Group 1 - The year 2025 marks a critical moment for global investors to reassess Chinese assets, with high-quality Chinese companies gaining international attention [1] - The success of these companies highlights the resilience and innovative potential of the Chinese economy, sparking renewed interest from international capital [1][6] - Chinese assets are becoming an indispensable part of international investment portfolios due to their unique appeal amid changing global economic dynamics [1] Group 2 - Recent market movements indicate a shift from small-cap stocks to core assets, as analysts predict a significant change in market style [2][4] - Core assets have played a crucial role in stabilizing the A-share market, with major banks' stocks acting as a stabilizing force for the overall index [2][4] - The potential for a significant index bull market is low, with a more likely scenario being a slow and steady market growth driven by core assets [4] Group 3 - Chinese assets have shown strong anti-drawdown capabilities, particularly in the first half of the year, attracting risk-averse funds during a downturn in Western markets [6] - The emergence of companies like the "Hangzhou Six Little Dragons" and "New Consumption Four Sisters" reflects the optimism of global investors towards Chinese technology and consumption sectors [6][7] - Compared to U.S. core assets, Chinese core assets are significantly undervalued, with the average valuation of the CSI 300 at 13 times and the Hang Seng Index at around 11 times, compared to over 30 times for U.S. indices [7] Group 4 - The current phase for Chinese assets is characterized by low valuations and the release of policy dividends, enhancing investment safety and potential profitability [7] - Korean investors are increasingly buying Chinese stocks, particularly in technology and emerging industries, indicating a shift in global investment attitudes towards China [7] - The ongoing IPO process of Yushu Technology is drawing attention, with its capital structure becoming clearer as it progresses through multiple funding rounds [10][12][14] Group 5 - Yushu Technology's revenue primarily comes from B2B orders from research institutions and AI companies, with its consumer market yet to fully open [16] - Notable investment strategies include focusing on high-quality companies with clear competitive advantages, as demonstrated by significant increases in holdings of leading consumer and technology stocks [19] - The investment landscape is advised to follow major trends and policies, with recommendations to focus on stable sectors while exploring emerging opportunities [20]

Core Viewpoint - TSMC reported a net revenue of NT$933.78 billion for Q2 2025, reflecting a quarter-over-quarter increase of 11.3% and a year-over-year increase of 38.6%, driven by demand for 3nm technology and CoWoS packaging [1][2][8] Financial Performance - Gross margin for Q2 2025 was 58.6%, a slight decrease of 0.2 percentage points from Q1, influenced by unfavorable exchange rate fluctuations and dilution effects from overseas wafer fabs, although capacity utilization improvements and cost optimization measures partially offset these pressures [3] - Operating income reached NT$463.42 billion, with an operating margin of 49.6%, and net income attributable to shareholders was NT$398.27 billion, marking a 10.2% increase from Q1 and a 60.7% increase from Q2 2024 [3][4] Revenue Breakdown - Advanced technologies (7nm and below) accounted for 74% of total wafer revenue, with 3nm contributing 24%, 5nm at 36%, and 7nm at 14% [4][6] - North America represented 75% of total net revenue, indicating a concentration of revenue sources and potential geopolitical risks [5][8] Market Segmentation - High Performance Computing (HPC) accounted for 60% of revenue, while smartphones contributed 27%, reflecting the growing importance of AI chips and high-end mobile processors as core growth drivers [6][8] - Revenue from China was 9%, down from 16% in Q2 2024, indicating a shift in market dynamics [5][6]

Core Viewpoint - The semiconductor sector is experiencing a strong performance, with several companies showing significant growth in their financial results and optimistic forecasts for the future [7][8]. Group 1: Financial Performance - TSMC reported a net profit of nearly 398.3 billion NTD for Q2 2025, marking a year-on-year increase of approximately 61%, achieving the highest quarterly net profit in history and the highest growth rate for the same period in three years [7]. - Over 30 semiconductor companies have disclosed their performance forecasts for the first half of 2025, with more than 80% of these companies expecting positive results. The median net profit for these companies is nearly 6.4 billion CNY, representing a year-on-year growth of over 80%, the highest growth rate for the same period since 2021 [7]. Group 2: Industry Trends - The National Integrated Circuit Industry Investment Fund (Big Fund) is focusing on supporting domestic equipment and components to accelerate local replacements, with local governments in cities like Beijing and Shanghai establishing special funds and offering tax incentives to support the semiconductor supply chain [8]. - The average validation cycle for domestic wafer fabrication equipment in China is expected to decrease from 24 months to 14 months by 2024, with the market share of domestic equipment manufacturers increasing from 7% in 2020 to 19% in 2024 [8]. - NVIDIA has resumed supplying its H20 computing chips to the Chinese market and launched a new series of fully compatible NVIDIA RTX PRO GPUs, aimed at digital twin AI applications in smart factories and logistics, addressing high-end computing bottlenecks [8]. - The global semiconductor market is projected to continue its optimistic growth trajectory in 2025, driven by AI demand and ongoing domestic replacement efforts amid rising risks of supply chain disruptions [8].

Group 1: Industry Developments - Beijing has announced a complete ban on fuel vehicles from ride-hailing platforms, but the Chinese Urban Public Transport Association has since deleted the announcement and issued an apology due to verification issues [2] - OpenAI has partnered with Oracle to develop an additional 4.5 GW capacity for the "Stargate" data center in the U.S., bringing the total capacity to over 5 GW [5] - The "Civil Aviation Official Direct Sales Platform" has been launched by the Hanglv Zongheng App, allowing users to compare and purchase tickets from multiple airlines without agent fees [6] Group 2: Company Initiatives - Meituan has launched the "Ten Thousand Brands" plan to support 10,000 well-known restaurant brands with traffic support and brand assistance, aiming for over 1 million merchants by July 2025 [7] - Tencent Cloud has initiated the internal testing of CodeBuddy IDE, an AI-integrated development platform that allows users to program using natural language [8] - xLight, a U.S. semiconductor startup, has completed a $40 million Series B funding round to further develop extreme ultraviolet (EUV) free electron lasers [13] Group 3: Technological Innovations - India's first domestically produced semiconductor chip is set to be announced by the end of 2025, with six semiconductor factories under construction [10] - Samsung is focusing on improving the yield of its 2nm GAA process technology, delaying the production of its 1.4nm process to 2029 [11] - iFlytek has released the X5, the world's first local large model smart office device, featuring offline AI capabilities and a lightweight design [16]

截至2025年6月底，基金的第一大重仓股为台积电，对台积电的持仓市值为67.21亿美元。第二大重仓股为空客，基金对空客的持仓市值为30.21亿美元。第 三大重仓股为诺和诺德，基金对其持仓市值为29.38亿美元。第四大重仓股为SAP，基金对其持仓市值为28.01亿美元。第五大重仓股为UniCredit，基金对 其持仓市值为20.76亿美元。 【导读】资本集团旗下多只旗舰基金加仓腾讯控股 中国基金报记者吴娟娟 日前，美国万亿美元资产管理巨头资本集团旗下多只旗舰基金披露截至二季度末的持仓信息。数据显示，二季度公司多只巨无霸基金加仓中国股票。其 中，规模近万亿元的EUPAC基金加仓腾讯控股的幅度超过60%。 资本集团为总部位于洛杉矶的资管机构，拥有93年历史，最新管理规模为2.8万亿美元，在全世界15个国家拥有业务，以长线投资、深入的基本面研究和 多基金经理共管模式见长。 万亿级基金加仓腾讯控股62.62% EUPAC基金（之前基金名称为Europacific Growth Fund）为资本集团的旗舰基金，最新规模为1344.77亿美元，约合9650亿元人民币。该基金重点投资美国 以外的公司，由11位基金经理共同管理 ...

Core Insights - Taiwan Semiconductor Manufacturing (TSM) reported strong second-quarter results, showcasing accelerating revenue growth and significantly improved profitability, along with an increased full-year guidance [1] Financial Performance - The company experienced a notable increase in revenue growth and profitability metrics, indicating a positive trend in its financial health [1] - The full-year guidance has been raised, suggesting confidence in continued performance improvement [1] Investment Perspective - The reported numbers were perceived to warrant a more substantial market reaction than what was observed, indicating potential undervaluation in the current market [1]

Core Viewpoint - The technology sector, particularly artificial intelligence, is driving significant returns in the stock market, with Taiwan Semiconductor Manufacturing (TSM) positioned to benefit from this trend [1]. Company Overview - Taiwan Semiconductor Manufacturing (TSM) is currently trading at $234.47, with a 52-week range of $133.57 to $248.28 and a dividend yield of 1.11% [2]. - The company has a P/E ratio of 26.74 and a price target of $258.33, indicating potential upside for investors [2][11]. Financial Performance - TSM reported a net revenue growth of 44% year-over-year, demonstrating resilience despite macroeconomic challenges [4][5]. - A significant portion of TSM's revenue, up to 74%, is derived from 7nm and below wafers used in AI chip development, highlighting its competitive advantage [6][7]. - The company achieved a gross profit margin of 57.5% and net income growth of 60.7% over the past year [7]. Market Position and Future Outlook - TSM's earnings per share (EPS) are driving stock performance, with shares trading at 96% of their 52-week high, suggesting potential for new all-time highs [8]. - Management has raised guidance for future quarters, reflecting confidence in continued demand from major clients like NVIDIA and Apple [9]. - The stock forecast indicates a 12-month price target of $258.33, representing a 9.95% upside, with some analysts projecting a high of $270.00 [11]. Investor Sentiment - Recent data shows a 22.2% reduction in TSM's short interest, indicating a shift in investor sentiment towards bullishness [10]. - Institutional investors are increasing their holdings, with Ninety One UK Ltd boosting its position by 1.2%, bringing its total to $454.3 million [12][13]. - The overall market sentiment suggests that TSM is likely to continue benefiting from the AI boom, leading to better earnings and increased institutional buying pressure [14].

不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 7月22日消息，据台媒报道，台积电资财管理副总经理李文如于近日离职，台积电收回33张发行的限制 员工权利新股。外界推估，台积电这次应是收回李文如的限制员工权利股票， 市值估计约新台币3613.5 万元。 李文如于2022年加入台积电，担任资财管理资深处长，2024年8月升任资财管理组织副总经理；今年7月 13日因个人因素请辞离职，由台积电资深副总经理暨副共同营运长侯永清兼任资材管理主管。 李文如离职后，台积电随即于7月14日公告收回33张发行的限制员工权利新股，主要原因是原获配限制 员工权利新股的员工未达既得条件。 台积电并未证实这次是收回李文如的限制员工权利新股，不过，公告指出这次收回的限制员工权利新股 是于2024年9月1日发行，当时李文如获得33张限制员工权利新股，与这次收回的数量相符。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 半导体论坛百万微信群 加群步骤： 第一步：扫描下方二维码，关注国芯网微信公众号。 第二步：在公众号里面回复"加群"，按照提示操作即可。 爆料｜投稿｜合作｜社群 文章内容整理自网络，如有侵权请联系沟通 投稿 或 ...

Group 1 - The core viewpoint of the article indicates a collective decline in U.S. semiconductor stocks, with notable drops in major companies [1] Group 2 - AMD and Micron Technology experienced declines of over 3% [1] - Broadcom, NVIDIA, TSMC, NXP, and Marvell Technology saw declines exceeding 2% [1]

Learn more He tends to avoid overhyped and overvalued stocks while capitalizing on battered stocks with significant upside recovery possibilities. He runs the investing group Ultimate Growth Investing which specializes in identifying high-potential opportunities across various sectors. He focuses on ideas that has strong growth potential and well-beaten contrarian plays, with an 18 to 24 month outlook for the thesis to play out. The group is designed for investors seeking to capitalize on growth stocks with ...