月5日以来的最大单日跌幅 ，由于盘中跌幅过大，一度还触及熔断机 制，程序化交易暂停5分钟。 三星电子和SK海力士的跌幅也都在10%左右 ，与此同时挂钩韩 国市场的中韩半导体ETF也跟着下跌，今日收盘跌7.87%，不过盘中溢价仍然达到17.28%。 韩国综合指数今日暴跌超7% 3月3日，韩国股市出现急跌， 受美国和以色列袭击伊朗导致地缘政治紧张加剧影响，韩国股 市遭遇"黑色星期二"，韩国综合股价指数暴跌7.24%。同花顺数据显示，KOSPI当天收于 5791.91点，较前一交易日下跌452.22点，创KOSPI历史最大单日跌值。韩国股市2日因假期休 市。韩国证券交易所透露，当天12时5分53秒左右，KOSPI 200期货指数较前一交易日（2月27 日）收盘价下跌超5%，触发"临时停牌"机制，程序化交易卖出操作暂停5分钟。 止于至善投资总经理何理在接受记者采访时表示，今日的暴跌是受地缘政治突发危机、油价飙 升导致的通胀担忧，以及韩元汇率剧烈波动引发的 ...

在存储芯片行业超级周期引发的大牛市下，知名做空机构香橼研究(Citron Research)突然做空美股存储 龙头闪迪(SanDisk,SNDK.US)，香橼称目前存储供应紧张仅为暂时现象，一旦主要厂商良率修复并释放 产能，供需格局可能在一次财报电话会议中彻底逆转。 香橼研究于2月24日通过社交媒体平台发布详细做空报告，该报告宣布建立闪迪的空头头寸，并系统阐 述其看空逻辑，认为闪迪当前估值严重高估，市场对其成长性的认知存在根本性误判。报告将闪迪类比 为"英伟达式"成长股的错误定位，强调其产品本质上属于高度同质化的大宗商品，而非具备长期护城河 的技术垄断型企业。 值得注意的是，1月29日，闪迪公司CEODavidGoeckeler在2026年第二季度财报电话会议中强调，AI对 高带宽内存(HBM)和NAND的需求代表"结构性而非周期性转变"，已根本改变存储市场的商业模式。该 公司高管还强调，此结构性演进将降低NAND业务的周期波动性，并带来更高的长期平均毛利率。 在闪迪股价回升之际，韩国"存储双雄"三星和海力士股价也双双创下历史新高。2月26日，三星电子 (005930.KRX)收盘价218,000韩元，日内涨 ...

这位韩国第二大财团掌门人2月20日在华盛顿一场会议上将高带宽内存(HBM)称为"怪兽芯片"，表示该产品正为SK海力士创造巨额利润。这家芯 片制造商凭借AI芯片需求的爆发式增长，股价表现领跑全球半导体行业。 在股价过去一年飙升逾四倍、创下盈利纪录之际，SK海力士母公司SK集团董事长崔泰源承诺将扩大AI存储芯片产能，以满足全球数据中心建设 热潮带来的需求激增。 这一产能扩张计划凸显全球AI竞赛正在重塑半导体供应格局。从微软到Meta等美国科技巨头今年预计将投入约6500亿美元建设AI基础设施，这一 创纪录的支出正导致存储芯片出现全球性短缺。 市场主导地位进一步巩固 目前全球存储芯片市场由SK海力士、其韩国同行三星电子以及美国美光科技主导。在HBM这一AI关键组件领域，SK海力士已确立领先优势。该 公司2026年产能已被预订一空，美光的HBM产品也出现类似情况。 美国科技公司正展开大规模基础设施竞赛，试图在AI技术开发中占据优势。从微软、Meta到其他科技巨头，今年预计总计投入约6500亿美元用于 AI相关基础设施建设。这一史无前例的投资规模直接推动了对高性能存储芯片的需求。 SK海力士今年1月宣布，2026年资本 ...

包括埃隆·马斯克和蒂姆·库克(Tim Cook)，越来越多科技行业领袖发出警示：一场全球性的芯片危机正 在逼近。内存芯片供应趋紧，已开始侵蚀企业利润、打乱既定规划，并抬高从笔记本电脑、智能手机到 汽车、数据中心在内几乎所有科技产品的价格。而这场"内存荒"只会愈演愈烈。 自2026年初以来，特斯拉、苹果等十余家大型企业相继表态，动态随机存取内存(DRAM)的短缺将制约 产能。作为几乎所有科技产品的核心部件，内存供应的收紧牵一发而动全身。库克直言，这将压缩 iPhone的利润空间。美光科技(Micron Technology Inc.)称这一瓶颈"前所未有"。马斯克则点明问题的棘 手程度：特斯拉可能不得不自行兴建内存芯片工厂。 "我们只有两条路：要么撞上芯片之墙，要么自己建厂，"他在1月下旬如此表示。 这场挤压的根源，在于AI数据中心的狂飙扩张。Alphabet Inc.与OpenAI等公司，为运行聊天机器人和各 类应用，正采购数百万枚搭载大容量内存的英伟达AI加速器，吞噬了越来越多的内存产能。消费电子 生产商只能艰难争抢三星电子(Samsung Electronics Co.)和美光(Micron)等企业日益减 ...

Financial Performance - Company reported Q2 FY2026 results with revenue of $3.297 billion and adjusted EPS of $8.85, exceeding market expectations [1] - Guidance for Q3 indicates revenue between $3.35 billion with a fluctuation of $150 million and non-GAAP EPS of $9.08 with a fluctuation of $0.78, which was perceived as moderate growth, failing to meet high expectations for AI-driven growth [1] Stock Performance - As of February 11, 2026, stock price showed significant volatility, with a drop of 3.56% on February 4 and a rebound of 8.41% on February 6, reflecting market divergence on guidance [2] Institutional Perspectives - Citigroup and JPMorgan maintain positive ratings (such as "Buy" or "Overweight"), believing that demand for AI infrastructure and high bandwidth memory (HBM) will support long-term growth [3] - Huachuang Securities cautions that despite expected growth in the global wafer fab equipment market for 2026, fluctuations in equipment procurement pace may impact short-term performance [3] - Company’s revenue guidance indicates that approximately 27% of revenue will come from the China region, highlighting the importance of regional demand changes [3] Future Development - The semiconductor industry continues to see demand for advanced processes, HBM, and advanced packaging, with the company's investments in wafer foundry and memory sectors likely to be focal points for future events [4] - Company executives emphasized opportunities in AI-related infrastructure development as a driver for business growth [4]

机构观点 富国银行、Evercore ISI和美国银行等机构在财报发布后上调目标价或重申乐观评级。富国银行分析师 乔.夸特罗奇指出，公司指引"远超预期"，并强调其在DRAM、先进封装等关键领域的领导地位将推动 市场份额提升。美国银行分析师维韦克阿里亚将目标价上调至420美元，认为应用材料在AI驱动的资本 开支周期中处于优势位置。 行业政策与环境 经济观察网应用材料(AMAT)在2026年2月13日股价上涨8.08%，收于354.91美元，创下历史新高，主要 受以下因素驱动： 业绩经营情况 公司于2月12日盘后公布的2026财年第一季度财报显示，营收70.1亿美元，高于市场预期的68.7亿美元； 非GAAP每股收益2.38美元，远超分析师预期的2.21美元。更关键的是，公司对第二季度的营收指引中 值为76.5亿美元(区间71.5-81.5亿美元)，非GAAP每股收益指引中值为2.64美元(区间2.44-2.84美元)，均 显著高于市场预期。管理层预计2026年半导体设备业务收入增速将超过20%，远超华尔街此前11%的共 识预期。 行业状况 首席执行官加里迪克森指出，AI计算领域的投资加速推动了对高性能芯片的需求 ...

Core Viewpoint - The global technology industry is experiencing a stark contrast, with major players like Microsoft, Google, and Amazon announcing significant AI capital expenditure plans, yet facing market declines due to ROI concerns, resulting in a collective market value loss of nearly $900 billion [1] Group 1: Lenovo's Performance Amidst Market Challenges - Lenovo Group's third-quarter performance for the fiscal year 2025/26, reported on February 12, 2026, showcased a record revenue of $22.2 billion (157.5 billion RMB), an 18% year-on-year increase, with adjusted net profit growth reaching 36%, double the revenue growth rate [1][2] - Lenovo's resilience during supply chain disruptions and the downturn of global tech giants is attributed to its strong delivery capabilities and operational discipline, allowing it to maintain steady performance [2][3] - The company has consistently demonstrated strong delivery resilience during past supply chain crises, regaining its position as the world's leading PC manufacturer even when the market faced stagnation [2][3] Group 2: Supply Chain Management and Operational Strategy - Lenovo's unique operational strategy, termed "global resources, local delivery," enables it to integrate resources across various regions, ensuring consistent procurement and delivery despite supply chain disruptions [4] - The company's "ODM+" model allows it to mitigate localized disruptions and maintain operational continuity, earning recognition as a global supply chain leader [4] - Lenovo's proactive asset management, including signing annual framework agreements with key suppliers, has secured supply and cost stability, providing a competitive edge during market volatility [7][8] Group 3: Market Position and Competitive Advantage - Lenovo's global PC market share increased from 23.7% in the fiscal year 2024/25 to 25.3%, enhancing its bargaining power with suppliers during periods of component shortages [6] - The company's scale advantage allows it to achieve optimal procurement prices, positioning it favorably against competitors amid rising costs [6][8] - Lenovo's customer base, predominantly composed of enterprise and government clients, enables it to absorb cost pressures more effectively than competitors reliant on price-sensitive consumer markets [8][9] Group 4: Long-term Operational Discipline - Lenovo's operational discipline and risk management culture have allowed it to avoid common pitfalls during supply chain disruptions, maintaining stable inventory levels and cash flow [9][10] - The company has successfully locked in low-cost components through strategic inventory management, preventing significant financial losses during price fluctuations [10] - Lenovo's ability to navigate supply chain challenges is attributed to its evolution beyond a traditional PC company, leveraging its position within the global supply chain and AI ecosystem [11][12] Group 5: Future Outlook and AI Integration - Lenovo is well-positioned to capitalize on the AI industry's growth, integrating hardware and software to meet emerging demands for computational power and infrastructure [12][13] - The company's strategy of combining AI PCs, smartphones, and servers with a robust service framework is expected to enhance its order stability and cash flow, solidifying its leadership in the global AI ecosystem [12][13]

Core Viewpoint - The stock of Zhaoyi Innovation (603986) has seen a significant increase, driven by positive market sentiment following Kioxia's strong annual performance forecast, which exceeded analyst expectations by approximately 35% to 60% in terms of revenue and net profit [1] Group 1: Company Performance - Kioxia's forecast indicates robust demand in the flash memory market, particularly from data centers and enterprise-level AI applications, which is expected to outpace supply [1] - The strong performance of Kioxia has positively impacted related companies such as SanDisk and Micron Technology, which experienced sharp gains in after-hours trading [1] Group 2: Industry Trends - The global AI competition is intensifying, leading to a surge in demand for storage chips [1] - Market analysis suggests that due to significant investments from large tech companies, the semiconductor supply-demand imbalance is likely to persist until 2026 [1] - Deutsche Bank analysts predict that the tight supply of DRAM will continue until 2027 or even 2028, driven by the AI boom increasing demand for high-bandwidth memory (HBM) [1] Group 3: Investment Outlook - Tianfeng Securities highlights Zhaoyi Innovation as a platform chip design company benefiting from a triple resonance of "AI + domestic substitution + storage cycle upturn," indicating strong growth momentum and resilient performance in the forecast period [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Zhaoyi Innovation (兆易创新), which saw its stock price increase by over 5% following positive earnings forecasts from Kioxia, indicating a significant demand surge in the flash memory market driven by data centers and AI applications [1] - Kioxia's revenue and net profit targets exceeded analyst expectations by approximately 35% to 60%, reflecting robust demand in the server market for data centers and enterprise-level AI applications, as well as sustained demand from PCs and smartphones due to new AI models [1] - The article notes that the global AI competition is intensifying, leading to a surge in demand for storage chips, with market analysts predicting that semiconductor supply-demand tightness will persist until 2026, driven by large-scale investments from major tech companies [1] Group 2 - Deutsche Bank analysts expect the supply tightness of DRAM to continue until 2027 or even 2028, particularly due to the AI boom driving increased demand for high-bandwidth memory (HBM) [1] - Tianfeng Securities emphasizes that Zhaoyi Innovation is positioned as a platform chip design company benefiting from a triple resonance of "AI + domestic substitution + storage cycle upturn," indicating strong growth momentum and resilient performance in the forecast period [1]

Group 1 - Intel and SoftBank have developed a next-generation AI memory technology called Z-Angle Memory (ZAM), which was publicly unveiled on February 3, 2026, at the "Intel Connection Japan 2026" event [1] - ZAM features a vertical stacking architecture with a maximum single-chip capacity of 512GB and reduces power consumption by 40% to 50%, aiming to challenge the high bandwidth memory (HBM) market [1] - The prototype of ZAM is planned for release in 2027, with full commercialization targeted for 2030, positioning it as a potential solution to the energy consumption bottleneck in AI applications [1] Group 2 - Intel's stock price (INTC.OQ) exhibited significant volatility over the week from February 6 to February 12, 2026, with a closing price of $50.59 on February 6, a drop to $47.13 on February 10, and a rebound to $48.29 on February 11, driven by the ZAM technology news [2] - The stock closed at $46.97 on February 12, reflecting a 2.73% decline for that day, while the semiconductor sector overall fell by 1.60%, with a total price fluctuation of 10.01% during the week [2] - Despite the fluctuations, Intel's stock has seen a cumulative increase of 27.34% year-to-date [2] Group 3 - Citigroup's report indicates that Intel's capital expenditures for 2026 are expected to stabilize between $15 billion and $16 billion, with improvements in the customer pipeline for its foundry business [3] - The company's advancements in 18A process capacity and collaborations on the 14A process have alleviated market concerns regarding process delays, providing fundamental support for the stock price [3] - However, attention is needed on the impact of capacity bottlenecks on short-term performance [3]