IT之家 8 月 24 日消息，三星电子股价周一早盘交易中大跌 8%，此前该公司创纪录的 790 亿美元（IT之家注：现汇率约合 5,316 亿元人民币）股东回报计划令投资者失望，投资者原本期待能从三星由人工智能驱动的巨额现金收益中获得更多份额，同时也希望公司能更明确地披露股票回购计划。

这家韩国芯片制造商上周五表示，今年的股东回报将为 90 万亿至 110 万亿韩元（现汇率约合 4,365 亿至 5,335 亿元人民币），其中包括第三季度 30 万亿韩元（现汇率约合 1,455 亿元人民币）的现金股息。

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    Artists stage a performance during the 2026 Sziget Festival in Budapest, Hungary, Aug. 10, 2026. The event officially opened to the public on Tuesday on Budapest's Obuda Island, bringing together music, arts and cultural programs from Hungary and abroad. Running until Aug. 15, this year's festival provided around 12 themed districts offering music, contemporary arts, circus performances, sports, family and community programs. (Photo by Attila Volgyi/Xinhua)
    People enjoy performances during the 2026 Sziget Festival in Budapest, Hungary, Aug. 10, 2026. The event officially opened to the public on Tuesday on Budapest's Obuda Island, bringing together music, arts and cultural programs from Hungary and abroad. Running until Aug. 15, this year's festival provided around 12 themed districts offering music, contemporary arts, circus performances, sports, family and community programs. (Photo by Attila Volgyi/Xinhua)
    An artist performs during the 2026 Sziget Festival in Budapest, Hungary, Aug. 10, 2026. The event officially opened to the public on Tuesday on Budapest's Obuda Island, bringing together music, arts and cultural programs from Hungary and abroad. Running until Aug. 15, this year's festival provided around 12 themed districts offering music, contemporary arts, circus performances, sports, family and community programs. (Photo by Attila Volgyi/Xinhua)
    People enjoy performances during the 2026 Sziget Festival in Budapest, Hungary, Aug. 10, 2026. The event officially opened to the public on Tuesday on Budapest's Obuda Island, bringing together music, arts and cultural programs from Hungary and abroad. Running until Aug. 15, this year's festival provided around 12 themed districts offering music, contemporary arts, circus performances, sports, family and community programs. (Photo by Attila Volgyi/Xinhua)
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三 | 分析人士表示，尽管这一数字是 2020 年创下的此前最高回报纪录的五倍，但预计的回报仍低于他们的预期，而且他们原本期待回购计划能公布更多细节。三星表示，根据其 2024 至 2026 年的股东回报政策，公司将继续把三年期间累计的自由现金流中的 50% 返还给股东。

四 | 竞争对手 SK 海力士上周表示，将回购并注销 40 万亿韩元（现汇率约合 1,940 亿元人民币）的库存股，并将 2025 年至 2027 年间产生的自由现金流中超过 50% 用于提高股东回报。SK 海力士股价上涨 0.4%。基准韩国综合股价指数（KOSPI）下跌 1.5%。“与 SK 海力士不同，三星电子没有提及提高现有股东回报政策的可能性，也没有宣布注销库存股的计划，而这一计划本可更直接地推动股价上涨，这令人失望，”Eugene 证券分析师孙仁俊（Sohn In-joon）在一份报告中表示。

五 | “大规模资本回报略低于预期，”摩根士丹利在一份报告中表示。报告称，投资者需要关注三星明年 1 月关于剩余 60 万亿至 80 万亿韩元（现汇率约合 2,910 亿至 3,880 亿元人民币）分配的决定，以及公司将于明年生效的下一个资本回报框架。