Chapter 1. AI, Semiconductors, Electronics, and Communications

01 AI Semiconductor
· HBM, a game changer in the semiconductor war
· CXL and memory-centric computing
· Jensen Huang Effect and Blackwell
· "We won't compete with our customers!"… …TSMC's declaration of dominance
· SK's HBM winner-take-all or Samsung's rebound
· DRAM supply shortage and small business beneficiaries

02 Generative AI, On-Device AI
Why money is flowing into generative AI
· In search of the 'Korea's ARM'... ... The most preferred stock for NPU IP
· Weighing the pros and cons of the 'Deep Seek Shock'

03 AI Smartphone
The Time of 'On-Device AI'
Samsung Electro-Mechanics' 'MLCC' and LG Innotek's 'camera module'
Samsung Electronics and Apple, seen for the first time in the foldable phone market
· Who folds better? Who will win the foldable phone hinge race?

04 AI Display, OLED
· OLED… … An essential item for AI services
· The starting point of a major cycle in the display industry
· OLED for smartphones… … Foldable phone opportunities, China risk caution
· When will OLED TVs be available?
· OLED's growth potential depends on its surface finish.
· When will LG Display, the leading stock, recover its performance?
Glass substrates… A new source of income for the AI ​​display industry

05 AI Communication
Why Nvidia is Knocking on the Telecom Industry's Door
· AI = Data-Guzzling Hippopotamus… … Traffic Explosion
· Investing in network equipment… … No opportunity without cost!
Samsung Electronics is eyeing the telecommunications equipment market.
· AI services → 5.5G/6G transition → Telecom stocks rise
· The undervalued appeal of the three domestic telecom companies… … Telecom stocks offer ample investment value.
· Investment in telecommunications equipment stocks should increase as frequency auction plans become more visible.

Chapter 2 Internet, Content, Advertising/Media

06 Internet Platform
· AI that closed the search bar
· Why Naver and Kakao are Paying Attention to LMM
· Increased dwell time → Increased click-through rate and conversion rate → Improved Naver performance
Kakao… …The owner's legal risk and overvaluation burden

07 Game
Why foreign investors are buying Krafton stock
· Pay attention to the rerating of gaming stocks' valuations.
· Subculture games with high growth expected
· Shining gaming stocks in niche markets

08 Entertainment: K-Pop
· When album sales fall, it's time to buy Hive stock.
Why Spotify's music streaming metrics matter
· The corporate value of a fan platform with infinite growth
· Rookie and junior artists are expected to see upward momentum in their stock prices.

09 Content: OTT, dramas, movies, webtoons
Why OTTs Choose Advertising as Their Revenue Model
· Netflix is ​​the savior of K-dramas, even though broadcasters have turned a blind eye to them.
· Altolan prioritizes theater profits over investment/distribution.
Are webtoons neglected or growing stocks?

10 Advertising, Broadcast Media
· Jeil Planning's shareholder return policy and high dividend payout ratio
· The biggest beneficiary of Netflix's advertising rate plan
Why Amazon and Walmart Are Entering the Advertising Industry
· The broadcasting industry has lost its growth momentum

Chapter 3 Finance and Securities

11 banks
· Interest rate cuts aren't necessarily bad for commercial banks' performance.
· If the CET1 ratio is lowered to the level of Bank of America
· A look at Warren Buffett's investment indicators
· Bank stocks depend on shareholder return policies.

12 Securities
· Positive performance of securities firms with a high proportion of overseas stock brokerage revenue
· A highly profitable securities firm in the IB business division
· Securities firms actively pursuing shareholder return policies that support stock prices.
· Securities firms with an upward trend in net profit attributable to controlling interests

13 Insurance
· CSM function relationship is as important as insurance product contract
· Insurance liabilities are the key
· Ultimately, insurance stocks with high dividend yields rise.
Insurance stocks expected to grow despite low interest rates

Chapter 4 Automobiles, Aviation, Shipping, and Shipbuilding

14 cars
· The illusion of P and Q due to increased sales
· Hyundai/Kia, which doesn't mind high exchange rates
· Is the electric vehicle chasm temporary or recurring?
· Why Hyundai Motor Company and Kia Motors' shareholder return ratios are expected to rise
Hyundai Motor Company's Indian subsidiary listed on the Indian stock market, boosting its value.

15 batteries
· Entering the second round of competition with Chinese companies using LFP batteries.
Lithium sulfide, a key material for all-solid-state batteries
· Replace the battery with a fully charged one instead of charging it.
· Timing of the performance rebound of leading domestic battery makers
* Key stocks by battery core material

16 Auto Parts/Autonomous Driving, Tires
· Auto parts stocks that will benefit most from Hyundai Motor Company/Kia Motors' electrification process
· The investment value of autonomous driving, caught in the long tail
· Key words that influence the tire industry
· Things that hinder tire companies' performance

17 Joseon, Shipping
· Three Key Points Leading the Shipbuilding Industry's Third Super Cycle
· Finding beneficiaries of eco-friendly ship engines
· Seon Buddhism has enjoyed unprecedented prosperity for several years.
· A shipping company's performance depends on the timing of its investment in ships.

18 Airlines
· Korean Air… … A winner’s blessing or curse?
· LCC… … Who will be the ultimate winner in the market reorganization?
· The true owner of Asiana Airlines' cargo transportation division

Chapter 5: Pharmaceuticals, Chemistry, and Energy

19 Pharmaceuticals, Bio
K-Big Pharma Seeks to Dominate the Global CDMO Market
· K-Biosimilars… …Benefiting from the Trump administration's second-term drug price reduction policy
· The magic of technology exports that led small and medium-sized biotech companies to the top spot in KOSDAQ market cap.
· The first domestically produced anticancer drug to receive FDA approval

20 Petrochemicals
Domestic upstream companies are weeping under the burden of high oil prices and naphtha prices.
Why China's self-sufficiency in petrochemical products is important
· Signs of a recession… … High oil prices, oversupply, and slow demand recovery
· Downstream, especially synthetic rubber and chemical fibers

21 Essential Oils
OPEC's production cut policy to counter downward pressure on international oil prices
· Closure of Chinese refineries and windfall profits for domestic refineries
Inventory valuation losses that eat into profits earned through refining margins
· The Carbon Neutrality Crisis and the Future Food: Immersion Coolant
· The Trump Trade and the Reality of Oil Refining

22 Energy: Electricity/Nuclear, Gas
Nuclear power plants… … A solution to the power shortage caused by data centers
· The investment value of SMRs, which has attracted the attention of global big tech companies.
The natural gas market is growing rapidly… Nuclear power alone cannot solve the energy shortage.

Chapter 6 Construction, Steel, and Machinery

23 Construction
· Construction companies that entered workout despite good performance
· The more apartments you build, the more losses you incur for construction companies.
· A construction company that achieved 40% of overseas orders across all industries.
· Why stock prices are sluggish despite astronomical order performance

24 Steel, non-ferrous metals
The rekindled steel war between Trump and China
· Who will win the India Iron Invasion?
Why 'Dr. Copper' is expected to rebound
Invest in lithium, the "white oil."

25 Construction machinery, power machinery
· Construction equipment… …Benefits from India's infrastructure investment and Trump's America First policy
· Power machinery… … End of recession, beginning of boom cycle
Why the domestic power equipment industry isn't benefiting from the data center boom.
· Demand for transformers heading to North America surges… … High tariff risk is a potential variable.

Chapter 7 Distribution, Life

26 E-commerce, Logistics
· E-commerce platforms' strategies to block Coupang's monopoly.
· The C-commerce Invasion… … Logistics Welcome, E-commerce Wary
· The biggest beneficiary of increased e-commerce parcel volume
· Rapid growth of live commerce and YouTube shopping

27 Department stores, hypermarkets, and convenience stores
· Do I have to abandon 'department stores' to survive?!
E-Mart has secured an advantageous position in the distribution sibling war.
Why You Should Pay Attention to Local Market Dominators in the Stock Market

28 Food/Beverage, Alcohol/Tobacco
· K-Food Syndrome's most preferred stock
· Ramenju heralded the birth of the Emperor
K-Desserts Leading the Rise of Confectionery Prices
· 'Bong-i Kim Seon-dal' appears in the stock market
· K-Liquor… …The Advance of Soju
· The inside story of KT&G's solid financial structure

29 Beauty: Cosmetics, Fashion
· The functional relationship between exchange rates and cosmetics ODM/OEM
K-cosmetics are moving beyond China and expanding globally.
A new powerhouse in the global beauty distribution channel
· Keywords for the fashion industry… … exports, shareholder returns, inventory management

"Industry Map: Investment Landscape of Industries Transformed by AI" selects industries where investment is actively taking place in the domestic stock market and intensively analyzes key issues, investment points, and valuations of promising stocks within those industries.
The topics and subjects covered in this book are as follows:

· AI Semiconductors: HBM and CXL are game-changers in the AI ​​semiconductor industry and are expected to benefit from the surge in demand for TSMC packaging.
[Top Picks] SK Hynix, Samsung Electronics, Park Systems, Reno Industrial, Wonik Q&C, PSK
Generative AI, On-Device AI: Companies that own circuit design IP and licenses in the NPU market.
[Top Picks] Thezone Biz On, Chips & Media, Telechips
· AI Smartphones: Samsung Electronics and Apple's Choice for Small Businesses Moving Toward AI Agents
[Top Picks] Samsung Electro-Mechanics, LG Innotek, BH, DKT
· AI Display, OLED: A player continuing the big cycle with glass substrate materials.
[Top Picks] LG Display, PI Advanced Materials, LX Semicon, Philoptics
· AI Communication: On-device AI smartphones → Increased traffic → Rebound in telecommunications company performance
[Top Picks] SK Telecom, KT, LG Uplus, Samsung Electronics
· Internet Platform: Domestic AI Service Companies Seeking Opportunity from the DeepSec Shock
[Top picks] Naver, Kakao, Eastsoft, Saltlux, Kinemaster, Lunit, Selvas AI
· Games: Domestic game stocks actively purchased by foreign investors
[Favorite Stocks] Krafton, Shift Up, Pearl Abyss, Netmarble
Entertainment (K-Pop): Timing for HYBE stock pick-up and investment value of fan platforms
[Favorite Stocks] Hive, SM, JYP, Dear U
· Content (OTT, dramas, movies, webtoons): The added value of K-entertainment that Netflix has noticed.
[Top picks] CJ ENM, CJ CGV, Studio Dragon, Showbox
Advertising: The biggest beneficiary of Netflix's advertising rate plan and the future of its new business model, "RMN."
[Top picks] Jeil Planning, Nasmedia, Incross, E-Mart
Broadcast media: Changes in SBS's content governance structure and cable TV's revenue model
[Favorite Stock] LG HelloVision
Banks: Interest rate cuts → loan growth increases → commercial bank performance improves → positive for banking stocks
[Top Picks] KB Financial Group, Shinhan Financial Group, Hana Financial Group, JB Financial Group
· Securities: Improved profits for securities firms due to increased bond valuation profits.
[Top Picks] Korea Investment Holdings, Samsung Securities, NH Investment & Securities
· Insurance: Insurance companies with notable increases in CSM (Currency Sales Margin) through new contracts.
[Top Picks] Samsung Fire & Marine Insurance, Samsung Life Insurance, DB Insurance
· Automobiles: P, Q illusion due to increased sales
[Favorite Stock] Hyundai Motor Company
· Batteries: Beneficiaries of the battery industry's shift from ternary to LFP
[Top Picks] LG Energy Solution, Samsung SDI, EcoPro BM, Isu Specialty Chemical
· Auto Parts: The biggest beneficiary of Hyundai Motor Group's electrification process.
[Favorite Stock] Hyundai Wia
· Autonomous Driving: The Investment Value of Autonomous Driving Caught in the Long Tail
[Favorite Stock] Hyundai Mobis
Tires: The tire market is rebounding due to increased demand for high-inch and electric vehicle tires.
[Favorite Stock] Hankook Tire & Technology
· Shipbuilding: Three Key Points Driving the Third Super Cycle in the Shipbuilding Industry
[Top Picks] Hyundai Mipo Dockyard and Hanwha Engine
· Shipping: A shipping industry that has enjoyed unprecedented prosperity for several years.
[Favorite Stock] Hyundai Glovis
· Aviation: The true owner of Asiana Airlines' cargo transportation business division.
[Top Picks] Korean Air, T'way Air, Daemyung Sonoseason, Inhwa Precision
· Pharmaceuticals: The first domestically produced anticancer drug to receive FDA approval
[Favorite Stock] Yuhan Corporation
Bio: Benefiting from the Trump administration's second-term drug price cut policy.
[Top Picks] Samsung BioLogics, Celltrion, Alteogen
Petrochemicals: Focus on the growth potential of synthetic rubber and chemical fibers.
[Top Picks] Kumho Petrochemical and Hyosung TNC
· Refining: Focus on the high value-added lubricant market, including liquid immersion cooling.
[Top Preferred Stocks] S-Oil, K-Ensol, GST
Nuclear Power: The Investment Value of SMRs That Has Received Attention from Global Big Tech Companies
[Top Picks] Doosan Energy, Woori
Gas: Aramco's investment in gas facilities → Signals natural gas growth
[Top Picks] SK Gas, Korea Gas Corporation
Construction: Stock prices fall despite strong order performance → Long-term investment strategy → Low-price buying opportunity
[Top Picks] Samsung E&A, GS E&C, HDC Hyundai Development Company
Steel: Trump's rekindled tariff phobia and the impact of the US Trade Expansion Act
[Top Picks] POSCO Holdings, Hyundai Steel
Nonferrous Metals: 'Doctor Copper' Rebound and Lithium Growth Mode
[Top Pick] Poongsan, POSCO Pilbara Lithium Solution (Controlling Company: POSCO Holdings)
Construction equipment: A boon from India's infrastructure investment and Trump's America First policy.
[Top Picks] Doosan Bobcat and HD Hyundai Construction Equipment
Power Equipment: Demand for North American transformers surges, but high tariffs pose a significant risk.
[Top Picks] HD Hyundai Electric, LS Electric
· E-commerce: Rapid growth in live commerce and YouTube shopping.
[Preferred Stock] Cafe24
Logistics: The biggest beneficiary of increased parcel delivery volumes from C-Commerce.
[Favorite Stock] CJ Logistics
Department Stores/Duty-Free Shops: You Need to Throw Away "Department Stores" to Survive! → Department Store Renewal Strategy
[Favorite Stock] Hyundai Department Store
· Hypermarkets: E-Mart has secured an advantageous position in the distribution sibling war.
[Favorite Stock] E-Mart
Convenience stores: Stable sales per store achieved through the expansion of "headquarters-leased store openings."
[Top Picks] BGF Retail, GS Retail
Food/Beverage: Companies that have seen a surge in overseas sales thanks to the "K-Food" phenomenon.
[Top Preferred Stocks] CJ CheilJedang, Samyang Foods, Orion
· Alcohol: Why Soju Has Greater Global Growth Potential Than Beer
[Favorite Stocks] Lotte Chilsung Beverage, Hite Jinro
· Tobacco: Market growth driven by increased demand for HNB
[Favorite Stock] KT&G
Cosmetics: A new powerhouse in the global K-beauty distribution channel.
[Top picks] Amorepacific, Cosmax, Silicon Two
Fashion: A sector with notable export and shareholder return policies.
[Top Picks] F&F, Fila Holdings, Hwaseung Enterprise