"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 异质异构集成产业 群 年关将近， 2025年人工智能产业依旧是硬科技主旋律，第三季度全球晶圆代工产值达到471.19亿美元，同比增 长27%，台积电产值占比达到70%，较去年同期提升7个百分点。 从三季度增速来看，台积电是全球晶圆代工产业增速第一梯队，其次是中芯国际、华虹集团以及晶合集成，属于 产业增速第二梯队，其他晶圆代工厂增速均处于低个位数百分点，甚至负增长。 晶圆代工产业增长驱动力按具体细分应用来看，分别由数据中心、工业及汽车、智能手机贡献。 台积电在先进制程及先进封装订单驱动下，第三季度晶圆代工业务同比增长近41%，数据中心等基础设施AI算力 芯片、存储芯片、网络通信芯片是其主要驱动力；工业及汽车、智能手机市场阶段性复苏，拉动功率半导体、电 源管理芯片、显示驱动芯片及移动处理芯片需求增长，驱动中芯国际、华虹集团、晶合集成第三季度营收分别同 比实现近10%、26%、20%的增长。 数据来源：势银（ TrendBank ） ,2025.12 芯片需求持续旺盛，晶圆厂稼动率季季攀升。根据势银（ TrendB ...

The Tragic Algebra of Stock-Based Compensation substack.com/@michaeljburry/p-179682949 Substack First, the algebra. 首先，是代数。 I watch a lot of Big Bang Theory. If that does not look like a Nobel Prize, Alex Karp is not a doctor. 我看了很多《生活大爆炸》。如果那不像诺贝尔奖，亚历克斯·卡普不是医生。 But no, I do not claim such a prize. 但不，我并不声称获得了这样的奖项。 This derivation belongs to my right-hand man at Scion the last four years. Phil Clifton is his name, and he is quite literally a rocket scientist. 这个推导属于我在 Scion 过去四年的得力助手。菲尔·克利夫顿是他的名字，字面意思就是火箭 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 美股机器人赛道突然爆发。 隔夜美股市场，机器人概念股全线爆发，Nauticus Robotics盘中一度暴涨超135%，iRobot一度暴涨近 80%，特斯拉大涨超4%。消息面上，特朗普政府准备加速推进机器人技术的发展。有消息人士透露，美 国商务部长卢特尼克近期一直在与机器人行业的多位CEO会面。美国交通部也正准备成立一个机器人工作 组，可能在年底前宣布。 宏观数据方面，据最新发布的"小非农"ADP就业数据，美国私营企业11月份裁员人数创2023年以来新 高，加剧了市场对劳动力市场更加疲软的担忧，进一步强化了投资者对美联储将在12月议息会议上降息 的预期。据CME"美联储观察"，截至发稿，美联储12月降息25个基点的概率已升至89%。 全线爆发 美东时间12月3日，美股三大指数集体收涨，道指涨0.86%，标普500指数涨0.3%，纳指涨0.17%。 美股大型科技股涨跌不一，特斯拉大涨超4%，谷歌、台积电涨超1%；微软跌超2%，英伟达、Meta跌超 1%，苹果、亚马逊、博通小幅收跌。 其中，美股机器人概念股全线爆发，Na ...

在此背景下，从晶圆制造到先进封装，从AI芯片到存储器市场，半导体大厂相继释放明确的 扩产信号，新一轮产能布局的帷幕已然拉开。 全球半导体巨头扩产图景 公众号记得加星标⭐️，第一时间看推送不会错过。 近期，在AI浪潮席卷、汽车电子渗透率飙升，存储市场引领趋势下，半导体行业正迎来需求 与技术双轮驱动的发展热潮。根据SEMI最新预测，2025年全球半导体产能将实现15%的同 比增幅，创下历史新高。 SK海力士：AI超级周期的最大赢家 在全球AI内存需求爆发的推动下，存储芯片巨头SK海力士启动大规模产能扩张，以"双线并进"为核 心 战 略 ： 在 巩 固 高 附 加 值 HBM 市 场 绝 对 领 先 优 势 的 同 时 ， 积 极 扩 充 包 括 1c DRAM 在 内 的 通 用 型 DRAM产能，形成"高端突破+通用补位"的战略布局。 作为第六代10纳米DRAM（1c DRAM）的核心玩家，SK海力士计划大幅提升该尖端通用DRAM产 能。据韩国经济日报报道，其1c DRAM月产能将从当前约2万片300mm晶圆，于2026年提升至16-19 万片，增幅达8-9倍，届时该产能将占其DRAM总产能的三分之一以上。 韩 ...

Some investors are hoping for an Intel resurgence, but they could be missing out on Taiwan Semiconductor's established lead.Rumors are circulating that Intel (INTC +0.67%) could manufacture some of Apple's (AAPL 0.71%) low-end M-series chips, potentially stealing business away from Taiwan Semiconductor (TSM +1.11%). That would be a significant development for Intel, as the company attempts to catch up in the semiconductor industry, and could be worth up to $1 billion annually, according to some estimates.In ...

完整早报音频，请点击标题下方小耳机收听 【王健林首次赎回一座万达广场】 在连续 "抛售"超过 80 座万达广场"断腕求生"后，万达罕见地进行了一次"赎回"操作。根据天眼查信息， 12 月 2 日，烟台芝罘万达广场有限公司的股权结构发生重大调整。原先的股东——新华保险旗下坤华（天津）股权投资合伙企业（以下简称"坤华投资"）、坤元 辰兴（厦门）投资管理咨询有限公司同步退出，接盘方为万达商管旗下全资子公司上海万达锐驰企业管理有限公司。至此，这座在 2024 年 7 月被出让的 广场，在一年多后重新回归万达全资掌控。 | 变更记录 54 > ● | | | | 居 数据纠错 | 变更项目 · | 变更时间 · | ■导出 2天眼查 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 变更日期 | 变更项目 | 变更前 | | | 变更后 | | | | 2025-12-02 | 草程备案 | | | | | | | 2 | 2025-12-02 | 市场主体类型变更 | 1190 | 1153 | | | | | | | | 股东(发起人)名称:坤元辰 ...

一波说商业实验室 . 杨一波，北大金秋控股董事长|一波说商业实验室创始人，曾服务中国海运/中国电信/汇丰银行/张裕葡 萄酒/燕京啤酒等领军企业，以"升格商业洞见"开启企业家上帝视角，破局商业迷局。 以下文章来源于一波说商业实验室 ，作者实验室研究员 论坛聚焦人工智能潜力与台积电先进制程及封装技术的融合，特别关注下一代 AI芯片的能源效率 挑战，以及A16、N2和N3等先进制程的设计流程解决方案。 这一安排本身即具象征意义：南京作为中国半导体产业重要基地，承载了台积电在内地的制造布 局，而 OIP论坛作为台积电生态系统的年度盛会，在此收官显示出公司对中国市场的重视程度。 回顾魏哲家上次亲自率队前往内地，已是 2023年的上海技术论坛。此次可能拜访阿里巴巴等企 业，显示出公司高层对大陆市场的高度重视。 导语： 魏哲家亲自参加论坛或是台积电战略意义的个人化呈现。 据港台媒体报道， 时隔两年半，台积电董事长魏哲家再赴内地，计划于 12月4日出席在南京举 行的台积电开放创新平台（OIP）生态论坛，并拟拜访阿里巴巴等多家大陆本土芯片设计公司。 在美国对中国芯片封锁尚未解除的背景下，这一行程若成行，将标志着台积电探索对陆合 ...

Some AI stocks are riskier than others.Investors continue to debate whether there's a stock market bubble right now, or even more than one.The idea of there being an artificial intelligence (AI) bubble stems from the massive amounts of money going into development, while the results have yet to be seen. There are some clear winners from all the investment in AI infrastructure, but can it continue? There's some risk in investing in some of the hottest AI stocks right now, especially because a lot of them tra ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) stock is currently viewed as attractive from a valuation perspective, trading at a forward 12-month price-to-earnings (P/E) multiple of 24.31, which is lower than the sector average of 28.53 [1][4] - TSMC is a leader in the global chip foundry market, benefiting significantly from the AI boom, with major clients like NVIDIA, Marvell, and Broadcom relying on TSMC for advanced chip manufacturing [5][6] - The company is aggressively investing in capital expenditures, planning to spend between $40 billion and $42 billion in 2025, primarily focused on advanced manufacturing processes [7] - TSMC's revenues surged 41% year-over-year to $33.1 billion in Q3 2025, driven by strong demand for its 3nm and 5nm chips, which now account for 60% of total wafer sales [8][9] - The company raised its revenue growth guidance for full-year 2025 to a mid-30% range, reflecting strong demand for its advanced chips [10] - Technical indicators suggest a bullish trend for TSMC, with shares trading above their 50-day and 200-day moving averages [11][14] Financial Performance - TSMC's earnings per share (EPS) increased by 39% to $2.92, supported by the demand for advanced nodes [9] - Gross margins improved by 170 basis points to 59.5%, indicating better cost efficiencies [9] - The Zacks Consensus Estimate for fourth-quarter and full-year 2025 revenues is $32.6 billion and $120.47 billion, respectively, showing year-over-year growth of 21.3% and 33.7% [10] Investment Considerations - Despite its strengths, TSMC faces near-term challenges, including softness in key markets like PCs and smartphones, which are projected to see only low single-digit growth in 2025 [17] - The company's global expansion strategy, including new fabs in the U.S., Japan, and Germany, is expected to impact gross margins negatively by 2-3 percentage points annually over the next three to five years [18] - Geopolitical tensions, particularly U.S.-China relations, pose strategic risks for TSMC, given its significant revenue exposure to China [19] - Overall, TSMC is considered a cornerstone of the semiconductor industry, with strong long-term growth prospects, but short-term headwinds warrant a cautious approach [20][21]

AI infrastructure spending is set to soar once again next year, and this stock is going to win big from that trend.Artificial intelligence (AI) stocks may have been under pressure lately due to concerns about a potential bubble, but there is no denying that this technology is gaining widespread adoption across various sectors.From robots in factories to automated ad campaigns to supply chain management to healthcare, AI is touching several industries in a positive way. That's why big tech giants, neocloud c ...