1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Seoul Securities Branch View HSBC Global Research at:h

2、ttps:/ The 20theditionof the EM Sentiment SurveyClick to viewHesitant bulls of summer Polarized market sentiment between Samsung vs SK Hynix.We highlight our positive view on Samsung and equipment Positive outlook on memory market and HBM until 2026 Prefer Hynix(000660 KS,Buy)on HBM tech leadership;

3、Samsung(005930 KS,Buy)on memory price rebound Extremely polarized market sentiment:During our marketing in HK/SG on 7-11 July,we found Asia investors had a high level of confidence that Buy-rated SK Hynix will continue to lead the high-bandwidth memory(HBM)market given its superior tech position in

4、not only chip manufacturing but also package tech(see SK Hynix:Dominating a new market;persistent leader in HBM,11 February).Preference by ASIC customers looks to be rising further based on better performance of HBM3e products while more positive outlook on custom HBM collaborating with TSMC looks t

5、o be formidable by most of investors perspective.In the meantime,most of investors questions were about 1)Samsungs 12 high(HBM3e)potential in 2H25e,2)possible tech catch up in HBM4 and 1cnm tech,3)foundry outlook and proper strategy and 4)progress on culture change to more dynamic organization.Quest

6、ions about new technologies adoption and its impact such as 1)wide multi-chip module(WMCM)for smartphone,2)small outline compression attached memory module(SO-CAMM)for server rack and AI workstations,3)flux-less tech and Hybrid bonding tech for HBM and 4)wafer bonding tech for NAND.Moreover,further