Market Overview - The Dow Jones Industrial Average climbed more than 400 points, nearing 48,858, up nearly 1% on the day, while the S&P 500 rose roughly 0.5% to around 6,890, and the Nasdaq gained about 0.4%, staying above 23,300, indicating broad-based confidence across equity markets despite geopolitical tensions [1][8]. Energy Sector - Chevron, the only major U.S. oil company with operations in Venezuela, saw its stock rise by 5% at the open, while ExxonMobil gained 1.5% and ConocoPhillips rose nearly 2%. Smaller energy players outperformed, with Kosmos Energy jumping 10% after reporting successful drilling results [2][18]. - U.S. benchmark WTI crude rose to around $58 per barrel, while Brent crude traded near $61, both up close to 1% on the day, reflecting geopolitical risk premiums rather than immediate supply concerns [17][30]. Technology Sector - The technology sector remained strong, driven by renewed optimism for Artificial Intelligence (AI) demand, with positive reports from key Nvidia suppliers like Foxconn and TSMC acting as catalysts. Foxconn reported record fourth-quarter revenue due to massive demand for AI servers [3][4][25]. - TSMC shares surged after Goldman Sachs raised its price target, and Nvidia is expected to deliver a keynote address at the CES tech show, which could further influence AI trade sentiment [6][25]. Defense Sector - The capture of Nicolás Maduro led to a rise in global defense stocks, with Palantir leading U.S. defense gains with a 3.5% increase. Major contractors like Lockheed Martin, Northrop Grumman, and General Dynamics also traded higher, reflecting expectations of increased military spending [7][27]. - European defense stocks saw even stronger gains, with BAE Systems rising 5% and Germany's Rheinmetall jumping over 7% [7][28]. Market Sentiment - Despite geopolitical risks, investors are focused on earnings growth, stable energy prices, and long-term technological transformation, as indicated by the strong start to the year for U.S. equities [16][28]. - The benchmark 10-year Treasury yield slipped toward 4.17%, easing financial conditions and making equities more attractive, which helped stabilize technology stocks [9][30].

每经AI快讯，1月5日，台积电股价再度大涨3.4%，报330美元/股，再创历史新高，总市值达1.7万亿美 元。 （文章来源：每日经济新闻） ...

智通财经APP获悉，周一，芯片股开盘集体上涨，阿斯麦(ASML.US)涨超5%，英特尔(INTC.US)涨超 4%，台积电(TSM.US)涨超3%再创历史新高，美国超微公司(AMD.US)涨近3%，英伟达(NVDA.US)涨超 2%。消息面上，1月5日，台积电股价一度飙升6.9%，创下去年4月以来最大单日涨幅，股价亦创新高， 推动台股加权指数突破30000点关口。这一涨势发生在高盛将该公司目标价上调35%至新台币2330元之 后，进一步强化了市场对人工智能相关需求长期增长的信心。 ...

周一，芯片股开盘集体上涨，阿斯麦(ASML.US)涨超5%，英特尔(INTC.US)涨超4%，台积电(TSM.US) 涨超3%再创历史新高，美国超微公司(AMD.US)涨近3%，英伟达(NVDA.US)涨超2%。消息面上，1月5 日，台积电股价一度飙升6.9%，创下去年4月以来最大单日涨幅，股价亦创新高，推动台股加权指数突 破30000点关口。这一涨势发生在高盛将该公司目标价上调35%至新台币2330元之后，进一步强化了市 场对人工智能相关需求长期增长的信心。 ...

人民财讯1月5日电，台积电股价盘中大涨3.4%，报330美元/股，再创历史新高，总市值达1.7万亿美 元。 ...

Core Viewpoint - TSMC's stock surged 3.4% to $330 per share, reaching a historic high with a market capitalization of $1.7 trillion, driven by advancements in its 2nm process technology [1] Group 1: Company Developments - TSMC's official website indicates that the 2nm process technology began mass production as scheduled in Q4 of last year, representing the most advanced technology in the semiconductor field in terms of transistor density and energy efficiency, significantly enhancing chip performance [1] - Initial production capacity for TSMC's 2nm advanced process is approximately 35,000 wafers per month, with expectations to increase to 140,000 wafers per month by the end of this year, surpassing previous market estimates of 100,000 wafers per month [1]

高通涨1%，公司推出了完整的机器人技术套件。 台积电涨3.2%，高盛上调目标价35%。 美股三大指数集体高开，道琼斯指数涨0.26%，标普500指数涨0.61%，纳斯达克综合指数涨0.92%。 纳斯达克中国金龙指数跌超1%，海天网络跌7.08%，小鹏汽车跌4.50%，百度跌3.89%，网易跌3.64%， 蔚来跌3.44%。 大型科技股方面，超威半导体涨4.58%，英伟达涨2.08%，特斯拉涨1.89%，谷歌a涨1.06%。 美国石油股走强，雪佛龙涨6%。 ...

Group 1 - U.S. oil stocks are rising collectively, while copper prices have reached a new high of $13,000, and both gold and silver prices are increasing amid turmoil in Venezuela [1] - China's December RatingDog services PMI remains at 52, indicating continued expansion, but new export orders have fallen back into contraction [1] - The Federal Reserve's Kashkari notes a significant cooling in the job market, suggesting interest rates are nearing neutral levels [1] Group 2 - Vietnam's GDP grew by 8.46% year-on-year in the fourth quarter, driven by rapid growth in the manufacturing sector [2] - Goldman Sachs has significantly raised its target price for TSMC, leading to a nearly 3% pre-market increase in TSMC's U.S. stock, with the Taiwanese stock market experiencing its largest gain in eight months [3] - Hon Hai's Q4 sales increased by 22%, exceeding expectations, with a remarkable 31.8% increase in December alone [4] Group 3 - Due to surging demand for AI, Samsung and SK Hynix plan to raise DRAM prices by 60% to 70% [5] - Samsung aims to double the number of mobile devices equipped with Gemini to 800 million units, intensifying competition with Apple [6] - Zhiyuan Robotics expects to exceed 5,100 units in shipments by 2025, with projections for "tens of thousands" of units in 2026 [8] Group 4 - MiniMax is likely to set its IPO price at the high end of the guidance range and may end the subscription period early [9] - The Nikkei 225 index rose by 3%, while the Shanghai Composite Index increased by 1.38%, and the Hang Seng Index saw a slight rise of 0.03% [10]

Core Insights - The total market capitalization of the top 100 listed companies in China reached 74.81 trillion yuan by the end of 2025, marking a nearly 25% increase from 60 trillion yuan at the end of the previous year [1] - The threshold for entry into the list rose to 193.6 billion yuan, a year-on-year increase of 19.88% [1] Industry Distribution - The financial sector remains dominant with 27 companies, totaling a market cap of 21.31 trillion yuan, accounting for nearly 30% of the total [1] - Other sectors include non-durable consumer goods with 16 companies, information technology with 13, industrial with 12, and telecommunications services with 8 [1] - Compared to the previous year, the materials, information technology, industrial, and healthcare sectors added 4, 3, 2, and 1 new companies respectively, while financial and consumer goods sectors saw a decrease of 3 companies each [1] New Entrants and Rankings - Four new companies made the list: Zijin Mining International, Moore Threads, Huadian New Energy, and Muxi Co., with Moore Threads and Muxi Co. being newly listed in December [3] - A total of 25 companies improved their rankings by more than 10 positions, with notable increases in AI-related sectors [3] - The largest gain was seen by Shenghong Technology, which surged 439 positions due to its involvement in the PCB supply chain for NVIDIA [3] Market Capitalization Trends - The number of companies with market caps between 500 billion and 1 trillion yuan increased by 1 to 17, while those between 300 billion and 500 billion yuan rose by 7 to 24 [5] - 17 companies surpassed a market cap of 1 trillion yuan, an increase of 4 from the previous year, including China Ping An, Industrial Fulian, China Merchants Bank, and Pinduoduo [5] - The top 10 companies collectively accounted for 34.4 trillion yuan, representing 46% of the total market cap, an increase of nearly 2 percentage points from the previous year [5] Notable Companies - TSMC maintained its top position with a market cap of 11.08 trillion yuan, a 50.5% increase from 7.36 trillion yuan [7] - Tencent ranked second with a market cap of 4.93 trillion yuan, while Alibaba rose to fifth with 2.46 trillion yuan [8] - CATL, now ranked eighth with a market cap of 2.08 trillion yuan, replaced Kweichow Moutai in the top ten [5][7] - CATL has been the global leader in electric vehicle battery installation for eight consecutive years, with a 36.6% year-on-year increase in installation volume [5] Summary of Rankings - The top companies by market cap include TSMC, Tencent, Industrial and Commercial Bank of China, Agricultural Bank of China, and Alibaba [8] - Other notable companies in the top rankings include China Mobile, CATL, China Petroleum, and Bank of China [8][9]

Core Insights - SGA's Global Growth Strategy portfolio experienced a return of -2.3% (Gross) and -2.5% (Net) in Q3, underperforming against the MSCI ACWI's 7.6% and MSCI ACWI Growth's 9.0% returns, primarily due to a lack of alignment with the current market enthusiasm for AI [1] - The investment objective of SGA is to focus on high-quality growth businesses that are expected to achieve consistent mid-teens earnings growth, along with stable revenue and cash flow [1] Company Highlights - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was highlighted as a key stock in SGA's third-quarter investor letter, with a one-month return of 5.88% and a 52-week gain of 45.27% [2] - As of January 2, 2026, TSMC's stock closed at $319.61 per share, with a market capitalization of $1.658 trillion [2] - TSMC contributed positively to the portfolio performance in Q3, with management raising fiscal year 2025 revenue growth guidance to 30% year-over-year, driven by strong demand for advanced semiconductor manufacturing [3] - TSMC's leadership in technology and manufacturing at leading-edge nodes allows it to maintain pricing power and deliver high margins, with recent results exceeding expectations due to Taiwan dollar appreciation and U.S. market openings [3] - TSMC is currently the sole provider for all leading-edge AI and smartphone manufacturing, a position that is strengthening as competitors like Intel pull back, allowing TSMC to maintain good margins despite significant investments in geographical diversification [3]