格隆汇8月28日丨中国上城(02330.HK)公告，截至2025年6月30日止六个月，集团的收益均来自贸易业 务，为约人民币78.0百万元（2024年：人民币23.3百万元均来自贸易业务）。公司拥有人应占亏损约为 人民币6.0百万元（2024年：人民币16.4百万元），乃由于贸易业务毛利率降低所致。 ...

中国上城(02330)发布2025年中期业绩，收益7801.2万元(人民币，下同)，同比增长234.4%;公司拥有人应 占亏损602.2万元，同比收窄63.3%;每股基本亏损1.60分。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Uptown Group Company Limited 中國上城集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號﹕2330） 截至二零二五年六月三十日止六個月之中期業績 中國上城集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司 及其附屬公司（統稱為「本集團」）截至二零二五年六月三十日止六個月（「本期 間」）之未經審核簡明綜合中期業績，連同二零二四年同期的比較未經審核數 字如下。本期間的未經審核簡明綜合財務資料尚未經審計，惟已經由本公司 審核委員會（「審核委員會」）審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） （未經審核） | | ...

魏哲家晚间与黄仁勋一起受访时笑说，"听了他（指黄仁勋）讲的话，你会觉得要赶快买股票"，而黄仁 勋则在一旁补充"是要买他（指魏哲家）的股票啦"。 黄仁勋透露，他在演讲中谈到台积电与英伟达一起经历的旅程，以及这些年来英伟达如何重塑自己、 AI革命与新产业的创造等，还有该公司现在做与未来要做的工作等。 英伟达在台湾地区拥有众多供应链厂商，于前几次访台时，黄仁勋还特地宴请供应链合作伙伴。黄仁勋 表示，台湾是一个非常大的电子制造生态系统的中心，拥有很多了不起的公司，这些业者都将受益于下 一代AI革命，也就是机器人技术。他并强调，未来AI将无所不在，这个新产业需要AI工厂，以驱动世 界各地的新基础建设，而这对台湾地区来说是个绝佳机会。 英伟达（NVIDIA）执行长黄仁勋22日快闪台湾，行程满档，主要都是与台积电（2330）相关人士会 晤。业界人士分析，现在对黄仁勋来说有两大经营重点，一是因应地缘政治影响，二是确保供应链运作 无虞，而台积电就是该公司供应链的重中之重。 台积电是英伟达的主要晶圆代工厂，这次黄仁勋的行程除了先行拜会台积电高层并举行演讲，也造访台 积电创办人张忠谋，晚上还在台北的三六食府餐厅与台积电董事长魏哲家 ...

Core Viewpoint - The U.S. government is considering acquiring stakes in semiconductor companies that have not committed to increasing investments in the U.S., while companies like TSMC and Micron, which have made significant investment commitments, are not currently targeted for government equity stakes [1][3]. Group 1: U.S. Government's Investment Strategy - The U.S. government has no plans to acquire stakes in companies like TSMC and Micron, which have pledged substantial investments of $200 billion and $100 billion respectively [1]. - Discussions are ongoing regarding the potential acquisition of a 10% stake in Intel, which has been struggling financially [1]. - The Biden administration's approach contrasts with the previous Trump administration's desire to convert subsidies into equity stakes [1]. Group 2: Industry Reactions - TSMC executives are reportedly considering returning subsidies if the U.S. government insists on acquiring equity, indicating potential pushback from companies [3]. - The South Korean government and companies like Samsung and SK Hynix are concerned about the U.S. government's demands for equity stakes, viewing it as an unreasonable request [3]. - Analysts suggest that the U.S. government's actions may disrupt existing market order and could deter foreign investment in the U.S. semiconductor sector, ultimately harming the U.S.'s image as a market economy [3].

格隆汇8月18日丨中国上城(02330.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國上城集團有限公司 執行董事兼行政總裁 劉建輝 China Uptown Group Company Limited 中國上城集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （ 股 份代號： 2 3 3 0 ） 董事會會議通告 中國上城集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 將於二零二五年八月二十八日（星期四）舉行董事會會議，以考慮及批准（其中 包括）本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期 業績及宣派中期股息（如有）。 承董事會命 香港，二零二五年八月十八日 於本公告日期，執行董事為劉建輝先生及劉智仁先生；以及獨立非執行董事為邱 思揚先生、蘇志杰先生、李鎮彤先生及 Aika Ouji 女士。 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery in demand, particularly in consumer electronics and AI applications, while inventory levels are improving and capital expenditures are being adjusted upwards by key players like TSMC and major overseas semiconductor manufacturers [1][2][4]. Demand Side - The consumer electronics sector is witnessing a recovery, with AI and automotive applications driving innovation. Global smartphone shipments in Q2 saw a year-on-year growth slowdown to 1%, while domestic shipments declined by 4%. PC shipments increased by 6.5% year-on-year in Q2, but growth is expected to weaken in H2 2025. Wearable devices, particularly AI glasses, are experiencing significant growth, with a 216% year-on-year increase in Q1 shipments [2][3]. - The automotive market in H1 2025 saw a 13.8% year-on-year increase in sales, with new models like Xiaomi's YU7 achieving substantial pre-order numbers [2]. Inventory Side - The Days of Inventory (DOI) for the smartphone supply chain has slightly increased, with terminal customer inventories remaining low. Major chip manufacturers like Intel reported a decrease in inventory levels, indicating a potential for increased shipments as demand rises [3]. Supply Side - TSMC is ramping up its advanced process production lines in the U.S., driven by strong demand from AI data centers. The capacity utilization rates for various foundries, including SMIC and UMC, have shown improvements, with SMIC reaching 92.5% in Q2 2025 [4][12]. - Major memory manufacturers are focusing capital expenditures on high-end memory products like HBM, with companies like Micron and SK Hynix increasing their capital spending forecasts for 2025 [4]. Price Side - Memory prices are showing signs of steady recovery, particularly for DDR4 and NAND Flash products. The analog chip sector is also expected to see potential price increases, which could positively impact the industry [6]. Sales Side - Global semiconductor sales reached $59.9 billion in June 2025, marking a 19.6% year-on-year increase. The Asia-Pacific region, excluding China and Japan, saw a 34.2% year-on-year sales growth, while sales in Japan declined by 2.9% [6]. Industry Chain Tracking - The semiconductor industry is experiencing marginal improvements in various segments, with a focus on companies benefiting from domestic control and recovery in demand. The design and IDM sectors are seeing growth driven by consumer demand and AI applications [6][17]. - The MCU market is recovering, particularly in consumer electronics and automotive sectors, with significant sales increases noted in Q2 2025 [7]. - The storage sector is seeing improved profitability among overseas manufacturers, with domestic companies also expected to recover in H2 2025 [8]. - The analog chip market is experiencing good demand trends, with many domestic companies reporting improved revenue in Q2 2025 [9]. Advanced Manufacturing and Testing - The demand for advanced processes remains strong, with TSMC maintaining a robust growth forecast for AI-related chips. The utilization rates for mature processes are also recovering, although customer inventory demand for Q4 2025 remains uncertain [12][13]. - Major international packaging and testing companies are forecasting significant revenue growth for Q3 2025, with domestic companies increasing investments in advanced packaging capabilities [13]. Equipment, Materials, and Components - Domestic semiconductor equipment manufacturers are showing positive trends in orders and revenue growth, while international firms express caution regarding future guidance due to geopolitical uncertainties [14]. - The push for domestic supply chain independence is accelerating, with ongoing efforts to reduce reliance on foreign components [14]. EDA/IP Sector - Chip design companies like Chipone are reporting record-high order backlogs, indicating strong demand in the EDA sector [15].

Group 1 - The core viewpoint of the article is that under Trump's new semiconductor tariff regime, larger companies that commit to significant investments in the U.S. may receive exemptions from tariffs, while smaller companies may face challenges due to increased costs [3][5][7] - Trump announced a proposed tariff of approximately 100% on semiconductor imports, which would effectively double the costs for importers [3] - Companies like TSMC and Samsung, as well as Apple, which has pledged to invest $600 billion in the U.S., are likely to benefit from tariff exemptions [3][7] Group 2 - The European Union (EU) has stated that its semiconductor exports to the U.S. will still be subject to a 15% tariff cap, despite Trump's announcement [5][6] - The EU's agreement with the U.S. includes a commitment for $600 billion in investments, which influenced the reduction of proposed tariffs from 30% to 15% [6] - Following the announcement of the tariff regime, shares of European semiconductor companies, such as ASML and Infineon Technologies, saw increases, indicating that investors have factored in the 15% tariff cap [7][8] Group 3 - Smaller semiconductor and electronics manufacturers may struggle under the new tariff regime, as many of them supply components and devices that are imported from regions like Taiwan, Malaysia, and China [3][4] - The uncertainty surrounding the implementation of these tariffs has caused volatility in the semiconductor sector, with companies like ASML warning about growth prospects [6] - The stock prices of major semiconductor companies, including TSMC and Foxconn, rose significantly after the announcement of potential tariff exemptions for companies investing in the U.S. [7][8]

退休7年之后，94岁高龄的张忠谋再一次面对镜头。 1月26日，知名播客《Acquired》公布了与张忠谋超过2小时访谈，"这是我很久以来第一次说这么长时 间的话。"张忠谋说。 如果不是因为略微含糊的表达，你很难想象张忠谋已经是一个年近百岁的老者，他的思维清晰，叙事缜 密。 在访谈中，张忠谋除了介绍自己的职业生涯之外，也详细的复盘了台积电的成功之路，分享这家相对年 轻的公司如何"击败"英特尔、三星这样的半导体巨头，赢得苹果公司 iPhone 和 Mac 芯片业务。 在张忠谋看来，台积电能够拿到苹果的代工订单，关键在于英特尔的傲慢，他回忆杰夫·威廉姆斯（苹 果现任COO，即将退休）引荐其与库克见面时的场景，"（库克）告诉我没什么好担心的，因为英特尔 根本不知道如何做代工。" 2010年之前，台积电每年投入20到25亿美元的晶圆厂建设， 2010年增至近60亿美元。这一决策的背景 是当时公司研发团队认为28nm就像网球拍的 "最佳点"，在性能、成本和能效上达到完美平衡。张忠谋 坚信这是 "时代的洪流"，引用莎士比亚的名言 "若在高潮时把握，便会引向成功"，力排董事会的质 疑，推动了这一大规模投入。 后来的结果也证明 ...