本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月12日，韦德布什证券称台积电11月营收小幅超预期】该行分析师马特·布赖森指出，美元升值带 来额外利好，使台积电以新台币折算的销售收入和毛利率同步抬升，本地货币口径下超预期幅度大于美 元口径。 布赖森维持台积电"跑赢大盘"评级，目标价设定为1700新台币。随着2026年到来，产品均价 上调和产品组合向新制程倾斜，将带来更高上行空间。 ...

Investment Rating - The report rates the electric power equipment industry as "stronger than the market" [3]. Core Viewpoints - The demand for electric power equipment is driven by the growth of data centers, which are becoming the core incremental application scenario for the industry. The report emphasizes the need to incorporate AI industry indicators to accurately gauge the demand for power distribution equipment [3][6]. - Capital expenditures from major cloud providers are a direct indicator of demand potential for power distribution equipment, with significant growth observed in overseas capital expenditures [9][12]. - The supply chain remains robust, with companies like NVIDIA and TSMC showing strong revenue growth, indicating a healthy supply of GPUs essential for data center operations [18][24]. - The application layer is witnessing an increase in AI model deployments, which directly impacts capital expenditure cycles and long-term demand for power distribution equipment [29][30]. Summary by Sections Demand Side - The report highlights that overseas cloud providers' capital expenditures reached $99.617 billion in Q3 2025, a year-on-year increase of 80.39% and a quarter-on-quarter increase of 9.54% [9]. - Domestic capital expenditures from Alibaba and Tencent showed a slowdown, with Alibaba's capital expenditure at 315.01 million yuan, up 80.10% year-on-year but down 18.55% quarter-on-quarter [12][15]. Supply Chain - NVIDIA's data center product revenue reached 362.571 billion yuan in Q3 2025, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44% [18]. - TSMC's revenue in November 2025 was 343.614 billion New Taiwan dollars, a year-on-year increase of 24.5% [24]. Application Layer - The report notes a steady increase in AI model updates and application deployments, which are crucial for determining the strength and sustainability of capital expenditure cycles [29]. - The price of tokens for AI models has decreased by over 50% following the release of new models, indicating a competitive market [46]. Key Recommendations - The report recommends investing in companies like Sunshine Power (300274.SZ) and suggests paying attention to Keda Data (002335.SZ), Kstar (002518.SZ), and Kelon Electronics (002121.SZ) as beneficiaries of the growing demand for power distribution equipment driven by data centers [3].

作者：基森・德鲁里，《傻瓜投资指南》 核心要点 新的一年即将到来，是时候开始物色具备强劲买入价值的股票了。我认为有两只股票有望在 2026 年带 来可观回报，它们分别是字母表（纳斯达克股票代码：GOOG、GOOGL）和台积电（纽约证券交易所 股票代码：TSM）。 这两只股票在 2025 年均表现亮眼，展望 2026 年，二者也已做好了迎接业绩增长的准备。 1． 字母表 在 2025 年下半年，鲜有股票的表现能与字母表匹敌。自 7 月 1 日以来，其股价累计涨幅已超 80%，这 一涨势得益于法庭诉讼的利好消息、人工智能领域的突破，以及新业务部门的潜在成立。 曾几何时，字母表因在生成式人工智能平台的推出上落后于多家竞争对手，一度沦为人工智能领域的笑 柄。但如今，局势已彻底扭转。ChatGPT 的开发商 OpenAI 近期就字母表在该技术领域的迅猛崛起拉响 了 "红色警报"。 这其实并不意外，因为字母表拥有 OpenAI 难以企及的资源。同时，其算力成本远低于 OpenAI，能够 以更低的投入实现技术突破。 字母表成本优势的核心在于其张量处理单元（TPU）。TPU 擅长处理特定类型的工作负载，而英伟达 的图形处理器 ...

他进一步指出，从近期的交流情况来看，人工智能数据中心支出所受的"季节性影响十分有限，甚至可 以说几乎不存在"。 智通财经APP获悉，韦德布什证券指出，台积电(TSM.US)11月营收已助其小幅超越市场原先预期。该 行分析师马特·布赖森表示，美元升值带来额外利好：以新台币折算的销售收入及毛利率同步抬升，使 得公司在本地货币口径下的超预期幅度大于美元口径。布赖森维持台积电"跑赢大盘"评级，目标价设定 为1700新台币。 "因此，我们眼下对台积电第四季度的盈利模型可能过于保守了。随着2026年展开，公司还有两股额外 推力：产品均价继续上调，加上产品组合进一步向更先进的新制程(含2纳米晶圆)倾斜，这两点都会带 来比当前预测更高的上行空间。"布赖森补充道。 据了解，台积电于2025年12月10日公布了2025年11月的最新业绩报告。主要数据显示，虽然营收环比略 有下降，但同比依然实现强劲增长。财报显示，台积电11月营收同比增长24.5%，达约3,436.1亿新台 币，但较10月下降6.5%。 这家为苹果、英伟达和AMD等全球顶级科技公司生产芯片的企业，今年10月销售额曾达到约3,674.73亿 新台币。今年1月至11月 ...

Strong AI spending is expected to persist through 2030.The new year is right around the corner, and it's time to start looking at which stocks are strong buys. Two that I think have the potential to deliver impressive returns are Alphabet (GOOG 2.27%) (GOOGL 2.43%) and Taiwan Semiconductor Manufacturing (TSM 1.38%).Each of these stocks has had a strong 2025, and looking into 2026, each is positioned for success. 1. AlphabetFew stocks have done as well in the second half of 2025 as Alphabet. It has risen mor ...

Core Insights - TrendForce reports that the global top ten foundry companies achieved a revenue increase of 8.1% quarter-on-quarter in Q3 2025, reaching $45.086 billion (approximately 318.586 billion RMB) [1][2] Group 1: Revenue and Market Share - TSMC remains the largest foundry with a revenue of $33.063 billion in Q3 2025, reflecting a 9.3% increase from the previous quarter and holding a market share of 71% [2] - Samsung follows with a revenue of $3.184 billion, showing a 0.8% increase and a market share of 6.8% [2] - SMIC reported a revenue of $2.382 billion, up 7.8%, maintaining a market share of 5.1% [2] - UMC's revenue reached $1.975 billion, increasing by 3.8%, with a market share of 4.2% [2] - GlobalFoundries had stable revenue at $1.688 billion, with a market share of 3.6% [2] - Huahong Group saw significant growth with a 14.3% increase in revenue to $1.213 billion, capturing a 2.6% market share [2] - The total revenue for the top ten foundries indicates a strong demand driven by AI HPC and new consumer electronics [2] Group 2: Future Outlook - For Q4 2025, TrendForce anticipates a more conservative outlook for the foundry industry due to international conditions and rising memory prices, which may limit growth momentum in capacity utilization [3] - Despite a potential rebound in demand from automotive and industrial control sectors, the overall revenue growth for the top ten foundries is expected to slow down significantly [3]

Core Insights - The global wafer foundry industry saw a revenue increase of 8.1% quarter-over-quarter in Q3 2025, reaching nearly $45.1 billion, driven by demand from AI high-performance computing (HPC) and consumer electronics [1] Group 1: Major Players' Performance - TSMC's revenue was supported by smartphone and HPC demand, with a quarterly increase of 9.3% to nearly $33.1 billion, resulting in a slight market share increase to 71% [2] - Samsung's revenue remained flat at approximately $3.18 billion, with a market share of 6.8%, despite a slight increase in capacity utilization [2] - SMIC's revenue grew by 7.8% to $2.38 billion, ranking third due to improved capacity utilization and wafer shipments [2] - UMC's revenue increased by 3.8% to nearly $1.98 billion, supported by demand for ICs from smartphones and PCs, with a market share of 4.2% [2] Group 2: Other Notable Companies - GlobalFoundries' revenue held steady at approximately $1.69 billion, maintaining its fifth position, but its market share slightly decreased to 3.6% due to competitive pressures [3] - HuaHong Group's revenue exceeded $1.21 billion, with a market share of 2.6%, benefiting from increased wafer shipments and ASP growth [4] - Vanguard's revenue increased by 8.9% to $412 million, driven by demand for PMICs from smartphones and PCs [4] - Nexchip's revenue rose by 12.7% to $409 million, surpassing Tower Semiconductor to become the eighth-largest player, supported by increased customer market share and demand [4] - Tower's revenue was approximately $396 million, with a quarterly increase of 6.5%, ranking ninth [4] - PSMC's revenue grew by 5.2% to $363 million, driven by stronger demand for DRAM and improved foundry pricing [4]

Core Insights - The global wafer foundry industry continues to benefit from high-performance computing (HPC) and demand for new consumer electronics, with the top ten foundries experiencing a revenue increase of 8.1% quarter-over-quarter in Q3 2025, reaching approximately $45.1 billion [2][3]. Revenue Performance - TSMC (Taiwan Semiconductor Manufacturing Company) reported a revenue of $33.1 billion in Q3 2025, a 9.3% increase from the previous quarter, maintaining a market share of 71% [3][6]. - Samsung's revenue remained stable at approximately $3.2 billion, with a slight market share decrease to 6.8% [3][6]. - SMIC (Semiconductor Manufacturing International Corporation) achieved a revenue of $2.4 billion, up 7.8% quarter-over-quarter, holding a market share of 5.1% [3][6]. - UMC (United Microelectronics Corporation) reported a revenue of nearly $1.98 billion, a 3.8% increase, with a market share of 4.2% [3][6]. - GlobalFoundries maintained its revenue at approximately $1.69 billion, with a slight market share decline to 3.6% [3][7]. - HuaHong Group's revenue exceeded $1.21 billion, with a market share of 2.6% [3][8]. - Vanguard (VIS) reported a revenue increase of 8.9% to $412 million, maintaining a market share of 0.9% [3][8]. - Nexchip's revenue grew by 12.7% to $409 million, surpassing Tower Semiconductor to become the eighth-largest foundry [3][9]. - Tower Semiconductor's revenue was approximately $396 million, a 6.5% increase, with a market share of 0.9% [3][9]. - PSMC (Powerchip Semiconductor Manufacturing Corporation) reported a revenue of $363 million, a 5.2% increase, with a market share of 0.8% [3][9]. Market Trends - The demand for advanced process nodes (7nm and below) is driving significant revenue contributions, particularly from HPC and consumer electronics [2]. - The industry anticipates a conservative outlook for 2026 due to international market conditions and a cautious approach to mainstream terminal applications [2].

相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（61%）和半导体材料（23%）细 分领域的硬科技公司。 半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代 天花板较高属性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （61%）、半导体材料（21%）占比靠前，充分聚焦半导体上游。 截至2025年12月12日 13点18分，上证科创板半导体材料设备主题指数强势上涨2.49%，成分股天岳先进 上涨8.34%，拓荆科技上涨8.16%，华海清科上涨3.95%，京仪装备，中科飞测等个股跟涨。科创半导体 ETF（588170）上涨2.39%， 冲击3连涨。 先进封装技术正成为人工智能行业中的一个关键问题，据一份报告指出，主要供应商台积电目前的先进 封装产能已经全部预定完毕，其中英伟达占到超一半的份额。DigiTimes的一份报告指出，英伟达已 ...

据悉，台积电熊本二厂原计划于2027年底投产，主要生产6nm/7nm及40nm制程芯片，目标市场涵盖自动驾 驶、AI等领域。然而，近年来英伟达、苹果等大客户加速向更先进制程迁移，导致6nm/7nm芯片需求显著 下滑。知情人士透露，台积电此次调整旨在匹配市场对AI尖端半导体的迫切需求——4nm制程因性能更 优、能效更高，已成为AI芯片的主流选择。 据业内人士分析，4nm制程虽与6nm/7nm在设备复用率上可达90%，但需增加极紫外光刻机等关键设备， 且生产线需重新设计。台积电早在2023年便评估过在熊本生产4nm的可能性，或已为设备安装预留空间。 尽管技术升级存在工程延迟风险，但台积电在半导体制造领域的领先地位为其提供了调整底气。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月12日消息， 据报道，由于台积电的大客户如英伟达等已开始投往更先进芯片的怀抱，原本计划在熊本 二厂生产的6nm及7nm芯片需求量下滑，台积电考虑将熊本二厂制程改为更先进的4nm技术！ 此举可能导致该厂延后量产的时程与厂房重新设计，原定2027年底的量产计划恐被迫延后。 ...