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财联社8月24日讯（编辑 马兰）人工智能数据中心使用的高带宽内存（HBM）技术正在出现重大转向。SK海力士美国公司副总裁Lee Jae-sik最新表示，未来行业不仅需要关注HBM本身，还需要关注封装技术如何影响HBM。
Lee在当地时间23日出席了美国斯坦福大学举行的半导体会议Hot Chips 2026，并发表了题为“HBM的高科技封装”演讲。他表示，在人工智能半导体时代，为了确保竞争力，不仅HBM本身的性能需要优化，GPU、封装和代工工艺也必须进行优化。
目前，SK海力士的HBM采用三维堆叠式设计，通过硅通孔将多个核心芯片连接到一个基底芯片上。HBM目前最高可达16层堆叠。封装技术则采用了MR+MUF（回流焊+注塑底部填充）。
相比于TC+NCF（热压+非导电薄膜），MR+MUF生产效率更高，热阻更低，但更容易发生芯片翘曲，并且存在间隙填充方面的不足。但SK海力士结合了翘曲控制和精细间距集成及窄间隙填充新技术，成功提高了现有HBM的性能。
SK海力士还在开发混合键合封装技术，以实现超越16层堆叠的20层或更多层的目标。该技术可在相同高度下将核心芯片厚度增加高达24%，并通过消除现有微凸点并直接连接芯片，将凸点间距缩小至18微米以下。此外，该技术有望通过更高效的散热来减少发热问题。
携手优化的时代
与现有存储器不同，HBM在人工智能半导体中首先被组装到中介层上。Lee指出，过去存储器是在系统组装的最后阶段安装的，但在人工智能时代截然不同，这要求HBM的可靠性更加重要。
他补充称，HBM必须承受后续工艺中产生的热量和机械应力，因此与客户进行联合开发至关重要。这也意味着，内存厂商、GPU设计商、代工厂和封装厂商必须从一开始就进行协同设计。
SK海力士还在会上发布了一项用于冷却HBM内部特定区域“热点”的技术。Lee表示，HBM的输入/输出速度越快，热量就越集中在某些区域。正在开发的iHBM技术通过添加耐高温导热材料，只对热量集中的区域进行集中冷却，而非对整个HBM进行冷却。
他还指出，HBM的带宽和容量未来将继续增长，但发热、功耗和封装将成为更大的挑战，这要求客户、代工厂和封装公司必须携手优化。

　　中新经纬8月24日电 24日，三星电子开盘大跌，盘中一度跌超7%，现跌幅收窄至约6%。
　　据韩国媒体《首尔经济日报》24日消息，三星电子近日公布了一项大规模股东回报计划，由于分析师认为回报计划低于市场预期，该股出现大跌。
　　报道称，三星电子于21日召开董事会，批准了今年90万亿至110万亿韩元的股东回报计划。该金额相当于2024-2026年期间自由现金流(FCF)的50%，减去去年和今年已返还的29.3万亿韩元。公司计划今年派发约30万亿韩元的现金股息，其中包括常规的第三季度股息。剩余60万亿至80万亿韩元的具体返还方式将在明年1月的董事会会议上决定，届时将公布今年的最终收益。
　　报道称，尽管股东回报规模创下历史新高，但三星电子股价下跌，反映出市场预期在公告发布前过高。KB证券此前预测，三星电子用于股东回报的资金可能高达200万亿韩元，其中仅特别股息就可能超过100万亿韩元。而实际公布的最高回报仅为110万亿韩元（约合人民币5357亿元）。
　　目前已确认的计划仅涉及约30万亿韩元的现金分红，剩余资金的使用则推迟至明年，这令投资者情绪承压。市场此前期待的具体措施，例如股票回购、注销或额外派发特别股息等，尚未公布。
　　相比之下，SK海力士被认为更切实地加强了股东回报政策，将其股东回报基准从“最高”占自由现金流的50%提高到“至少”占50%。
　　韩媒《朝鲜商业》报道称，三星电子的股东回报规模低于市场预期。摩根士丹利表示，“股东回报的绝对规模显著增长，但其中大部分都在预期之内。”该机构补充道：“略低于近期投资者的预期。”
　　有机构已经重新审视三星电子。
　　KB证券研究主管金东元表示：“预计未来三年，三星电子将至少创造600万亿韩元的股东回报。我们认为这是一个转折点，三星电子的价值正在从一只简单的周期性股票重新评估为一项长期复利增长的投资资产。”(中新经纬APP)

三星电子创纪录股东回报遇冷。
8月24日韩国股市开盘，三星电子股价低开后持续走弱，盘中一度跌超7%。此前公司公布2026年最高110万亿韩元（约合800亿美元）的创纪录股东回报计划后，市场反应却明显低于预期。
据三星电子官方网站8月21日发布的公告，该公司预计2026年可用于股东回报的规模约为90万亿至110万亿韩元，超过2020年创下的20.3万亿韩元历史纪录，达到此前最高水平的约5倍。
按照该方案，三星计划在2026年第三季度实施约30万亿韩元现金股息，其中包括正常季度股息，具体金额将在10月底董事会上最终确定。至于剩余股东回报，公司将在2027年1月董事会上根据全年经营业绩，决定采用现金股息、股票回购及注销等方式以及具体规模。
值得注意的是，三星当天还宣布将回购约15万亿韩元股票，用于员工薪酬。路透社援引CLSA Securities Korea研究主管Sanjeev Rana的观点称，从股价角度看，如果采用股票回购方式，可能比现金分红更有利，因为回购能够直接形成市场上的股票需求。这或也成为市场对三星此次方案反应冷淡的原因之一。
公告还介绍，公司的2024年至2026年股东回报政策规定，将三年累计自由现金流（FCF）的50%用于股东回报。此次公布的90万亿至110万亿韩元规模，意味着在AI驱动的半导体超级周期带来利润和现金流大幅增长的背景下，公司将把这一轮盈利增长的重要部分返还给股东。
三星电子表示，2026年股东回报计入后，2024年至2026年三年累计股东回报预计将达到约120万亿至140万亿韩元。
不少分析将三星此举与竞争对手SK海力士近期公布的方案进行对比。
SK海力士此前宣布未来三个月回购并注销40万亿韩元股票，同时将2025年至2027年期间的股东回报比例提高至累计自由现金流的50%以上。相比之下，三星虽然公布的潜在股东回报总额更大，但并未一次性公布全部回购及注销安排，因此部分投资者可能认为方案的“确定性”不足。
7月30日，三星电子发布的2026年第二季度财报显示，公司实现合并营收171.5万亿韩元，同比增长130%；营业利润达到89.5万亿韩元，同比暴增1813.8%，营收和营业利润双双刷新单季度历史新高。
其中，半导体业务利润达到约89万亿韩元，同比大幅增长，创下历史高位。
路透社指出，三星和SK海力士的盈利均受到AI芯片需求增长推动，而投资者近期同时开始担忧AI资本开支是否会持续高速增长，这也是两家公司股价从6月高点回落的重要背景之一。
澎湃新闻记者 吴遇利

The CPO (co-packaged optics) sector has reached two milestones at once.
First, NVIDIA announced that its Spectrum-X Ethernet silicon-photonics switches are in full-scale production, fulfilling the promise of a “world’s first mass-produced CPO switch.” Immediately after, SK hynix stated that CPO is the key to large-scale, system-level HBM innovation; the next-generation AI infrastructure will expand optical interconnects to memory interfaces.
Within a single week, CPO completed a three-step leap from “concept” to “product” to the “next-generation architecture blueprint.” In the A-share market, stocks including InnoLight (NEEQ), XinYiSheng, and TianFu Communications have seen high levels of interest, while the Huabao High-Optics Venture Board Artificial Intelligence ETF (159363) has continued to gain attention.

(Source: Guohai Securities Research)
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　　Samsung Electronics and SK hynix have each announced shareholder return plans of the largest historical scale in succession.
　　On August 21, Samsung Electronics disclosed that it expects shareholder return funds in 2026 to reach approximately 90 trillion to 110 trillion won; it will pay 30 trillion won in cash dividends in the third quarter; and it will repurchase 15 trillion won worth of shares to be used for employee compensation.
　　However, the shareholder return size announced by Samsung Electronics this time is slightly lower than the market’s prior expectations. After the shareholder return plan was released, the stock market reacted. During regular trading on August 21, Samsung Electronics’ share price rose 3.87% on expectations of dividends, but it turned to decline in after-hours trading.

On the evening of the 21st Beijing time, three major U.S. stock indexes opened higher across the board. The S&P 500 rose 0.48%, the Dow rose 0.55%, and the Nasdaq rose 0.51%.
In large-cap technology stocks, Tesla rose 1.71% and AMD (Advanced Micro Devices) rose 1.30%. Among China concept stocks, NetEase rose 7.33%, Bilibili rose 2.70%, XPeng rose 2.58%, Li Auto rose 1.86%, NIO rose 1.66%, and Alibaba fell 3.86%. Storage chip stocks rose broadly, with SK hynix rising more than 2%.
In commodities, international oil prices moved in different directions, with U.S. crude slipping slightly and Brent rising slightly. Prices of precious metals increased: spot gold rose more than 1%, and spot silver rose more than 2%.

　　In a 6-K regulatory filing, SK Hynix said that it has not yet decided whether to build semiconductor production facilities in Japan.
　　The company responded to media reports about its possible plan to build a factory in Japan.
　　SK Hynix said: “To strengthen the competitiveness of its memory chip business, the company is evaluating various options, including adding production facilities, but no decisions have been made as of now.”
　　The company said it will further disclose relevant information when specific details are confirmed, or within one month after the release of this report.

Driven by the AI memory-chip supercycle, Samsung Electronics is returning value to shareholders with unprecedented intensity. On August 21, the company— the world’s largest memory-chip manufacturer—held a board meeting and officially approved its 2026 shareholder return plan, which is expected to return between 90 trillion and 110 trillion won to shareholders over the full year (about US$65–80 billion). Not only does this figure set a new record for shareholder returns in Korean corporate history, it also propels Samsung into the ranks of global dividend-and-buyback giants—its scale is approaching Apple’s US$110 billion stock repurchase plan approved in 2024.

High-level foreign exchange officials from South Korea and Japan held talks in Tokyo on Friday to discuss ways to strengthen bilateral cooperation. According to a statement from the South Korean Ministry of Strategy and Finance, Deputy Minister of Finance Moon Jisung met with Atsushi Mimura, Deputy Minister for Finance at Japan’s Ministry of Finance, for the meeting. The statement said the two sides exchanged views on recent developments in the global economy and financial markets and outlined their respective policy responses. They also discussed positions on issues facing multilateral mechanisms such as ASEAN+3 and the G20, and held talks on the 11th Korea–Japan finance ministers’ meeting. The meeting will be hosted by South Korea. The two sides said they will continue to maintain close contact at both the working level and the senior level.

SK Hynix said in a regulatory filing submitted on August 21 that it has not yet decided whether to build a memory chip manufacturing plant in Japan. In response to media reports, SK Hynix said, “Although the company is evaluating various measures, including setting up additional production sites, to strengthen the competitiveness of its memory business, as of the date of this report, the company has made no decision.”
Earlier, according to media reports, SK Hynix is considering building a memory chip manufacturing plant in Miyagi Prefecture, Japan, with the investment amount potentially reaching tens of trillions of won.

　　Key highlights
　　Samsung Electronics said on Friday it expects the funds available for shareholder returns in 2026 to reach 90 trillion to 110 trillion won. Samsung said the figure sets a record high for Korean companies. Just days before the release of this announcement, SK hynix disclosed a plan for a stock buyback, and the two leading South Korean chipmakers have rolled out large-scale shareholder return measures one after another, sending shockwaves through the market this week.
　　After SK hynix unveiled its stock buyback plan, Samsung Electronics also put forward a package of shareholder return measures, marking a major week for shareholder return policies among South Korea’s chip giants.

　　Driven by strong expectations in the market for the large-scale shareholder return plans from South Korea’s two leading chip companies, Samsung Electronics and SK Hynix, Seoul’s stock market rose at the close on Friday; the won also strengthened against the U.S. dollar in parallel.
　　South Korea’s KOSPI composite stock price index closed up 60.37 points, or 0.88%, at 6,912.95. During the day, it hit a peak of 6,954.12.
　　Both retail investors and foreign investors were net sellers, for a combined net sell-off of 1.34 trillion won; institutional investors, meanwhile, were net buyers of 248.2 billion won.
　　Daishin Securities analyst Li Qingmin said, “The shareholder return plan introduced by SK Hynix and Samsung Electronics provides support for the domestic stock market, offsetting the negative impact of various external uncertainties.”

(Source: Caixin)
SK hynix, together with researchers from institutions such as the University of Virginia, published a paper titled “Co-Packaged Optical Devices (CPO) for High-Performance Computing and Artificial Intelligence” in a well-known journal (Nature Electronics).
August 21, “Yi Zhongtian” (ET) New Yi Sheng (300502.SZ), Zhongji Xuchuang (300308.SZ), and Tianfu Communication (300394.SZ) all saw gains during intraday trading. Among them, New Yi Sheng once rose by more than 7% during the session; its latest market cap exceeded RMB 600 billion,
By the close, New Yi Sheng was up 6.76% to RMB 442.00; Zhongji Xuchuang was up 4.29% to RMB 943.00; Tianfu Communication was down 1.15% to RMB 273.08.

(China Science and Technology Innovation Board Daily) On August 21, according to reports by Korean media, South Korea’s semiconductor equipment industry is benefiting from large-scale investment by Samsung Electronics and SK hynix. As of the end of the first half of this year, the order backlog of the country’s major equipment companies is expected to have doubled compared with the end of last year. It is expected that starting in the second half of this year, sales revenue will grow significantly.
Compare the order backlogs of South Korea’s leading equipment suppliers as of the end of last year and at the end of the first half of this year. Among them, the order backlog of major deposition equipment supplier Wonik IPS increased from KRW 298.2 billion to KRW 634.6 billion; another key deposition equipment supplier, Jusung Engineering, rose sharply from KRW 88.5 billion to KRW 214.4 billion. In addition, the order backlog of front-end equipment supplier Tess increased from KRW 97.2 billion to KRW 206.9 billion; measurement equipment company Park Systems increased from KRW 63.6 billion to KRW 112.5 billion.

An unprecedented shareholder return plan from Korea’s two largest storage chip giants is gradually becoming a key factor influencing the won’s走势. If these two companies raise funds in the local currency market to support their shareholder return plans, the won may be able to extend its recent uptrend.
SK hynix (SKHY.US) announced on Wednesday that it will repurchase and cancel shares worth 400 trillion won (about $28.6 billion), and will use more than 50% of the free cash flow generated between 2025 and 2027 to enhance shareholder returns. According to people familiar with the matter, SK hynix has also reached an agreement in a preliminary salary pact, planning to pay 60% of this year’s employee bonuses in the form of company stock, with the remaining 40% paid in cash.

On August 21, the A-share market traded in a narrow range. Driven by the overnight broad gains in U.S. memory stocks and strength in two major Korean memory giants, A-share memory chip stocks rose. CPO concept stocks surged, while PCB concept stocks fluctuated and then strengthened.
As of 14:25, the consumer electronics ETF Huayutianfu (159178) tracking the “PCB + storage” exposure index—after rallying, the target index on the Guozheng Consumer Electronics Theme Index pulled back; it traded sideways with gains and losses in the red. It surged nearly 2% at one point, and is now up more than 1%!
Most constituent stocks of the Consumer Electronics ETF Huayutianfu (159178) that track the underlying index are moving higher: Luxshare Precision is up nearly 3%, Dongshan Precision and 三环集团 are up more than 2%, BOE and 佰维存储 are up nearly 2%, GalaxyCore Technology is up more than 1%, and Shenghong Technology and TCL Technology are up slightly. On the downside, 江丰电子 and 长电科技 are down by nearly 1%.

According to industry sources cited by foreign media on Friday, SK Hynix (SKHY.US) is considering building a memory chip production facility in Miyagi Prefecture, Japan. The project’s investment scale could be on the order of tens of trillions of Korean won.
It is reported that SK Group chairman Choi Tae-won recently visited the region—an area that has been designated by the Japanese government as one of the semiconductor industry clusters. Along with Kyushu and Hokkaido, the region has been designated by the Japanese government as one of the three major semiconductor industry core bases. According to people familiar with the matter, SK Group chairman Choi Tae-won recently personally went to the region to conduct an on-site inspection.

Source: China Securities Journal
CPO concept stocks surge again unexpectedly!
During today’s trading (August 21), A-share CPO concept stocks saw a sharp spike to the upside. StarNet Ruijie, Risecom, and Asahi Light Electronics, among others, were the first to hit the daily limit. In the afternoon, Shenkeda also surged straight up to the 20% limit, while XinYisheng, Shengyi Technology, and others followed suit.
Market analysts believe that this round of gains in CPO concept stocks is driven by a two-pronged fundamental catalyst: the concentrated delivery of mid-year report results and expectations for technological breakthroughs. At the same time, a paper published recently in (Nature · Electronics) by SK hynix—a trillion-yuan storage-chip giant—and its global research team further confirms the strategic value of CPO technology.

(Source: Caiwen)
CPO concept sector’s average gain within the year reached 89.69%, with a total of 15 stocks whose prices more than doubled within the year
On August 21, the CPO sector was active in the morning session. A-share stocks such as Xuguang Electronics (600353.SZ) hit the daily trading limit by closing at limit-up, while stocks including Taiseng Optical (300570.SZ), Corety Technology (002957.SZ), and NeoPhotonics (300502.SZ) were among the leading movers by percentage gain.
According to statistics, the CPO concept sector’s average gain within the year reached 89.69%. A total of 15 stocks saw their prices double within the year. The sector’s top gainers included Wasion (002980.SZ), Kexiang Shares (300903.SZ), Yuanjie Technology (688498.SH), and Shengxun Shares (rights defense) (003004.SZ), with year-to-date gains of 365.07%, 308.61%, 248.77%, and 218.79%, respectively.