Core Viewpoint - The establishment of the Central Ecological Environment Protection Supervision System is a significant institutional innovation initiated by President Xi Jinping, aimed at enhancing ecological civilization and solidifying the theoretical and practical experiences into a formal regulatory framework through the newly issued "Regulations on Ecological Environment Protection Supervision" [1][2]. Group 1: Political Responsibility and Leadership - The supervision system emphasizes the political attributes of ecological supervision, reinforcing the political responsibility of ecological civilization construction, and ensuring the Party's leadership in this area [2]. - The introduction of the new regulations aims to unify thoughts and actions across various regions and departments with the central government's decisions, enhancing the Party's capacity to lead ecological civilization [2]. Group 2: People-Centric Approach - The supervision work focuses on addressing prominent ecological and environmental issues affecting the public, such as air pollution and water contamination, ensuring that the benefits of ecological civilization are shared by the people [3]. - Over the past decade, the supervision has completed two rounds of full coverage and handled over 340,000 public environmental complaints, demonstrating significant achievements in improving environmental quality [3]. Group 3: Systematic Perspective - The supervision system adopts a systematic approach, integrating ecological protection with high-quality development and major regional strategies, ensuring coordinated development of the economy and the environment [4]. - The new regulations highlight the importance of a systematic view in promoting ecological civilization, focusing on comprehensive governance and the integration of various ecological elements [4]. Group 4: Legal and Institutional Framework - The supervision system relies on strict legal frameworks to protect the environment, emphasizing accountability and the rule of law in ecological governance [5][6]. - The regulations outline the importance of adhering to laws and regulations, ensuring that ecological supervision is conducted in a precise, objective, and fair manner [6]. Group 5: Innovation and Adaptation - The supervision system is committed to continuous innovation and adaptation to meet the evolving challenges of ecological civilization, ensuring its relevance and effectiveness [7]. - The system incorporates advanced technologies such as big data and remote sensing to enhance the efficiency and effectiveness of supervision efforts [7].

Group 1: Industry Overview - Major panel manufacturers are holding earnings calls this week, starting with backlight module manufacturer Chung Hwa Optoelectronics on July 29, followed by AUO and its polarizer supplier BenQ Materials on July 31, and finally Innolux on August 1 [1] - With the year-end stocking season in Europe and the US starting, it is generally expected that TV panel prices will stabilize in August, and the market for small to medium-sized panels will also remain robust, benefiting companies like Innolux, AUO, and surrounding component suppliers in the second half of the year [1] Group 2: Company Performance - Chung Hwa Optoelectronics reported a consolidated revenue of approximately NT$40.85 billion in June, a month-on-month increase of 34% and a year-on-year increase of 17%, reflecting a recovery in the shipment of its two main product lines [1] - For the second quarter, Chung Hwa Optoelectronics had a consolidated revenue of NT$98.58 billion, a quarter-on-quarter increase of 16% but a year-on-year decrease of 1%, with a total revenue of NT$183.32 billion for the first half of the year, down 4% year-on-year [1] - AUO's June consolidated revenue was NT$219.22 billion, a month-on-month decrease of 9.3% and a year-on-year decrease of 13.1%, with a second-quarter revenue of NT$692.37 billion, down 4% quarter-on-quarter and 6.8% year-on-year [1] - AUO's first half revenue reached NT$1,413.39 billion, an increase of 5.6% year-on-year [1] - BenQ Materials reported June revenue of NT$14.5 billion, a month-on-month increase of 3% but a year-on-year decrease of 16%, with second-quarter revenue of NT$44.2 billion, down 3.5% quarter-on-quarter and 3.6% year-on-year [2] - For the first half of the year, BenQ Materials' revenue was NT$90 billion, a decrease of 2% year-on-year [2] - Innolux achieved a net profit of NT$10.8 billion in the first quarter, a year-on-year increase of 126.5%, with June consolidated revenue of NT$185.11 billion, a month-on-month decrease of 1.1% and a year-on-year decrease of 1.2% [2] - Innolux's second-quarter revenue was NT$562.31 billion, a quarter-on-quarter increase of 0.5% but a year-on-year decrease of 1.1%, with a first-half revenue of NT$1,121.64 billion, an increase of 4.5% year-on-year [2]

Core Insights - The semiconductor industry is crucial for Taiwan's economic development, with a significant talent shortage of 34,000 positions as of May this year [1] - The most challenging roles to fill are in the "operation/technical/maintenance" category, with only 0.2 job seekers available per position [1] - To address the talent gap, the government is collaborating with universities to offer short-term training programs in semiconductor-related fields, achieving a 50% employment rate after 90 days and over 75% after 180 days [1] Talent Demand - The top three job categories with talent shortages are: - "Production/Quality Control/Cleaning" with a shortage of 10,000 positions - "Research and Development" with a shortage of 9,000 positions - "Operation/Technical/Maintenance" with a shortage of 7,000 positions [1] Salary Insights - In the non-managerial category, the median annual salary for IC design engineers is NT$1.78 million, the highest among semiconductor roles, followed by digital IC design engineers at NT$1.57 million [2] - Other high-paying positions include: - RF engineers at NT$1.43 million - Telecommunications system engineers at NT$1.32 million - Algorithm engineers at NT$1.29 million - The demand for professionals in 5G, AI, and smart applications is reflected in these salary figures [2] Educational Flexibility - For non-engineering graduates, the "operation/technical/maintenance" roles offer a 58% chance of employment regardless of major, while "production/quality control/cleaning" roles have a 38% flexibility in educational background [2] - In contrast, "research and development" positions require specific backgrounds in electrical, electronic, or materials engineering, with only 23% of roles being open to various majors [2]

Core Viewpoint - Tesla has decided to switch its AI 6 vehicle chip production back to Samsung's 2nm foundry, with a significant contract worth $16.5 billion expected to be finalized by 2033, indicating a strategic shift in its semiconductor sourcing strategy [1][2]. Group 1: Reasons for Switching to Samsung - Cost Efficiency: Samsung's improved yield rates at 3nm and anticipated advancements at 2nm make it a more cost-effective option compared to TSMC [2]. - Proximity and Control: Tesla's CEO Elon Musk highlighted the close location of Samsung's Texas facility, allowing for better oversight and collaboration on production improvements, which is less feasible with TSMC [3]. - Absence of Conflicts of Interest: Unlike Apple's relationship with Samsung, which involves competition, Samsung has not entered the electric vehicle or robotics market, allowing for a more favorable partnership with Tesla [3]. - Flexibility in Demands: Tesla's relatively small chip requirements compared to larger clients like Apple may allow for more favorable treatment from Samsung, as Musk's ambitious plans could lead to a more accommodating relationship [4]. - Risk Diversification: By engaging multiple foundries for different generations of AI chips, Tesla aims to mitigate risks associated with production and supply chain disruptions [4].

Group 1 - Tesla's CEO Elon Musk confirmed a $16.5 billion contract with Samsung for the next-generation Full Self-Driving (FSD) chip "AI6," indicating potential future order increases [1][2] - The AI6 chip will be produced using Samsung's 2-nanometer technology, marking the largest order in Samsung's foundry history and making Tesla the first major customer for this process [1][2] - Samsung's stock rose by 4.6% following the announcement, while TSMC's stock remained flat at NT$1,145 [1] Group 2 - The contract with Samsung is set to last until the end of 2033, with Musk suggesting that the $16.5 billion figure is just the minimum amount [2] - Initial discussions for the AI6 chip production were held with TSMC, but due to TSMC's full capacity, Tesla opted for Samsung [2] - The contract is seen as a significant turning point for Samsung's Taylor factory, which has not been operational since its construction began over four years ago, with the AI6 chip being its first mass-produced product [2]

SIA总裁兼执行长John Neuffer表示，台积电董座魏哲家与前董座刘德音是产业巨擘，他们重塑了美国国 内外的现代半导体生态系统，并彻底革新了芯片制造技术。 John Neuffer表示，在魏哲家与前董座刘德音的努力下，台积电如今已成为全球最大的芯片代工制造 商，并成为全球半导体供应链的基石。在他们的领导下，台积电在半导体产业中扮演着至关重要的角 色，开发了无数突破性的技术进步，重塑了运算效能、能源效率和全球供应链。这些突破性技术推动了 个人运算、智慧型手机、人工智慧等技术的兴起。在他们的领导下，台积电显著拓展其全球业务，在美 国和其他国家设立了重要的制造工厂。 依据新闻稿，魏哲家表示："获得SIA的诺伊斯奖并追随包括台积电创办人张忠谋博士在内的众多行业 远见者的脚步，我深感荣幸。我很荣幸与Mark分享这一认可，因为它反映了无数人的集体努力和奉献 精神——我们现任和前任员工，他们坚持不懈地突破技术和制造的界限；我们的客户，他们的激励着我 们每天进行创新。" 至于刘德音则在新闻稿提到，"获得诺伊斯奖既是莫大的荣誉，也是一份巨大的责任，因为它激励我们 去鼓励未来的产业领袖，我感谢SIA对CC和我的认可，也感谢 ...

台积电（2330）前企业策略发展资深副总经理罗唯仁于27日退休，是该公司近期第四位退休的高阶主 管。台积电高阶管理层近期陆续届龄退休，内部世代传承持续进行，中生代梯队也陆续浮上台面。 罗唯仁在台积电任职约21年，公开资讯观测站最新资料显示，至退休前，罗唯仁今年6月自集中市场卖 出46张台积电股票，但仍然持有1,348张178股台积电股票，以昨日收盘价1,145元计算，市值约15.43亿 元。 公开资讯资料显示，在罗唯仁之前，台积电高阶管理层近期已有三人陆续届龄退休或宣布退休，包含前 资深副总瑞克．凯希迪（Rick Cassidy）将于2026年元月退休并已卸任TSMC Arizona Corporation董事长 及董事转任执行顾问、前资深副总经理林锦坤4月退休转任联发科顾问、台积电"研发六骑士"之一前研 发副总经理／台积卓越科技院士余振华7月退休等。 台积电官网资讯显示，罗唯仁2004年加入台积电，担任营运组织二副总经理，并于2006年至2009年担任 研发副总经理，随后升任先进技术事业及营运组织制造技术副总经理。 罗唯仁是台大物理系学士，并于美国加州大学柏克莱分校取得固态物理与表面化学硕士、博士学位。过 ...

Core Insights - The People's Bank of China reported that as of June 2025, China's gold reserves reached 73.9 million ounces (approximately 2,298.55 tons), marking a net increase of 70,000 ounces for the eighth consecutive month [2] - The ongoing enthusiasm for gold purchases by central banks globally reflects concerns over economic uncertainty, weakening dollar credibility, and geopolitical risks, which will have lasting impacts on foreign exchange reserve structures, gold price trends, and investor decisions [2] Summary by Sections Gold Reserve Increase - Since resuming gold purchases in November last year, China's central bank has shown a "high then stable" monthly gold buying pattern, with an average monthly increase of 60,000 to 160,000 ounces from January to June 2025 [3] - In 2024, global central banks' net gold purchases reached 1,136 tons, the second-highest on record, with China, Poland, and Turkey accounting for over 50% of the total in Q1 2025 [3] Strategic Implications - The central bank's gold purchases align with the internationalization of the renminbi, as it has become the second-largest trade financing currency and the third-largest payment currency globally [4] - The trend of increasing gold reserves is expected to continue, as China's gold reserves still lag behind those of developed economies, indicating a strategic need for asset allocation and security [4][5] Market Dynamics - While the central bank's gold purchases may support gold prices, it does not guarantee price increases, as historical instances show that increased central bank purchases can coincide with declining gold prices [6] - The pace and intensity of gold purchases by central banks vary, leading to different short-term impacts on domestic and international gold prices [6] Investment Considerations - The central bank's actions signal the enduring safe-haven appeal of gold, prompting investors to consider various investment vehicles such as gold-themed financial products, physical gold, and gold ETFs [8] - Investors are advised to avoid blindly chasing high prices, as the current high levels of gold prices may already reflect existing uncertainties, and new investors should prioritize long-term value preservation over short-term gains [9]

第一，强化促进青年就业政策举措，提升高校毕业生就业质量。结合重大工程、重大项目、重大扩内需 举措开发更多适合高校毕业生的就业岗位，鼓励青年投身重点领域、重点行业、城乡基层和中小微企业 就业创业。优化高等教育学科设置和专业结构，加快培养知识型、技能型、实用型青年劳动群体，增强 与劳动力市场需求的适应性。完善就业指导课程设置，健全就业实习见习制度和"高校—企业—平台"对 接机制，提高毕业生求职效率。推进"就业+培训+创业"一体化服务，通过资金支持、技术指导、政策 优惠等方式，鼓励和支持毕业生利用平台经济实现多元化就业创业，引导毕业生面向战略性新兴产业、 现代服务业等领域就业。 就业是民生之本、和谐之基、安国之策。促进高质量充分就业，推动劳动者体面劳动，对于保障广大人 民群众的生存权和发展权、增进民生福祉，具有十分重要的作用。突出抓好高校毕业生、农民工、脱贫 人口等重点群体就业，既是推动经济高质量发展的重要着力点，也是维护社会和谐稳定和促进共同富裕 的关键抓手。必须织牢重点群体就业保障网，兜准兜牢就业底线。 党的十八大以来，党中央把促进就业放在经济社会发展的优先位置，坚持经济发展就业导向，实施就业 优先战略和积极就 ...

Core Viewpoint - The private economy is essential for the high-quality development of Tibet's economy, playing a significant role in stabilizing economic growth, promoting innovation, increasing employment, and improving people's livelihoods [1][2] Group 1: Challenges and Policies - The development of Tibet's private economy faces challenges due to geographical environment, infrastructure, and talent shortages [1] - The central government has granted special preferential policies to Tibet, and the region has implemented various measures to support the private economy, including the "Tibet Autonomous Region Optimization of Business Environment Regulations" [1] - The core of these policies is to eliminate institutional barriers and create a favorable business environment for private enterprises [1] Group 2: Opportunities and Industry Goals - Private enterprises should leverage the unique opportunities and characteristics of Tibet to enhance their development levels, taking advantage of support from central ministries and state-owned enterprises [2] - Tibet has abundant resources, such as cultural tourism and clean environmental resources, which create favorable conditions for developing industries like cultural tourism and organic agriculture [2] - The region has established nine major industry goals, including the development of clean energy, cultural tourism, specialty agriculture, and digital economy [2] Group 3: Market Dynamics and Future Prospects - Over the past decade, the focus of private enterprises investing in Tibet has shifted from merely seeking policy subsidies to considering market potential and development prospects [2] - Many enterprises are now investing in the high-altitude oxygen supply industry, which is a new billion-level market segment [2] - Overall, Tibet's private economy is currently in a phase of policy opportunities, industrial transformation, and market expansion, with substantial support policies enhancing the confidence of private enterprises [2]