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Glonhui July 1｜Goldman Sachs raised the target price of a certain exchange from $108 to $121 and maintained a "Buy" rating.

On July 1, the yield on Germany's two-year bonds decreased by 1 basis point to 2.523%.

On July 1, Samsung Electronics and SK Hynix are negotiating with upstream substrate suppliers regarding delivery prices for the second half of the year, leaning towards price reductions and even retracting the average price increase of 3% to 4% implemented earlier this year. At the beginning of the year, the two chip manufacturers agreed to raise substrate supply prices in response to soaring costs of gold, copper, and other raw materials; however, as raw material prices stabilize, the negotiation balance has shifted in favor of buyers. An Youngwoo, Secretary General of the Korea PCB and Semiconductor Packaging Industry Association, revealed that most substrate companies have received explicit price-cut requests from clients. If price reductions are realized, the increases from the first quarter will be fully reversed, and the substrate industry is expected to face price adjustments as early as next month. Substrate manufacturers are caught in a 'double bind'—while raw material procurement costs remain high, delivery prices are under downward pressure, squeezing profit margins from both ends, which may restrict capital expenditures and the development of next-generation technologies. The pressure to reduce prices is particularly severe for medium-sized substrate companies. Many of these medium-sized enterprises are currently not included in the raw material cost linkage mechanism—originally designed to reasonably share price fluctuation risks among supply chain parties—leaving them outside its benefits. The KPCA points out that the substrate industry is highly sensitive to raw material prices, and if the cost burden disproportionately falls on substrate manufacturers, it will directly weaken investment capabilities and undermine technological competitiveness. The association has explicitly called on semiconductor manufacturers to postpone price reductions and extend the benefits of the economic cycle to upstream supply chains, proposing a series of institutional recommendations: expanding the delivery price linkage mechanism from large enterprises to medium-sized enterprises, establishing a collaborative negotiation mechanism involving government and industry for supply chain symbiosis, increasing policy support for key medium-sized enterprises in the supply chain, and building a cooperative framework to ensure sustainable competitiveness in the supply chain.