Group 1 - The article discusses concerns within Taiwan's industry regarding the potential investment by the U.S. government in TSMC, which could undermine Taiwan's industrial foundation [1] - The spokesperson from the Taiwan Affairs Office, Zhu Fenglian, highlights that the Taiwanese industry fears the U.S. may weaken its competitive advantage due to past experiences [1] - Zhu criticizes the Democratic Progressive Party (DPP) for prioritizing its own interests and allowing the U.S. to exploit Taiwan, which ultimately harms the interests and welfare of Taiwanese enterprises and the public [1]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月27日｜国台办举行例行新闻发布会。记者提问，台媒援引路透社报道称，美国政府可能入股 台积电。台经济部门负责人称，会向台积电了解状况，但并无具体应对举措，引发岛内业界广泛担忧美 国此举将削弱台湾产业根基。对此有何评论？ 国台办发言人朱凤莲表示，台湾业界对美国可能削弱台湾的产业优势忧心忡忡，是因为有太多前车之 鉴。民进党当局为自身私利，任由美国予取予求，一味卑躬屈膝，甚至为虎作伥，无底线出卖台湾，伤 害的是广大台湾企业和民众的利益福祉。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Semiconductor Production Equipment (SPE) in Japan - **Key Company Mentioned**: TSMC (Taiwan Semiconductor Manufacturing Company) Core Insights and Arguments - **Elimination of China-made SPE**: TSMC is reportedly planning to eliminate China-made semiconductor production equipment from its advanced processes, particularly the N2 process, as a response to potential US government restrictions, including the China EQUIP Act [3][7][8] - **Impact on Japanese SPE Makers**: If the report is accurate, this move could positively impact Japanese SPE manufacturers such as SCREEN Holdings and Kokusai Electric, allowing them to expand their market share against Chinese competitors like AMEC and Mattoson Technology [3][8] - **Competition Dynamics**: Tokyo Electron is highlighted as a competitor in etching systems against AMEC and Mattoson Technology. The report suggests that Japanese firms may not currently compete with Chinese manufacturers in the Taiwan market for ashing systems and wafer CVD [7][8] - **Technological Advancements**: The report acknowledges that China-made SPE, including cleaning systems and vertical heat treatment furnaces, have been improving in performance, which poses a potential threat to Japanese firms [8] Additional Important Information - **Market Sentiment**: The overall view of the semiconductor production equipment industry in Japan is considered attractive, indicating a positive outlook for investment opportunities [5] - **Analyst Coverage**: The report is prepared by Morgan Stanley MUFG Securities, with analysts Tetsuya Wadaki and Suzune Tamura providing insights into the semiconductor sector [4][5] - **Unconfirmed Reports**: The information regarding TSMC's elimination of China-made SPE has not been officially confirmed, and the analysts express caution regarding the veracity of the media reports [3][8]

Group 1 - TSMC will not use manufacturing equipment from mainland China in its latest 2nm chip production line to avoid angering the US [1] - The decision is influenced by potential US regulations, particularly the "Chip Equipment Act" proposed by US lawmakers, which aims to prohibit companies receiving federal funding from purchasing equipment from "concerned foreign entities," likely including mainland Chinese suppliers [1][2] - TSMC plans to reduce its reliance on mainland Chinese suppliers for chip materials and chemicals in its Taiwan and US operations while deepening cooperation with local suppliers in mainland China to align with local policies [1] Group 2 - TSMC's earlier advanced chip production lines had utilized some equipment from mainland China, but the company aimed to replace this equipment to mitigate regulatory risks as it shifts production to Arizona [2] - The transition to new equipment may lead to increased costs and quality pressures, including higher direct investments, potential supply chain instability, and fluctuations in yield rates affecting chip performance [2] - Mainland Chinese equipment manufacturers may face short-term revenue pressure due to the loss of TSMC orders, but this could drive them to increase R&D investments and develop a more self-sufficient industry ecosystem in the long run [2] Group 3 - Leading mainland Chinese chip manufacturers are increasing the use of domestic equipment and have made significant progress in certain market segments [3] - Companies like Huawei and Unisoc have improved their AI and 5G chip performance, while SMIC is enhancing its mature process and advancing in cutting-edge technology [3] - China Mobile has built the world's largest 400G all-optical inter-provincial backbone network, accelerating the development of high-speed data networks [3]

Market Performance - US stock market opened lower but closed higher, with all three major indices posting slight gains: Nasdaq up 0.44%, S&P 500 up 0.41%, and Dow Jones up 0.3% [1] - Major tech stocks mostly increased, with Tesla and Nvidia rising over 1%, while Apple, Netflix, Amazon, and Meta saw slight gains; Google, Microsoft, and Intel experienced minor declines [1] Company Highlights - Eli Lilly's stock surged nearly 6% following the successful results of its Phase 3 clinical trial for oral GLP-1 receptor agonist orforglipron for obesity combined with type 2 diabetes [1] - Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 0.72% [1] - NIO saw a significant increase of 10.02%, while Atour and Xpeng rose by 5.84% and 5.46% respectively; Li Auto increased by 2.71%, and Huazhu rose by 2.33% [1] - Other notable increases included Tencent Music, Global Data, Pony.ai, Miniso, ZTO Express, and NetEase, all rising by up to 1.98% [1] - Xiaomi Group's ADR rose by 1.65%, TSMC's ADR increased by 1.33%, Tencent Holdings' ADR went up by 0.19%, while Pinduoduo's ADR fell by 3.35% [1][2]

智通财经APP获悉，周二，芯片股小幅走高，截至发稿，英伟达(NVDA.US)涨0.62%，AMD(AMD.US) 涨超1.3%，美光(MU.US)涨超1%，博通(AVGO.US)涨超1%，台积电(TSM.US)涨0.65%。消息面上，英 伟达将于美东时间08月27日盘后发布财报，2026Q2预计实现营收459.70亿美元，同比增加53.03%；预 期每股收益0.935美元，同比增加39.51%。 ...

Core Investment Trends - Morgan Stanley identifies three core investment themes for the stock market over the next 12 months: AI computing power leaders and software giants benefiting from the AI wave, semiconductor equipment themes benefiting from favorable policies under the Trump administration, and essential consumer goods leaders amid a fragmented consumption chain [1][2]. AI Computing Power and Software Giants - The demand for AI computing power is experiencing explosive growth, driven by significant investments in AI infrastructure by the U.S. government and tech giants, indicating a bullish outlook for companies like Nvidia, TSMC, and Broadcom [6][10]. - Analysts predict that major tech companies, including Google, Microsoft, Meta, and Amazon, will spend over $350 billion on AI computing infrastructure in 2023, representing a nearly 50% year-over-year growth [6][10]. - By 2025, AI-related capital expenditures in tech companies are expected to reach 28%, up from 12% in 2023, with AI applications driving significant increases in efficiency and productivity [7][11]. Semiconductor Equipment Beneficiaries - The "One Big Beautiful Bill Act" (OBBBA) is expected to significantly boost free cash flow for U.S. manufacturing companies, particularly in the semiconductor equipment sector, as companies shift production back to the U.S. [13][14]. - Semiconductor equipment leaders are positioned to benefit from the unprecedented demand for AI chips, with companies like ASML and Applied Materials playing crucial roles in the manufacturing process [15][16]. Essential Consumer Goods Amid Consumption Fragmentation - The market is witnessing a divergence in performance, with essential consumer goods companies expected to show resilient growth while discretionary spending is under pressure [17][18]. - High-income consumers are less affected by inflation and continue to spend on non-essential items, while low-income consumers are shifting towards cheaper alternatives, leading to a stark contrast in consumption patterns [18].

Core Points - TSMC, the leading global semiconductor foundry, is facing a significant scandal involving the alleged theft of its 2nm process technology, initially suspected to be linked to mainland China, but later investigations revealed connections to Japanese companies [1][3][4] - TSMC holds a market share of 67.6% in the semiconductor industry, with major clients including Apple, NVIDIA, and AMD, making its 2nm technology crucial for future competitiveness in smartphones and AI chips [1][2] Group 1: Incident Overview - TSMC reported unusual file access within its internal monitoring system, leading to a criminal investigation by Taiwan's prosecutors, resulting in the arrest of six individuals, including two current engineers and one former employee [3][4] - The arrested individuals allegedly used company-issued laptops to access confidential data and employed covert methods, such as photographing sensitive documents, to transfer information to Tokyo Electron (TEL) and Rapidus, two Japanese companies [6][4] Group 2: Implications for the Semiconductor Industry - The incident has shifted public perception, highlighting that technology leaks can occur between allies, not just adversaries, and raising concerns about the competitive landscape in the semiconductor sector [8][10] - Rapidus, a company backed by the Japanese government, aims to challenge TSMC and other industry leaders by producing 2nm chips by 2027, making the potential acquisition of TSMC's technology particularly advantageous for its growth [9][10] Group 3: Geopolitical Context - The semiconductor industry is increasingly viewed as a battleground for geopolitical interests, with the U.S. pushing for domestic chip production and Japan seeking to revive its semiconductor sector through initiatives like Rapidus [10][12] - The incident underscores the complexities of trust and competition in the semiconductor field, where even allied nations may engage in espionage to secure technological advantages [12][17]

2025 年 8 月 25 日，美银全球研究部发布《全球股票持仓报告》（Global Positioning in Stocks），数据覆盖截至 2025 年 7 月 31 日的全球纯多头基金（Long-only Funds）持仓动向。 报告核心逻辑围绕 "基金持仓行为 + 主动敞口 + 三重动量" 构建分析框架，揭示全球机构资金在 AI 长期主题主导下的配置偏 好：半导体板块因 AI 景气度获巨额增持，工业与医疗板块遭显著抛售；地区层面，亚太（除日本）成为资金避风港，美国市场 则面临持续流出压力。此外，报告通过 "四大股票筛选标准"（拥挤型利好、拥挤型利空、欠配利好、欠配利空）识别出具有潜 在收益或风险的标的，为投资者提供决策参考。 一、全球资金流向：半导体成最大赢家，亚太（除日本）逆势吸金 1. 行业维度：AI 主题驱动半导体板块 "一枝独秀" 受 AI 长期投资主题回暖推动，上月全球纯多头基金对行业板块的配置呈现显著分化： 增持核心——半导体板块：上月全球半导体板块获纯多头基金净买入 272 亿美元，成为全球增持规模最大的行业，反映机构对 AI 产业链上游核心资产的长期信心。从细分领域看，AI 芯片、先 ...

Core Viewpoint - Duquesne Family Office's Stanley Druckenmiller has divested from leading AI stocks Nvidia and Palantir, reallocating investments towards Taiwan Semiconductor Manufacturing Company (TSMC), which is seen as a more attractive and cheaper option in the AI sector [1][6][16]. Group 1: Investment Activity - Druckenmiller sold all shares of Nvidia and Palantir by March 31, 2025, after holding them for less than seven months on average [7][8]. - TSMC has become a top-five holding for Duquesne, with consistent buying activity over four consecutive quarters, indicating strong confidence in its future prospects [17][21]. Group 2: Performance of Sold Stocks - Nvidia's stock has surged approximately 1,120% since the end of 2022, driven by high demand for its AI GPUs [9]. - Palantir's stock has increased over 2,300% during the same period, benefiting from its unique AI-driven platforms [10]. Group 3: Reasons for Selling - The decision to sell Nvidia and Palantir may be attributed to profit-taking, as Druckenmiller has a history of locking in gains [8]. - Concerns about potential overvaluation were noted, with Nvidia and Palantir trading at price-to-sales ratios of 30 and 117, respectively, which are historically high [14]. Group 4: TSMC's Market Position - TSMC plays a crucial role in AI chip manufacturing, with its CoWoS technology essential for AI data centers [18]. - The company is experiencing a backlog of orders, providing predictable cash flow and indicating strong demand for its services [19]. - TSMC's net sales are diversified, with significant contributions from next-generation smartphones and IoT devices, enhancing its growth potential [20][21].