Core Viewpoint - Samsung is facing unprecedented challenges across its business segments, particularly in the semiconductor sector, leading to stagnating revenue growth and compressed profit margins [1][2]. Group 1: Business Challenges - Samsung's semiconductor division is experiencing a significant decline, with projected operating profit for Q2 2024 at 400 billion KRW, far below analyst expectations of 2.73 trillion KRW [1]. - The company's stock price has seen a substantial drop since peaking in 2021, underperforming against competitors like SK Hynix, which has benefited from the AI boom [1][2]. - Samsung's dominance in the DRAM market is being challenged, with SK Hynix surpassing Samsung's market share for the first time in 30 years in 2024 [10]. Group 2: Market Position and Competition - Samsung's semiconductor profits heavily rely on DRAM, which accounts for 50% to 70% of its semiconductor business [7]. - SK Hynix has positioned itself as a key supplier for NVIDIA, capturing approximately 20% of NVIDIA's semiconductor costs, while Samsung's share is only 1% [9]. - The rise of AI has shifted market demands, with high bandwidth memory (HBM) becoming crucial, a segment where Samsung failed to invest adequately compared to SK Hynix [8][9]. Group 3: Strategic Responses - Samsung aims to re-enter NVIDIA's supply chain but faces challenges as its HBM products have not passed NVIDIA's stringent testing standards [13]. - The company is betting on the next generation of HBM (HBM4) and has garnered industry interest, although there is a significant time lag from order to revenue realization [14]. - Samsung is also expanding its foundry business, but it competes against TSMC, which holds about two-thirds of the global market share, while Samsung's foundry business only accounts for 8% [14]. Group 4: Economic Implications - Samsung's struggles are not just a corporate issue but pose a national risk, as it contributes approximately 20% to South Korea's total exports [4]. - The company's ability to navigate these challenges is critical for the overall health of the South Korean economy, as its core business issues could have broader economic repercussions [4].

7日，沪指盘中维持窄幅震荡整理走势，创业板指跌超1%。截至收盘，沪指微涨0.02%报3473.13点，深 证成指跌0.7%报10435.51点，创业板指跌1.21%报2130.19点，北证50指数跌近1%；沪深北三市合计成交 12272亿元，较此前一日减少近2300亿元。行业方面，医药、酿酒等板块走低，电力、地产板块强势， 家居、化纤、纺织服装、银行等板块上扬，跨境支付、充电桩、体育概念等活跃。 东莞证券表示，随着7月中报预告、快报陆续发布，业绩对于个股表现的影响显著。此外，随着中东局 势的缓和，市场的关注焦点将转向国内政策、中美关税和美联储降息，7月中央政治局会议依然是重要 的观察窗口。目前市场或处于比较重要的关口附近，短期内市场或呈现震荡反复格局。 今日投资机会解析 长鑫存储开启上市辅导国产存储链有望持续受益 证监会官网显示，国产DRAM内存芯片大厂长鑫存储(长鑫科技集团股份有限公司)启动上市辅导。根据 公司官网，长鑫存储成立于2016年，是国内规模最大、布局最全的DRAM(动态随机存取存储器)设计、 研发、生产及销售一体化的IDM企业，拥有优秀的管理和技术研发团队。 其他影响市场的消息 四部门：到202 ...

DeepSeek 的大语言模型（LLM）因其在性能上接近 ChatGPT ，但成本却大幅降低而受到关注。市 场的即时反应褒贬不一。虽然数据训练成本，比如数据标注和归类等方面的成本可能没有体现出 来，而这部分成本由政府支持，但 DeepSeek 在训练效率和低成本方面的优势依然十分明显。 DeepSeek 能否助力中国芯片制造？ 中国的存储芯片或已具备成本竞争力 ： 假设中国政府对构成总成本很大一部分的固定成本提供支持 ，那么与同行相比，中国已能实现有竞争力的成本。例如，2024 年第一季度 DRAM （动态随机存 取存储器）每 Gb （ 千兆字节 ）的价格为 $0.34 ，此时高价的 HBM （高带宽存储器）对平均售价 的影响较小。而韩国 DRAM 的总成本大约为售价的 67% ，约为 $0.23 ，在不计固定成本的情况 下，中国的成本可能低至 $0.20 。（不过，中国的固定成本远高于韩国。） 高效的软件为低端硬件打开市场： 中国的策略是通过规模优势弥补与竞争对手在性能上的差距。华 为最新的 GPU —— Ascend 920 支持 HBM2 和 HBM2e ，而这些对于行业同行来说已是两年前的标 准，并未 ...