AI半导体需求激增，韩国科技巨头交出史上最亮丽成绩单。 1月29日，三星电子公布的业绩显示，2025年第四季度营收创下新高纪录。 营业利润同比猛增超200%。其中，芯片业务利润飙升470%。 公司还计划从2026年第一季度量产并向客户交付其HBM4芯片。 周四，三星股价盘初一度上涨2.58%，随后转跌。截至发稿前，跌幅震荡收窄。 芯片利润暴增 三星电子以史上最佳业绩结束了2025年。 财报显示，公司2025年Q4营收93.8万亿韩元，同比增长23.8%，环比增长9%，创下新纪录。 Q4营业利润达20.1万亿韩元，同比飙升209.2%。 这也是三星有史以来最亮眼的季度利润，打破了2018年创下的历史最高纪录。 全年来看，公司实现年营收333.6万亿韩元，营业利润43.6万亿韩元，同比分别增长10.87%和33.3%。 三星电子表示，全球存储器价格上涨以及半导体芯片的强劲需求，是导致业绩创纪录的原因。 其中，半导体业务贡献了集团80%的营业利润，成为绝对核心增长引擎。 半导体部门(DS)Q4营收44万亿韩元，环比增长33%，营业利润16.4万亿韩元，同比暴增465%。 得益于通用DRAM和HBM产品的强劲销售以及 ...

不出所料，三星电子递交了一份"历史最强"季度营收报告：季度营收和营业利润双双创下纪录，半导体 业务的利润更飙升超400%。 据韩国《朝鲜日报》、彭博社等外媒消息，1月29日，三星电子正式公布其2025年第四季度及全年业 绩。第四季度单季，三星营收同比增23.8%，达到93.84万亿韩元；营业利润飙升209.2%，达到20.07万 亿韩元，大幅刷新了公司在2018年第三季度创下的17.6万亿韩元的纪录。 去年全年，三星年营收增长10.87%，达到333.6万亿韩元；年营业利润增长33.3%，达到43.6万亿韩元。 图片转自韩媒《朝鲜日报》 韩媒报道称，长期以来，三星的存储半导体业务一直是行业领导者。然而，随着AI基础设施竞争的加 速，三星因在HBM开发上落后，自2025年第一季度起被SK海力士超越。根据 Counterpoint Research的数 据，三星在2024年第四季度仍占据DRAM市场 38% 的份额，但去年第一季度跌至34%，落后于SK海力 士（36%）。为此，三星重新设计了HBM，并在去年通过向英伟达（NVIDIA）供应HBM3E实现了逆 转。 一位业内人士表示，"曾经停滞的三星半导体业务已开始 ...

那个曾经统治全球半导体市场的巨头，终于在2025年四季度宣告了它的强势回归。这家全球最大的存储芯片制造商凭借高带宽内存（HBM）技术 突破和市场价格上涨，在2025年Q4实现季度营收和营业利润的双重记录，并从竞争对手SK海力士手中夺回动态随机存储器（DRAM）销售冠军 宝座。 1月29日，三星电子公布最新财报显示，2025年第四季度营收93.8万亿韩元，同比增长23.8%，环比增长9%；营业利润20.1万亿韩元，同比飙升 209.2%，均创下韩国企业单季最高纪录。2025年全年营收333.6万亿韩元，营业利润43.6万亿韩元，同比分别增长10.87%和33.3%。 财报显示，三星的半导体部门（DS）贡献了集团80%的营业利润，Q4营收44万亿韩元，环比增长33%，营业利润16.4万亿韩元，同比暴增 465%。存储业务创下季度营收和营业利润历史新高，主要得益于HBM等高附加值产品销售扩大以及市场整体价格上涨。 据韩国媒体《朝鲜日报》报道，在暂时因判断失误失去先机后，该公司通过全面改进HBM设计重新获得技术竞争力，并在第四季度重夺DRAM销 售额（按营收计算）第一位置。市场机构预计，受益于半导体繁荣和存储供应短缺 ...

Group 1 - Tencent and Baidu are distributing significant cash rewards during the Spring Festival, with Tencent offering 1 billion yuan in cash red envelopes and Baidu providing 500 million yuan in cash rewards through its app [2] - Apple has initiated a major discount on the iPhone Air 256GB model, reducing the price from 7999 yuan to 5499 yuan, marking the largest price drop for this model in history [2] - Nvidia's CEO Jensen Huang is visiting China to deepen cooperation in AI technology, while the company faces production halts for certain components [3] Group 2 - Xiaomi's CEO Lei Jun announced that the new generation of Xiaomi SU7 is expected to have sample cars available before the Spring Festival [5] - NIO's subsidiary has achieved 91.36% progress in its battery doubling plan, with over 7309 new batteries invested as of January 24 [5] - Hunan Gold plans to acquire 100% equity of two companies to enhance its competitiveness in the precious metals refining and processing sector [5] Group 3 - Microsoft is addressing issues with Windows 11 that have affected basic applications, while also expanding its gaming strategy to include Xbox games on PS5 and Switch [8] - Amazon's low Earth orbit satellites are facing criticism for their brightness affecting astronomical observations, and the company is experiencing a decline in order volume [8] - The U.S. government plans to invest 1.6 billion USD in a rare earth company to secure critical mineral supplies, acquiring a 10% stake [8] Group 4 - Samsung Electronics plans to increase NAND flash supply prices by 100% in Q1 2026, reflecting ongoing tensions in the semiconductor market [10] - Toyota maintains its leading position in the Thai automotive market while facing challenges in electric vehicle transitions in China [10] - SK Hynix aims to launch high bandwidth memory samples by 2026 to meet the demands of AI and data center high-performance computing [10] Group 5 - Volkswagen's CEO stated that plans to build an Audi factory in the U.S. are contingent on tariff reductions, while its joint venture plans to launch 13 new models by 2026 [12] - BMW is implementing a second official price adjustment in 2026, with some models seeing price reductions exceeding 60,000 yuan [12] - LVMH is increasing investments in the beauty sector to strengthen its position in the high-end beauty market [12]

Group 1 - X platform, owned by Musk, has open-sourced a new recommendation algorithm driven entirely by AI, removing all manual rules and features [2] - Netflix projects Q4 2025 revenue of $12.05 billion, up from the previous estimate of $11.97 billion, with an expected EPS of $0.56 compared to $0.43 last year [2] - Samsung Electronics and SK Hynix plan to reduce NAND flash wafer production in 2026, with Samsung's output decreasing from 4.9 million to 4.68 million wafers, potentially exacerbating supply shortages [2] Group 2 - United Microelectronics Corporation (UMC) collaborates with Microchip Technology's subsidiary to produce fourth-generation SuperFlash technology, enhancing its position in the automotive chip market [4] - Tongfu Microelectronics expects a net profit growth of 62.34%-99.24% in 2025, driven by semiconductor industry recovery and price increases from major chip manufacturers [4] - Aoke shares have developed a leading technology for lithium battery additives, set to begin trial production in January 2024, with a conversion rate exceeding 99% [4] Group 3 - Northeast Securities anticipates a net profit increase of approximately 69.06% in 2025, benefiting from improved market activity in brokerage and investment banking [5] - Liou shares have completed self-inspection and will resume trading, with AI-related business applications still not significantly impacting overall revenue [5] - Huayin Technology signs a sales contract worth 328 million yuan for special functional materials used in aircraft engines, positively impacting future performance [6] Group 4 - Nvidia's bond rating has been upgraded to AA1 by Moody's, and the company is participating in a $300 million investment in AI startup Baseten [8] - Microsoft warns of potential AI technology bubble risks while committing millions to support UN initiatives [8] - Amazon's CEO indicates that U.S. tariffs are beginning to raise prices on certain goods, while a Canadian bank raises its target price for Amazon stock [8] Group 5 - SoftBank's SBI Holdings invests $50 million in Clear Street to establish a joint venture in Japan for asset management services [11] - Toyota aims for over 1.78 million sales in China by 2025, marking a return to growth after four years, despite challenges in its electric vehicle segment [11] - BHP raises its copper production guidance for FY2026 to 1.9-2 million tons, maintaining its focus on copper as a strategic priority [13]

Core Viewpoint - TSMC is expanding its leading position in the advanced wafer foundry market, significantly increasing its 3nm process sales share in Q4 last year and planning to start mass production of its 2nm process this year [1][2]. Group 1: TSMC Developments - TSMC's 3nm process accounted for 28% of its total sales as of Q4 last year, marking a historical high [2]. - TSMC's N2 (2nm) process successfully entered mass production in the second half of last year, with expectations for rapid full-scale production this year [1]. - The N2P process, a follow-up to the N2 process, is also set to begin mass production in the second half of this year, offering improvements in performance and energy efficiency [1]. - TSMC's 2nm process has reportedly maintained a stable yield since mass production began, with local sources claiming yields exceed 80% [1]. Group 2: Samsung Electronics Developments - Samsung began mass production of its first-generation 2nm (SF2) process-based mobile application processor Exynos 2600 in Q4 last year, targeting deployment alongside Qualcomm's latest chipsets [2]. - The yield for the Exynos 2600 is estimated at around 50%, a significant improvement from approximately 30% mid-last year, with no major defects reported during initial mass production [2]. - The success of Samsung's second-generation 2nm process (SF2P) is deemed crucial for the recovery of its advanced wafer foundry business, with performance improvements of 12%, energy efficiency improvements of 25%, and an 8% reduction in chip size compared to SF2 [2][3]. Group 3: Strategic Partnerships and Future Prospects - Samsung has signed a semiconductor foundry production contract worth 22 trillion Korean Won with Tesla, aiming to mass-produce the AI6 chip using the SF2P process [3]. - The AI6 chip is intended for Tesla's next-generation Full Self-Driving (FSD), robotics, and data center applications, with initial samples produced in domestic facilities before full-scale production at a new fab in Taylor [3]. - SF2P is the first 2nm process from Samsung to receive formal confirmation for large-scale production from external customers, which could encourage other clients to request mass production [4].

Key Points - OpenAI, Anthropic, and SpaceX are preparing for IPOs, with valuations at historical highs: Anthropic at $350 billion, OpenAI at $500 billion, and SpaceX at $800 billion [2] - Ctrip Group is under investigation by China's market regulator for alleged monopolistic practices, but the company claims operations are normal [2] - Tesla's CEO Musk announced the discontinuation of the one-time purchase option for FSD, shifting to a subscription model, and introduced new charging fees in China [2] - Alibaba's Qianwen app has surpassed 100 million monthly active users, with significant growth among students and white-collar workers [3] - Unigroup Guowei plans to acquire 100% of Ruineng Semiconductor and will resume trading on January 15 [5] - Rongbai Technology is under inquiry from the Shanghai Stock Exchange regarding a contract with CATL, leading to a temporary stock suspension [5] - KDDI Telecom is investigating inappropriate transactions within its advertising subsidiaries and has established a special investigation committee [11] - Mercedes-Benz has paused the rollout of its L3 autonomous driving system and is shifting focus to L2++ systems [13] - HSBC is considering selling its Singapore insurance business, which could be valued at over $1 billion [13] - Porsche is in talks to sell its stake in Bugatti-Rimac, with the deal potentially exceeding €1 billion [14]

Core Viewpoint - Apple is considering the release of a thinner iPhone Air in 2027, coinciding with the 20th anniversary of the iPhone series, and is exploring the use of Color Filter Encapsulation (CoE) technology to achieve ultra-thin panels [1][2]. Group 1: CoE Technology - CoE technology replaces the polarizer used in current OLEDs with color filters, improving light transmittance, reducing power consumption, and decreasing thickness [2]. - Apple plans to first implement CoE technology in its first foldable product, expected to launch in the second half of 2026, before potentially using it in the iPhone Air [2]. Group 2: Industry Response - Samsung Display is preparing for the market demand for CoE technology by discussing supplementary investments in its 6th generation OLED production line [3]. - LG Display has announced a significant investment of 1.26 trillion KRW before 2027, with 700 billion KRW allocated for CoE equipment at its Paju plant [3]. Group 3: Market Uncertainty - There is uncertainty in the market regarding the launch of the iPhone Air with CoE technology, as delays could lead to blind investments by Korean panel manufacturers [5]. - The sales performance of the recently launched iPhone 17 Air was below expectations, prompting Apple to cancel the Air model in the upcoming iPhone 18 series [5].

| 序号 | 変更日期 | 变更项目 | 变更前 | | --- | --- | --- | --- | | 1 | 2025-12-26 | 高级管理人员备案(董 | 姓名：丁秀娟,证件号码: 姓名:严学峰,证件号码:************************** 即位:监事; 姓名：宗馥莉,证件号码:************,职位:董事; | | | | 事、监事、经理等) | | | | | | 姓名:郑群娣,证件号码:*****************,职位:经理;【退 | | | | 문 | | | | 2025-12-26 | 负责人变更(法定代表 郑群娣 | | | 2 | | 人、负责人、首席代 | | | | | 表、合伙事务执行人等 | | | | | 变更) | | 【百度：计划分拆昆仑芯并于港交所独立上市】 1 月 2 日消息，百度港交所公告， 1 月 1 日，昆仑 芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格（ A1 表格），以申请批准昆仑芯 股份于香港联交所主板上市及买卖。目前的方案为建议分拆将通过昆仑芯股份的全球发售进行，包 括： (i) 昆仑芯股份于香港进行 ...

Core Viewpoint - The article highlights significant developments in various companies and industries, focusing on advancements in battery technology, production plans, and strategic business decisions that may impact market dynamics and investment opportunities. Group 1: Battery Technology and Automotive Industry - CATL announced that sodium-ion batteries will be widely applied in battery swapping, passenger cars, and commercial vehicles next year, marking the commercialization of sodium-ion battery technology and potentially reducing the industry's reliance on lithium resources [2] - LG Energy Solution terminated a battery supply contract with Ford worth approximately 9.6 trillion KRW and another with FBPS valued at about 3.9 trillion KRW, which together account for over half of the company's projected sales in 2024, indicating a strategic shift to optimize customer structure and mitigate operational risks [2] - Toyota plans to set its global production target for 2026 at over 10 million vehicles to meet the strong demand for hybrid vehicles, with an expected production of around 10 million vehicles in 2025, while also recalling certain models due to safety concerns [3] Group 2: Chinese Companies Developments - Geely Auto officially sued Xinwanda over a contract dispute, seeking compensation of up to 2.3 billion CNY, which involves issues related to the performance of battery supply agreements, with potential implications for the electric vehicle supply chain [5] - Xiaomi's co-founder plans to sell up to 2 billion USD of B-class common stock starting December 2026, with proceeds aimed at establishing an investment fund, while expressing confidence in the group's business outlook [5] - XPeng Motors and others have introduced tax rebate or equivalent subsidy schemes to counteract the impact of declining new energy vehicle purchase tax policies, aiming to stabilize end-user prices and support sales in the year-end market [5] Group 3: Other Notable Developments - Wangfujing successfully won a 113 million CNY duty-free project at the capital airport, which will enhance its revenue share from the duty-free business and accelerate project implementation to capitalize on consumer recovery opportunities [6] - Aerospace Development reported that its low-orbit satellite business accounted for less than 1% of total revenue in the first three quarters, emphasizing that this segment is still in the cultivation phase with plans for future investment based on development conditions [6] - Kweichow Moutai's chairman emphasized the need for market stability and reasonable pricing strategies at the 2026 distributor conference, aiming to prevent price speculation and ensure a balanced product supply based on market demand [6]