Mar. 12, 2026 根 据 Tr e n dFo r c e 集 邦 咨 询 最 新 晶 圆 代 工 产 业 研 究 ， 2 0 2 5 年 第 四 季 先 进 制 程 持 续 受 惠 于 AI Se r v e r GPU 、 Go o g l e TPU 供 不 应 求 ， 加 上 智 能 手 机 新 品 驱 动 手 机 主 芯 片 投 片 ， 出 货 表 现 亮 眼。成熟制程部分，Se r v e r、Ed g e AI的电源管理订单维持八英寸高产能利用率，甚至酝酿涨 价 ， 加 上 十 二 英 寸 产 能 利 用 率 大 致 持 平 ， 推 升 该 季 度 全 球 前 十 大 晶 圆 代 工 厂 合 计 产 值 季 增 2 . 6%，达到约4 6 3亿美元 。 | | | 4Q25全球前十大晶圆代工业者营收排名(unit: US$M) | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | Rank | Company | | | | | | | | | 4Q25 | 3025 | QoQ | 4 ...

以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 " 过去几个月，我们在中国新增了两个持仓 ，一个是小红书一个是 MiniMax 。 " " 今天我们的中国敞口大约在 12%左右。中国依然有很多非常创新、值得支持的企业，而且估值也很有吸 引力。 " 最近在一年一度的股东深度交流中， 苏格兰抵押信托（ SMT）两位基金经理汤姆·斯莱特（Tom Slater） 和 劳伦斯 ·伯恩斯（Lawrence Burns） 直面 最关切 的市场和持仓 问题 ，做了言无不尽的分享。 这只成立于 1909年的老牌 信托 ，因对特斯拉、亚马逊、腾讯等超级赢家的长期押注，成为全球成长投资 版图里最有辨识度的产品之一。 2015年，汤姆·斯莱特接任基金经理 ，曾与传奇基金经理 詹姆斯 ·安德森（James Anderson） 6年并肩 作战共管产品。 劳伦斯 ·伯恩斯 则是 2021年 出任副基金经理。 两人都来自柏基（ Baillie Gifford）内部长期成长投资体系，也都延续了这只产品最鲜明的风格：继续去寻 找少数真正可能改写未来的公司。 截至 2026年1月底，苏格兰抵押信托总资产约152. ...

Chase Coleman’s Tiger Global Management reported an equity portfolio of roughly $29.7 billion in the latest quarter, maintaining its technology-heavy, growth-oriented investment strategy.The portfolio remains anchored in large-cap technology leaders, semiconductor manufacturers, software platforms, and select internet businesses. While still concentrated, Tiger Global’s positioning is notably more diversified than ultra-concentrated activist funds, with the top 10 holdings representing approximately 62.8% o ...

I guess this is the first time in 2026 that Asian semiconductor stocks finally felt the selling pressure, as the Iranian conflict threatened to scupper the “go global” trade, as investorsJR Research is an opportunistic investor. I was recognized by TipRanks as a Top Analyst, and also by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. I identify attractive risk/reward opportunities supported by robust price action to potentially generate alph ...

Key Takeaways TSM stock jumped 33.8% in six months, far outpacing the broader technology sector's 3.3% gain.TSM's 2025 revenues rose 35.9% to $122.42B as strong demand for 3nm and 5nm chips drove growth.TSM expects 30% revenue growth in 2026 and plans $52B-$56B in capex to expand advanced chip capacity.Taiwan Semiconductor Manufacturing Company (TSM) , also known as TSMC, is among the best-performing technology stocks in the broader equity market amid ongoing macroeconomic challenges and geopolitical tensio ...

甲骨文涨近12%，上季业绩表现超预期，公司CEO驳斥"SaaS末日论"。 NEBIUS涨超10%，获英伟达20亿美元投资，支持其在2030年底前部署超5吉瓦算力。 优步涨3.4%，与Zoox达成合作，将在网约车平台部署自动驾驶出租车。 台积电涨1.7%，2月营收同比增22.2%至新台币3176.6亿元，创历年同期新高。 (格隆汇) 美国2月CPI同比+2.4%符合预期，地缘政治的不确定性仍主导风险定价。美股开盘，三大指数涨跌不 一，纳指涨0.33%，标普500指数涨0.16%，道指跌0.14%。 ...

分组1 - The individual has a decade of experience in a Big 4 audit firm, focusing on banking, mining, and energy sectors, providing a strong foundation in finance and strategy [1] - Currently serves as the Head of Finance for a leading retail real estate owner and operator, overseeing complex financial operations and strategy [1] - Active investor in the U.S. stock market for 13 years, with a portfolio that reflects a balanced approach, emphasizing value stocks while maintaining exposure to growth opportunities [1] 分组2 - The investment philosophy is based on thorough research and a long-term perspective, aiding in navigating various market cycles successfully [1] - Aims to uncover promising under-the-radar stocks that may not yet be recognized by the broader market [1] - The combination of auditing and finance background with hands-on investing experience allows for unique insights and actionable ideas for investors [1]

Core Viewpoint - The semiconductor industry is experiencing significant growth, driven by robust demand, particularly from artificial intelligence (AI) applications, with sales continuing to rise into 2026 [2][3]. Industry Overview - The semiconductor industry has seen a bull run over the past few years, with sales reaching $82.5 billion in January 2026, a 3.7% increase from December 2025 and a 46.1% increase year-over-year from January 2025 [4][5]. - In 2025, total semiconductor sales amounted to $791.7 billion, reflecting a year-over-year growth of 25.6% from $630.5 billion in 2024 [5]. - The demand for microchips is being fueled by various sectors, including automotive, IoT, and AI, with major technology companies investing heavily in AI development [6]. Company Highlights Analog Devices (ADI) - Analog Devices specializes in semiconductor devices, including analog, mixed-signal, and digital signal processing integrated circuits, with an expected earnings growth rate of 44% for the current year [9]. - The Zacks Consensus Estimate for current-year earnings has improved by 15% over the past 60 days, and ADI holds a Zacks Rank 2 (Buy) [9]. NXP Semiconductors (NXPI) - NXP Semiconductors provides high-performance mixed-signal and standard product solutions, particularly in the automotive market, with an expected earnings growth rate of 18% for the current year [10][11]. - The Zacks Consensus Estimate for current-year earnings has improved by 2% over the past 60 days, and NXPI also carries a Zacks Rank 2 [11]. Taiwan Semiconductor Manufacturing Company Limited (TSM) - TSM is the world's largest dedicated integrated circuit foundry, focusing on manufacturing ICs based on proprietary designs, with an expected earnings growth rate of 32.8% for the current year [12][13]. - The Zacks Consensus Estimate for current-year earnings has improved by 15.9% over the past 60 days, and TSM holds a Zacks Rank 1 (Strong Buy) [13]. NVIDIA Corporation (NVDA) - NVIDIA is a leader in visual computing technologies and has shifted its focus towards AI-based solutions, with an expected earnings growth rate of 63.9% for the current year [14][15]. - The Zacks Consensus Estimate for current-year earnings has improved by 8% over the last 60 days, and NVDA carries a Zacks Rank 2 [15].

Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 25,960 | 2.2 | 1.3 | | HSCEI | 8,710 | 1.5 | (2.3) | | HSCCI | 4,318 | 0.1 | 7.5 | | MSCI HK | 15,100 | 2.9 | 10.3 | | MSCI CHINA | 81 | 2.5 | (2.3) | | FTSE CHINA A50 | 14,722 | 1.1 | (3.8) | | CSI 300 | 4,675 | 1.3 | 1.0 | | TWSE | 32,772 | 2.1 | 13.1 | | SENSEX | 77,566 | (1.7) | (9.0) | | NIKKEI 225 | 54,248 | 2.9 | 7.8 | | KOSPI | 5,533 | 5.3 | 31.3 | | ASX 200 | 8 ...

SK海力士预计今年也将采取不同寻常的招聘策略，至少招聘1000名新员工。10日，SK海力士宣布开 设新的招聘页面，并将于23日前招聘入门级技术和办公人员。上个月，SK海力士公布了一项名为"人 才高速公路"（Talent hy-way）的全新招聘战略，表示将通过扩大滚动招聘范围来确保人才储备，招 聘对象包括新员工和生产工人。 具体而言，SK海力士计划放弃以职业发展为导向的招聘模式，转而采用滚动招聘制度，涵盖新员工 和全职生产工人。为了吸引顶尖人才，该公司还在韩国11所大学开展校园招聘。SK集团于2022年取 消了集团层面的公开招聘，转而采用子公司滚动招聘模式。在此背景下，SK海力士积极招聘新员工 被视为在存储半导体市场复苏后确保人才储备的举措。 台积电今年也将罕见地大规模招聘。据台湾中央社报道，台积电计划今年招聘约8000名新员工。其 中，拥有硕士学位的初级工程师平均年薪约为220万新台币（约合1.0296亿韩元）。该公司不仅在电 气电子工程、光电工程、物理工程、材料工程、化学工程、机械工程、环境工程和工业工程等工程领 域招聘人才，还在业务管理、人力资源和会计等多个岗位招聘人才。顺应数字化转型和人工智能、大 数 ...