2026 \u5e74 5 \u6708 11 \u65e5\uff0c\u97e9\u56fd KOSPI \u6307\u6570\u518d\u5ea6\u4e0a\u6f14\u75af\u72c2\u884c\u60c5\uff0c\u76d8\u4e2d\u4e00\u5ea6\u66b4\u6da8 5.1% \u89e6\u53ca 7876.60 \u70b9\u5386\u53f2\u65b0\u9ad8\uff0c\u6536\u76d8\u4e0a\u6da8 4.32% \u62a5 7822.24 \u70b9\uff0c\u5e74\u5185\u7d2f\u8ba1\u6da8\u5e45\u5df2\u8fbe\u60ca\u4eba\u7684 86%\uff0c\u603b\u5e02\u503c\u81a8\u80c0\u81f3\u7ea6 4.59 \u4e07\u4ebf\u7f8e\u5143\uff0c\u6210\u529f\u8d85\u8d8a\u82f1\u56fd\u3001\u52a0\u62ff\u5927\u8dfb\u8eab\u5168\u7403\u7b2c\u4e03\u5927\u80a1\u7968\u5e02\u573a\u3002\u5c31\u5728\u540c\u4e00\u5929\uff0c\u6469\u6839\u5927\u901a\u5728\u4e0d\u5230\u4e00\u4e2a\u6708\u5185\u7b2c\u4e8c\u6b21\u4e0a\u8c03\u97e9\u80a1\u76ee\u6807\uff0c\u5c06\u57fa\u51c6\u76ee\u6807\u4ece 7000 \u70b9\u5927\u5e45\u63d0\u5347\u81f3 9000 \u70b9\uff0c\u725b\u5e02\u60c5\u666f\u76ee\u6807\u66f4\u662f\u76f4\u63a5\u4e0a\u8c03\u81f3 10000 \u70b9\u3002<\/p>\n
\u7136\u800c\uff0c\u5f88\u5c11\u6709\u4eba\u5fd8\u8bb0\uff0c\u4ec5\u4ec5\u4e24\u4e2a\u591a\u6708\u524d\uff0c\u8fd9\u4e2a “\u5168\u7403\u6700\u725b\u80a1\u5e02” \u66fe\u7ecf\u5386\u8fc7\u4e00\u573a\u60ca\u5fc3\u52a8\u9b44\u7684\u4e24\u65e5\u66b4\u8dcc\u8fd1 20%\uff0c\u5355\u65e5\u8dcc\u5e45\u521b\u4e0b 12.06% \u7684\u5386\u53f2\u7eaa\u5f55\u3002\u4ece\u6050\u614c\u6027\u629b\u552e\u5230\u5168\u6c11\u72c2\u70ed\uff0c\u97e9\u56fd\u80a1\u5e02\u4e3a\u4f55\u80fd\u5728\u5982\u6b64\u77ed\u7684\u65f6\u95f4\u5185\u5b8c\u6210\u60ca\u5929\u9006\u8f6c\uff1f\u6469\u6839\u5927\u901a\u53c8\u4e3a\u4f55\u6562\u4e8e\u5728\u5e02\u573a\u5df2\u7ecf\u6781\u5ea6\u706b\u70ed\u65f6\u7ee7\u7eed\u5531\u591a\uff1f<\/p>\n
2026 \u5e74 3 \u6708 3 \u65e5\u81f3 4 \u65e5\u7684\u90a3\u573a\u66b4\u8dcc\uff0c\u81f3\u4eca\u4ecd\u8ba9\u8bb8\u591a\u6295\u8d44\u8005\u5fc3\u6709\u4f59\u60b8\u3002\u77ed\u77ed\u4e24\u4e2a\u4ea4\u6613\u65e5\u5185\uff0cKOSPI \u6307\u6570\u8fde\u7eed\u89e6\u53d1\u7194\u65ad\u673a\u5236\uff0c\u7d2f\u8ba1\u84b8\u53d1\u5e02\u503c\u7ea6 574 \u4e07\u4ebf\u97e9\u5143\uff08\u7ea6\u5408\u4eba\u6c11\u5e01 2.7 \u4e07\u4ebf\u5143\uff09\uff0c\u76f8\u5f53\u4e8e\u6574\u4e2a\u8d8a\u5357\u80a1\u5e02\u7684\u603b\u5e02\u503c\u3002\u4e09\u661f\u7535\u5b50\u548c SK \u6d77\u529b\u58eb\u8fd9\u4e24\u5927\u6491\u8d77\u97e9\u56fd\u80a1\u5e02\u534a\u58c1\u6c5f\u5c71\u7684\u82af\u7247\u5de8\u5934\uff0c\u80a1\u4ef7\u4ece\u5386\u53f2\u9ad8\u70b9\u5760\u843d\u8fd1 20%\u3002<\/p>\n
\u8fd9\u573a\u66b4\u8dcc\u7684\u76f4\u63a5\u5bfc\u706b\u7d22\u662f\u4e2d\u4e1c\u5730\u7f18\u653f\u6cbb “\u9ed1\u5929\u9e45”\u2014\u2014 \u7f8e\u4ee5\u8054\u519b\u5bf9\u4f0a\u6717\u53d1\u52a8\u7a7a\u88ad\uff0c\u4f0a\u6717\u968f\u540e\u5a01\u80c1\u5173\u95ed\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u3002\u4f5c\u4e3a\u5168\u7403\u7b2c\u516b\u5927\u539f\u6cb9\u6d88\u8d39\u56fd\uff0c\u97e9\u56fd\u8d85\u8fc7 70% \u7684\u77f3\u6cb9\u4f9d\u8d56\u4e2d\u4e1c\u4f9b\u5e94\uff0c\u80fd\u6e90\u6210\u672c\u98d9\u5347\u76f4\u63a5\u51b2\u51fb\u5176\u5236\u9020\u4e1a\u4e0e\u901a\u80c0\u9884\u671f\u3002\u4f46\u5916\u56e0\u53ea\u662f\u50ac\u5316\u5242\uff0c\u771f\u6b63\u653e\u5927\u8dcc\u5e45\u7684\u662f\u5e02\u573a\u5185\u90e8\u7684\u7ed3\u6784\u6027\u8106\u5f31\uff1a\u6b64\u524d\u97e9\u80a1\u501f AI \u5b58\u50a8\u4e1c\u98ce\u5e74\u5185\u66b4\u6da8\u8fd1 50%\uff0c\u79ef\u7d2f\u4e86\u5de8\u989d\u83b7\u5229\u76d8\uff1b\u53e0\u52a0\u9ad8\u8fbe 60% \u7684\u6563\u6237\u53c2\u4e0e\u7387\u548c\u9ad8\u6760\u6746\u4ea4\u6613\uff0c\u4e00\u65e6\u5e02\u573a\u8f6c\u5411\uff0c\u6781\u6613\u5f62\u6210 “\u4e0b\u8dcc \u2014 \u5f3a\u5236\u5e73\u4ed3 \u2014 \u8fdb\u4e00\u6b65\u4e0b\u8dcc” \u7684\u6b7b\u4ea1\u87ba\u65cb\u3002<\/p>\n
\u4ee4\u4eba\u9707\u60ca\u7684\u662f\uff0c\u8fd9\u573a\u53f2\u8bd7\u7ea7\u66b4\u8dcc\u4ec5\u4ec5\u6301\u7eed\u4e86 48 \u5c0f\u65f6\u30023 \u6708 5 \u65e5\uff0cKOSPI \u6307\u6570\u4fbf\u4e0a\u6f14\u4e86\u5355\u65e5\u66b4\u6da8 9.6% \u7684\u66b4\u529b\u53cd\u5f39\uff0c\u968f\u540e\u4e00\u8def\u9ad8\u6b4c\u731b\u8fdb\uff0c\u4ece 6000 \u70b9\u7a81\u7834\u81f3 7000 \u70b9\u4ec5\u8017\u65f6 47 \u4e2a\u4ea4\u6613\u65e5\uff0c\u5237\u65b0\u4e86\u5386\u53f2\u6700\u5feb\u4e0a\u6da8\u7eaa\u5f55\u3002\u8fd9\u79cd “V \u578b\u53cd\u8f6c” \u7684\u80cc\u540e\uff0c\u662f\u5e02\u573a\u5bf9 AI \u5b58\u50a8\u8d85\u7ea7\u5468\u671f\u7684\u575a\u5b9a\u4fe1\u5ff5\uff0c\u4ee5\u53ca\u97e9\u56fd\u653f\u5e9c\u679c\u65ad\u7684\u6551\u5e02\u63aa\u65bd\u3002<\/p>\n
\u6469\u6839\u5927\u901a\u7b56\u7565\u5e08 Mixo Das \u5728\u6700\u65b0\u7814\u62a5\u4e2d\u660e\u786e\u6307\u51fa\uff1a”\u5e02\u573a\u7684\u6838\u5fc3\u57fa\u672c\u9762\u76ee\u524d\u4ecd\u5728\u8f68\u9053\u4e0a \u2014\u2014 \u5b58\u50a8\u5468\u671f\u6761\u4ef6\u3001\u516c\u53f8\u6cbb\u7406\u6539\u9769\u3001\u4e3b\u9898\u6027\u589e\u957f\u3002\u5728\u8fd9\u4e9b\u72ec\u7279\u6761\u4ef6\u4e0b\uff0c\u6211\u4eec\u8ba4\u4e3a\u7ee7\u7eed\u6301\u4ed3\u7b49\u5f85\u8fdb\u4e00\u6b65\u4e0a\u6da8\u4ecd\u662f\u5408\u9002\u7684\u9009\u62e9\uff0c\u800c\u4e0d\u662f\u63d0\u524d\u9884\u5224\u5468\u671f\u7ed3\u675f\u3002”<\/p>\n
\u7b2c\u4e00\u5927\u5f15\u64ce\u662f AI \u9a71\u52a8\u7684 “\u5b58\u50a8\u8d85\u7ea7\u5468\u671f”\u3002HBM\uff08\u9ad8\u5e26\u5bbd\u5185\u5b58\uff09\u4f5c\u4e3a AI \u52a0\u901f\u5668\u7684\u5173\u952e\u5b58\u50a8\u82af\u7247\uff0c\u5df2\u6210\u4e3a\u5f53\u524d\u5168\u7403\u7b97\u529b\u57fa\u7840\u8bbe\u65bd\u7684\u6700\u5927\u74f6\u9888\u3002\u97e9\u56fd\u5728 DRAM \u548c HBM \u9886\u57df\u5360\u636e\u7edd\u5bf9\u4e3b\u5bfc\u5730\u4f4d\uff0cSK \u6d77\u529b\u58eb\u624b\u63e1\u5168\u7403 57% \u7684 HBM \u5e02\u573a\u4efd\u989d\uff0c\u4eca\u5e74\u4ea7\u80fd\u5df2\u5168\u90e8\u552e\u7f44\uff0c\u751a\u81f3\u6709\u5fae\u8f6f\u3001Meta \u7b49\u79d1\u6280\u5de8\u5934\u4e3b\u52a8\u63d0\u51fa “\u5e2e\u5efa\u5382\u623f\u3001\u4ee3\u8d2d\u5149\u523b\u673a” \u53ea\u6c42\u9501\u5b9a\u4ea7\u80fd\u3002\u4e1a\u7ee9\u7aef\uff0c\u4e09\u661f\u7535\u5b50\u4e00\u5b63\u5ea6\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u66b4\u589e 756% \u81f3 57.2 \u4e07\u4ebf\u97e9\u5143\uff0c\u5355\u5b63\u5229\u6da6\u8d85\u8fc7 2025 \u5e74\u5168\u5e74\u603b\u548c\uff1bSK \u6d77\u529b\u58eb\u8425\u4e1a\u5229\u6da6\u7387\u66f4\u662f\u9ad8\u8fbe 72%\uff0c\u78be\u538b\u82f1\u4f1f\u8fbe\u3002\u81ea 2025 \u5e74\u521d\u4ee5\u6765\uff0c\u4e09\u661f\u7535\u5b50\u80a1\u4ef7\u5df2\u8fd1\u56db\u500d\uff0cSK \u6d77\u529b\u58eb\u66f4\u662f\u4e0a\u6da8\u4e86\u7ea6\u516d\u500d\u3002<\/p>\n
\u7b2c\u4e8c\u5927\u5f15\u64ce\u662f\u97e9\u56fd\u653f\u5e9c\u63a8\u52a8\u7684 “\u4f01\u4e1a\u4ef7\u503c\u63d0\u5347\u8ba1\u5212”\u3002\u8fd9\u9879\u88ab\u79f0\u4e3a “\u97e9\u56fd\u7248\u5df4\u83f2\u7279\u6307\u6807” \u7684\u6539\u9769\uff0c\u65e8\u5728\u901a\u8fc7\u63d0\u9ad8\u5206\u7ea2\u3001\u589e\u52a0\u56de\u8d2d\u548c\u89e3\u9664\u4ea4\u53c9\u6301\u80a1\u7b49\u65b9\u5f0f\uff0c\u63d0\u5347\u4f01\u4e1a\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff0c\u6536\u7a84\u957f\u671f\u5b58\u5728\u7684 “\u97e9\u56fd\u6298\u4ef7”\u3002\u65e9\u671f\u91c7\u7eb3\u6539\u9769\u63aa\u65bd\u7684\u91d1\u878d\u548c\u63a7\u80a1\u516c\u53f8\u5df2\u83b7\u5f97\u5e02\u573a\u660e\u663e\u5956\u52b1\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u4f01\u4e1a\u5f00\u59cb\u516c\u5e03\u660e\u786e\u7684\u8d44\u672c\u5206\u914d\u8ba1\u5212\u3002\u6469\u6839\u5927\u901a\u8ba4\u4e3a\uff0c\u6cbb\u7406\u6539\u9769\u4e0e\u5b58\u50a8\u5468\u671f\u5f62\u6210\u4e86\u826f\u6027\u4e92\u52a8 \u2014\u2014 \u5b58\u50a8\u5468\u671f\u51b3\u5b9a\u73b0\u91d1\u751f\u6210\u901f\u5ea6\uff0c\u6cbb\u7406\u6539\u9769\u5219\u51b3\u5b9a\u6709\u591a\u5c11\u73b0\u91d1\u80fd\u591f\u56de\u9988\u7ed9\u80a1\u4e1c\u3002<\/p>\n
\u5c3d\u7ba1\u57fa\u672c\u9762\u5f3a\u52b2\uff0c\u4f46\u5e02\u573a\u5206\u6b67\u4f9d\u7136\u5b58\u5728\u3002\u9996\u5c14\u672c\u5730\u4ea4\u6613\u5458\u6bd4\u534e\u5c14\u8857\u66f4\u52a0\u8b66\u60d5 AI \u4ea4\u6613\u7684\u62e5\u6324\u98ce\u9669\u548c\u6539\u9769\u63a8\u8fdb\u7684\u4e0d\u5747\u8861\u6027\u3002\u4ed6\u4eec\u6307\u51fa\uff0c\u672c\u8f6e\u884c\u60c5\u7684\u96c6\u4e2d\u5ea6\u6781\u9ad8\uff0c\u4e09\u661f\u548c SK \u6d77\u529b\u58eb\u4e24\u5bb6\u516c\u53f8\u5408\u8ba1\u5360 KOSPI \u6307\u6570\u6743\u91cd\u8d85\u8fc7 40%\uff0c\u4e00\u65e6\u8fd9\u4e24\u5bb6\u516c\u53f8\u51fa\u73b0\u4efb\u4f55\u98ce\u5439\u8349\u52a8\uff0c\u6574\u4e2a\u6307\u6570\u90fd\u4f1a\u5267\u70c8\u6ce2\u52a8\u3002<\/p>\n
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