<p>作者：Britney Nguyen 和 Emily Bary</p>
<p>尽管今年表现强劲，三星电子和 SK 海力士的股票仍然比其美国同行便宜。</p>
<p>三星的内存产品预计将在 Nvidia 的下一代芯片中发挥作用。</p>
<p>内存芯片正处于一个重要时刻——这一趋势正在全球市场上蔓延。</p>
<p>不仅内存和存储类股票是今年表现最好的股票之一，主要的美国公司在一个半月内上涨了 46% 到 173%，而且投资者越来越担心，像美光科技（Micron Technology，MU）这样的制造商的好时光将意味着电子供应链另一端公司的痛苦。</p>
<p>查看更多：为什么思科的股票大幅下跌，并拖累了科技行业。</p>
<p>随着人工智能公司对高带宽内存产品的需求增加，美光、西部数据（Western Digital，WDC）、闪迪（Sandisk，SNDK）和希捷科技（Seagate Technology，STX）等公司发现自己在满足内存芯片的需求方面面临困难。由于他们对增加产能持谨慎态度，担心未来会出现供应过剩，因此他们能够大幅提高现有供应的价格。瑞穗证券的一位分析师最近表示，NAND 内存的价格可能在第一季度比三个月前上涨 70% 到 80%。</p>
<p>但即使在内存价格爆炸性上涨的情况下，一些内存股票仍然便宜。如果你将搜索范围扩大到海外，情况尤其如此。</p>
<p>日本的 Kioxia Holdings（JP:285A）以及韩国的三星电子（KR:005930）和 SK 海力士（KR:000660）的股票也表现火热。Kioxia 的股票在 2026 年迄今已翻倍，而三星的股票上涨超过 50%，SK 海力士的股票上涨 35%。</p>
<p>根据道琼斯市场数据，韩国内存股票的势头如此强劲，以至于这两家公司在今年迄今的 KOSPI 综合指数市值增长中占据了超过一半的份额。这推动了对韩国市场前所未有的兴趣：美银的一份报告刚刚标记了对韩国股票的最大周流入。</p>
<p>另见：美光的业务如此火热，以至于利润可能在短短两年内翻四倍，这位分析师表示。</p>
<p>然而，这些股票的市盈率相对较低。根据道琼斯市场数据，Kioxia 的市盈率为 9.1 倍，SK 海力士为 5.5 倍，三星为 8.6 倍。这些都低于美光和闪迪的市盈率，分别为 10.6 倍和 9.6 倍，远低于例如 AMD 的 28.6 倍。标准普尔 500 指数（S&amp;P 500 SPX）的市盈率为 21.7 倍。</p>
<p>美光的每股收益可能在本日历年增长超过一倍，并在明年继续增长。但像美光这样的内存股票通常不会以芯片行业其他地方的市盈率交易，因为投资者不仅考虑良好时期的收益潜力，还考虑不利时期的收益潜力。内存市场历史上是周期性的：例如，美光在 2023 财年报告了亏损，部分原因是需求放缓影响了其定价能力。</p>
<p>国际内存股票的交易价格低于其美国同行，正如丹·洛布（Dan Loeb）所强调的，他的第三方投资公司持有 SK 海力士和 SK Square（KR:402340）的股份——一家持有 SK 海力士股份的控股公司，其股票交易价格更低。</p>
<p>洛布在上周给第三方投资者的信中表示，对 SK 海力士的投资主要是由于对其的 “有利看法”。自去年夏天进行投资以来，洛布表示，SK 海力士的 “内在价值和市场价值” 因内存市场的供需失衡而增长。但他指出，SK 海力士的股票仍然以 “低估值” 交易。</p>
<p>洛布写道，人工智能驱动的供应紧张使得 DDR5 和服务器动态随机存取内存等产品的价格上涨，这 “对 SK 海力士的高端产品组合产生了不成比例的好处”。</p>
<p>此外，洛布认为这家韩国芯片制造商 “巩固了其在高带宽内存市场的领导地位”，这一市场对更先进的 AI 芯片（如 Nvidia 的图形处理单元）变得至关重要。随着 AI 模型的上下文窗口变得更大，或一次处理更多数据的能力，它们需要更多的内存容量来处理推理。</p>
<p>他指出，SK 海力士已成为微软（MSFT）内部 AI 芯片的独家 HBM 供应商，并为 Nvidia 即将推出的 Vera Rubin 平台提供下一代 HBM4 的大部分供应。</p>
<p>与其 HBM 竞争对手三星和美光不同，洛布表示，“SK 海力士在市场准入和客户资格方面保持明显优势”，并指出其长期供应协议和扩张产能。</p>
<p>本周早些时候，三星宣布已开始大规模生产其第六代 HBM4，并且商业产品正在运送给客户。这家韩国芯片制造商预计将成为 Nvidia（NVDA）Rubin GPU 的供应商，美光也是如此。</p>
<p>来自 MarketWatch 的更多信息：Nvidia 的股票需要一个火花。以下是它如何产生一个的方式。</p>
<p>与此同时，内存和存储产品预计在接下来的几个季度将面临紧张的需求。本周早些时候，德意志银行分析师梅丽莎·韦瑟斯（Melissa Weathers）表示，她预计 DRAM 内存将在明年到 2028 年之间面临供应紧张，包括对由 DRAM 堆叠而成的 HBM 的需求。</p>
<p>韦瑟斯指出，芯片制造厂至少需要两年才能投入生产，而现有场地在增加更多洁净室空间方面受到限制，洁净室是芯片制造的地方。然而，韦瑟斯表示，随着公司尝试增加产能，明年可能会有所缓解。</p>
<p>阅读更多：根据德意志银行的说法，美光的股票如何能达到 500 美元。</p>
<p>-Britney Nguyen -Emily Bary</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和华尔街日报发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>02-14-26 0927ET</p>

6677

三星电子

标普半导体 ETF - SPDR

<p>内存芯片股票，特别是三星电子和 SK 海力士，尽管今年已经取得显著涨幅，但仍然被低估。随着对高带宽内存产品需求的激增，NAND 内存的价格预计将上涨 70-80%。国际股票如 Kioxia、三星和 SK 海力士的市盈率低于美国同行，吸引了投资者的关注。丹·洛布的 Third Point 强调了 SK 海力士强大的市场地位和低估值，受益于人工智能驱动的需求。三星也已开始大规模生产其第六代 HBM4，进一步巩固了其在内存市场的地位</p>

<p>By Britney Nguyen and Emily Bary</p>
<div class="lb-trans"><p>作者：Britney Nguyen 和 Emily Bary</p>
</div><p>Despite strong gains this year, Samsung Electronics and SK Hynix shares are even less expensive than their U.S. counterparts</p>
<div class="lb-trans"><p>尽管今年表现强劲，三星电子和 SK 海力士的股票仍然比其美国同行便宜。</p>
</div><p>Samsung's memory products are expected to play a role in Nvidia's next chips.</p>
<div class="lb-trans"><p>三星的内存产品预计将在 Nvidia 的下一代芯片中发挥作用。</p>
</div><p>Memory chips are having a moment - one that's rippling across global markets.</p>
<div class="lb-trans"><p>内存芯片正处于一个重要时刻——这一趋势正在全球市场上蔓延。</p>
</div><p>Not only are memory and storage stocks some of the best performers this year, with the major U.S. players up between 46% and 173% in under a month and a half, but also investors are increasingly worried that the good times for manufacturers like Micron Technology (MU) will mean pain for companies on the other end of the electronics supply chain.</p>
<div class="lb-trans"><p>不仅内存和存储类股票是今年表现最好的股票之一，主要的美国公司在一个半月内上涨了 46% 到 173%，而且投资者越来越担心，像美光科技（Micron Technology，MU）这样的制造商的好时光将意味着电子供应链另一端公司的痛苦。</p>
</div><p>See more: Why Cisco's stock is falling hard - and taking the tech sector with it</p>
<div class="lb-trans"><p>查看更多：为什么思科的股票大幅下跌，并拖累了科技行业。</p>
</div><p>As artificial-intelligence players demand more high-bandwidth memory products, companies like Micron, Western Digital (WDC), Sandisk (SNDK) and Seagate Technology (STX) have found themselves struggling to meet demand for memory chips across the board. And because they've been hesitant to add capacity for fear of creating a supply glut down the road, they've been able to raise prices dramatically on the supply they do have. A Mizuho analyst wrote recently that prices for NAND memory could be up 70% to 80% in the first quarter from just three months earlier.</p>
<div class="lb-trans"><p>随着人工智能公司对高带宽内存产品的需求增加，美光、西部数据（Western Digital，WDC）、闪迪（Sandisk，SNDK）和希捷科技（Seagate Technology，STX）等公司发现自己在满足内存芯片的需求方面面临困难。由于他们对增加产能持谨慎态度，担心未来会出现供应过剩，因此他们能够大幅提高现有供应的价格。瑞穗证券的一位分析师最近表示，NAND 内存的价格可能在第一季度比三个月前上涨 70% 到 80%。</p>
</div><p>But even with the explosive rise in memory prices, some memory stocks are still cheap. And that's especially the case if you expand your search to overseas.</p>
<div class="lb-trans"><p>但即使在内存价格爆炸性上涨的情况下，一些内存股票仍然便宜。如果你将搜索范围扩大到海外，情况尤其如此。</p>
</div><p>Shares of Kioxia Holdings (JP:285A) in Japan as well as Samsung Electronics (KR:005930) and SK Hynix (KR:000660) in South Korea have been red hot as well. Kioxia's stock has more than doubled so far in 2026, while Samsung's is up more than 50% and SK Hynix's is up 35%.</p>
<div class="lb-trans"><p>日本的 Kioxia Holdings（JP:285A）以及韩国的三星电子（KR:005930）和 SK 海力士（KR:000660）的股票也表现火热。Kioxia 的股票在 2026 年迄今已翻倍，而三星的股票上涨超过 50%，SK 海力士的股票上涨 35%。</p>
</div><p>The momentum for the Korean memory stocks has been so strong that those two companies alone account for more than half the KOSPI Composite Index's market-cap gains so far this year, according to Dow Jones Market Data. That's driven unprecedented interest in Korean markets: A BofA report just flagged the biggest weekly inflow ever to South Korean equities.</p>
<div class="lb-trans"><p>根据道琼斯市场数据，韩国内存股票的势头如此强劲，以至于这两家公司在今年迄今的 KOSPI 综合指数市值增长中占据了超过一半的份额。这推动了对韩国市场前所未有的兴趣：美银的一份报告刚刚标记了对韩国股票的最大周流入。</p>
</div><p>See also: Micron's business is so hot that profits could quadruple in just two years, says this analyst</p>
<div class="lb-trans"><p>另见：美光的业务如此火热，以至于利润可能在短短两年内翻四倍，这位分析师表示。</p>
</div><p>Yet the multiples for those stocks are relatively low. Kioxia trades at 9.1 times forward earnings, compared to 5.5 times for SK Hynix and 8.6 times for Samsung, according to Dow Jones Market Data. Those are all lower than the 10.6x and 9.6x multiples for Micron and Sandisk, respectively, and well below, say, the 28.6x multiple for Advanced Micro Devices shares (AMD). The S&amp;P 500 SPX trades at 21.7 times forward earnings.</p>
<div class="lb-trans"><p>然而，这些股票的市盈率相对较低。根据道琼斯市场数据，Kioxia 的市盈率为 9.1 倍，SK 海力士为 5.5 倍，三星为 8.6 倍。这些都低于美光和闪迪的市盈率，分别为 10.6 倍和 9.6 倍，远低于例如 AMD 的 28.6 倍。标准普尔 500 指数（S&amp;P 500 SPX）的市盈率为 21.7 倍。</p>
</div><p>Micron could grow more than double earnings per share this calendar year and show further growth next year. But memory stocks like Micron don't tend to trade at multiples seen elsewhere in the chip sector because investors are thinking about earnings potential not only in good periods but also in bad ones. The memory market is historically cyclical: For instance, Micron reported a loss for fiscal 2023, partly because slower demand hurt its pricing power.</p>
<div class="lb-trans"><p>美光的每股收益可能在本日历年增长超过一倍，并在明年继续增长。但像美光这样的内存股票通常不会以芯片行业其他地方的市盈率交易，因为投资者不仅考虑良好时期的收益潜力，还考虑不利时期的收益潜力。内存市场历史上是周期性的：例如，美光在 2023 财年报告了亏损，部分原因是需求放缓影响了其定价能力。</p>
</div><p>International memory stocks trade at a discount to their U.S, counterparts, as highlighted by Dan Loeb, whose Third Point owns positions in SK Hynix and SK Square (KR:402340) - a holding company that has a stake in SK Hynix and whose stock trades even more inexpensively.</p>
<div class="lb-trans"><p>国际内存股票的交易价格低于其美国同行，正如丹·洛布（Dan Loeb）所强调的，他的第三方投资公司持有 SK 海力士和 SK Square（KR:402340）的股份——一家持有 SK 海力士股份的控股公司，其股票交易价格更低。</p>
</div><p>The investment in SK Square was mostly due to a &#34;favorable view&#34; of SK Hynix, Loeb said in a letter to Third Point investors last week. Since the investment was made last summer, Loeb said SK Hynix's &#34;intrinsic and market value&#34; has grown thanks to the supply-demand imbalance in the memory market. But SK Hynix's stock still trades at a &#34;low valuation,&#34; he noted.</p>
<div class="lb-trans"><p>洛布在上周给第三方投资者的信中表示，对 SK 海力士的投资主要是由于对其的 “有利看法”。自去年夏天进行投资以来，洛布表示，SK 海力士的 “内在价值和市场价值” 因内存市场的供需失衡而增长。但他指出，SK 海力士的股票仍然以 “低估值” 交易。</p>
</div><p>The AI-driven supply tightness has sent prices for offerings such as DDR5 and server dynamic random-access memory higher, Loeb wrote, which is &#34;disproportionately benefitting SK Hynix's premium-weighted mix.&#34;</p>
<div class="lb-trans"><p>洛布写道，人工智能驱动的供应紧张使得 DDR5 和服务器动态随机存取内存等产品的价格上涨，这 “对 SK 海力士的高端产品组合产生了不成比例的好处”。</p>
</div><p>Additionally, Loeb thinks the South Korean chip maker &#34;has solidified its leadership&#34; in the market for high-bandwidth memory, which has become essential to more advanced AI chips such as Nvidia's graphics processing units. As AI models get larger context windows, or the ability to process more data at one time, they need more memory capacity to handle inference.</p>
<div class="lb-trans"><p>此外，洛布认为这家韩国芯片制造商 “巩固了其在高带宽内存市场的领导地位”，这一市场对更先进的 AI 芯片（如 Nvidia 的图形处理单元）变得至关重要。随着 AI 模型的上下文窗口变得更大，或一次处理更多数据的能力，它们需要更多的内存容量来处理推理。</p>
</div><p>He pointed to reports that SK Hynix has become Microsoft's (MSFT) exclusive HBM supplier for its in-house AI chips, and its position providing a large part of Nvidia's supply of the next-generation HBM4 for its upcoming Vera Rubin platform.</p>
<div class="lb-trans"><p>他指出，SK 海力士已成为微软（MSFT）内部 AI 芯片的独家 HBM 供应商，并为 Nvidia 即将推出的 Vera Rubin 平台提供下一代 HBM4 的大部分供应。</p>
</div><p>Unlike its HBM competitors Samsung and Micron, &#34;SK Hynix retains clear time-to-market and customer-qualification advantages,&#34; Loeb said, noting its long-term supply agreements and expanding capacity.</p>
<div class="lb-trans"><p>与其 HBM 竞争对手三星和美光不同，洛布表示，“SK 海力士在市场准入和客户资格方面保持明显优势”，并指出其长期供应协议和扩张产能。</p>
</div><p>Earlier this week, Samsung announced that it has started mass production of its sixth-generation HBM4, and that commercial products are being shipped to customers. The South Korean chip maker is expected to be part of the supply for Nvidia's (NVDA) Rubin GPUs, as is Micron.</p>
<div class="lb-trans"><p>本周早些时候，三星宣布已开始大规模生产其第六代 HBM4，并且商业产品正在运送给客户。这家韩国芯片制造商预计将成为 Nvidia（NVDA）Rubin GPU 的供应商，美光也是如此。</p>
</div><p>More from MarketWatch: Nvidia's stock needs a spark. Here's how it can generate one.</p>
<div class="lb-trans"><p>来自 MarketWatch 的更多信息：Nvidia 的股票需要一个火花。以下是它如何产生一个的方式。</p>
</div><p>Meanwhile, memory and storage products are expected to be in tight demand for the next few quarters. Earlier this week, Deutsche Bank analyst Melissa Weathers said she expects DRAM memory to be supply constrained through next year into 2028, including from demand for HBM, which is made by stacking DRAM.</p>
<div class="lb-trans"><p>与此同时，内存和存储产品预计在接下来的几个季度将面临紧张的需求。本周早些时候，德意志银行分析师梅丽莎·韦瑟斯（Melissa Weathers）表示，她预计 DRAM 内存将在明年到 2028 年之间面临供应紧张，包括对由 DRAM 堆叠而成的 HBM 的需求。</p>
</div><p>Chip fabs take at least two years to come online, Weathers noted, and existing sites are limited from adding more clean room space, which is where chips are manufactured. However, Weathers said some relief could come next year as companies try to add capacity.</p>
<div class="lb-trans"><p>韦瑟斯指出，芯片制造厂至少需要两年才能投入生产，而现有场地在增加更多洁净室空间方面受到限制，洁净室是芯片制造的地方。然而，韦瑟斯表示，随着公司尝试增加产能，明年可能会有所缓解。</p>
</div><p>Read more: Here's how Micron's stock can hit $500, according to Deutsche Bank</p>
<div class="lb-trans"><p>阅读更多：根据德意志银行的说法，美光的股票如何能达到 500 美元。</p>
</div><p>-Britney Nguyen -Emily Bary</p>
<div class="lb-trans"><p>-Britney Nguyen -Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和华尔街日报发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>02-14-26 0927ET</p>
<div class="lb-trans"><p>02-14-26 0927ET</p>
</div>

存储芯片股票仍然相当便宜——尤其是在海外市场