Group 1: Fund Performance - Baron Durable Advantage Fund returned 2.6% in Q4 2025, closely matching the S&P 500 Index's return of 2.7% [1] - The Fund achieved a total return of 16.6% in 2025, compared to 17.9% for the S&P 500 Index and 16.1% for the Morningstar Large Growth Category average [1] Group 2: Investment Focus - In 2026, the Fund aims to invest in high-quality, large-cap companies with strong competitive advantages and consistent shareholder returns, amidst geopolitical changes, regulatory trends, and advancements in artificial intelligence [1] Group 3: Taiwan Semiconductor Manufacturing Company (TSMC) - TSMC is highlighted as a significant contributor to the Fund's performance, with shares increasing by 9.0% in Q4 2025 and 55.5% for the entire year [3] - TSMC's stock closed at $361.91 on February 10, 2026, with a one-month return of 10.64% and a 75.36% increase over the past twelve months [2] - TSMC raised its 2025 revenue growth guidance to "close to mid-30s%" in USD terms, driven by strong demand for AI chips [3] - TSMC holds a 90% market share in leading-edge semiconductor manufacturing and 65% overall, indicating its unmatched competitive position [3] - The company is positioned to benefit from sustained growth due to the ongoing AI buildout, regardless of market share dynamics among competitors like NVIDIA and AMD [3]

Group 1 - Cooper Investors Global Equities Fund reported a portfolio return of -3.3% in Q4 2025, resulting in a yearly return of 2.6% affected by approximately 5% currency fluctuations [1] - The fund achieved an annualized return of 14.2% over the past three years, while the MSCI AC World Index had an annualized return of 21.3% during the same period [1] - The firm emphasizes a long-term investment strategy aimed at providing risk-adjusted returns above the market [1] Group 2 - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is highlighted as a key stock in the fund's portfolio, with a market capitalization of $1.877 trillion [2] - TSMC's stock closed at $361.91 per share on February 10, 2026, with a one-month return of 10.64% and a twelve-month increase of 75.36% [2] - The fund has been invested in TSMC since May 2020, during which the company has achieved Earnings per Share growth of nearly 30% per annum and investment returns exceeding 36% on an annualized basis [3] - Recent growth for TSMC has been driven by demand for chips used in High Performance Computing applications, particularly in AI [3]

据了解，台积电董事会周二宣布两项重大决策：其一，批准派发每股新台币6.0元的季度股息；其二， 拨款450亿美元用于晶圆厂建设、产能安装及技术升级，覆盖先进前端制程、特色工艺、成熟节点及先 进封装全技术链。此外，公司同步向亚利桑那州子公司增拨新台币12亿元资金支持。 美国银行表示，台积电董事会近期核准的高达450亿美元的资本预算案，呈现出极为鲜明的结构化特 征，资金投向高度集中于先进的前端制造工艺以及大规模晶圆厂的基础设施建设。该行分析师Haas Liu 给予台积电股票"买入"评级，目标价为新台币2360元。 Liu认为，这一预算结构的转变与台积电2026年激进的资本支出计划高度吻合。根据预测，台积电在 2026年的总资本支出规模预计将攀升至520亿至560亿美元区间，较2025年实现约27%至37%的显著增 长。这种增长跳升在季度层面表现尤为突出，是自2024年上半年CoWoS先进封装扩产浪潮以来，台积 电在资本投入上迎来的又一个高峰。 报告强调，这种"偏向前端"的资源投入，实质上是在为即将到来的2纳米(N2)及A16埃米级制程的大规模 量产提前修路搭桥，确保在技术迭代的关键节点拥有足够的无尘室空间与产能供应 ...

写下QDII主动基金。 | 都说，在美股主动基金很难跑赢指数，但我看了下数据，过去2年有一大批QDII主动基金跑赢纳斯达克100ETF和标普500ETF。 | | --- | | 基金代码 | 基金简称 | 基金经理 | 基金规模 | 过去2年 | 过去2年 | 美股仓位 | 申购限额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (亿元) | 收益 | 最大回發 | | (元) | | 012920. OF | 易方达全球成长精选A | 郑希 | 81.11 | 170. 48% | -20. 18% | 48. 79% | 500 | | 017730. OF | 嘉实全球产业升级A | 陈俊杰 | 16. 72 | 109. 37% | -27.98% | 59.77% | 100 | | 005534. OF | 华夏新时代人民币 | 常亚桥 | 1. 81 | 107.72% | -25. 55% | 35. 61% | 不限 | | 016664. OF | 天弘全球高端制造A | 刘冬 | 6. 29 | 100. 50% ...

如果日本能建起最先进的半导体工厂，半导体产业就能重获新生。日本人们都内心深处相信这个说法。 凭借巨额补贴、世界上最先进的制造设备以及大规模生产的最小晶体管，这一景象无疑值得成为一个国家级项目，而且似乎也象征着日本半导体产业的复 兴，该产业长期以来一直被认为"已经衰落"。 在这里，笔者想问一个问题：那家半导体工厂真的盈利吗？此外，在日本建设的尖端工厂真的能说是掌握在日本人手中吗？ 2026 年 2 月 5 日，有报道称，由台积电以及索尼、电装、丰田汽车公司等公司出资兴建的日本先进半导体制造株式会社（JASM） 熊本第二工厂（二 期，以下简称"P2"）决定采用 3nm 工艺生产半导体，而不是 7nm 或 4nm 工艺。这一消息似乎被视为日本半导体产业复兴的象征，但令人惊讶的是，很少 有人理解这一决定的真正意义。 让我直入主题。如果我们只看晶圆制造芯片的前端工艺，3nm（N3）工艺拥有巨大的盈利潜力。然而，最终决定这些利润的并非JASM P2，而是JASM的 母公司台积电。本文将基于盈利模型分析这种看似矛盾的结构，揭示日本半导体政策核心潜藏的重大风险。 为什么选择N3而不是N7或N4？ JASM P2最终跃升至N3 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 2月11日消息，据报道，台积电董事会昨日敲定 2025年度员工分红方案， 奖金总额达455亿元人民币，创历史新高！平均每名员工可分得约58万元人民 币！ 加群步骤： 第一步：扫描下方二维码，关注国芯网微信公众号。 根据台积电董事会决议，2025 年员工业绩奖金与酬劳（分红）总计约新台币2061亿4592 万元。其中，员工业绩奖金约 1030 亿 7296 万元已于每季度结束 后发放；另一半酬劳（分红）约 1030 亿 7296 万元将于今年 7 月发放。 截至 2025 年底，台积电台湾地区员工人数约 7.8 万人，据此估算，平均每人可得金额约 264.28 万元，较去年增加 63.44 万元，增幅约 31.58%。 台积电 2025 年业绩表现亮眼，创历史新高，全年营收达新台币 3.81 万亿元，同比增长 31.6%；净利润新台币 1.72 万亿元，同比增长 46.4%，毛利率 59.9%。 1月中旬，台积电发布的季度业绩显示，得益于人工智能硬件需求的持续强劲，该公司利润增长显著超越市场预期。财报 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 台积电计划在日本生产更先进的芯片，以提升日本在其供应链中的地位。此举是为了应对人工智能 计算需求给其现有生产基地带来的压力。 台积电计划在日本熊本县生产用于人工智能的3纳米芯片。这将使日本成为继台湾和美国之后，台 积电的第三个先进芯片生产中心。 据台湾媒体报道，全球最大的芯片代工制造商于周一和周二在日本南部九州岛熊本市举行了董事会 会议。 该公司季度董事会会议很少在海外举行。台积电去年二月曾在美国亚利桑那州（另一个先进芯片生 产中心）举行过一次。本周的会议是其首次在日本举行。 台积电董事长兼首席执行官魏志强上周四在日本会见了日本首相高市早苗，解释了台积电在熊本建 设的第二家工厂计划的拟议变更。 该工厂最初的目标是生产用于电信设备和其他应用的 6 纳米半导体。 台积电所有 2 纳米和 3 纳米芯片均在台湾生产，并计划于 2027 年在亚利桑那州也开始生产 3 纳 米芯片。纳米尺寸越小，芯片性能通常越强。 2025年的支出有所增长，但仅比2022年增长约10%。一些供应商曾对人工智能繁荣的前景表示谨 慎。 但台积电今年将采取攻势。该公司计划投资520亿至560亿美元，比2 ...

With tech leaders set to ramp up their spending on AI infrastructure in 2026, fears over an artificial intelligence bubble appear to be dissipating, for now. Artificial intelligence leaders have consistently beaten Wall Street consensus estimates when it comes to earnings, and recent figures from the likes of Nvidia, Micron, and Taiwan Semiconductor are further evidence that firms are continuing to grow at breakneck speed. Estimates suggest that tech giants will spend $400 billion on AI infrastructure this ...

Core Viewpoint - The global semiconductor industry is experiencing a new wave of price increases across the entire supply chain, driven by surging AI demand and rising raw material costs [1][3][61]. Group 1: Price Increases in Domestic Semiconductor Companies - Over 20 semiconductor companies have officially announced price increases [2][62]. - Domestic chip manufacturers are significantly raising prices, with increases as high as 80% for certain products [4][63]. - Guokewai announced price hikes for its KGD storage products, with increases of 40% to 80% [6][66]. - Zhongwei Semiconductor is raising prices for MCU and NOR Flash products by 15% to 50% due to supply chain pressures [9][73]. - Biyiwei has also announced price increases across its entire product line, citing rising raw material costs [17][76]. Group 2: Price Increases in International Semiconductor Companies - International semiconductor giants are also raising prices, with ADI increasing prices by 15% to 30% starting February 1, 2026 [21][81]. - Infineon plans to raise prices for power switches and IC products due to increased demand from AI data centers [24][83]. - Texas Instruments is expected to raise prices by over 30% across nearly all categories due to rising costs [21][81]. Group 3: Price Increases in Wafer Foundry and Packaging - Wafer foundries are increasing prices, with TSMC raising advanced process prices by 3% to 10% [25][85]. - Packaging and testing services are seeing price increases of up to 30%, driven by high demand and capacity constraints [27][86]. Group 4: Impact of Raw Material Costs - The prices of precious metals like gold, silver, and copper are rising, significantly impacting chip manufacturing costs [57][116]. - The increase in raw material costs is leading to a ripple effect across the semiconductor supply chain, prompting many companies to raise their product prices [57][116]. Group 5: Effects on End Markets - The price increases in storage chips are affecting end markets, with PC manufacturers like Dell and Lenovo planning price hikes of 10% to 30% [59][118]. - In the smartphone sector, rising storage costs are pressuring new product pricing, particularly for low-end models [59][118]. - The automotive electronics sector is also feeling the impact, with companies like Xiaomi and NIO reporting cost pressures due to rising semiconductor prices [59][119].

IT之家2月11日消息，据NOWnews报道，台积电董事会首次移师日本熊本厂举行，于2月10日通过八项 议案。其中，涉及7万余名员工福利的2025年度员工分红方案正式敲定，总额达2061.46亿元新台币（IT 之家注：现汇率约合455.38亿元人民币），创历史新高，平均每名员工可分得约264万元新台币（现汇 率约合58.3万元人民币）。 根据台积电董事会决议，2025年员工业绩奖金与酬劳（分红）总计约新台币2061亿4592万元。其中，员 工业绩奖金约1030亿7296万元已于每季度结束后发放；另一半酬劳（分红）约1030亿7296万元将于今年 7月发放。 台积电股东会定于今年6月4日召开。 本文源自：IT之家 截至2025年底，台积电台湾地区员工人数约7.8万人，据此估算，平均每人可得金额约264.28万元，较去 年增加63.44万元，增幅约31.58%。 台积电2025年业绩表现亮眼，创历史新高，全年营收达新台币3.81万亿元，同比增长31.6%；净利润新 台币1.72万亿元，同比增长46.4%，毛利率59.9%。 ...