Core Viewpoint - The analyst from Morningstar, Jing Jie Yu, is the only one to give a sell rating on both SK Hynix and Samsung Electronics, expressing concerns that high expectations make these stocks vulnerable to significant declines from minor setbacks [1][3][6]. Group 1: Market Sentiment and Stock Performance - Investor confidence is highly unstable and tense, with the need for all driving factors to align perfectly for stock prices to rise further, making it easy for investors to be disappointed [4]. - SK Hynix and Samsung experienced their largest single-day drop in months last week, causing anxiety among investors heavily betting on these two major stocks, which had previously driven the Kospi index up over 70% this year [4]. - Despite a recent recovery in stock prices, the volatility has raised concerns among investors [4]. Group 2: Valuation and Investment Strategy - The report suggests a "risk-averse strategy" in a volatile and euphoric market, as it becomes difficult for investors to justify entering at current prices while easily justifying exiting [5]. - The valuations of SK Hynix and Samsung have reached levels that are hard to explain, making them susceptible to large declines from minor setbacks [3][6]. - Following the downgrades in September and October, SK Hynix and Samsung's stock prices have increased by over 80% and 20%, respectively, with Samsung's price-to-earnings ratio at 11 times and SK Hynix at 8 times, compared to 27 times for major U.S. chip manufacturers [8]. Group 3: AI Investment Concerns - There are doubts about the sustainability of the high-intensity AI investments by large cloud service providers, which have driven demand for high-bandwidth memory chips [3][5]. - The overall market sentiment towards artificial intelligence remains optimistic, with fears of missing out on a historic technological shift outweighing concerns about a potential bubble [7].

三星的这一员工奖励计划是对今年早些时候一项决定的扩大。此前，三星已决定将部分高管奖金以股票 形式发放，标志着高层薪酬体系发生根本性转变。除了今年作为与工会协商方案的一部分，向员工每人 一次性发放30股股票外，三星此前从未向全体员工发放过股票奖励。 三星员工不满情绪滋生的部分原因在于，竞争对手SK海力士创下利润纪录，并提供了丰厚的薪酬待 遇。近年来，SK海力士已成为英伟达高带宽内存芯片的最大供应商。 在SK海力士同意将年度营业利润的10%划入员工奖金池后，韩国劳工组织获得了更多谈判筹码。SK海 力士的这一安排为韩国科技行业建立透明化的利润共享薪酬体系开创了先例。 自那以后，三星各子公司工会联盟要求改革奖金体系，主张公司将年度营业利润的15%直接划入超额利 润共享奖金池。(作者/箫雨) 凤凰网科技讯 北京时间10月14日，据彭博社报道，三星电子将首次向普通员工发放与股价挂钩的股票 和奖金，这是该韩国最大企业为焕发新活力所进行薪酬体系改革的最新举措。 彭博社看到的一份内部备忘录显示，根据这项新计划，三星将在今年10月至2028年10月的三年间，根据 三星股价向员工发放奖金。备忘录指出，三星还将为员工提供一项选择，可 ...

格隆汇9月23日｜美光科技将于周二盘后公布财报。华尔街预计，美光的业绩将包含对其高带宽内存芯 片的强劲预测，该产品是人工智能基础设施建设的关键组件。这一需求增长正值甲骨文公司等主要企业 明确承诺加大AI支出，且英伟达公司正投资OpenAI以支持更多AI基础设施之际。 ...

华尔街预期，美光将对高带宽内存芯片业务给出乐观预测，这一组件是人工智能基础设施建设的关键部 分。随着Oracle等大型企业重申对AI投资的承诺，以及英伟达投资OpenAI支持更多AI基础设施建设，相 关需求持续上升。 受此推动，内存和存储等传统上相对平静的科技行业细分领域已成为AI乐观情绪的中心，希捷科技、 西部数据和闪迪等公司股价在9月份均与美光一同大幅上涨。 周二美股盘后，美光科技将于发布财报，市场将密切关注这家内存芯片制造商能否提供足够强劲的业绩 指引，以支撑其9月份近40%的惊人涨幅。 投资者普遍认为，美光能否提供超出市场预期的业绩指引将决定其股价走势。Synovus Trust高级投资组 合经理Daniel Morgan表示： 关键在于指引，任何超出共识预期的表态都将引发全面的热烈反响。 财报预期显著改善 市场预期美光第四财季（截至8月31日）每股净收益为2.65美元，营收为112亿美元，较去年同期每股收 益0.79美元和营收78亿美元大幅增长。公司上月已上调预期，理由是DRAM芯片定价改善。 全财年方面，美光净每股收益预计将升至7.42美元，营收达370亿美元，而2024财年分别为0.70美元和 ...

智通财经APP注意到，美光科技(MU.US)将于周二盘后公布财报，将揭示这家芯片制造商的股价在9月份上涨近40%后是否已脱离基本面。 华尔街预计，美光的业绩将包含对其高带宽内存芯片的强劲预测，该产品是人工智能基础设施建设的关键组件。这一需求增长正值甲骨文公司等主要企业明 确承诺加大AI支出，且英伟达公司正投资OpenAI以支持更多AI基础设施之际。 由此带来的结果是，存储器等通常乏人问味的科技行业板块已成为AI乐观情绪的中心，希捷、西部数据和闪迪的股价均在9月跟随美光大幅上涨。然而，这 些涨幅能否被未来的增长所验证仍有待观察。这就是投资者如此急切想听到美光前景预测的原因。"一切都在于业绩指引，任何高于市场预期的数字都会引 发全面欢呼，"Synovus Trust高级投资组合经理丹尼尔.摩根表示。该公司截至9月中旬持有约7.3万股美光股票。"存储公司的行情上涨正表明AI是如何成为催 化剂，并惠及那些通常不会从周期中受益的板块。西部数据和希捷的上涨方式进一步证实了这一趋势。" 尽管美光股价本月上涨(有望创下15年多来最大月度涨幅)，但与竞争对手相比仍然便宜。该股未来12个月预期市盈率约为12倍，使其成为费城半导体 ...

Core Viewpoint - Nvidia announced plans to invest $100 billion in OpenAI, leading to a rise in major tech stocks globally [1] Group 1: Stock Performance - TSMC, which manufactures chips for Nvidia, saw its stock rise by 3.5% [1] - SK Hynix, a supplier of high-bandwidth memory chips for Nvidia, experienced a stock increase of over 2.5% [1] - Samsung's stock rose by 1.4%, with market expectations that it will soon receive approval to supply high-bandwidth memory chips to Nvidia [1] - Tokyo Electron, a semiconductor equipment supplier in Japan, saw its stock increase by 3.87% [1] Group 2: European Market Reaction - European chip stocks showed mixed performance, with STMicroelectronics, Infineon, and BE Semiconductor stocks rising [1] - ASM International projected that its fourth-quarter revenue would be below previous expectations, causing its stock to drop nearly 1% [1] - The decline in ASM International's stock negatively impacted other chip equipment companies, including ASML, which saw its stock rise by less than 1% [1]

Group 1 - The Ministry of Finance and the State Taxation Administration have released a draft for public consultation regarding the implementation regulations of the Value-Added Tax Law, which clarifies definitions and taxpayer categories [1] - The Central Securities Depository Company has simplified the account opening process for foreign central bank institutions by eliminating the requirement for a signed commitment letter [1][7] - The China Association of Automobile Manufacturers reported that from January to July, sales of new energy vehicles reached 8.22 million units, a year-on-year increase of 38.5% [4] Group 2 - Trust companies have begun receiving the latest regulatory ratings for 2024, with the highest known rating being level 2, indicating a focus on risk management and operational stability [5] - Shanghai Clearing House has also simplified the account opening materials for foreign institutions, enhancing the investment environment in the bond market [7] - Several companies are making significant moves, such as *ST Bio planning to acquire a 51% stake in Huize Pharmaceutical, and Chang'an Automobile's executives planning to increase their shareholdings [8]

2025年8月11日，外交部发言人林剑答记者问。 路透社记者：据报道，消息人士称，近期中国官员向美国专家表示，希望美方放宽对高带宽内存芯片对 华出口管制。报道称，该类芯片可用于人工智能技术开发，中方担心美方管制可能阻碍华为等中企自研 人工智能芯片，中方将此要求作为双方贸易协议的一部分。中方能否证实？对此有何评论？ 来源：外交部网站 （文章来源：中国基金报） 林剑：具体问题建议向中方主管部门询问。中方反对将科技和经贸问题政治化、工具化、武器化，反对 对中国进行恶意封锁和打压的立场是一贯、明确的。这种做法扰乱全球产供链稳定，不符合任何一方利 益。 路透社记者：据报道，英伟达公司与超威半导体公司已同意向美国政府上缴在华芯片销售收入的15％， 以换取对华出口许可证。中方对此有何评论？（英国广播公司亦问及） 林剑：在美输华芯片问题上，中方已经多次表明了立场。 ...

来源：外交部网站 2025年8月11日，外交部发言人林剑答记者问。 路透社记者：据报道，消息人士称，近期中国官员向美国专家表示，希望美方放宽对高带宽 内存芯片对华出口管制。报道称，该类芯片可用于人工智能技术开发，中方担心美方管制可 能阻碍华为等中企自研人工智能芯片，中方将此要求作为双方贸易协议的一部分。中方能否 证实？对此有何评论？ 林剑：具体问题建议向中方主管部门询问。中方反对将科技和经贸问题政治化、工具化、武 器化，反对对中国进行恶意封锁和打压的立场是一贯、明确的。这种做法扰乱全球产供链稳 定，不符合任何一方利益。 路透社记者：据报道，英伟达公司与超威半导体公司已同意向美国政府上缴在华芯片销售收 入的15％，以换取对华出口许可证。中方对此有何评论？（英国广播公司亦问及） 林剑：在美输华芯片问题上，中方已经多次表明了立场。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 ...

Core Viewpoint - The South Korean stock market has shown a remarkable recovery, with the KOSPI index rising significantly due to strong performances in technology, healthcare, and financial sectors, alongside government reforms aimed at improving corporate governance and attracting foreign investment [2][4]. Market Performance - On August 5, the KOSPI index closed at 3198.00 points, up 50.25 points or over 2% from the previous trading day [1]. - The KOSPI has seen a cumulative increase of over 33% since the beginning of 2025, marking a significant turnaround from being one of the worst-performing markets in Asia last year [2]. - The technology sector, which constitutes nearly 30% of the market, has surged by 45% over the past year, with major companies like Samsung Electronics and SK Hynix posting gains of 24% and 55%, respectively [2][3]. Sector Analysis - The financial sector, accounting for 13% of the market, has risen by 57%, driven by investor preference for high-dividend assets and optimistic expectations regarding loan growth following interest rate cuts by the Bank of Korea [3]. - The industrial sector, representing 17% of the market, has increased by 54%, fueled by a surge in global defense and infrastructure spending [3]. Government Initiatives - The South Korean government is implementing significant corporate governance reforms to reduce the excessive control of chaebols (family-owned conglomerates) over listed companies, aiming to enhance corporate valuations and strengthen minority shareholder rights [4][6]. - The Korean won has appreciated over 6% against the US dollar since the beginning of 2025, providing support for capital inflows [4]. Valuation Trends - The "Korea discount" phenomenon, where South Korean stocks were historically undervalued compared to other major Asian markets, has narrowed significantly this year, dropping from approximately 40% during political turmoil to below 30% by mid-July [5][6]. Economic Outlook - The South Korean Ministry of Finance is expected to announce an economic policy outlook projecting a 1% growth for the year, which is higher than current forecasts from the Bank of Korea and the International Monetary Fund [4].