{"id":8154,"date":"2025-12-25T16:31:09","date_gmt":"2025-12-25T08:31:09","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8154"},"modified":"2025-12-25T16:31:14","modified_gmt":"2025-12-25T08:31:14","slug":"%e6%94%bf%e7%ad%96%e6%89%98%e5%ba%95%e3%80%81%e4%ba%a7%e4%b8%9a%e5%9b%9e%e6%9a%96%e4%b8%8e%e6%b1%87%e7%8e%87%e4%bc%81%e7%a8%b3%e5%bd%a2%e6%88%90%e5%b9%b4%e6%9c%ab%e5%85%b1%e6%8c%af","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8154","title":{"rendered":"H\u1ed7 tr\u1ee3 ch\u00ednh s\u00e1ch, ph\u1ee5c h\u1ed3i c\u00f4ng nghi\u1ec7p v\u00e0 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 t\u1ea1o ti\u1ebfng vang cu\u1ed1i n\u0103m"},"content":{"rendered":"

Cu\u1ed1i th\u00e1ng 12\/2025, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh trong n\u01b0\u1edbc c\u00f3 d\u1ea5u hi\u1ec7u ho\u1ea1t \u0111\u1ed9ng \u0111\u1ecbnh k\u1ef3 do s\u1ef1 \u0111an xen c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1. Trong th\u00e1ng th\u1ee9 10 li\u00ean ti\u1ebfp, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 r\u00f2ng th\u00f4ng qua c\u01a1 s\u1edf cho vay trung h\u1ea1n (MLF). T\u1eadp \u0111o\u00e0n Qu\u1ed1c t\u1ebf S\u1ea3n xu\u1ea5t Ch\u1ea5t b\u00e1n d\u1eabn c\u00f4ng b\u1ed1 t\u0103ng gi\u00e1 10% cho t\u1ea5m wafer 8 inch v\u00e0 t\u1ef7 gi\u00e1 Nh\u00e2n d\u00e2n t\u1ec7 t\u0103ng m\u1ea1nh so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. M\u1eb7c d\u00f9 ba s\u1ef1 ki\u1ec7n l\u1edbn thu\u1ed9c l\u0129nh v\u1ef1c ti\u1ec1n t\u1ec7, c\u00f4ng nghi\u1ec7p v\u00e0 ngo\u1ea1i h\u1ed1i, nh\u01b0ng ch\u00fang c\u00f9ng ph\u1ea3n \u00e1nh nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf v\u00e0 t\u00e0i ch\u00ednh hi\u1ec7n nay: \u0111i\u1ec1u ti\u1ebft ch\u00ednh s\u00e1ch tr\u1edf n\u00ean ch\u00ednh x\u00e1c h\u01a1n, cung c\u1ea7u c\u00f4ng nghi\u1ec7p \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n v\u1ec1 m\u1eb7t c\u01a1 c\u1ea5u v\u00e0 m\u00f4i tr\u01b0\u1eddng b\u00ean ngo\u00e0i \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u0111\u00f4i ch\u00fat. Wmax Nh\u00f3m quan s\u00e1t th\u1ecb tr\u01b0\u1eddng d\u1ef1a tr\u00ean th\u00f4ng tin c\u00f4ng khai \u0111\u1ec3 ph\u00e2n lo\u1ea1i m\u1ed1i t\u01b0\u01a1ng quan n\u1ed9i b\u1ed9 v\u00e0 t\u00e1c \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7: H\u1ed7 tr\u1ee3 thanh kho\u1ea3n chuy\u1ec3n sang \u0111\u1ecbnh h\u01b0\u1edbng \u201c\u1ed4n \u0111\u1ecbnh k\u1ef3 v\u1ecdng\u201d<\/p>\n

V\u00e0o ng\u00e0y 25 th\u00e1ng 12, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 tri\u1ec3n khai ho\u1ea1t \u0111\u1ed9ng MLF m\u1ed9t n\u0103m tr\u1ecb gi\u00e1 400 t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7, v\u1edbi kho\u1ea3n \u0111\u1ea7u t\u01b0 r\u00f2ng 100 t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7, ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 r\u00f2ng li\u00ean t\u1ee5c k\u1ec3 t\u1eeb th\u00e1ng 3. Trong su\u1ed1t c\u1ea3 n\u0103m, t\u1ed5ng thanh kho\u1ea3n trung h\u1ea1n tr\u1ecb gi\u00e1 g\u1ea7n 5 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 \u0111\u00e3 \u0111\u01b0\u1ee3c cung c\u1ea5p th\u00f4ng qua MLF v\u00e0 mua l\u1ea1i ng\u01b0\u1ee3c mua l\u1ea1i, ph\u00f2ng ng\u1eeba hi\u1ec7u qu\u1ea3 c\u00e1c \u00e1p l\u1ef1c th\u1eaft ch\u1eb7t theo m\u00f9a nh\u01b0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 h\u1ebft h\u1ea1n ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi li\u00ean ng\u00e2n h\u00e0ng.<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng \u0111\u01b0\u1ee3c ch\u00fa \u00fd h\u01a1n l\u00e0 nh\u1eefng thay \u0111\u1ed5i tinh t\u1ebf trong vi\u1ec7c x\u00e2y d\u1ef1ng ch\u00ednh s\u00e1ch. Cu\u1ed9c h\u1ecdp th\u01b0\u1eddng k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 qu\u00fd IV l\u1ea7n \u0111\u1ea7u ti\u00ean n\u00eau r\u00f5 r\u1eb1ng \"s\u1eed d\u1ee5ng mua l\u1ea1i c\u1ed5 phi\u1ebfu, t\u0103ng n\u1eafm gi\u1eef, cho vay l\u1ea1i v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 kh\u00e1c \u0111\u1ec3 duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n\", \u0111i\u1ec1u n\u00e0y cho th\u1ea5y m\u1ee5c ti\u00eau c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u00e3 \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng t\u1eeb \u0111\u01a1n gi\u1ea3n l\u00e0 \"\u1ed5n \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng\" sang \"\u1ed5n \u0111\u1ecbnh k\u1ef3 v\u1ecdng + \u1ed5n \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n\". S\u1ee9c m\u1ea1nh t\u1ed5ng h\u1ee3p gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch gi\u1ea3m b\u1edbt nh\u1eefng bi\u1ebfn \u0111\u1ed9ng v\u1ec1 ngu\u1ed3n v\u1ed1n cu\u1ed1i n\u0103m v\u00e0 c\u0169ng cung c\u1ea5p h\u1ed7 tr\u1ee3 gi\u00e1n ti\u1ebfp cho c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro. Th\u1ecb tr\u01b0\u1eddng hi\u1ec3u \u0111\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u cho th\u1ea5y c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch r\u1ea5t coi tr\u1ecdng s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh, h\u01a1n l\u00e0 t\u00edn hi\u1ec7u cho m\u1ed9t \u0111\u1ee3t k\u00edch th\u00edch m\u1ea1nh m\u1ebd m\u1edbi.<\/p>\n

T\u00edn hi\u1ec7u c\u1ee7a ng\u00e0nh: Gi\u00e1 b\u00e1n d\u1eabn t\u0103ng ph\u1ea3n \u00e1nh s\u1ef1 t\u00e1i c\u00e2n b\u1eb1ng cung v\u00e0 c\u1ea7u trong c\u00e1c quy tr\u00ecnh tr\u01b0\u1edfng th\u00e0nh<\/p>\n

V\u00e0o ng\u00e0y 24 th\u00e1ng 12, SMIC \u0111\u00e3 c\u00f4ng b\u1ed1 t\u0103ng gi\u00e1 10% cho n\u1ec1n t\u1ea3ng x\u1eed l\u00fd BCD 8 inch c\u1ee7a m\u00ecnh v\u00e0 c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t h\u00e0ng \u0111\u1ea7u th\u1ebf gi\u1edbi c\u0169ng l\u00e0m theo. \u0110\u1ee3t t\u0103ng gi\u00e1 n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u1ef1 c\u1ed1 ri\u00eang l\u1ebb m\u00e0 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 c\u1ed9ng h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1: vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI \u0111\u00e3 th\u00fac \u0111\u1ea9y nhu c\u1ea7u v\u1ec1 chip qu\u1ea3n l\u00fd n\u0103ng l\u01b0\u1ee3ng, c\u00e1c c\u00f4ng ty h\u00e0ng \u0111\u1ea7u nh\u01b0 TSMC \u0111\u00e3 r\u00fat kh\u1ecfi c\u00f4ng su\u1ea5t s\u1ea3n xu\u1ea5t 8 inch v\u00e0 chi ph\u00ed cao c\u1ee7a nguy\u00ean li\u1ec7u th\u00f4 nh\u01b0 \u0111\u1ed3ng v\u00e0 v\u00e0ng \u0111\u00e3 d\u1eabn \u0111\u1ebfn n\u0103ng l\u1ef1c s\u1ea3n xu\u1ea5t quy tr\u00ecnh tr\u01b0\u1edfng th\u00e0nh to\u00e0n c\u1ea7u ti\u1ebfp t\u1ee5c b\u1ecb th\u1eaft ch\u1eb7t.<\/p>\n

D\u1eef li\u1ec7u cho th\u1ea5y t\u1ef7 l\u1ec7 s\u1eed d\u1ee5ng d\u00e2y chuy\u1ec1n s\u1ea3n xu\u1ea5t 8 inch c\u1ee7a SMIC \u0111\u00e3 \u0111\u1ea1t 95,8% v\u00e0 Huahong Semiconductor th\u1eadm ch\u00ed c\u00f2n b\u1ecb qu\u00e1 t\u1ea3i t\u1edbi 109,5%. Vi\u1ec7c s\u1eed d\u1ee5ng c\u00f4ng su\u1ea5t cao v\u00e0 ch\u1ee7 \u0111\u1ed9ng t\u0103ng gi\u00e1 \u0111\u00e1nh d\u1ea5u s\u1ef1 c\u1ea3i thi\u1ec7n ti\u1ebfng n\u00f3i c\u1ee7a c\u00e1c c\u00f4ng ty b\u00e1n d\u1eabn trong n\u01b0\u1edbc trong c\u00e1c l\u0129nh v\u1ef1c quy tr\u00ecnh tr\u01b0\u1edfng th\u00e0nh. Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ph\u1ea3n \u1ee9ng t\u00edch c\u1ef1c v\u00e0 \u0111\u1ecbnh gi\u00e1 ng\u00e0nh c\u00f4ng ngh\u1ec7 \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u1ee5c h\u1ed3i trong ng\u1eafn h\u1ea1n. Tuy nhi\u00ean, c\u1ea7n l\u01b0u \u00fd r\u1eb1ng vi\u1ec7c t\u0103ng gi\u00e1 n\u00e0y t\u1eadp trung v\u00e0o c\u00e1c n\u1ec1n t\u1ea3ng quy tr\u00ecnh c\u1ee5 th\u1ec3 v\u00e0 ch\u01b0a lan r\u1ed9ng ra to\u00e0n ng\u00e0nh. T\u00ednh b\u1ec1n v\u1eefng c\u1ee7a n\u00f3 v\u1eabn ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a nhu c\u1ea7u h\u1ea1 ngu\u1ed3n v\u00e0 t\u1ed1c \u0111\u1ed9 m\u1edf r\u1ed9ng n\u0103ng l\u1ef1c s\u1ea3n xu\u1ea5t.<\/p>\n

\"Candlestick<\/p>\n

\u1ed4n \u0111\u1ecbnh t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i: C\u00e1c y\u1ebfu t\u1ed1 b\u00ean trong v\u00e0 b\u00ean ngo\u00e0i c\u00f9ng nhau th\u00fac \u0111\u1ea9y vi\u1ec7c t\u0103ng c\u01b0\u1eddng \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 theo t\u1eebng giai \u0111o\u1ea1n<\/p>\n

T\u00ednh \u0111\u1ebfn ng\u00e0y 25 th\u00e1ng 12 n\u0103m 2025, \u0111\u1ed3ng Nh\u00e2n d\u00e2n t\u1ec7 trong n\u01b0\u1edbc \u0111\u00f3ng c\u1eeda \u1edf m\u1ee9c 7,0066 nh\u00e2n d\u00e2n t\u1ec7 so v\u1edbi \u0111\u00f4 la M\u1ef9, \u0111\u1ea1t ba m\u1ee9c t\u0103ng li\u00ean ti\u1ebfp; \u0111\u1ed3ng Nh\u00e2n d\u00e2n t\u1ec7 \u1edf n\u01b0\u1edbc ngo\u00e0i \u0111\u00e3 t\u1eebng ch\u1ea1m m\u1ed1c 7,00, \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb th\u00e1ng 10 n\u0103m 2024. V\u00f2ng t\u0103ng gi\u00e1 n\u00e0y c\u00f3 logic th\u00fac \u0111\u1ea9y b\u00ean trong v\u00e0 b\u00ean ngo\u00e0i r\u00f5 r\u00e0ng:<\/p>\n

B\u00ean ngo\u00e0i: C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n nh\u01b0 d\u1ef1 ki\u1ebfn \u200b\u200bv\u00e0o th\u00e1ng 12, ch\u1ec9 s\u1ed1 \u0111\u00f4 la M\u1ef9 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 98 v\u00e0 c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 kh\u00f4ng ph\u1ea3i c\u1ee7a M\u1ef9 nh\u00ecn chung t\u0103ng tr\u1edf l\u1ea1i; N\u1ed9i b\u1ed9: Nhu c\u1ea7u thanh to\u00e1n ngo\u1ea1i h\u1ed1i c\u1ee7a doanh nghi\u1ec7p \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 theo m\u00f9a v\u00e0o cu\u1ed1i n\u0103m v\u00e0 d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y l\u01b0\u1ee3ng thanh to\u00e1n ngo\u1ea1i h\u1ed1i trung b\u00ecnh m\u00e0 c\u00e1c ng\u00e2n h\u00e0ng thay m\u1eb7t kh\u00e1ch h\u00e0ng trong th\u00e1ng 12 \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 170 t\u1ef7 USD, t\u1ea1o th\u00e0nh m\u1ed9t h\u1ed7 tr\u1ee3 t\u1ef1 nhi\u00ean.<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 kh\u00f4ng cho ph\u00e9p k\u1ef3 v\u1ecdng t\u0103ng gi\u00e1 \u0111\u01a1n ph\u01b0\u01a1ng l\u00ean men, v\u00e0 h\u01b0\u1edbng d\u1eabn ngang gi\u00e1 trung \u01b0\u01a1ng v\u1eabn ph\u1ea3n \u00e1nh c\u00e1ch ti\u1ebfp c\u1eadn \"\u1ed5n \u0111\u1ecbnh nh\u01b0ng m\u1ea1nh m\u1ebd\". Th\u1ecb tr\u01b0\u1eddng nh\u00ecn chung k\u1ef3 v\u1ecdng r\u1eb1ng Nh\u00e2n d\u00e2n t\u1ec7 c\u00f3 th\u1ec3 duy tr\u00ec xu h\u01b0\u1edbng t\u0103ng gi\u00e1 v\u1eeba ph\u1ea3i trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed9ng hai chi\u1ec1u trong ng\u1eafn h\u1ea1n, \u0111i\u1ec1u n\u00e0y s\u1ebd gi\u00fap c\u1ea3i thi\u1ec7n k\u1ef3 \u200b\u200bv\u1ecdng v\u1ec1 d\u00f2ng v\u1ed1n xuy\u00ean bi\u00ean gi\u1edbi, \u0111\u1eb7c bi\u1ec7t mang l\u1ea1i l\u1ee3i \u00edch cho c\u00e1c ng\u00e0nh nh\u1ea1y c\u1ea3m v\u1edbi chi ph\u00ed nh\u1eadp kh\u1ea9u v\u00e0 c\u00e1c c\u00f4ng ty n\u1eafm gi\u1eef n\u1ee3 b\u1eb1ng \u0111\u00f4 la M\u1ef9.<\/p>\n

Hi\u1ec7u \u1ee9ng \u0111\u1ed3ng chuy\u1ec3n \u0111\u1ed9ng: t\u00e2m l\u00fd gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n nh\u01b0ng s\u1ef1 ph\u00e2n k\u1ef3 v\u1ec1 c\u1ea5u tr\u00fac<\/p>\n

Ba y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c tr\u00ean \u0111ang t\u1ea1o n\u00ean s\u1ef1 li\u00ean k\u1ebft xuy\u00ean th\u1ecb tr\u01b0\u1eddng:<\/p>\n

K\u1ef3 v\u1ecdng v\u1ec1 thanh kho\u1ea3n l\u1ecfng l\u1ebbo h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch c\u1ed5 phi\u1ebfu lo\u1ea1i A t\u00edch c\u1ef1c, v\u1edbi doanh thu v\u01b0\u1ee3t 400 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 l\u1ea7n \u0111\u1ea7u ti\u00ean trong n\u0103m nay; gi\u00e1 b\u00e1n d\u1eabn t\u0103ng \u0111\u00e3 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u1ee5c h\u1ed3i t\u00e2m l\u00fd ng\u1eafn h\u1ea1n trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7, nh\u01b0ng ngu\u1ed3n v\u1ed1n l\u1ea1i t\u1eadp trung v\u00e0o c\u00e1c nh\u00e0 l\u00e3nh \u0111\u1ea1o h\u01a1n l\u00e0 d\u00e0n tr\u1ea3i kh\u1eafp ng\u00e0nh; s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng nh\u00e2n d\u00e2n t\u1ec7 \u0111\u00e3 gi\u1ea3m b\u1edbt \u00e1p l\u1ef1c l\u00ean d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i ch\u1ea3y ra ngo\u00e0i, v\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u00e1c qu\u1ef9 h\u01b0\u1edbng b\u1eafc \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3.<\/p>\n

Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng kh\u00f4ng h\u00ecnh th\u00e0nh \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ed3ng thu\u1eadn l\u1ea1c quan to\u00e0n di\u1ec7n. M\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c ch\u1ec9 ra r\u1eb1ng \u0111\u1ea7u t\u01b0 r\u00f2ng c\u1ee7a MLF gi\u1ed1ng m\u1ed9t ho\u1ea1t \u0111\u1ed9ng ph\u00f2ng ng\u1eeba r\u1ee7i ro h\u01a1n v\u00e0 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 b\u1eaft \u0111\u1ea7u l\u1ea1i vi\u1ec7c n\u1edbi l\u1ecfng t\u1ed5ng kh\u1ed1i l\u01b0\u1ee3ng; Vi\u1ec7c t\u0103ng gi\u00e1 ch\u1ea5t b\u00e1n d\u1eabn ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf c\u00e1c quy tr\u00ecnh \u0111\u00e3 tr\u01b0\u1edfng th\u00e0nh v\u00e0 c\u00e1c quy tr\u00ecnh ti\u00ean ti\u1ebfn v\u1eabn \u0111ang ch\u1ecbu \u00e1p l\u1ef1c; S\u1ef1 t\u0103ng gi\u00e1 c\u1ee7a \u0111\u1ed3ng Nh\u00e2n d\u00e2n t\u1ec7 c\u00f2n ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 c\u1ee9ng nh\u1eafc c\u1ee7a ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t gi\u1eefa Trung Qu\u1ed1c v\u00e0 Hoa K\u1ef3. Do \u0111\u00f3, t\u00ecnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh nhi\u1ec1u h\u01a1n trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i mang t\u00ednh c\u01a1 c\u1ea5u h\u01a1n l\u00e0 s\u1ef1 gia t\u0103ng kh\u1ea9u v\u1ecb r\u1ee7i ro h\u1ec7 th\u1ed1ng.<\/p>\n

K\u1ebft lu\u1eadn: T\u1eadp trung v\u00e0o c\u01a1 h\u1ecdc, kh\u00f4ng ph\u1ea3i c\u01b0\u1ee3c xu h\u01b0\u1edbng<\/p>\n

Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ecbnh k\u1ef3 tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh cu\u1ed1i n\u0103m ph\u1ea3n \u00e1nh s\u1ef1 c\u1ed9ng h\u01b0\u1edfng ng\u1eafn h\u1ea1n c\u1ee7a c\u00e1c ch\u00ednh s\u00e1ch, ng\u00e0nh ngh\u1ec1 v\u00e0 m\u00f4i tr\u01b0\u1eddng b\u00ean ngo\u00e0i ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 h\u00ecnh th\u00e0nh c\u00e1c xu h\u01b0\u1edbng d\u00e0i h\u1ea1n. Wmax Market Watch nh\u1eafc nh\u1edf ng\u01b0\u1eddi d\u00f9ng:<\/p>\n

\u201cT\u01b0\u1edbi nh\u1ecf gi\u1ecdt ch\u00ednh x\u00e1c\u201d trong h\u1ed9p c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 t\u01b0\u1edbi l\u0169; s\u1ef1 c\u1ea3i thi\u1ec7n th\u1ecbnh v\u01b0\u1ee3ng c\u00f4ng nghi\u1ec7p c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00e1c ph\u00e2n khu; bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u1eabn s\u1ebd ch\u1ecbu s\u1ef1 r\u00e0ng bu\u1ed9c k\u00e9p c\u1ee7a ch\u00ednh s\u00e1ch ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 chu k\u1ef3 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. C\u00e1i nh\u00ecn s\u00e2u s\u1eafc th\u1ef1c s\u1ef1 \u0111\u1ebfn t\u1eeb vi\u1ec7c hi\u1ec3u \u201ct\u1ea1i sao \u0111i\u1ec1u g\u00ec \u0111\u00f3 l\u1ea1i x\u1ea3y ra\u201d thay v\u00ec theo \u0111u\u1ed5i \u201c\u0111i\u1ec1u h\u1ea5p d\u1eabn ti\u1ebfp theo\u201d. Trong kho\u1ea3ng th\u1eddi gian \u0111\u1ea7u n\u0103m m\u1edbi, \u0111i\u1ec1u quan tr\u1ecdng h\u01a1n l\u00e0 duy tr\u00ec s\u1ef1 ch\u00fa \u00fd \u0111\u1ebfn t\u00ednh logic c\u1ee7a c\u01a1 ch\u1ebf h\u01a1n l\u00e0 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o h\u01b0\u1edbng \u0111i.<\/p>","protected":false},"excerpt":{"rendered":"

V\u00e0o cu\u1ed1i th\u00e1ng 12 n\u0103m 2025, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh trong n\u01b0\u1edbc cho th\u1ea5y \u0111\u1eb7c \u0111i\u1ec3m k\u00e9p c\u1ee7a quy \u0111\u1ecbnh ch\u00ednh x\u00e1c v\u00e0 c\u1ea3i ti\u1ebfn c\u00f4ng nghi\u1ec7p. Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 vi\u1ec7c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng ti\u1ebfp t\u1ee5c b\u01a1m r\u00f2ng MLF \u0111\u1ec3 h\u1ed7 tr\u1ee3 thanh kho\u1ea3n, vi\u1ec7c t\u00e1i c\u00e2n b\u1eb1ng cung v\u00e0 c\u1ea7u ch\u1ea5t b\u00e1n d\u1eabn \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh qua vi\u1ec7c t\u0103ng gi\u00e1 wafer c\u1ee7a SMIC c\u0169ng nh\u01b0 logic th\u00fac \u0111\u1ea9y b\u00ean trong v\u00e0 b\u00ean ngo\u00e0i \u0111\u1eb1ng sau vi\u1ec7c t\u0103ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i RMB. Wmax Quan s\u00e1t th\u1ecb tr\u01b0\u1eddng gi\u00fap b\u1ea1n l\u00e0m r\u00f5 c\u01a1 ch\u1ebf li\u00ean k\u1ebft xuy\u00ean th\u1ecb tr\u01b0\u1eddng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7, c\u00f4ng ngh\u1ec7 v\u00e0 ngo\u1ea1i h\u1ed1i, \u0111\u1ed3ng th\u1eddi n\u1eafm b\u1eaft logic \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng c\u01a1 c\u1ea5u.<\/p>","protected":false},"author":1,"featured_media":8155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[391,390,375],"class_list":["post-8154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-391","tag-390","tag-375"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=8154"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8154\/revisions"}],"predecessor-version":[{"id":8157,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8154\/revisions\/8157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8155"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}