Title: 下周，存储三巨头业绩重磅发布！美股也将迎“超级周” | BestBlogs.dev
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Published Time: 2026-07-26 12:05:00
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下周，存储三巨头业绩重磅发布！美股也将迎“超级周”
Next week, storage giants SK Hynix, Samsung Electronics, and Kioxia will consecutively release Q2 earnings, with the market focusing on AI-driven demand for HBM, DRAM, and enterprise SSDs; meanwhile, the Federal Reserve's rate decision and the US earnings super week will jointly influence market direction. 2 21世纪经济报道Follow·
Today·1404 words (about 6 min)
AI Summary & Key Points
Summary
The article notes that next week will see the quarterly earnings releases of the storage trio — SK Hynix (July 29), Samsung Electronics (July 30), and Kioxia (July 31). The market will focus on HBM3E shipments, HBM4 mass production, and long-term customer orders, as well as whether server DRAM and enterprise SSD prices can continue their rise; meanwhile, analysis indicates that SK Hynix's profit growth relies more on pricing and product mix than shipment volume, and tight supply-demand dynamics may continue to support prices. Samsung Electronics expects revenue of 171 trillion Korean won and operating profit of 89.4 trillion Korean won, with the market watching its HBM business progress and the gap versus SK Hynix, as well as concerns about the sustainability of second-half growth reflected in the stock pullback after its record‑high earnings preview. Kioxia will reflect the sentiment in the NAND flash and enterprise SSD markets, focusing on enterprise SSD demand, NAND price trends, and the ramp‑up of next‑generation flash products. Additionally, the Federal Reserve will hold rates steady at 3.50%-3.75% next Wednesday, with the market scrutinizing the statement for clues of a possible 25‑basis‑point hike in September; at the same time, US stocks are set for a super earnings week, with roughly one‑third of S&P 500 components reporting results, including tech giants Apple, Microsoft, Amazon, Meta and heavyweights Visa, Chevron, and Coca‑Cola.
Main Points
* 1. SK Hynix's Q2 earnings focus on HBM3E shipments, HBM4 mass production, and long‑term customer orders, as well as trends in server DRAM and enterprise SSD prices.
Analysis suggests its profit growth depends more on pricing and product mix than shipment volume, and tight supply‑demand conditions may continue to support product prices and margins.
* 2. Samsung Electronics expects Q2 revenue of 171 trillion Korean won and operating profit of 89.4 trillion Korean won; the market is watching its HBM business progress and the gap versus SK Hynix, as well as concerns about the sustainability of second‑half growth reflected in the stock pullback after its record‑high earnings preview.
The sources of profit will be clarified in the earnings report, and the market places more weight on whether growth can be sustained rather than a one‑time high profit.
* 3. Kioxia's Q1 FY2027 results will reflect the sentiment in the NAND flash and enterprise SSD markets, with focus on enterprise SSD demand strength, NAND price trends, and the ramp‑up of next‑generation flash products.
This will provide an important observation point for future storage‑industry demand, particularly the health of the enterprise SSD market.
* 4. The Federal Reserve will hold rates steady at 3.50%-3.75%, with the market focusing on whether the statement hints at a possible 25‑basis‑point hike in September; at the same time, US stocks are set for a super earnings week, with roughly one‑third of S&P 500 components reporting results.
Macroeconomic monetary policy and corporate earnings jointly shape market expectations, and investors need to monitor both the interest‑rate outlook and the performance of tech giants.
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21世纪经济报道 2026-07-26 12:05 广东
下周，美国股市将在未来一周迎来两大考验：一是美联储会议，市场希望从中寻找未来利率路径的线索；二是企业财报密集发布，其中以科技巨头和人工智能龙头公司的业绩最受关注。
其中，AI产业链将迎来新一轮财报考验：SK海力士、三星电子和铠侠将连续三个交易日公布最新业绩。三份财报能否证明AI需求仍在转化为HBM、DRAM和企业级固态硬盘订单，或将影响下一阶段芯片股走势。
!Image 8 存储三巨头财报连续登场
北京时间7月29日8点，SK海力士将举行第二季度业绩电话会。
据《中国证券报》，市场将重点关注HBM3E出货、HBM4量产及主要客户的长期订单安排，同时关注服务器DRAM和企业级固态硬盘价格能否延续上涨，以及后续资本开支计划。
目前，投资者对SK海力士当期盈利并不悲观，分歧主要集中在增长的持续性上。分析人士认为，SK海力士约占全球HBM市场58%的收入份额，并在英伟达下一代AI平台供应链中占据较强位置。当前HBM供给仍然紧张，主要云厂商仍在上调资本开支，而新增产能从建设到投产需要较长时间，这些因素有望继续支撑产品价格和利润率。
不过，分析人士也提示，SK海力士当前业绩增长更多依赖价格和产品组合，而非出货量。若市场已充分计入存储价格大幅上涨的预期，公司实际表现可能难以跨越高门槛；随着长期供货协议增加、后续产能逐步投放，供需关系也可能发生变化。
7月30日，三星电子将公布第二季度详细业绩，并于北京时间当天9点召开电话会。公司此前预计，第二季度合并营收约171万亿韩元，营业利润约89.4万亿韩元，均实现大幅增长。
在三星电子即将发布的财报中，利润来源将得以明确，公司的HBM业务进展或也有望同步披露。据悉，三星正在加快HBM4及后续产品的认证和量产，市场希望看到，公司缩小与SK海力士的差距。值得注意的是，在三星发布创纪录的业绩预告后，7月7日股价反而下跌7.4%，显示市场更关注下半年增长能否持续。
7月31日，铠侠将于北京时间14点30分公布2027财年第一季度业绩。与前两家公司相比，铠侠的财报更能反映NAND闪存及企业级固态硬盘市场景气度。
公司此前预计，2027财年第一季度营业利润约1.3万亿日元。企业级固态硬盘需求是否仍然强劲、NAND价格涨势能否延续，以及新一代闪存产品量产和客户导入进度，将成为主要看点。
此外，美股市场上，约三分之一的标普500指数成分股公司将在未来一周公布业绩，这将成为二季度财报季最繁忙的一周。其中包括苹果、微软、亚马逊和Meta等科技巨头，以及Visa、雪佛龙和可口可乐等重量级企业。
（图源：财联社）
!Image 10 美联储将公布利率决定
据财联社报道，美联储将于下周三公布利率决定，预计将把联邦基金利率目标区间维持在3.50%至3.75%不变。 市场关注焦点将集中在随附声明上，以寻找美联储是否可能在9月举行的下一次会议上加息25个基点的线索。LSEG数据显示，美国货币市场目前已经完全计入这一可能性。
美国第二季度国内生产总值数据将于周四公布，同日还将发布美联储偏爱的通胀指标——6月个人消费支出价格指数，以及每周初请失业金人数。 SFC
来源丨中国证券报、财联社
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Key Quotes
> Currently, investors are not pessimistic about SK Hynix's current earnings; the disagreement mainly centers on the sustainability of growth.
> HBM supply remains tight, with major cloud providers still raising capital expenditures, and new capacity takes a long time from construction to production; these factors are expected to continue supporting product prices and margins.
> It is worth noting that after Samsung released its record‑high earnings preview on July 7, its stock actually fell 7.4%, showing that the market is more concerned about whether second‑half growth can be sustained.
> The Federal Reserve will announce its rate decision next Wednesday, and is expected to keep the target range for the federal funds rate unchanged at 3.50% to 3.75%.
> Market attention will focus on the accompanying statement, seeking clues as to whether the Fed might raise rates by 25 basis points at its September meeting.
Tags
Storage Chips
AI Demand
Federal Reserve Rates
Earnings Season
Tech Stocks
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