薛平贵与王宝钏

良率决定盈利！全球三大存储芯片厂商正式开启HBM4良率竞争_我的网站

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    A Chinese J-16 fighter Photo: VCGChinese state media on Monday released footage from the first day of flight training held Saturday during the China-Egypt Eagles of Civilization 2026 joint training exercise, showing PLA J-16s engaging in air combat drills against Egyptian MiG-29 and Rafale fighters. A Chinese expert said this is the first joint exercise featuring both the J-16 and the Rafale, reflecting strong mutual trust and a high level of coordination between the two air forces.
The first day's training focused on one-on-one air combat between different aircraft types. As fighters from both air forces took off in succession, pilots engaged in intense confrontations under realistic combat scenarios, the CCTV News military channel reported.
Before the flight training, Chinese and Egyptian pilots delivered briefings on their respective aircraft capabilities. The two sides then held in-depth discussions on the exercise subjects, clarifying flight safety rules, airspace regulations, takeoff and landing procedures and emergency response plans, said the report.
"The China-Egypt joint air training is progressing from basic one-on-one and two-on-two air combat to more systematic joint operations. As mutual understanding between pilots grows, they can more effectively exchange tactical concepts and operational techniques, which helps enhance the technical and tactical proficiency of both sides," Shen Hao, a member of a PLA Air Force unit, was quoted as saying by the PLA Air Force in a press release on Monday.
Egypt's Ministry of Defense spokesperson posted on social media platform X on Saturday that the joint training between China and Egypt had commenced, releasing images of the participating aircraft - Egypt's MiG-29 and Rafale fighters, and China's J-16 fighter.
    An Egyptian MiG-29 fighter (above) and a Rafale fighter Photo: X account of Egypt's Ministry of Defense spokesperson CCTV footage on Monday also showed the three aircraft types in action.
Wang Yanan, editor-in-chief of the Beijing-based Aerospace Knowledge magazine, told the Global Times on Monday that this joint exercise marks the first time China has deployed the J-16 and the first time Egypt's Rafale fighters have participated, a development worth noting. It reflects a relatively high level of mutual trust between the two militaries and a substantial standard of joint training.
Apart from the French military, India and Egypt are some of its main users. This presents a rare opportunity for China to gain familiarity with the Rafale in a joint training setting. As a flagship product of Dassault Aviation, the Rafale represents a major design philosophy of advanced European aerospace equipment, Wang said.
Although the J-16, deployed by China for this long-range training mission in Egypt, evolved from the original Soviet-era platform, it has been completely transformed and now plays a key role within China's aviation system. Capable of carrying a variety of munitions, it can perform electronic warfare, ground strikes and long-range air-to-air combat, making it a highly versatile platform, Wang explained.
Song Zhongping, a Chinese military affairs expert, told the Global Times previously that the J-16 heavy fighter jets' first participation in the China-Egypt joint air force training exercise marks an upgrade from 2025's deployment of medium-sized J-10Cs in the drill, reflecting broader and more advanced overseas training by the PLA Air Force.
The two aircraft belong to the same generation, but the Rafale's overall combat capabilities may not be as comprehensive as those of the J-16, which has been continuously upgraded as part of China's aviation system development, Wang said.
Wang noted that the main objectives are to enhance mutual trust and familiarity with each other's equipment, understanding flight performance, medium- and close-range maneuverability and basic weapon configurations.
Moreover, as the Rafale is also deployed in countries neighboring China, understanding its performance characteristics through joint training holds practical significance for the country, Wang added.
"The Egyptian pilots' rigorous training discipline, close coordination and solid technical skills left a deep impression on us. Through mutual learning and close exchanges during the exercise, we not only strengthened our bonds but also improved our technical and tactical capabilities together. Joint training with foreign forces has provided a valuable platform for our pilots to sharpen their skills," Ning Yiming, a member of a PLA Air Force unit, was quoted by the PLA Air Force as saying.
The opening ceremony of the joint training was held on Friday. Commanders from both sides delivered speeches, reviewing the history of air force exchanges between the two countries and the achievements of the first joint exercise in 2025. They outlined the objectives of this year's training and expressed hopes that participating personnel would seize the opportunity to learn from each other, build mutual trust and carry forward their traditional friendship, PLA Air Force said.
。    7月22日，据财闻海外资讯，三星电子、SK海力士（SKHY.US）与美光科技（MU.US）三大存储芯片厂商全面展开HBM4良率竞争。作为第六代高带宽内存，HBM4将应用于英伟达（NVDA.US）下半年推出的Vera Rubin等AI加速芯片，成为下半年企业业绩关键支撑。

二 |          三星已率先实现HBM4规模化量产，业内预估其良率接近70%，得益于1C工艺DRAM（年初良率稳定超80%）的持续带动，良率管控能力显著提升。         SK海力士虽未公布精确良率，但行业判断其已进入稳定区间。为巩固超半HBM市场份额，其正洽谈引进新生产设备，以优化工艺并扩大产能。

三 |          美光因产能基础相对薄弱，正加速推进良率爬坡与大规模设备投资，同步提升产出能力。         良率（合格芯片占比）直接决定交付量与盈利空间，是厂商攻坚核心。尽管此前通用DRAM短期利润反超，但其涨价空间已趋缓（一季度近翻倍、二季度30%–50%、三季度0%–20%），而HBM需求持续扩张、高毛利优势将重归主导。         业内人士表示：“三星抢先落地 HBM4 量产，良率提升带来的供货增量、利润增长已经在二季度财报中充分体现；下半年该趋势将延续，三大存储企业的良率竞争会进一步白热化。

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