智通财经APP注意到，2025年股市最炙手可热的领域在新的一年依然火热，但这种毫无停歇的势头让一些华尔街专业人士不禁怀疑，逆转行情是否即将到 来。 存储芯片制造商是去年标普500指数中表现最佳的板块，因为用于建设人工智能基础设施的海量资金逐渐渗透到科技行业中一些传统上较为沉寂的领域。以 闪迪(SNDK.US)、西部数据(WDC.US)、希捷科技(STX.US)和美光科技(MU.US)等公司为首的该板块，在2026年初依然领跑指数。 在英伟达首席执行官黄仁勋强调AI生态系统需要更多内存和存储后，闪迪在今年首个交易日飙升16%，周二再度暴涨28%。该股周三上涨1.1%，年初四个交 易日累计涨幅达49%。与此同时，西部数据、希捷和美光在2026年开局均录得两位数涨幅，不过这三只股票周三均有所下跌。 闪迪股价在2025年暴涨559%，领跑标普500指数，西部数据、美光和希捷紧随其后，占据该指数涨幅榜前四位。 存储和内存类股上涨 存储芯片股上涨的主要推动力是AI基础设施支出热潮，以及需求激增导致存储芯片等零部件价格上涨。但许多投资者质疑如此巨大的涨幅是否合理，尤其 是在越来越多的人质疑AI相关资本支出能否在未见显著回报 ...

受人工智能基础设施需求激增引发的全球供应短缺影响，投资者押注存储芯片价格将进一步上涨，全球 头部存储芯片供应商股价于周一集体走高。 三星联席首席执行官卢泰文在接受路透社采访时称，此次供应短缺的程度 "前所未有"。其他存储芯片 厂商也发出类似预警，称随着人工智能基础设施建设竞赛持续消耗芯片产能，供应紧张的局面即便不会 持续数年，也可能维持数月之久。 在这一需求推动下，存储芯片制造商纷纷将产能转向人工智能服务器专用的高带宽内存芯片，这使得 U 盘、智能手机等设备所使用的闪存芯片在内的几乎所有其他领域的供应都变得紧张。 存储芯片行业具有极强的周期性特征，其价格波动剧烈，行业发展通常会经历大幅衰退与强劲增长的交 替循环。 晨星与摩根大通的分析师预计，当前这场被业内称为 "超级周期" 的上行行情，很可能会持续至 2027 年。 责任编辑：郭明煜 受人工智能基础设施需求激增引发的全球供应短缺影响，投资者押注存储芯片价格将进一步上涨，全球 头部存储芯片供应商股价于周一集体走高。 三星联席首席执行官卢泰文在接受路透社采访时称，此次供应短缺的程度 "前所未有"。其他存储芯片 厂商也发出类似预警，称随着人工智能基础设施建设竞赛持 ...

智通财经APP获悉，SK海力士公司正在探索在纽约证券交易所上市的可能性，此举或有助于缩小这家 韩国芯片制造商与美光科技(MU.US)等美国同行的估值差距。SK海力士周三在一份监管文件中表 示："公司正在审视各项提升企业价值的方案，包括利用库存股在美国证券市场上市的可能性，但目前 尚未做出任何决定。"受此消息影响，该公司股价周三首尔早盘交易中一度上涨4.8%。 韩国的治理改革旨在消除长期因外国投资者回避该市场而导致的"韩国折价"。其中一项提案要求取消库 存股，即公司持有的自身股份，这些股份一直被大型企业集团用来维持控制权。 受高带宽内存芯片需求火爆的推动，该股今年以来已飙升约240%，这类芯片正助力人工智能热潮。韩 国当前旨在提升企业价值和改善公司治理的改革运动也为该公司带来了顺风。 周一，在有新的猜测称该公司正准备在美国上市的背景下，SK海力士股价大涨6.1%，创下自11月中旬 以来的最大涨幅。在今年以来股价已大幅上涨的基础上，此次突然的波动引发了韩国交易所对投资者发 出的谨慎操作警告。 据悉，公司已收到多家投资银行的提案，建议将其约2.4%的已发行股份(大约1740万股)以美国存托凭证 形式上市。 Smar ...

SK海力士正在评估在美国上市的可能性，这有望缩小与美光科技等美国同行之间的估值差距。 （今年SK海力士韩国股价已累涨超225%） 尽管公司股价今年长势喜人，但与美国同行相比，其估值仍存在差距。 通过在美国上市，公司有望进入更广泛的全球投资者资金池。这一举措也被市场解读为SK海力士应对所谓"韩国折价"现象的战略尝试。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责 任自负。 周三，韩国芯片制造商SK海力士在监管文件中表示，公司正在"评估提升企业价值的各种措施，包括利用库存股在美国股市上市的可能性，但目 前尚未最终确定"。 此前《韩国经济日报》周二报道称，该公司已收到多家投行的提案，计划以ADR美国存托凭证形式上市约2.4%的流通股，相当于约1740万股。 分析认为，通过ADR美国存托凭证上市，SK海力士不仅能缩小与美光和台积电等同业的估值差距，还可能吸引仅投资美国上市股票的被动基金、 ETF和纯多头基金的资本流入。 受益于AI热潮的高带宽内存芯片需求提振，今年以来SK海力 ...

SK海力士周三在一份监管文件中表示，公司正在"评估各种提升企业价值的措施，包括可能利用库存股 在美国股市上市，但目前尚未最终确定"。该股周三在首尔早盘交易中一度上涨4.8%。 今年以来，受高带宽内存芯片的强劲需求推动，该股已飙升约240%。 SK海力士考虑在纽约上市的可能性，此举被认为可能有助于缩小这家韩国芯片制造商与美光科技等美 国同行之间的估值差距。 "通过以美国存托凭证（ADR）形式上市，SK海力士与其他上市同行之间的估值差距可能会缩 小。"Smartkarma的Douglas Kim在一份报告中写道。"ADR 上市可能会吸引被动型基金、ETF和只投资 于美国上市股票的多头基金的资金。" 来源：环球市场播报 ...

Core Viewpoint - Samsung Electronics is looking to regain its technological edge through mergers and acquisitions (M&A) after nearly a decade without significant deals, particularly in the high bandwidth memory (HBM) sector where it has fallen behind competitors like SK Hynix and Micron Technology [1][2]. Group 1: M&A Strategy - Samsung's chairman, Lee Jae-yong, has established the company's first formal M&A team to enhance competitiveness in the global AI race [1]. - The company is under pressure from shareholders to utilize its cash reserves of 108.5 trillion won (approximately $74 billion) to accelerate development in AI, chip design, and software [2]. - Analysts suggest that effective M&A is crucial for Samsung to navigate the semiconductor supercycle and restore its technological advantage [2]. Group 2: Historical Context - The acquisition of Harman International in 2016 was Samsung's last major deal, valued at $8 billion, which has since proven profitable [3]. - Since then, Samsung has completed six smaller acquisitions, including FlktGroup for €1.5 billion, but these have not met investor expectations for transformative deals [3][4]. Group 3: Leadership and Legal Issues - Lee Jae-yong has recently been cleared of legal issues, allowing him to focus on revitalizing the company's business and engaging with global tech leaders [5]. - Investors expect a more proactive management approach from Lee in the AI-centric business environment following the resolution of his legal challenges [5]. Group 4: Market Challenges - Despite the formation of the M&A team, there are concerns about Samsung's ability to integrate acquired companies effectively [6]. - The company has recently regained market sentiment with a significant increase in stock price, driven by strong demand for AI-related memory chips [6]. Group 5: Current Market Conditions - Analysts express skepticism about the timing of large-scale acquisitions due to high valuations, geopolitical risks, and the need for increased production capacity to meet rising memory chip demand [7][8]. - Samsung's recent agreements with SK Hynix and OpenAI for semiconductor supply highlight the need for substantial investment in capacity expansion, estimated at 40 trillion won [7].

Group 1 - Micron Technology plans to invest 1.5 trillion yen (approximately $9.6 billion) to build a new factory in Hiroshima, Japan, aimed at producing advanced high-bandwidth memory chips, with construction expected to start in May next year and production to begin around 2028 [1] - Google and Amazon have launched a joint multi-cloud network service to meet the growing customer demand for reliable network connectivity and to avoid major service disruptions [2] - Apple is challenging India's antitrust fine laws in court, which could delay the antitrust lawsuit against it, following its previous lawsuit against the calculation method of fines based on global revenue [4] Group 2 - Disney's sequel "Zootopia 2" has generated significant box office success, surpassing 2 billion yuan, setting multiple historical records since its release [4] - Alibaba announced a stock reward plan involving 6.1158 million shares, representing 0.03% of its total issued shares, with the grant date set for November 29, 2025, at a price of HKD 151.50 per share [4] - WeRide has officially launched L4 level fully autonomous Robotaxi commercial operations in Abu Dhabi, supported by the first city-level operational license outside the United States [4]

Market Overview - US stock index futures are all down ahead of the market opening on December 1, with Dow futures down 0.44%, S&P 500 futures down 0.60%, and Nasdaq futures down 0.73% [1] - European indices also show declines, with Germany's DAX down 1.33%, UK's FTSE 100 down 0.09%, France's CAC40 down 0.75%, and the Euro Stoxx 50 down 0.56% [2][3] - WTI crude oil prices increased by 1.23% to $59.27 per barrel, while Brent crude rose by 1.20% to $63.13 per barrel [3][4] Economic and Market Sentiment - The Federal Reserve has entered a quiet period, with focus shifting to retail and cloud computing earnings as December begins [5] - The Nasdaq Composite ended a seven-month streak of gains in November, while the S&P 500 is just 1% away from its all-time high [5] - There is an 87.6% probability that the Fed will cut rates by 25 basis points in December, according to traders [5] Company News - Tesla's registration numbers in France and Denmark halved in November compared to the previous year, with a 58% drop in France and a 49% drop in Denmark, indicating challenges in the European market [9] - Micron Technology plans to invest approximately $9.6 billion to build a new factory in Hiroshima, Japan, to produce high-bandwidth memory chips, supported by a subsidy from the Japanese government [10] - Disney's "Zootopia 2" premiered in China, grossing $272 million, making it the second-highest opening for an imported film in Chinese history [10] - Amazon and Google are launching a joint multi-cloud network service to meet the growing demand for reliable connections [11] - UnitedHealth is selling its remaining Latin American business, Banmedica, for about $1 billion, marking a complete exit from the region [11] - NIO delivered 36,275 vehicles in November, a 76.3% year-over-year increase, while XPeng and Li Auto also reported significant delivery numbers [12]

除了美光，半导体巨头台积电已在日本熊本县建立了第一家晶圆厂，该厂已开始量产，相关产业也开始 在熊本县不断聚集。此前有消息称，台积电将建设第二家工厂，预计2027年底前开始生产，索尼和丰田 等日本科技和汽车巨头也参与了投资，但日本国内的一些现实情况似乎影响了相关进程。 日本Rapidus最近也宣布，计划于2027财年(4月1日-次年3月31日)开始建设下一代1.4纳米晶圆厂，预计 于2029年在北海道投产。 对高带宽内存芯片的需求正受到人工智能发展和数据中心投资的推动。据悉，扩大在广岛的工厂将有助 于美光分散在中国台湾的生产布局，并与市场领导者SK海力士展开竞争。 日本政府将人工智能视为解决国家安全、经济停滞以及少子老龄化等社会问题的关键技术动能，并积极 通过资金投入、政策支持和国际合作，努力扭转其在生成式AI使用率和前沿算法研发上的相对滞后局 面。 为振兴其日渐老化的半导体产业，日本政府正提供丰厚补贴，以吸引美光和台积电(TSM.US)等外国芯 片制造商的投资。日本政府还在资助一家工厂的建设，该工厂将利用IBM的技术大规模生产先进的逻辑 芯片。 智通财经APP获悉，据知情人士消息，美光科技(MU.US)计划投 ...

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].