晨 会 纪 要 [2026]第 35 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 3 月 2 日 8:50-9:30 会议形式：腾讯会议 市场回顾：本周机械板块继续跑赢大盘，激光与能重设备表现较好 本周，沪深 300 指数上涨 1.1%，机械行业上涨 4.1%，其中表现靠前板块为激光设备 (20.5%)、磨具磨料(16.4%)、能源及重型设备(8.0%)，表现靠后板块为工程机械器件(- 3.5%)、机器人(-2.4%)、工控设备(-1.4%)。截至 2026 年 2 月 27 日，沪深 300 指数今年累计 上涨 1.7%，机械行业累计上涨 14.0%，其中涨幅靠前板块为光伏加工设备(49.6%)、其他自 动化设备(38.2%)、激光设备(36.4%)，表现靠后板块为机器人(1.9%)、印刷包装机械(2.7%)、 轨交设备(3.2%)。 燃气轮机：特朗普要求大型科技公司自建电厂，解决 AIDC 耗电问题 据新浪财经，2 月 25 日，特朗普表示，其政府已告知各大科技公司，必须自行建造数据中 心的发电设施，以保护消费者免受电费上涨影响。且预计白宫将在 3 月初接待企业 ...

根据 Omdia 的数据，三星电子（005930）在 2025 年第四季度重新夺回了全球 DRAM 市场的头把交椅，其市场 份额环比上升 2.9 个百分点至，而海力士的份额则从 34.1% 降至，退居第二位。 另外，SK 集团会长崔泰源表示，人工智能基础设施需求的激增可能推动 SK 海力士在短期内实现超过的营业 利润。 根据 Omdia 的数据，三星电子（005930）在 2025 年第四季度重新夺回了全球 DRAM 市场的头把交椅，其市场 份额环比上升 2.9 个百分点至，而海力士的份额则从 34.1% 降至，退居第二位。 另外，SK 集团会长崔泰源表示，人工智能基础设施需求的激增可能推动 SK 海力士在短期内实现超过的营业 利润。 ...

Group 1: Market Overview - The A-share market is experiencing a wide range of fluctuations, with a focus on price-increasing sectors and export industry chains [6][9] - As of February 13, 2026, the major indices showed declines: the Shanghai Composite Index fell by 1.26% to 4082.07 points, and the ChiNext Index dropped by 1.57% to 3275.96 points [6][7] - The overall market sentiment is cautious, with expectations of a gradual return to intrinsic market dynamics as the National People's Congress approaches [6][8] Group 2: Industry Dynamics - Hansoh Pharmaceutical's (3692.HK) Amivantamab has been approved for marketing in the EU for specific types of lung cancer [27] - The world's largest offshore wind farm, Hornsea 3, is set to begin construction, with significant logistical preparations already underway [29] - The CWEA reported that China's wind power installation capacity is expected to grow significantly, with a 49.9% year-on-year increase anticipated for 2025 [31] Group 3: Company Updates - Dongfang Cable (603606.SH) has successfully shipped a large-scale underwater cable to the UK, valued at over 900 million RMB, for use in multiple offshore wind projects [37] - The actual controller of Youkeshu (300209.SZ) plans to increase his stake in the company, reflecting confidence in its business recovery [39] - The electric motorcycle industry is seeing accelerated growth due to new policies and market demand, with over 12.5 million units expected to be replaced under the "old for new" subsidy program in 2025 [33]

Summary of Conference Call Records Industry Overview - **Market Performance**: - KOSPI increased by 0.07% to 5301.7 points with a trading volume of $15.7 billion - KOSDAQ decreased by 1.10% to 1115.2 points with a trading volume of $8.2 billion - Local institutions were the main net buyers, while foreign investors also showed slight net inflows [1][1] Key Points and Arguments - **Sector Rotation**: - There was a noticeable shift of funds from the transportation equipment sector to the technology sector - Foreign investors moved $266 million into technology while withdrawing the same amount from transportation equipment - Local institutions invested $111 million in technology and withdrew $93 million from transportation equipment [1][1] - **Semiconductor Sector**: - Stocks like SEC (005930) and SK Hynix (000660) experienced volatility and closed lower - Reports indicated that Micron failed to supply HBM4 chips to Nvidia after not passing qualification, impacting stock performance - Both foreign and local institutions turned net buyers of SEC and SK Hynix, with increases of $21.1 million and $49 million respectively, while retail investors sold off [2][2] - **Automotive Sector**: - The automotive sector saw an increase of 2.1%, with notable performances from HMC (005380) at +0.5% and KIA (000270) at +0.6% - HMC's stock was buoyed by positive news regarding its supply of 50,000 Ioniq 5 autonomous vehicles to Waymo and potential collaboration with NVIDIA on autonomous driving technology - Despite this, foreign investors continued to sell off HMC, with a net sell of $157 million, while retail investors were net buyers at $134 million [3][3] - **Financial Sector**: - The financial sector rose by 3.2%, outperforming other sectors - KBFG (105560) announced a larger special dividend and a buyback plan of 1.2 trillion KRW, which supported positive sentiment in the sector - Local institutions were net buyers, while foreign investors turned net sellers [4][4] - **Retail Sector**: - The retail sector saw significant gains, with SHINSEGAE (004170) up 6.1% and LOTTE (023530) up 14.9% - Growth in this sector was driven by port logistics and distribution services, which expanded their networks and contributed to market sentiment ahead of the Lunar New Year [5][5] Additional Important Insights - **Currency Impact**: - The Korean won depreciated by 14 basis points against the US dollar, reaching 1,459.8 [2][2] - **Market Sentiment**: - Overall market sentiment appeared to be influenced by optimistic expectations regarding shareholder returns announced during bank earnings calls [4][4]

随着供应短缺长期化，存储器半导体市场的交易秩序正在迅速重塑。 由于半导体供应短缺持续时间延长，长期供应协议（LTA）的主导权正从客户转向半导体供应商。 过去希望稳定采购的智能手机和 PC 制造商会先提出长期合同，而最近以三星电子和 SK 海力士等存储器厂商为首 的半导体供应商先行提出合同条款，市场力量的平衡正在发生变化。 据业界 02 月 09 日表示，近期国内存储器厂 随着供应短缺长期化，存储器半导体市场的交易秩序正在迅速重塑。 由于半导体供应短缺持续时间延长，长期供应协议（LTA）的主导权正从客户转向半导体供应商。 过去希望稳定采购的智能手机和 PC 制造商会先提出长期合同，而最近以三星电子和 SK 海力士等存储器厂商为首 的半导体供应商先行提出合同条款，市场力量的平衡正在发生变化。 据业界 02 月 09 日表示，近期国内存储器厂商签订的 LTA 合同期限正在缩短。 LTA 期限因产品和需求方而异，通常为 6 个月至 1 年不等，但半导体业界人士普遍表示，近期这一期限出现了缩 短。 分析认为，随着半导体供应短缺持续，供应商倾向于缩短合同期限。 在价格上涨阶段，合同期限越短，供应商越能更快地反映供货价格， ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Since 2025, the technology sector has seen price increases in various segments of computing power resources, recently spreading to the midstream cloud computing sector in overseas markets. The demand for AI, coupled with tight capacity in core segments, has shifted industry pricing towards "supply-demand pricing + value reassessment." Some segments are still in the early stages of price increases, which are expected to gradually transmit to the domestic market, suggesting investment opportunities in domestic computing power resources [2][5] Summary by Relevant Sections - **Price Trends**: Since the second half of 2025, there has been a significant upward trend in prices for storage and other computing power resources. For instance, memory prices surged by 171.8% year-on-year in Q3 2025, with expectations of further increases of 40% to 50% in Q1 2026 and around 20% in Q2 2026. Major companies like Samsung have raised NAND flash contract prices by over 100% starting January 2026 [10][13] - **Market Dynamics**: The AI demand is robust, and the competition among tech giants for computing power resources is intensifying. For example, Meta's capital expenditure for 2026 is projected to reach $135 billion, significantly exceeding Wall Street's expectations. This surge in AI-related demand is creating a substantial supply-demand gap, particularly in storage chips, which is expected to lead to further price increases across various segments [10][13] - **Investment Recommendations**: The report recommends focusing on key domestic leaders in computing power resources, including AI chips (e.g., Haiguang Information, Cambricon), CPUs (e.g., Haiguang Information), and cloud service providers (e.g., Kingsoft Cloud, Capital Online). Additionally, it suggests monitoring other quality stocks with strong fundamentals and high correlation within the industry chain [5][10]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The global economy has passed its peak and is starting to decline due to the continuous wrong policies of the United States [4] - The United States' return to the Monroe Doctrine and its global contraction will have a profound and disruptive impact on major asset classes such as the global economy, US bonds, US stocks, the US dollar, precious metals, and industrial metals [3] Summaries by Related Catalogs Global Economy - Huang Renxun stated that AI will bring the largest infrastructure construction boom in history, driving trillions of dollars in new investments [1] - South Korea's semiconductor exports in the first 20 days of this year reached $10.73 billion, a year - on - year increase of over 70%, indicating strong global semiconductor demand [1] - AI is driving a "K - shaped" recovery in the semiconductor industry, with upstream AI storage chip manufacturers benefiting and downstream PC and mobile phone manufacturers facing cost - transfer pressure [1] - The US is causing global political and economic uncertainties through actions like attempting to control Venezuelan oil and investigating the Fed Chair. The Fed's uncertainty is expected to peak from July to November 2026, potentially leading to a "flight from US assets" [2] - The Fed cut interest rates by 25 basis points in December and is buying $40 billion in short - term bonds monthly, expanding its balance sheet [2] - The decline in Las Vegas gambling revenue is similar to the early warning signals before the 2008 financial crisis [2] - The US is adjusting its economic relationship with China and aiming to revitalize its economic autonomy [2] - Consumer K - shaped differentiation in the US is intensifying, with high - income consumers maintaining spending and middle - and low - income families tightening their belts [2] - Japan's central bank raised interest rates by 25 basis points, and the 10 - year Japanese government bond yield rose to 2.18% [2] - Google plans to double AI computing power every six months and achieve a 1000 - fold increase in the next 4 - 5 years to meet AI service demand [2] - TSMC's capital expenditure in 2026 is estimated to be between $52 billion and $56 billion, a year - on - year increase of 27% - 37%, signaling the continuation of the AI boom [2] Other - Wall Street's re - calibration of storage giants' valuations is driving the rise of the US stock storage sector, with many brokerages raising target prices for SanDisk and Micron [1] - Musk is advancing SpaceX's IPO plan, aiming to complete it by July this year, and China's first offshore liquid rocket launch and recovery test platform is under construction in Shandong [1] - JPMorgan CEO warns that Trump's proposed credit card interest rate cap could cause an "economic disaster" [1] - Temu's global market share has soared from less than 1% to 24%, matching Amazon, and Chinese cross - border e - commerce is breaking through with "full -托管 mode" and supply - chain advantages [1] - Trump is looking for a candidate for a position who can lower long - term borrowing costs, with Rieder and Waller being strong choices [1]

Group 1 - SK Hynix will implement the "Shareholder Participation Program" for the second consecutive year, allowing employees to use performance bonuses to purchase company stock, thereby enhancing employee engagement [1][3] - The company reported record high performance last year due to the booming high bandwidth memory (HBM) market, with expected performance bonuses exceeding 130 million KRW (approximately 64,000 RMB) per employee [1][4] - Employees participating in the program can allocate up to 50% of their excess profit sharing (PS) for stock purchases, and if they hold the stock for over a year, they receive an additional cash subsidy of 15% of the purchase amount [3] Group 2 - A new performance bonus calculation standard agreed upon by labor and management will take effect, significantly increasing the expected performance bonuses for SK Hynix employees [4] - The agreement removed the previous cap on PS distribution, allowing 10% of the last year's operating profit to be fully allocated as a bonus pool, with 80% distributed in the current year and the remaining 20% deferred over two years [4] - The company’s operating profit for the previous year is estimated to be around 45 trillion KRW, leading to an approximate total PS of 135 million KRW per employee [4]

Market Overview - A-shares opened high but closed lower, with the financing margin ratio adjustment cooling the market; Hong Kong stocks rose, driven by AI applications boosting tech stocks[3] - European markets slightly retreated, with energy and resource stocks performing well; US stocks weakened, particularly in tech, while healthcare and resource stocks supported the market[3] Economic Indicators - China's December exports increased by 6.6% year-on-year, significantly above the expected 2.2%, while imports rose by 5.7%, also exceeding expectations of a 0.3% decline[5] - The resilience in non-US exports, particularly in the semiconductor and automotive sectors, contributed to the stronger export performance[5] Commodity and Forex Markets - Safe-haven demand lifted metal prices, with gold, silver, tin, and copper reaching new highs; oil prices fell nearly 3% in early Asian trading due to geopolitical tensions easing[4] - The US Treasury yields declined by 2-5 basis points, with the yield curve flattening amid increased demand for safe assets[4] Stock Market Performance - The Dow Jones closed at 49,149.6, down 0.1%; S&P 500 fell 0.5% to 6,926.6; Nasdaq dropped 1.0% to 23,471.8[7] - In Latin America, the São Paulo Stock Exchange index rose by 2.0%, while the S&P Mexico IPC index increased by 1.6%[8] Sector Highlights - In the Hong Kong market, the Hang Seng Index rose by 0.56%, driven by tech stocks, particularly in AI applications, with Alibaba Health surging by 18.9%[10] - The energy sector in the US saw a notable increase of 2.26%, while the non-core consumer goods sector led declines with a drop of 1.75%[8] Fixed Income Market - The primary market saw $12.6 billion in investment-grade bonds issued, with strong demand reflected in an average oversubscription of 5.6 times[30] - Asian investment-grade bonds showed positive sentiment, with spreads generally narrowing due to strong buying interest[30]

Investment Rating - The report does not explicitly provide an investment rating for SK Hynix [2][3]. Core Insights - SK Hynix's operating profit expectations for 2026 have been raised by 30% over the past month and cumulatively by 120% since September, driven by strong demand from data center customers and aggressive pricing by DRAM suppliers [5]. - The memory market has shifted to a seller's market due to low inventory levels, with SK Hynix's DRAM and NAND inventories at only 2 weeks and 6 weeks, respectively [5]. - The company is expected to maintain a market share of over 60% in the HBM market, with significant increases in shipments of HBM4 products starting in Q2 2026 [6]. - SK Hynix plans to increase the production of high-value products in 2026 to enhance average selling prices [6]. Summary by Sections Company Overview - SK Hynix is a leading pure memory semiconductor manufacturer, focusing on DRAM and NAND, with DRAM and NAND revenues accounting for 65% and over 30% of total revenue, respectively [9]. - The company acquired Intel's SSD business in 2022, now named Solidigm, to strengthen its competitiveness in the NAND sector [9]. Revenue Breakdown - Revenue by product: DRAM 67.6%, NAND 29.1%, Others 3.3% [10]. - Revenue by region: Asia 34.5%, Americas 63.4%, Europe 2.1%, Middle East and Africa 0.0% [10]. Stock Information - Stock price as of January 7, 2026: 741,000 KRW, with a market capitalization of 372.19 billion USD [12]. - Consensus target price: 699,240 KRW [15].