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） | | ...

Core Insights - NVIDIA's CEO Jensen Huang visited Taiwan primarily to meet with TSMC executives, highlighting the importance of TSMC in NVIDIA's supply chain amid geopolitical influences and supply chain stability [1] - Huang emphasized the collaboration between NVIDIA and TSMC, discussing the journey they have shared and NVIDIA's transformation in the context of the AI revolution and new industry developments [1] - Huang noted that Taiwan is a significant hub for the electronic manufacturing ecosystem, with many companies poised to benefit from the next generation of AI, particularly in robotics [2] Group 1 - Huang's visit included meetings with TSMC's leadership and a dinner with TSMC's chairman, indicating the strategic importance of these relationships for NVIDIA [1] - Huang's remarks during his speech focused on the future of AI and the necessity for AI factories to drive new infrastructure globally, presenting a significant opportunity for Taiwan [2] - Huang's comments during the interview with TSMC's chairman suggested a positive outlook on stock investments related to their collaboration [1]

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]

Core Insights - The interview with Zhang Zhongmou highlights TSMC's strategic decisions that led to its dominance in the semiconductor industry, particularly in securing contracts with major clients like Apple and Nvidia [1][2][3] Group 1: TSMC's Strategic Decisions - TSMC's success in securing Apple's orders was attributed to Intel's arrogance and TSMC's ability to meet customer demands, unlike Intel [1][2] - The 28nm node was identified as a pivotal moment for TSMC, with significant investments made to capitalize on its potential during the smartphone boom [2][3] - Zhang Zhongmou's decision to increase capital expenditure to nearly $6 billion in 2010 was based on the belief that 28nm would be the "sweet spot" in performance, cost, and energy efficiency [2][3] Group 2: Relationships with Key Clients - TSMC's relationship with Nvidia began in 1997 when Zhang Zhongmou responded to a letter from Nvidia's CEO, leading to a partnership that positioned Nvidia as one of TSMC's top clients [3][8] - In 2009, TSMC faced challenges with Nvidia regarding the 40nm node, which led to a compensation agreement exceeding $100 million to resolve disputes [2][3][26] - The partnership with Apple was solidified after a dinner meeting where Apple proposed a 40% profit margin, which TSMC found acceptable despite initial concerns about resource allocation for the 20nm node [66][67] Group 3: Organizational Structure and Management Philosophy - Zhang Zhongmou opposed performance-based layoffs, advocating for a functional organizational structure that prioritized employee retention and development [16][18][20] - The restructuring of TSMC's business development and marketing teams aimed to enhance operational efficiency and customer engagement [42][49] - Zhang's leadership style emphasized maintaining strong relationships with clients and fostering a collaborative environment within the company [28][56]

"无论是买下英特尔49%的股权，还是再追加4000亿美元的投资，对于台积电来说，都是非常为难的要 求。" 日前，美国总统特朗普签署行政令，确定了对多个贸易伙伴征收的所谓"对等关税"税率，其中台湾地区 税率为20%，高于贸易竞争对手日本、韩国的15%。此一消息已引发台湾业界的焦虑。 这一消息也在台湾引发了广泛的讨论。有人质疑"要台积电出钱，股东肯定不会同意""英特尔就是扶不 起的阿斗，连陈立武都救不起来"。也有网友直接点出责任归属问题，"全台企业都遇到的问题，却推给 一家公司解决""台积电就牺牲一下，救救台湾地区吧"。但有观点质疑道，"不论是美国政府、IC设计大 厂乃至于英特尔本身都未必愿意（向台积电出售股权），因为英特尔不会让亚洲人入主。" 长期以来，特朗普一直宣称要利用关税来刺激包括芯片生产在内的国内制造业投资。在特朗普多次施压 之下，台积电已宣布计划在未来几年内，把在美国的投资已追加至1650亿美元，用于在亚利桑那州建造 六座半导体工厂、两座封装工厂以及一座研究中心。 但当地时间8月5日，特朗普在接受美国消费者新闻与商业频道（CNBC）《财经论坛》（Squawk Box） 节目采访时却宣称，台积电将在美国 ...