"美国正在进一步加强其国内半导体供应链。"《日经亚洲评论》《亚洲商业日报》等日韩媒体也对首枚 英伟达与台积电合造的芯片晶圆予以关注，并报道说，美国此前通过提供大量补贴吸引了台积电等芯片 工厂落户美国。在美国前总统拜登执政时期，台积电以650亿美元的投资以及66亿美元的补助金，开始 在亚利桑那州建设工厂。除了台积电外，自2022年《芯片和科学法》实施以来，美国已向芯片制造商发 放数十亿美元的补贴与资助，但不少企业仍抱怨：他们的客户不愿为"美国制造"支付更高成本，而倾向 于选择海外更具性价比的方案。 值得关注的是，英伟达与台积电合作推出首枚"美国制造"芯片晶圆之际，正值美国政府计划推出芯片新 规。据《华尔街日报》上个月报道，美国政府正酝酿一项新规，要求芯片制造商在美国本土生产的半导 体数量，必须与其客户从海外进口的芯片数量"对等"（即1:1比例），未能实现此比例的企业，将面临 大约100%的关税。这一政策意在迫使芯片企业将生产重心回流美国，减少对美国国外供应链的依赖。 美国商务部长霍华德·卢特尼克近日已向多家芯片企业高管提出该构想，认为这可能是维护"美国经济安 全"的必要措施。不过，业内人士警告该政策实施面临挑战 ...

全球AI竞争的核心在于芯片制造。英伟达与台积电在美国亚利桑那工厂，历史性地亮相了首片用于AI的Blackwell芯片晶圆。标志着最强AI芯 片首次实现「美国本土造」，是足以改变行业格局的里程碑，也象征着美国尖端制造业的回归。 全球科技竞争，集中在AI。 AI背后是芯片。 芯片的背后则是工厂。 周五，英伟达与台积电在美国亚利桑那的工厂，首次亮相首片Blackwell芯片晶圆。 这些晶圆最终将用来制作用于人工智能的Blackwell芯片。 其实，早在今年4月份，黄仁勋就拿出5000亿美元豪赌美国本土的AI芯片制造，所谓「MadeinUSA」。 大半年过去，终于，最强芯片Blackwell首次在「美国本土造」出来了！ 黄仁旭在现场说：「你们制造出了令人难以置信的东西，但你们终将意识到，你们是更为历史性事件的一部分」。 在庆祝活动上，黄仁勋与台积电运营副总裁共同登台，在这片Blackwell晶圆上签名，以纪念这一里程碑。 它展示了驱动全球AI基础设施的引擎正开始在美国本土制造。 这片作为半导体基础材料的晶圆，将经过分层、光刻（patterning）、蚀刻和切割等一系列复杂工艺，最终成型为英伟达Blackwell架构所 ...

Core Insights - TSMC's Q3 2025 revenue reached $33.1 billion, exceeding guidance and showing a year-on-year growth of 40.8%, with net profit increasing by 39.1% [1][2][3] - Global smartphone shipments in Q3 2025 reached 323 million units, a 2.6% year-on-year increase, driven by high-end models, while China's smartphone shipments declined to 6.8 million units, down 0.6% [1][4] Company Performance - TSMC's Q3 2025 revenue was $33.1 billion, surpassing guidance, with a year-on-year growth of 40.8% and a quarter-on-quarter growth of 10.1% [3] - The net profit for TSMC in Q3 2025 was 452.3 billion NTD, reflecting a 39.1% year-on-year increase and a 13.6% quarter-on-quarter increase [3] - The gross margin for TSMC was 59.5%, in line with guidance, with 74% of revenue coming from 7nm and below process technologies [3] Market Trends - The electronic industry is experiencing a moderate recovery, with a focus on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and rising storage prices [2][6] - The smartphone market is recovering, particularly in high-end segments, with Apple and Samsung leading in shipments, while domestic brands in China face challenges [4][5] Investment Recommendations - The industry is slowly recovering, with storage chip prices rebounding; however, caution is advised against chasing high valuations [6] - Companies to watch include those benefiting from strong domestic and international demand in the AIOT sector, as well as those involved in AI innovation and domestic supply chain replacements [6][7]

October 20, 2025 08:00 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: TSMC outlook, ASIC updates, OCP implication for AI Semis 2026 looks like being another strong year for AI semis, but a bottleneck could come from niche memory and/or server racks, not TSMC's capacity. TSMC commented "AI demand is stronger than we thought 3 months ago": At its recent earnings call, TSMC said it continues to work hard to "narrow the gap" between demand and supply (both CoWoS and wafer front-end capacity). On ...

Group 1 - TSMC has further expanded its dominance in the semiconductor foundry sector, with Q3 revenue reaching $33.1 billion, driven by strong demand for 3nm processes and high utilization rates of 4/5nm processes [1] - Apple is the main driver behind TSMC's increased 3nm production, while Nvidia and AMD continue to push high demand for 4nm and 5nm chips, keeping production capacity fully loaded [1] - Major cloud computing companies, including Google's TPU, Amazon AWS's Tranium chip, and Meta's MTIA accelerator, are also increasing demand for TSMC's services [1] Group 2 - Intel expects its foundry customers' wafer commitments to begin mass production in 2026, with major clients anticipated to ramp up production between 2026 and 2027 [2] - Intel has adjusted its foundry strategy to be customer commitment-oriented rather than speculative capacity building, ensuring capacity expansion is directly linked to confirmed demand [2] - Samsung's advanced process utilization and wafer consumption increased in Q2 2025, with expectations for this trend to continue, driven by smartphone chips based on 2nm technology [2] - The future of Samsung's advanced nodes largely depends on the success of its 2nm chips, with collaborations, particularly with Tesla, being crucial for attracting more customers and securing additional orders [2]

东海证券近日发布电子行业周报：台积电2025Q3营收实现331.0亿美元，超出指引上 限，同比增长40.8%，净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数 据，2025年第三季度全球智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动 下持续复苏，但中国能手机出货量约0.68亿台，同比下降0.6%，延续下降趋势。 以下为研究报告摘要： 投资要点： 电子板块观点：台积电2025Q3营收实现331.0亿美元，超出指引上限，同比增长40.8%， 净利润同比增长39.1%，7nm及以下制程营收占比74%。根据IDC数据，2025年第三季度全球 智能手机出货量达3.23亿台，同比增长2.6%，市场在高端机型带动下持续复苏，但中国能手 机出货量约0.68亿台，同比下降0.6%，延续下降趋势。当前电子行业需求处于温和复苏阶 段，关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 台积电2025Q3营收实现331.0亿美元，同比增长40.8%，净利润同比增长39.1%，7nm及 以下制程营收占比74%，预计2025Q4公司营收介于322-334亿美元之间。台积电发布 ...

Core Insights - The current AI megatrend is identified as the largest secular growth wave in technology since the late 90s internet boom, indicating significant market potential and investment opportunities [1] Industry Analysis - The proliferation of AI technology is compared to the dot com era, suggesting a transformative impact on various sectors and highlighting the importance of monitoring tech market trends [1] Investment Philosophy - The investment philosophy emphasizes simplicity, focusing on fundamental financial ratios and metrics as key indicators for stock analysis, which can provide clearer insights for investors [1]

Group 1: Electronics Industry - The electronics industry experienced a decline of 7.14% last week, with semiconductor and consumer electronics sectors down by 6.53% and 9.10% respectively [2][3] - TSMC reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching NT$989.92 billion, a year-on-year increase of 30.3%, and net profit of NT$452.3 billion, up 39.1% [4][5] - TSMC's advanced process technology accounted for over 70% of its wafer revenue, with strong demand for AI driving growth, particularly in high-performance computing (HPC) [4][5] - The forecast for TSMC's Q4 sales is between $32.2 billion and $33.4 billion, exceeding market expectations, with a projected annual sales growth of approximately 30% for 2025 [4][5] - Investment opportunities are seen in AI infrastructure, edge SOCs, and the supply chain for foldable smartphones, with specific companies recommended for investment [6] Group 2: Robotics Industry - The launch of the new industrial-grade interactive robot, ZhiYuan Spirit G2, marks a significant advancement in embodied intelligence technology, featuring high-performance motion joints and advanced spatial perception systems [8][9] - The ZhiYuan Spirit G2 is designed for various applications, including industrial operations, logistics, and home services, showcasing its versatility and potential for smart transformation across industries [9][10] - Investment focus in the humanoid robot sector should be on technological breakthroughs, application scenarios, and global expansion, with specific companies highlighted for their innovative capabilities [11] Group 3: Vaccine Industry - The vaccine industry is facing challenges with a 3.29% decline last week, with significant drops in various sub-sectors, while the overall performance since the beginning of 2025 shows a cumulative decline of 5.56% [14][15] - Recent approvals for clinical trials of innovative vaccines, including a trivalent influenza vaccine and mRNA therapeutic vaccines, indicate ongoing advancements in domestic mRNA technology [13][17] - The vaccine sector is undergoing structural differentiation, with a focus on innovation and international expansion as key strategies for long-term growth [17][18]

台积电上传美国亚利桑那州新厂内部运作影片，让外界一窥这座北美最先进的晶圆制造基地神秘面纱， 当中不仅有ASML造价昂贵的Twinscan NXE极紫外光（EUV）微影设备，在厂区天花板川流不息、运送 晶圆的载具"天车"形成的"银色高速公路"，更是一大吸睛亮点。 台积电在这段长达2分21秒的影片中，为美国新厂大揭密，秀出数百台高科技设备井然有序地生产芯 片，镇厂之宝无疑是ASML的Twinscan NXE极紫外光微影设备，用于产生英伟达Blackwell B300等高端 处理器中最复杂的电路。 接着画面出现所谓的"银色高速公路"，即台积电的自动化物流搬运系统，由悬挂式轨道组成，用来运送 装载12英寸晶圆的前开式晶圆传送盒。画面中可见数百个晶圆传送盒同步移动，展现晶圆在晶圆厂内精 密且高效率的物流运作，这对于在高产能制造环境下维持流程时序非常重要。 这条"银色高速公路"即业界俗称的"天车"，其正式名为"OHT空中走行式无人搬运车（Overhead Hoist Transfer）"，是一种高架搬送系统，它能有效地利用厂房立体空间，在不占用人员走道的前提下，将无 尘室内的空间使用率最大化。 这段影片让外界可以见到台积 ...

【环球时报驻美国特约记者 冯亚仁】综合路透社等外媒报道，人工智能芯片巨头英伟达上周五宣布， 正式发布首枚在美国本土制造的Blackwell芯片晶圆。该晶圆由台积电位于美国亚利桑那州凤凰城的半 导体工厂生产。报道称，此举标志着在人工智能芯片需求急剧增长的背景下，美国正加快重塑高端芯片 供应链。 "有史以来第一次，最重要的芯片之一在美国的台积电工厂生产。"英伟达创始人兼首席执行官黄仁勋上 周五在参观台积电位于亚利桑那州的先进生产工厂时表示，此举也迎合了现任美国政府的愿景，即"将 制造业带回美国"。 据报道，台积电亚利桑那州工厂计划量产2纳米、3纳米、4纳米等先进制程芯片，这些芯片被广泛应用 于人工智能、电信等领域。英伟达表示，这些高端产品将成为支撑美国AI产业发展的核心动力。不过 值得一提的是，美国科技媒体"Tom's Hardware"网站注意到，尽管Blackwell芯片已实现美国本土制造， 但要最终完成英伟达B300产品，仍需将这些晶圆运回台积电台湾工厂进行封装。 "美国正在进一步加强其国内半导体供应链。"《日经亚洲评论》《亚洲商业日报》等日韩媒体也对首枚 英伟达与台积电合造的芯片晶圆予以关注，并报道说，美 ...