韩国科技之旅 - 蓬勃发展的智能AI供应链，而实体AI蓄势待发

Semiconductors&Equipment Korea tech tour - booming agentic Al supply chainwhile physical Al waits in the wings GPU/CPU processors, optical communication and 800VDC conversion Head of Korea Research, Semiconductorand DisplayThe Hongkong and Shanghai Banking CorporationLimited,SeoulSecuritiesBranchrickyjuiliseo@kr.hsbc.com+82 2 3706 8777Han Kil Chang* + Memory earnings are the most solid, while equipment andmaterials earnings are about to take off Research Analyst, Korea TechnologyThe Hongkong and Shanghai Banking CorporationLimited,SeoulSecuritiesBranchhan.kil.chang@kr.hsbc.com+822 3706 8750 +WepreferSamsungandEOTechnicsamidAldemandboom companies expressed an upbeat outlook: 1)memory/substrate/MLCC arebenefitingfrom CsP capex increases for agentic Al and tech upgrades to CPUs, opticalinterconnect and 800v power shift; 2)IT hardware is starting to encompass the roboticmomentum; and 3) semi equipment and materials companies will benefit from aggressivecapex and capacity expansion at memory makers.With robust demandand tightcapacity,wearemoreconstructiveonthesupplychain.Ourkeytakeaways arebelow. not registered/qualified pursuant to FINRA regulations Memory:CSP capex is soaring and demand catalysts are moving to CPU customers,as it is more feasible to manage Al agents vs GPU, and HBM3e prices willincrease tonarrowthe gap with commodity.Robust x86 and ARM based CPUdemand are boostingserver and mobile DRAM prices; memorymakers will enjoy output increases in 2H26and margin expansion as more LTA agreements will stabilize the earnings trend. Tech hardware -focus on FC-BGA: The package substrate sector is a clear Albeneficiary as well. High-end FC-BGA demand is running ahead of supply, signalling highutilisation andextendingleadtimes; customers are seekingLTAs and co-investmenttocapacitorembedding,and glass core substrates are lifing content perunit,supportingamulti-year growth story. Semi equipment&materials-plentyof runwayleft:The tour brought freshdatapoints across our coverage. Eo Technics is seeing laser full-cut beginning todisplace mechanical dicing in HBM, alongside a sharp PCB dilling ramp and adebonder co-development with a leading foundry; HPSP is broadening its reach with anewDRAM customer expected in3Q26,andNAND customer engagements.ParkSystems is winning AFM traction in hybrid bonding and advanced packaging metrology;and Hansol Chemical is advancing precursor with optionality into the late-2026 patentexpiry of hafnium based high-K precursors. Given the strong capex ramp, these point tocontent and customerexpansion independent of bit-growth; wefavour these moat andpricing power nameswhere earningsmomentum lookswell supported. HSBCFundingtheFutureSurvey Ourpreference:Weprefer Samsung Electronics inmemoryasweexpect it tonarrowthe tech gap not only in HBM4 but also commodity DRAM vs peers. In semi equipment,we prefer Eo Technics as it continues to see stronger demand of its laser equipment,through application expansion and new customer engagement at the front and back end. Sentiment, Al and Private Credit Click to view Issuerofreport:TheHongkongandShanghaiBanking Corporation Limited, Seoul SecuritiesBranch Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Investment Research at:https://www.research.hsbc.com Source: NVIDIA Rethinking AI TCO (15 Apr 2026). Note: (NVDA US, USD211.14, Buy)Source: NVIDIARethinking AI TCO (15 Apr 2026) Source: Company data, HSBC estimates Source: Company data, HSBC estimates Source: Company data, HSBC estimates Source: HSBCestimates (see:Global tech-Open Al:Commitments vs cash flowsSource: Company data, Bloomberg consensus estimatesrevisited, 24 Nov 2025, by Nicolas Cote-Colisson) , Bloomberg consensus estimates Source: Company data, HSBC estimates. TSMC (2330 TT, TWD2,355, Buy), SMICSource: Company data, HSBC estimates Disclosureappendix The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s) whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflectrecommendation(s) or views contained in this research report: Ricky Seo and Han Kil Chang. Equities:Stock ratingsand basisforfinancial analysis HSBC and its affiliates, including the issuer of this report ("HSBC") believes an investor's decision to buy or sell a stock should depend on individual circumstances such as the investor's existing h