Core Points - Taiwan's "High Prosecutors Office" is investigating a case of technology theft involving TSMC's 2nm core technology, where former engineer Chen Liming allegedly stole data after moving to Tokyo Electron (TEL) [1][3] - The prosecution has charged Chen Liming, along with current TSMC engineers Wu Bingjun and Ge Yiping, with violations of the "Security Law" and trade secrets, seeking prison sentences ranging from 7 to 14 years [1][4] - TSMC is one of only four companies globally, alongside Samsung, Intel, and Rapidus, actively developing 2nm technology, with mass production expected to start in the second half of 2025 [1][3] Investigation Details - The case involves nine individuals, including three engineers from the 2nm trial production and six from the R&D support department, who accessed confidential data during remote work [3][4] - The investigation began when TSMC detected unusual network activity, leading to the discovery of employees improperly accessing internal systems to capture and transmit confidential technology [3][4] - TSMC initially monitored the involved engineers before reporting the case to authorities, resulting in a successful sting operation at a Starbucks where the theft was occurring [4] Industry Impact - The leak of TSMC's core technology could significantly alter the competitive landscape of the global semiconductor industry [1] - TEL, a key partner of Japan's chip initiative Rapidus, has already terminated the employment of a Taiwanese employee involved in the incident and is cooperating with the investigation [4]

不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 台湾地区"高等检察署"侦办台积电2纳米核心关键技术窃密案，查出台积电前工程师陈力铭跳槽到日企东京电子公司后，为获取"蚀刻机台"量产测试数 据，通过时任台积电工程师吴秉骏、戈一平窃取机台参数配方。 据悉，由于陈力铭、吴秉骏、戈一平涉"核心关键技术营业秘密之域外使用罪"，检方分别求处7至14年重刑，3人在押，且均认罪，下周将移审至台湾地 区"智慧财产与商业法院"。 检调认定，陈力铭翻拍、复制台积电核心技术测试数据、流程图文件共14张。检方认定，陈力铭应执行有期徒刑14年，吴秉骏应执行有期徒刑9年，戈一 平应处有期徒刑7年。 根据台媒报道，2025年7月底，台湾高等检察署接到台积电的举报，称公司内部监测系统发现异常文件访问记录。检方迅速行动，7月25日至28日展开了大 范围搜查，逮捕了6名涉案人员，其中3名被认为是主犯，直接被拘留。 这3人中，有2名是台积电现役工程师，1名是前员工。而这些人的"下家"指向了日本企业——东京威力科创（TEL）和Rapidus。这两家公司，一个是全球 顶尖的半导体设备制造商， ...

Core Viewpoint - The article highlights the advancements in semiconductor technology, particularly focusing on TSMC's 2nm process and its implications for major clients like Apple, indicating a strong demand and production capacity despite challenges in the market [2][4]. Group 1: TSMC's 2nm Process - TSMC is set to enhance its 2nm process capacity in the upcoming quarter, with a wafer price reaching $30,000, marking a historical high [4]. - Apple is projected to account for nearly half of TSMC's 2nm production capacity, with Qualcomm following as a significant client [4]. - The new facilities in Hsinchu and Kaohsiung are crucial for the 2nm process, expected to commence mass production in 2025 [4]. Group 2: Market Demand and Competition - Despite concerns about competitors potentially capturing TSMC's orders, the company continues to follow its planned technological roadmap without significant disruptions [4]. - The initial adoption scale of the 2nm process is anticipated to surpass that of the 3nm and 5nm processes in their early stages [4]. - TSMC's profitability is expected to exceed expectations, even amidst challenges such as tariffs, currency fluctuations, and rising costs [4].

Group 1 - Samsung Electronics is considering a strategic investment in Intel to strengthen its foundry business and compete against TSMC in advanced chip manufacturing [2] - Intel holds a significant advantage in advanced packaging technology, particularly with its 18A process utilizing hybrid bonding, which is crucial for higher density and efficient chip designs [2] - Samsung's chairman has been actively seeking partnerships in the U.S., indicating that collaboration with Intel could accelerate Samsung's ambitions in the packaging sector [2] Group 2 - The situation has become more complex following the announcement of the U.S. government acquiring nearly 10% of Intel, making it the largest shareholder and raising concerns about potential favoritism towards Intel [3] - Analysts suggest that Samsung may face challenges in securing U.S. customers for its Texas factory due to the U.S. government's support for Intel, potentially leading to lost orders [3] - Both Samsung and Intel are racing to advance their next-generation process nodes, with Samsung preparing to launch a 2nm process while Intel is advancing its 18A process [3] Group 3 - Samsung has recently regained interest from Qualcomm and signed a long-term supply agreement with Tesla for AI5 semiconductors until 2033 [3] - The establishment of multiple alliances among major players is becoming a norm in the industry, and even a slight reduction in TSMC's lead could attract more global customers to Samsung and Intel [3] - Lower foundry prices are expected to benefit end consumers by reducing costs in final products [4]

Investment Rating - The report suggests a positive investment outlook for the semiconductor foundry industry, particularly driven by AI and automotive electronics demand [5]. Core Insights - The semiconductor foundry industry is experiencing a significant growth phase, with global semiconductor sales expected to exceed $1 trillion by 2030, growing at a CAGR of 9% from 2025 to 2030 [4][39]. - TSMC dominates the foundry market with a 60% market share, while SMIC, Hua Hong Semiconductor, and others are emerging as key players in the Chinese market [47][52][58]. Summary by Sections Industry Overview - Wafer foundry refers to the manufacturing of semiconductor wafers for other IC design companies without engaging in design itself. It is a crucial segment of the semiconductor industry [3][10]. - The industry is characterized by high capital and technology intensity, with significant investments required for advanced process nodes [22][23]. Market Dynamics - The global semiconductor wafer capacity is projected to grow from 31.5 million wafers per month in 2024 to 33.7 million in 2025, with a growth rate of 6% and 7% respectively [4][37]. - The demand for chips is driven by sectors such as AI, HPC, and automotive electronics, leading to increased R&D investments in advanced process technologies [29][39]. Key Players in China - SMIC is a leading foundry in China, achieving significant revenue growth and technological advancements, including the production of 14nm FinFET technology [52][54]. - Hua Hong Semiconductor is recognized for its comprehensive specialty process platform, focusing on various technology segments [58]. - Jinghe Integrated Circuit has achieved global leadership in the LCD driver chip foundry market [65]. Competitive Landscape - The foundry market is characterized by a "one strong, many strong" competitive structure, with TSMC as the clear leader, followed by Samsung and SMIC [47]. - The report highlights the increasing market share of SMIC, which has risen to third place in the global foundry rankings [47][49]. Future Trends - The report anticipates continued growth in advanced processes (28nm and below) and specialty processes, driven by the rising demand for high-performance computing and AI applications [5][39]. - The foundry industry is evolving towards a "Foundry 2.0" model, which includes not only wafer manufacturing but also packaging, testing, and other integrated services [24].

当地时间8月26日，美国商务部长卢特尼克接受财经媒体CNBC节目《Squawk Box》专访时，抨击了拜登政府的"软弱"，认为其向企业提供巨额补助却无 所获。同时，他还强调了特朗普政府的成绩，并透露了台积电追加对美国投资的内幕。 曾任职金融服务公司费兹杰罗（Cantor Fitzgerald）CEO的卢特尼克（Howard Lutnick）在专访中表示："我一上任就打电话给魏哲家，他是（台积电）首 席执行官。 我们得坐下来谈判。 我说，看吧，这（芯片法案）太荒谬了，我会收回那65亿美元（补助），这根本是给企业的礼物。你得为我们提出更好 的方案。" 卢特尼克告诉节目主持人："如果你们还记得的话，当时他来白宫，然后宣布1,650亿美元投资案。 这正是我所说的，至少我们要确保美国人民能在交易中 得到好处。" 卢特尼克还抨击前总统拜登政府未替美国争取好处，并强调了特朗普政府的成就："你们看到了关税，还看到货真价实的生意人，商务部长和美国总统 （特朗普）在敦促这些人。美光拿到25亿美元补助，原计划打造规模250亿美元工厂，但他们现在把规模提升到2,000亿美元。 德州仪器（Texas Instruments）也将230 ...

【环球网报道】据台湾中时新闻网8月28日报道，喧腾一时的台积电"内鬼案"有新进展，检方对涉案3人提起公诉。此前外界盛传，前台积电工程 师陈某是在台湾新竹科学园区（竹科）的星巴克咖啡店"一手交钱、一手交货"时，当场被抓。但检方透露，陈某3人并不是在星巴克店内交货时被 拘捕。陈某利用老同事、大学校友情谊，请托工程师吴某、戈某，没付钱就获取台积电2纳米制程10余张机密照片。 据报道，检方调查显示，前台积电工程师陈某跳槽至一家台积电半导体设备商后，为协助新东家成为台积电先进制程更多站点设备供应商，遂利 用与在职台积电工程师吴某、戈某的交情，唆使2人协助陈某窃取台积电2纳米制程机密。 台湾"高等检察署"智财分署27日起诉陈、吴、戈3人，其中陈某被求处刑期14年、吴某被求处刑期9年、戈某被求处刑期7年。本案是首起涉台湾核 心关键技术外泄的"国安法"起诉案件。 案件发生时外界传出，陈某等人是在台湾新竹科学园区的星巴克咖啡店"一手交钱、一手交货"时，当场被抓，甚至传出陈某等人偷拍上千张甚至 数千张台积电2纳米制程机密照片。但检方透露，陈某3人不是在星巴克店内被拘捕，而是在家中被"调查局"带走，甚至"调查官"上门时，有人还 在 ...

Core Viewpoint - The article discusses the legal actions taken against former TSMC employees for the improper use of trade secrets, highlighting the implications for Taiwan's semiconductor industry and national security [2][4]. Group 1: Legal Actions - Three individuals, including a former TSMC technician, have been indicted for improperly using TSMC's trade secrets outside Taiwan, with charges including violations of the National Security Law [2][4]. - One of the accused has transferred to a subsidiary of Tokyo Electron, a partner of TSMC, and allegedly solicited TSMC's technical staff for trade secrets to enhance Tokyo Electron's position as a supplier for TSMC's next-generation 2nm semiconductor equipment [2][4]. - The former TSMC technician faces a total of 14 years in prison, while the other two co-defendants face sentences of 9 years and 7 years respectively for their roles in providing trade secrets to Tokyo Electron [4]. Group 2: Implications for the Semiconductor Industry - The case is seen as a serious threat to Taiwan's semiconductor industry's international competitiveness, as it involves core technologies deemed critical to the nation's industrial lifeline [4]. - The Taiwanese authorities have expressed concerns over the potential outflow of important technologies, leading to amendments in the National Security Law in 2022 that introduced new offenses related to economic espionage and the improper acquisition of core technologies for use outside Taiwan [4].

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call was on the Taiwan technology sector, particularly the semiconductor industry, with a strong emphasis on AI and advanced packaging technologies [1][2][7]. Core Company Insights TSMC (Taiwan Semiconductor Manufacturing Company) - TSMC is viewed as one of the most underappreciated AI stocks, currently trading at approximately 17x FY26 P/E, which is lower than other global AI names [2][16]. - TSMC's share price has increased by 12% year-to-date, but it has underperformed compared to peers like SK Hynix (+52%) and Nvidia (+31%) [2]. - The company is expected to achieve a revenue growth of 20% in 2026, following a robust 34% growth in 2025, driven by advancements in 2nm/3nm nodes and higher pricing for advanced nodes [2][16]. - TSMC's capital expenditure (capex) is projected to be moderate at $40 billion in 2025 and $42 billion in 2026, with a significant increase to $50 billion in 2027 due to capacity constraints [3][5]. MediaTek - MediaTek faces divergent views from hedge funds, with long-short funds expressing negativity due to a lack of near-term catalysts and lukewarm smartphone demand [6]. - Despite setbacks in the TPU project timeline, long-only investors remain optimistic about MediaTek's potential in the $45 billion ASIC market [6]. - The tape-out timing of MediaTek's TPU project is a critical monitoring point for investors [6]. ASE Technology - ASE is perceived as an AI laggard, with limited AI revenue contribution expected to be in the high single digits for 2025 [9][10]. - ASE is ramping up its advanced packaging capacity, with projections for significant capacity increases in the coming years [8]. - Investors are cautious due to ASE's reliance on mass-market consumer demand and a slower-than-expected recovery in gross margins [9]. Advanced Packaging and Testing Industry - The adoption of chiplet designs is driving demand for advanced packaging solutions, with CoWoS capacity expected to expand significantly from 2025 to 2027 [7][11]. - The testing industry is gaining traction, with companies like MPI and WinWay expected to benefit from higher average selling prices (ASP) and increased market share [12][13]. Other Important Insights - There is a notable investor interest in CoWoS equipment names, particularly GPTC and All Ring, following recent share price corrections [11]. - The overall sentiment towards the semiconductor industry is optimistic, particularly regarding AI and advanced packaging, despite some concerns about growth prospects in 2026 [1][11]. - Key risks for the companies discussed include weaker-than-expected end demand, competition, and execution challenges [17][20][22]. Conclusion - The Taiwan technology sector, particularly in semiconductors, is experiencing a shift towards AI and advanced packaging, with TSMC, MediaTek, ASE, and testing companies positioned to capitalize on these trends. However, investors remain cautious due to potential risks and varying growth outlooks across different companies.

Core Viewpoint - TSMC has established itself as the absolute leader in the global foundry industry through integrated innovation, driven by demand, technology leadership, deep collaboration, and an ecosystem of mutual benefits [2] Group 1: Integrated Innovation System - TSMC's success is attributed to a demand-driven, technology-led, deeply collaborative, and ecosystem-oriented integrated innovation system that connects demand insights to value realization [2] - The company has created a diverse product supply capability by integrating customer needs through innovative business models and a customer-first strategy [3] - TSMC's "customer-first" strategy emphasizes growth and shared success with high-quality clients, exemplified by its partnership with Apple, where TSMC absorbed defect costs to support Apple's chip orders [4] Group 2: Technological Leadership - TSMC maintains its position as a technology leader by deeply researching and mastering processes, equipment, and materials, leading to significant advancements in wafer fabrication and packaging technologies [5] - The company has consistently outpaced competitors, achieving milestones such as the first 7nm process in 2018, 5nm mass production in 2020, and plans for 2nm production by 2025 [5] Group 3: Organizational Efficiency - TSMC has adopted a fluid organizational structure to break down departmental barriers, ensuring effective collaboration between R&D and production [6] - The company has implemented a "headquarters innovation + global production" strategy, allowing for efficient conversion of laboratory results into mass production [7] Group 4: Ecosystem Collaboration - TSMC fosters a multi-win ecosystem through investments, joint R&D, and platform integration with industry partners [8] - The company has engaged in strategic investments, such as acquiring a 15% stake in ASML to ensure priority supply of critical equipment and materials [10] - TSMC's establishment of the TSMC Alliance promotes collaboration among customers, partners, and suppliers, enhancing competitiveness and innovation within the semiconductor industry [11]